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ELIZABETH M. BROWN <br />NUM <br />STEVEN M. DECASTER <br />MAI <br />ROBERT G. LUNZ <br />CTRE, MAI <br />1).vID H. MASSOPUST <br />ZIrU, SRA <br />'BODO :M. REID <br />MAI <br />EVISRISFT I). STRAND <br />aaA[ <br />DOUGLAS J. wAGEiAG\N <br />MAI <br />[221 ON THE Nicoi.LIT MALL <br />surr1 700 <br />MINNEAPOLIS <br />MINNESOTA 55403 <br />612.3+0.123, <br />ill)] le 012.340.1 848 <br />.0 icollcrparosrs.com <br />Ren/ Estar <br />Mr. Joel R. Hanson <br />City Administrator <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />idrisors <br />Februarry 18, 2005 <br />In re: Market Value Appraisal of the McGough Site located on XX <br />Soo Lane, Little Canada, Minnesota <br />Dear Mr. Hanson: <br />Pursuant to your request, we have made an inspection and analysis of the above <br />referenced property for the purpose of determining an opinion of market value <br />of the fee simple interest. Market value is defined within the body of the report. <br />This two -page letter must accompany the entire report, which is followed by <br />related Co;nparables and exhibits in the Addenda, for the value opinion set forth <br />to be considered valid. <br />This appraisal report has been prepared in conformity with the requirements of <br />the Code of Professional Ethics and the Standards of Professional Practice of the <br />Appraisal Institute, and prepared to meet the Uniform Standards of Professional <br />Practice (USPAP) as established by The Appraisal Foundation. The appraisal <br />conforms to the prevailing regulations issued under Title XI of the F ederal <br />Financial Institutions Reform, Recovery, and Enforcement Act of the 1989 <br />( FIRREA). Should a disparity exist between the two standards, the standards <br />outlined under FIRREA prevail. This appraisal was not based on a requested <br />minimum valuation, a specific valuation, or the approval of a loan. <br />The scope of this assignment included an inspection of the subject property on <br />January 10, 2005. This opinion of value is based on the Sales Comparison <br />Approach only. It is believed that all of the pertinent factors bearing on value <br />have been considered. This report represents a complete appraisal and the value <br />conclusion reflects all known information about the subject property, market <br />conditions, and available data. This appraisal is conveyed in a summary report <br />format. It is understood that the opinion of value evolved in this report will be <br />used in conjunction with the acquisition of the subject property by the City of <br />Little Canada from Mac Properties. Inc., the current owner. <br />PAGI 1 <br />_005 by \licoilec Pampers <br />