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Application of Financially Feasible Because the site "as -if' vacant can only be used for residential development, application of the financially feasible test analyzes the current market for those uses. Commercial/Industrial uses are not permitted under the zoning and therefore would not be considered. Northstar MLS is the primary resource utilized in this analysis. Elk River's residential market has experienced steadily increasing values over the past three years. Supply is low, which is a common trend in many areas of the state and country, which tends to have a positive impact on values and marketing times. New construction is also improving in the area; however, it remains limited due to increased material and labor costs. M"lan Sales Price —ek ane S190K S27DC Um rismc S]4sK Q99K suck - szlm SM19 14011 EI019 CJY Mier Source: OECUWR 2019 DECEMBER 2019 Elie River Elk ref $273.000 9 1-4 0% $282, 51 +5_5 Median Sale Price DEDEIIBER 2019 Elk River Median Days on Market Average Sale Price DECEMBER AH9 Elk River 2.71+22.7% Months Supply The City of Elk River has numerous employment opportunities as well as entertainment and recreational resources that attract residents to this area including a good K-12 school system. The location offers mass transit opportunities and is within a reasonable commute distance to the Twin Cities. The current single family rental market is also reported to be in good demand with a shortage of available rental properties and strong supply of available renters. With the expanding economy, increasing population and good demand for residential properties such as the subject, the financially feasible test reveals no serious economic barriers to single family uses of the subject property as -if vacant. S.P. 7102-135RW C.S. 7102 (10=3) 902 Parcel 7102-902-229C Page 31