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III . , 7,0 <br /> PANGER / B E N S O N Kenneth J. Panger, I F A S <br /> II John C. Benson, I F A S <br /> APPRAISAL P R O F E S S I O N A L S Alice R. Lenzmeier, Assoc. <br /> • Suite 1 • 2233 Roosevelt Road • St. Cloud, MN 56301 • [612] 259-5544 <br /> June 15, 1994 <br /> Mr. William Rubin <br /> III Economic Development Coordinator <br /> City of Elk River <br /> 13065 Orono Parkway <br /> IIIElk River, Minnesota 55330 <br /> Re: A 34 acre parcel of land zoned Light Industrial and <br /> located within the City of Elk River, Sherburne County, <br /> ill <br /> MI Minnesota <br /> Dear Mr. Rubin: <br /> 111 At your request we have undertaken an appraisal of the property <br /> referenced above and legally described in this report for the <br /> III purpose of estimating the fee simple market value of the real <br /> property as of May 12, 1994. <br /> The value conclusion was reached using the development cost <br /> III approach to value. <br /> As a result of our investigation it is our opinion that the <br /> market value of the subject 34 acre parcel is: <br /> • $148,104 <br /> (ONE HUNDRED FORTY EIGHT THOUSAND ONE HUNDRED FOUR DOLLARS) <br /> This equates to $. 10 per square foot, on average, over the <br /> IIIentire site. <br /> This appraisal is subject to the limiting conditions as <br /> 11 presented on page (i) . <br /> The scope of this appraisal includes the valuation of land only <br /> subject to existing easements of record. <br /> 1111 <br /> Thank you for the opportunity to serve you. For further <br /> information concerning the supporting data and rationale of <br /> II our conclusions, your attention is directed to the following <br /> report. <br /> 11 Res'.ectfully -ubmitted, <br /> alii6 <br /> 1101' d A' <br /> I':. ne Pang IFA, IFAS Alice R. Lenzmeier <br /> inn. Lic. #40 88 Minn. Lic. #4000395 <br /> II . <br /> ARL/me <br /> IllCommercial • Industrial • Apartments • Residential • Farm • Consultations <br />