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General Information <br />General Information <br />Identification of Subject <br />The subject contains a swimming pool, two baseball fields, a football field and seven athletic buildings <br />that contain a total of 6,509 square feet of rentable area. The improvements were constructed in <br />various years and are 100% owner occupied as of the effective appraisal date. The subject site is <br />8.4474 acres, or 367,969 square feet. Note that the subject is a portion of a larger 15.8400 acre, or <br />689,990 square foot parcel which also contains a school. A legal description of the property is in the <br />addenda. <br />Property Identification <br />Property Name The Glenn Center <br />Address 120 Marsh Avenue Northwest <br />Concord, North Carolina 28025 <br />Tax ID 174771 (portion) <br />Current Ownership and Sales History <br />The owner of record is the Cabarrus County, North Carolina Board of Education. In discussions with <br />the City of Concord, the latest transaction appears to have occurred September 30, 1922. In this <br />transaction, Graded School Board purchased the property from Addie A. Odell, Leroy Springs and wife <br />Lena J. Springs and Elliott W. Springs. The transaction is recorded in Deed Book 96, Page 474 of the <br />Cabarrus County Public Records for a sales price of $17,500. <br />To the best of our knowledge, no sale or transfer of ownership has occurred within the past three <br />years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale <br />or option to buy, nor is it listed for sale. However, we are aware that the City of Concord is considering <br />purchasing the subject property. <br />Purpose of the Appraisal <br />The purpose of the appraisal is to develop an opinion of the market value as is of the fee simple <br />interest in the property as of the effective date of the appraisal, March 22, 2013. The date of the <br />report is May 10, 2013. The appraisal is valid only as of the stated effective date or dates. <br />Definition of Market Value <br />Market value is defined as: <br />"The most probable price which a property should bring in a competitive and open market under all <br />conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and <br />assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of <br />a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: <br />The Glenn Center <br />irr <br />Attachment number 1 <br />H -5 Page 335 <br />