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South Athletic Complex Site <br /> City of Lino Lakes, Minnesota <br /> timing and cost estimates were on a "best case" scenario. <br /> Therefore, the value indicated by this approach in this case <br /> is the highest value assuming that every facet of the <br /> development happens in the most favorable time frame. For <br /> example, if lots could not be first sold in year five, but in <br /> year 6, the value would be lower. In all likelihood, the <br /> carrying costs are conservative. In sum, due to the extended <br /> nature of the projections, we have not placed as great a <br /> weight on this analysis as we would if the project were ready <br /> for development on a current basis. <br /> Therefore, based upon the foregoing and after careful <br /> consideration of the.many factors that influence value, it is <br /> n <br /> our opinion that the market value of the subject property as <br /> of the effective date hereof is: <br /> Two Hundred Fifty Thousand Dollars <br /> ($250,000.00) <br /> r� <br /> Page 32 <br />