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”“How so?”“Well, it would be impractical to think that a company like Midco would build a brand new site in Appleton. It wouldn’t make sense with so many vacant sites available. They’re only interested in this site because they can renovate it at low cost and move in fast.The Comparable Sales test is really moot because nothing in this part of the state has sold in the last five years that is anything comparable to the Annex site. That leaves the Present Value Analysis as the most reasonable choice.”“Then how did they come up with the lease payment estimates?” Cal asked.“They got some comparable data for lease costs per square foot in similar sites and made an adjustment for Appleton factors. They also deducted Midco’s assumed cost of renovating the site from the present value. There you have it.”“It seems so pat, George,” Cal protested. “What do you think?”“In my view, it’s a sound analysis. It’s unfortunate for Appleton, but I can’t see a fault in the logic. If you worked for Midco,. Their visit to PAKAM had been on Thursday afternoon. On Friday they’d driven around Kununurra for about an hour. Finding that the “planned” parts were (unfortunately) exactly as described. Mirima Village was a bit less formal, but it, too, had been planned by the government.“Withers was dead right on this,” Tessa remarked.“Hunh?”“One of his early chapters is called ‘Bureaucracy or Common Sense?’ And it’s about the three different bodies responsible for Kununurra. We need to discuss what to do next.”“I want to drive out to see one or two of the bigger farms.”“OK. But that’s not what I meant.”“I realize that. But I want a better view of the larger area.“Very well. I can see where the agricultural areas are marked along the watercourse downstream on the Ord and between here and Lake Argyle.”“I’m curious. Let’s take all day tomorrow.”“Fine.”The Durack family made the first attempts at tropical agriculture on the Ord River in 1941 with an experimental farm. ‘The Frank Wise Institute of.
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