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�r South Athletic Complex Site <br /> City of Lino Lakes, Minnesota <br /> RECONCILIATION AND FINAL ESTIMATE OF VALUE <br /> The final step in a real estate appraisal is the <br /> reconciliation of the various value indications into a single <br /> estimate of value for the subject property. In this <br /> appraisal, two appraisal methodologies were applied. The <br /> following values were indicated and are -available for <br /> reconciliation. <br /> Market Data Approach $ 250,000.00 <br /> Subdivision Approach $ 320,000.00 <br /> The Market Data Approach best considers the actions of <br /> buyers and sellers in the market place. The validity of this <br /> approach rests upon the quality of the market data available <br /> for analysis. <br /> The Subdivision Approach attempts' to view the property <br /> from the perspective of a potential developer of .the property. <br /> Here we have relied upon a potential division of the site <br /> prepared by the City. This potential development plan may or <br /> may not be the most efficient or oost effective available. <br /> The development costs were estimated based upon experiences <br /> . with similar density developments in the City and elsewhere in <br /> the northern metropolitan area. We have attempted to account <br /> for the fact that as of the date hereof, it appears that <br /> development of the site cannot occur within the next five <br /> years. We have attributed all development expenses to the <br /> ^ first years were revenues could be generated. All of the <br /> Page 31 <br />