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WHITE DOVE APPRAISALS , LAND APPRAISAL REPORT File No.01428 Census Tract 0305 LENDER DISCRETIONARY USE Property Address XXXX Monroe Street Sale Price $ City Elk River County Sherburne State MN Zip Code 55330 Date Legal Description See Attached Map Reference 20, 1A Mortgage Amount $ Owi upant John&Rose Hansen Sal $ Date of Sale Property Rights Appraised Mortgage Type ❑ Fee Simple Discount Points and Other Concessions Loan charges/concessions to be paid by seller$ ❑ Leashold Paid by Seller $ R.E.Taxes$ 143.49 Tax Year 2001 HOA$/Mo. -- ❑ Condominium(HUDNA) Lender/Client City of Elk River n PUD Source LOCATION Orono Parkway, Elk River, MN 55330 U Suburban (X, Rural Urban NEIGHBORHOOD ANALYSIS rood Avg. Far Poor BUILT 0 Over 75% © 25-75% ❑ Under 25% Employment Stability ❑ © ❑ ❑ GROWTH TP ❑ Slow Convenience to Employment ❑ © n n GROVYfH RATE ❑ Rapid ❑X Stable X Increasing ❑ Stable ❑ Declining Convenience to Shopping n © ❑ ❑ DEMAND/SUPPLY VALUES ❑ g ❑ Over Supply Convenience to Schools DEMANDI8UPPLY ❑ Shortage r❑X11 In Balance po ❑ © ❑ ❑ MARKETING TIME n Under 3 Mos. rte) 3-6 Mos. n Over 6 Mos. Adequacy of Public Transportation ❑ © CI ❑ PRESENT LAND USE% LAND USE CHANGE PREDOMINANT SNGLEFAMLYHOUSNG Recreation Facilities ❑ © ❑ ❑ Single Family 35%Not Likely © OCCUPANCY PRICE AGE Adequacy of Facilities ❑ O ❑ ❑ Likely ❑ Owner © $(000) (yrs) Property Compatibility ? Multi-Family Family ly 100 Low New Protection from Detrimental Cond. O X ❑ ❑ ; Multi-Fam In process ❑ Tenant Cl Commercial To: Vacant(0-5%) © 400 High 50+ Police&Fire Protection ❑ © ❑ ❑ T Vacant(over 5%) ❑ Predominant General Appearance of Properties Industrial 150- 15 Appeal to Market n RI-1n Vacant 65% p The subject is located in the northeast Note:Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS part of the city of Elk River, a community of about 17,000 on U S Highway 10&169 approximately 30 miles northwest of the Minneapolis metro area. Adequate shopping and services can be found in the city of Elk River. Topography Rolling and wooded Dimensions See Sketch Size Typical for Area Site Area 70 Acres Corner Lot No Zoning Compliance In Compliance Shape Irregular Zoning Classification Agricultural g A ears Ade uate, ditched t ST&BEST USE: Present Use X Other Use Drainage pP q TIES Public , Other SITE IMPROVEMENTS Type Public Private View Typical, Pond In Street Street Gravel ❑X❑ O Landscaping None w Electricity ❑ Driveway None N Gas ❑ CurblGutter None ❑ Sidewalk None ❑ ❑ Apparent Easements • None Sa nitary anit ary Sewer ❑ Street Lights None ❑ ❑ FEMA Rood Hazard Yes*X No Storm Sewer S n .Alley None n" n FEMA'Map/Zone 270436-0010-D, Zone AE Comments(Apparent adverse easements,encroachments,special assessments,slide areas,etc.): Muc of the area is located in the flood zone, however all of the area is not mapped by FEMA The site consists of a small pond surrounded by low land and some higher ridges. The area has been ditched for drainage. The undersigned has recited three recent sales of properties most similiar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment, r to significant variation between subject properties. significant t property superior to, or favorable than, the subjectproperty, a minus(-)adjustment is made, thus reducing the indicated value ofsbject f if a significant item In the comparableisinferiorto, or leas favorable than, the subject property,a plus(+)adjustment is made,thus Increasing the indicated value of the subject. COMPARABLE NO.2 COMPARABLE NO.3 ITEM SUBJECT COMPARABLE N0.1 ��County Road#5 XXXX FresnoStreet XXXX Monroe St XXXX 96th Street Elk River Address Elk River Zimmerman Big Lake 2 miles Northeast 10 miles Southeast 3 miles Northwest Proximity a Subject 430,000 $ 435,000 $ 685,560 `'� Sales Price $ $ 5,7131A Price/Acre $ I t $ 10,7500 $ 11,4410 $ County Records Data Source Inspection County Records County Records DESCRIPTION K>bnajesmxmt = VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)sndi�ent DESCRIPTION ,{-)$Adpxdmeod Cony--0 pts F.)) Sales or Financing Cony--0 pts — Cony—0 pts • a Concessions -- 5/09/2001 - 9/12/2001 "' a Date of Sale/lime --- 4/26/2001 o — E•ual -- E•ual — Location Rural E•ual � __ 38 Acres -- 120 acres "' N Sitelvew 70 Acres Pond 40 Acres - -1,144 Equal '— 'ooded/Open 10%Wooded Superior -105 Superior Jw/High Land Mostly Low Superior -2,150 Superior -1,144 Equal Net Adj.(total) (-I+ QX - is 1 2,255 n+ ©- '$ 1 2,288 �X]+ n- '$ 0 Indicated Value Gross: 21.0 Gross: 20.0 Gross: 0.0 5,713 of Subject Net: -21.0 I$ 8,495 Net: -20.01$ 9,153 Net: 0.0 $ Comments of Sales Comparison: Due to the rural nature of the area, it was necessary to select comps that were greater than one mile from the subject. However, all were in the same market area.The market indicates a value of$7,800 per acre. Comments and Conditions of Appraisal: Please note the soils map included in this report.The areas highlighted(346,540,1288 )are areas that are low and marsh lands.These areas are ditched to control drainage but are still limited for usage. z Final Reconciliation: The sales comparison approach best indicates the value of the subject and was weighed the most in the final odetermination of value.The 70 acres valued at$7,800 per acre=$546,000. a 546,000 o I(WE)ESTIMATE THE MARKET VALUE,AS DEFINED,OF THE SUBJECT PROPERTY AS OF November 13, 2001 to be$ p I(We)certify: that to the best of my(our)knowledge and belief,the facts and data used herein are true and correct;that I(we)personally inspected the subject property w and inspe r II comparable sales cited in this report;and that I(we)have no undisclosed interest,present or prospective therein. w s / Review Appraiser ❑Did ❑ Did Not Appraiser(s) ._. t✓. Inspect Property ern/ '. ith (if applicable) PrgxietayLard • r...Certified Residential Appraiser Produced using Polaroid Digital Sdulonsw&were,800234.8727 rma.polaroidtamawm White Dove Appraisal