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Nagell Appraisal Incorporated <br /> 12805 Highway 55, #300 Minneapolis: 952.544.8966 <br /> Plymouth, MN 55441 St. Paul: 651.209.6159 <br /> Established in 1968 Central Fax: 952.544.8969 <br /> City of Elk River May 26, 2016 <br /> 13065 Orono Parkway <br /> Elk River, MN 55330 <br /> Attn: Amanda Othoudt, Econmic Development Director <br /> In accordance with your request, an appraisal report has been made on the following described property: <br /> Subject Property: Remnant Land <br /> Parcels 1 & 3A <br /> Elk River, MN 55330 <br /> The property is legally described herein. The appraisal assumes that the property meets all current <br /> environmental standards. The appraisal analysis and conclusions are subject to certain limiting conditions <br /> and assumptions described herein. <br /> Final Value Opinion Parcel 1 Parcel 3A <br /> May 11, 2016 <br /> Fee Simple $9,000 $21,000 <br /> As-/s <br /> Property Components Appraised Real Estate Only <br /> Extraordinary Assumptions & Hypothetical Conditions Yes; See Rear of Report <br /> Exposure/ Marketing Time 1 Year/6 to 18 Months <br /> Our company has 12 employees, has been in business since 1968 and has sufficient knowledge, <br /> education, experience, resources and/or contacts to competently complete this assignment. The <br /> accompanying report contains data secured from my personal investigation and from sources considered <br /> to be reliable; however, correctness is not guaranteed. To the best of my knowledge and belief, the <br /> statements contained in this report are true and correct. Neither my employment to make this appraisal, nor <br /> the compensation, is contingent upon the value reported. This report has been prepared in conformity with <br /> the code of professional ethics and standards of professional appraisal practice of the Appraisal Institute <br /> and appraisal standards set forth by Uniform Standards of Professional Appraisal Practice. <br /> Sincerely, <br /> Molly J. Lewis William R. Waytas <br /> Certified General MN 20391975 Certified General MN 4000813 <br /> www.nagelimn.com <br />