LPPD000252

• Contract/PO #: C150146
• Contractor Name: Rothe, Mildred L.
• Contract Type: Loan
• Water District: 0
• County: Morgan
• Loan Projects - Doc Type: Contract Documents

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"Serving customers from the plains to the rockies"

John Van Sciver
Colorado Water Conservation Board
1580 Logan Street Suite 750
Denver, CO 80203

RE: SUMMARY APPRAISAL REPORT FOR EMANUEL W. AND MARGARET
J. ROTHE, PROPERTY BEING SECTION 8-T5N-R59WOFTHE 6TH P.M.,
MORGAN COUNTY, COLORADO

Dear Mr. Van Sciver:

As per the appraisal order of June 17, 2003 requesting the above referenced appraisal, we
have completed"a Summary Appraisal Report The assignment was to determine an
estimate of Fair Market Value for the Subject Property. The Subject Property consists of
approximately 640 acres consisting of 500.1 acres of sprinkler irrigated cropland under 1-
section sprinkler watered by a combination.of330 Riverside District acres and 25 shares
of Weldon Valley Ditch Stock. The remaining acres are unused pasture plus roads and
waste. The subject property is an integrated operation, well managed and operated in
conjunction with a number of other sprinkler irrigated parcels. The Subject is unimproved
farmland. A number of comparable sales are available for analysis of the Subject value
and from which to extract a Fair Market Value estitpate applicable to the Subject
Property. However, due to the unique nature of the system supplying irrigation water to
the subject,careful.evaluation of the property is in order to insure adequate irrigation
water is available and the delivery system for that water is included with the Subject
Property.

It is the Preparer's opinion, the Subject Property has an indicated value from the market
as outlined in this analysis. We have concluded the Highest and Best Use ofthe Subject
Property is its current use which is a sprinkler-irrigated farm, producing irrigated crops,

The supply of water to the Subject Property sprinkler should be of concern and must be
addressed. There is an offsite pumping station from the Weldon Valley Ditch Company
which pumps to a holding pond on the Riverside Irrigation Company main ditch from
which both Weldona Valley and Riverside District water is pumped to the pivot. AlSO
horse power electric motor pumps both the Weldon Valley and Riverside water from the
pond to the Riverside,Ditch a mile to the Subject Property Sprinkler. From this
information we, see that not only is the source of water surface irrigation water located off
of the Subject Property but so are the 2 pumping stations and the applicable electric
supply.

Property Management. Consulting' Real Estate Sales' Appraisals.
1221 W. Platte Avenue' Fort Morgan, CO 80701 . Office: 970/867-7816' Fax: [phone] . 1-800-889-7816' Email: [e-mail]