- 20 -
percent of the site, for support of the Target store. Because we
believe that the improvements made to the Jess Ranch property
significantly added to its value, but also left much of the site
to be improved, we apply a negative adjustment of 25 percent to
the Jess Ranch sale price.
H. Zoning
Mr. Perdue testified that 39 acres of the Jess Ranch
property were intended to be used as residential property at the
time of its sale, but are now planned for use as a multiscreen
cineplex. He made a 5-percent upward adjustment for the
residential use. Mr. Thompson disputes Mr. Perdue’s conclusion,
and states that the Jess Ranch development plan indicates that
the 39 acres in question were zoned neighborhood commercial. We
do not think “intended residential use” warrants a 5-percent
adjustment; Mr. Perdue did not show that zoning restrictions
limited the 39 acres to residential use. Therefore, we make no
adjustment for zoning.
In summary, we conclude that the net total adjustment to the
Jess Ranch sale price, based on our comparison of the Jess Ranch
sale to the Victorville property, should be negative 5 percent.
The adjustment results in a unit price of $1.35 per square foot,
or $5,463,666.
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