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Mr. Joel R. Hanson Page 2 <br />May 18, 2006 <br />the data, reasoning, and analyses that were used in the appraisal process to develop the <br />appraisers' opinion of value. Additional supporting documentation concerning the data, <br />reasoning, and analyses will be retained in the appraisers' file. <br />From a resource and time schedule we have estimated the fee for this assignment at <br />$7,500. In addition to the base appraisal fee, reimbursable report production expenses <br />would be charged back, but are not expected to exceed $100. We would anticipate <br />completion and delivery of the assignment within approximately six weeks of receipt of <br />your authorization to proceed, assuming we are in timely receipt of the following items <br />necessary to complete this work. We will also provide in advance of the final report verbal <br />communication of our value conclusion when that becomes available. <br />The following items will be necessary in order to complete our work in a timely manner. <br />a.) A survey of the subject land parcel, <br />b.) An accurate legal description and property tax identification number(s), <br />c.)General development scenario criteria including anticipated density <br />allowances, site improvement costs, concept plans etc. <br />d.) Special assessment balance and payoff schedule, if any <br />h.) other information the City may have available considered to be <br />applicable to the assignment and site. <br />If additional services are required such as further consultation or expert witness testimony, <br />the appraisers, upon reasonable notification, will be available for such purposes at an <br />agreed upon fee or at our standard hourly billing rate, plus any out of pocket expenses. <br />However, the appraisers, by reason of this valuation analysis, are not required to provide <br />such services unless previous arrangements have been made. <br />If you have any questions concerning the terms of this proposal, please call. If this <br />proposal meets with your approval, please sign and return one copy of this letter to us <br />which will serve as our authorization to proceed on the assignment. <br />We appreciate the opportunity to be of service and look forward to working with you on <br />this assignment. <br />Sincerely, <br />NICOLLLT PARTNERS, INC. APPROVED AND AUTHORIZED BY: <br />a? Steven M. DeCaster� f0 ,1. 01L <br />Name: <br />Steven M. DeCaster, MAI <br />Principal Title: <br />Date: <br />