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VALUATION ANALYSIS (Continued) <br />HIGHEST AND BEST USEANALYIS: (Continued) <br />The foregoing are typically considered sequentially; for example, a specific <br />use may prove to be maximally productive, however, if it is not legally <br />permissible, or physically possible, its productivity is irrelevant. <br />Physically Possible: <br />The physical possibility of developing a specific property is governed, in part, <br />by the size, shape, area, and terrain of the property in question. The <br />availability of public utilities is also an important consideration in the analysis <br />of a property's overall development potential. <br />Additional physical considerations are warranted when analyzing the highest <br />and best use of the subject property, as presently improved. The size, <br />architectural design, and condition of the existing building improvements are <br />important elements, and may have a substantial impact on the highest and <br />best use of a property, as presently improved. <br />Legally Permissible: <br />Legally permissible uses are determined, in part, by a community's general <br />plan, zoning requirements, local building codes, and private deed <br />restrictions. <br />The general plan of a community is established to assure continuity of <br />development within the community and the surrounding area. There is <br />usually a consistency between the general plan of a community and the <br />various zone classifications. The zone classification sets forth the various <br />types of development allowed within a specific zone district. Zoning <br />requirements typically constitute the available choices of development for a <br />property. Local building codes are generally addressed as part of the zone <br />classification, and include items such as maximum building densities, <br />building height restrictions, setback and parking requirements, etc. Private <br />deed restrictions relate to mutual agreements under which a property was <br />acquired. Said restrictions may prohibit certain types of development. <br />Financially Feasible: <br />Those uses which meet the first two criteria, i.e. physically possible and <br />legally permissible, are further analyzed in order to determine which uses <br />produce an adequate return on the investment. The specified use is <br />EMOARD AND ASSOCIATES <br />APPRAISERS -CONSULTANTS <br />2 <br />20D-39 <br />