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Approved 3113117 <br />1 Laura Goode: So earlier you testified that you retained by Towercom to do a real estate analysis <br />2 of the impact of the cell tower on adjacent properties. Did you prepare a report for that? <br />3 <br />4 David Smith: I did. <br />5 <br />6 Laura Goode: Is Exhibit 32 of the application, as well as supplemental item G, are those your <br />7 report in your supplemental reports? <br />8 <br />9 David Smith: I asssume so. Yes, that looks like my report. <br />10 <br />11 Laura Goode: What is the difference between those two reports? <br />12 <br />13 David Smith: One does an analysis of just a subdivision in Wake County and the other includes <br />14 two announces that I did in Orange County. <br />15 <br />16 Laura Goode: And did you come to an opinion based on the analysis that you did in a report that <br />17 you prepared about what any impact the proposed tower will have to contiguous property values? <br />18 <br />19 David Smith: I didn't think it'd have any adverse impact on property values of the adjacent parcels. <br />20 <br />21 Laura Goode: So let's talk about the basis of that opinion. What were the methods you used in <br />22 preparing these reports? <br />23 <br />24 David Smith: I did a match pair analysis, and in that you find one property that has been adjacent <br />25 to a tower and you compare it to one that's away from a tower. Inaudible Sunrise Road, just <br />26 North of Chapel Hill, and I compared with a property on Kelly Court to the West of Chapel Hill and <br />27 there were some in those respects and I adjusted many differences and then got a per square foot <br />28 value and they were comparable. So I didn't see any impact from the one that had the tower and <br />29 the one that didn't. <br />30 <br />31 Laura Goode: When you say a match pair analysis, is that an accepted method for evaluating the <br />32 impact to property values or proposed use? <br />33 <br />34 David Smith: That is the accepted practice by the appraisel institute. <br />35 <br />36 Laura Goode: Ok. Were there any other methods that you used in your report? <br />37 <br />38 David Smith: I also looked at two subdivisions. One was in Lake Hogan Farms in Carrboro and it <br />39 was a large tower next to that, it was a lattice tower that had a light on it and it was clearly visible <br />OC Board of Adjustment — 12/12/16 Page 13 of 156 <br />