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junior position to that lien which is hereby being created by the proceedings <br />for the City of Pleasanton Improvement Bonds, Assessment District 1984-1, <br />Hopyard Road. <br /> <br /> The total amount of bonds to be issued to finance the NPID traffic <br />improvements and any other necessary public improvements, and the timing <br />thereof, have not yet been determined at the time of this writing and no <br />assurance can be given as to if and when these public improvements will be <br />constructed. <br /> <br /> A copy of the North Pleasanton Area Improvement Plan Alternate B-3, which <br />was approved by the City Council on November 28, 1981, is available for <br />inspection at the City of Pleasanton. <br /> <br />See also section herein entitled "Bondowners' Risks". <br /> <br />The Appraisal <br /> <br /> An appraisal of the property in the District ("the Appraisal") has been <br />prepared by Cushman & Wakefield of California, Inc., Appraisal Division, San <br />Francisco, California. The appraised retail fair market value of the sites in <br />the District is predicated on the assumption that all required public <br />improvements have been completed. According to the Appraisal, the estimated <br />retail fair market value of the land in the District is $232,860,000, which is <br />3.62 times the aggregate assessment of $64,263,000 (which includes a prior and <br />superior assessment of $45,775,000 for the City of Pleasanton Improvement <br />Bonds, Assessment District No. 1983-2 (Hacienda Business Park), issued in May, <br />1983.) <br /> <br /> The estimated retail fair market value assigned to the sites in the <br />District (with all required public improvements completed) was derived using <br />the "market data" approach to value which is based on an analysis of <br />comparable sales data. On the basis of these market data, the Appraiser <br />assigned an estimated value per square foot for each of the four "highest and <br />best uses" assigned to the parcels in the District, as follows: <br /> <br />Highest and Best Use <br /> <br /> Land Area Value/ Total <br />(Net Usable Acres) Sq. Ft. Est. Value <br /> <br />Retail/commercial 39.219 $12.00 <br />Midrise office 49.729 $12.00 <br />Office 88.446 $11.00 <br />Industrial R&D 314.803 $10.50 <br /> TOTAL 492.197 <br /> <br />*Rounded to $232,860,000. <br /> <br />$ 20,500,556 <br /> 25,994,343 <br /> 42,379,785 <br />143,984,596 <br />$232,859,280* <br /> <br />-22- <br /> <br /> <br />