Education, Licenses and Professional Designations

DeLacy Consulting, LLC is a Chicago-based boutique real estate consulting firm specializing in valuation counsel, property tax consulting, appraisal services, litigation support and Green Energy Valuation. Green Energy Valuation focuses on the real estate implications of electric power generated when using renewable fuels; i.e. wind, solar, biomass or other nonfossil fuels. DeLacy has served as a contractor Senior Advisor to Loop Capital Financial Consulting Services since 2018.
P. Barton DeLacy brought 35 years of advisory experience to the firm, founded in 2013. His seasoned perspective spans all North American geographies and touches virtually all property types. In his corporate career, including practice leadership positions at Cushman & Wakefield, CBRE and Arthur Andersen, DeLacy concentrated on working with corporate clients and public institutions.
Mr. DeLacy was a Senior Managing Director and spent eight years at Cushman & Wakefield in Chicago and Portland, Oregon. Prior to joining C&W, DeLacy logged over 20 years as a partner or principal of fee appraisal and consulting firms.From 1998-2002 he led the real estate consulting practice in the Pacific Northwest for Arthur Andersen LLP. DeLacy began his career in 1977 as a residential appraiser for the Oregon-based Benj. Franklin Savings and Loan.
In addition to conventional appraisal assignments, Mr. DeLacy’s counseling practice centers on problem solving engagements where valuation is incidental to the solution. Specialties include trust and estates, property tax consulting, litigation support, integrated business, personal and real property appraisals, land use impact studies, and counseling for non-profit businesses and institutions with real estate assets.

Academic Education

• Master of Urban Planning (M.U.P.), Portland State University -1988
• Bachelor of Arts (B.A.), Willamette University, Salem, Oregon -1975
• University of Oregon School of Law, Eugene, Oregon 1976-7
• School of Irish Studies, Dublin, Ireland 1974

Professional Credentials

• AI-GRS Member, Appraisal Institute, general appraisal review specialist -2014
• Member, Lambda Alpha International, land economics honorary- 2013
• CRE Member, Counselors of Real Estate (No.2128) – 2003
• ASA Member, Urban Properties, American Society of Appraisers- 2002
• MAI Member, Appraisal Institute (No. 6680) – 1983
• SRA Member, Appraisal Institute- 1980

Subject Matter Expert-Litigation Support

Mr. DeLacy has appeared as an expert witness or prepared expert testimony in eminent domain proceedings, property damages cases, bankruptcy hearings, land use hearings and property tax appeals. He has analyzed rural land use impacts and performed valuations for siting energy facilities including wind turbine farms, cell towers and power generating plants.
Specifically, Mr. DeLacy has qualified as an expert witness in real property valuation cases for United States Circuit Courts in New Jersey, Oregon, Illinois and Northern California. Mr. DeLacy has presented expert testimony in property tax appeals at various levels in Oregon, Washington, Missouri, Illinois, Georgia and Montana.
He has also been retained by the US Departments of Justice and Interior, Bureau of Indian Affairs, the Department of Defense (US Navy), US Forest Service, General Services Administration (GSA) and Internal Revenue Service as a valuation expert.

