Appraisal Report for ALP 46.27 acres Retro. Value 10/10/02

LOVE APPRAISALS, INC.
PURPOSE OF THE APPRAISAL
The purpose of the appraisal is to opine the market value of the U.S. Bureau
of Reclamation's perpetual easement. The intended use is for use by the U.S.
Bureau of Reclamation - Upper Colorado Region (Reclamation) on behalf of the
United States of America (USA) and the Colorado Water Conservation Board
(CWCB) in connection with the proposed acquisition of/payment for the identified
perpetual easement. Office of Valuation Services (OVS), acting on behalf of
Reclamation, will review the appraisal report for completeness, accuracy,
adequacy, relevancy, and reasonableness in order to develop an opinion about the
quality of the work under review. The appraisal report is not intended for any other
use. The clients and intended users are Reclamation and the OVS on behalf of the
USA and the CWCB. The appraisal report is not intended for any other users.
Definition of Market Value
Market value is the amount in cash, or on terms reasonably equivalent to
cash, for which in all probability the property would have sold on the effective date
of the appraisal, after a reasonable exposure time on the open competitive market,
from a willing and reasonably knowledgeable seller to a willing and reasonably
knowledgeable buyer, with neither acting under any compulsion to buy or sell,
giving due consideration to all available economic uses of the property at the time
of the appraisal.
Source: Uniform Appraisal Standards for Federal Land Acquisitions, Page 13.
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