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SALES COMPARISON APPROACH — UNDERLYING LAND VALUE <br />Comparable sales research <br />Comparable land sales from 2-10 acres without sewer and water were researched on Northstar <br />MLS since January 1, 2011. Sales selected were located in areas of Anoka, Ramsey, and <br />Washington Counties closest to the subject. <br />CITY <br />ADDRESS DATE <br />SALE PRICE ACRES S/SF COMMENTS <br />Columbus XXX Julliard St. NE 12/8/2011 <br />Forest Lake 182xx July Ave. 5, 5/25/2011 <br />Gem Lake xxx Goose Lake Rd. 1/27/2012 <br />Grant 10xxx Manning Ave. 3/29/2011 <br />Grant xxx 80th St. 9/7/2011 <br />Grant xxx Jeffrey Blvd N. 7/28/2011 <br />Grant xxx Jeffrey Blvd N. 10/24/2011 <br />$ 79,172 <br />$ 100,000 <br />S 110,000 <br />$ 95,000 <br />$ 167,500 <br />$ 189,000 <br />$ 212,500 <br />5.68 <br />10 <br />6.62 <br />5 <br />9.11 <br />8.3 <br />10 <br />0,32 Partially wooded, pond in rear. <br />0,23 Wooded, rolling <br />0.38 Wooded, rolling <br />0,44 Wooded, rolling <br />0.42 Wooded, sloping <br />0.52 Partially wooded, near Gateway Trail. <br />0.49 Partially wooded, near Gateway Trail. <br />Discussion of Comparable Sales <br />These seven sales are considered the most similar to the lots in Oak Brook Peninsula. The <br />primary difference is that the Oak Brook lots are generally from 2 to 5 acres, while these sales <br />tend to be slightly larger. The smaller sales that I researched were less similar because they <br />were located further away and more open than the adjoining lots. <br />These lot prices range from $0.23 to $0.52 per square foot. The lowest priced lot is a 10-acre <br />lot in Forest Lake. It is more open than the Oak Brook lots. The highest valued lots are two lots <br />in Grant that are 8.3 and 10-acre lots, across from the Gateway Trail. In my opinion, the <br />proximity of the Gateway Trail is an amenity that would increase lot values similar to the <br />subject's location on Otter Lake. Three lots in Oak Brook have lakeshore frontage and two do <br />not. None of these sales have lakeshore frontage because the road is not located directly on <br />the shoreline. Nevertheless, the lake has a positive impact on land values in the vicinity. <br />Conclusion of Value <br />Based on these comparable sales, it is my opinion that the market value of the underlying land <br />is $.50 per square foot. The right-of-way for Outlot A is 60 feet wide by 2,000 feet long, plus a <br />60-foot cul-de-sac, for a total of 131,304 square feet. Therefore, the contributory value of the <br />right-of-way is estimated at: <br />131,304 square feet @ $0.50/SF = $65,652 <br />WALKER APPRAISALS 3 <br />