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SALES COMPARISON APPROACH (Continued)
<br />Analysis (Continued)
<br />1 2 3 4 4
<br />Price $31,646,000 $40,990,100 $75,000,000 $112,500,000 $145,260,000
<br />Approvals
<br />($4,746,900)
<br />$0
<br />$0
<br />$0
<br />$0
<br />Adjusted Selling Price
<br />$26,899,100
<br />$40,990,100
<br />$75,000,000
<br />$112,500,000
<br />$145,260,000
<br />Property Rights
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />Conditions of Sale
<br />$0
<br />$0
<br />$0
<br />$0
<br />($94,419,000)
<br />Adjusted Selling Price
<br />$26,899,100
<br />$40,990,100
<br />$75,000,000
<br />$112,500,000
<br />$50,841,000
<br />Financing
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />Market Conditions (Time)
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />Adjusted Selling Price
<br />$26,899,100
<br />$40,990,100
<br />$75,000,000
<br />$112,500,000
<br />$50,841,000
<br />Physical & Location Adjustments
<br />Zoning
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />Site Size
<br />($2,689,910)
<br />($4,099,010)
<br />$0
<br />$0
<br />$0
<br />FAR/Utility/Location
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />Dther (Approvals)
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />total Physical & Location Adj.
<br />($2,689,910)
<br />($4,099,010)
<br />$0
<br />$0
<br />$0
<br />Adjusted Selling Price
<br />$24,209,190
<br />$36,891,090
<br />$75,000,000
<br />$112,500,000
<br />$50,841,000
<br />Size Acres
<br />0.8532
<br />1.315
<br />3.116
<br />4.7159
<br />2.0124
<br />Adjusted Price Per Acre
<br />$28,374,578
<br />$28,054,061
<br />$24,069,320
<br />$23,855,468
<br />$25,263,864
<br />The sales, and the subject sale, indicated an adjusted range in prices from $23,855,468 to $28,872,987 per
<br />acre. Land Sales 3 and 4 are the most similar in site size. With greatest emphasis placed on these sales, with
<br />support from the subject sale, a value of $25,000,000 per acre is estimated as a basis of cost for TDR's. The
<br />value of the subject property, as it pertains to the extraordinary assumption stated herein, is estimated as
<br />follows:
<br />Site Size/Acre x Value Per Acre = Concluded Market Value
<br />2.012 $25,000,000.00 $50,310,000
<br />Round To: $50,300,000
<br />39
<br />577
<br />
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