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<br />Based upon the market data and analyses summarized herein, the "as is" market value of the <br />subject property, as of October 5, 2002, is estimated as follows: <br /> <br />FOUR HUNDRED SIXTY SEVEN THOUSAND DOLLARS <br />$467,000 <br /> <br />The value estimate is predicated on a cash or cash-equivalent sale within a 12 to 24-month <br />exposure time. In addition to the hypothetical condition concerning approval of the BSPDD, <br />the value estimate is predicated upon the Assumptions and Limiting Conditions listed in this <br />report, and the following Extraordinary Assumptions. Absent these hypothetical conditions <br />and extraordinary assumptions, the subject's value would be less than set forth above. <br /> <br />EXTRAORDINARY ASSUMPTIONS <br /> <br />1. <br /> <br />We were not provided with a title policy or a survey for the subject site but <br />relied upon information furnished by the client as to the size and location of the <br />property and assume that this information is correct. It is an assumption that the <br />property size, boundaries, easements and interest reservations set forth in the <br />Site Analysis section are correct. Should any information become available that <br />indicates a discrepancy or that reveals restrictions unknown to us or other legal <br />matters that impact the tracts, we reserve the right to re-evaluate the value <br />conclusions set forth herein. . <br /> <br />2. <br /> <br />It is assumed the subject will be limited to development as a park in accordance <br />with the BSPDD. Lots 5, 6, 7, and 8 are zoned "P" by the BSPDD, a zoning <br />designation for public and institutional use. However, based on the restrictions <br />set forth by the BSPDD, we have assumed the subject will be restricted to park <br />use. Lot 9 is located outside the City of San Marcos, and is not zoned; it is <br />assumed that this lot will be utilized as a nature preserve in accordance with the <br />BSPDD. <br /> <br />3. <br /> <br />It is assumed that off-site utility and roadway expenses, to the extent required <br />for development of the subject property as a park, will be absorbed by the <br />developers of Lots 2 and 3. It is further assumed that the roadway extension of <br />Street A through the subject property, including a bridge across the Blanco <br />River, is optional under the BSPDD, and not required for utilization of the <br />subj ect property as a park. <br /> <br />111 <br />