03-12-07 Item 7D, Resolution 07-34 Final Plat at Lake Johanna Woods

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State: MN Zip: 55112-3689 ADDENDUM Borrower: Property Address: xxxx Lake Johanna Boulevard City: Arden Hills Lender: Private Party File No.: 00031702 Case No.: Neighborhood Comments The subject property is located in the suburban community of Arden Hills which is located approximately eight miles to the North of the downtown employment area. Good freeway access is provided by 1-694. Arden Hills is a popular suburban community with good market appeal. Per the 2000 Census, Arden Hills has a population of 9,6q2 and a total of approximately 3,017 housing units. There is some new construction in the community but it is very limited. Almost the entire northern half of Arden Hills is currently occupied by a former munitions complex. The City has recently acquired a good portion of this land and is in the process of planning for a mix of residential and commercial use in this area. Arden Hills currently has a mix of office/light industrial with some commercial uses but consists primarily of residential properties. There are parks throughout the community as well as some small lakes, good access to local schools. Site Comments The subject is a corner lot with frontage along the south side of Lake Johanna Boulevard, a local thoroughfare. It has side exposure along Siems Court, an interior, residential road. The site slopes down from both roads and is generally flat in the center. To the immediate north of the site across Lake Johanna Boulevard is a single family home. to the west is another vacant lot. to the east and south are detached, single family homes. The subject site has a limited view of Lake Johanna. The purpose of this appraisal is twofold. First, the value of the subject site as a single family, vacant lot will be estimated. Secondly, the value of the permanent easement acquired by the City of Arden Hills for drainage (ponding) purposes will be calculated on a "per square foot basis", based on the estimated value of the subject lot. Comments on Sales Comparison The subject property is a single family site at the southwest comer of Lake Johanna Boulevard and Siems Court. Comparable sale data for recent, vacant single family sites In Arden Hills is very limited. The sales cited are the most recent sales found after an extensive search of MLS records, tax reports, and interviews with the Arden Hills Building Inspector and City Planner. Sale one is the most recent site sale found. It is located approximately one mile to the northwest of the subject, just to the south of the intersection of County Road E2 and New Brighton Road. It is in a primarily residential neighborhood of various age and style homes. An older home had been on the site, but was torn down to create a vacant site for a new home. The site has frontage along the west side of New Brighton Road, a neighborhood thoroughfare. It is well wooded throughout, siopes down at the rear to a wooded ravine, beyond which is an office building and then Highway 35W. The topography and tree cover, limit the impact of the office building and highway. Please note, it appears that a roadway was platted to run along the west end of the site, however this road was never constructed, presumably because of the deep ravine running through this general area. A new home is currently under construction on this site. Sale two is located in a residential neighborhood just to the west of Snelling Avenue, Valentine Lake and Bethel College. This lot was created out of a split from an adjacent home site. It remained unimproved as of the date of appraisal. It has frontage along the Valentine Court cul-de-sac, It is well wooded throughout, slopes down to the east, to Snelling Avenue, a local thoroughfare. Due to the high elevation and tree cover, Snelling Avenue has minimal impact on the site. The proximity to Snelling Avenue is also offset by the view of Valentine Lake from the high building pad on the site. Sale three is located in a residential neighborhood along the Dawn Circle cul-de-sac. It slopes upward from the road and has some tree cover. It backs up to Floral Park, a small, city nature and recreational park with heavy tree cover. A new home has been constructed on this site. Sale four is a relatively dated sale, having taken place in November of 2002, but it is cited due to good proximity to the subject site. This sale is located along the west side of Lake Johanna, along the west side of Lake Johanna Boulevard. Many of the homes along this stretch of Lake Johanna Boulevard have narrow lake frontage access points along the lake. This site only has access to the lake in the fonm of a small deeded access piece, owned with several other properties in this area. This site is generally open, with minimal tree cover, but does have a good view of Lake Johanna. After reasonable adjustments for significant variance in lot size, view amenity, tree coverage and street location, a telling range results, Together the comparables cited give a good indication of generally site values in Arden Hills, Condition of Appraisal Comments THIS IS A SUMMARY APPRAISAL REPORT. The signature on this report is an electronic signature. DIGITAL SIGNATURE & ELECTRONIC TRANSMISSION COMMENTS: This appraisal was transmitted to the client electronically and includes digital signatures. A digital signature is defined by USPAP as "personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content, Addendum Page 1 of 2