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9786-2 12 <br /> <br />BEFORE VALUE <br /> <br />Appraisal Procedures And Techniques <br />In order to develop a reasonable opinion of the value of the subject land, in both the <br />before and after situations, the following appraisal techniques will be considered. <br /> <br />The Sales Comparison Approach - which produces an estimate of value by <br /> comparing the subject property to sales and/or listings of similar <br /> properties in the same or competing areas. This technique is used to <br /> indicate the value established by informed buyers and sellers in the <br /> market. <br /> <br />Development Approach - which produces an estimate of value by discounting <br /> the cost of developing raw un-subdivided land and the probable proceeds <br /> from the sale of the developed sites. <br /> <br />The property being appraised is 5.51 acres of industrial land improved with a upper <br />value home. The land does not currently have access to utilities and the home is not <br />directly impacted by the taking. <br /> <br />The site can be further subdivided for industrial development. However, under current <br />zoning it could not be developed with a residential use. Subdividing the subject into <br />smaller industrial lots would not significantly enhance the overall value of the land <br />because a street would likely have to be constructed. Thus only a sales comparison <br />approach will be conducted in appraising the subject land. <br /> <br />The improvements on-site are not physically impacted by the taking. They will be briefly <br />described, but will not be specifically valued in this analysis. <br /> <br />Patchin & Associates, Inc. <br /> <br />Valuation Consultants <br /> <br /> <br />