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COUNTY OF ANOKA <br /> Department of Highways/Right-of-Way <br /> Government Center • 2100 — 3' Avenue, Suite 224 <br /> Anoka, MN 55303 -5033 <br /> (763) 323 -5520 FAX (763) 323 -5418 <br /> Richard C. Erickson <br /> Right-of-Way Specialist <br /> Direct Dial Number (763) 323 -5522 <br /> January 18, 2012 <br /> Mr. Andrew Witter <br /> Assistant Anoka County Highway Engineer <br /> Anoka County Highway Department <br /> 1440 Bunker Lake Boulevard <br /> Andover, MN 55304 <br /> Dear Mr. Witter: <br /> At your request, I have preformed a complete appraisal and prepared this summary report of the former <br /> Olson residence, at 7261 Main Street, Centerville, MN 55038. <br /> The appraisal assignment was to estimate the market value of the aforementioned property in fee simple <br /> interest after a total taking made by the Anoka County Highway Department for its Highway Project SP 02- <br /> 614-24, Main Street, as of January 18` 2012. The purpose of the appraisal is to estimate the current fair <br /> market value of the remaining parcel. <br /> Market Value has been defined as the most probable price which a property should bring in a competitive <br /> and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, <br /> knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the <br /> consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions <br /> whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, <br /> and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in <br /> the open market; (4) payment in terms of cash in U.S. dollars or in terms of financial arrangements <br /> comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected <br /> by special or creative fmancing or sales concessions granted by anyone associated with the sale. <br /> We have not considered any liens, title defects, outside financial interest or encumbrances that may affect <br /> the Market Value of the property. Our survey concerns only with the physical value of the property as <br /> revealed to us, and does not include personal property, assets, or equipment. <br /> Based upon inspection of the subject property and in consideration of the various physical, legal, social, <br /> and economic factors that influence real estate, the following conclusions of value as of January 18 2012 <br /> is as follows: <br /> The Estimated Market Valuation of the above mentioned property is - $29,350.00 <br /> Respectfully submitted, <br /> Richard C. Erickson <br /> Anoka County Highway Department <br /> Right of Way Specialist <br /> Minnesota License No. 4001311 <br /> N <br /> ANOKA COUNTY HIGHWAY DEPARTMENT o <br /> OFFICE OF RIGHT OF WAY <br />