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Riverside Appraisals Elk River, Minnesota <br /> • May 26, 1993 <br /> Tom McNair <br /> First National Bank of Elk River <br /> 729 Main Street <br /> Elk River, MN 55330 <br /> Re: Highway 10 and Proctor Avenue <br /> Elk River, MN 55330 <br /> Dear Mr. McNair: <br /> At your request, we have completed an analysis of the fee simple interest of the subject facility <br /> property located at Highway 10 and Proctor Avenue, Elk River, MN. The conclusions of the <br /> analysis are stated in the form of an abbreviated appraisal. This report summarizes the <br /> analyses and conclusions regarding the subject property. The physical inspection and analysis <br /> that form the basis of the report have been conducted by or under the supervision of the <br /> undersigned. <br /> • As a result of the examination and study made, it is our opinion that the Market Value of the <br /> fee simple interest in the subject property is: <br /> As-Is, May 26, 1993: $335,000 <br /> As Finished, as of August 31, 1993: $1,020,000 <br /> This report is done subject to completion per plans and specifications. <br /> This report has been made in conformity with the standards of professional practice and rules <br /> of professional ethics of the American Institute of Real Estate Appraisers. <br /> Respectfully submitted, <br /> 1'1 <br /> E Ji mes Foster, Appraiser 5 •eton Foster, Appraiser <br /> •erside Appraisals iverside Appraisals <br /> • <br />