The URL can be used to link to this page

Browse Search

Home My WebLink About20042945.tiff September 28, 2004 Board of Assessment Appeals State of Colorado Docket No. 40171 County Schedule No. R6265186 & R6411486 Petitioner's Exhibit List Tagawa Greenhouses Petitioner vs. Weld County Board of County Commissioners Respondent. Attached is petitioners exhibit for the October 12, 2004 Board of Assessment Appeals hearing. F & S Tax Consultants By: /d' /ZC G�� Ronald C Sandstrom 11540 W. 69th Way Arvada, CO 80004 (303)424-0683 CERTIFICATE OF MAILING I hereby certify that I served each of the following with a true and correct copy of the foregoing by hand delivery on September 28, 2004: County Board of Commissioners Weld County 915 Tenth St. Greely, CO 80632 4/vd-steRonald C. Sandstrom Oa/7w teL��ir"NT 2004-2945 /a - ov-0V (le : S rACo v) sOOs/7 VALUATION DATA Docket 40171 Restricted Report For Ad Valorem Tax Purposes Agricultural Tagawa Greenhouses 17999 Weld County Rd. 4 Brighton, Colorado Schedule No. R6265186&R6411486 As Of June 30, 1998 Prepared by: R.C. Sandstrom Sept. 24, 2004 TABLE OF CONTENTS PAGE Summary of Facts and Conclusions 3 Location Map 4 Site Plan R6265186 5 Site Plan R6411486 6 Land Valuation 7 Cost Approach R6265186 8 Cost Approach R6411486 23 Summary of Other Agricultural Improvements 27 Economic Obsolescence 28 SUMMARY OF FACTS AND CONCLUSIONS Location: 17999 E. Weld County Road 4 Present Use of Property: Agricultural Present Zoning of Property: Agricultural Conforming: Yes Land Area: R6265186 54.00 acres R6411486 58.76 acres 112.76 acres R6265186 R6411486 Agricultural Land 24 acres 54.26 acres Greenhouse Other Ag. Land 30 acres 4.50 acres Building Area: 718,765 sf 106,848 sf Average Number of Building Stories: 1 Building Construction: Wood, Pipe, &Metal Frame; Fiberglass & Polyethylene Roof Vintage: 1952-1994 Building Condition: Average Summary of Value Conclusions: Sch. R6265186 Sch, R6411486 Total Agricultural Land $ 12,566 $ 29,212 $ 41,778 Other Agricultural Land 75,000 11,250 86,250 Residential Improvements 123,967 123,967 Other Agricultural Improvements 990,682 151,951 1,142,633 Total $1,202,215 $ 192,413 $1,394,628 3 LOCATION MAP MnvnvEST 01 4Brunoo St >' . Nelson St ~ El n W. I a® a i /,/ 4n4G 11 a7 g 1A Zi El n 0 4 u E4 Burlington Ditch N 2ante n Pinyon Cs$$$ Nervy Cunul Lilac Ca 0 P ...Laclt6ttie C 0 TvnWNe S 2 c 7 y Q fma7aven Ct n sg bVcld a` f, E 16 Ave El68tf Ave WPId Adams tf LJ Ada,n I a4 A 02084 MapQuast.com,Inc.;472004 GDT,Inc 1+ 1' E 11 0O3 I-Li ses 0 ELIDED r— 19 c) 1 i g 9L [HLUBo El _ g oltl- �� # i c t,a fir', q1 Qc,. u1 R ni z _, +...1 O '4 I ` G !! i2.'%•i s ' l G-.Ii! h: M ,'4t RMH 4 , V >�•. Ql le ac,.`1 CTiN ^.1t�S f 41 i 6:-, 1 i.'0,0c.t. 2, 6--,t4 R ,,r. .i_ l 1 L 5 073 iS1? � � iS7� r7I i T 0 i, . .ii_ ,.. . ...._ . nr-i 7 FT" --1______J 4 r--- ' i P....._ L + .,..l Cr,►� , Pik pk� G.ra Ra*Sep 6,4. 40-- 1 ' ''` Jog Rcpt is c,u .) 