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<br />01U(11~ <br /> <br />Commer,,",! & Industria! <br />Machinery &Equipmen, <br />ApprIJjsIJ! SpeciIJ!ists <br /> <br />April 13,2004 <br /> <br />Mr. :aill Tschida <br />.Baint Paul Regional Water Services <br />8 - 4th Street East, Suite 400 <br />St. 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 residential lots; one (parcel 2 - southerly lot) improved with <br />a single family dwelling and one (parceLl - northerly lot) vaCant. The dwelling one Parcel2 is <br />considered to be functionally andphysically obsolete and a hindrance to the land. The highest and <br />best use of the site that this property is situated on, is coIlsidered 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 /> <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 Lino Lakes, Minnesota. Our <br />conclusion .of value for these two lots, assumed to be vacant, as of November 5, 2003 was <br />$270,OOO-each. <br /> <br />. In x:esponse to your request, we have analyzed the value of the Parcel 2 (southerly parcel <br />currently improved with a dwelling), if Parcel 1 (northerly parcel currently vacant) were utilized <br />asa public park. . <br /> <br />:aased on the information contained in this report, and other data considered ill this <br />. analy~is; it. is our opinion that the Market Y alueof the subject property (parcel 2)' ~Assumed to <br />be Vacant" and based on a one year marketing exposure period, as of April 8; 2004: <br />." ~, ", . - '. . . <br /> <br />TWO HUNDUED AND THIRTY FlVE THOUSAND DOLLARS <br />, . $235,000 <br /> <br />'. ," <br /> <br />MLff. .. <br />--:7?70=-~ . . ." .. <br /> <br />F. W. Ger MAl . <br />Certified eral Real Property Appraiser <br />License # 4001499 . <br /> <br />ORION APPRAISALS, INC. <br />3495 Willow Lake Blvd. . Sui'dOO. St. Paul, MN 55110 <br />(651) 636-1339' Fax: (651) 636-2U-!.~(800) 274-9677' www.orionappraisals.com <br /> <br />, <br />