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AANDERUD Kris <br />From: ROYER Russ C <br />Sent: Monday, February 05, 2007 10:51 AM <br />To: AANDERUD Kris <br />Cc: MEDLIN Johnny R <br />Subject: Update of Lane Transit site at Amazon Park <br />Hi Kris, last Friday you asked if I could review and update the approximate market value of the above referenced site. <br />Apparently in 1997 we used a value of $60,000 per acre. Land?values vary significantly depending upon a number of <br />factors such as location, zoning, size, and other limiting conditions:;' As the subject is part of a larger tract of land we did <br />not value it based upon small lot values which would yield a higher unit value. I do not believe there are any topographical <br />or other natural resource restrictions that would reduce the land value. The recent market has demonstrated usable <br />subdivision tract lands selling for upwards of $140,000 per acre. It would seem a value of $150,000 per acre would be <br />somewhat conservative and very supportable. Further research into how the site, could be developed may support a <br />higher value, but consistent with previous intergovernmental negotiations this would appear reasonable. I do want to make <br />sure it is understood this is not to be considered an appraisal. "Please let me know if it should be determined an appraisal <br />is needed and I can help facilitate such. Don't hesitate to call or email if you need some further clarification. The 8% <br />annual land rent rate that was previously used also seems reasonable. Russ <br />I <br />