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10 <br /> <br />2. Matched Pair – White Cross Solar Farm, Chapel Hill, NC <br />A new solar farm was built at 2159 White Cross Road in Chapel Hill, Orange County in 2013. After <br />construction, the owner of the underlying land sold the balance of the tract not encumbered by the solar <br />farm in July 2013 for $265,000 for 47.20 acres, or $5,606 per acre. This land adjoins the solar farm to the <br />south and was clear cut of timber around 10 years ago. I compared this purchase to a nearby transfer of <br />59.09 acres of timber land just south along White Cross Road that sold in November 2010 for $361,000, or <br />$6,109 per acre. After purchase, this land was divided into three mini farm tracts of 12 to 20 acres each. <br />These rates are very similar and the difference in price per acre is attributed to the timber value and not any <br />impact of the solar farm. <br /> <br /> <br />This matched pair again supports the conclusion that adjacency to a solar farm has no impact on adjoining <br />residential/agricultural land. <br />3. Matched Pair – Wagstaff Farm, Roxboro, NC <br />This solar farm is located at the northeast corner of a 594-acre farm with approximately 30 acres of solar <br />farm area. This solar farm was approved and constructed in 2013. <br />After approval, 18.82 acres were sold out of the parent tract to an adjoining owner to the south. This sale <br />was at a similar price to nearby land to the east that sold in the same time from for the same price per acre <br />as shown below. <br /> <br />Type TAX IDOwnerAcresDatePrice$/AcreNotesConf By <br />Adjoins Solar9748336770Haggerty47.20Jul-13$265,000$5,614Clear cut Betty Cross, broker <br />Not Near Solar9747184527Purcell59.09Nov-10$361,000$6,109WoodedDickie Andrews, broker <br />The difference in price is attributed to the trees on the older sale. <br />No impact noted for the adjacency to a solar farm according to the broker. <br />I looked at a number of other nearby land sales without proximity to a solar farm for this matched pair, <br />but this land sale required the least allowance for differences in size, utility and location. <br />Matched Pair Summary <br />Adjoins Solar FarmNearby Solar Farm <br />AverageMedianAverageMedian <br />Sales Price$5,614$5,614$6,109$6,109 <br />Adjustment for Timber$500$500 <br />Adjusted$6,114$6,114$6,109$6,109 <br />Tract Size47.2047.2059.0959.09 <br />Percentage Differences <br />Median Price Per Acre 0% <br />Type TAX IDOwnerAcresPresent UseDate SoldPrice$/AC <br />Adjoins Solar0918-17-11-7960Piedmont18.82Agriculatural8/19/2013$164,000 $8,714 <br />Not Near Solar0918-00-75-9812 et alBlackwell14.88Agriculatural12/27/2013$130,000 $8,739 <br /> 131