2005-01-26 CC Packet - Laserfiche WebLink

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PURPOSE OF THE APPRAISAL The purpose of this appraisal is to provide an opinion of the market value of the property described herein with an effective date of January 5,2005. The date of the report which indicated the time frame of all market assumptions is also January 5, 2005. The estimate of market value is predicated upon the definition of market value contained herein. ESTIMATE OF PROPERTY EXPOSURE TIME Exposure time is defmed as the estimated length of time the property being appraised would have been exposed on the market prior to the hypothetical corisummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming an open and competitive market. The previous exposure time relating to the value estimate herein has been estimated at one year. This is based on historical sales of general lake front property throughout the Twin Cities area. INTENDED USE OF THE REPORT Pursuant to the request of Mr. Bill Tschida of the St. Paul Regional Water Services, our client, we will provide an opinion of the market value so that this appraisal may be used for disposition and possible sale considerations. This report is for the sole and exclusive use of the client and assignees for the above stated purposes. No other use or users of this report are intended by the appraiser. Written authorization must be received from the client before releasing the report to any other party. SCOPE OF THE APPRAISAL I [. The subject of this appraisal is two, vacant single family residential lots with one improved with a single family dwelling. This dwelling is considered to be functionally and physically obsolete and an economic hindrance to the land. The highest and best use of the site that this dwelling is situated on, is considered to be for the dwelling to be removed and the land improved. with a mid to upper bracket home. The appraisal therefore will .consist of two, vacant single family lots, each containing 112 feet oflake frontage and approximately 23,184 square feet. I The property is located on the southeast side of Centerville Lake, on the northwest side of Lamotte Drive at 1601 Lamotte Drive in both Centerville imd Lino Lakes, Minnesota. These assumed vacant parcels will be appraised utilizing the Direct Sales Comparison Approach only. This is a Complete Land Appraisal and is intended to comply with the USPAP reporting requirements under Standards 1 & 2 excluding Standard 1-4(b) which calls for the Cost and Income approaches. These approaches are non-contributory to this value estimate since we have assumed that the sites are vacant. The subject property is appraised as vacant land. 11