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PALMER <br />GROTH & <br />REAL ESTATL ANALYSIS <br />PIETKA ~N~ <br />January 6, 2000 <br />Mr. Craig Lewis <br />Project Manager <br />Melvin Mark Development Company <br />111 SW Columbia, Suite 1380 <br />Portland, Oregon 97201 <br />RE: Courthouse Square Highest 8~ Best Use Analysis <br />Dear Mr. Lewis: <br />At your request, we have estimated the highest and best use of the captioned property <br />using generally accepted appraisal principles and practices. This report is intended to <br />comply with the report reqvirements of the Uniform Standards of Professional Appraisal <br />Practice (USPAP) as adopted by the Appraisal Foundation, and the Appraisal Institute. <br />The ~ubject of this report is a 12,790 square foot building pad, commercially zoned and <br />located in the Salem Central Business District (CBD). The land and site improvements are <br />described herein. The purpose of this report is to estimate what use of the site and <br />improvements would render the highest retum to the owneRhip entity, and the approximate <br />income that could be generated from this use. <br />Several scenarios were evaluated with respect to this assignment. The chart on the following <br />page summarizes our findings. <br />[TE ~ <br />MICHAEL A GRIFFIN, MAI <br />DONALD R PAI.Ivffit, MAI BRiAN L. KSLI.6Y, MAI <br />PHILIP L. SfEFFEN, MAI MARK M. I.AW WILI, MAI <br />DAVID W. GROTH, MAI T'ODD S. LiSBOW, MAI <br />----- .--._ rrtmrcmvr-mc rc r~anNC:KR. l~taI TA40THY E. WRIGHT, MAI <br />