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City of Little Canada,
<br />515 East Little Canada Road,
<br />Little Canada, Minnesota 55117
<br />February 26, 1932
<br />RE : Lots 36, 49, 50, 51, and that part of lots
<br />1, 2, 3, and 4, described as follows : the
<br />ELY. 142'64 starting at the most NLY. line
<br />of lot 1, and thence SLY. in a straight line
<br />395'20 to the most SLY. line of lot 4, all in
<br />J.F.Eisenmenger's Garden Lots Addition, Ramsey
<br />County, Minnesota.
<br />ATT'N. Mr. Joseph Chlebeck, City Clerk
<br />Pursuant to your request, an appraisal of the above described property located in
<br />Little Canada, Ramsey County, Minnesota, was made on February 25, 1982. An analy-
<br />zation was made of all the factors taken into consideration in my conclusion of value.
<br />The purpose of this appraisal is to estimate the current "Market Value" "as is"
<br />of the real property, which may be defined as the price at which a willing buyer would
<br />buy, and a willing seller would sell, neither being under abnormal pressure, both part-
<br />ies being fully informed, and assuming that the property is exposed for sale on the
<br />open market for a reasonable length of time.
<br />In my opinion the estimated "Market Value" "as is" of the real property, including
<br />utilities as of February 25, 1982 is $363,700.00. The subject property contains
<br />207,852 square feet. 207,852 sq.ft. (4) $1.75 per sq. ft. = $363,741.00 rounded at
<br />$363,700.00.
<br />In estimating the Market Value of the subject property, all three approaches to value
<br />were considered, however the greatest weight was centered on the Market Data Approach,
<br />also known as the Comparable Comparison Method, which is based on what similar proper-
<br />ties have been sold for, and type of zoning, etc.
<br />It is to be noted that the lot size dimensions covering parts of lots 1,2, 3 and 4,
<br />were given to the appraiser by the manager of McDonald's restaurant, so no guaranty is
<br />made of its correctness. The legal description of the McDonald property according to the
<br />plat on file in the Ramsey County court house vault, includes that portion of lots 1 to
<br />4 of the subject property,and is described to wit : Lots 1, 2, 3 and 4,in J.F. Eisenren-
<br />ger's Garden Lots Addition - the South z of the SW. ,Section 7, Tsp. 29 N; Rge. 22 West,
<br />except the West 194'0 of lots 3 and 4, and except the South 33'95 of the West 194'0 of
<br />lot 2, Subject to existing or pending rights of the State of Minnesota in the W.24'
<br />Before any construction is begun, it is recommended that soil boring tests be made by a
<br />reliable licensed testing laboratory, to determine whether or not any type of subsoil
<br />condition exists that might be detrimental to building plans.
<br />Subject property is zoned B3- General Business District. The Highest and Best Use of
<br />the land is commercial.
<br />Subject land is approximately 3 to 4 feet below grade level, and in the event of need
<br />for land fill, the cost would be considerable - based on information obtained from
<br />landscaping contractors.
<br />Records show no delinquent taxes, although there are special assessments outstanding
<br />on water - sewer and street assessments,
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