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1 <br />EXCESS LAND ACQUISITION COSTS <br />The developr:r has completed the negotiations for the acquisition of <br />the 22 home sites at a total cost of $4.85 million. These home <br />sites represent a total of 8.2 acres. The estimated acquisition <br />' <br />costs, computed on a square foot basis, is as tellows: <br />co , <br />ACQUISITION COSTS - $41850,000 <br />TMAL ACREAGE 8.2 Acres - 357,192 Square feet <br />ACQUISITION <br />COST PER SQUARE°. COOT - $13.58 <br />We have conducted a review of recent available comparable land <br />males for retail development. eased upon our review, typical <br />�3 <br />acquisition costs have ranged from $, .70 per square font to <br />$6.56 per square foot. This ra�Aew of ccamparable innd costs is <br />attached as Exhibit A for your rearview. on this basis, we have <br />calculated the oa4ce88 land costs as follow" <br />ACQUISITION COS*r* r4,850000 <br />LAND VALUE (S6 P"r a . " 2 3 ..0 0 ) <br />FXC SS ACQUISITION C TS ��,'�07,i�g0 <br />OF.VEI.OPHR °CIS' ASS ISTANC R <br />This ou@rviOw hag i�rovkdr-d an indica"On of th; a?9Si,' Coe <br />€ ;t to <br />cpl�t� this in riu�,r�a,r�F, woo th`� �i{wv�4l�i�d�r i a1 <br />regUoot direct City. TtV <br />'i..Atjt) ACQUIa t 014`4 COSTS 52 g 707 , 000 <br />PARKING ttMP J:-!75_j'000 <br />`CtY!`At. ASS IS`CANCV <br />11 <br />