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FINDINGS OF FACT <br />1. Petitioner has sufficient interest in the property to <br />maintain this petition; all statutory and jurisdictional require- <br />ments have been complied with, and the Court has jurisdiction <br />over the subject matter of the action and the parties hereto. <br />2. The subject property consists of a corner lot in <br />downtown Elk River, Minnesota, which is improved with a two-story <br />commercial building with a full basement. Cyril Lenzmeier <br />originally purchased the property in ,1972 and operated a bank on <br />the ground floor and leased offices on the second floor. Since <br />1986, the ground floor is leased and operated as a drug store. <br />The second floor is still leased as office space. <br /> 3. Prior to 1993, Cyril Lenzmeier died. Pursuant to his <br /> Will, the subject property was placed in a trust with his son, <br />Giles Lenzmeier, as co-trustee. Giles Lenzmeier is familiar with <br />the subject property and has been negotiating with the tenants <br />regarding changes in rent structure. He owns and operates a <br />retail store in Monticello, Minnesota, and is familiar with <br />retail properties in Sherburne County. Giles Lenzmeier has <br />sufficient interest in and familiarity with the subject property <br />to enable him to express an opinion of value. <br />4. The subject property is identified on the books and <br />records of the Sherburne County Assessor as P.I.D. No. 75-405- <br />0245. The assessor's estimated market value of the property for <br />January 2, 1993 is $240,800. <br />:7 <br />2 <br />