Dispute Resolution and Public Testimony

• Expert testimony regarding property value impacts of proposed gas station-convenience store siting on commercial site in Village of Glen Ellyn, Illinois, 2019
• Expert testimony regarding property value impacts of proposed cell tower siting on church-owned site in Village of Olympia Fields, Illinois before planning board, June 2016
• Hunt Building Corp. as appellant v. Mead County, South Dakota in matter of consolidated tax appeals regarding Ellsworth Air Force Base housing project, aka, Antelope Ridge near Rapid City, SD; deposition as tax payer’s expert witness; January 2015; Trial June 2016 Civ. No. 12-335
• Expert testimony before 45th Judicial Circuit of Lincoln County, Missouri; Foremost Insurance Company v. Peters Heating & Air Conditioning; regarding diminution in value on rural residential property; June 2014
• Expert testimony before 21st Judicial Circuit Court of St. Louis County, Missouri; City of St. Louis and Factory Mutual Insurance v. Guarantee Electrical, et. al.; regarding diminution in value at central utility plant at Lambert Field; November 2013
• Expert testimony at settlement conference before Federal Circuit Court of New Jersey on pipeline condemnation of railroad right of way; Texas Eastern Transmission, LLP v. Consolidated Rail Corporation, September 2013
• Served as lessor representative on three-member arbitration panel in lease dispute regarding Philadelphia area data center, King of Prussia, Pennsylvania, 2012
• Expert testimony in the 43rd judicial Circuit Court, DeKalb County, Missouri; property tax appeal, Lost creek Wind, LLC v. Assessor, DeKalb County, Missouri, 2012
• Expert testimony before Lowndes County Board of Equalization re: property tax appeal regarding Magnolia Grove, base housing project, Moody AFB, Valdosta, Georgia, 2011
• Expert testimony before Illinois Property Tax Appeal Board, re: Lincolns Landing, St. Clair County, December 2010
• Served on three-member American Arbitration Association Panel: Shannon v. Mackay, AAA Case No 74 180 Y 0067208 DEAR, May 2009
• Prepared written and oral testimony for EFSEC, the Energy Facility Site Evaluation Council of Washington State for wind power projects, as expert for applicants, in Kittitas County, 2005-7
• Oregon Tax Court, mediation at Magistrate Level on property tax appeal made by Siltronic Corporation, 2005
• US v. Malcolm McGregor et al. 02-03425-rid (USBC Ore.) deposition only, as expert witness for US Department of Justice, Tax Division; regarding residential subdivision land values; July 2003
• Expert testimony, Cooper v. City of Ashland, USDC Case No. C-00-1146-PJH, witness for the City Of Ashland, US District Ct. for Northern California, December 2002

Infrastructure Advisory

Mr. DeLacy’s infrastructure valuation experience includes, railroad corridors, municipal rights of way and airports.

• Valuation of easement for VORTAC. Facility at Solberg-Hunterdon Airport in Readington, NJ for FAA. 2018
• Retained by AECON and Oregon Dept. of Transportation to study property value impacts along Interstate 5 freeway widening project around Portland’s Rose Quarter and Central Eastside. 2017-18.
• Valued small portfolio of cell tower ground leases on the Pine Ridge Indian Reservation in South Dakota for the Bureau of Indian Affairs. 2017
• Valued private municipal power plant and municipal heating system serving the City of Fairbanks, Alaska. 2011, 2017
• Authored white paper and provided city council testimony in support of a value capture ordinance for the Department of Publics in the City of Portland. 2016
• Valued municipal landfills in Puerto Rico and Alabama for financial reporting. 2016
• Valued entire 17.3 sq. miles of city-owned right of way for Spokane, Washington to establish collateral for annual maintenance payments between Streets and Utilities Divisions. 2015
• Right of Way valuation included impact study of Texas Eastern pipeline leases along the Conrail National Dock Branch Rail Corridor in New Jersey. 2012-13
• Completed due diligence on the district energy system (including power plants and associated infrastructure) for major Midwestern city. 2013
• Valued geo-thermal heat exchange system for the Missouri University of Science & Technology campus for the Missouri University System in Rolla, Missouri. 2013
• Advisory opinion on whether fire-damaged central utility plant at St. Louis International Airport had market value. 2013
• Produced a market study and consolidated cash flow analysis for Aeroterm Air Cargo facilities covering entire 26 airport portfolio across continental U.S. 2012
• Advised Midwestern energy company on highest and best use for obsolete tank farm on Chesapeake Bay near St. Mary, Maryland. 2011
• Advised Macquarie team in their bid(s) to acquire Midway Airport in Chicago. 2008, 2011
• Valued 200-mile Front Range Class I railroad right of way for BNSF from Ft. Collins to Pueblo, Colorado, including the Denver Globe Yards. 2001

Green Energy Valuation

Mr. DeLacy’s energy experience spans the spectrum of energy generating facilities; from renewables to fossil fuel-based thermal power plants. He has built valuation models and studied property value impacts made by wind and solar farms as well as fossil fuel fired generating plants. He has also developed adaptive re-use studies for obsolete thermal plants.

