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   I              V.  APPRAISAL.CONCLUSIONS AND LIMITING CONDITIONS 
               An appropriate benchmark f or the listing and negotiation
of 
          the subjectI property can be derived from Ratcliff's "most
          probable selling price" definition of value: 
               The most probable selling price is that selling 
   I           price which is most likely to emerge from a, 
               transaction involving the subject property if it. 
               were exposed for sale in the current market for a 
               reasonable time at terms of sale which are currently 
               predominant for properties of the subject type., 
          To comply with this definition, I have determined that the 
 Ipredominant sales in the Capitol Concourse area to have been cash 
          to the seller. On this basis, the conclusion is that the most 
          probable price is $875,000 as a cash sale, approximately $55,000
          higher than the central. tendency. Implicit in'this price are 
          terms of IRB financing at 10%, amortized. over a. 25 year period.
          This tax-exempt vehicle and increased speculation over future,
          developments around the Square,,is the basis for a $55,000 
 I        difference in between the most probable selling price and fair
          market v alue price. 
               Assuming a cash sale and the terms mentioned,, I 
               therefore conclude that the most probable price 
               of the subject property at 1 East:Main Street,, known 
               as the J.C. Penny's Building, is $675r,000 with an 
   3upper limit of $725,,000 and a lower limit of 520,,000. 
 UB.          Certification of Independent Appraisal JudgMent 
       >... :  ... '  ..I. hereby ... ce t f   that..have no in eres ,
pre en  or::/ii j~ 
I ii                              .. . . . . .. :        . . .. .i      
 i: i : ,, 
       contemplated,,... ..  in.   . .. .theiiii~ property and the neither
the employment to 
   ..value.. oftepoet. IA CertLUIfyS that LIMIhave perONallyON 
I  ..     cond i tiVe.....                        .  . ons.s o ... .....
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