Appraisal of 11.25 acres - vacant land - 1055 wildhurst trail

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BETTENDORF ROHRER KNOCHE WALL,INC. ' Highest And Best Use - Continued The subject property is comprised of eight vacant, platted lots in Tonkaview Gardens. Lot sizes range from 42,900 SF (Lot 61 and 61) to 82,765 SF (Lot 92). The lots are zoned LR-1B, One Family Residential Lakeshore District, which requires a minimum lot size of one acre. Lots 91-94 were reviewed as to whether an additional lot could be gained by replatting. It was concluded that an additional lot which both conforms to minimum lot size and width is not possible. Lots 58, 60 and 61 are less than the required 140' width. However, the width of existing platted lots need only meet an 80% requirement. Therefore, each lot conforms to the minimum lot size on this basis. Only city sanitary sewer is available to the subject property. A large portion of the City of Orono is not served by city water or formal storm sewer, and the city has no plans to extend service to the subject area. Private wells will be required if the subject land is developed with residential use.There is natural drainage of surface water to the south and east by way of a deep ravine. Sanitary sewer can be extended from Tonkaview Lane along the Garden Lane right-of-way to the subject property but this reflects a distance of about 700'. If sewer is extended along ' Garden Lane to the subject land, some existing houses along Tonkaview Lane would have to be reconnected to new lines. Sanitary sewer lift station #17 would have to be upgraded to serve the subject property, if developed. Sanitary sewer is currently available to Lot 58 along ' Wildhurst Trail. ' With the exception of Lot 58, the lots currently do not have road access. The right-of-way for Garden Lane is platted and dedicated, but unimproved. It is assumed that Garden Lane can be improved to provide access. The costs for extension of Garden Lane and utilities from Tonkaview Lane to the subject property are an additional cost necessary to proceed with development. Ultimately, it would be most beneficial to share these costs with abutting and benefiting property owners. However, in reality, an owner of the subject property has little leverage to exert to motivate these property owners. An investor is highly likely to consider these excess development costs to arrive at a purchase price. Therefore, these costs have been taken into consideration in this valuation. I 1 32