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<br />As of the date of the inspection, the southerly site was improved with an outdated dwelling <br />and the second site was vacant. Land uses surrounding the site consist of single family residential <br />and park facilities. <br /> <br />In summary, the sites physical characteristics, in terms of size, shape and topography <br />permit a variety ofuses. The surrounding neighborhood and the extensive residential development <br />in the area would suggest that single residential use would be the most compatible for the subject <br />properties. <br /> <br />Lel!allv Permissible - We have considered the uses which are permitted by public and <br />private restrictions of the site. The effect of zoning and the uses aIlowed by current zoning, or <br />the reasonable probability that a change in zoning could or would be effective within a reasonably <br />probable period oftime must also be considered. The portion of the subject sites that are located <br />in Lino Lakes are zoned R-I, single family residential. The portion of the subject sites that are <br />located in Centerville Lino Lakes are zoned P-I, Public/Semi-Private use. We have assumed for <br />purposes of this analysis, that an appropriate zoning could be accomplished to effect the <br />construction of single family dwellings on the sites. <br /> <br />I <br />I <br />I <br /> <br />Financially Feasible - After satisfying the first two tests, and considering the potential uses <br />possible based on the physical and legal limitations of the site, the uses must be analyzed to <br />determine if they are indeed financially feasible. <br /> <br />Maximally Productive - Of the fmalicially feasible uses, the use that produces the highest <br />price or value consistent with the rate of return warranted by the market is the Highest and Best <br />Use. <br /> <br />CONCLUSION <br /> <br />Hil!hest and Best Use. as if Vacant - Based on the preceding analysis and considering the <br />demand in the market, the extensive residential development in the area and the location on <br />Centerville Lake, the Highest and Best Use of the subject property is for single family residential <br />development. <br /> <br />I <br />I <br /> <br />Note: A complete highest and best use analysis was not prepared since it is beyond the scope of <br />the appraisal assignment. A complete analysis would include a feasibility study which would <br />thoroughly illustrate area demograpbics, legal coriformity and surrounding land uses, <br />neighborhood growth, and physical capabilities. <br /> <br />25 <br />