• Retained to advise on property tax appeal for a 5.0MW windfarm in Colebrook Township, Connecticut, 2019
• Undertook regional study across three-county “thumb” of Michigan for DTE Energy to test whether over 758 wind turbines accounting for 1,324 MW of nameplate capacity had impacted property values in area. 2018
• Retained by statewide contract assessor to develop methodology for ad valorem valuation of 24 MW utility-scale wind farm in Sullivan County, New Hampshire. 2017
• Developed impact study regarding a proposed 20 MW solar farm in Dorchester County, Maryland. 2017
• Valued private municipal power plant and municipal heating system serving the City of Fairbanks, Alaska. 2011 and 2017.
• Valued municipal landfills in Puerto Rico and Alabama for financial reporting. 2016
• Valued entire 17.3 sq. miles of city-owned right of way for Spokane, Washington to establish collateral for annual maintenance payments between Streets and Utilities Divisions. 2015
• Valuation of small utility scale wind farm in Teton County, Montana. Follow-on advisory work included counsel for property tax appeal. 2015
• Appraised 3.24 MW solar farm in Macon, Missouri for conventional financing. 2015
• Valued proposed waste-to-energy anaerobic biodigester to be installed on former Air Force base in Brunswick, Maine. 2015, 2018
• Wind farm land lease market study for US Forest Service advising them on best practices for first wind farm on National Forest lands in Vermont. 2014
• Valued portfolio of single and double turbine distributive small wind projects funded by California Self Generation Incentive Program. 2013-15
• Valued portfolio of installed distributive solar installations on several high schools in Douglas County, Colorado in bankruptcy case for FITI Consulting. 2014
• Valued proposed 3.0 MW utility scale solar power plant on leased airport land in Rockford, Illinois for Cole Taylor Bank. 2012
• Retained by Booze Allen Hamilton to identify development opportunities, including solar energy sites, at 55 CONUS Air Force bases where Enhanced Use Leases were present. 2012
• Counseled the Arizona Department of State Lands regarding land lease rates for wind and solar development near the Grand Canyon National Park. 2011
• Valued Skypower’s portfolio of eight 10 MW solar farms in Ontario Canada for CalPERS. 2010
• Valued proposed solar power plants at Onyx Ranch, Kern County, CA. 2009-11
• Retained as valuation consultant by Indiana County in assessment negotiations with major independent system operator (ISO) on 2,000 MW coal-gas thermal power plant.
• Developed adaptive reuse study for wholesale power supplier on a gas power plant that may be converted to a peaker station on the California Coast. 2011
• Developed collateral valuation of 120 MW coal-burning power plant for conversion to plasma gasification near Fall River, Massachusetts. 2009
• Valued proposed 400 MW utility scale wind power project on Island of Lanai in Hawaii. 2008

Farm, Forestry and Wood Products Consulting

As an urban appraiser, DeLacy first became involved with timberland valuations when testing for highest and best use of large forested tracts proposed for resort or residential development on the Pacific Coast. Later, his work gravitated to financing, bankruptcy proceedings and financial reporting. DeLacy has worked in virtually every silviculture in North America; from the Douglas-fir of the western Cascades and Rockies in Montana, to the birch and poplar forest of Maine, to the pine plantations of the Southeastern US. In 2015, DeLacy began appraising inholdings on Ranch and farm land in trust to the Bureau of Indian Affairs across the Great Plains.

