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South Athletic Complex Site <br /> �•, City of Lino Lakes, Minnesota <br /> published and private secondary data; <br /> other real estate appraisers; <br /> public officials; <br /> real estate brokers and developers; <br /> real estate buyers and sellers; <br /> relevant materials provided by the City of Lino Lakes. <br /> The scope of this appraisal did not include commissioning <br /> any environmental studies to determine the presence of any <br /> hazardous substances on the site. Nor did it include consulting <br /> with a qualified soils engineer to determine existing soil <br /> properties. We have assumed that no environmental hazards exist <br /> on the site and that the soil conditions are suitable for use of <br /> the property in accordance with its highest and best use, except <br /> as otherwise set out herein. <br /> The conclusions and opinions resulting from our analysis are <br /> submitted as a Summary Appraisal Report as defined by the Uniform <br /> Standards of Appraisal Practice as promulgated by the Appraisal <br /> Foundation. <br /> DATE OF THE APPRAISAL <br /> This appraisal estimates the value of the subject as of <br /> December 23, 1994, based upon market and economic conditions then <br /> prevailing. The property was inspected on several occasions <br /> including December 23, 1994. The report was signed and prepared <br /> as of the date on the preceding cover letter. <br /> Page 2 <br />