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Overlay streets are to be milled and receive new bituminous surface. The preliminary • estimated cost is $1,548.48 per average lot (per city). 1) Rankin Road NE from 31st Avenue, south to dead-end. 2) Croft Drive from 32nd Avenue from Croft Drive to 31st Avenue. Description Of Streets And Adjoining Pronerties: All of the existing streets appear to be asphalt paved with the exception of Penrod Lane which has concrete surface. As of the inspection date the streets were mostly snow covered. Small clear patches viewed did appear to have some cracks. It was determined in an unrelated study (per city, not available for the appraisers review) that the streets listed above required reconstruction or overlay. Most of-the homes along the above listed roads were built between 1945 and 1975. Typical lot size is 1/4 acre. Most homes are of rambler, split level or entry, 1.5 story design. Typical foundation size is between 800 to 1,500 SF. Generally most homes are well maintained, are average quality and usually range in value from $70,000 to $150,000. Preliminary Opinion Of Value: Streets, sewer, water, storm sewer are public improvements. The market expects these improvements in the overall subject area. The properties along streets receive a direct benefit in the form of access and service. Generally, streets and services in newer condition have more appeal, they look better, drive on easier and will not require replacement in the near future. While old street improvements tend to be less appealing, are harder on cars and will require replacing in the near future. ` q P . .. Because streets are necessary and there is a direct benefit to a property in the form of access and service, there is an added value contribution. The cost of street reconstruction or overlay does not always equal value. In this case it is estimated to be a portion of the cost. Based upon this preliminary study, it is my opinion that if an appraisal were made, the final value estimate or added market contribution of the street improvements would probably be in the range of$4,700 to $5,300 per average lot for reconstruction streets and $800 to $1,200 per average lot for overlay streets. The range of value approximated herein is subject to adjustment upon completion of an appraisal. Should a final estimate be desired, a formal appraisal prepared in accordance with the Uniform Standards of Professional Appraisal Practice may be prepared upon authorization. Please contact me if you have any questions or concerns. Sincerely, LYLE H. NAG CO —INC I � 1 • William R. Waytas, SRA, CRP 1 Certified Federal General, Minnesota State Appraisal License #4000813 J Enclosure; photos, and location map. .