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H. History of Conveyance. Include all property sales and transfers for at least five (5) <br />years preceding the appraisal or the last known conveyance of the properties. For <br />each transaction or transfer, specify the date, principals, and consideration. <br />I. Property Data. <br />1. Site. Describe soil, topography, mineral deposits, easements, etc. If there is any <br />indication that mineral deposits have more than a nominal commercial value, <br />explain. <br />2. Hazardous Materials. Explain any indication of hazardous materials either on or <br />abutting the site. <br />3. Improvements. Provide a narrative description including dimensions of principal <br />buildings/or improvements. <br />4. Equipment. Provide a narrative description including the condition of equipment. <br />5. Condition. Evaluate the current condition and relative use and obsolescence of all <br />improvements. Summarize estimated cost to cure any property deficiencies or <br />obsolescence, including the cost to repair or replace improvements as needed to <br />restore the property to a usable condition. <br />B. Assessed Value. Include the current assessment and real estate taxes. <br />7. Zoning. Describe current zoning and any land use restrictions for the property(ies) <br />and comparable properties and investigate potential rezoning. <br />J. _Analysis of Hiahest and Best Use. Determine the highest and best market use that <br />can be made of the properties (including improvements, machinery and equipment <br />where applicable). Base the valuation on this use unless otherwise indicated. In no <br />case shall the properties be appraised for the highest and best use with the value of <br />the improvements added if the improvements do not contribute to the market value of <br />the land under the highest and best use. <br />K. Land Value. The Contractor's opinion of the value of the properties shall be based <br />upon its highest and best use, regardless of any existing structures, and shall be <br />supported by confirmed current factual data (sales and offerings) of comparable, or <br />nearly comparable, lands having like optimum uses. The Contractor shall weigh and <br />explain differences to show how they affect the value of the properties being <br />appraised. <br />I Value Estimate. The Contractor shall consider the primary approaches to value listed <br />below, but utilize the most appropriate approach(es) for valuation analysis and <br />provide an explanation of their rationale: <br />Cost Approach. Determine reproduction or replacement cost based on <br />computational data (indicate all data sources). The Contractor shall explain <br />physical deterioration, functional and economic obsolescence in narrative form. <br />(This procedure may be omitted on real and personal property for which only <br />salvage or scrap value is estimated.) <br />Income_ Approach. Include adequately detailed factual data to support all <br />estimates, including estimated gross rent or income and total expenses including <br />reserves for replacements. Capitalization of net income shall be at the rate <br />APPRAISAL SCOPE OF WORK Page 5 of 10 <br />State Park — Property <br />