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Applegate & Co. REAL ESTATE APPRAISERS <br /> 1112 Grand Avenue, Suite One <br /> P.O. Box 1417 <br /> Glenwood Springs, Colorado 81602 <br /> E.H. (Ted) Applegate III (303)945-81 14 <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, 1 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 $3,850,000, of which $460,000 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 /> UPDATED AREA DESCRIPTION (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 />