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MR. BALSIS: Comments. Go ahead. <br /> <br />MS. SCHOEN: Nancy, did you want to say something, because you looked like you were-- <br /> <br />MS. CRAWFORD: I wanted to just say one thing, which is because we were talking <br />about, on this sheet, and because you mentioned checks and balances--I just wanted to <br />make clear that this doesn’t represent checks and balances. This represents other data, <br />information, input that goes to the ultimate evaluation of the property. Just so that’s – <br /> <br />MR. HENRICKS: Speak more on that. That might be what I’m looking for, and the fact <br />that there are other inputs that may take it out of the direct concept— <br /> <br />MS. CRAWFORD: --Right, and that was—we weren’t trying to show checks and balances <br />here or our checking method. It would be better perhaps if Lisa wants to address this, <br />only because it’s more technical in nature, but the depreciation tables – <br /> <br />MR. HENRICKS: If there’s more information coming in from other sources on an equal <br />level, then her actions may not be directly affecting. <br /> <br />MR. ADAMS: But I don’t think that’s the case. I think if you did a sensitivity analysis of <br />the inputs that you’re talking about here, clearly the land value analysis provides—is the <br />most sensitive. The depreciation analysis is going to be across the board. Your cost <br />research, your cost tables, is going to be across the board. The thing that is different, <br />that is going to cause the difference, is largely going to be the land value analysis. <br /> <br />MS. NAHOOPII: Well, it depends probably where the land value is, because if you’re in a <br />certain part of the island and your property is worth $10,000, your dwelling is going to <br />be way more of the influence. And the dwelling wasn’t up for question. So when it <br />comes to this, there is the cost approach. The cost approach is a very large part and— <br /> <br />MR. ADAMS: But does that change, without getting too crazy here, as we take a look at <br />these inputs--is it your position that changes in these inputs will have different impacts <br />on different properties within the neighborhoods? <br /> <br />MS. NAHOOPII: The changes in these inputs, they will. <br /> <br />MR. ADAMS: So in addition to the—okay, so then we have an individual, we have a <br />person that’s providing the land value analysis. That’s the appraiser. Is that correct? <br />And then you have the information from the sales file? <br /> <br />MS. NAHOOPII: Correct. <br /> <br />MR. ADAMS: And then the depreciation and the cost tables. Are there any other inputs? <br /> <br />22 <br /> <br />