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<br />. <br /> <br />. <br /> <br />e <br /> <br />FELLOWS REAL ESTATE CONSULTANTS, INC. <br />Thomas L. Fellows, MAl <br /> <br />p,O, Box 38820 <br />Colorado Springs, Colorado 80937-8820 <br /> <br />Telephone: 719473-9132 <br />Facsimile: 719473-9133 <br />fels@rmi.net <br /> <br />May 19, 2000 <br /> <br />Mr. Larry Lasha <br />City of Florence <br />300 West Main Street <br />Florence, CO 80226 <br /> <br />RE: REAL ESTATE COUNSELING <br />PRELIMINARY INVESTIGATION <br />Oak Creek Reservoir Project <br />Florence, Colorado <br /> <br />Dear Mr. Lasha: <br /> <br />In accordance with your authorization, I have completed my initial investigation of the <br />captioned project. <br /> <br />This is a 'Summary" Report as defined by the Uniform Standards of Professional <br />Appraisal Practice. As a 'Summary Report", data and analysis are summarized; <br />additional information may be contained in my file. Any user, other than the client, is <br />unintended. I am not responsible for unauthorized use of the report. <br /> <br />The report contains 9 numbered pages and 3 addenda sections. This assignment has <br />been completed with the intent to conform to the Professional Ethics and Standards of <br />the Appraisal Institute and Uniform Standards of Professional Appraisal Practice of The <br />Appraisal Foundation. The report is subject to the limiting conditions contained herein <br />and the certification. <br /> <br />My condusions and recommendations relative to the project described, subject to the <br />scope, assumptions and conditions set forth, are stated in the report that follows. <br /> <br />Respectfully submitted, <br />FELLOWS REAL ESTAT <br /> <br /> <br />Thomas L. Fellows, MAl <br />Colorado Certified Appraiser CG01313317 <br /> <br />aff/301-lms <br />