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<br />BRKW APPRAISALS, INC . 1600 UNIVERSITY AVEN UE, SUITE 314, ST. P AUL, MN 55104 <br />651.646.6114 F AX 651.646.8086 www.brkw.com <br /> <br /> <br /> <br />February 8 , 2017 <br /> <br />Matthew Bachler, AICP <br />Senior Planner <br />City of Arden Hills <br />1245 West Highway 96 <br />Arden Hills, MN 55112 <br /> <br />R e : Proposal f or Appraisal Services <br /> Subject Propert ies : Property 1 : 1450 West Highway 96, Arden Hills, MN <br /> Property 2 : 1245 West Highway 96, Arden Hills, MN <br /> <br />Dear M r . Bachler : <br /> <br />In response to your request and on behalf of BRKW Appraisals, Inc., I am submitting <br />this proposal for our firm to provide the City of Arden Hills with real estate appraisals <br />pertaining to the two a bove referenced city -owned properties. Property 1 comprises a <br />vacant tract of land on the south side of Highway 96 , reflecting the former city public <br />works facility, which has a land area of about 6.8 acres and is zoned as well as guided <br />NB, Neighborhood Business. Property 2 is an approximately 6.9 -acre land parcel <br />containing the current City Hall building on the western portion, and zoned as well as <br />guided P/I, Public & Institutional. Based on my preliminary research, the City Hall <br />building was construc ted in 2001. It is my understanding that the City is in the <br />process of evaluating the sale of the two properties for redevelopment. <br /> <br />Purpose/Intended Use/Intended Users <br />The purpose of the appraisal s is to provide an opinion of the market value of the fee <br />simple interest in each of the two subject propert ies as of the date that they are <br />viewed . The intended use of the appraisal s is for assisting the City of Arden Hills in <br />evaluating and potentially completing the sale of the two cit y -owned properties for <br />redevelopment . The intended users are officials of the City of Arden Hills . The client <br />of this assignment would be the City of Arden Hills . <br /> <br />Scope of Work <br />Primary Valuation Methods : The three primary valuation methods used by real estate <br />appraisers are the Cost Approach, the Sales Comparison Approach and the Income <br />Approach. <br /> <br />The Cost Approach involves first valuing the land and then adding to that the <br />replacement cost new of the building and other improvements, less estimated accrued <br />depreciation due to age an d other factors. <br />