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HIGHEST AND BEST USE: <br />The zoning, function and utility of the subject property clearly indicate that <br />the highest and best use of the subject property, as unimproved, is as vacant <br />industrial land, and, as improved, is as a building site for an industrial enterprise <br />as market conditions improve. <br />EXCLUSION OF USUAL VALUATION APPROACHES: <br />Two of the usual valuation approaches were excluded; one of the three <br />universally accepted approaches to value was used in this analysis. The cost <br />approach and income approaches are not relevant to estimate the value of vacant land. <br />APPRAISAL PROCEDURES FOLLOWED: <br />The appraisers have considered the following specific data about the subject <br />property. <br />1. location <br />2. absorption <br />3. view <br />4. appeal <br />5. access <br />The appraisers have considered the following specific market data and <br />neighborhood characteristics. <br />1. supply and demand for industrial land <br />2. comparable sales of industrial land <br />9 <br />