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year in relation to some external standard, such as the Wholesale
Price Index (now called the Producer Price Index). The leases
submitted by petitioner are representative of such typical lease
transactions.
The record contains a letter from Gulf States Paper Corp.
(Gulf States), which identifies timberland rental rates for the
years 1988 through 1992 on several long-term timber leases Gulf
States initiated during the late 1960's. These rates range from
$9.31 per acre per year to $10.83 per acre per year for
properties located in Sumter County, Alabama, ranging from 420
acres to 2,526 acres.
The record contains a letter from James M. Vardaman & Co.,
Inc. (Vardaman), forest management specialists for timberland
owners, stating that it did not have any knowledge of timber
companies providing long-term leases between the years 1987
through 1991 in Sumter County, Alabama. The letter further
states that the long-term leasing programs that Vardaman is
familiar with originated before 1987. The record also contains a
letter from Richard G. Cross of Pruitt, Pruitt & Watkins,
Attorneys at Law, indicating that Mr. Cross had reviewed the
indexes of the Probate Office of Sumter County for long-term
timber leases from 1987 to 1991, but none were noted. His search
included Gulf States, International Paper, McMillian, and
Hammermill. In addition, Mr. Cross checked with two other
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