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ABITHE APPRAISAL B UREA U <br /> Consulting Valuation Engineers <br /> 5955 Golden Valley Road, Suite 201 -Minneapolis, Minnesota 55422 <br /> (612) 595-7126/Fax (612) 595-7127 <br /> August 24, 1999 <br /> Mr.Michael J.Mornson, City Manager <br /> Saint Anthony Village <br /> 3301 Silver Lake Road <br /> St. Anthony,MN 55418-1699 <br /> REFERENCE: PRIMARY RESEARCH AND ANALYSIS TO ESTIMATE VALUE RANGE FOR <br /> THE SLIVER LAKE SALIVATION ARMY CAMP(101 ACRES)LOCATED AT THE <br /> SOUTH WEST CORNER OF SLIVER LAKE ROAD AND COUNTY ROAD E. <br /> Dear Mr.Morrison: <br /> Based on your request we have pursued the research necessary to give an opinion of value range under the <br /> various potential highest best use. The various uses that I have considered possible are: <br /> I. Residential- <br /> Mixture of detached residential homesites—some with lakeshore,and a limited amount of <br /> town houses. <br /> II. Corporate Headquarters- <br /> There are many corporations today who want a relaxed atmosphere for the corporate <br /> headquarters. <br /> III. City or County Park- <br /> The search that was done for government purchased parks was inconclusive. Data was not <br /> found within the time frame of this research assignment. I am.sure there is sale data. There <br /> have been parks purchased and formed within the last fifteen years,but I could not get the <br /> sale information. <br /> Therefore,as of this point,I could not come to any conclusion as to what the value sales of other parks <br /> would indicate for the subject. <br /> If the results of this particular,park type,research are important and you feel that additional research would <br /> be wanted, we could continue this part of the project. Additional time would be required. <br /> The research and the analysis of our research is summarized below: <br /> I. Residential Development <br /> Value Range of the subject site,if developed as a residential subdivision. After considerable <br /> research I have found a sale of 51 acres in Golden Valley which also has good attractive <br /> lakeshores,very similar to the subject in its physical and location amenities. <br /> The subject,based on my drawing,could be developed with about 25-26 lakeshore lots, 14 <br /> detached single family lots and have about 13 acres left for townhouse development <br /> Page 82 <br />