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