Estate of Duilio Costanza - Page 19




                                       - 19 -                                         
          caused by downsizing and/or closing of plants is typically                  
          absorbed in other local plants, based on seniority."                        
               We think that Mr. Bollinger’s conclusions are too                      
          optimistic.  They fail to take into account the close proximity             
          of the V-8 engine plant to the subject property.  The closing               
          would affect business because of the decrease in employee                   
          traffic, the absence of visitors to the plant, and the effect the           
          closing would have on other local businesses.  The publicity that           
          accompanied the announcement would have alerted any buyer of                
          commercial real estate of the proposed plant closing.  Any such             
          buyer would expect to pay less for the property after the                   
          announcement than before.  We believe that the announcement of              
          the plant closing justifies a 10-percent discount to the value of           
          the property.  We therefore conclude that the $370,000 value,               
          which was made without consideration of the General Motors                  
          announcement, should be reduced to $333,000.                                
               Both petitioner and respondent presented expert testimony              
          and expert reports to support their valuations of Bristol West              
          retail/office property.  Again, both experts utilized a sales               
          comparison approach, a capitalization of income approach, and a             
          cost replacement approach to determine the value of the subject             
          property.                                                                   
               Petitioner’s expert in this regard was David K. Rexroth, who           
          prepared a report and testified at the trial of this case.  Mr.             






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