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0 <br />R. E. PITTS & ASSOCIATES, INC. <br />Real Estate Appraisers - Consultants <br />Mr. Mathew Sikora, Economic Development Planner November 17, 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: 401 N. Bendix Drive, South Bend, IN <br />(Parcel ID #18- 2040 -1387: former power plant /23.17 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" and "As -If Vacant, Development <br />Ready Land ". In this assignment, the appraiser will consider all recognized approaches to value and <br />directly apply the most applicable approaches. The effective valuation date of the appraisal will be <br />the date of inspection of the property by the undersigned appraiser. The appraisal will be reported in <br />Summary Narrative format and will conform to the reporting requirements of Standards Rule 2 -2b <br />of the Uniform Standards of Professional Appraisal Practice (USPAP). <br />The completion date for the assignment is estimated to be within 30 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 $4,600 which will be invoiced and shall be due upon completion of the appraisal report. <br />Sincerely, <br />R.E. PITTS & ASSOCIATES, INC. <br />oz, W 67,5� <br />Rick Pitts, MAI <br />Indiana Certified General Appraiser, License #CG69100722 <br />Engagement Letter Accepted: <br />Signature Date <br />Rick Pitts, MAI <br />50580 Woodbury Way - Granger, IN 46530 <br />574 -272 -3224 - Fax: 574- 272 -3224 <br />�`_.. MAI �9 PittsMAI @aol.com <br />