Some of the more significant engagements include the following:
• Client: U.S. Department of Agriculture; venue: State of Mississippi Areawide market study to determine cropland market values for wetland and conservation easements. 2018
• Client: U.S. Department of Agriculture; venue: State of Missouri; Areawide market study to determine cropland market values for wetland and conservation easements. 2017
• Client: Cheyenne River Indian Reservation and BIA; venue: Dewey and Ziebach Counties, South Dakota; Market Study to determine range unit rents. Market valuations for ranch land inholdings. 2015
• Client: Winnebago Indian Reservation and BIA: venue: Thurston County, Nebraska; Market valuations for homesites and cropland. 2015
• Client: Indiana Lumbermens Mutual Insurance Co (represented by Paine Hamblen of Spokane); venue: Idaho Federal District Court; at issue appraisal review and valuation counsel regarding damages and replacement cost after fire razed a sawmill in the Idaho panhandle in 2008. (2013)
• Client: Kolschowsky Trust (Chicago); valuation, highest and best use analysis of 1,800 acres of managed timberland in Clark County, Wisconsin (2010, 2012).
Client: Timberland Investment Resources, LLC (Georgia); evaluation of 13,900-acre lease of managed Cumberland Ridge (Tennessee) timberland for wind farm development (2011).
• Client: Willamette Management (Portland); valuation of Noble Tree Farm operations, 3,521 acres in multiple Oregon counties; modeled their financial operations, established land values and highest and best use; assumed a wind down of operations. Noble Farms was one of the largest Christmas tree operation in the PNW (2009).
• Client: PALCO (Pacific Lumber Co.), Scotia CA; Valuation of entire property portfolio including mills and mill sites in Scotia, Fortuna and Carlotta, all in Humboldt County, CA for bankruptcy proceedings (2006-2008).
• Client: Wells Fargo (California); Valuation of Harwood Products land and mill in Branscomb, Mendocino Co., CA for bankruptcy proceeding (2008).
• Client: Brookfield Asset Management; Longview Timber Corp. Tree Farm Portfolio: Select valuation of highest and best use sites within 586,000-acre portfolio of managed timberland in Oregon and Washington (2007).
• Client: Bank of the West (Omaha); valuation of 3 sawmills owned by Neiman Enterprises in South Dakota and Wyoming (2007).
• Client: Great American Group (California); valuation of paper mill portfolio in purchase price allocation when Neenah Paper bought Fox River Paper. Mill sites in California, Wisconsin, Ohio and Massachusetts. (2007)
• Client: Washington State Dept. of Natural Resources; 38 parcel portfolio of surplus lands totaling 1,000 acres in 16 counties (2006).
• Client: Yellowstone Club; property tax appeal in Madison Co., Montana on timbered recreation areas surrounding homesites within 8,000 acre holding (2005-6).
• Client: US Bank; valuation of Three Rivers saw mill and 1,000 acre timber holdings in and around Kamiah, Idaho. (2003)
• Client: Plum Creek Timber Co (REIT) (Seattle); appraised over 3 million acres of managed timberland in Oregon, Washington, Montana, Maine and pine plantations in the Southeastern U.S. for a purchase price allocation with Georgia Pacific; emphasis on identification of highest and best use recreational tracts (2001-2).
• Client: Consolidated Paper (Stevens Point, WI); purchase price allocation involving merger with Mead paper, appraised 670,000 acres of managed timberland in Wisconsin, Minnesota and Ontario, Canada (2000).
• Client: Weyerhaeuser (Tacoma, WA); valuation of 700,00 acre managed timber portfolio on Vancouver Island (British Columbia) and Alabama in purchase price allocation following acquisition of McMillan-Bloedel (1999).

Healthcare Consulting

Mr. DeLacy’s major healthcare valuation and consulting experience included the following projects:

• Market rent studies for Palos Community Hospital (PCH), various locations and clinics, Cook Co., 2015-2018
• Appraised imaging center medical office building for PCH, Tinley Park, IL
• Appraised complex multiple building bio-tech campus in Eugene Oregon for Thermo-Fisher, 2015
• Cuneo Hospital, Chicago, IL (closed): Adaptive reuse and valuation study for Sisters of the Sacred Heart, 2014
• Adaptive reuse study of closed sanatorium, Lake Bluff, IL, 2014
• Appraisal reviews for L-CAM, various banks on skilled nursing facilities, portfolio level, 2014-2016
• Led team to advise the soon-to-be closed Trinity Hospital on adaptive re-use options in Birmingham, Alabama. 2011
• Adaptive reuse study of soon-to-be closed Silver Cross Hospital including evaluation of proposed VA clinic in Joliet, IL, 2010

Institutional Campus Consulting

For many years, DeLacy has advised academic, religious and healthcare institutions, as well as non-profit agencies, and occasionally private parties regarding the highest and best use and valuation of purpose-built campus real estate holdings.

