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6 <br /> REPZACEMENT COST ANAZYSIS <br /> The cost approach to value adds the depreciated reproduction <br /> cost of the improvements to the value o� the vacant land, <br /> this approach is based on the proposition that an informed <br /> purchaser should pay no more than the cost of producin� a <br /> substitute property with like utility and with no undue <br /> costly delays. <br /> This approach is best when land value is well supported, <br /> improvements are new, well conceived, well built and the <br /> � highest and best use of the property. The cost estimate <br /> that is used in this approach is from several cost manuals <br /> and local construction cost estimates. <br /> Considering there are no improvement on the subject <br /> propert3r, the replacement cost approach will not be used. <br />