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SUMMARY OF IMPORTANT FACTS & CONCLUSIONS <br />General Information <br />Street Address NEC of Joplin&Business Ctr Dr City/State/Zip Elk River, MN 55330 <br />County Sherburne Report Type Appraisal Report <br />Current Property Use Vacant Land Effective Date 7/21/2015 <br />Proposed Property Use Commercial Dev. Inspection Date 7/21/2015 <br />Property Owner City of Elk River Report Date 7/28/2015 <br />Interest Appraised: Fee Simple Prosp Date/Completion N/A <br />Site Information <br />Useable Site Area (SF) 32,670 Topography/Shape Mostly Level /Very Irregular <br />Gross Site Area (SF) 103,237 Low Yes <br />Building Improvements None Frontage/Access Average <br />Flood Zone/Map Appears No;See Flood Map Visibility Above Average <br />Utilities Assumed Available Location Rating Average <br />Governmental Information <br />Assessing Authority Sherburne Current Zoning BP, Business Park <br />Property ID# 751323101 & 755750010 Land Use Plan Highway Business <br />Current Tax Year Payable 2014 Current Use Permitted? Yes <br />Assessor's Value 71,900 Zoning Change? None Reported <br />Taxes Payable 0 Zoning Variance None Reported <br />Delinquent Taxes?None Noted Tax Grievance None Noted <br />Assessed Value <br />The subject is tax exempt. The assessed value appears in line with the <br />market given the property characteristics. <br />Highest& Best Use <br />As Vacant <br />Commercial Development <br />Extraordinary Assumptions/Limiting Conditions Yes; See Rear of Report <br />Cost Approach Not Applied Not Applied <br />Income Approach Not Applied Not Applied <br />Sales Comparison Approach 81,000 2.48 per SF <br />Final Value Opinion 81,000 2.48 per SF <br />Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com