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Lake State Realty Services, Inc. <br /> 2140 Otter Lake Drive White Bear Lake, MN 55110 651- 653 -0788 Fax 651- 653 -1381 <br /> E -Mail lakestate@goldengate.net <br /> December 5, 2000 <br /> Mr. Jim March <br /> The City of Centerville <br /> 1880 Main Street <br /> Centerville, MN 55038 <br /> RE: Limited Scope Summary Restricted Market Value Appraisal <br /> Vacant Land South of Heritage St., East of Lamotte Dr., and West of Centerville Rd. <br /> Centerville, Minnesota <br /> Dear Mr. March: <br /> Pursuant to your request, we have personally inspected and prepared an appraisal for the above referenced <br /> property. <br /> The appraisal estimates the current market value of the fee simple interest in the described real estate, <br /> subject to the certification, definitions, and the assumptions and limiting conditions as stated herein. Please <br /> read these assumptions and limiting conditions, particularly #9, regarding dissemination of portions or all <br /> of this report. <br /> After careful consideration of the all pertinent factors influencing market value, it is our opinion <br /> that the fair market value of the acquisition for the subject property, this 30th day of November, 2000 (the <br /> date of most recent inspection) is: <br /> ONE - HUNDRED TWENTY - THOUSAND DOLLARS . . . $120,000* <br /> *This is based on the assumed subject size of 5 acres. The actual value should be determined at $24,000 /acre, <br /> after a survey to determine precise size. <br /> The attached report describes the methods and reasoning used in the analyses, as well as the data gathered <br /> during the investigation of the property and marketplace. This appraisal report has been completed in <br /> conformance with the current version of the Uniform Standards of Professional Appraisal Practice (USPAP) <br /> of the American Appraisal Institute; the OCC appraisal guidelines dated August 9, 1990; requirements as <br /> set forth in 12 CFR Part 323, "Appraisals" as published in the Federal Register, and as amended from time <br /> to time; and Section 301 of the Uniform Assistance and Real Property Acquisition Policies Act of 1970. <br /> Please feel free to contact me if you have any questions regarding this report. Thank you for the opportunity <br /> to assist you in this valuation matter. <br /> inc re y . 7 S � _ � h • <br /> J• ie Swift -; j, aft z rtified General a 'praiser <br /> Minn. #: 4002423 <br />