Land Sale No. 2 - 1/22/98 Sale - Page 14, "There have been no offers on the property during the 9 months of this listing."  ... the data indicates a decline in value of approximately 40% since 1998.  The listing broker for this property indicated he believed a decline in the 30% - 40% range was not unreasonable due to the impact of Fred Meyer on the retail community."  Page 35, "The listing broker indicated there have been no offers on the property over the nine-month listing period."  Page 38, "Overall, this sale is not applicable to the valuation of the subject property, but is important as an indicator of the loss in value over time."

Land Sale No. 4 - 7/13/99 Sale - Page 19, "The property was originally acquired for development of a real estate office, but development plans have been delayed."

Land Sale No. 5 - 9/8/99 Sale - Page 21, "The listing broker ... indicated there have been no offers for the pad site."

Land Listing No. 7 - Page 26, "The owner and broker indicated there have been no offers for the property during the two-three year listing period." Page 36, "The broker indicated there have been no offers for the property."

Land Listing No. 8 - Page 28, "The sites were developed after the announcement of the adjacent Fred Meyer acquisition.  There have been no sales of the properties since the initial listing in 1999."  Page 36, "The listing broker indicated there have been no sales of the properties during the 2-1/2 year marketing period.  Discussions with the broker of the Westwood Development pad site on the south side of Fred Meyer indicated it is very uncommon for pad sites to remain on the market for this length of time, as they are usually acquired for service station or fast food restaurant sites within a very short time frame, taking advantage of the customer base and traffic generated by Fred Meyer.  The broker indicated the current economic uncertainty and the lack of additional demand for the typical uses are the probable causes for the lengthy marketing time."

Land Listing No. 9 - Page 30, "The listing broker indicated the site has been listed several times over the last two-three years, with no activity during the three months of the current listing."  Page 37, "The property has been on and off the market several times over the last two or three years.  The broker indicated market activity has been very slow over the last two or three years for vacant commercial land."

Land Listing No. 10 - Page 32, "The listing broker indicating strong interest in the property at the current listing price, although the property has been listed for approximately three years at a slightly higher price.  There have been no written offers for the property."  Page 37, "The site had been listed for approximately three years at $350,000 according to the current listing agent."

General comments:

"First, sales activity has been very slow since approximately 1998. Discussions with local brokers indicated the market for commercial land deteriorated at about the same time as the development of the Fred Meyer Store.  The majority of local retailers cannot compete with Fred Meyer in terms of price, and there has been very little expansion of the retail sector since 1998-1999."  "The majority of these sites have been available for several years, with declining asking prices and no offers or activity.  Limited sales activity coupled with abundant listings typically results in a market with continued inactivity or declining prices/values."

Data in the following table was taken from a table provided in the appraisal report.  All properties mentioned are currently zoned Highway-Commercial.

Land Sale/Listing #	Sale/Survey Date	Price  per Square Foot
Land Sale No. 1	10/16/97	$ 2.72
Land Sale No. 2	01/22/98	$ 10.88
Land Sale No. 3	01/07/99	$ 3.17
Land Sale No. 4	07/13/99	$ 6.61
Land Sale No. 5	09/08/99	$ 4.59
Land Sale No. 6	08/20/01	$ 6.63
Land Listing No. 7	12/12/01	$ 6.40
Land Listing No. 8	12/12/01	$10.47
Land Listing No. 9	12/12/01	$ 6.38
Land Listing No. 10	12/20/01	$ 2.25

Source:  January 16, 2002 Appraisal conducted by Duncan & Brown, Inc., Real Estate Analysts, for City of Florence "taking" of property for Oak Street Improvement Project.