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DocuSign Envelope ID: B2795506-A9C4-4F3C-BA37-9A4696263D77 <br /> Pickett <br /> -Amine <br /> REAL ESTATE <br /> ROBERT M.SPROUSE,MAI•JOHN T.KEPLEY•W.VERNON AVERETT,CCIM <br /> JERRY L. GAMBILL, MAI • MARK E. MICOL• MARK N. O'NEAL, CCIM <br /> January 3, 2017 <br /> Mr.Jeff Thompson <br /> Director,Asset Management Services <br /> Orange County <br /> PO Box 8181 <br /> Hillsborough, NC 27278 <br /> RE: 501/503 West Franklin Appraisal Proposal <br /> Dear Mr.Thompson: <br /> Our fee for preparing an appraisal of 501 West Franklin Street and 503 West Franklin Street <br /> including the adjacent parking lot is not to exceed $8,500. The estimated completion date is <br /> March 1, 2017. We would prepare one appraisal report which would include a separate <br /> opinion of value for each of those properties with the adjoining parking lot either being valued <br /> separately or being split and added to each of these parcels based on the amount of parking <br /> needed to meet zoning requirements. We will make that determination after receiving <br /> information provided to you by your engineering firm. As a part of the highest and best use <br /> anlaysis we will analyze the value of the land if developed to its optimum development <br /> potential using information provided by your engineering firm and compare that to the "as is" <br /> value of the existing buildings. The parcels to be appraised are identified as follows: <br /> 1. 501 West Franklin St (PIN 9788151996) <br /> 2. 503 West Franklin St (PIN 9788151829) <br /> 3. 108 South Roberson St parking lot (PIN 9788152822) <br /> I've attached current copies of the insurance we carry. Thanks for the opportunity to provide <br /> this proposal and let me know if you have any questions. <br /> Very Truly Yours, <br /> V —_ <br /> Robert Sprouse <br /> President <br /> Attachments <br /> APPRAISALS• BROKERAGE• CONSULTATION • DEVELOPMENT <br /> 3805-A UNIVERSITY DRIVE• POST OFFICE BOX 52118 • DURHAM, NC 27717 <br /> 919.493.0395• 919.493.1523 FAX•WWW,PICKETT-SPROUSE.COM <br />