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<br />Nagell Appraisal Incorporated | 952.544.8966 Page 43 <br /> <br />COST APPROACH <br /> <br /> <br />Due to the subjectivity in physical and external depreciation, the Cost Approach is not considered a <br />reliable indicator of value and therefore was not applied. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />INCOME APPROACH <br /> <br /> <br />Redevelopment land and buildings are rarely rented as tenants do not have future certainty of having a <br />space. Therefore the income approach is considered not reliable and was therefore not applied. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />