Appraisal Report for ALP Relinquishment Areas 1 & 2

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and best use is for office and/or warehouse development development, subject to
the restrictions, of the two physically separate areas. Thus, Relinquishment Area
#1 and #2 each constitute a larger parcel.
Because there are no sales of land with similar perpetual easements or
restrictions, the appraisal process first involves finding comparable sales similar to
the fee simple estate. Fortunately, relatively good comparable sales are available
for each larger parcel.
The historic use and covenants and reservations are unique. The property
was part of a past uranium mill site that was cleaned up by the U.S. Department of
Energy (DOE). The DOE imposed a Restricted Use Plan that was a condition of
any conveyance of the property. These documents are included with the
Assignment of Easement in the Addenda. The Grids showing ownership interests
and reservations are contained in "Property Rights Appraised".
Significant restrictions are that the use of the property is restricted to public
purposes and that the property cannot be transferred to anyone other than a
governmental entity within the State of Colorado. Because of these restrictions, I
searched a long chronological time period for sales to Colorado governmental
entities.
The larger parcels also have a complicated bundle of rights. The bundle of
rights theory is "The concept that compares property ownership to a bundle of
sticks with each stick representing a distinct and separate right of the property
owner, e.g. the right to use real estate, to sell it, to lease, to give it away, or to
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