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�.,�- 84 <br /> a. The seller is a public agency having definke conVols over the <br /> development. Due to the �mplexity_of the_rnerall plan of development, . <br /> _ ,. _ <br /> the �evelpget qtiust contend with a series_of regulations and controls, <br /> which are not common in the conventional real estate market. The <br /> Agency must provide Continued monitoring with respect to the ability of <br /> -. <br /> the Developer to perfortn within prescribed conditions. <br /> b. The Developer, like the Agency, is unique in the reai estate market. Due <br /> to the various development requirements and time restrictions imposed <br /> by the development program, the poten6al developers are limited to <br /> _ individuals or organ¢ations with adequate financial and productive <br /> resources. In order to appeal to the limited market of potential buyers, <br /> market value must be equated to the maximum price a restricted and <br /> limited market is warranted in paying based upon risk and investment <br /> retum factors. <br /> c. The Agency's development plan imposes development restrictions <br /> and/or requirements, including that development must commence <br /> immediately after conveyance. Accordingly, the market value must <br /> reflect the advantages created by the Project as well as the <br /> requirements and limitations on land uses to be imposed on the <br /> Developer by the Agency. <br /> 4. The Agency conveys air rights to the Developer based upon the specific terms <br /> and conditions agreed to in the DDA. <br /> 5. Development will prcceed as agreed to in the DDA, including by the times <br /> specified in the DDA; i.e., speculation is not allowed, and the design standards <br /> for the Project will be strictly enforced. <br /> C. Rights Valued <br /> The air rights valued assume that the Site is free and clear of ali encumbrances except those <br /> covenants, conditions, and easements specified in the DDA. <br /> D. Function of this Report <br /> It is understood that this report wili be used to establish a fair reuse value for the Site, subject to <br /> the covenants and conditions in the DDA, with the more important reuse conditions <br /> summarized in this report. <br /> Keyser Marston Associates, Inc. <br /> 18670.00�1017-023.doc Page 4 <br />