Appraisal Report for ALP Relinquishment Areas 1 & 2

The Bodo Business Ranches is the largest and most predominant
subdivision in the neighborhood. It was developed by a non-profit organization
known as the Durango Industrial Development Foundation, Inc. in 1969 and the
lots were first available in 1973. The Durango Industrial Development Foundation,
Inc. (DIDF) is composed of the Presidents of the major banks and Savings and
Loan institutions in Durango. The Foundation must approve each purchase within
the Business Ranches with the goal of attracting light, clean industry. DIDF must
also approve each new buyer upon a resale and a change in usage. Each contract
contains a resale clause back to the Foundation within two years if the property is
not improved. The Bodo Business Ranches also have an architectural control
committee which must approve the plans of each type of improvement. The Bodo
Business Ranches is approximately 95% developed. DIDF subdivided its last
remaining large tract into fourteen lots in 1995, and has sold all of the lots.
The Durango Mall, built in the early 1980's, is a regional shopping center
containing 213,467 square feet and 187,132 square feet of net leasable area. It's
anchor tenants are Bed, Bath and Beyond and J.C. Penney's. It sold in December
1994 for $7,750,000.
The neighborhood experienced dramatic growth between 1980 and 1985,
including the development of Skatetown Subdivision, the Centennial Shopping
Center, just south of Subject, and the Durango Mall. Between 1986 and 1988
development and lot sales virtually halted. The values of commercial land and
improved properties in the neighborhood remained relatively stable between 1989
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