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Mr.Michael J.Mornson Page 4 August 24, 1999 Fridlev Sale Ms. Barb Dacy of the Fridley Development Office indicated that Medtronic also paid$6.00 to $8.00 per square foot for their new site at Central and the I-694 intersection. This was net dollars to Medtronic. For this they purchased about 10 acres,in a ready-to-build condition. No soil contamination problems. This indicated value range is for one of the best commercial/office sites in the northeast suburban area. In my opinion,I feel the market would look with equality on the Medtronic site vs. the Silver Lake site. If,.however,visibility was important the I-694 site is better. The Sliver Lake site offers"an environment". This peace and tranquillity less the stressful environment for office space is becoming more and more of an influence in the market place. This type of environment was started locally in Roundhorse's Opus development in the southeast corner of Minnetonka(northwest quadrant of the 169/62 Crosstown intersection). This corporate atmosphere has also been used in other areas in the Twin Cities and has worked with single and multi-tenant office buildings. In my opinion,there would be no location adjustment for this Fridley site. The other adjustments are noted below: Site Size—Ten(10)acres. @$6.00 per sq.ft.,or$260,000 per acre @$8.00 per sq.ft.,or$348,500 per acre Indication of Value Ranges Per Acre @$ 260,000 @$ 348,500 Adjustment: Time $ 25,300 $ 35,200 Current Sales Price Per Acre $ 285,300 $ 383,700 Less Location $ 0 $ 0 Less Site Size(-25%) ($ 71,300) ($ .95,900) Less City Utilities— @$0.50 per sq.ft. ($ 21,800) ($ 21,800) Topography Modification @$1.50 per sq.ft ($ 65,300) ($ 65,300) Parking Ramp $ 0 $ 0 Value Indication Per Acre $ 126,900 $ 200,700 Value for 101 Acres $ 12,800,000® $ 20,300,000 Page 85