Some of the more significant engagements include:
• Valued Village of Tinley Park, Illinois Center School and Administrative HQ campus. 2018
• Advised Wells Fargo Wealth Management regarding land lease and disposition options of 200+ acre Grant’s Farm, a private zoo and residential estate near St. Louis, Missouri; 2013, 2015
• Performed right of way analysis and land use impact study for Trinity University in Deerfield, Illinois when local village considered street extension; 2013
• Valued Maryville University campus in Creve Coeur, St. Louis County Missouri. The 120-acre campus was expanding its residential footprint by acquiring an adjacent hotel for dormitory conversion. 2009, 2013
• Divisional Headquarters of the Salvation Army retained us to value its Des Plaines, IL office campus headquarters and advise on option to remodel or move; also valued its Training Center in the Lakeview neighborhood of Chicago, Illinois. 2013-2014
• Modeled the highest and best use of a 66-acre site adjacent to Qualcomm stadium for San Diego State University. We considered land residual values for proposed transit oriented mixed use development in the parking lot should the NFL team, the San Diego Chargers relocate. 2012
• Valued the campus of Lambuth College in Jackson, Tennessee for potential sale as extension campus to Memphis State University. The former Methodist college had been closed and put on market. 2011
• Valued Birmingham Southern College in Birmingham, Alabama to help refinance debt. 2011
• Valued Trinity College in Washington, D.C., to help refinance debt. 2011
• Advised Thiel College, a Lutheran institution in Greenville, Pennsylvania regarding campus consolidation and highest and best use to assist with debt financing. 2010
• Valued Perlman B’Nai Brith Camp in Lake Como, Pennsylvania also addressed impact of mineral and gas leases, 2010
• Valued Missouri Baptist University campus, St. Louis County, Missouri. 2010
• Valued Marymount EF Campus in Tarrytown, New York. A one-time Catholic women’s college, it had been converted to a graduate school for Fordham school before sale to EF for an international high school baccalaureate program. 2009
• Valued North Bay Camp in North East, Maryland, a 97 acre leasehold school and retreat center on Chesapeake Bay for financing when owner was in bankruptcy. 2009, 2011
• Appraised Sienna Heights University in Adrian, Michigan. The Co-ed Catholic college was sited on 55 acres next to the convent of the founding religious order. 2009

Select Publications

• Contributor to “Chapter 6 – Valuation of Real Estate.” Valuation Strategies in Divorce. 5th Edition, 2019-1 Supplement. New York: Wolters Kluwer, 2019.
• Author of “Chapter 12 – Introduction to Real Property.” Valuing Specific Assets in Divorce. 2019-1 Supplement. New York: Wolters Kluwer, 2019.
• “Living on the Grid,” Book Review of Access, Property and American Urban Space by M. Gordon Brown, The Appraisal Journal, Appraisal Institute, Spring 2018
• “Renewables, Tax Credits and Ad Valorem Taxes: Are Policies Aligned?” Real Estate Issues, The Counselors of Real Estate, Volume 39, No. 1, 2014
• “Wind Power and The Tax Base: Reliable as the Resource?” The Journal of the International Machinery and Technical Specialties Committee of the American Society of Real Estate Appraisers; Volume 30, Issue 1, First Quarter, 2014
• “Wind Farms Harvest More Than Just Energy,” Terra Firma, Realtors Land Institute, Winter 2014
• “Earth, Wind and LULUs – Wind Farms: Harvesting Energy and Controversy,” Journal of the Center for Real Estate Studies, Realtor University, Vol. 1, No. 2, September 2013
• “Renewable Energy: Headwinds Ahead?” Real Estate Issues, The Counselors of Real Estate, Vol. 36, No. 3, 2011
• Panel presenter, Illinois Wind Working Group Annual Conference, Illinois Institute of Technology, Chicago, IL (July 21-22, 2011)
• “Wind Farms- A Valuation Primer,” Appraisal Journal, Appraisal Institute, Winter 2011
• Presentation Faculty at Law Seminars International Symposium on Land Use Impacts of Wind Energy, Vancouver Hilton, February 11-12, 2007

