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12 <br />Considering the range of rates from the market data, a market rental rate of <br />8.0% of the land value is concluded. <br />During the easement duration, the property owner will still be responsible for <br />payment of any applicable property taxes; an amount of 1.0% of the land value is <br />added. Compensation for the temporary workspace is estimated using a 9.0% annual <br />return (8.0% for the ground rent and 1.0% for the property taxes) on the base value of <br />the land at $38.00 per square foot. <br />Temporary Construction Easement Compensation <br />TCE Area Base Land Value (650 SF x $38/SF) $24,700 <br />9% Annual Return on Land Value <br />$2,223 <br />Monthly Ground Rent on Land Value $185 <br />--------------------------------------------------------------------- <br />Estimated Compensation for TCE for 18 Months $3,335 <br />VALUE OF EXISTING IMPROVEMENTS <br />The area to be acquired for the temporary construction easement is an irrigated <br />landscaped area, which will be protected in place or replaced as part of the project. <br />Kiley Company <br />750-25 <br />