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H. Date of Valuation July 31, 1997 L Final Estimate of Reuse Value The reuse value for the Property is directly a function of the development economics for the specific development required to be constructed under the terms and conditions of the Agreement. The covenants and conditions of the Agreement require the near -term construction and operation of a local resident -serving retail center, and a creekside plaza and creekwalk along the adjacent San Leandro Creek. Additionally, the Developer is obligated to incur costs for architectural and site upgrades of higher quality than would typically be found in a neighborhood shopping center and costs to attract key tenants, such as the 36,000 sq.ft. upscale grocery store and a 4,500 sq.ft. family style restaurant. It is concluded that the fair reuse value, given the specific covenants and conditions of the Agreement, is a range of $1,500,000 to $1,900,000, subject to the terms and conditions of the DDA, specifically the actual development costs and rents. 19100/0001-002.dw - 179 KEYSER MARSTON ASSOCIATES I N C. Page 3