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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 a continued monitoring with respect to the <br /> ability of the Auto Dealer to perform within prescribed conditions. <br /> b. The Auto Dealer, like the Agency, is unique in the real estate market. <br /> Due to the various development requirements and, time restrictions imposed . <br /> by the development program, the potential developers are limited to <br /> individuals or organizations with adequate financial and productive <br /> resources. In order to appeal to the limited market of potential buyers, <br /> market value must be equated to the maximum price a restricted and <br /> limited market is warranted in paying based upon risk and investment <br /> 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 to be imposed on the Auto Dealer by the public <br /> agency. <br /> • <br /> • <br /> 3. The Agency conveys the site to the Auto Dealer based upon the specific terms and <br /> conditions agreed to in the DDA.. . <br /> 4. The Auto Dealer privately assembles land, in conjunction with the purchase of <br /> land from the Agency, for the purpose of developing and operating several <br /> automobile dealership facilities on the overall site based upon the specific terms <br /> and conditions agreed to in the•DDA. <br /> 5. Development will proceed as agreed to in the DDA, i.e., speculation is not <br /> allowed. <br /> C. Rights Appraised <br /> The rights appraised assume that the site is free and clear of all encumbrances except those <br /> covenants, conditions, and easements specified in the DDA. <br /> KEYSER MARSTON ASSOCIATES INC. <br /> 19096'0014003.doc Page 5 <br />