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<br />Nagell Appraisal & Consulting, Inc. <br /> <br />File No. G0608008 <br /> <br />September 29, 2006 <br /> <br />City of Elk River <br />Attn: William Maertz, Parks Director <br />13065 Orono Parkway <br />Elk River, MN 55330 <br /> <br />File Number: G0608008 <br /> <br />Dear Mr. Maertz: <br /> <br />In accordance with your request, I have personally inspected and appraised the real property at: <br /> <br />1221 - 5th Street NW <br />Elk River, MN 55330 <br /> <br />The purpose of this appraisal is to develop an opinion of the market value of the subject property, as vacant. <br />The property rights appraised are the fee simple interest in the site. <br /> <br />In my opinion, the estimated market value of the property as of September 18,2006 is: <br /> <br />$50,000 <br />Fifty Thousand Dollars <br /> <br />The attached report contains the description, analysis and supportive data for the conclusions, <br />final estimate of value, descriptive photographs, limiting conditions and appropriate certifications. <br /> <br />Sincerely, <br /> <br />MOJ!}~ ~ <br /> <br />Appraiser <br />MN License #20391975 <br /> <br />pY~~~? <br /> <br />William R. Waytas, SRA, CRP <br />Certified General <br />MN License #4000813 <br /> <br />NAGELL APPRAISAL & CONSULTING COMPANY, INC. <br /> <br />The purpose of this appraisal is to estimate market value for possible sale of the property. <br /> <br />7515 Wayzata Boulevard, Suite #115, Minneapolis, MN 55426 Telephone: 952-544-8966 <br /> <br />Fax: 952-544-8969 <br />