9 ?(o ( 5FsT tilt s)ti1---i —i—j 4.•...4 .., * ....• ..- 4.ii !.. .6]DG.Po Rc e. A ,�e 1 •l. 0_ _______ 0- , _ . S BUILDING SITE PLAN Sch. ■6411486 y " Of Ci- } ± ts / / . F-------_ O ® If \ \ e Cc 2 ~ % .6 | � m — ! I ! ' _ ( . \ | / \ • & 2 I -� .� | � / _ 3 - / { LAND VALUATION The subject property is used to grow bedding plant products and agricultural products.Currently the agricultural products are pumpkins. Sch. R6265186: Ag Land Gill Class 4107 13.00 acres @ $ 453.46 $ 5,894.98 Ag Land GI Class 4107 8.00 acres @ $ 612.54 4,901.12 Ag Land GII Class 4107 3.00 acres @ $ 589.92 1,769.76 Greenhouse Oth Ag land Class 4180 30.00 acres @ $ 2,500.00 75,000.00 Total Land $87,565.86 Sch. R6411486: Ag Land Gill Class 4107 9.96 acres @ $ 453.46 $ 4,516.46 Ag Land GI Class 4107 8.54 acres @ $ 612.54 5,231.09 Ag Land GII Class 4107 30.07 acres @ $ 589.92 17,738.89 Ag Land GIV Class 4107 5.69 acres @ $ 303.31 1,836.83 Greenhouse Oth Ag land Class 4180 4.50 acres @ $ 2,500.00 11,250.00 Total Land $40,462.27 Agricultural Land Sales: 1. Sch. 131128000047; 80 acres sold on 7/14/95 to John Black for $95,000. This land is classified as dry farm land. The per acre selling price of this land is $ 2,480 2. Sch. 131130100040; 107.72 acres sold on 5/19/95 to Gillespie family partnership for$265,000. This land is classified as dry farm land. The per acre selling price of this land is $ 2,460 3. Sch. 147312000011; 307 acres sold on 11/21/95 to Sakata Farmsfor$ 745,000 adjusted. This land is classified as flood irrigated farm land. The per acre selling price of this land is $ 2,427 7 VALUATION BY THE COST APPROACH SUPPORT BUILDINGS Building y Sch.R6265186 ws � 4° °�' ^� £,x. ' ` s I 3 SO ear a a 4 - -& Nr Year Built 1952 Age 46 Years Eff Age 30 Years Construction Frame/Brick Veneer Quality Average Area 3,514 sf Garage 1,200 sf Perimeter 220 ft Condition Average Cost /SF Replacement Cost New M.S. Main floor 2,489 sf $53.38 $132,863 2nd floor 1,025 sf $53.38 54,715 Basement 905 sf $ 12.53 1134Q $198,918 Adjustments: Shape Multiplier .884 $175,843 Fireplace 2,725 Porch 190 sf $26.69 5,071 Garage 1,200 sf $ 14.85 17.82Q $201,459 Current Cost Multiplier(07/98) .99 $199,444 Local Multiplier .981 $193,698 Depreciation 55 Year Life 36 69.731 RCNLD $123,967 I VALUATION BY THE COST APPROACH SUPPORT BUILDINGS Sch. R6265186 Building Description: Warehouse/Office Building(2) a'S ? d [_ __11r_1JJ a • . • ..2vti'.W`r1n r�4✓Y!.e 'n. 1 .... � Year Built 1985 Age 13 Years Eff Age 13 Years Construction Metal Quality Avg Cost Area 16,800 sf Height 20 ft Perimeter 500 ft Condition Avg. Cost /SF Replacement Cost New M.S. Lower Level(shell) 13,000 SF $ 17.60 $228,800 Adjustments: Height 1.133 $259,230 Perimeter .977 $253,268 Other Adjustments Space heaters 12,800 SF $ 1.18 15,104 Office Finish 1,800 SF $29.56 53,208 Upper Level Int. Finish Off 3,080 SF $29.56 91.044 $412,624 Current Cost Multiplier(07/98) .99 $408,497 