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DAHLEN & DWYER, INC. 1260 NORWEST CENTER TOWER. 55 EAST 5TH STREET. ST. PAUL, MINNESOTA 55101 . (612) 224-1381 . FAX (612) 223-5736 DWIGHT W. DAHLEN, MAl, SREA DANIEL E. DWYER BEVERLY H. DWYER MARTHA W. BENSON SEAN M. FOLEY WILLIAM E. PETERSEN February 5, 1998 Mr. Dennis Welsch Community Development Director City of Roseville 2660 Civic Center Drive Roseville, MN 55113-1899 RE: 2018 Hamline Avenue N Roseville, Minnesota Dear Mr. Welsch: In accordance with your request, I have made an inspection and an appraisal of the property located at 2018 Hamline Avenue N in Roseville, Minnesota. The property under analysis is a detached frame single family dwelling with 2-car detached garage and a 1-car garage/shed located on a 133.6' x 116.09' site at the NEC of Shryer Avenue and Hamline Avenue N. As a result of my thorough inspection of the properties, my comparison of the property with other properties that have sold or that are being offered for sale, my analysis of the cost to replace the improvements and the depreciation present, and relying on my experience as an appraiser active in this area, it is my opinion that the market value of the subject property as of January 28, 1998 is as follows: SIXTY THREE THOUSAND DOLLARS ($63,000) Market value is defined as the most probable price estimated in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in the definition of market value is that payment is made in cash or its equivalent. The equivalent of cash is conventional financing at bank/institution rates. The subject properties have been appraised based upon cash or cash equivalent financing.