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_ SITE VALUATION In this section, the market value of the subject site will be estimated by comparing it with recent sales of land located in the subject's market area. As discussed in the Site Description section, the subject contains nearly 1200 acres of land area. The land is bisected by a ridgeline and the MetroPlan line. The highest and best use for the northern portion of the subject is to hold for future development while the highest and best use of the southern portion is for forest related uses as well as utilizing the dwelling permits for two of the subject tax lots. The limited number of comparable sales in the subject's immediate area and lack of uniformity within this market prevents direct extraction of adjustments from the marketplace. General analysis reflecting market behavior is utilized to determine which comparables are superior or inferior to the subject. This analysis establishes value parameters for the subject, allowing for a final conclusion of value. The subject property is very large in comparison to the sales used in this analysis. A thorough search • revealed very few sales as large ds the subject property. Therefore, the' sales have been adjusted for their size. The price per acre unit of comparison will be used in this analysis. This indicator best reflects the behavior of the typical buyer and seller in the subject market. Information regarding the land sale comparables is presented on the Land Sales Tabulation Chart and Adjustment Grid, which follows the comparable discussion. A Land Sale Location Map is also included. Comparable 1, 4, and 5 apply to the northern portion of the subject, while Comparable 1, 2 and 3 apply to the southern portion. These comparable land sales have not been adjusted for market conditions (time). Paired sales analyses is the typical method used for establishing market conditions adjustments. There were no reasonable paired sales from which to calculate an adjustment, therefore, one has not been utilized. The comparables selected indicate a range in value, from $1,893 to $70,000 per acre. Comparable 1 ($21,600 /acre) is the sale of approximately 50 acres of land near Bailey Hill Road in Eugene, OR. The property was in close proximity to the City of Eugene UGB and a proposed city park. The site was sold to the City of Eugene to be used for part of the Ridgeline Trail System. The total sales price was $1,080,000. However, the city paid $675,000 in cash. The remaining $405,000 was donated by the sellers. The total sales price of $1,080,000 was arrived at via an appraisal by a local appraisal company. • The site was appraised as three acreage homesites. The subject has permission for four dwellings, similar to the comparable. On balance, this comparable is a reasonable indicator for the northern portion of the subject. It is a high indicator for the southem portion. Comparable 2 ($1,893 /acre) is the sale of 845 acres in Cottage Grove, slightly south of the subject. The comparable is located just off Interstate -5, similar to the subject and has easy access from this Interstate. The site was not buildable at the time of sale and will likely never gain a building permit. It is improved with several types of trees, however, very few were marketable at the time of sale. It was sold as an investment property for future timber production or development. This comparable was included in this analysis as it has a similar zoning when compared to the subject and is also very large and in close proximity. Although, it is similar, inferior Cottage Grove location and lack of a building permit make this a low indicator for the subject's southern portion.