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<br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />SUMMARY - SALIENT FACTS AND CONCLUSIONS <br /> <br />Authorization -Inspection: An appraisal requesl was made by JeffPexlon. Grand Mountain <br />Bank. Grand MountaIn Bank is the Client and Intended User oflhis appraisal report. <br />The ranch was inspected by Stewart B. Thomson. <br />Tvpe of Appraisal: Complele Appraisal Tvpe of Report: Summary Report <br />Effective Date of Valuation: January 21, 2006 <br />Identification of Propertv: The property appraised in Ihis report consists 01'2,671.69 deeded <br />acres, more or less. according 10 data obtained from the Grand County Assessor records. of <br />agricultural land localed northwesl ofKremmling, Colorado. The property includes irrigated <br />meadow, irrigated pasture, creek bottom pasture and non-irrigated paslure land. <br />Improvements: Improvemcnts consisl of three residences, a bunkhouse. two shop buildings. <br />two barns, loafing shed and working corrals. <br />Ownership: The ownership of record is Tom Hill. a.k.a. Tom Clay I-lill, a.k.a. Tom C. Hill <br />Zonin!!: The subject property is zoncd undcr the authority of Grand County and is zoned as <br />Foreslry and Open. <br />lIil!hesl and UcsllJsc: The highest and besluse f()[ the property is considered 10 be agriculture. <br />primarily hay production and the raising of livestock wilh an additional recreational use in Ihe <br />form of big game hunting and lishing. <br />Pronerh/ Riehls Anpraised: All rights held under ICe simple estale. excluding any prior <br />reservati<lIIs. encumbrances. liens or olher reslrielions upon the ownership. <br />l'urpo!IC of the Anpraisal: The purpose of Ihe appmislll is It I 1(1rI1l an opinion of market value <br />of Ihe subJecl property as (If January 21. 2006 the most recent date of inspection, in ils "as is' <br />condilion. The opinion of market value is based on an estimated marketing period of 12 months <br />or less <br /> <br />Function of the Apnraisal: The function of this appraisal is lor the use of the Client, Grand <br />Mountain Bank. Granby. Colorado. to aid in decisions regarding encumbering the subject <br />property for the benelit oflhe cliem. Any other use or users of this appraisal is nol aulhom:ed. <br />Value Opinion: <br />Opinion of Value - Cost Approach <br />Opinion of Value - Market Approach <br />Hoal Opinion of Value <br /> <br />$5.310.000 <br /> <br />$5.300.000 <br />S5.300.000 <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />- <br /> <br />Analvsis of Market;n!! Period and Market Trends: <br /> <br />The marketing period for properties similar to the subject is estimated to be 12 months or less <br />under nonnal market conditions. There was not information available as to the length of time the <br />comparable sales were offered for sale. however. according to area realtors dealing in this <br />market, a property that is reasonably priced and has recreational amenities in addition to the <br />agricultural production. such as Ihe su~ject. typically sell within a 12 month marketing period. <br /> <br />In conducting the market research for this appraisal, I have found several sales of ranch property <br />in Grand County that would compete with the subject property in one form or another. Due to the <br />lack of an abundancc of sales data it was neecssary to use older sale. <br /> <br />Scope of the Appraisal: In preparing this appraisal of the subject property, I have completed <br />the following: <br /> <br />Inspected the subject property and the surrounding area. <br /> <br />Researched public records and consulted with the Owner for data on Ihe subject <br /> <br /> <br />property including acreage. zoning. taxes, waler rights and inl(lrmalion on <br /> <br /> <br />improvements. <br /> <br />Analyzed thc highest and best use of the property <br /> <br />. Obtained the market data used in this reportlrom Iiles. county records. realtors. <br />other appraisers and others knowledgeable of the local market. <br /> <br />Confirmed and analyzed the dma to develop the three approaches to value. <br /> <br />The in/(Innation is then reconciled into a linal opinion of value I(lr Ihe subject property. <br />Descriptive and factual dala and the results of my study and analysis arc presented in a narrative <br />Summary Appraisal Report. <br /> <br />Comnetencv Provision: I hereby certily. that I. Stewart B. Thomson. CR01316787. have the <br />knowledge and experience necessary to complete this appraisal assignment. I have previously <br />appraised numerous ranches. recreational properties and vacant land parcels. many with scenic <br />and reerealional amenities. in Grand County and Ihe surrounding area. I have compleled the <br /> <br />6 <br />