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Mr. Michael J. Morrison <br /> Page 3 <br /> August 24, 1999 <br /> This sale indicates the following value for the subject site: <br /> 101 acres @$117,300 $11,850,000 <br /> Il. Corporate or-Multi-Tenant Office Location <br /> There have been a couple of sales in the Southdale/I-494/France Avenue area where the sites <br /> were used for office,multi-tenant,buildings. These sites and the structures that were built on <br /> them could have just as easily been corporate locations. Sale information was not available. <br /> Golden Vallev Site <br /> The Golden Valley site was sold in September 1997. It consisted of 4.82 acres and sold for <br /> $1,514,395,or$7.21 per square foot. The site has frontage and exposure on Highway 55 <br /> (Olson Memorial Highway),but access from Golden Valley Road. <br /> The proposed construction is two(2)multi-tenant structures with occupancy in the medical <br /> related field. The improvements are multi-story buildings,which did not require ramp type <br /> parking due to their lot size. <br /> The subject site,if used for a corporate structure,would not be turned into a parking lot. In <br /> order to retain the site amenities I am sure the city could require ramp parking in order to <br /> maintain as much green area as possible. <br /> This sale indicates the following value ranges: <br /> Location: 8301 Golden Valley Road <br /> Sale Date: September 1997 <br /> Sale Price: $1,514,395 <br /> Site Size: 310,000 square feet <br /> Sale Price Per Acre: $7.21 per square foot <br /> Indicated Price Per Acre: $ 314,100 <br /> Adjustments: <br /> Time @ 10% $ 31,400 <br /> Current Sales Price Per Acre: $ 345,500 <br /> Adjustments: <br /> Location $ 0 . <br /> Site Size(-25%) ($ 86,370) <br /> City Utilities @$0.50 1 sq.ft. ($ 21,800) <br /> Topography Modification- <br /> @$1.50 per sq.ft. ($ 65,300) <br /> Parking Ramp— <br /> 83 stalls @$12,000/101 ($ 9,900) <br /> Value Indication Per Acre $ 162,200 <br /> Value for 101 Acres $ 16,380,000 <br /> Page 84 <br />