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<br />A. Purpose of the Appraisal
<br />The purpose of this reuse appraisal is to estimate the fair reuse value for the interests being conveyed
<br />to the Developer, the Creekside Center Associates, Inc., based upon the covenants and the conditions
<br />included in the Disposition Development Agreement ("DDA" ).
<br />The DDA restrictions and guidelines affect the characteristics of the physical development and other
<br />features and impose certain requirements relating to how the project will be developed, to the
<br />operation of the project and to the transferability of the Developer's interest. The covenants and
<br />conditions strongly affect the development economics of the Project and hence the value of the
<br />interest to be conveyed to the Developer, as described in this report.
<br />The reuse value specifically requires compliance with the limiting conditions and assumptions of this
<br />report as stated in Section VI.
<br />D 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, Developer) and seller (private owners, Redevelopment Agency) each acting prudently and
<br />knowledgeably, assuming the price is not affected by undue stimulus. Also essential to an estimate of
<br />a fair market value is the notion that the conveyance of the property will result in near -term
<br />development, not speculation.
<br />Implicit in this definition is the consummation of a sale as of a specified date under conditions
<br />whereby:
<br />Both parties are well informed and well advised, and are each acting prudently in
<br />what it considers its own best interest.
<br />2. Financing, if any, is on terms generally available to this Developer for the use
<br />proposed at the date the property is ready for construction. The reuse value
<br />represents a normal consideration for the property sold, unaffected by special
<br />financing amounts and/or terms, services, fees, costs, or credits incurred in the
<br />financing transaction.
<br />19100l00014002.doc
<br />KEYSER MARSTON ASSOCIATES I N C.
<br />Pap 4
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