Agmt11 Fabbro, Moore & Associates, Inc.

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EXHIBIT \\ FABBRO, MOORE & ASSOCIATES, INC. REAL ESTATE APPRAISERS • ANALYSTS • CONSULTANTS April 15, 2011 Ms. Jill Ekas Planning Manager City of Redwood City Planning, Housing and Economic Development Department 1017 Middlefield Road Redwood City, CA 94063 Re: Proposal for Appraisal Services Block 2 Site and Winslow Street Parking Lot Site Assessor's Parcel Numbers 052 -363 -170 and 052- 362 -140 Redwood City, CA 94063 Ms. Ekas, I understand that you may need real estate appraisals of two properties located in downtown Redwood City. One property consists of a public parking lot that is currently owned by the City of Redwood City. That property, which is commonly known as assessor's parcel number 052- 363 -170, takes up much of what is known as "Block 2" in the downtown district. As 1 understand it, there is a tentative development concept for that block, which would involve the development of two parking structures with approximately 800 parking spaces, some ground floor retail space (in the range of about 3,000 to 20,000 square feet), and an office project comprising about 200,000 to 250,000 square feet. Such a project would also involve at least two privately -owned parcels that front on Jefferson Avenue and /or Middlefield Road (parcel numbers 052- 363 -130 and 052 -363 -180), but appraising those two parcels would not be a part of the assignment. The second property to be appraised consists of a public parking lot that is located at the confluence of Winslow Street, Hamilton Street, and the Pennsylvania Avenue right -of -way. That property, which has assessor's parcel number 052 -362 -140, is owned by the City of Redwood City. As I understand it, there is a tentative development concept for that site, under the terms of which the preferred use of the property would be a 100 -room to 150 -room hotel. Of note, the two properties to be appraised are separated by the right -of -way for Hamilton Street, which right -of -way may be owned by the City. Based on the preliminary development concept renderings that I have seen, some of that street right -of -way (and possibly some of the right -of -way for Pennsylvania Avenue as well) would be needed to accommodate the development concepts currently envisioned. As such, I may need assistance from city engineers and/or other sources to define more specifically the physical boundaries of the property to be appraised. 611 Veterans Boulevard, Suite 216 Redwood City, CA 94063 (650) 365 -5633 • Fax (650) 365 -5681