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I <br /> - - ---MARKET ' - — - — <br /> i , <br /> The highest and best use of the subject land and improvements has been tested <br /> 1 separately against the four criteria in the following analysis. <br /> Vacant Site <br /> I Among all reasonable, alternative uses, the use that yields the highest present land value, <br /> after payments are made for labor, capital, and coordination. The use of a property based <br /> on the assumption that the parcel of land is vacant or can be made vacant by demolishing <br /> 1 any improvements . <br /> Leaallv Permissible - Legal factors influencing the subject are primarily zoning <br /> I <br /> II regulations and county ordinances. The site contains three zones, F -1 (Important <br /> Forest Lands), NR (Natural Resources) and F -2 (Forest Lands) by the Lane County. <br /> The purpose of the NR zone is to protect areas having unique or irreplaceable <br /> I natural resources which are vital elements of the environment. Uses in the zone are <br /> severely limited and primarily revolve around preservation of the land. The purpose <br /> of the F -1 zone is to recognize that commercial forest lands within the County are <br /> necessary for the continuous production of renewable natural resources and to <br /> encourage the management of these lands. Special use permits are required for <br /> dwellings in this zone. The purpose of the F -2 zone is to encourage forest and <br /> agriculture as the dominant use of the land. Special use permits are also required <br /> r for dwellings in this zone. A copy of the county's F -1, F -2 and NR zoning ordinances <br /> are included in the Addenda to this report. <br /> I Physically Possible - The physical characteristics of the site (location, shape and <br /> topography) generally support any of the permitted uses, with no adverse <br /> Conditions noted. Regarding Iocational features, the subject is located on the cusp <br /> 1 of development, just outside the Urban Growth Boundary. At present, development <br /> options are severely limited. However, if the UGB is adjusted, development options <br /> would be expanded to those outlined in the MetroPlan and could include <br /> I Government, Forest and Natural Resource oriented development. Additionally, <br /> zoning options could potentially change furthering development options for the site. <br /> Due to the sites location outside the city limits, city services are not available. <br /> I Additionally, the subject is not improved so the feasibility of well and septic systems is <br /> unknown. <br /> I Considering physical and Iocational characteristics, legal uses outlined in the F -1, F- <br /> 2 and NR zone codes are supported for the vacant site. However, Iocational <br /> characteristics suggest that the subject could be better utilized for some type of <br /> allowed commercial development once the UGB is expanded and the <br /> 1 development potential and uses of the subject are changed. <br /> Financially Feasible & Maximally Productive - For the subject, the financial feasibility <br /> II and maximally productive use of the site are synonymous. At present, legal uses are <br /> severely limited to those laid out in the F -1, f -2 and NR zone codes. Physical <br /> characteristics support the current legal uses which are forest and natural resource <br /> I related. Additionally, the legal uses do not require more than typical development <br /> costs, suggesting use of the site with an F -1, F -2 and NR use is financially feasible. The <br /> question of the maximally productive use of the site is considered next. The two <br /> I options for the site are to develop the site considering its current zoning or hold the <br /> site for future development when and if the UGB is expanded and more <br /> I 5 The Dictionary of Real Estate Appraisal Third Edition. Chicago: Appraisal Institute, 2002. <br />