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EXECUTIVE SUMMARY
<br />area is also adjacent to properties on Highway 10 that would likely be developed as retail in the
<br />future.
<br />We believe this strategy would provide the best opportunity to capture the spectrum of the
<br />market, from manufacturers and transport firms that have traditionally operated in Elk River to
<br />smaller distribution wholesalers and retailers who may want a more flexible space that better
<br />caters to their business.
<br />The table that follows shows our proposed development concept. The Gateway Business Center
<br />is divided into two areas, one with single-user, owner-occupied parcels and the other with three
<br />multi-tenant, leased industrial buildings.
<br /> RECOMMENDED DEVELOPMENT CONCEPT
<br /> GATEWAY BUSINESS CENTER
<br /> ELK RIVER
<br /> FEBRUARY 2007
<br />
<br /> Estimated Total
<br /> Lan@ Land Building Land Pric Land
<br /> Acres Ft . Ft. Per FL Price.
<br />Lot # 1 3.0 130,680 20,000 - 25,000 $2.50 $326,700
<br />Lot #2 3.0 130,680 20,000 - 25,000 $2.50 $326,700
<br />Lot #3 3.0 130,680 20,000 - 25,000 $2.50 $326,700
<br />Lot #4 3.0 130,680 20,000 - 25,000 $2.50 $326,700
<br />Lot #5 3.0 130,680 20,000 - 25,000 $2.50 $326,700
<br />Lot #6 3.0 130,680 20,000 - 25,000 $2.50 $326,700
<br />Lot #7 4.0 174,240 25,000 - 35,000 $2.50 $435,600
<br />Lot #8 4.0 174,240 25,000 - 35,000 $2.50 $435,600
<br />Lot #9 4.0 174,240 25,000 - 35,000 $2.50 $435,600
<br />Lot#10 5.0 217,800 35,000 - 45,000 $2.50 $544,500
<br />Lot #11 5.0 217,800 35,000 - 45,000 $2.50 $544,500
<br />Total 40.0 265,000 - 345,000
<br /> Estimated Tatai
<br /> Land Land Building Land Pric Land Achief able Lease Rates
<br /> Acres S Ft S . Ft. Per S Ft. Price
<br />Building #1 6.7 290,400 40,000- - 60,000 $2.50 $726,000 $10.00 $4.50
<br />Building #2 6.7 290,400 40,000 - 60,000 $2.50 $726,000 $10.00 $4.50
<br />Building #3 6.7 290,400 40,000 - 60,000 $2.50 $726,000 $10.00 $4.50
<br />Total 20.0 120,000 - 180,000
<br />Source: Maxfield Research Inc.
<br />MAXFIELD RESEARCH INC. iv
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