Appraisal Report for ALP Relinquishment Areas 1 & 2

WILLIAM B. LOVE APPRAISALS, INC. FEDERAL TAX ID: 84-0624399
27486 HIGHWAY 160 TELEPHONE [phone]
P.O. DRAWER C FAX [phone]
CORTEZ, COLORADO 81321
June 2, 2016
Richard A. Murphy, MAI
Office of Valuation Services
2180 Harvard Street, Suite 380
Sacramento, California 95815
Dear Mr. Murphy:
As you requested, I have appraised the market value of the three
hypothetical perpetual easement interests held by the U.S. Bureau of Reclamation
in two Relinquishment Areas located in La Plata County, Colorado identified as
ALP Project, IVIS No. R13036, Case No. 00041451. More information on the
easements and larger parcels is contained in the following pages.
As a result of my inspection of the property and research and analysis of the
market, I opine the following market values in terms of cash or of financing terms
equivalent to cash, as of March 31, 2016:
Relinquishment Easement Area #1 — $444,000
Relinquishment Easement Area #2 — $392,000
Combined Areas, #1 and #2 — $769,000
The assumptions and limiting conditions, descriptions, definitions, data,
calculations and reasoning processes upon which the value is predicated are
contained in the following self-contained appraisal report per Uniform Appraisal
Standards for Federal Land Acquisitions. This appraisal is subject to the following
hypothetical conditions and extraordinary assumptions:
Hypothetical Conditions:
1) That a finalized agreement that specifically identifies how the areas
within Reclamation's perpetual easement area that are to be relinquished
to the CWCB (i.e., as the two identified areas or as a single combined
area) exists.
2) That the public parking lot on Relinquishment Area #1 doesn't exist.