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

region, has enjoyed substantial growth. Both the velocity of land sales and
average values have increased dramatically as shown on the following table.
Bodo Business Ranches Land Sales
Number Average $/SF
1989 1 .87 (cash eq.)
1990 1 .92
1991 1 1.15
1992 3 .97
1993 9 1.21
1994 6 1.97
1995 9 2.54
1996 16 3.45 excluding frontage
lot
1997 13 4.00
1998 1 4.48
2000 1 8.75
The declining number of sales is due to the fact that all of the developer
inventory has been sold and nearly all of the lots have been improved.
The neighborhood of Subject is convenient for traffic coming from the south.
It had a 1996 traffic count of 13,900 on the south to 24,800 on the north. It has
experienced more rapid development than the other two commercial
neighborhoods because of its convenient location and because it is the only
neighborhood with room for expansion. Between 1990 and 1994, five new
buildings were built. Since 1995, the neighborhood has mushroomed with the
construction of numerous industrial and office buildings in Bodo Park as well as:
• Escalante Middle School
• the Trans-Lux Cinema near the Durango Mall
• New County Auto Dealership
• Texaco with car wash
• Medical office complex near Wal-Mart
• Quality Inn Motel
• the Walmart Superstore and strip retail center
• the Old Ironworks strip center in 2001
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