Agmt11 Fabbro, Moore & Associates, Inc.

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Pt'opo,,11 I r \rrrdiss11 load ow. TO (1•;'_ ■( ;O f: .(I‘% 0,0 (it■ The purpose of each appraisal would be to estimate the hypothetical market value of the appraised property, presuming that the intended use of each site would be consistent with the development concepts currently envisioned in the documents provided to me. To the best of my knowledge, there are no leases encumbering either subject property at present. Unless I find information to the contrary regarding the lease status, I would value a fee simple interest in each property. Each appraisal would conform to the Uniform Standards of Professional Appraisal Practice and with the Appraisal Institute's Code of Professional Ethics and Standards of Professional Appraisal Practice. Unless otherwise instructed, I would use the most common definition of market value that is utilized in real estate appraisals in the U.S., which is the definition found in the Code of Federal Regulations and used by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. In addition to the noted scope of work, I understand that the City may need Fabbro, Moore & Associates, Inc. to do additional consulting work related to the Block 2 and/or Winslow Street/Hamilton Street parking lot properties. That work might consist of an analysis of the value of replacement parking spaces and /or other assignments to be determined by the parties at a later date. The fee for the appraisal of assessor's parcel number 052- 363 -170 would be $4,900. The fee for the appraisal of assessor's parcel number 052 -362 -140 would be $4,200. After completion of the appraisals, the fee for any additional consulting work would be charged based on a rate of $175 per hour. The total cost for services would not exceed $12,000. The appraisal reports would take approximately four to five weeks to complete. Please call me if you have any questions or if you need additional information. If the proposal is acceptable, please indicate your agreement in writing. Sincerely, FABBRO, MOORE & ASSOCIATES, INC. Frank J. Fabbro 2