Local Multiplier .981 $400,735 Depreciation 35 Year Life .22 88.161 RCNLD $312,574 9 VALUATION BY THE COST APPROACH SUPPORT BUILDINGS Sch. R6265I86 Building Description:Utility Bldg Storage(3) I Akin I1 Year Built 1985 Age 13 Years Eff Age 13 Years Construction Metal Quality Avg Light Utility Building Area 5,976 sf Height 10 ft Perimeter 371 ft Condition Avg. Cost /SF Replacement Cost New M.S. $ 11.01 Adjustments: Height 1.000 $ 11.01 Perimeter .934 $ 10.28 Current Cost Multiplier(07/98) 1.02 $ 10.49 Local Multiplier .981 $ 10.28 RCN 5,976 SF $61,433 Depreciation 25 Year Life .40 24.573 RCNLD $36,060 to VALUATION BY THE COST APPROACH SUPPORT BUILDINGS R6265186 Building Description: Storage Whse(4) Year Built 1972 Age 26 Years Eff Age 20 Years Construction Metal Quality Avg Cost Utility Building Area 3,064 sf Height 10 ft Perimeter 257 ft Condition Avg Cost Replacement Cost New M.S. $ 10.39 Adjustments: Height 1.000 $ 1039 Perimeter 1.000 $ 10.39 Current Cost Multiplier(07/98) 1.02 $ 10.56 Local Multiplier .981 $ 1038 RCN 3,064 SF $31,804 Depreciation 25 Year Life .68 21.627 RCNLD $ 10,177 II VALUATION BY THE COST APPROACH SUPPORT BUILDINGS Sch.R6265186 Building Description: Maintenance Shop(5) t1y tibra� � rz.' -'3,„„A, Ott r.,z PW Year Built I974 Age 24 Years Eff Age 20 Years Construction Metal Quality Avg Cost Area 6,060 sf Height 10 ft Perimeter 590 ft Condition Unknown Cost /Si Replacement Cost New M.S. $ 10.39 Adjustments: Height L000 $ 10.39 Perimeter 1.044 $ 10.84 Cumin Cost Multiplier(07/98) 1.02 $ 11.05 Local Multiplier .981 $ 10.84 RCN 6,060 SF $65,690 Space heaters 4,800 SF 4371 $70,061 Depreciation 25 Year Life .68 47.641 RCNLD $22,420 12 VALUATION BY THE COST APPROACH SUPPORT BUILDINGS Sch. R6265186 Building Description: Boiler House(6) Year Built 1972 Age 26 Years Eff Age 20 Years Construction Metal Quality Avg Cost Utility Building Area 8,964 sf Height 10 ft Perimeter 515 ft Condition Avg Cost /SF Replacement Cost New M.S. $ 10.39 Adjustments: Height 1.000 $ 10.39 Perimeter .926 $ 9.62 Current Cost Multiplier(07/98) 1.02 $ 9.81 Local Multiplier .981 $ 9.62 RCN 8,964 SF $ 86,234 Depreciation 20 Year Life .68 58.639 RCNLD $27,595 13 VALUATION BY THE COST APPROACH SUPPORT BUILDINGS Sch. R6265186 Building Description: Storage Shed(7) Year Built 1974 Age 24 Years Eff Age 20 Years Construction Metal Quality Avg. Farm Utility Bldg Area 1,734 sf Height 10 ft Perimeter 188 ft Condition Avg Cost /SF Replacement Cost New M.S. $ 10.39 Adjustments: Height 1.000 $ 10.39 Perimeter 1.044 $ 10.84 Current Cost Multiplier(07/98) 1.02 $ 11.05 local Multiplier .981 $ 10.84 RCN 1,734 SF $ 18,797 Depreciation 25 Year Life .68 12.782 RCNLD $ 6,015 / VALUATION BY THE COST APPROACH SUPPORT BUILDINGS Sch. R6265186 Building Description: Boiler House 2(8) Year Built 1985 Age 13 Years Eff Age 13 Years Construction Metal Quality Avg Cost Utility Building Area 3,139 sf Height 18 ft Perimeter 