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ea~Nr«rc~rrc~N aF r~F se~~~FCr ~ROp~~~ <br />The subject properly is comprised of a 21.52 vacant tract of land located abng the Terry <br />Road corridor of Orange County. The property is described in Deed Book 3912 Page <br />371, and Mat Bodk 98 Page 172 of the Orange Gaunty .Register of Deeds Office. <br />f~~Gt®~1ii~L ~AT`~t ~t~E~~1117°~4Tl~N <br />The subject property is Located in Orange County, N.C, in central North Carolina. <br />orange County is approximately 398 square miles in Land area. Orange ~vunty is part <br />of a metropolitan region known irrternationally as the °Lesearch Triangleu. The <br />immediate Research Triangle area includes Orange, Durham, and 1Nake Counties as <br />well as other #angent counties tha# surround this region. The major cities in the defined <br />MSA are Chapel Hill {Orange County), Durham (Durham County), and Raleigh {Wake <br />County). Three additional counties are included in the defined MSA. The 199$ regional <br />population estimate of the MSA is 1,053,f14. The estimated 1998 population of North <br />Carolina is 7,431,161. Year 2000 population projections indicate an increase to 112,438 <br />for orange County, INC. The N.C Oftice of State Planning reports population projections <br />increase through the year 2020 for Orange County_ Three major Universities are located <br />in this region: The University of North Carolina (Orange), Duke University {Durham}, <br />and North Carolina State University (Raleigh). Ln addition, many business, research, <br />and industrial parks are located throughout this area. The most recognized is the <br />"Research Triangle Park". This park includes numerous Fortune 1 DO companies and the <br />businesses Located there are considered major employers in the MSA. <br />Orange County is the least developed in. the primary three county area. The extension <br />of 1-40 and the upgrading of other primary roads and highways have made Orange <br />County more accessible to the primary employers located in other areas of the MSA. <br />Construction trends in the Orange County area, both the residential and commercial <br />sec#ors, have been very strong over the past s®veral years, up to approximately 1 year <br />ago when the well publicized credit crises occurred. The area is stable in my opinion <br />and stable ecvrtamic trends are expected to corrtinue, assuming stable interest rates <br />and low inflation. <br />Orange County includes two major cities, Hillsborough and Chapel Hill. Nillsborvugh is <br />the county seat and wilt be discussed in the neighborhood section of this appraisal <br />report. The town of Chapel Hill Includes the University of North Carolina and UNC <br />Hospitals. These facilities are the Largest employers in Qrange County. Hillsborough is <br />within the sphere of influence of Chapel Hiil. The cost of living in <br />~$ <br />7 <br />