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Real Estate Advisors <br /> Ms. Sue Iverson May 19`", 2010 <br /> City Administrator/Finance Director <br /> City of Arden Hills <br /> 1245 West Highway 96 <br /> Arden Hills, Minnesota 55112 <br /> STEVEN M.DECASTER <br /> MAI In re: Market Value Appraisal of the Arden Hills <br /> Communications Tower Property located in the <br /> ROBERT G.LUNz northeast quadrant of 1-694 and Hamline Avenue in <br /> CRE,MAI <br /> Arden Hills, MN <br /> TODD M.REID <br /> MAI Dear Ms. Iverson: <br /> EVERETT D.STRAND Pursuant to your request, we have completed an analysis of the above <br /> MAI <br /> referenced property to determine an opinion of its market value as of <br /> • <br /> DOUGLAS J.WAGEMAN May 17`h, 2010. The real property rights considered in this appraisal are <br /> MAI those of the leased fee estate ownership interest in the real estate as <br /> defined in the body of the report. The client and intended user of this <br /> JEROME D.BUECHLER appraisal is the City of Arden Hills. The City of Arden Hills will use the <br /> MAI <br /> opinion of value evolved to potentially acquire the communications <br /> 1221 ON THE NICOLLET MALL tower property. Furthermore, an intended user of appraisal is Sand <br /> SUITE 700 Companies, the prospective buyer of the larger parcel for a multifamily <br /> MINNEAPOLIS,MN 55403 development and seller of the communications tower property if the <br /> 612.340.1236 larger parcel is acquired. This report has no other purpose or intended <br /> Facsimile 612.340.1848 <br /> www.nicolletpartners.com users. <br /> This appraisal report has been prepared in conformity with the Code of <br /> Professional Ethics and Standards of the Professional Appraisal Practice <br /> of the Appraisal Institute, and the Uniform Standards of Professional <br /> Appraisal Practice(USPAP). <br /> This appraisal report presents all known information about the subject <br /> property, market conditions, and available data. This report is conveyed <br /> in a summary report format that complies with the reporting <br /> requirements set forth under Standards Rule 2-2(b) of the USPAP for a <br /> Summary Appraisal Report. As such, it presents only summary <br /> discussions of the data, reasoning, and analyses that were used in the <br /> appraisal process to develop the appraisers' opinion of value. <br /> • <br /> ©2010 by Nicollet Partners <br />