232 ft Condition Avg Cost / SF Replacement Cost New M.S. $ 10.39 Adjustments: Height 1.154 $ 11.99 Perimeter 1.000 $ 11.99 Current Cost Multiplier(07/98) 1.02 $ 12.22 Local Multiplier .981 $ 11.98 RCN 3,139 SF $ 37,605 Depreciation 20 Year Life .40 15.042 RCNLD $22,563 VALUATION BY THE COST APPROACH Sch. R6265186 Greenhouses Range(A)(9) Building Description: Greenhouse Average Cost Metal Frame MS Sec 64 p6 Nov 1966 Construction: Frame: Pipe &Mtl Roof: Lexan Walls: Fiberglass Condition: Average Yr Built 1985 Age 13 yrs Eff Age 13 yrs Area sf 71,712 RCN per sf $6.30 RCN $451,786 Adjustments: Concrete Walks 7.724 $459,510 Depreciation: 202.184 $257,326 Economic life 25yrs/44% Base Cost Marshall Valuation Service R-A Base Cost 5.00 Adjustments: Tempered Glass +15% Structural Polycarbonate +25% 1.25+ Acrylic Sandwich +55% Curtain Wall - 5% Double Polyglazed - 15% Polyethylene Cover -25% Semi-circular Structure -30% Modified Bow -25% Amateur Labor -35% _ 6.25 Current Cost Multiplier 1.03 6.43 Local Multiplier DPT .981 6.30 It9 VALUATION BY THE COST APPROACH Sch.R6265186 Greenhouses Range B,C,Plug area, D,R&D Building Description: Greenhouse Average Cost Metal Frame MS Sec 64 p6 Nov 1966 Construction: Frame: Metal Roof: Dynaglass Walls: Fiberglass Condition: Average Range B Range C Range Plug Range D Range R&D Yr Built 1978 1977 1976 1987 1971 Age 20 yrs 21 yrs 22 yrs 11 yrs 27 yrs Eff Age 15 yrs 16 yrs 17 yrs 11 yrs 20 yrs Area sf 27,480 54,000 28,800 22,350 22,488 RCNpersf $6.61 $6.61 $6.61 $6.61 S6.61 RCN $ 181,643 $356,940 $ 190,368 $ 147,734 $ 148,646 Adjustments: Concrete Walks 9.867 21.143 45.106 8.751 8.805 $ 191,510 $ 378,083 $235,474 $ 156,484 $ 157,451 Depreciation: 91.925 196.603 131.865 50.075 107.067 $ 99,585 $ 181,480 $ 103,609 $ 106,409 $ 50,384 Economic life 25yrs/48% 25 yrs/52% 25 yrs/56% 25 yrs/32% 25yrs/68% Base Cost Marshall Valuation Service R-B it-C MI - R-R&D Base Cost 6.55 6.55 6.55 6.55 6.55 Adjustments: Tempered Glass +15% `'' ' ,. *1 'u Structural Polycarbonate +25% ao- Acrylic Sandwich +55% I _ i Curtain Wall - 5% t` _ Double Polyglazed - 15% Polyethylene Cover -25% . Semi-circular Structure -30% Modified Bow -25% �" Amateur Labor -35% 6.55 6.55 6.55 6.55 6.55 Current Cost Multiplier 1.03 6.74 6.74 6.74 6.74 6.74 Local Multiplier DPT .981 6.61 6.61 6.61 6.61 6.61 O VALUATION BY THE COST APPROACH Sch.R6265186 Greenhouses Range 1,2,3,&4 Building Description: Greenhouse Average Cost Metal Frame MS Sec 64 p6 Nov 1966 Construction: Frame: Metal Roof: Dynaglass Walls: Fiberglass Condition: Average Range 1&2 Range 3&14 Yr Built 1970/02 1973 Age 27 yrs 25 yrs Eff Age 20 yrs 20 yrs Area sf 102,000 102,000 RCN per sf $6.61 $6.61 RCN $674,220 $674,220 Adjustments: Concrete Walks 15.662 15.662 $689,882 $689,882 Depreciation: 469.119 469.119 $220,763 $220,763 Economic life 25yrs/68% 25 yrs/68% Base Cost Marshall Valuation Service R-1&2 R-3&.4C Base Cost 6.55 6.55 