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Mr.Michael J.Mornson <br /> Page 2 <br /> August 24, 1999 <br /> The information received about the Golden Valley, Sweeney Lake, location is <br /> as follows: <br /> Site Size-51 Acres <br /> Sale Date: June 1997 <br /> Sale Price: $1,300,000 <br /> Plus: <br /> Demolition of building $2,000,000 <br /> Asbestosis Removal $4,000,000 <br /> Total $7,300,000 (base cost for land acquisition) <br /> $7,300,000/51 acres $ 143,137 <br /> Sale Price Per Acre $ 143,137 <br /> Say, <br /> $ 145,000 <br /> The adjustments to this sale price are as following: <br /> Sale Price per Acre $ 145,000 <br /> Time—mid 1997(+16 0/.) $ 23,200 <br /> Current Cash Sale Price $ 168,200 <br /> Site Size(-15%) ($ 25,200) <br /> Topography Modification $ 0 <br /> Location $ 0 <br /> Risk Factor ($ 8,400) <br /> Indication of Value/Acre $ 134,600 <br /> 101 acres @$134,600 = $13,600,000 <br /> The second raw land sale took place in 1995. It had no lakeshore but it was located in a very <br /> prestigious area of Edina. It was developed into eleven(11)lots and they sold in the <br /> $400,000 to$485,000 range. They sold within one year. Note all of the lots sold above <br /> $400,000 indicating that a location adjustment is necessary. <br /> The adjustments for this site are noted below: <br /> Location: 5000 Blake Road <br /> Sale Price: $2,700,000 <br /> Sale Date: 10/1995 <br /> Site Size: 10.79 acres <br /> Sale Price.Per Acre: $250,200 <br /> Adjustment <br /> Time(+30%): $ 75,000 <br /> Time Adjust Sale Price: $325,200 <br /> Risk factor(-15%): ($ 48,800) <br /> Subject Size(-25 1/o): ($ 81,300) <br /> Location: ($ 12,500) <br /> Topography Modification ($ 65,300) <br /> Indicated Price Per Acre $ 117,300 <br /> Page 83 <br />