Estate of Ethel Josephine Spowart Hinz - Page 15




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          hereinafter sometimes referred to as Nelson Bros.  The Nelson               
          Bros. lease was entered into in 1976 for 10 years with two 5-year           
          renewal options.  At decedent’s death, the lease was in its final           
          5-year renewal period with 48 months remaining and scheduled                
          expiration of April 30, 1996.  Under the lease, Nelson Bros. paid           
          monthly rent of $3,500 and was responsible for all operating                
          costs of the property, including real property taxes.                       
               In December 1991, Nelson Bros. had one underground gasoline            
          storage tank removed from the Lafayette Property.  After removal            
          of the tank, Nelson Bros. had the soil tested for fuel                      
          contamination.  The test result showed unacceptable levels of               
          fuel contamination.  On May 4, 1992, a reasonable buyer would               
          have discovered the ground contamination and adjusted the sales             
          price of the Lafayette Property downward by about $100,000                  
          because of cleanup concerns.                                                
               At decedent’s death, the highest and best use for the                  
          Lafayette Property was for heavy industrial usage.                          
               4. The Parker Property                                                 
               The Parker Property is 2.93 acres, about 127,631 square                
          feet.  The Parker Property is on level land; it fronts on Parker            
          Street, Lafayette Street, and Grant Street, and it adjoins the              
          Lafayette Property on the south.  It is flag-shaped.                        
               In 1992, the Parker Property was zoned heavy industrial,               
          which allowed manufacturing, assembling, research wholesale, or             






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