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<br />. <br /> <br />01~(11~ <br /> <br />Commercial & 1ndU!triaJ <br />Machinery & Equipment <br />Appraisal Specialists <br /> <br />April 13, 2004 <br /> <br />Mr. urn Tschida <br />Saint Paul Regional Water Servi.ces <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 />parcels consists of two single family residential lots; one (parcel 2 - southerly lot) improved With <br />a siIlgle family dwelling and one (parceU - northerly lot) vacant. The dwelling one Parce1.2 is <br />considered to be functiOnally andphysica1ly 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 LanJ.otte Drive at 1601 Lamotte Drive in both Centerville and Lin() Lakes, Minnesota. Our.' <br />conclusion of value for these two lots, assumed to be vacant, as of November 5, 2003 was <br />$270,000 ~ch.' . . . . <br /> <br />. In response to your request, we have analyzed the value of the Parcel 2 (southerly parcel <br />currently improved with a dwelling), if Parcell(northerly parcel currently vacant) were utilized. <br />asa public park. . . <br /> <br />- . <br />Based on the information contained in this report. and other data considered hi this <br />analysis; it. is our opinion that the Market .V,alueof the subject property (parcel 2) . "AsSumed to <br />-be Vacant" an~ based on a one year marketing exposure period, as of April 8; 2004: <br /> <br />.. <br />TWO HUNDBED AND THIRTY FIVE mOUSAND DOLLARS <br />. - ,$235,000 <br /> <br />~..-.~... ......-. <br />. .' ., <br /> <br />-- =- <br />F. W. Ger e . MAl . <br />Certified era! Real Property Appraiser <br />License # 4001499 . <br /> <br />ORION APPRAISALS. INe. <br />3495 Willow lAke Blvd. . SuitdOO. SI. Paul. MN 55110 <br />(651) 636.1339. F(JJC: (651) 636-213:U(800) 274.9677. www.orionappraisals.com <br /> <br />, <br />