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South Athletic Complex Site <br /> City of Lino Lakes, Minnesota <br /> SUBDIVISION DEVELOPMENT APPROACH <br /> This method of estimating value attempts to view the <br /> subject property from the perspective of a potential developer <br /> of the site. In short, value is indicated by estimating the <br /> total revenue that the site will generate upon development. <br /> From the total revenue, all costs associated with the <br /> development and sale of the ultimate product are deducted, <br /> including a reasonable amount of profit to the developer. The <br /> present value of the remainder represents the present value of <br /> the subject- land as undeveloped property. <br /> At our request, the City of Lino Lakes staff provided us <br /> with a sketch of a potential subdivision' of the subject <br /> property. That plan proposes to divide the property into <br /> residential building lots under the criteria set out for <br /> developments within the R-1 zoning district. The sketch <br /> represents how the subject-might be developed when and .if <br /> municipal utilities were available to it. We have reviewed <br /> this plan and believe it to be a reasonable proposed future <br /> development for the site. The sketch plan indicates that the <br /> site could be divided into a minimum of 152 complying lots. <br /> The Subdivision Approach to Value is applied to the subject <br /> below. <br /> Gross Proceeds <br /> Based upon our review of the above mentioned sketch plan <br /> and a survey of single family residential lots within the City <br /> Page 26 <br />