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<br /> <br />800 8th Avenue, Ste. 323 <br />Greeley, CO 80631 <br />Tel: 970-353-0982 <br />Fax: 970-392-2646 <br /> <br />October' 31 ,2002 <br /> <br />Colorado Water Conservancy Board <br />Attention: John W. Van Sciver <br />1313 Sherman Street <br />Denver, CO 80203 <br /> <br />RE: Shultz Farm Inc. <br />LotS of RE 1027., being Part of SE % Section 16, T5N, R67VV <br />Weld County, Colorado <br /> <br />Dear Mr. Van Sciver: <br /> <br />As you have requested, I have inspected the farm real estate described above and <br />located southwest of Milliken, CO and have completed the following market analysis. <br />This "brokers market analysis" is not an "appraisal" and it should not be construed, <br />interpreted or in any way be represented as such. <br /> <br /> <br />This sprinkler irrigated farm is currently owned by Shultz Farms Inc. Records from <br />the Weld County Assessors Office and the recorded exemption survey indicate the farm <br />consists of approximately 152 acres with some minor building improvements, including <br />corrals and machine' storage shed. It has been assumed that all minerals have been <br />previously reserved by the State of Colorado, and have therefore concluded that there is <br />~ no contributory value, from the mineral estate. <br /> <br />Therefore, after personally inspecting the subject property and completing a cursory <br />review and inspection of comparable sales in the area, it is my opinion that the subject <br />Shultz Farm's range of market value on October 31, 2002 was from $450,000 to <br />$530,000. Therefore, it is my opinion that the estimated market value for the subject <br />property is best represented a~: <br /> <br />$500,000 <br />. FIVE HUNDRED THOUSAND DOLLARS' <br /> <br />Respectfully submitted, <br /> <br />~cO~ <br /> <br />Clair Orr, Associate Broker <br /> <br />Brokers Market Analysis-Terra West Real Estate Services, Inc. <br /> <br />9 <br />