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Mr . Robert Delaney <br /> Page 5 <br /> December 3, 1982 <br /> 2. The subject property fulfills a vital and necessary function <br /> in the Mid-Continent Resources operations and is Highest and <br /> Best Use for their purposes . However , in viewing the <br /> subject property as a single entity , the property is <br /> underutilized and has not been developed to its optimum <br /> level in terms of the classic definition of Highest and Best <br /> Use which is to render the greatest monetary return to the <br /> land . It is the writer ' s opinion that this situation <br /> contributes somewhat to the disparity between the Cost and <br /> Income Approaches. <br /> 3. Four revised Estimates of Value have been developed . These <br /> are as follows: <br /> Cost Approach $2,429,922 <br /> Market Approach 2, 321 ,565 <br /> Income Approach (Direct Capitalization) 1 ,924,367 <br /> Income Approach (Mortgage-Equity) 2, 123,792 <br /> The Income Approach under Mortgage-Equity Capitalization and the Cost- <br /> Approach continue to be given the most weight in making the Final <br /> Estimate of Value. <br /> Mathematical calculations are useful and necessary in guiding thought <br /> processes into structured and disciplined conclusions. However , in <br /> the final analysis, estimating value is a matter of judgment. <br /> REVISED FINAL ESTIMATE OF VALUE <br /> Land $1 ,300,000 <br /> Improvements $1 000 000 <br /> Total Property Value $2,300,000 <br />