Excerpts From the DSS Property Appraisal - 7/10/02
•Cover Letter– “This location is one of the proposed sites for a new minor league baseball stadium for the Greensboro Bats. Obviously, the existing improvements would not contribute value to the property. In fact, the estimated cost of demolition and removal of the buildings has been considered in this value estimate.”
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•Type of Appraisal Report (p. 1)– “The depth of discussion contained in this report is specific to the needs of the client (Guilford County) and intended for the use stated below”.
Purpose of the Appraisal (p. 2) – “The value estimate is for land only and does not include the existing buildings. In fact, the value estimate does consider the estimated cost of demolition and removal of existing buildings so that the combined site could be redeveloped".
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•Valuation Methodology (p.9) “There are three traditional approaches to value that are generally used when valuing real estate. They are the Cost, Sales Comparison and Income Approaches. Since the subject property is appraised as unimproved, only a Sales Comparison Approach relating to the land as vacant will be undertaken. A Cost Approach or an Income
•Capitalization Approach is not pertinent since the improvements (buildings) are not valued".
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