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Proposed Val~tlon and. Analysis of 22,163 acee Elementary School Slte <br />Proposed Valuation <br />The proposed valuation for the 22,163 acre school site to be donated to Gabarr•us <br />County is $ 2,t~83,04Q. This valuation is based on an Analysis of three enclosed <br />:appraisals and represents a significant per acre discount from the analysissof the total <br />.costs ofsnti•astructura improvementsbenefitingthe site, as well as thenetopportunity <br />cost of the. developer to develop'the site for other uses. <br />Valuation Analysis <br />The 22,163 acre parcel at issue is currently zoned as part ofthe Commercial <br />Neighborhood pursuant to the Planned Unit Development (pUl)) zoning obtained from <br />the City of Concord in 200:0, and as such the highest and best use is considered to be <br />mixed use. The donation property, while currently designated for an elementary school <br />site, could ostensibly'be used for retail, office, or multi-family residential development <br />absent an agreemenfi for the donated value to Cabart•us County. The following represents <br />the relative value t7f the parcel as detertnined by tinee recent appraisals: <br />In reviewing the three separate appraisals, both Wachovia appraisals were Qrdered <br />directly by WachoviaBank farthe purposes of evaluating the value ofthe property as <br />partof their underwriting process to make loans.. Both df these "bank" appraisals were <br />performed approximately a year prior to the appraisal ordered by Cabat•rus County, and it <br />is difficult to imagine real estate values declining anywhere in this market in one year's <br />time. We consider dte comparable properties cited by the Intogt•aappraisal inconsistent.. <br />with the use and locatiop;of the proposed donated properly. Thus, Integra's findings <br />should be analyzed is conjunction with the detailed appraisals ordered by Wachovia <br />C~-9 <br />