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Hr. Belrihardtt Los Angeles, August 6, 1951 l*T33ij. Referring to your request for an estimate of amount to be added to appraisal of LA&SL Co. and LVL&W Co. water facilities at Las Vegas to cover cost of additional facilities installed subsequent to date of Inventory, December 31# 1950* The attached statement, dated August 1, 1951# shows an estimate of cost of facilities covered by authorised work orders divided to show separately the cost of work orders "closed out" as of July loth and work orders for which "closeout" reports have not yet been received as of July 18th. In addition, X have shown separately the estimated cost of work included in pending work orders which have not yet been authorised. As a matter of information, X have also Shown the estimated maximum amount of Befund to Contractors applicable to the contracts contemplated under work orders In the period stated. With regard to inclusion of property in "Sale Price* which was paid for by Subdivider, I am of the opinion that the final "Sale Price" of the properties to be sold should include all of the subject property of both LVL&W and LA&SL Companies without regard to whether paid for by the Company or by Subdivider, since this property Is all owned and capital ized by our companies when constructed, and that the amount of refund paid, or to be paid, to Subdividers under Buie 9 contracts should be dealt with separately. The following brief outline of procedure is suggested for consideration, which provides for method of handling refunds, when, as and if, negotiations are entered into for sale of the properties, and providing also that a definite effective date of sale has been agreed xxpont (1) Agreement as to Sale Price based on agreement as to inventory and appraisal as of Dec. 31, 1950, plus actual cost of subsequent additions and improvements to effective date of sale, which should include additives to cover freight and | other elements of cost not included in recorded costs and without regard to Befunds iso Subdividers. Plus other elements of value such as land, water rights, going concern value, franchises and right of way, etc.