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01 <br /> CONSIDERATION OF INCOME AT TIME OF APPRAISAL <br /> The subject property is not producing income nor does it have <br /> the potential to produce income as vacant land as of the date <br /> of this appraisal. <br /> 01 HAZARDOUS WASTE, CONTAMINATED SOIL <br /> We observed no obvious hazardous or potentially hazardous <br /> conditions that could lead to contamination of the subject site <br /> or neighboring sites during our inspection. <br /> 0 We remind the reader that we are not experts in the field of <br /> hazardous material identification and the reference to <br /> existence or non-existence of hazardous materials does not <br /> 11 constitute an expert inspection of the property. To be certain <br /> as to the condition of the property with respect to <br /> environmental hazards we recommend that a Phase I audit of the <br /> 01 property be conducted by an expert in the field of hazardous <br /> substance and contamination detection. Our inspection of the <br /> subject site should not be relied upon as to whether or not <br /> environmental hazards actually exist on the property. <br /> FLOOD PLAIN INFORMATION <br /> • The subject is not in a flood hazard zone according to the <br /> National Flood Insurance Map Panel No. 27 0436 0015 D, dated <br /> February 19, 1992, which covers the City of Elk River. <br /> DATE OF VALUE <br /> The date of value is May 12, 1994, being the same date as the <br /> 01 inspection of the site with Mr. William Rubin the Executive <br /> Director of the Elk River EDA . <br /> EASEMENTS AND ENCROACHMENTS <br /> The subject parcel is subject to the existing roadway and <br /> utility easements along U.S. Highway #10. <br /> 11 <br /> We observed no obvious encroachments onto the subject property <br /> by improvements outside the property line. <br /> ELK RIVER CITY DATA <br /> Elk River is the county seat of Sherburne County and is located <br /> in the southeast part of the county at a point where the Elk <br /> River empties into the Mississippi River and is about 30 miles <br /> from Minneapolis/St. Paul. The population is 11, 143 and is up <br /> from 6,765 in 1980. The county shows a similar increase to <br /> 41,945 in 1990 from 29,908 in 1980. <br /> • Major employers include United Power Association with 440 <br /> employees, Tescom Corporation with 204, Guardian Angels of Elk <br /> 4 <br />