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1 <br />11 <br /> <br /> REPORT SUMMARY <br />' 1. The purpose of this appraisal is to estimate the current <br /> market value of the land described herein. The date of <br /> valuation is October 4, 1984. The report will be used <br />' for internal planning and property disposition. <br /> 2. The property under study is located immediately west of <br />~ Canon City in Fremont County, Colorado. The surrounding <br />, area is mountainous. The Canon City economy was severely <br /> affected by the recession but has excellent potential for <br /> future growth. <br /> <br /> 3. Subject property consists of two parcels of land <br /> totalling 536.12 acres. The large parcel (480.10 acres) <br /> was quarried for metallurgical dolomite. The smaller <br />' parcel (56.02 acres) was used for rail access. <br />' 4. Continued quarrying of the property is not thought to be <br />economically feasible. There is no metallurgical demand, <br /> and construction demand is insignificant when compared to <br /> available reserves. <br />' S. Alternative uses of the property are limited; access, <br /> topography, utilities and physical features are not <br /> favorable for development. In my opinion, highest and <br />' best use is for the public domain. <br /> 6. My value conclusions, subject to the assumptions and <br />' conditions set forth, are summarized as follows: <br /> Land Value $250,000 <br />' Contributory Value <br /> Mineral Reserves $107,200 <br />'• Reclamation Costs $ 61,000 <br /> Total Property Value (Rounded) $300,000 <br /> <br />1 <br /> <br />lJ <br />1 <br />1 <br />