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9614 1 <br /> <br />SCOPE OF APPRAISAL <br /> <br />This document is a limited appraisal presented in a summary report format. An analysis <br />of greater depth would be required in order to render a complete and self-contained <br />appraisal of market benefit to specific properties. <br /> <br />In this report, we have estimated the market benefit of water and sewer trunks to lands <br />located within the project area. This project area is located along and near U.S Highway <br />10 and additional lands located westerly of Highway 169, all in the southeast portion of <br />Elk River. Lands within the project area include the following zoning types: <br /> <br />· Residential <br /> <br />· Commercial <br />· Industrial <br /> <br />We will estimated the market benefit of trunk development of each property type <br />(residential, commercial and industrial). The market benefit is estimated on a per acre <br />basis. <br /> <br />We have not appraised any particular property within project study area. No before or <br />after value estimate has been made of any of the properties within the project area. <br />Rather, we have analyzed various sales data in order to isolate the market benefit of the <br />water and sewer trunks in general. <br /> <br />These sales will be briefly summarized for each property type, along with a brief <br />overview of our analysis. When selecting comparable sales, we have focused our <br />attention on recent sales in the following described study areas. <br /> <br />Residential Study Areas: <br /> · Elk River <br /> · Savage <br /> <br />Patchin & Associates, Inc. <br /> <br />Valuation Consultants <br /> <br /> <br />