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'~ • APPRAISAL REPORT • VALCO PROPERTIES - THUNDERBIRD RANCH October 27, 1986 At the request of Mr. Earl Brubaker, Chairman of Valco, Inc., I have investigated the above captioned property and walked its boundaries. We have researched for comparables and the following is our opinion of the current market value of this property. Subject property is along the Arkansas River. while suited to pasturing livestock especially in winter months, this appraisal will be directed to its highest and best use, which is the mining of sand and gravel. The river has changed course many times over the years. Maps bear references to the "1871 River", "1901 River", "1965 River", etc. Generally, the river has moved from the North side of these properties to the South side. Each river course has deposited sand and gravel along its former beds. Economic Development in Pueblo has centered on City property at Pueblo Memorial Airport. Companies, such as Sperry Corporation, Target Stores, and most recently McDonnell Douglas Aerospace, have created a need and a future demand for products mined on this property. The Thunderbird Ranch was 251 acres. The addition of the Rodarmel land, which was contiguous, increases the acreage by 62 acres for a total of 313 acres. All of this acreage has been covered by a special use permit which provides for mining. A modern house, corrals, and outbuildings are worth about $50,000. The task is to arrive at a fair market value for the land. Comparable sales would include: 1. 10/31/85 - 45 acres @ $3,500 per acre for a total selling price of $157,500. Sellers were the seven heirs of Mr. Mravich and the purchaser was Valco, Inc. 2. 1/2/86 - 15 acres @ $3,666.66 per acre for a total selling price of $55,000. The sellers were James, Connie and Daniel Carson and the purchaser was Valco, Inc.