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Conclusion <br />The adjusted values reflect the indicated market value range for the larger <br />parcel. After adjustments, the range in land values indicated is $28.00 to $39.00 per <br />square foot, rounded, of land area. Consideration is then given specific characteristics <br />of each of the comparables on a qualitative basis and is detailed on the chart below. <br />Adjusted Values Per Square Foot <br />Land Sale No. Overall Comparability Indicated $/SF <br />Comparable No. 4 Similar <br />$28.00 <br />Comparable No. 5 Similar <br />$30.00 <br />Comparable No. 1 Similar <br />$32.00 <br />Comparable No. 3 Similar <br />$33.00 <br />Subject - - <br />$38.00 <br />Comparable No. 2 Superior $39.00 <br />To be consistent with the fair market value definition, the value concluded is at <br />the high end of the range. Based on the preceding investigation, market trends, and <br />analysis, the fee simple fair market value of the land as of November 29, 2016 is <br />concluded to be $38.00 per square foot. <br />LARGER PARCEL LAND VALUE <br />Larger Parcel 6,572 SF x $38.0 PSF = $249,736 <br />Value of the Site Improvements in the Acquisition Area <br />The next step is the estimation of the depreciated replacement cost new of the <br />improvements. Replacement cost is the cost of creating an improvement having similar <br />utility, using current standards of design and materials. It is not necessarily the cost of <br />creating a replica of the existing improvements if they are constructed of outdated <br />materials, technique, and design. <br />The estimated cost of the site improvements is based in part on the Marshall <br />Valuation Service cost guide published by Marshall & Swift. The project plans provided <br />indicate that the westerly side portion of the concrete block wall fence will be replaced <br />in kind as part of the project; as such, no compensation for this improvement is <br />indicated. In the fee acquisition area, there are no building improvements, but there is a <br />low wood front yard fence and landscaping that will not be replaced. Landscaping is not <br />typically depreciated and the replacement cost new of the low wood front yard fence <br />and the irrigation is provided to allow for replacement by the owner. <br />Kil Com any <br />750- 2 <br />