Land value = $6,480,000. The land value does not reflect all of the money we have spent on site work - the appraisal states we have spent $1,390,000 which was the number in our second to last pay application from the contractor, while the last pay application that was submitted to the appraiser showed that we have spent $1,625,000. It also does not reflect the $1,000,000 we have spent on architectural and engineering plans for the infrastructure and Phase I buildings – which are currently, approved by the Town of Marana, and ready to pull permits. The value would be higher to a buyer purchasing our site for the same  purpose. Value at completion of construction  or as a pure Landlord = $43,500,000.