Agenda - Council Work Session - 09/26/2000

Home

INTENDED USERS OF THE REPORT This report is specifically and directly prepared for only Jim Norman, the City Administrator of the City of Ramsey, whom is under the authority of the City Council of Ramsey and their attomey, Mr. Bill Gooddch whom are also intended users. Other users of the report are unintended. INTEREST VALUED: Fee Simple EFFECTIVE DATE OF VALUE: August 18, 2000 DATE OF REPORT: August 25, 2000 APPRAISAL DEVELOPMENT AND REPORTING PROCESS The development of this appraisal utilizes a Limited Appraisal Process. The Departure Rule is invoked from USPAP. This means that the assignment is being performed using different and or lesser appraisal procedures that would otherwise be performed in the development of a Complete Appraisal of the subject as it is currently improved. The purpose of this appraisal is to provide an opinion as to the market value of the subject vacant land only. In reality, the subject is improved with two, what seem to be rather small and dilapidated looking building improvements. These are located on Sunfish Lake Boulevard, at the subject address reported on the cover of this report, and were viewed in a ddve-by fashion only. No on-site inspection was made, nor were any significant efforts made to determine their size and condition through public records. Any positive or negative value the building improvements may give the value of the land are not ascertained. Because a complete appraisal of the subject would have me (by the expectations of the participants on the market place for appraisal services, and what my peers actions would be in performing the same or similar assignment of an improved site) ascertain the vatue of such improvements, this is not a Complete appraisal. It is Limited appraisal. The development of the opinion of value pertains on!y to that needed to develop an opinion of the vacant land. To develop an opinion of value the vacant land, I walked over much of the subject land (but for the improved part of it) and performed a Sales Comparison Approach using several large and small acreage sales of industrial zoned property (the smaller sized comparabies were used to value the two small subject parcels, 0004 & 0002, that have Sunfish Lake Bird frontage, and the larger sized comparables to value the remaining acreage). To this end, because the Sales Comparison Approach is an approach to value that is acceptable to value the subject land by (as recognized by industry professionals and users of appraisal services), binding appraisal development standards in Standard One of the Uniform Standards of Professional Appraisal Practice are followed. However, I would like to point out that the while I did inspect the land, I did not contact the property owner and having their knowledge of the subject would do much to improve the quality and reliability of my value conclusion. Some special assumptions BCL APPRAISALS, INC. 2852 Anthony Lane South, Minneapolis, Minnesota 55418 -5-