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RECONCILIATION AND FINAL VALUE ESTIMATES <br />The subject of this appraisal has been the 2.19 acre track: near <br />the south end of Oasis Pond that is comprised of three land uses/ <br />classes: (1) .91 acres of Oasis Pond area, (2) .57 acres*of <br />storm water holding pond area, and (3) .71 acres of high lying <br />land that serves as a buffer strip along the two pond areas. <br />The purpose of this appraisal has been to arrive at an estimate <br />of the market value for the 2.19 acres on the basis of two <br />different premises. One estimate of market value is for the land <br />and water area based on its highest and best use as an integral <br />part of the Rosedale Square development complex. The second <br />estimate of market -value is of the same area but as a distinctly <br />separate and independent parcel "standing alone". <br />Market evidence has led to the conclusion that the subject Oasis <br />Pond area, which is encumbered by a utility and drainage <br />easement, has no market value whether viewed as part of the <br />Rosedale Square development complex or analyzed as only part of a <br />2.1.9 acre pond/storm water pond area. However, the 1.2 acres of <br />the subject. property comprised of excavated storm water holding <br />pond and adjoining buffer land has a value of approximately $4.00 <br />per square foot when analyzed on the basis of it being part of <br />the overall Rosedale Square development project. <br />The analysis of value for the property as a separate and <br />independent pond and storm water ponding area parcel has resulted <br />in the conclusion that there would be very little, if any, demand <br />in the open market for purchase of the property. As a result, <br />the market value under this scenario is nominal. <br />The following estimates of market value are applicable as of <br />September 13, 1989: <br />Estimated property value based on highest and <br />best use as an integral part of the Rosedale <br />Square development complex: <br />TWO HUNDRED TWENTY-THREE THOUSAND DOLLARS <br />($223,000) <br />Land Value Divided: <br />39,599 S.F. of Oasis Pond No Value <br />55,827 S.F. holding pcnd <br />and buffer land @ $4.00/S.F. $223,000 <br />0 40 <br />