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today's land use regulations and high interest rates , <br /> it is unlikely that a competing facility would be <br /> economically viable. <br /> The land value estimate employed in this appraisal is believed <br /> to be well supported. Since the cost data was developed from <br /> actual historical costs , it is believed to be particularily <br /> appropriate. The depreciation estimate is believed to be <br /> reasonable . <br /> It is typical in highly specialized "special use" properties <br /> that the cost approach develops the only viable indication. <br /> FINAL ESTIMATE OF VALUE <br /> Land $ 460,000 <br /> Improvements 3, 390,000 <br /> Total " $3, 850,000 <br /> CERTIFICATE <br /> I , the undersigned , do hereby certify that to the best of my <br /> knowledge and belief the statements contained in this report , <br /> upon which the analyses , opinions and conclusions expressed <br /> herein are based, are true and correct ; also , this report sets <br /> forth all of the limiting conditions affecting the analyses , <br /> opinions and conclusions contained in this report ; also, this <br /> report has been made in conformity with and is subject to the <br /> requirements of the Code of Ethics and Standards of Professional <br /> Conduct of the American Institute of Real Estate Appraisers of <br /> the National Association of Real Estate Boards. <br /> December 18 , 1984 <br /> Glenwood Springs, Colorado <br /> Respectfully submitted , <br /> E. H. Applegate III <br /> EHA/ba <br /> -15- <br />