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<br />DAHLEN & DWYER, INC. <br /> <br />PURPOSE OF THE APPRAISAL <br /> <br />The purpose of this appraisal is to give an opinion of the market value of the <br />fee simple interest in the property as of January 28, 1998. Market value is an "as is" <br />cash value and assumes a 90-120 day marketing period. Market value also assumes <br />that all outstanding and pending special assessments, if any, along with taxes are paid <br />in full. No contributory value has been given to any personal property. The property <br />was inspected on both January 22, and January 28, 1998, with the effective date of <br />the appraisal being January 28, 1998. <br /> <br />FUNCTION OF THE APPRAISAL <br /> <br />It is my understanding that the function of this report is to act as a guide for <br />the City of Roseville in the possible acquisition of the property for redevelopment in <br />keeping with the R-1 Zoning Code of the City. <br /> <br />PROPERTY RIGHTS APPRAISED <br /> <br />Title in fee simple, subject to usual easements for streets and utilities, if any. <br />Fee simple interest is defined as: "an absolute fee", free of limitations to any <br />particular class of heirs or restrictions, but subject to the limitations of eminent <br />domain, escheat, police power, and taxation". <br /> <br />HISTORY OF OWNERSHIP <br /> <br />2108 Hamline Avenue N is currently under the ownership of Michael G. and <br />Melissa F. Vrudny. There have been no recorded sales of the property within the past <br />five years. The last recorded sale, according to Ramsey County Courthouse records, <br />was in May of 1985, at which time a sale price of $58,000 was reported. <br /> <br />4 <br />