6C(4) Proposal of appraisal of 111 S. St Joseph

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R. E. PITTS & ASSOCIATES, INC. Real Estate Appraisers - Consultants Mr. David Relos, Economic Development Planner South Bend Department of Community & Economic Development 227 West Jefferson Blvd., Suite 1200S South Bend, IN 46601 -1830 October 12, 2010 Re: Appraisal Proposal of Museum Facility, 111 South St. Joseph Street, South Bend, IN 46601 Dear Mr. Relos: Pursuant to your request, I hereby submit a proposal for appraisal services for the above referenced subject property. The appraisal shall be prepared for and is for the use of the client and its appropriate authorities and /or representatives. The purpose of the appraisal is to estimate the Market Value of the Fee Simple Interest in the subject property "As -Is ". In this assignment, the appraiser will consider all recognized approaches to value and directly apply the most applicable approaches. The effective valuation date of the appraisal will be the date of inspection of the property by the undersigned appraiser. The appraisal will be reported in Summary Narrative format and will conform to the reporting requirements of Standards Rule 2 -2b of the Uniform Standards of Professional Appraisal Practice (USPAP). The completion date for the assignment is estimated to be within 30 -45 days from acceptance of this proposal and receipt of any relevant documentation needed for preparation of the reports in a timely manner. I will furnish (2) original copies of the appraisal report. The total fee for this assignment shall be $5,500 which will be invoiced and shall be due upon completion of the appraisal report. Sincerely, R. E. PITTS & ASSOCIATES, INC. Rick Pitts, MAI Indiana Certified General Appraiser, License #CG69100722 Engagement Letter Accepted: Signature Rick Pitts, MAI A 50580 Woodbury Way - Granger, IN 46530 574 -272 -3224 - Fax: 574- 272 -3224 MAI PittsMAT @aol.com Date