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MAY 2 0 1996 <br /> <br />PIEDMONT REAL ESTATE SERVICES, INC. <br /> P.O.' BOX 324 <br /> 9212 FISHER ROAD, EAST <br /> MT. PLEASANT, NORTH CAROLINA 28124 <br /> <br />(7O4) 436-6773 <br />(704) 883-,4510 <br /> <br />ROBERT L. BYRD, JR. <br />STATE CERTIFIED <br />GENERAL REAL ESTATE APPRAISER <br /> <br />May 18, 1996 <br /> <br />Mr. John C. Murdock, III <br />Executive Director <br />Water and Sewer Authority of Cabarrus County <br />Concord, North Carolina 28025 <br /> <br />Subject: Value Opinion Update <br /> Property Located at <br /> 232 Davidson Highway <br /> Concord, North Carolina 28025 <br /> <br />Dear Mr. Murdock: <br /> <br /> As requested by you I have researched data relative to any value change in the <br />subject property since the May 20, 1993 appraisal completed by us. The property was re- <br />inspected from the exterior only and it is assumed the interior is in gen__erally the same <br />condition as found in the May 1993 inspection. It is also assumed that none of the land <br />area appraised in that report has been sold or otherwise disposed of and further that no <br />additional land is considered a part of this update. <br /> Replacement cost new for the structure has risen since the last appraisal. An <br />analysis to an indication of the value of the subject property based on reproduction cost <br />would produce a h/gher value than reported inMay 1993. I have not recalculated <br />estirnatad~reproduction cost for this update. The-income data is reliable and produces an <br />e~alue most frequently relied on by buyers and sellers of this type property. <br /> <br />tl <br /> <br /> <br />