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Peter J. <br /> <br />Patchin <br /> & Associates, Inc. <br /> <br />Valuation Consultants <br /> <br />(612) 895-1205 <br /> <br />101 West Burnsville Parkway, Suite 200, Burnsville, Minnesota 55337 FAX (612) 895-1521 <br /> <br />December 31, 1997 <br /> <br />City of Elk River <br />13065 Orono Parkway <br />P.O. Box 490 <br />Elk River, MN 55330 <br /> <br />ATT N: <br /> <br />Mr. Terry Maurer <br /> <br />RE: <br /> <br />Valuation Consulting and <br />Appraisal Services <br />Peter J. Patchin & Associates, Inc. <br />101 W. Bumsville Parkway, Ste. 200 <br />Burnsville, Minnesota 55337 <br /> <br />To whom it may concern: <br /> <br />This letter is intended to be a memorandum of understanding concerning the engagement of <br />Peter J. Patchin & Associates, Inc. for purpose of rendering valuation consultation and/or <br />appraisal reports. It is understood by both parties that the nature of the assignment is as <br />follows: <br /> <br />Type of Property/ <br />Location: <br /> <br />Function of Appraisal/ <br /> Consultation: <br /> <br />Type of Services to be <br /> Provided: <br /> <br />Commercial, Residential and Industrial <br />Lands Located West of Highway #169, <br />Along Highway #10 <br />Elk River, Minnesota <br /> <br />Estimate the market benefit of water and <br />sewer trunks within the proposed project <br />area. <br /> <br />Update our limited appraisal, summary <br />report, dated May 1, 1996 to a current date <br />of value, in compliance with the Uniform <br />Standards of Professional Appraisal Practice <br />(USPAP). <br /> <br /> <br />