2012-338 Tax - David Smith Appraisal of Timberlyne Shopping Center for PTC appeal Hearing $3,000 (2)

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onz ADAVID A. SMITH, MAI, SRA P.O.BOX 51597 DURHAM,NORTH CAROLINA 27717-1597 (919)493-1534 MAI smithappraiser@frontier.com SRA k T. August 14, 2012 Dwane Brinson, Orange County Tax Administrator 228 South Churton Street, Suite 200 P.O. Box 8181 Hillsborough,NC 27278 Dear Sirs: Thank you for the request for a fee proposal for an appraisal report of the Timberlyne Shopping Center located at 1129 Weaver Dairy Road in Chapel Hill, North Carolina. The intended use is to establish an appropriate assessed value as of January 1, 2009 and the intended users are officers and employees of Orange County, North Carolina and others as may be required by due process of law. The report will be in an expanded summary format, the generally accepted reporting format. My fee for this appraisal is $3,000 and it will be completed within three weeks of acceptance of this proposal provided I am given all necessary information. If testimony is required, my fee will be $150.00 per hour; pre-trial conferences and travel will be $75.00 per hour. The property will be valued using generally accepted appraisal techniques. The report will be prepared in accordance with the Uniform Standards of Professional Appraisal Practice and Supplemental Standards of Professional Appraisal Practice and the Code of Professional Ethics of the Appraisal Institute. The expenses used to determine net operating income would not include property taxes and the capitalization rate would be adjusted to reflect this. You will be supplied two copies of the report and an electronic versi,Dn via e-mail if desired. Thank you for this opportunity, and I look forward to working with you. If this is acceptable,please sign and date in the space below. Sincerely, Accepted �4"" A, Date David A. Smith, MAI, SRA State-Certified General Real Estate Appraiser#A281