1979-12-28_GENERAL DOCUMENTS - C1981017

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Applegate & Co. REAL ESTATE APPRAISERS 1112 Grand Avenue, Suite One P.O. Box 1417 Glenwood Springs, Colorado 81602 E.H. (Ted) Applegate III (303)945-8114 July 14, 1986 Mr. Robert Delaney Executive Vice President and General Council Mid-Continent Resources P.O. Drawer 790 Glenwood Springs, Colorado 81602 RE: Revised Real Estate Appraisal Colorado Meadows Industrial Park Carbondale, Colorado File No. LCOME86-41 Dear Mr. Delaney: On December 28, 1979, 1 prepared a narrative appraisal report relating to the captioned property. My conclusion of market value as developed by four approaches to value, was $2,000,000, of which $1 ,000,000 was allocated to land. Mr. George Wear has requested that I revise the original appraisal to reflect changes in the property and in the property value that have occurred since December 28, 1979. The purpose of this letter is to revise the original appraisal to reflect these changes. The descriptive material included in the original study has not been repeated in this summary letter. However, this letter should be considered as a part of and an amendment to the earlier report. It is acknowledged that a previous amendment was developed on December 3, 1982 which is to be superseded by the current amendment. In preparing this amendment report, I have reviewed my file from the first appraisal . I have also taken into consideration additional cost, income and market data. I made a re-inspection of the subject property. My inspection revealed a new structure has been added to the property. This structure is a truck wash building and equipment. The building has a foot print of 1 ,094 square feet and is located near the truck terminal building. The building is of masonry construction and had a reported cost in 1985 of about $140,000 which included the truck wash equipment.