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<br />y <br />CAS <br /> <br />CERTIFIED APPRAISAL SERVICES <br />accurate. agile. adept <br /> <br />LETTER OF OPINION <br /> <br />June 5, 2008 <br /> <br />To: Mr. Sean Sullivan, Economic Development Coordinator <br />City of Ramsey <br />7550 Sunwood Drive <br />Ramsey, Minnesota 55303 <br /> <br />Re: E-2 Zoned Land Value <br />Gateway North Industrial Park <br />Ramsey, Minnesota 55303 <br /> <br />Dear Mr. Sullivan: <br /> <br />ISO 16 Owatonna Street NE <br />Blaine, MN 55449 <br />P: 763.767.6925 <br />F: 763.767.6921 <br />www.cert-appraisal.com <br /> <br />As per your request, we have carefully studied county records and our <br />comparable sales data base for industrial zoned comparable land sales in the City <br />of Ramsey. All sales studied were between 40,000 square feet to 201,683 square <br />feet in size and ranged from $2.01 to $5 .30 per square foot. The comparable <br />sales all sold between November 2005 to the present. The appraisers were <br />instructed to estimate the range in value of a typical industrial building site <br />in the City of Ramsey. The appraisers have made the followingassumptionsi (a) <br />the site is buildable and available on the open market. (b) the site is platted <br />with a legal description and property identification number. @ the site is not <br />negatively affected by the existence of hazardous substances or detrimental <br />environmental conditions. <br /> <br />Based on the comparable land sales studied and after appropriate <br />adjustments, the appraisers have formed the opinion that the value of a typical <br />industrial building site, as of May 30,2008, will be between $3.00 and $3.25 per <br />square foot and the marketing time will be six and twelve months. The appraiser <br />signing this letter has NOT inspected the subj ect site. All comparable sales are <br />re~ained in the appraisers' file and may not be viewed by anyone unless a full <br />appraisal is ordered. The fee for a summary appraisal, vacant land only, if <br />ordered before May 30,2009, will be $1,600. <br /> <br /> <br />ab <br />r ified General <br />Real Property Appraiser <br />License Number 20005641 <br />All Types of Property <br /> <br />-294- <br />