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SENT BY:SF OFFICE 1-30-96 : 9:49 IEYSER MARSTON- 3105776007:# 8/10 <br />1V. VALUE OF THE INTEREST TO BE CONVEYED <br />Reuse Value <br />In our opinion, it is concluded that the land payment from the Developer for the Property of <br />$1,320,000 ($24 per sq.ft. of land area ) is a fair consideration for the interests being conveyed to the <br />Developer given the specific covenants and conditions of the Agreement requiring the construction and <br />operation of a new fast food restaurant and automobile service station. The sale represents the highest <br />value per sq_ft. of which we are aware in San Leandro for a 1.26 acre retail pad. <br />Estimated Value at Highest and Best Use <br />KMA has also estimated the value of the interests conveyed to the Developer if the entire site was sold <br />by the Redevelopment Agency at its highest and best use allowed under the redevelopment plan. <br />KMA concludes that the reuse value is the same as the value under the highest and best use since the <br />proposed concept with a new fast food restaurant and automobile service station, in our judgment, is <br />the highest value concept. Based upon the foregoing analyses, it is our judgment that a fair <br />consideration for the interests conveyed to the Developer is $1,320,000 ($24 per sq.ft, of land area). <br />190W=15-001.doC Page 7 <br />