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AGELL PRISAL 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 September 15, 2008 <br />Attn: Catherine Mehelich, Director of Economic Development <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />E: Appraisal of land (SEC of 171St Ave. NW & Proposed Road (just east of Hwy 169) <br />Part of PID 75-011-2400 <br />Elk River, MN <br />Dear Ms. Mehelich: <br />Thank you for your interest in obtaining appraisal services regarding the property above. Per our <br />conversation, you indicated an appraisal report with the following research and analysis is needed. <br />Report UseNalue Type: The report use is for possible sale. Current market value "as is" as it <br />relates to Highest and Best Use per Uniform Standards of Professional Appraisal Practice will be <br />provided. <br />Property Description: To be a 5 acre split of commercial parcel with city water and sewer in on <br />171St Avenue. or~tact t'or cress: N/A. <br />Scope of Report: (1) (1) Inspection of the property and view the neighborhood. (2) Report the <br />physical and/or economic factors that could affect the property. (3) Complete research and <br />analysis of pertinent market data. The sales approach to value will be applied. (4) Where <br />appropriate, comparables will be confirmed, viewed and be listed on an adjustment grid with <br />explanations. (5) Report findings and conclusions. <br />Report Format: A Summary Report (narrative format) will be used. It has a summary of <br />statements of the data, analysis and conclusions. Appropriate photos, maps and exhibits are <br />included. Two hard copies of the report provided. <br />Fee: The fee is 600. City named above of responsible for payment. <br />ue ate; Appraisal report can be completed in about 2 weeks from the date of signed <br />confirmation. <br />I .'nation needs y the a raiser: Already provided. <br />Our company has 10 employees and has been in business since 1968 and has sufficient <br />knowledge, experience, education and resources to competently complete this assignment. <br />Neither the employment to make the appraisal, nor the compensation for it, is contingent upon the <br />appraised value of the property. If you agree to the above terms, please sign below and return by <br />fax or mail. If you have any additional questions, please do not hesitate to contact me. <br />Sincerely, <br />Signature, <br />William R. Waytas, SRA, CRP <br />Certified General 4000813, MN Date <br />www.callnagell.com <br />