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INTRODUCTION <br />This report reflects the data found and the opinions concluded from an appraisal of a property <br />located at the Northeast Corner of Joplin Street and Business Center Drive in Elk River, <br />Minnesota. The property is a vacant land parcel guided for commercial development. <br />VALUE TYPE, CONDITION & STABILITY OF PROPERTY <br />Market Value <br />Type of Value: <br />See Definitions Section for Market Value Defined <br />As-Is Value <br />Condition of Value: <br />As of the effective date of the appraisal. <br />Stabilized <br />Stability of Property: <br />The subject is considered vacant land. <br />INTENDED USE OF THE APPRAISAL <br />Decision-Making <br />This appraisal assignment was requested by the named client for its sole use. No party, <br />Intended Use: other than the named client, may use or rely upon any part of this report without the prior <br />written authorization of both the named client and the appraiser. This report is not valid <br />unless it contains the original signatures in blue ink. Any unauthorized third party relying <br />upon any portion of this report does so at its own risk. <br />Intended User: City of Elk River <br />City of Elk River <br />Attn:Amanda Othoudt <br />Client: <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />DATES OF APPRAISAL <br />Effective Date:7/21/2015 <br />Inspection Date: 7/21/2015 <br />Date of Report: 7/28/2015 <br />2 Nagell Appraisal&Consulting 952-544-8966 1 www.callnagell.com