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9614 14 <br /> <br />HIGHEST AND BEST USE <br /> <br />As If Vacant (And/Or) As Vacant <br /> <br />From a value and benefit standpoint, medium or heavy industrial use is <br />the highest and best use of the majority of the land located in the <br />project area. The appraisers are aware that this type of development is <br />not legally possible, due to the I-1 zoning. <br /> <br />Commercial Land <br /> <br />Elk River has seen extensive development of commercial land in the <br />recent past. This development is driven by three main factors. <br /> <br />Growth of population within the trade area, especially the dense <br />residential development occurring both east and west of Highway <br />169. This population growth provides the residential "back up" <br />required for intense commercial development. <br /> <br />Good highway exposure and a transportation system which is <br />conducive to commercial enterprise. <br /> <br />3. The availability of municipal utilities, roads and traffic controls. <br /> <br />Most intensive commercial development either favors or <br />requires municipal utilities. Commercial development lands <br />and finished sites with utilities sell at a significant premium. <br />Additionally, municipal utilities are required to create the <br />density of residential back up necessary to support intensive <br />commercial development. <br /> <br />bo <br /> <br />Good roads and traffic control add significantly to the appeal of <br />commercial sites. Developers of commercial properties <br />frequently pay to upgrade surrounding street infrastructure <br />because the success of their development depends on it. <br /> <br />Large portions of the commercial land within the project area have <br />developed without the benefit of municipal sewer and water. <br />Development of commercial land without sewer and water only occurs <br />in markets which have very strong highway appeal as in the project <br />area. We can observe that there already exists strong commercial <br />demand in this area. Therefore, we conclude that the highest and best <br />use of the commercial land within the project area is for commercial <br />development. <br /> <br />Patchin & Associates, Inc. <br /> <br />Valuation Consultants <br /> <br /> <br />