Adjustments: Tempered Glass +15% Structural Polycarbonate +25% Acrylic Sandwich +55% Curtain Wall - 5% Double Polyglazed - 15% Polyethylene Cover -25% Semi-circular Structure -30% Modified Bow -25% Amateur Labor -35% 6.55 6.55 Current Cost Multiplier 1.03 6.74 6.74 Local Multiplier DPT .981 6.61 6.61 Ik/ VALUATION BY THE COST APPROACH Sch.It6265186 Greenhouses Range 8&9 (17) Building Description: Greenhouse Average Cost Metal Frame MS Sec 64 p6 Nov 1966 Construction: Frame: Metal Roof: Dynaglass Walls: Fiberglass Condition: Average Range 8&9 Yr Built 1974 Age 26 yrs Eff Age 20 yrs Area sf 117,300 RCN per sf S 6.61 F RCN $775,353 • Adjustments: Concrete _ •• .Qu 'fir Y :�; Walks 13312 "r.rcth .40"- .." $788,665 ;. i „, eor Depreciation: 536.292 14f " $252,373 ;"'kJ- Economic life 25yrs/68% '* --» Base Cost Marshall Valuation Service R-8&9 Base Cost 6.55 Adjustments: Tempered Glass +15% Structural Polycarbonate +25% Acrylic Sandwich +55% Curtain Wall - 5% Double Polyglazed - 15% Polyethylene Cover -25% Semi-circular Structure -30'% Modified Bow -25% Amateur Labor -35% _ 6.55 Current Cost Multiplier 1.03 6.74 Local Multiplier DPT .981 6.61 19 VALUATION BY THE COST APPROACH Sch. R6265186 Greenhouses Range 6 (18) Building Description: Greenhouse Average Cost Metal Frame MS Sec 64 p6 Nov 1966 Construction: Frame: Metal Roof: Dynaglass Walls: Fiberglass Condition: Average Range 6 Yr Built 1990 Age 8 yrs Eff Age 8 yrs Area sf 28,730 RCN per sf $ 6.61 RCN $ 189,905 Adjustments: Concrete Walks 6.662 $ 192,567 Depreciation: 42365 $ 150,202 Economic life 25yrs/22% Base Cost Marshall Valuation Service R-6 Base Cost 6.55 Adjustments: Tempered Glass +15% Structural Polycarbonate +25% Acrylic Sandwich +55% Curtain Wall - 5% Double Polyglazed - 15% Polyethylene Cover -25% Semi-circular Structure - 30% Modified Bow - 25% Amateur Labor - 35% 6.55 Current Cost Multiplier 1.03 6.74 Local Multiplier DPT .981 6.61 20 VALUATION BY THE COST APPROACH SUPPORT BUILDINGS Sch. R6265186 Greenhouse Range 5 (19) Building Description: Range 5 Soil Mixing and Production with Loading Docks Year Built 1990-93 Age 7 Years Eff Age 7 Years Construction Metal Quality Low Cost Utility GH Area 45,480 sf Height 12 ft Perimeter 973 ft Condition Average Cost / SF Replacement Cost New M.S. $ 5.00 Adjustments: Current Cost Multiplier(07/98) 1.03 $ 5.15 Local Multiplier .981 $ 5.05 RCN 45,480 SF $229,674 Other Adjustments Office Break Room 2,088 SF $7.00 16,704 Loading Dock Wells 10,980 SF $6.99 76,750 Passageways to R-A,B,4,6 2,433 SF $5.05 12,287 Concrete Floor 26,064 SF $1.56 45,340 Space heaters(steam) 16,560 SF 15,227 $ 395,982 Depreciation 20 Year Life .19 75.237 RCNLD $ 320,745 a� VALUATION BY THE COST APPROACH Sch. R6265186 Greenhouses Range Hoop Houses Building Description: Greenhouse Low Cost Pipe Frame MS Sec 64 p6 Nov 1966 Construction: Frame: Pipe Roof: Polyethylene Walls: None Condition: Average 5 Units 14 Units Yr