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TtaiK A m e r i c a n A p p r a i s a l C o m p a n y Las Vegas Valley Water District 135 South Fourth Street Las Vegas, Nevada Attention, Mr* Thomas A. Campbell Gentlemen: We have made an appraisal of certain property located in the City of Las Vegas, Nevada designated to us as those areas of land which the Las Vegas Valley Water Distinct deems to be primarily necessary to its water development, comprising 507 acres more or less, and to serve your immediate requirements are furnishing herewith, in advance of the final report, the fair market value of the land as of August 1, 1952. You are familiar with the instructions given us with respect to the basis of value which will be clearly outlined in our final report. We accordingly find'the value of the land as of August 1, 1952 to be #86,000. This figure is tentative and subject to adjustment in the final report. We have not investigated the title to or liabilities against the property appraised. PHILADELPHIA L O S A N G E L E S B O S T O N W A S H I N G T O N B A L T I M O R E A T L A N T A B U F F A L O P I T T S B U R G H C L E V E L A N D S A N F R A N C I S C O S A N DIE G O N E W O R L E A N S K A N S A S CITY ST. LOUIS DETROIT CINCINNATI C H I C A G O M I L W A U K E E N E W Y O R K INDIANAPOLIS M I N N EAPOLIS L O S A N G E L E S 1 4 I. N . V A N N U Y S B U IL D IN G August 18, 1952 Yours very truly, \ THE AMERICAN APPRAISAL COMPANY