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INTRODUCTION <br />The subject property is a vacant parcel of land located at the northeast corner of Line Avenue <br />and 181St Avenue in Elk River, MN. The site size is approximately 195,584 SF or 4.49 acres. <br />The subject site has significant commercial appeal. New retail is located to the north, south <br />and east, which includes a Walmart Supercenter, Home Depot and Tractor Supply Co. <br />(among other small chain retail users). City indicated that although the traditional Business <br />Park zoning emphasizes a more industrial-related use, the subject, given its location and <br />surroundings, would likely be used for "upscale highway commercial." <br />INTENDED USE OF REPORT <br />The client intends to use the appraisal to assist in determining an offer regarding the possible <br />purchase of the property. <br />This appraisal assignment was requested by the named client/owner for its sole use. No <br />party, other than the client, may use or rely upon any part of this report without the prior <br />written authorization of both the named client and the appraiser. This report is not valid <br />unless it contains the original signatures in blue ink. Any unauthorized third party relying <br />upon any portion of this report does so at its own risk. <br />DATE OF THE APPRAISAL <br />The effective dates are: <br />• The effective date and inspection date is November 5, 2007. <br />• The date of the report is November 2, 2007 -November 7, 2007. <br />2 Nagell Appraisal & Consulting ~ 952-544-8966 ~ www.callnagell.com <br />