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Peter J. <br />Patchin <br /> & Associates, Inc. <br /> Valuation Consultants (612) 895-1205 <br /> <br /> 101 West Burnsville Parkway, Suite 200, Burnsville, Minnesota 55337. FAX (612) 895-1521 <br /> <br />March 23, 1998 <br /> <br />City of Elk River <br />13065 Orono Parkway <br />P.O. Box 490 <br />Elk River, MN 55330 <br /> <br />ATTN: <br /> <br />Mr. Patrick Klaers <br /> <br />RE: <br /> <br />Complete Appraisal, Self-Contained <br />Report <br />Before And After Values <br />78.71 Acre of Vacant Land in the <br />NW 1/4 of the NW 1/4 of Section 11 <br />Elk River, Minnesota <br /> <br />Dear Mr. Klaers: <br />At your request, we have made a complete appraisal of the above captioned property for the <br />purpose of estimating its fair market value both before and after a partial taking for new right- <br />of-way. The function of this appraisal is to provide valuation guidance to the City of Elk <br />River in the acquisition and/or condemnation proceedings involving the subject property. <br />The attached self-contained report presents the findings, analysis and conclusions of the <br />appraisal and fully identifies the property. <br />Based upon the inspection of the property and after careful consideration of the many factors <br />influencing market value, it is our opinion that the subject property has a market value, as of <br />February 20, 1998, as follows: <br /> <br />Land Value Before The Taking <br />Land Value After The Taking <br />Total Just Compensation Due The <br /> Land Owner <br /> <br />$470,000 <br />$432,000 <br /> <br />$ 38,000 <br /> <br /> <br />