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iii <br />NAGELL APPRAISAL INCORPORATED <br />12805 Highway 55, #300 Minneapolis: 952-544-8966 <br />Plymouth, MN 55441 St. Paul: 651-209-6159 <br /> Established in 1968 Central Fax: 952-544-8969 <br /> <br />City of Mounds View August 9, 2018 <br />Attn: Brian Beeman, MPA, Business Development Coordinator <br />2401 Mounds View Boulevard <br />Mounds View, MN 55112 <br /> <br />To Brian Beeman: <br /> <br />In accordance with your request, an appraisal report has been made on the following described <br />property: <br /> <br />Subject Property: Development Land <br />2400 County Road H2 <br />Mounds View, MN 55112 <br /> <br />Described below is a summary of the appraisal report contained herein. <br /> <br />Property Overview <br /> <br /> <br />The City of Mounds View owns land along Mounds View Boulevard that is currently zoned for commercial <br />and is guided for a mixed use planned unit development. <br /> <br />The City has requested an appraisal to help in decision making purposes regarding a potential sale. A <br />variety of potential development plans were provided to the appraiser. As none of them are approved at <br />this time, the appraiser valued the scenarios as requested, but also provided price per unit for the <br />apartments and price per SF for the commercial land so that the City could change the development and <br />understand how the value might be impacted. <br /> <br />That said, the following scenarios are considered in this appraisal: <br /> <br />• 100% multi-family development with 135 apartment units <br />• A Kwik Trip gas station with about 1.5 acres and a 63-unit apartment building <br />• A general commercial development with about 1.5 acres and a 63-unit apartment building <br />• 100% commercial development on the entire site <br /> <br /> <br />As noted, the values provided for the above scenarios assume that they are legally allowed, which is <br />likely not the case as of the report effective date. Therefore, the values could change, potentially by a <br />significant amount, if the final development plan differs from the above. <br /> <br /> <br /> <br />Report Use <br /> <br /> Decision making purposes regarding a potential sale <br /> <br /> <br />Intended User(s) <br /> <br /> City of Mounds View <br /> <br /> <br />