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<br /> I looked at all these properties adjoining it, based on number of parcels, as well as total by
<br /> acreage. If you look at it just by total acreage, a large farm next to it could distort numbers, but
<br /> if you look at it just by parcels —so you have to look at both. This subject property is very
<br /> similar to this. There's a little bit of highway commercial along 70. Other than that it's primarily
<br /> residential, with a little agricultural next to it. So it's very consistent with what I've seen across
<br /> the state. I've looked at this breakdown whether it was the coastal plains or the piedmont,
<br /> mountains; I get the same breakdown. If I look at it by different counties, I still get that same
<br /> breakdown. It's very consistent across the state. So this is a very similar location where solar
<br /> farms across North Carolina are being located.
<br /> The other thing I've been doing while I've been quantifying these adjoining uses is looking for
<br /> sales of land next to solar farms, or sales of homes next to solar farms. That's the start of doing
<br /> what's called a paired sale, or match pair analysis. And it's really a straightforward idea. You
<br /> look at something that sold next to the solar farm, and compare it something that's identical, as
<br /> much as possible, in every way, but not next to a solar farm, to measure for the impact.
<br /> There's really a textbook example of this on page 6, there's a solar farm that was developed
<br /> next to a sub division that was going in in Goldsboro. Homes were under construction, and
<br /> being sold, before the solar farm was announced. So there was no anticipation of a solar farm.
<br /> Then after the solar farm was announced and built, homes continued to be built. So there is a
<br /> breakdown continuing on the following pages, through pages 7 and 8, showing homes sales in
<br /> that area, before and after the solar farm was announced, and also showing homes that
<br /> happened adjoining the solar farm, and those that were down the street, not adjoining the solar
<br /> farm. Same size, same style home, selling for the same price per square foot, regardless of it
<br /> was before or after the solar farm, or whether it adjoins the solar farm, or is down the street.
<br /> There are identical homes, actually the exact same floor plan, selling for the same price,
<br /> regardless—again —whether it was before or after, adjacent or down the street. I talked to the
<br /> builder-developer team who were dealing with this. They indicated that the solar farm presence
<br /> had no impact on how quickly they sold out. So it had no impact on timing of sales. There has
<br /> been a resale of one of those homes that the builder sold to an end user. Sold it in 2013, it
<br /> resold again in 2015. It showed appreciation consistent with what you'd expect in the area, so
<br /> it's had no impact on appreciation on homes sales in that area either. So there's a multitude of
<br /> match pairs that can be looked at it that one development.
<br /> On the following pages after that, I've got a couple other match pair analysis from some other
<br /> subdivisions, and some agricultural land that I've looked at. They again show no impact on
<br /> those sales. So it is my professional opinion that the proposed solar farm — it is going to be
<br /> located in a place very similar to this— and the match pairs show no impact on value. I
<br /> therefore conclude there is no impact on value on the adjoining properties at this location, here
<br /> in Mebane. And again, that's consistent with the fact that this is where solar farms are located
<br /> in North Carolina, and it's also consistent with my experience looking at other impacts. Again, I
<br /> do a lot of impact analyses— not just for solar farms — and when you find an impact, there tends
<br /> to be sort of categories where things kind of happen. If you can measure an impact, the biggest
<br /> impacts come from anything that's dealing with hazardous materials. You know, if there's any
<br /> concerns over ground water, or anything like that—that's always going to be a big impact. And
<br /> there are no concerns like that with solar farms.
<br /> Next, is the odor. I actually appraise poultry farms, and things of that nature. I've done impact
<br /> analysis on those as well as looking at solid waste facilities, and wastewater treatment plants.
<br /> And there are measurable impacts. Those tend to be the next highest category of impact on
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