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Peter J. <br />Patchin <br /> & Associates, Inc. <br /> <br /> Valuation Consultants (612) 895-1205 <br /> <br />101 West Burnsville Parkway, Suite 200, Burnsville, Minnesota 55337. FAX (612) 895-1521 <br /> <br />April 10, 1998 <br /> <br />City of Elk River <br />13065 Orono Parkway <br />P.O. Box 490 <br />Elk River, MN 55330 <br /> <br />ATTN: Mr. Patrick Klaers <br /> <br />RE: <br /> <br />Complete Appraisal, Self-Contained <br />Report <br />Before And After Values <br />James Barrett Property <br />10768 - 173rd Avenue <br />Elk River, Minnesota <br /> <br />Dear Mr. Klaers: <br /> <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 /> <br />The subject consists of an unserved industrial site improved with a single family residence. <br />Since the improvements have not been damaged by the taking and are not consistent with <br />the highest and best use of the site, they have been excluded from this appraisal. <br /> <br />The attached self-contained report presents the findings, analysis and conclusions of the <br />appraisal and fully identifies the property. <br /> <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 />Direct Taking (Change in <br /> Land Value) <br />Severance Damages to <br />Existing Improvements <br />Total Just Compensation Due <br /> Land Owner <br /> <br />$63,500 <br />$60,500 <br /> <br />$ 3,000 <br />$ 3,000 <br />$ 6,O00 <br /> <br /> <br />