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Charles P. Thompson & Assoc., Inc. Real Estate Appraisers & Counselors April 6, 2004 Russ Royer City of Eugene Public Works Engineering Division City of Eugene 858 Pearl St. Eugene, OR 97401 RE: Complete Appraisal- Summary Report of a 98.68 acre land parcel, located on the north side of 30th Avenue near its intersection with Spring Boulevard, Eugene, Oregon. Dear Mr. Royer: Pursuant to your request, I have personally inspected the above referenced property for the purpose of estimating the market value thereof effective March 17, 2004. The subject property was appraised subject to the assumptions and limiting conditions outlined in this report. The market value of the fee simple interest in the subject property, effective March 17, 2004, was concluded to be $950,000, based on the hypothetical condition that the property is going to be outside the Urban Growth Boundary within a one year period. The subject property is currently inside the Urban Growth Boundary of the City of Eugene. However, the City plans to move the property outside the UGB after acquiring ownership. Because the subject property is currently inside the UGB, the current owners could most likely develop the property into five 20-acre homesites without annexation and the extension of utilities. Assuming this was done, and then the City acquired the property, even though it was zoned F-2, the City would have to acquire the property with the potential for five, 20- acre homesites. In order to value the subject property on an equitable basis, recognizing the now existing development potential, the subject property is appraised based on the assumption that such a division is possible, which based on information from the Lane County Planning Commission, is a reasonable assumption. P.O. BOX 10233 · EUGENE, OREGON · 97440-2233 · TELEPHONE (541)343-8895 · FAX (541)343-5190