Jane Crocker, F.K.A. Jane C. Jacobs, et al. - Page 85

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               Among his comparables, Mansbach considered the San Jose Fox            
          to be the most comparable to the Redwood City Fox.  Mansbach                
          adjusted the $1,300 per planned seat purchase price of the San              
          Jose Fox downward on the basis of its purchase by a public entity           
          and its urban San Jose location.  Mansbach then considered this             
          downward adjustment to be largely offset by the San Jose Fox's              
          lack of seating and carpeting at the time of purchase.  Overall,            
          Mansbach found that the purchase of the San Jose Fox supported an           
          estimated value of the Redwood City Fox of $1,300 per seat.                 
               With respect to the Circle Star Theater and the Laurel                 
          Theater, Mansbach determined that the purchase prices equated to            
          land value only, with little allocation to the improvements.                
          Mansbach concluded that these sales supported a value for the               
          Redwood City Fox equivalent to land value.  Allocating 20,089               
          square feet to a footprint of the theater site and a land value             
          of $25.00 per square foot, Mansbach determined a land value of              
          $502,225 for the theater component of the property.  Mansbach               
          found that this $502,225 value allocation equated to $835 per               
          seat for the 602 seats in the theater.                                      
               After considering the $1,300 per seat value supported by the           
          purchase of the San Jose Fox and the $835 per seat value,                   
          assuming a land only value allocation, Mansbach concluded that a            
          "mid-range average per seat value" of $1,100 was appropriate.               
          With 602 seats, Mansbach valued the theater portion of the                  






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