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Applegate & Co. REAL ESTATE APPRAISERS <br />E.H. (Ted) Applegate III <br />May 19, 1988 <br />Mr. Robert Delaney <br />Executive Vice President and General Council <br />Mid— Continent Resources <br />P.O. Drawer 790 <br />Glenwood Springs, Colorado 81602 <br />RE: Revised Real Estate Appraisal <br />Mid — Continent Resources Industrial <br />Facilities <br />Section 36, .T7S, R88W <br />Carbondale, Colorado <br />File No, 88073688 - 07 <br />Dear Mr. Delaney <br />On December 18, 1984, I prepared a narrative appraisal report relating to the <br />captioned property. My conclusion of market value as developed by a cost <br />analysis method, was S3,850,000, of which 5460,000 was allocated to land. <br />Ms. Dianne Delaney has requested that I revise the original appraisal to <br />reflect changes in the property and in the property value that have occurred <br />since December 18, 1984. The purpose of this letter is to revise the original <br />appraisal to incorporate changes. <br />It is acknowledged that a previous review was conducted on July 16, 1986. <br />The descriptive material included in the original study has not been repeated <br />in this summary letter. However, this letter should be considered as a part <br />of and an amendment to the earlier report. <br />1112 Grand Avenue, Suite One <br />P.O. Box 1417 <br />Glenwood Springs, Colorado 81602 <br />(303) 945 -8114 <br />UPDATED AREA DE SCR IPT ION (5/ 19/88 ) <br />Less than thirty nine percent of Garfield County is privately owned land, the <br />balance being federal, state and county land. The mountainous terrain <br />topography together with intense subdivision and land development regulations <br />have further decreased the supply of usable land and increased development <br />costs. For the ten years preceding May of 1982, the upward value escalation <br />trend of residential and buildable commercial land were at rates substantially <br />in excess of ordinary inflation. <br />