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Appraisal Valuation Methodology <br /> The Sales Comparison Approach is the most reliable indicator of land value in an acceptably active <br /> market. This approach involves comparing the site being appraised with similar parcels in the general <br /> vicinity, making adjustments for the various differences between the comparable sales and the subject <br /> property. After appropriate adjustments, an indication of value is developed from each sale. With <br /> consideration given to the relative importance and weight of the sales, a final estimate of land value is <br /> concluded. <br /> The process is to add or subtract quantities from the price of the sale property (done in this case on a <br /> percentage basis) to reflect the market's responses to the sale's inferior or superior qualities by <br /> comparison with the subject property. A positive adjustment to the sale indicates that it is inferior to the <br /> subject in the factor being considered; a negative adjustment reflects a superior feature. The resultant <br /> total selling price of the sale after all adjustments is representative of that price at which the <br /> comparable sale would have occurred had it been identical to the subject property and had it transpired <br /> on the date of value. After analysis of the indicated value for the subject derived by this process from <br /> each sale, by weighing and reconciliation, a final estimate of value for the subject property by direct <br /> comparison results. <br /> Due to the unique nature of the subject property both physically and legally, we focused our research on <br /> those parcels that were,for any number of reasons, unbuildable. <br /> A summary of the sales we were able to obtain and confirm is provided below. The sale properties are <br /> shown located with respect to the subject on the map which follows the tabulation. Individual sale <br /> sheets with photographs of each sale follow the map. <br /> A critical review of each sale was made as it compares to the subject property. From this, a value range <br /> was developed. With consideration given to the relative importance and weight of the sales, a final <br /> estimate of larger parcel land value was concluded. Note that no sales as small as the subject were <br /> identified; size, however, did not appear to have an impact on prices paid for these properties. Shown <br /> below are the sales of the closest size available for analysis. All of these sales were in the Denver <br /> metropolitan area. <br /> Summary of Land Sales <br /> summary q Lund Sok s <br /> November 707.2 <br /> Safe Sale s.liing Imici Hecor:_ <br /> No. Dale LcC* ue G•cn'.or Grantee Price Area-At. $/SI- Zoning 0ahr <br /> 1' Dec-10 South of Arapahoe Rd.approx. Magnum Land Ventures,LLC Arapahoe County 5335,000 9.52 $0.81 F 00130589 <br /> 650 ft.east of Jordan Rd.(Tract A Centennial <br /> Arapahoe Road Industrial <br /> Filing No 2 Amended) <br /> 2 Oct-10 South side Hampden Avenue The Resource Consulting City of Aurora $343,917 15.82 $0.50 E-470 D0103244 <br /> approx.1/3 mile west of E-470 Group,Inc. 470 R&0 <br /> Aurora <br /> 3 Dec-11 East side of E-470 approx. E-470 Public Highway City of Aurora $204,459 13.44 $0.3$ A-2 01126862 <br /> 900 ft.south of E.6th Parkway Authority Arap.Co. <br /> Total purchase was for two parcels totalling 12.96 acres for$735,000.Price shown is appraised value allocated to 9 52-acre floodpl ain/floodway <br /> portion of thesa le. <br /> 26 <br /> Bonnie Roerig & Associates, LLC Real Estate ,Analysts - Valuation Consultants <br />