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<br />01ttlll~ <br /> <br />r <br /> <br />Commercial & Industrial <br />Machinery & Equipment <br />Appraisal Specialists <br /> <br />April 13, 2004 <br /> <br />Mr. Bill Tschida <br />Baint Paul Regional Water Services <br />8 ;.. 4th Street East, Suite 400 <br />S1. Paul, MN 55101 <br /> <br />RE: Two single family lots with <br />one lot improved with a dwelling <br />1601 Lamotte Drive <br />. Centerville & Lino Lakes, MN <br /> <br />Dear Mr.- Tschida: <br /> <br />Please refer to our recent appraisal of these two parcels, dated November 5,2003. These <br />'. " <br />parcels consists of two single family residen:tiallots; one (parcel 2 - southerly lot) improved with <br />a smgle faIDny dwelling and one (parce1J - northerly lot) vaCant. The dwelling one Parce1.2 is <br />considered to be functionally andphysica11y obsolete and a hindrance to the land. The highest and <br />best use of the site that this property is situated on, is considered to be for the dwelling to be <br />removed and the land improved with a mid to upper bracket home. Each lot contains 112 feet <br />of lake frontage and a gross area of approximately 23,184 square feet. <br /> <br />The properties are located on the southeast side of Centerville Lake, on the northwest side <br />"of Lamotte Drive at .1601 Lamotte Drive in both Centerville and LinoLakes, Minnesota. Our.' <br />conclusion -of value for these two lots, assumed to be vacant, as o(November 5, 2003 was <br />. $270,OOO-each. <br /> <br />. _ In response to your request, "we have analyzed the value of the Parcel 2 (southerly parcel <br />clJ!Iently improved with a dwelling), if Parcel 1 (northerly parcel currently vacant) were utilized <br />as a public park.' . <br /> <br />- . <br />- . <br />Based on "the 'information c6~tained in this report, and other da!? considered in this <br />,analysis; it is our opinion that the MarketYalueofthe subject property (parcel-2)-~-Assumed to <br />. 'be Vacant" an~ based on a' one year marketing exposure perio~,as of April 8; 2004: <br /> <br />. . , ~.;, . . <br />TWO HUNDl,{ED AND THIRTY FIVE THOUSAND DOLLARS <br />, , .' ,$235,000 <br /> <br />J~ ......... <br /> <br />F. W. Ge:i!J1w . <br />Certified ~r~ Real Property Appraiser <br />License # 4001499 <br /> <br />ORlON APPRAISALS, INC <br />3495 Willow Lake Blvd. . Suite '100 . St. Paul, MN 55110 <br />(651) 636-1339 . Fax: (651) 636-2p:U (800) 274-9677. www.orionappraisals.com <br />