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9786-1 45 <br /> <br />BEFORE VALUE <br /> <br />Correlation And Final Estimate of Value <br />The subject value was estimated by two approaches in this appraisal. <br />indications are as follows: <br /> <br />The two value <br /> <br />Sales Comparison Approach to Value <br />Development Approach to Value <br /> <br />$488,000 <br />$4O8,OOO <br /> <br />The sales comparison approach is typically the best indicator of value for undeveloped <br />land. In this case, we will give strong weight to the sales comparison approach because <br />we were able to locate nine comparable acreage sales. However, there are two types of <br />land (industrial and residential) plus the necessity of creating an access road to 173st <br />Avenue prior to development. <br /> <br />The development approach is typically conducted to support the sales comparison <br />approach. In this case, it demonstrates the viability of subdividing the subject. The <br />development approach is somewhat limited, however, due to the lack of an actual <br />subdivision plan. <br /> <br />In addition to its subdivision development appeal, the subject, as a whole, has appeal to <br />a single large user for industrial, recreational or residential use. <br /> <br />Based on the preceding analysis and giving greatest weight to the sales comparison <br />approach, we conclude to a total market value, before the taking, of $470,000. <br /> <br />FOUR HUNDRED SEVENTY THOUSAND DOLLARS <br /> <br />Patchin & Associates, Inc. <br /> <br />Valuation Consultants <br /> <br /> <br />