Built 1992 1994 Age 6 yrs 4 yrs Eff Age 6 yrs 4 yrs Area sf 14,440 40,320 RCN per sf $ 1.87 $ 1.87 RCN $ 27,003 $ 75,398 Adjustments: Concrete Walks 8.787 11,357 $ 35,790 $ 86,755 Depreciation: 18.253 28.629 $ 17,537 $ 58,126 Economic life 10yrs/51% 10 yrs/33% Base Cost Marshall Valuation Service Hoop Base Cost 12.40 Adjustments: Tempered Glass +15% Structural Polycarbonate +25% Acrylic Sandwich +55% Curtain Wall - 5% Double Polyglazed - 15% Polyethylene Cover -25% 3.10- Semi-circular Structure - 30% 3.72- Modified Bow - 25% Amateur Labor - 30% 3.72- 1.86 Current Cost Multiplier 1.03 1.91 6.74 Local Multiplier DPT .981 1.87 6.61 a2. VALUATION BY THE COST APPROACH Sch. R6411486 Building Description:Greenhouse Low Cost Wood and Pipe Frame,Average Cost Metal Frame MS Sec 64 p6 Nov 1966 Construction: Frame: Pipe, Wood& Mtl Roof: Polyethylene,Fiberglass&Lexan Walls: Fiberglass Condition: Average Range 1 Ranee 2 Range 3 Range 4 Range 5 Yr Built 1972 1973 1973 1976 1988 Age 26 yrs 25 yrs 25 yrs 22 yrs 10 yrs Eff Age 20 yrs 20 yrs 20 yrs 20 yrs 10 yrs Area sf 19,200 14,620 14,936 19,800 24,552 RCN per sf $7.28 $2.52 $ 8.26 $ 5.82 $ 8.26 RCN $ 139,776 $ 36,842 $ 123,371 $ 115,236 $202,800 Adjustments: Concrete Walks 4.692 987 2.609 1,447 3.511 $ 144,468 $ 37,829 $ 125,980 $ 116,683 $206,311 Depreciation: 98.238 30.263 85.666 79.344 59.830 $ 46,230 $ 7,566 $ 40,314 $ 40,373 $ 146,481 Economic life 25yrs/68% 15 yrs/80% 25 yrs/68% 25 yrs/68% 25yrs/29% Base Cost Marshall Valuation Service R-j 3 R=5 Base Cost 5.77 5.00 6.55 5.77 6.55 Adjustments: Tempered Glass +15% Structural Polycarbonate +25% 1.44+ 1.63 1.63 Acrylic Sandwich +55% Curtain Wall - 5% Double Polyglazed - 15% Polyethylene Cover -25% 1.25- Semi-circular Structure -30% Modified Bow -25% 1.25- Amateur Labor -35% 7.21 2.50 8.18 5.77 8.18 Current Cost Multiplier 1.03 7.43 2.57 8.42 5.94 8.42 Local Multiplier DPT .981 7.28 2.52 8.26 5.82 8.26 23 VALUATION BY THE COST APPROACH Sch.R6411486 Building Description: Greenhouses Range's 1-5 b. ,. Range 1 kh: x i$ssre^. 3 ' • Range 2 I" a • k M1 somig„ Range 3 &4 Range4&5 � \ ! • itt .?! d) H , `•ti x�J ] 'I '' aY VALUATION BY THE COST APPROACH SUPPORT BUILDINGS Sch. R6411486 Building Description: Storage Warehouse ' ( r . t 1 Year Built 1988 Age 10 Years Eff Age 10 Years Construction Metal Quality Good Light Utility Building Area 6,888 sf Height 12 ft Perimeter 332 ft Condition Avg. Cost /SF Replacement Cost New M.S. $ 15.30 Adjustments: Height 1.038 $ 15.88 Perimeter .911 $ 14.46 Current Cost Multiplier(07/98) 1.02 $ 14.74 Local Multiplier .981 $ 14.45 RCN 6,888 SF $ 99,532 Depreciation 30 Year Life .21 20 902 RCNLD $ 78,628 aS VALUATION BY THE COST APPROACH SUPPORT BUILDINGS Sch. R6411486 Building Description:Boiler Building swagew 7"1- • Year Built 1973 Age 26 Years Eff Age 16 Years Construction Metal Quality Low Cost Utility Building Area 6,852 sf Height 8 ft Perimeter 402 ft Condition