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<br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br /> <br />VII. Valuation Techniques .............................. '.' . . . . . . . . . . . . . 19 <br /> <br />A. Highest and Best Use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 <br />B. Legal Feasibility . . . . . . . .. . .. .. .. . .. .. .. . .. . .. . .. . . . .. .. . .. . . 19 <br />C. Physical Feasibility ......................................... 21 <br />D. Financial Feasibility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 <br />E. Augmentation Use.. . . .... .. ...... .. . .. .. . . .. . ..... .... . .. ..23 <br />F. Highest and Best Use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 <br /> <br />VIII. Valuation Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 <br /> <br />A. Market Data Approach. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 <br />B. The Capitalization ofIncome Approach ......................... 24 <br /> <br />C. Cost Approach ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 <br /> <br />IX. Comparable Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 <br /> <br />X. Discussion of Sales ............................................... 54 <br /> <br />XI. Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 <br /> <br />XII. Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 <br /> <br />XIII. QualifIcations of Bill Milenski ......................................61 <br /> <br />XIV. Certification of Value ............................................. 63 <br /> <br />XV. Selected References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 <br /> <br />11 <br />