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<br />~ <br /> <br />HASTINGS & ASSOCIATES APPRAISALS <br />"l520LOGAN AVE, <br />CHEYENNE, WY 82001 <br />PH. 307-637-3930 FAX 307-637-3589 <br /> <br />James A. Hastings ARA <br />Michael J. H3.stings <br />General Certified in Colorado, <br />Nebraska, & Wyoming <br /> <br />March 31, 2003 <br /> <br />CWCB <br />Attention: Ms. Jan I11ian <br />1580 Logan <br />Denver, CO 80203 <br /> <br />This document is incorporated <br />into the contrac;t by reference. <br /> <br />RE: Reservoir Work: <br /> <br />Dear Ms. lIlian, <br /> <br />~he property located around the newly constructed reservoir on the ranch <br />lands would appraise for between $950 to $1,400 per acre. The elevated <br />range of value for the subject property appears reasonable for a property <br />with new water potential in today's market. With the current drought water <br />rights on a property tend to the increase the property's market value. In <br />the subject's market area there has been some sales activity of small <br />tracts with higher ranges of value than stated above. The sales are <br />documented in the appraiser's files. The land is located in T. 10 N., R. <br /> <br />66 W., 6th P.M, Section 18, wt; which contains approximately 320 acres, <br /> <br />The approximate value of the subject property at $950.00 per acre would be <br />$300,000.00 and at $1,400 per acre would be roughly $450,000.00, <br /> <br />I greatly appreciated the opportunity to complete this assignment. If we <br />can be of additional service, or if you have any questions, please let us <br />know. <br /> <br /> <br />Michael J. Hastings <br />