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11 <br /> COMPREHENSIVE LAND USE PLAN <br /> • The 1988 land use plan has designated the subject area as Ll, <br /> 41 Light Industrial. The subject property is surrounded by L1 <br /> and Public land to the west, Highway Business to the east and <br /> Medium Density Residential to the north and south. <br /> TAXES <br /> 111 The subject parcel is approximately 34 acres and is part of a <br /> larger parcel that is 40.36 acres. The estimated market value <br /> of the 40. 36 acre p- :cel as set by the Sherburne County <br /> Assessor is $44, 000 for 1994. The property identification <br /> 11 number is 75-005-2200. <br /> The 1994 real estate taxes due are $200. The first half taxes <br /> have been paid. <br /> There is $1,558.70 in deferred assessments due on the parcel. <br /> PROPERTY RIGHTS APPRAISED <br /> The property rights appraised are the Fee Simple Estate. Fee <br /> 41 Simple Estate is described by the Dictionary of Real Estate <br /> Appraisal as. . . "the maximum estate or right of ownership of <br /> real property continuing forever. Sometimes referred to as fee <br /> • simple absolute. " <br /> Fee Simple Estate is also subject to any easements of record. <br /> STATEMENT OF OWNERSHIP <br /> The subject property has been owned by the Country Ridge <br /> 11 Partnership since August 15, 1993 . It was purchased from <br /> Robert S. Hagseth, Conservator for the Estate of Harry and Sue <br /> Lakoduk for $1, 000, 000 and was part of a 159 acre parcel. The <br /> 11 Lakoduk's had owned the property for a period of greater than 5 <br /> years. <br /> FUNCTION OF THIS APPRAISAL <br /> 11 <br /> The value estimate provided by this report will be used by the <br /> City of Elk River Economic Development Authority (EDA) as the <br /> basis for the fair market value of the raw land in negotiations <br /> with the owner for acquisition. <br /> 11 SCOPE OF THIS APPRAISAL <br /> The scope of the appraisal encompasses the necessary research <br /> and analysis to prepare a report in accordance with the <br /> intended use, the Standards of Professional Practice of the <br /> Appraisal Institute, the National Association of Independent <br /> • Fee Appraisers and the Uniform Standards of Professional <br /> Appraisal Practice. <br /> 2 <br />