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RUSSELL SMITH ASSOCIATES, INC. <br /> 4111 Mr . William Biem <br /> Page two <br /> August 15 , 1984 <br /> land particularly in larger shopping center sites and sites for <br /> similar types of development, was slow and at many times nearly <br /> non -existent market activity. The general inflation will <br /> however, have caused the value of the subject property to have <br /> increased somewhat. This land while quite desirable for <br /> commercial development, takes a major complex or subdivision <br /> which will experience cost for development and carrying costs <br /> to develop the property. Major developers normally pay reduced <br /> prices for larger tracts of this size. <br /> I note that the Assessor , for the purpose of taxation , has <br /> estimated the market value of the subject property to be <br /> $709, 800. This is equal to the $13 , 380 per acre and would <br /> appear to be a reasonable indication of value for this size <br /> tract in a "as is" condition (without recognizing benefits from <br /> sewer and water installation which would be a part of the <br /> development cost and not a part of the acreage value ) i .e. ; I <br /> would concur with the assessor that a value of $ 709 , 800 is a <br /> • reasonable basis for a park dedication fee. <br /> If you wish , I would be happy to prepare a formal appraisal <br /> supplement or a formal appraisal of the property. You have <br /> indicated that at this time , you wish only my informal <br /> supplement or update and comments as to the changes which might <br /> be anticipated since the date of preparation of the formal <br /> appraisal . <br /> If I can be of service to you , or if you wish a formal <br /> appraisal report prepared , please advise . <br /> Yours very truly , <br /> R. ssell C . Smith <br /> RCS/llr <br />