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10/11/99 bION 14:~4 F~X 503 22~ 460B d' f~ L "~7. F ~Z. Cx ~t C~ ~[' ~-~ ~~;; ~' I '~: ri ~~ ~ ~ ~ •: ~. ~;~..,! • ~,~ •:;! .~':.~i.~:~ ~ ~. COMPANIES October 4, 1999 Mr. Craig Lewis Project Manager Melvin Mark Cort~p~zxies 111 SW Columbia, Suite 1380 Portland, Ozegon 9"7201 RE: Highest and Best 'Use - Planned 4-Story Bua~ding Che~e~Ceta and ~Tigh Street - Salem, Oregon ~3ear Mr. Lewis: Thank you for requesting a proposal to prepare a Highest and Best Use study for the captzoned property, From our meeting with Mr. Cu.rtis, Mr. Wh.ittingtor~ and you on Septernber 23, 1999, in Salem, it is my understanding we would study the following development scenazios: ^ Scenaria 1- First floor retail and up to three stvres of office space ~ Scenario 2- First floor retail and up to three stories of apartmenis ^ Scenario 3- Up to four sxories of office space ~ Scenario 4 -12etail only The Highest and Best Use study wi13 address the supply and demat~d components foz each of th~se scenarios, as w~ll as size con.straints driven by par~Cing issues. In addxtion, we will present a hypothetical value for each scenario recogn.izing a hypotheticaI building which would be similar to the canstruction and quality of the Courthouse Square build.ing. The process is to estimate a va~ue for each of the scenarias and deductin~ ths estimated construction cost and absorpiion cost. This process would resu~t in a residual value for the land. The scenariio that indicates t~xe highest land value would represent the highest ar~d best use of the site. ~e would assu~e the site would be improved wit1~ 56 parking spaces and a concrcte floor ready ~or consfilction. Th.e estimated cost for those ~znprovements are $X,000,000 and those costs would not be deducted to detenminc thc site val.ue. • l IU S4v Y.AMfdILI.. ti", I.~t;.AI.U K I•,~t.nttiR. ~!N U.4ViU iV, C;Ri>Tl l, tipf i~.i~'f4~ E PfE'1'Y..~. ~anl ~ • ~'C?(~I1..4N1),(,)lif'(,~OPJ'~+i2C~,l • «I13)~2G.flb~: • 1"'~1Xi.~U:31?i3.}'~7'?, wi~rr~i c~r-t~~~r:s rv `. vLR. SEn.f..l ~.f:, 51C-r.,1Ml-;ti~r~~ :~:~~n s,~LE?n-1 liA'lIU Z. IlILI. a.'Hlt3s; i'~ ~1'~ IF.f; ~S'.t i.~ti nu~ i~kc[.ir~ L 5T1if'!'f•.K. ~1AI ~1ni<~: ~~1 i.~1Y:tvll,.l., ~t,~i CHftlS'I'CICHF.RV: St(~tif:FH,\i~l ....... [I.`tUffil'P t1'lil'::I{T..'-l:\I C~j o03 •Iy,~..~ G.I'f ~~~.;l~.I.~ sl ~I ~ pt~?.'~: l.. !.:I I.:. Y~. ~~ I.'~.. (i ~ii„ . I.il ~. ,..'.t.t!