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U c,07NCLUSIO7NS"AND' LIMIT,:(0 CONDITIONS >- ERIM > x `R11 <br /> A. Opinion of Value /Conclusion <br /> The previous section of this report discussed the approach to determining the value of the interests <br /> being conveyed to the Auto Dealer. Based on this analysis, it is our opinion that as of March 29, <br /> 1996, the fair reuse value for the parcels assembled by the Agency to be conveyed to the Auto <br /> Dealer, free and clear; is $160,000.. The Auto Dealer is required to purchase land from the <br /> Agency for the purpose of developing and operating several automobile dealership facilities. The <br /> Auto Dealer is also privately assembling additional parcels along Marina Boulevard. <br /> B. Statement of Limiting Conditions and Assumptions <br /> The conduct of any appraisal is necessarily guided, and its results influenced, by the terms of the <br /> assignment and the assumptions which together form the basis of the study. The following <br /> conditions and assumptions, together with lesser assumptions embodied in this report, constitute <br /> the framework of our analysis and conclusions. <br /> The estimate of reuse value for the interests being conveyed to the Auto Dealer assumes <br /> compliance with the following: <br /> 1. The fair reuse value assumes that the land is clear and ready for development, <br /> inclusive of the cost to clean up any toxic materials. .. :.. <br /> 2. Under the terms and conditions of the DDA, the permitted use of the sites is <br /> limited to auto dealerships. <br /> 3. The Auto Dealer will optimize the opportunity for a successful Auto Center by <br /> privately assembling additional parcels along Marina Boulevard. <br /> 4. Development of the auto dealerships will occur immediately after conveyance <br /> and expiration of leases on the private assemblage site. Speculation is not <br /> allowed. <br /> 5. The Auto Dealer agrees to generate annual taxable sales of a minimum of $20 <br /> million on the Auto Dealer's automobile dealerships on Marina Boulevard in <br /> San Leandro for a period of 20 years. If in any year the Auto Dealer does not <br /> generate annual taxable sales of $20 million, the Auto Dealer shall pay the <br /> KEYSER M A RSTON A SSOCI ATES INC. <br /> 19096'0014003.doc Pape 20 <br />