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Land Sales:
<br /> We 'have looked at land sales in the subject's marketplace which have occurred since 1/1/94 to
<br /> present. We obtained these sales from the Regional MLS, Plat Systems, Inc, discussions with local
<br /> Realtors, and market participators. We have located all applicable commercial sales from these
<br /> sources. Unfortunately many of the commercial sales are located in areas that are floodplain. For
<br /> the purpose of development, these sites had to be filled to an elevation at least two feet above the
<br /> floodplain elevation. The subject, not being located in the floodplain does not have any risks
<br /> associated with development in filled areas of the floodplain. We will indicate the applicable sales
<br /> below, and briefly discuss their applicability with the subject.
<br /> Within the last 1 -3 years, Glenn Rehbein sold some property on Main Street, zoned/used as
<br /> commercial, in the floodplain, and filled. These sales include:
<br /> Lot 7, Block 1, Industrial Park, the location of the muffler shop on 62,500 s.f., which sold 11/96 for
<br /> $43,000, or $.69 /s.f.
<br /> Lot 2, Block 1, Industrial Park, a 63,900 s.f site sold to Esox Holdings LLC on 10/97 for $51,500,
<br /> or $.81 /s.f.
<br /> Lot 4, Block 1, Industrial Park, the 119,300 s.f. site of Goetz Landscaping, on 12/97 for $65,000,
<br /> or $.54 /s.f.
<br /> Lot 6, Block 1, Industrial Park, the 119,400 si site sold to Northern forest Products on 7/97 for
<br /> $65,000, or $.54 /s.f.
<br /> Lot 5, Block 1, Industrial Park, another site sold to Northern Forest Products on 10/95 for $64,500,
<br /> or $.54 /s.f.
<br /> Since these sales are all in the floodplain, and while filled, they still have a risk of flood, and most
<br /> likely pay flood insurance. This inherent risk is something that the subject development would not
<br /> experience. Therefore, the subject is superior without risk of flood, however inferior in location.
<br /> All of thesc comparables have better location, being on Main Street, just off the interchange. The
<br /> subject is superior in zoning (comparables are industrial). Another adjustment is necessary for the
<br /> passage of time, estimated at approximately 5% per annum.
<br /> The two most applicable sales, also happen to be the most recent sales. These two sales are also
<br /> located on Main Street, but not near the interchange. These are located where the new strip center
<br /> development is located on the north side of Main Street on Peterson Trail. Neither of these sales are
<br /> within the floodplain. These sales are as follows:
<br /> 181X Main Street (northwest corner of Main Street and Peterson Trail) sold for $50,000 on 4/29/98.
<br /> Additionally, the buyer assumed assessments of $18,620. The indicated price per square foot for
<br /> the property, with assessment assumption was $1.22 /s.f. The lot was 1.29 acres (200' x 281'), and
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