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SUMMARY OF IMPORTANT FACTS & CONCLUSIONS <br /> General Information <br /> Street Address NEC of Joplin&Business Ctr Dr City/State/Zip Elk River, MN 55330 <br /> County Sherburne Report Type Appraisal Report <br /> Current Property Use Vacant Land Effective Date 7/21/2015 <br /> Proposed Property Use Commercial Dev. Inspection Date 7/21/2015 <br /> Property Owner City of Elk River Report Date 7/28/2015 <br /> Interest Appraised: Fee Simple Prosp Date/Completion N/A <br /> Site Information <br /> Useable Site Area (SF) 32,670 Topography/Shape Mostly Level /Very Irregular <br /> Gross Site Area (SF) 103,237 Low Yes <br /> Building Improvements None Frontage/Access Average <br /> Flood Zone/Map Appears No;See Flood Map Visibility Above Average <br /> Utilities Assumed Available Location Rating Average <br /> Governmental Information <br /> Assessing Authority Sherburne Current Zoning BP, Business Park <br /> Property ID# 751323101 & 755750010 Land Use Plan Highway Business <br /> Current Tax Year Payable 2014 Current Use Permitted? Yes <br /> Assessor's Value $71,900 Zoning Change? None Reported <br /> Taxes Payable $0 Zoning Variance None Reported <br /> Delinquent Taxes? None Noted Tax Grievance None Noted <br /> Assessed Value The subject is tax exempt. The assessed value appears in line with the <br /> market given the property characteristics. <br /> Highest& Best Use <br /> As Vacant <br /> Commercial Development <br /> Extraordinary Assumptions/Limiting Conditions Yes; See Rear of Report <br /> Cost Approach Not Applied Not Applied <br /> Income Approach Not Applied Not Applied <br /> Sales Comparison Approach $81,000 $2.48 per SF <br /> Final Value Opinion $81,000 $2.48 per SF <br /> Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com <br />