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<br />Jul 25 03 11:17a <br /> <br />MoFeeders Reale~ <br /> <br />8708670801 <br /> <br />p.2 <br /> <br />.. <br /> <br />". ,"cFe~ders <br /> <br />REAL Tl'.,'PPR.,I/SAL & i},LLVAGEillE.VT LLC <br /> <br />" <br />". '.' <br /> <br />.' <br /> <br />"Serving clIstomersfrom the plain.'i to tll(~ r(Jckies" <br /> <br />John Van Sciver <br />Colorado Water ConSt.'"Tvation Board <br />1580 Logan Street Suite 750 <br />Denver, CO 80203 <br /> <br />1 J (~ <br />RE: SUMMARY APPRAISAL REPORT FOR EMANUEL W. AND MARGARET <br />J. ROTHE, PROPRRTY BEING ALL OF SECTION 8- T5N-R59W OF TH(1; 6TH <br />P.M., MORGAN COUNTY, COI,.ORADO <br /> <br />Oear Mr. Van Sciver: <br /> <br />As per the appraisal order of June 17, 2003 requesting the above referenced appraisal, we <br />have completed a Summary appraisal Report. The assignment was to determine an <br />estimate of Fair Market Value for the Su~ject Properly_ The Su~ject Property consi~1s of <br />approximately 640 acres consisting of 500.1 acres of sprinkler-irrigated cropland under 1- <br />section sprinkler watered by a combination of 330 Riverside District aeresand 25 shares <br />of Weldon Valley Ditch Stock. The remaining acres are unused pasture plus roads and <br />waste. The Subject property is an integrated operation and wcll managed in conjunction <br />with a number of other sprinkler irrigated sections. Because the Subject is un-improved a <br />number of comparable sales are available I()r analysis of the Subject value and from <br />which to extract a Fair Market Value estimate applicable to the Subject Property. <br />Ilowever, dueto the unique nature of the system supplying irrigalion water to the <br />Subject, careful evaluation of the property is in order to insure adcquate irrigation water <br />is available and the delivery system for that water is included with the Subject Property. <br /> <br />It is the Preparer's opinion, the Subject Property has an indicated value from the market <br />as outlined in this analysis_ We have concluded the Highest and Best Use oflhe Subject <br />Propeny is its current use which is a sprinkler~irrigaled farm, producing irrigated crops. <br /> <br />The supply ofwatcT to the Subject Property sprinkler should be of concern and must be <br />addressed. There is an offsite pumping station from the Weldon Valley Ditch Company <br />whieh pumps to a holding pond on the Riverside Irrigation Company main ditch ITom <br />which Riverside District water is pumped to the pivot. 150 horse power electrie motor <br />pumps bOlh the Weldon Valley and Rivcrsidewatcr a mile to the Subject Properties <br />Sprinkler system. From this information we see that not only is the sourccofwater <br />located olrofthe Subject Property but so is the 2 pumping stations and the applicable <br />elcctric supply. <br /> <br />Prol'('ro' ManagL'rlwlIl . ((msulting . Ii('(lll'~~wr(' Sa{t'," . Appraisal.I". <br />221 W. Platte Avenue. rort Morgan, CO 80701 . Office: 970/867-7816 . Fax: 970/867-0801 . 1-800.-889-7816' Email: mcfccders@twol.corr <br />