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Peter J. <br />Patchin <br />Associates, Inc. <br />• valuation Consultants (612) 895-1205 <br />101 West Burnsville Parkway, Suite 200, Burnsville, Minnesota 55337 FAX (612) 895-1521 <br />October 25, 1995 <br />City of Elk River <br />13065 Orono Parkway <br />P.O. Box 490 <br />Elk River, MN 55330 <br />ATTN: Mr. Patrick D. Klaers <br />RE: Limited Appraisal, Restricted Report <br />Water And Sewer Trunk Assessment <br />Elk River, Minnesota <br />• Dear Mr. Klaers: <br />We have completed our analysis regarding the market benefit of water and sewer trunks to <br />lands located within the study area in Elk River. The study area is located along and near U.S. <br />Highway #10 in the southeastern portion of Elk River. <br />The analysis of this report is limited in both the scope of data researched. and the depth of <br />analysis. An analysis of far greater depth would have to be performed before a full appraisal <br />can be rendered. As this is a limited appraisal, we have invoked the Departure Provision of <br />USPAP. This departure is as follows: <br />• The scope of research and depth of analysis are not <br />sufficient to be considered a full appraisal. <br />This limited appraisal. is reported in a restricted format. As such, only brief summaries of the <br />data, analysis and conclusions will be presented herein. Additional information regarding our <br />analysis will be retained in our files. <br />We have not appraised any individual property within the study area. Rather, we have <br />analyzed various sales of vacant land parcels, which are useful in isolating-the market benefit <br />and said trunk lines. Our estimates of market benefit pertain to the .average benefit which <br />may be realized on a per acre basis within the study area. <br />Based upon. the attached data and analysis, we estimate the market benefit of the water and <br />sewer trunks, as of October 18, 1995, to be approximately $5,300 to $6,000 per acre. <br />CJ <br />