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comparable sale data , their close by location and the high ratio of <br /> land to whole property value ( two thirds) also lends significant <br /> weight to the Cost Analysis. <br /> The Market and Income Approaches of necessity were conducted <br /> utilizing data that did not have a high degree of comparability . <br /> The Market and Income Approaches were of sufficient strength <br /> however , to support and confirm the range developed by the Cost <br /> Approach. <br /> The final value conclusion total divided by the land area develops a <br /> unit rate of $3 . 00 per square foot or $130 , 718 per acre which is <br /> near the upper side of the range of indications developed from land <br /> sales and property listings. Considering that the subject property <br /> is fully utilized and operating , whereas , the comparable data <br /> properties are vacant land , or are not fully utilized supports the <br /> logic of this comparison . The subject property has significant <br /> building improvements and the comparable sale properties do not. <br /> The value contributions of the road and rights-of-way discussed and <br /> described under "Legal Description" and "Property Rights" are <br /> incorporated within the property value estimated. <br /> FINAL ESTIMATE OF VALUE <br /> Land $525 ,000 <br /> Improvements $275 ,000 <br /> Total $8001000 <br /> CERTIFICATE <br /> I , the undersigned , do hereby certify that to the best of my <br /> knowledge and belief the statements contained in this report , upon <br /> which the analyses , opinions and conclusions expressed herein are <br /> based, are true and correct; also, this report sets forth all of the <br /> limiting conditions affecting the analyses, opinions and conclusions <br /> contained in this report ; also , this report has been made in <br /> conformity with and is subject to the requirements of the Code of <br /> Ethics and Standards of Professional Conduct of the American <br /> Institute of Real Estate Appraisers of the National Association of <br /> Real Estate Boards. <br /> May 18, 1984 <br /> Glenwood Springs, Colorado <br /> Respectfully submitted , <br /> E. H. Applegate III <br /> EHA/vm <br /> -16- <br />