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South Athletic Complex Site <br /> City of Lino Lakes, Minnesota <br /> This set of data clearly demonstrates the value added to <br /> a property as the result of its inclusion in the MUSA and the <br /> availability of municipal utilities. All but Sale No. 2 are <br /> within or partially within the MUSA. Sale No. 2 is zoned R, <br /> as is the subject and it lies east of Interstate 35E. As <br /> such, it is' considered to be comparable to the subject as of . <br /> the effective date hereof. However, it is our opinion that <br /> Sale No. 2 does not have as great a future development <br /> potential as does the subject. We have attempted to account <br /> for this in the adjustment process. <br /> After adjustment of the comparables, and after <br /> consideration of -the .time value of the investment pending its <br /> utility under its highest and best use, the market data relied <br /> upon indicates a per unit value for the subject site of <br /> approximately $3,000 per acre. <br /> Indicated Value of Subject Site <br /> 82.50 acres @ $ 3,000 per acre $ 247,500.00 <br /> rounded to $ 250,000.00 <br /> Page 25 <br />