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SUMMARY OF THE BASIS FOR JUST COMPENSATION (Continued) <br />Value of Parent Properly, Before Acquisition: (Continued) <br />Sales Comparison Approach. (Continued) <br />Land Value. (Continued) <br />Overall <br />Data <br />Comparabili. <br />$ Per SF <br />A <br />inferior <br />$33.33 <br />E <br />inferior <br />$38.84 <br />F <br />slightly inferior <br />$40.21 <br />Subject <br />- - - - <br />$5.5.00 <br />B <br />similar <br />$56.88 <br />D <br />superior <br />$72.50 <br />C <br />superior <br />$74.07 <br />After considering the various elements of comparability, as well as economic and 'financial conditions <br />prevailing during the consummation of the various sale properties, when compared to current market <br />conditions, it is the appraiser's opinion that the unencumbered fee simple market value of the subject <br />site, as if vacant and available for commercial development, is estimated at $55.00 per square foot of <br />land area. <br />Income Capitalization Approach: <br />As stated, the larger subject parent ownership comprises a relatively large shopping center <br />development situated on over 10 acres of land and anchored by a Food 4 Less grocery market. <br />Inasmuch as the proposed acquisition area impacts a relatively minute land area compared to the larger <br />10± acre parcel, valuation of the larger parcel has been focused on the three -unit commercial retail <br />building situated adjacent to the acquisition area, It is reasoned that the monetary impact resulting <br />from the acquisition is isolated to said building and the appurtenant automobile parlcing/-landscape <br />areas. The building has been considered and appraised as part of the larger shopping center facility. <br />The Income Capitalization Approach is the primary valuation methodology applicable herein. <br />The Income Capitalization Approach is based on the capitalization of net income generated, or capable <br />of being generated, by the subject property. The net operating income is the product of the estimated <br />gross rental income, less allowances for long term vacancy/credit loss and various operating expense <br />charges. The income/expense pro forma set forth herein is intended to reflect a typical stabilized <br />holding period. <br />Following is the income and expense schedule considered applicable to the subject property. <br />Continued .. . <br />75N-21 <br />