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Attachment 1 <br />File:Subject Properties Identified & Described <br />SubjectPropertiesIdentified&Described <br />BACKGROUND <br />Thesubject tenant space is used as a beauty salon, known as Salon 27. The salon <br />has a reception area, a production area, a utility/breakroom, and a restroom. The <br />subject salon has 12 styling stations and four hair-washing(shampoo) stations. <br />Ramsey County reportsthat the largerretail center was constructed in 1992 and has <br />gross building area (GBA) of 15,112SF. The center appears well maintained and has <br />good curb appeal. A review of the aerial plat map suggests the parcel has ample <br />surface parking to support the retail center. <br />The tenant, TDMSalons LLC, began occupyingthe subject spacein 2014. The tenant <br />improvements and tradefixtures were largely installed/constructed during the first <br />half of 2014. Ted and Dana McCullum report that they bore the cost of alltenant <br />improvements and tradefixtures. <br />The City of Roseville acquired the larger property on April 6, 2018 for $2,300,000, or <br />$152.20 per SF of GBA. Mr. Patrick Trudgeon, Roseville City Manager, reports that <br />the eminent domain process was initiatedat the start of the acquisition process. <br />However, an agreement was ultimately reached without the City needing to exercise <br />its right of eminent domain. <br />A new lease with athree-year term was executed between the City (landlord) and <br />TDM Salons LLC (subject tenant). That leasetermhas since expired and the tenancy <br />continues on a month-to-month basis. <br />SUBJECT TENANT IMPROVEMENTS <br />The tenant improvements essentially consist of the interior finishes and wall <br />constructions. These include asuspended grid ceiling with 2’ x 4’ acoustictile, canned <br />and florescent light fixtures, and ceiling-mountedHVAC diffusers. The wall finish <br />consists of painted sheetrock. The floor covering consists of engineered woodplanks <br />that aremanufactured by Earthwerks. Othertenant improvements include interior <br />wall construction for the shampoo room, baseboards, ceiling trim, and interior doors. <br />SUBJECT TRADE FIXTURES <br />Many of the immovable tradefixtures could also be categorizedas tenant <br />improvements (interior finishes). Such items are permanently or semi-permanently <br />attached to the buildingand are integratedinto the tenant improvements. However, <br />these items are specific to the beauty salonuse and, for purposes of thisassignment, <br />are categorized separately as tradefixtures. <br />Dodd Advisory & Valuation 8 <br />Qbhf!218!pg!385 <br /> <br />