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<br />BRKW APPRAISALS, INC. <br /> <br />REAL ESTATE VALUATION SERVICES <br /> <br />. <br /> <br />February 7, 2006 <br /> <br />City of Arden Hills <br />Attn: Karen Barton <br />Community Development Director <br />1245 West Highway 96 <br />Arden Hills, MN 55112 <br /> <br />RE: Commercial Land Parcel <br />1450 West Highway 96 <br />Arden Hills, Minnesota 55112 <br /> <br />Dear Ms. Barton: <br /> <br />. <br /> <br />At your request, we have inspected the above referenced property and have made a <br />study of conditions affecting its value. The accompanying appraisal report contains a <br />complete description of the property, presentation and analysis of market data in <br />support of the value conclusion, and demonstrates the valuation techniques employed. <br /> <br />The subject of the appraisal is the site of the former Arden Hills Public Works Facility <br />which is located on the south of State Highway 96 just west of Hamline Avenue. The <br />land area is 6.82 acres according to Ramsey County records. 6.82 acres equates to <br />297,079 square feet (SF). A more exact determination of the land area of tbe subject <br />property requires a professional survey. The land area is assumed to be 6,82 acres, <br />excluding existing road right-of-way, for the valuation herein. <br /> <br />The purpose of the appraisal is to provide a supported opinion of the market value of <br />the subject land based on its highest and best use. Property rights appraised are those <br />of fee simple interest. The opinion of value, as stated in this report, is predicated <br />upon the definition of market value contained herein. The date of valuation is January <br />28, 2006 which is the date on which the property was inspected. <br /> <br />- <br /> <br />S P Rue E <br /> <br />TREF <br /> <br />C E N T R E <br /> <br />5 U I T E <br /> <br />31 4 <br /> <br />1600 UNIVERSITY AVE S1 PAUL MN 55104 <br />651 646 6114 FAX 651 646.8086 brkw@brkw.com <br />