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m ’•Gentlemen: The undersigned three Appraisers have inspected a Twenty- Acre portion of the SE£ of Section 31, Township 20 South, Range 61 East, MDB&M, in the City of Las Vegas, Clark County, Nevada (per plat attached), together with a right of way to be dedicated for street purposes from Charleston Boulevard to give access to the parcel, and find the market value, as of August 1, 1956, to be as follows: Mr. McLaughlin $38,000*00 Mr. Drury $38,000.00 Mr. Bruner $38,000.00 Your instructions were also to estimate the rental value of the subject parcel and its access right of way. Predicated upon a Twenty Year lease upon the land, for recreational purposes only, with said lease containing a clause permitting the City of Las Vegas, in the event of a required sale prior to the termination of the lease in order to satisfy the Water District1s bondholders, to have first right to purchase the property at a price to be determined at such time by a board of three Appraisers, it is our considered opinion that the rental value should be as follows: $1,200 per annum plus any increase in taxes over the current year. $1,200 per annum plus any increase in taxes over the current year. $1,200 per annum plus any increase in taxes over the current year. Very truly yours, /s/ thomas j . McLaughlin Thomas J. McLaughlin /s/ PAUL 0. DRURY Paul 0. Drury /s/ ELMO C. BRUNER Elmo C. Bruner” Following discussien, the Manager was instructed to write the City to find out whether they wished to buy the land or lease it. SOUTHERN NEVADA INDUSTRIAL FOUNDATION Manager Renshaw advised that the District had received a request from the Southern Nevada Industrial Foundation for a $100 subscription. The Board denied the request in view of the recent opinion rendered by Attorney McNam.ee. DIKE - WEST CHARLESTON AREA Manager Renshaw reviewed his memorandum of August 2, 1956 relative to threatened flood damage in the West Charleston well field area and requested approval of the emergency action taken, namely, the construction of a dike Mr. McLaughlin: Mr. Drury: Mr. Bruner: