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NAGEL~ APPRAISAL & CONSULTING <br />7515 Wayzata Blvd. #115 Minneapolis: 952-544-8966 <br />Minneapolis, MN 55426 St. Paul: 651-209-6159 <br />Established in 1968 Central Fax: 952-544-8969 <br />City of Elk River November 7, 2007 <br />Attn: Catherine Mehelich, Director of Economic Development <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />Dear Ms. Mehelich: <br />In accordance with your request, a summary appraisal report has been made on the <br />following described property: <br />Subject Property: NEC of Line Avenue & 181St Avenue <br />Elk River, MN 55330 <br />The property is legally described herein. The appraisal assumes that the property meets all <br />current environmental standards. The appraisal analysis and conclusions are subject to <br />certain limiting conditions and assumptions described herein. It is our opinion of the as-is <br />market value as of November 5, 2007 is: <br />FINAL OPINION OF AS-IS MARKET VALUE: $1,467,000 <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 />Sincerely, <br />Molly J. Lewis William R. Waytas, SRA, CRP <br />Appraiser MN 20391975 Certified General MN 4000813 <br />www.callnagell.com <br />