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97136-3 <br /> <br />11 <br /> <br />~E~O.K~rE VALU E~ <br /> <br />A_p_p_raisal 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 6.74 acres of rural residential land improved with a <br />house and outbuildings. The land does not currently have municipal utilities available <br />and it is questionable whether splitting of a 2.5 acre lot from the subject parcel is legally <br />and physically possible. Thus, we have appraised the property as a single land parcel. <br />The improvements are not valued in this appraisal because they are not believed to be <br /> <br />impacted by the taking. <br /> <br />In this case only, the sales comparison approach to value is relevant. <br /> <br />Patchin & Associates, Inc. <br /> Valuation Consultanl, <br /> <br /> <br />