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11 <br /> INTRODUCTION TO THE APPRAISAL <br /> • PURPOSE OF THIS APPRAISAL <br /> 1.1 The purpose of this appraisal is to estimate the fee simple <br /> market value of a vacant un-platted industrial parcel located <br /> in the City of Elk River, Sherburne County, Minnesota, as of <br /> May 12, 1994 . The purpose of this report is to communicate the <br /> data and rationale on which the estimate is based. <br /> PROPERTY DESCRIPTION <br /> The subject property is an un-platted parcel located along U.S. <br /> 11 Highway #10, City of Elk River, Minnesota and further legally <br /> described as: <br /> That part of the NW1/4 of the SW1/4 of Section 32, Township <br /> 33N, Range 26W, Sherburne County, Minnesota, lying south of <br /> U.S. Trunk Highway 10, containing 34 acres, more or less. <br /> 01 ZONING <br /> The subject parcel is zoned PUD under the zoning code of the <br /> 01 City of Elk River now in effect with an L1 (Light Industrial) <br /> use. <br /> • The City of Elk River recently adopted Ordinance 94-2 which is <br /> a plan for Business Parks to be used in Li areas such as the <br /> subject. The Business Park Ordinance allows for many different <br /> businesses which generate a high number of jobs per square foot <br /> 11 rather than predominately warehouse type uses. Some permitted <br /> uses include light manufacturing, research and development <br /> labs, governmental and professional offices, financial <br /> institutions, outpatient health care facilities, health clubs, <br /> and restaurants. Many service industries are allowed with a <br /> conditional use permit. <br /> 11 The subject site has excellent access from U.S. Highway #10 to <br /> attract the type of businesses that would locate in a Business <br /> Park. It is reasonable to assume that service type businesses <br /> 11 will locate along the Highway 10 frontage and we estimate that <br /> the front lots may sell for more than the rear lots because of <br /> the exposure to Highway 10. However, for this appraisal <br /> problem we will estimate an average value per square foot of <br /> the entire parcel. <br /> 11 All Business Park uses must conform to certain requirements for <br /> density, setback, and parking per the code. The potential use <br /> of the subject site is quite flexible and there are various <br /> site layouts that would work well for this type of light <br /> 11 industrial park development. <br /> • <br /> kJ111 1 <br />