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CARUFEL APPRAISALS <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />A1 Carufel, MAI <br />MN License # 4000681 <br /> <br />May 9, 2000 <br /> <br />I' O00Z ~ I ~,V~E~1 <br />CITt, AI'~'o',-v;. H ] <br /> <br />4324 West 42nd Street <br />Edina,MN 55416 <br />(612) 926-6840 <br /> <br />City of Ramsey <br />Attn: Steve Jankowski, City Engineer <br />15153 Nowthen Boulevard Northwest <br />Ramsey, Minnesota 55303 <br /> <br />Re: Update of appraisal of Reginald Vasseur property <br /> SWQ of Variolite St. & 155th Ave. NW <br /> Ramsey, Minnesota <br /> Parcel 7 <br /> <br />Dear Mr. Jankowski, <br /> <br /> In response to your request, I have updated my appraisal of the above <br />referenced property. <br /> <br /> I appraised the property on June 2, 1999 (BCL Appraisals File # 99883-3). In a <br />letter to you from Timothy Korby, P.E., of RLK Kuusisto Ltd, dated March 23, 2000, <br />it was stated that there is an additional 0.92 acres of upland that should be added to the <br />appraisal. I cited this upland on Page 11 of my report (last paragraph under <br />Topography and Soils). In order to understand why I did not value this upland at a <br />higher rate, it is necessary to understand why I so valued the other 5.074 acres of <br />upland. Under "Highest and Best Use" ! stated that the 5.074 acre portion could <br />potentially be developed as a homesite. The 0.92 acres in question is not presently <br />developable because it is landlocked and does not have access or city sewer and water. <br />It is also important to note that the wetland comparables in my appraisal (#1 -4) also <br />include portions upland area in their overall prices averaging $365 per acre. <br /> <br /> <br />