CCP 02-21-2006 - Laserfiche WebLink

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. . - The appraisal is made at the request of the City of Arden Hills which owns the property and is the intended user of the report. Thc intended use of the appraisal is to provide a value opinion to assist the client in the future marketing of the property. Based upon our research and analysis, it is concluded that the market value of the fce simple interest in the subject land as of January 28, 2006 can reasonably be estimated as fo Ilows: TWO MILLION THREE HUNDRED SEVENTY FIVE THOUSAND DOLLARS ($2,375,000) According to the City of Arden Hills, the general reuse on the land parcel is for "limited business" which can be described as office, medical and/or limited retail. In our opinion, the highest and best use of the land is for office and/or medical-related purposes. Current zoning maps indicate the land is zoned NB, Neighborhood Business District and R-I, Single Family Residential District. R-l zoning does not allow those uses described as "limited business" by the City of Arden lIills so it is assumed rezoning of the land will occur. The property is appraised under the hypothetical condition that it is a vacant land parcel which assumes the existing former public works building improvements have been removed. As of this report, the land is improved the city's former public works facility which was originally built in 1961. To the best of our knowledge, the land area is 6.82 acres, excluding existing right-of- way. Should a professional survey indicate a land area different from 6.82 acres, the appraisers reserve the right to reanalyze the appraised value. It is assumed the property has access from Hamline Avenue by virtue of an existing 35-foot wide road easement. For the valuation, it is assumed the soils are stable and suitable for development, and the land is not negatively impacted by the existence of hazardous substances or detrimental environmental conditions. This appraisal has been made in conformity with the Code of Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the Uniform Standards of Professional Practice (USP AP) as developed by the Appraisal Foundation. The appraisal assignment is not based on a requested minimum valuation or a specific valuation. The opinion of market value identified in this report was developed independent of any undue influence. We certify that we have no direct or indirect present or contemplated future personal interest in the subject property and in no way henefit from a future acquisition of the property appraised. There is no conflict of interest relating to our appraisal of the subject property. BRKW APPRAISALS, INC. PAGE 2