The City of Waltham wants to obtain the value of its 99 year old Historic City Hall property. Your firm has been engaged to provide an estimate of value. You will use the Cost Approach to determine value. You will be required to estimate reproduction or replacement cost new (specify which is appropriate and why) and proceed through the steps of the Cost Approach to complete the task: Cost Estimates (000 omitted): Cost of new construction: $153,000; Since the last renovation 30 years ago, physical deterioration: $22,000; functional obsolescence: $6,000; external obsolescence: $2,000; four (4) comparable land values have been identified for the valuation estimate: $49,000; $35,000; $40,000; $52,000.