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price differential is due to the difference in time. Sale 1 sold for $11,722 per acre in 11/93 and Sale 3 sold in 2/97 for $22,300 per acre, a compound rate of increase of almost 22% per annum. However, while this rate of increase may be applicable between late 1993 and early 1997, it is not considered applicable between 1993 and 2000. The rate of increase over this longer period is significantly smaller. Even so, it is apparent from these two sales and other data that land values in the south hills have increased significantly between late 1993 and early 1997. Based on this reasoning, Sale 1 suggests a value for the subject land parcel of more than $20,000 per acre. Sale 2 is similar to the subject with regard to size and general location, but it has better access. However, the sale took place in early 1993 and values have increased significantly since that time. Based on the reasoning recited above, Sale 2 suggests a value for the subject of significantly more than $18,244 per acre. Sale 3 involved a 91.71 acre land parcel which sold in early 1997 on the basis of $22,300 per acre. This sale is similar in size to the subject, but is better located and has better access. Overall, taking into consideration the time factor, this sale suggests a value for the subject of less than $22,300 per acre. Sale 4 took place in mid-1997 and involved a 19.69 acre parcel of land in the south hills, which sold for $24,378 per acre. It is significantly smaller than the subject, but otherwise similar. However, it is considered superior with regard to access (long frontage on Dillard Road). On balance with time, this sale suggests a value for the subject of less than $24,378 per acre~ Sale 5 involved a failed sale of a land parcel near the subject, which sold in late 1995 for $19,905 per acre. This property contained approximately 65.31 acres. The price and terms had been agreed to, however reportedly, the purchasers did not follow through and the sale did not close. This transaction indicates a value for the subject of mot than $19,905 per acre. Sale 6 - In mid-1998, the City of Eugene purchased 35 acres of the 65.31 acres for a park. The price was equivalent to $18,571 per acre overall. However, 12.30 acres were outside the UGB. The price per acre for the 22.70 acres inside the UGB was $25,925 per acre. This sale suggests a value for the subject of more than $18,571 per acre and less than $25,925 per acre. Sale 7 involved a 43 acre land parcel which was assembled in two parts in mid- 1997. The total purchase price for both parcels was $430,000 or $10,000 per acre. The parcel had steep portions, significant wetlands, and relatively poor access. A plat was submitted and denied by the City. Then, in 1999 the City purchased 16 acres of the steep portion for a price of $180,000 or $11,250 per acre. The remaining 27 acres was subdivided into 59 lots, which is only 2.19 lots per acre. The lots were situated on a 14 acre portion and a 13 acre portion was left as open space to accommodate the wetlands. A simplified analysis of the seller's effective price per acre is as follows: Charles P. Thompson & Assoc., Inc. C-McDougalLand.300 20