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3. The definition of reuse value is further augmented due to certain conditions <br /> imposed by the Agency, and assumptions as follows: <br /> a. The seller is a public agency having definite controls over the <br /> development. Due to the complexity of the overall plan of development, <br /> the developer of the land parcel must contend with a series of regulations <br /> and controls, which are not common in the conventional real estate market. <br /> The Agency must provide continued monitoring with respect CO the ability <br /> of the Developer to perform within prescribed conditions. <br /> b. The Developer, like the Agency, is unique in the real estate market. Due to <br /> the various development requirements and time restrictions imposed by the <br /> development program, the potential developers are limited to individuals <br /> or organizations with adequate financial and productive resources. In order <br /> to appeal to the limited market of potential buyers, market value must be <br /> equated to the maximum price a restricted and limited market is warranted <br /> in paying based upon risk and invesiinent return factors. <br /> c. The development plan can impose development restrictions and/or <br /> requirements, including that development must commence immediately <br /> after conveyance. Accordingly, the market value must reflect the <br /> advantages created by the project as well as the requirements and <br /> limitations on land uses w be imposed on the Developer by the public <br /> agency. <br /> 4. The Agency conveys the site to the Developer based upon the specific terms and <br /> conditions agreed to in the DDA. <br /> 5. Development will proceed as agreed to in the DDA, including by the times <br /> specified in the DDA; i.e., speculation is not allowed. <br /> C. Rights Valued <br /> The rights valued assume that the site is free and clear of all encumbrances except those <br /> covenants, conditions, and easements specified in the DDA. <br /> D. Date of Valuation <br /> July 2000 <br /> 223 <br /> Keyser Marston Associates. Inc. <br /> 19096.0261002 -001.doc Page 5 <br />