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R~port OrganLation <br />This report is designed to inform the reader of the scope, process and conclusions of the <br />consultation assignment. The first part of the assignment is to estimate a market rent for <br />comparable space. The second is the comparison of the present value of the market rent versus <br />the construction cost of the office and the present value of the scheduled contract rent. <br />The purpose of this consultation is to present a comparison of the present value of leasing versus <br />building the Marion County office only portion of Courthouse Square project. This report is to <br />be used by the client for decision making purposes. <br />Site Insp tion <br />The subject site was inspected ori February 3, 1998, by Terry A. Gardner, MAI, SRA. <br />Donald R. Palmer, MAI, inspectetl the site on February 11, 1998. <br />Without prior written approval from the authors, the use of this report is limited to decision <br />making. All other uses are expressly prohibited. Reliance on this report by anyone other than <br />the client for a purpose not set forth above, is prohibited. The author's responsibility is limited <br />to the client. <br />Preparation of this consultation included: <br />. A inspection of the subject site and neighborhood (Salem CBD) by Terry A. Gardner, MAI, <br />SRA. <br />. Interviewed the project managers regarding the construction cost and the quality of the <br />project. <br />. Surveyed the Salem CBD market area for current market rental data for Class A/B office <br />buildings. Comparison of the forecasted market rental income stream per square foot to the <br />provided construction cost estimate and contract rent/ownership amount per square foot. <br />C98052 PALMER, GROTH & PIETKA, INC. 1 <br />