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South Athletic Complex Site <br /> City of Lino Lakes, Minnesota <br /> agriculture, it is our experience that the rental rates in <br /> this area for farm land are less than its market value as <br /> such. Therefore, the Income Approach is not relevant to this <br /> analysis. <br /> The Market Data Approach, or Direct Sales Comparison <br /> Approach, is based upon the principle of substitution, which <br /> .states "when a property is replaceable in the market, its <br /> value tends to be set by the cost of acquiring an equally <br /> desirable substitute property assuming no significant delay in <br /> making the substitution." Under this approach, value is <br /> estimated by comparing the subject property to other similar <br /> properties that have .sold under circumstances of an arms <br /> length transaction. Adjustments are made to the comparable <br /> sales to account for material differences between the subject <br /> and the comparable sale. Items such as time of the sale, <br /> location, topography, ultimate utility, and financing are <br /> typically considered in the adjustment process. The Market <br /> Data Approach to value is applied to the subject below. <br /> Finally, a fourth approach to value may be relevant to <br /> the analysis of vacant land that is or may be suited to <br /> development. The Subdivision Approach, also referred to as <br /> the Development or Anticipated Use Approach can be instructive <br /> when the highest and best use for the subject may ultimately <br /> be for development purposes. Value is indicated in this <br /> approach by analyzing the gross retail proceeds potential of <br /> Page 19 <br />