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Highest and Best Use 26 Highest and Best Use As If Vacant Physically Possible The physical characteristics of the site do not appear to impose any unusual restrictions on development. Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses. Legally Permissible The site is zoned O -I, Office Institutional. The current use is permitted. The subject is a portion of a larger parcel that is improved with a school. The subject is improved with two baseball fields, a football field, a pool and several support buildings. To our knowledge, there are no legal restrictions such as easements or deed restrictions that would effectively limit the use of the property. Based on discussions with the City of Concord, if the school wasn't on the property, the subject site would have a residential zoning. There is also industrial zoning located across from the subject, but per our conversations with the city, it is outdated zoning, and the city has indicated that the old buildings are currently used as artists' studios. Given prevailing land use patterns in the area, only future residential use is given further consideration in determining highest and best use of the site, as though vacant. Financially Feasible Based on our analysis of the market, there is limited demand for additional future residential development at the current time. It appears that a newly developed future residential use on the site would not have a value commensurate with its cost; therefore, future residential use is not considered to be financially feasible. Nevertheless, we expect an eventual recovery of the market accompanied by a rise in property values to a level that will justify the cost of new construction. Thus, it is anticipated that future residential development will become financially feasible in the future. Maximally Productive There does not appear to be any reasonably probable use of the site that would generate a higher residual land value than holding the property for future development of a future residential use. Accordingly, it is our opinion that holding the property for future future residential use, based on the normal market density level permitted by zoning, is the maximally productive use of the property. Conclusion Holding the property for future development of a future residential use is the only use that meets the four tests of highest and best use. Therefore, it is concluded to be the highest and best use of the property as if vacant. Alternative use for the subject would be for institutional use. As Improved The subject site is developed with an athletic complex that has two baseball field, a football field, a swimming pool and 6,509 square feet of support buildings, which is a secondary possibility of the site as if it were vacant. The Glenn Center irr Attachment number 1 H -5 Page 359