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16 Limited/Restricted Appraisal Report Page Three PURPOSE OF THE APPRAISAL: To estimate the market value of the fee simple interest in the subject property as of February 1, 2000. The definition of market value conforms to the definition approved by the Appraisal Institute. INTENDED USE OF REPORT: To assist the client(Custom Liquidators) in negotiations with the City of St. Anthony who intends to acquire the subject property for redevelopment. The City of St.Anthony plans a redevelopment of the St. Anthony shopping center area. INTEREST VALUED: Fee simple. APPRAISAL DEVELOPMENT AND REPORTING PROCESS: In preparing this appraisal, the appraiser inspected the subject property and gathered information on the subject's neighborhood. The appraiser obtained information from the City of St. Anthony and Hennepin County. The appraiser reviewed a number of documents some of which are listed below: • • City of St. Anthony zoning map. • City of St. Anthony zoning code. • Site survey prepared by Hakanson Anderson Assoc.,Inc. dated September 1995. • Land Use Plan for the St. Anthony shopping center area dated July 15, 1999. • The proposed masterplan for the St. Anthony shopping center area prepared by Tushie Montgomery Assoc., Inc. • Various transaction documents related to the purchase of the subject property in 1995 including the purchase agreement,title work,environmental due diligence, closing statements, etc: The appraiser conducted a search for comparable land sales and listings. The appraiser conducted a search for comparable land sales and listings. The appraiser estimated the replacement of the building and site improvements and estimated accrued depreciation. The appraiser conducted a search for comparable improved sales. The appraiser conducted a search for comparable building rentals. The appraiser utilized all three approaches to value to estimate the market value of the subject property.