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<br />Ms. Amber G. Miller <br />May 2, 2008 <br />Page 2 <br /> <br />3. What is the timing of the entire development <br /> <br />As described in this letter, Deloitte F AS will perform the Services and will communicate the results of <br />, the work in a report (the "Deliverable") to Client. The Services and the Deliverable are solely for the <br />Client's internal use to assist it in making an informed decision regarding the development potential of <br />RTC. <br /> <br />Scope of the Services <br />Services to Be Provided <br /> <br />With respect to our recent discussions, Ramsey is interested in certain information required to make an <br />independent decision regarding the potential use and value of the RTC development. We have developed <br />a scope of service plan based on those conversations specific to yourrequests. Due to the nature of the <br />development, we propose a two - phased approach. . <br /> <br />Phase I - Data collection <br /> <br />Our real estate consulting specialists will collect and analyze the data in order to help support the <br />strategic decisions that need to be made. Our data support services include but are not limited to the <br />following: <br /> <br />· Identify the remaining obligations of open space development <br />· Reviewing historical development <br />· Determine the pace of development of the RTC development and competitive developments <br />· Analyze current social and economic demographics <br />· Research land sales <br />· Review and analyze remaining infrastructure cost related to completion ofthe RTC development <br />plan <br />· Interview investors and research discount rates related to master planned communities <br /> <br />Phase II - Maximally productive Use and Valuation Analysis <br /> <br />Our analysts will interpret and utilize the data collected in phase I to determine a supportable basis to <br />understand the maximally productive use, value and timing of the potential development as of a curren <br />valuation date. <br /> <br />· Complete a brief study of the supply and demand for commercial and residential real property, and <br />specifically office, retail, hotel and residential property in the prop~rty's market area. <br />· Project the most economically feasible development scenario for the property. This analysis will <br />include several scenarios of feasible product(s) that could be developed on the subject property <br />including a projected development timeline and an estimated absorption period. <br />· Estimate a potential value range of the property of the property as is and without the inclusion of <br />Parcel C and E as specified in the option agreement. We would consider the sales comparison and <br />subdivision developinent approaches to the extent that information is complete and available. <br /> <br />Deloitte Financial Advisory Services <br /> <br />Real Estate Consulting <br />