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•:: a t t::.;: t::: <br />;..,.............. ....................................................................................................... ...::.:.v.»•rwvy::t:;:: t: ... :::::..r::::,...,.:r..,,.:r::: <br />�k..: iGtVl� <br />A. Purpose of the Appraisal <br />The purpose of this reuse appraisal is to estimate the fair reuse value for the interests being <br />conveyed to the Auto Dealer, the Batarse Family Trust, also operating as the Lloyd A. Wise <br />Companies, based upon the covenants and the conditions included in the Disposition Development <br />Agreement ("DDA"). <br />The DDA restrictions and guidelines affect the characteristics of the physical development and <br />other features and impose certain requirements relating to how the project will be developed, to <br />the operation of the project and to the transferability of the Auto Dealer's interest. The covenants <br />and conditions strongly affect the development economics of the Project and hence the value of <br />the interest to be conveyed to the Auto Dealer, as described in this report. <br />The reuse value specifically requires compliance with the limiting conditions and assumptions of <br />this report as stated in Section VI. <br />B. Definition of Value <br />Fair reuse value is the fair market value in accordance with covenants, conditions, and easements <br />governing the sale of the property as contained in the DDA.. It is the highest price in dollar terms <br />which the property would be expected to bring for the specified purpose in a competitive and open <br />market under the reuse conditions established by the Agency, with the buyer (Redevelopment <br />Agency, Auto Dealer) and seller (private owners, Redevelopment Agency) each acting prudently <br />and knowledgeably, assuming the price is not affected by undue stimulus. Also essential to an <br />estimate of a fair market value is the notion that the conveyance of the property will result in near - <br />term development, not speculation. <br />Implicit in this definition is the consummation of a sale as of a specified date under conditions <br />whereby: <br />1. Both parties are well informed and well advised, and are each acting prudently in <br />what it considers its own best interest. <br />2. The definition of reuse value is further augmented due to certain conditions <br />imposed by the Agency, and assumptions as follows: <br />KEYSER MARSTON ASSOCIATES I N C. <br />19096\0014-003.doc Page 4 <br />