-24-
that purpose. Elmore did not know the requirements of the
Florida Electrical Power Plant Siting Act (Fla. Stat. ch.
403.501-403.518 (1973)) or what criteria must be met before
property can be used for a power plant.
We believe that Elmore relied too greatly on the 1980 sale
to the Thompson partnership and the 1979 sale of the Seminole
property to establish the value of the Putnam County property.
We think he should have considered the unusual contract terms of
the 1980 sale and whether the Seminole property was comparable to
the Putnam County property.
We believe Moses underestimated the value of the Putnam
County property because he understated the volume of the timber
on it. He subtracted 4 years of growth from the volume of timber
that he estimated was on the property in April 1984 on the
erroneous assumption that no timber had been cut from the
property during those 4 years. Petitioner testified that he
harvested timber from the property until decedent died. Moses
estimated that the Putnam County property had a total of 3,978.55
cords of pine (3,422.82 of pulpwood and 555.73 cords of
sawtimber) in April 1980. However, petitioner bought 7,000 cords
of timber from the Putnam County property in August 1980, and
Page: Previous 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 NextLast modified: May 25, 2011