Teaching and Course Development

As a recognized national subject matter expert, Mr. DeLacy was asked to develop and teach an eight-hour wind farm valuation class for the Society of Farm Managers and Rural Appraisers in 2014. In 2015 he was asked by the Appraisal Institute to teach a two-hour seminar, “A Valuation Primer for Renewables” at the national meetings in Dallas, Texas.
Previously he prepared two 2-hour seminars on green energy valuation for continuing education for both the Illinois and Indiana Chapters of the Appraisal Institute. DeLacy also presented at the ICAP seminar in Lisle, IL in August 2014 for Illinois Continuing Education credit.
Mr. DeLacy served as Adjunct Professor in the School of Business Administration at Portland State University, 2004-6. He also developed a graduate level online class for Marylhurst University combining land use planning and valuation perspectives to study city growth. The class was taught 2002-4. In the 1980s Mr. DeLacy was adjunct faculty teaching introductory appraisal classes at both Lane and Clackamas Community Colleges in Eugene and Oregon City, Oregon, respectively.

Professional and Civic Leadership

Mr. DeLacy serves in the following leadership roles professionally and within the community.
• President, Illinois Coalition of Appraisal Professionals (ICAP) 2017
• Board of Directors, University Club of Chicago, 2017-21
• Board of Directors, Chicago Chapter of the Appraisal Institute (2016-2019)
• Board of Directors, 18th & Wabash Corp., a non-profit SRO housing project (2012-16)
• Past Associate Editor of Real Estate Issues, the peer reviewed journal of the Counselors of Real Estate ®
• Chapter Chair (2015) and National Board Member, Counselors of Real Estate ®, since 2013
• Region III Director, Appraisal Institute (2014-2015)
• Emeritus, Abbey Foundation of Oregon
• Board of Advisors, Catholic Charities of Chicago
• Willamette University Trustee (1991-1994)
• Planning Commissioner, City of Lake Oswego, Oregon (1989-93)
• Emergency Siting Authority, Juvenile Prison Project, State of Oregon (1995, 1998)
• Regional Advisory Board Member, Resolution Trust Corp (RTC) 1989-1991

Active State Certifications

Mr. DeLacy received his initial license as a Certified General Real Estate Appraiser in Oregon, but maintains active certified general credentials in the following states:
• California, license no. AG034219
• Colorado, license no. 1000006312
• Illinois, license no. 553.001797
• Indiana, license no. CG41001248
• Iowa, license no. CG02930
• Michigan, license no. 1201073739
• Missouri, license no. 2005035957
• New York, license no. 46000047021
• Oregon, license no. C000089
• Pennsylvania, license no. GA003949
• Washington, license no. 1100107
• Wisconsin, license no. 1678-01

Consulting Corps for the Counselors of Real Estate ® (CRE)

The following projects were undertaken pro-bono upon selection by the Counselors of Real Estate ®:
• Chaired panel advising New Jersey Futures and Oxford Township, New Jersey on how best to stimulate its downtown and promote economic development. (2016)
• Advised the Chancery Office for the Archdiocese of Philadelphia on best practices for real estate disposition. (2015)
• Developed comprehensive real estate strategy for California’s State Center Community College District in Fresno. (2013)
• Led team to advise the soon-to-be closed Trinity Hospital on adaptive re-use options in Birmingham, Alabama. (2011)
• Chaired panel assisting University of Arkansas at Little Rock on University District development strategy. (2008)
• Chaired panel advising City of Orlando, Florida regarding placement of homeless shelter. (2005)
• Advised Tougaloo College in Jackson, Mississippi on disposition of excess land (2004).