1979-12-28_GENERAL DOCUMENTS - C1981017

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E. H. (Ted) Applegate III Real Estate Appraiser 1112 Grand Avenue P.O. Box 1417 Glenwood Springs, Colorado 81602 December 3, 1982 (303)945-8114 Mr. Robert Delaney, Executive Vice President and General Counsel Mid-Continent Resources P.O. Drawer 790 Glenwood Springs, CO 81602 RE: Real Estate Appraisal Colorado Meadows Industrial Park Carbondale, Colorado File No. C-2087 Dear Mr . Delaney: On December 28, 1979, I 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 requested that I revise the original appraisal to reflect changes in property value that have occurred since December 28 , 1979• The purpose of this letter is to revise the original appraisal to reflect these changes. 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. 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 . On this date , I made an inspection of the subject property. My inspection revealed no significant changes in the property. It should be noted , however , that portions of the surplus land are being used for mining equipment storage. The State and federal governments own in excess of 60% of the land in Garfield County. Topographic constraints of our mountainous locale , together with the increasingly more stringent and costly governmental land use regulations tend to further restrict supply and increase the cost of suitable substitute properties . Various time trend studies prepared by the writer over a period of years indicate that the value escalation of buildable land has been at a rate in excess of ordinary inflation for several years . Value escalation of buildable land continues today albeit at a lesser pace and in spite of the market value escalation slowdown of improved properties that is the result of the current high interest rate situation.