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� The Valuation Process - continued - <br /> Y <br /> f COMPETENCY PROVISION: :art <br /> �Y <br /> i� Jack Prill, a Member of the National Association of Master Appraisers with aMaster <br /> Appraiser (MSA} designation and Iicens . . Senior <br /> licensed in Minnesota as a Certified General Real Pro <br /> Appraiser", has been afull-time commerci al real estate professional s pertY <br /> since 1964, working as appraiser for the Equitable Life A g an <br /> q Assurance Society of the United States for eight <br /> branch manager for Mortgage Associates, years, as a <br /> tes, Inc., as a mortgage banker for the Rothschild.I Financial Corporation, and as a principal <br /> • p cipal of Commercial Appraisal & Consulting <br /> approximately 20 ,years. He has extensive g Group for <br /> ive experience in the appraisal and finance of a wide <br /> varlet of commercial •Y , industrial, and residential properties, and therefore, • <br /> and knowledge to complete t has the experience <br /> Fx: p his appraisal assignment. <br /> Ryan D Herlofsk has been a - .Y full-time commercial real estate <br /> f He has achieved the designation/license nationIli appraiser since October of 2001. <br /> } 9 cense of "Certified General Real Property Appraiser" <br /> the State of Minnesota, -after com letin p Yfrom. <br /> -completing all necessary education and appraisal' • <br /> requirements. He has experience ' <br /> experience <br /> p nce with a wide range of commercial resident' ' <br /> -�, residential and in property types including vacant residential ' industrial <br /> yo <br /> land parcels like the subject. <br /> s <br /> y. <br /> J' <br /> HISTORY <br /> t� The subject of this appraisal Ya: pp consists of three residential land parcels. Parcel <br /> '}F feet, Parcel B is 50,000 s uare fee A is 20,000 square <br /> f q t and Parcel C is 20,000 square feet. Parcels A <br /> }�k front New Brighton Road. Parcel B is and C both <br /> a landlocked parcel. These parcels are outlined in ' <br /> plan presented in the Site Data section of this report. the site <br /> {f, These parcels are art of a 4. • <br /> p 55 acre church site at 3245 New Brighton Road in ' <br /> 20,260.square foot church g Arden HMIs. The <br /> a was constructed in two has <br /> square phases, 2,560 square feet in 1948 and 17,700 _ <br /> q e feet in 1957. This property abuts a city ark to t <br /> .�1. tY p he north and northwest. <br /> a� The City of Arden Hills- has shown interest in purchasing the subject parcels to <br /> adjacent park. As explained b the client, p expand the <br /> Y ent, there are two possibilities, depending on the Ci ' <br /> ' bud et. g tys <br /> g The City would like to purchase Parcel <br /> th Purchasing P s A and C. They would also contemplate <br /> p g Parcel B. The City is currently usingParcel B as a � p <br /> soccer field. <br /> We have been asked b <br /> ' y Our client to value the subject parcels for this i <br /> potential sale. <br /> DESCRIPTION OF SCOP. <br /> E OF AP P RAI SAL <br /> The subject property has been appraisedutilizing <br /> valuation pp the most recognized approach to land <br /> , the Sales Comparison A • <br /> ti p Approach. This is a Summary Report. The Development Approach is.not appropriate because there are . <br /> no formal, immediate plans for development of t <br /> t�k= subject.site. The Income Capitalization Approach p he <br /> pp ach is not applicable, because this <br /> ' is not i type of property <br /> typically leased. <br /> Q,;r In preparing this appraisal, •the appraiser. <br /> t <br /> ad <br /> �` 1• Herlofsk <br /> Mr. <br /> f Y inspected <br /> p cted the subject property on,July 7, 2010. <br /> 13 r(F.: <br /> 1u.t <br />