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-4- Sub-finding 5 There is no proximate non-contracted land which is both available and suitable for the use to which it is proposed the contracted land be put, or development of the contracted land would provide more contiguous patterns of urban development than development of proximate non-contracted land. This Sub-finding can be made because there is no non-contracted land in the vicinity that contains a suitable existing residence that is for sale. There must be an existing residence for a bed and breakfast inn to be approved. The existing residence is a 9,998 square foot estate with at least five bedrooms that overlooks the Mokelumne River. It is also adjacent to a winery that has been approved for up to twenty-four(24) marketing events per year. CANCELLATION VALUE AND CANCELLATION FEES The County Assessor is responsible for computing a cancellation fee for the subject property based on 12 1/2 percent of the current market value. Prior to giving tentative approval to the cancellation of any contract, the Board must certify to the County Auditor the amount of the cancellation. The fee calculation by the County Assessor is provided below: As is Current Market Value $1,575,250.00 12.5% Cancellation Rate X. .125 Cancellation Fee $ 196,906.00 The fee calculation is valid until January 19, 2011. CONDITIONS AND CONTINEGENCIES Before the Board can execute a (final) Certificate of Cancellation, the landowner must satisfy the following conditions and contingencies: 1. Payment in full amount of the cancellation fee. Unless the fee is paid within the time period specified by the County Assessor, said fee shall be computed as of the date of the notice from the landowner that all other conditions and contingencies have been satisfied. A legal ad for the public hearing was published in the Stockton Record March 19, 2010. Public hearing notices were mailed on March 17, 2010.