Fair/Avg. Cost /SF Replacement Cost New M.S. $10.39 Adjustments: Height .963 $10.00 Perimeter .955 $ 9.55 Current Cost Multiplier(07/98) 1.02 $ 9.74 Local Multiplier .981 $ 9.55 RCN 6,852 SF $ 65,437 Depreciation 20 Year Life .69 A5_152 RCNLD $20,285 aL VALUATION BY THE COST APPROACH SUMMARY Schedule R6265186: Other Agricultural Improvements: 2. Office/Warehouse 312,574 3. Storage Building 36,060 4. Storage Warehouse 10,177 5. Maintenance Shop 22,420 6. Boiler House 27,595 7. Storage Shed 6,015 8. Boiler House 2 22,563 9. Greenhouse Range A 257,326 10. Greenhouse Range B 99,585 11. Greenhouse Range C 181,480 12. Greenhouse Plug Area 103,609 13. Greenhouse Range D 106,409 14. Greenhouse Range R&D 50,384 15. Greenhouse Range 1 &2 220,763 16. Greenhouse Range 3 &4 220,763 17. Greenhouse Range 8 & 9 252,373 18. Greenhouse Range 6 150,202 19. Greenhouse Range 5 320,745 20. Greenhouse Hoop Houses 1992 (5) 17,537 21. Greenhouse Hoop Houses 1994 (14) 58,126 Total Other Agricultural Improvements $2,476,706 Economic Obsolescence 60% 1,486,024 $ 990,682 Schedule R6411486: Other Agricultural Improvements Greenhouse Range 1 $ 46,230 Greenhouse Range 2 7,566 Greenhouse Range 3 40,314 Greenhouse Range 4 40,373 Greenhouse Range 5 146,481 Storage Warehouse 78,628 Boiler Building 20,285 Total Other Agricultural Improvements $ 379,877 Economic Obsolescence 60% 227,926 $ 151,951 27 CALCULATION OF ECONOMIC OBSOLESCENCE Economic obsolescence historically has been defined as: Impairment of desirability or useful life arising from factors external to the property,such as economic forces or environmental changes which affect supply-demand relationships in the market.Loss in use and value of a property arising from the factors of economic obsolescence is to be distinguished from loss in value from physical deterioration and functional obsolescence,both of which are inherent in the property. (Society of Real Estate Appraisers Principles of Income Property Annraisine) Sale# 1 Sale#2 Sale#3 Location 11610 13847 5150 Rd 14 1/2 Washington Indiana Date of Sale Mar-96 Nov-94 Nov-98 (under option 12-97) Sales Price $1,791,000 $ 700,000 $1,000,000 Adj for Residence 50,000 200,000 $1,791,000 $ 650,000 $ 800,000 SF Building Area 375,850 489,036 336,682 Price per SF $ 4.77 $ 1.33 $ 2.38 Land Value Allocation 95.10 acres @ $2,500 $ 237,750 28.515 acres A $20,000 $570300 12.564 acres @ $44,000 $ 552,816 Improvement Allocation $1,553,250 $ 79,700 $ 247,184 Price per SF $ 4.13 $ .16 $ .73 Replacement Cost New Good Quality $13.45 $5,055,183 Low Cost @ $5.05 $2,469,632 Avg Cost @$ 6.62 $2,339,835 Physical Depreciation 10yr735yr life 15% $ 758,277 30yr/25yr life 80% $1,975,706 20yr/25yr life 68% $1,591,088 Depreciated Value Before External Obsolescence $4,296,906 $ 493,926 $ 748,747 Allocated Improvement Value $1.553.250 $ 79,700 $ 247,184 External Obsolescence $2,743,656 $ 414,226 $ 501,563 63.85% 83.86% 66.99% Hello