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DESCRIPTION OF SUBJECT PROPERTY AFTER ACQUISITION The acquisition of Parcel 229C will not result in a change of site area for the subject. The property will be encumbered by a temporary easement until December 1, 2025. The property will no longer access Oxford Avenue NW in the after condition. A new private driveway will be constructed as part of the project to provide access to the subject from 5th Street NW which borders the subject to the south. 5th Street provides access to TH 10 one block to the west via Proctor Avenue. The subject's driveway will increase from approximately 50 feet in length to approximately 190 feet in total length. The acquisition will not adversely affect the subject property's current or future highest and best use, which will remain as single family residential uses after acquisition. With no permanent change in site area, the subject property will continue to meet (grandfathered) current zoning requirements in the after condition. The property will retain reasonably convenient and suitable access via the proposed driveway. The proposed driveway will have a change in the alignment that will impact the vehicular access to the subject's garage. Furthermore, due to the significant increase in driveway length, there may be potential impacts to rental income or expenses associated with driveway maintenance. Finally, the encroaching portions of the subject's concrete driveway surface will be acquired. The potential impacts associated with the proposed driveway will be addressed in the severance damages for Parcel 229C to follow. Per information from MnDOT, the subject's driveway will be a private driveway that is to be maintained by the property owner, despite being located on city street right of way. It is understood that the city has intentions of vacating the former Oxford Avenue right of way after the completion of the project; however, this condition is not assumed as part of the valuation. However, the appraiser does make the extraordinary assumption that the subject owner will be responsible for maintaining the new driveway in the after condition. SALES COMPARISON APPROACH (AS -IF VACANT) The Sales Comparison or Market Data Approach is based upon the principle of substitution, that is, when a property is placed on the market, its value tends to be set at the cost of acquiring an equally desirable substitute property, assuming no costly delay in making the substitution. Since no two properties are ever truly identical, adjustments to the comparable are necessary for differences in location, quality, condition, size, market appeal, and other matters. These considerations are a function of the appraiser's experience and judgment. The land value estimate is supported by recent land sales of comparable sites with similar intended uses in the subject's area. A comparison has been made on the basis of the subject property having a highest and best use if vacant for residential uses as is concluded in the Highest and Best Use section. Sales were researched within the described market neighborhood within the City of Elk River. The appraiser utilized the MLS, county records and the eCRV system to search for vacant sales within the neighborhood within past three years of the effective date with site sizes less than one (1) acre. Additional search parameters excluded water fronting properties and commercial/industrial zoned properties as they are not deemed comparable to the subject property. The search resulted in a total of 12 vacant land sales, of which the four (4) most comparable were included in the sales comparison analysis. Due to limited availability of comparable vacant land sales in the market area, recent improved sales of comparable sites were utilized in this analysis to support the vacant land sale data. The abstraction and allocation methods were utilized to estimate the contributory site value from the overall sale price. Depreciated cost estimates from Marshall Valuation Service and county assessor data were utilized to determine the contributory improvement values from the improved sales. Two (2) additional recent improved sales were included in the analysis. The sales utilized in this report are considered to provide the best indication of land value for the subject property in both the before and after acquisition conditions. There have been no prior sales of the comparables used within one year of their current sale date unless otherwise noted. S.P. 7102-135RW C.S. 7102 (10=3) 902 Parcel 7102-902-229C Page 37