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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 />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 />Arthur & Bernice Korthals <br />17379 Tyler Street Northwest <br />Elk River, Minnesota <br /> <br />Dear Mr. Klaers: <br /> <br />At your request, we }~ave 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 a rural residential site improved with a single family residence and <br />outbuildings. Since the improvements have not been damaged by the taking, they have been <br />excluded form 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 11, 1998, as follows: <br /> <br />Market Value Before The Taking <br /> (Land Only) <br />Market Value After The Taking <br /> (Land Only) <br />Total Just Compensation Due <br /> Land Owner <br /> <br />$37,000 <br />$36,000 <br />$ 1,000 <br /> <br /> <br />