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12 <br /> Data Collection/Research Assistant: This would be a new hire position under careful supervision by our <br /> experienced staff. We typically have a researcher working at the firm and they would only assist with <br /> Phase I. <br /> Technical Approach <br /> The following documents the scope of work: <br /> Phase I.A. <br /> • Investigation of commercial land sales in Orange County and surrounding areas. Sales will range <br /> in size from small acreage to large acreage tracts. Land sales will be located using public records, <br /> Triangle Multiple Listing Service (TMLS), CoStar, Loopnet, lending institution's databases,realtor's <br /> files, appraiser's files and Analytical's own in-house data sources. It is worth noting that Analytical <br /> Consultants has a significant existing database of verified land sales. Verification of land sales <br /> will be made wherever possible with a buyer, seller or broker or realtor directly involved in the <br /> transaction. Lawyers, lending institutions and public records are considered secondary data <br /> sources and in some cases these sales may be disregarded. �Sales will be sorted by property <br /> type. <br /> Phase I.B. <br /> • Investigation of commercial property rental rates, occupancy rates, expenses (on a per unit, per <br /> square foot or expense ratio basis as appropriate) and capitalization rates in Orange County, the <br /> surrounding areas, a regional basis or a national basis as applicable. Income information will come <br /> from national surveys, local surveys, surveys made by Analytical for this assignment, Analytical's <br /> in-house files, CoStar and other sources. It is worth noting that Analytical Consultants has <br /> performed over 1,700 commercial appraisals in Orange, Durham and Wake County since January <br /> 2008 and our files are a very good source of verified local, relevant income and expense data for <br /> this assignment. Some property specific income and expense data from our files will need to <br /> remain confidential in regards as to the exact property providing the information. <br /> • There may be specific property types such as hotels and convenience stores where we will <br /> purchase proprietary information /expertise from other vendors to populate the income modules. <br /> Although some relatively inexpensive survey information is available, pointed actual information on <br /> expenses of hotel and convenience stores in the local market is not widely available. Our fee is <br /> inclusive of the cost of resources (surveys, data purchasing, outside consulting, etc.) needed to <br /> complete the assignment, which in some cases will include payments to experts in the valuation of <br /> certain properties. <br /> • Income information will be sorted by property type with each property type being assigned a low, <br /> medium and high range (ie Class A, B and C). Some property types will include limited information <br /> on subcategories such as medical office as a subcategory of general office space. Retail will <br /> include limited data on restaurants, drug stores and convenience stores. <br /> Phase II <br /> • Application of Data (provided by Analytical Consultants). Analytical Consultants will generate 2025 <br /> preliminary revaluation assessed commercial property value recommendations. Please note that <br /> we are not well versed in applying that assistance to mass valuation using mass valuation software <br /> but will help the County by consulting on different ways to input the data to produce appropriate <br /> results from the County's software. We fully understand that the County will decide final assessed <br /> values and that our recommendations may not be used. <br />