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R. i~;. P'ITTS ~ ASSOCIATES, INC. <br />Real Estate Appraisers • Consultants <br />Mr. Bill Schalliol October 2. 2008 <br />Community & Economic Development <br />1200 County-City Building <br />South Bend. Indiana 46601 <br />Re: Appraisal Proposals, Coveleski Park Development Area, South Bend. IN <br />Dear Mr. Schalliol: <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 and its assigns. The purpose of the appraisal is to estimate the Market Value of the Fee Simple <br />Interest in the subject property "As-Is". In this appraisal assignment, the appraiser will consider all <br />recognized approaches to value and will apply the relevant approach or approaches. The effective <br />valuation date of the appraisal will be the date of inspection of the property by the undersigned <br />appraiser. "I"he appraisal will be reported in Summary Narrative format and will conform to the <br />reporting requirements of Standards Rule 2-2b of the Uniform Standards of Professional Appraisal <br />Practice (USPAP) and the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). <br />The completion date for the assignment is estimated to be within 30 days of 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. An invoice for the appraisal fees <br />will be submitted at the time the reports are completed. The appraisal fees are proposed as: <br />Owner: Madison Center, Inc. <br />t 18 S. William Street (The Manor) <br />South Bend, IN (#18-3010-0336...0337) <br />(3-story apartment building) <br />Appraisal Fee: $4,200 <br />'Owner: George C. Schilling, Jr. <br />325-329 S. Lafayette Boulevard (Schillings) <br />~ South Bend, IN (#18-3009-0308) <br />~~-'~ (17,565 SF commercial building) <br />Appraisal Fee: $2,950 <br />(cont'd) <br />Y2ic~C Pitts, MAi <br />~(~~~© Woodbur-y Way • Granger, IN 46530 <br />~~f!~ s74-272-3224 • Fax: X74-272-3224 <br />MAI ~ PittsMAl@aoLcom <br />