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pRELIMINARY INFORMATION (continued) <br />APPRAISAL DEVELOPMENT AND REPORTING PROCESS <br />Preparation of this appraisal included: <br />. An inspection of the subject. <br />• Interviews with Marion County and the Salem Area Mass Transit Deparfment. <br />. Interviewing multiple real estate professionals familiar with the Salem marketplace. <br />. Review of secondary research regarding market information. <br />. Inspecting of the subject properfy neighborhood. <br />• Gathering and confirming cost data, land sales, and lease comparables from the <br />immediate area and competing marketplaces. <br />. Inspecting the exterior of all comparables utilized. <br />• Highest and best use analysis with a focus on the maximally productive use of the subject <br />site and improvements. <br />• Ground lease analysis. <br />. Review of the written report by Donald R. Palmer, MAI. <br />The following sources were contacted to obtain relevant information: <br />SOURCE (NFORMATION <br />City of Salem Planning 8~ Zoning Subject information; zoning <br />Arbuckle Costic Architects, Inc. Subject information; pldns <br />Carole Smith, Developer Market information <br />Gloria Jackson, Coldwell Banker Market information <br />Bo Rushing, Prudential Market information <br />Larry Tokarski, Mt. West Investment Market information <br />Ed Lopez, Developer Market information <br />Curf Culver, Coldwell Banker Market information <br />Curf Arfhur, Coldwell Banker Market information <br />Spencer Powell, <br />Spencer Powell 8~ Associates, Inc. Market information <br />Shirley Layne, <br />Spencer Powell 8~ Associates, Inc. Market information <br />Brian Hardin, Willamette University Market information <br />The Rock Reporf, <br />3~d 8~ 4in Quarters 1999 Market information <br />The Statesman Journal Market information <br />Spencer Powell 8~ Associates, Inc. <br />Retail/Office Survey, 1999 Market information <br />Spencer Powell 8~ Associates, Inc. <br />Apartment Survey, Fall/Winter 1999 Market information <br />Coldwell Banker Market Update, 1998 <br />Overview & 1999 Forecast Market information <br />Salem Chamber of Commerce, North <br />Block Task Force Report Market information <br />pgg23g PALMER, GROTH 8~ PiErKn, INC. 2 <br />