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432 Michael Harvey: I just want to clarify for the transcriptionist that the previous speaker was Bill Munsee, who 433 had spoken previously and was duly sworn. 434 435 Chairwoman Cabe: Thank you. 436 437 Johnny Wehmann: I am a local real estate broker here to offer an opinion of the effect of value on adjacent 438 land. I've been a licensed real estate broker since 2005. The majority of my transactions do deal in land. 439 I'm from Chapel Hill and I grew up here and I'm enjoying my business here in the area. When we look at 440 the American Legion's current site and look and see its immediate adjacent neighbors include four very 441 dense residential subdivisions and a senior care home. And they have a baseball diamond at their current 442 location. I think they've worked in good harmony with the neighbors around them. And they were there 443 before a lot of that residential came and moved in around them. I think it's a testament to how they have 444 operated in the past and a testament to the property values surrounding it. The fact that the Town of 445 Chapel Hill is now going to purchase their 32 acres for over $7 million is a testament to how they have 446 cared for that portion of the property and the surrounding land. In terms of the site on 54, when you look at 447 being in harmony with the area and you look at that strip on 54, you are not without other types of event 448 facilities. You've got Carrboro Community Park, Rock Quarry Farm, Barn at Valhalla, Rigmor House, 449 Snipes Farm Retreat and it would be my professional opinion that these types of event centers and whatnot 450 have not had a negative effect on surrounding property values but have perhaps enhanced the value of 451 properties along that corridor. I would be remiss not to mention alternative uses for that property such as 452 you are familiar with the agro- tourism type of use. I think the neighbors would see a lot more benefit from 453 this use than from some of the alternatives. I think it's worth mentioning that this is just the front part of the 454 property and on the back half of the property, they do intend to maintain the farming element. It will 455 maintain a lot of the current use. At about $7,900 per acre for our contract price, I do think it's a premium 456 and it's going to be a benefit to adjacent and nearby landowners who go to sell their tracks of 50 and 200 457 acres. It will be a very valuable comp for them to have as a resource. We did compete for the property. 458 There was another bidder at the time that we went under contract. We did outbid them. So again, we feel 459 that there is a premium being paid on the property which will be valuable to adjacent land owners. Since 460 the Barn at Valhalla, since the Manships purchased that in 2014, according to the Triangle MLS, within two - 461 mile radius, the residential properties have seen an increase per square foot of 29 percent since 2014. And 462 within a five -mile radius, there's been an increase of about 17 percent in price per square foot. So, I think 463 that's what I have for you guys. I'm happy to answer any questions. 464 465 Neese - Brown: In your capacity as a real estate broker, do you give opinions as to the value of property? 466 467 Johnny Wehmann: I do. That is a regular part of my job, for whether it be lenders, appraisers, landowners 468 who need opinions about value. Unfortunately, not every piece of business do I get, so I'm out in the field a 469 lot giving my opinion. 470 471 Neese Brown: I would ask that the board receive Mr. Wehmann as a person who is qualified to testify on 472 whether the intended use of the property would enhance the value of the property. 473 474 Chairwoman Cabe: Do I have a motion to accept Mr. Wehmann as an expert qualified to testify on the 475 enhancement or detriment to the value of contiguous property as well as whether the proposed uses are in 476 harmony with the area where it is to be locate? 477 18