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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />NAGELL APPRAISAL & CONSULTING <br />7515 Wayzata Blvd. #115 <br />Minneapolis, MN 55426 <br />Established in 1968 <br /> <br />Minneapolis: 952-544-8966 <br />St. Paul: 651-209-6159 <br />Central Fax: 952-544-8969 <br /> <br />City of Elk River <br />Attn: William Maertz, Parks Director <br />13065 Orono Parkway <br />Elk River, MN 55330 <br /> <br />October 4, 2006 <br /> <br />Dear Mr. Maertz: <br /> <br />In accordance with your request, a summary appraisal report has been made on the following <br />described property: <br /> <br />Subject Property: 413 Proctor Avenue NW, Elk River <br /> <br />The property is legally described herein. The appraisal assumes the property meets all <br />current environmental standards. The appraisal analysis and conclusions are subject to <br />certain limiting conditions and assumptions described herein. As a result of my experience, it <br />is our opinion that the current as-is market value of the subject property, as of September 18, <br />2006 is: <br /> <br />FEE SIMPLE MARKET VALUE: <br /> <br />$1,050,000 <br /> <br />The accompanying report contains data secured from my personal investigation and from <br />sources considered to be reliable; however, correctness is not guaranteed. To the best of my <br />knowledge and belief, the statements contained in this report are true and correct. Neither <br />my employment to make this appraisal, nor the compensation, is contingent upon the value <br />reported. This report has been prepared in conformity with the code of professional ethics <br />and standards of professional appraisal practice of the Appraisal Institute and appraisal <br />standards set forth by Uniform Standards of Professional Appraisal Practice. <br /> <br />www.callnagell.com <br /> <br /> <br />Sincerely, <br /> <br />-1Vl~~ <br /> <br />Molly J. Lewis <br />Appraiser MN 20391975 <br /> <br />111 <br />