Charles H. Browning, Jr., and Patricia L. Browning - Page 9

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          Benning report and, apparently, accepts its conclusions as to lot           
               The * * * [Benning report] illustrates that the subject                
               property’s size, shape and topography is capable of                    
               being developed with 15 single family residential lots.                
               It should be noted that there is a potential for an                    
               increase in the yield to 16 lots if the property were                  
               to be jointly developed with the adjacent property                     
          Mr. Sapperstein believes that the highest and best use of the               
          land after conveyance of the easement is as a farm (subject to              
          the restrictions of the easement).                                          
               Mr. Sapperstein was aware of previous conveyances of                   
          development rights to Howard County under the Program, but he               
          concluded that there did “not exist a substantial record of ‘fair           
          market value’ transfers that present a meaningful or valid                  
          comparison to the subject property.”  As a disadvantage, he                 
          mentions the initial limit of 50 percent of fair market value of            
          the subject land and the subsequent per acre cap of $6,600.                 
          Mr. Sapperstein chose to estimate the value of the easement by              
          using the “Before and After” approach, comparing market data for            
          comparable properties sold with development rights intact to                
          market data for properties sold for agricultural use.                       
          Mr. Sapperstein concludes that the value of the development                 
          rights that were sold to Howard County is the difference between            
          the “before” and “after” values.                                            

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