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LAND/POND VALUE (Continued) Ponding Area Value As A Separate And Independent_ Parcel A basic economic concept that must be briefly discussed in the valuation of the subject storm water holding pond as a separate and independent parcel is the "pr' iple of��• Simply stated, the principle of anticipat is the premise that value is created by the expectation of benefits to be derived in the future. Furthermore,value is defined as the present worth of the rights to all prospective future benefits, tangible and intangible, accruing to ownership of a property. In the subject instance, the property in question is a storm water holding pond. The pond and abutting buffer land, totaling 55,827 square feet, cannot be effectively used for any economic form of utilization other than its intended use as a storm water holding pond area. 4or all practical purposes, no significant income pro ucing buildings could be constructed on this part of the property, ante is little or no likelihood that any part of the 1_2R acres co d be effectively used for parking or open storage yard use. The inability to utilize the property for other than its intended use as a storm water holding pond area leads to the logical ,onclusion that the pond and adjoining buffer area land has essentially no value unless the ponding use was terminated. If the property were placed on the open market for sale "as is", there would be no interest from any well informed potential 0 purchasers with the single possible exception of a government body such as the City of Roseville or Ramsey County. Such government agencies would possibly have an interest in acquiring the property for public park/open space purposes. However, the sale of the property to such a government body would be at a nominal or negligible Priin theaopenomarketf the ftotatr.on-goveat the prnmental roperty has virtually no value entity. A sound argument can be made that the subject storm water holding pond and abutting buffer ].anintenancey has a casts "nthativwilllube because o, the monetary ma periodically required over the years in maintaining the pond banns and inlets/outlets. Again, -the only meaningful use of this part of the property is for its intended use as a storm water holding pond with abutting high lying buffer land. The holding pond has virtually nolner public pAnrkuse oPen and, consequently, only a nominalvalueforsuchuse space" value of approximately $4,000 per acre is concluded to be most appropriate which is similar to the acreage value of outlying agricultural farmland in the Twin Cities metropolitan area. Estimated value: 1.2.8 acres X $4,000 per acre = $5,120 ROUNDED TO $5,000 39