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R. E. PITTS & ASSOCIATES, INC. <br />Real Estate Appraisers • Consultants <br />City of South Bend <br />c/o Mr. Dave Relos, Economic Development Planner <br />Department of Community Investment <br />Economic Resources <br />227 West Jefferson Blvd., Suite 1400 <br />South Bend, IN 46601 <br />July 17, 2012 <br />Re: Appraisal of General Commercial /Office Building (former Collegiate Football Hall of Fame) <br />111 South St. Joseph Street, South Bend, IN, 46601 <br />Dear Mr. Relos: <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 sole and exclusive use of the <br />client, its representatives and assigns. The purpose of the appraisal is to estimate the "Market Value <br />In Use" of the Fee Simple Interest in the subject property "As -Is ". The effective date of valuation <br />will be March 1, 2012 (retrospective), the date of local property tax assessment of 2012 /payable <br />2013 real estate taxes. The property will be inspected by the undersigned appraiser. In this <br />assignment, the appraiser will consider all recognized and relevant approaches to value. The <br />appraisal will be reported in Summary Narrative format and will conform to the reporting <br />requirements of Standards Rule 2 -2b of the Uniform Standards of Professional Appraisal Practice <br />(USPAP). <br />I have no present or prospective interest in or bias with respect to the property that is the subject of <br />the appraisal assignment, and have no personal interest or bias with respect to the parties involved <br />with this assignment. <br />I have provided prior services as an appraiser regarding the subject property within 3 years <br />immediately preceding acceptance of this appraisal assignment. An appraisal report of the subject <br />property was provided to the client, effective November 11, 2010 and dated January 8, 2011. <br />The completion date for the assignment is estimated to be on or about August 26, 2013 assuming <br />receipt of any relevant documentation needed for preparation of the reports in a timely manner. I <br />will furnish (2) original copies of the appraisal report and an electronic transmission (pdf format). <br />The total fee for this assignment shall be $4,800 which will be invoiced and shall be due upon <br />completion of the report. <br />Rick Pitts, MAI <br />50580 Woodbury Way • Granger, IN 46530 <br />574 - 272 -3224• Fax: 574-272-3224 <br />Z *MM PittsMA14@sol.com <br />