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available for inspection by the client, such third parties as may be authorized by due process of law,
<br /> and a duly authorized professional peer review committee.
<br /> Date of the Appraisal and Statement of Value Conclusions:
<br /> Date of Appraisal: April 20, 1999, the date of inspection
<br /> Cost Approach Conclusion: Improved site: $309,000 - $313,000
<br /> Income Approach Conclusion: N/A
<br /> Market Approach Conclusion: Improved site: $311,000 to $332,000.
<br /> Unimproved site: $72,000- 78,000 (with fill); $10,000 (no fill)
<br /> Reconciled Value Conclusion: Improved site: $310,000 to $330,000
<br /> Unimproved site: $72,000- 78,000 (with fiIl); $10,000 (no fill)
<br /> Discussion of the Cost Approach:
<br /> The first thing needed for the cost approach is determination of the land value. We have looked at
<br /> land sales in the subject's marketplace which have occurred since 1/1/94 to present. The difficulty
<br /> is estimating the subject's land value is the fact that it currently sets in the floodplain. We were able
<br /> to obtain three sales of property in the floodplain, zoned commercial which sold. All of these
<br /> properties had the appropriate fill and replacement of excavated floodplain elsewhere, so as to be
<br /> improved with buildings.
<br /> Within the last 1 -3 years, Glenn Rehbein sold some property on Main Street, zoned/used as
<br /> commercial, in the floodplain, and filled. These sales include:
<br /> Lot 7, Block 1, Industrial Park, the location of the muffler shop on 62,500 s.f., which sold 11/96 for
<br /> $43,000, or $.69 /s.f.
<br /> Lot 2, Block 1, Industrial Park, a 63,900 s.£ site sold to Esox Holdings LLC on 10/97 for $51,500,
<br /> or $.81/s.f.
<br /> Lot 4, Block 1, Industrial Park, the 119,300 s.f. site of Goetz Landscaping, on 12/97 for $65,000,
<br /> or $.54 /s.f.
<br /> Lot 6, Block 1, industrial Park, the 119,400 s.f site sold to Northern forest Products on 7/97 for
<br /> $65,000, or $.54 /s.f.
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