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

WILLIAM B. LOVE APPRAISALS, INC FEDERAL TAX ID: 84-0624399
27486 HIGHWAY 160 TELEPHONE [phone]
P.O. DRAWER C FAX [phone]
CORTEZ, COLORADO 81321
February 11, 2014
Steve Murphy, Review Appraiser
DOI - Office of Valuation Services
1340 Financial Boulevard
Reno, Nevada 89502
Tim Feehan, P.E., Deputy Director
Colorado Water Conservation Board
Department of Natural Resources
1580 Logan Street, Room 600
Denver, Colorado 80203
Dear Sirs:
As you requested, I have appraised the market value of the perpetual
easement interest held by the U.S. Bureau of Reclamation in 46.27 acres located
in La Plata County, Colorado identified as ALP Project, IVIS No. R13035, Case No.
00041450. More information on the easement and larger parcel 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 value in terms of cash or of financing terms
equivalent to cash, as of October 10, 2002:
$4,356,000
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. There are no
hypothetical conditions or extraordinary assumptions.
Thank you for the opportunity to be of service.
Sincerely,
William B. Love Appraisals, Inc.
Maggie Love, MAI
Certified General Appraiser
No. C000001753