Vacate - 212 feet of the first North South Alley East of Michigan running between Navarre & Marion St & first East West alley North of Marion

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• It is the understanding of the appraiser that the property has been or is intended to be petitioned for vacation under and pursuant to the appropriate City Ordinance, and it is presumed that the petitioner is Memorial Health Properties, Inc. , an Indiana Corporation or a related entity. It has been indicated to this appraiser that the purpose of this vacation petition is to enlarge the present property holdings of Memorial Health Properties, Inc. , and to terminate the rights of public access over and across the real estate proposed for vacation. Schedule A, attached hereto and made a part hereof by this reference, indicates the owners of record and legal descriptions of the various parcels affected by this proposed vacation according to their tax key identification number and as found in the records of the Office of the Assessor, Portage Township, St. Joseph County, Indiana. Exhibit A, attached hereto and made a part hereof by this reference graphically illustrates the subject of this appraisal. Exhibit A also graphically illustrates the lot subdivision and owners of the several parcels contiguous to the subject of this appraisal. As illustrated in Exhibit A and as shown in the attached photographs, there appears to be no adverse effect on the adjacent parcels with regard to public access and ingress and egress to the individual parcels from that portion of the alley extending westerly from St. Joseph's Street as properties lying to the north and the south and adjacent to this alleyway are owned by the petitioner. There further appears to be no adverse impact on properties lying adjacent to and east and west of the north/south alleyway as, in this instance as well, the adjacent property is owned by Memorial Health Properties, Inc. , the presumed petitioner. At present, no public access other than street frontage access is provided to any property in that block bounded by Michigan Street at the west, Navarre Street at the north, St. Joseph's Street at the east and Marion Street at the south which may be owned by parties other than Memorial Health Properties, Inc. The appraisal issue raised here is that of establishing the Fair Market Value of a parcel of property which, standing alone, is apparently enjoying its highest and best use as a public access alleyway. It is proposed however that this public access be eliminated by vacation and that the remaining rights be vested in an entity other than the public domain. The issues of marketability and conveyability are beyond the scope of this appraisal assignment and accordingly, this appraisal disregards the issues of title and the requisite means of conveyance and instead relies upon the assumption of the ultimate conveyability of the marketable fee simple interest. The establishment of the Fair Market Value thereof depends not only on its present use, but upon available, reasonable and acceptable alternative uses permitted under the local building and zoning codes. Presently, these parcels, of and by themselves, are unusable for any alternative use involving the construction, erection or maintenance of any structure, the storage of materials or any use not related to the existing adjacent surrounding zoning an land uses. Accordingly, it is the opinion of this appraiser that the next highest and best use assignable to the subject property as an alternative reuse thereof is as a parking area, drive, or, in contemplation of the adjoining thereof with the adjacent property, as a building site.