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PRELIMINARY INFORMATION REPORT ORGANIZATION This summary report is designed to inform the reader of all factors considered in determining the maximally productive use' of the subject properfy. In addition, there is terminology specific to this assignment, which for the convenience of the reader has been marked with endnotes and defined on page 43. The Preliminary Appraisal Information sections provide an overview of the property and general informafion. The Description section starts with general regional issues and proceeds to more specific issues directly related to the property. From there, the Market Analysis section details the market conditions in the Salem CBD and is followed by a description of the development scenarios. Finally, the Maximally Productive use and Ground Lease Analysis sections are presented. Supporting information is attached in the Addenda. FUNCTION AND PURPOSE OF THE APPRAISAL The function of this appraisal is to be used by the client as a basis for internal decision making. The purpose is two fold: (1) to estimate the maximally productive use of the subject site; and (2) given that use, estimate the potential annual cash flow that could be expected from a ground lease. OWNERSHIP AND SALES HISTORY According to the Marion County records, the subject property is currently under the ownership of Marion County and the Salem Area Mass Transit District. The entities purchased the subject in June of 1997 for a recorded consideration of $2,231,800. This transaction represents an assemblage of several parcels within the block. No other market transactions involving the subject have occurred in the last three years. LEGAL DESCRIPTION Salem, Block 5, per recorded documents. INSPECTION Daniel R. Orman, Jason E. Tokarski, and Donald R. Palmer, MAI inspected the subject site. USE OF REPORT Without prior written opproval from the authors, the use of this report is limited to decision- making conceming the property. All other uses are expressly prohibited. Reliance on this reporf by anyone other than the client for a purpose not set forth above, is prohibited. The authors' responsibility is limited to the client. P9923g PALMER, GRO~ & Pi~xn, INC.