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