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R. E. PITTS & ASSOCIATES, INC. <br />Real Estate Appraisers • Consultants <br />Mr. Mathew Sikora, Economic Development Planner June 16, 2011 <br />South Bend Department of Community & Economic Development <br />227 West Jefferson Blvd., Suite 1200S <br />South Bend, IN 46601 -1830 <br />Re Appraisal Proposal, Bosch Braking Systems, South Bend, IN: <br />401 N. Bendix Drive: 242,000 SF Office /Manufacturing/Warehouse; 9.91 Acres +/- <br />2721 W. Kenwood Street: 78,000 SF Office /Engineering/Laboratory; 5.2 Acres +/- <br />Dear Mr. Sikora: <br />Pursuant to your request, I hereby submit a proposal for appraisal services for the above referenced <br />subject property. The appraisal shall be prepared for and is for the use of the client and its <br />appropriate authorities and /or representatives. The purpose of the appraisal is to estimate the Market <br />Value of the Fee Simple Interest in the subject property "As -Is" as separate facilities as referenced <br />above, and "As -Is" as a combined facility. In this assignment, the appraiser will consider all <br />recognized approaches to value and directly apply the most applicable approaches (Sales <br />Comparison and Income Approach will be developed). The effective valuation date of the appraisal <br />will be the date of inspection of the property by the undersigned appraiser. The appraisal will be <br />reported in Summary Narrative format and will conform to the reporting requirements of Standards <br />Rule 2 -2b of the Uniform Standards of Professional Appraisal Practice (USPAP). <br />The completion date for the assignment is estimated to be within 30 -45 days from acceptance of this <br />proposal and receipt of any relevant documentation needed for preparation of the reports in a timely <br />manner. I will furnish (2) original copies of the appraisal report. The total fee for this assignment <br />shall be $6,450 which will be invoiced and shall be due upon completion of the appraisal report. <br />Sincerely, <br />R.E. PITTS & ASSOCIATES, INC. <br />oz, co <br />Rick Pitts, MAI <br />Indiana Certified General Appraiser, License #CG69100722 <br />Engagement Letter Accepted: <br />Date <br />Signature <br />Rick Pitts, MAI <br />50580 Woodbury Way • Granger, IN 46530 <br />574 <br />-272 -3224• Fax: 574-272-3224 <br />MAI . <br />PittsMAI@at)l.com <br />Date <br />