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Russ Royer <br />April 12, 2005 <br />Page 2 <br /> <br />of the subject. However, this is a two-edged sword. This property because of its less than ideal <br />soils, might be chosen to go inside the Urban Growth Boundary before the subject, which involves <br />Class I and II soils. <br /> <br />If you judge the subject to be 30% superior to this sale property, which is a stretch, it would only <br />indicate a value for the subject of $5,132 per acre. <br /> <br />This sale property was purchased based on speculation that it might be brought into the Urban <br />Growth Boundary in the future. As such, the purchase price was significantly higher than the typical <br />farm property transaction. <br /> <br />We appraised the sale property in late-1999 welt below $3,245 per acre. And then in 2000, we <br />revised the appraisal upward to $254,000 or $3,297 per acre overall, based on the useable acres of <br />77.03. The sale then closed at $250,000 or $3,245 per useable acre. <br /> <br />Based on the foregoing, ! believe that my value estimates are accurate and supportable. However. <br />in a courtroom situation, a jury might well come in at a much higher figure. <br /> <br />As we discussed, the solution might be to value the subject property based on an "extraordinary <br />assumption" regarding annexation. _ <br /> <br />If you have further questions, please feel free to call at your convenience. <br />Very truly yours, <br /> <br />CHARLES P. THOMPSON &~ A,~C., INC. <br /> <br /> <br />