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APPROVED 5/10/2010 OC Board of Adjustment – 3/8/2010 Page 48 of 86 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 that is exactly how it is worded. Then we are suppose also believe that you did the best you could. That this was the best and yet your testimony was there is another kennel exactly situated like this in a rural buffer zone and you did use it. Vic Knight: There is no sales information. Rob Maitland: Exactly. You can’t measure it. It is the same reason why we contacted 10 appraisal companies to do it and we couldn’t get an impact study because no one said it could be done no matter how much money we offered. But you came up with one and it is based on this thing here, all these homes built even before, this thing was 30 years ago. I mean, when they built it, it was already factored into the impact and this one here you took all the homes that sold before this impact. There is only seven of 35 that sold after and every one of the seven, for the record so I can clarify it on this exhibit, I have marked them in there, unfortunately on your abstract I don’t have the numbers so we will have to go through them but on your abstract starting on page 74….. Michael Harvey: I am sorry, Mr. Maitland, the sales data you are referencing begins on page 80. Page 74 is a description of subject sites. Rob Maitland: I am looking at what is marked page 10. Jeffrey Schmitt: What are you going to do now? Rob Maitland: I want to go through and give you the seven homes that are on this list that are also on the map that I handed you. Michael Harvey: Mr. Maitland, that begins on page 80 of the abstract. Rob Maitland: The first three homes, none of them were sold after the day that Wal-Mart and Home Depot, and for the record, I have that. Wal-Mart opened in 2004 and Home Depot opened in late 2005. On page 81, the first three homes, none of them sold, all of them sold in 1997, 1998 or 1999. The first home that has any relevance here is 1100 Joseph Johnston Court and you can see that on your map, marked as number seven right at the end of the cul-de-sac. That one was sold in 1999 for $115,000 and then it was sold again in 2006 which would be after Wal-Mart and Home Depot opened. The thing about that is the appreciation rate on that property according to Mr. Knight’s own testimony was 6.6% up through 1999 on an annualized basis so we can talk apples to apples. And afterwards, it was 4.1%. That is an 18% drop in the annual appreciation. Now I don’t know if that all has to do with Wal-Mart or Home Depot or if the whole county because we don’t have that but his own numbers show that the appreciation rate was less after Wal-Mart and Home Depot than it was before. The next home, number eight is a problem. Number eight is the same house as number 10 on this report, it was just a mistake. You can see that because even though the addresses are different, you can see the lot numbers are 4.45L..6 and then 1152 Joseph Johnston Court is also 4.45L..6 and you can tell because the numbers are the same so I don’t know how we are supposed to interpret that except the one that says 1152, the last mark he had there was 1998 for $100,000 and you can see that is the same sale price listed for 1102 Joseph Johnston Court. I think that is just an error. Number nine which is 1103 Joseph Johnston Court that was sold in 1999. Same with the last two on Walter Clark Drive, those were all sold in 1997 and 1998 so they have no bearing. The next home that was sold after the impact was 1007 Walter Clark Drive which is at the top of page 82. You can see it was sold in 2004; well it might be after the Wal-Mart and before the Home Depot. Again, that home was appreciating at 4.14% up through 1998 and then only 3.19% in 2004 so again a negative impact. The rest of that page was also sold before the impact. The next one that matter is on the top of page 83 which would be 1107 John Breckinridge Drive and I labeled that number 23 on your map. Again, that house was appreciating at an annual rate of 5.3%. This one is interesting between 2000 and 2005; it only appreciated 1.24% on an annualized rate. That is a 76% downward impact. Again, how can you measure the impact of the Home Depot and the Wal-Mart unless you measure the houses after they have been sold? Keep going to the last one on the bottom of that page, 2408 wade Hampton Drive. Once again, you can see it clicking right along with a very high rate of appreciation up through 1999 and then from 1999 until 2005, it drops almost in half in appreciate rate. If you annualize it, the annualized appreciation was 8.8% going through 1999 and then after that it was 3.6% after the opening of Wal-Mart and Home Depot. The next one on the top of page 84, 2410 Wade Hampton Drive which I marked number 30 and again, I point out for the record that all these homes are about as far away from the Home Depot and the Wal-Mart as they can be in the subdivision. Again, this house went up only 0.9% from 2001 to 2006 which would be exactly the impact time we are talking about. Before that it was going up