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REAL ESTATE APPRAISED CONT. <br /> <br />estimated to occupy an area of 208,100 square feet. The subject has about 1,360 feet of <br />frontage (in two locations) on Industry Avenue or County Road 116, and about 700 feet of <br />frontage (also in two locations) on Sunfish Lake Boulevard, or County Road 57. <br /> <br />HISTORY AND MARKETING TIME <br /> <br />Although the property owner was not contacted, it would seem that the subject is Waste <br />Managements buffer land which they still own that is located on the south side of their old <br />landfill which they no longer own. The landfill has been closed for several years, and the <br />Minnesota Pollution Control Agency has attained ownership and probably control of the actual <br />mountain of covered garbage (which dses above the areas terrain, about one half mile north). <br />Therefore, it would not seem that the subject is part of a larger whole anymore. At any <br />concern, tax records indicate that the ownership of the subject (these five parcels) has <br />remained the same over the past five years. The last change in ownership, at least for the <br />three parcels that have frontage on Sunfish Lake Boulevard, seem to have occurred in the mid <br />to late 1980's. <br /> <br />Should the subject whole be place for sale on the market, the marketing period is estimated to <br />be probably over a year, and under three. The city's influence (caused from being a buyer of <br />industrial acreage at whatever pdce, and a seller of sites for $1.00) over the market for <br />industrial land is disregarded. <br /> <br />HIGHEST AND BEST USE <br /> <br />The highest and best use of the subject is for subdivision development into an industrial park <br />having many platted lots. Phased development of the park is probable as it is doubtful the <br />market would be capable of absorbing all lots on 44.63 platted acres of land at once. A four <br />to five year sellout time is estimated. Depending on what the design of the. park is, two of the <br />subjects tax parcels (0002 & 0004) that have Sunfish Lake Boulevard frontage may or may not <br />be incorporated into a plat of the whole. They were split from the acreage at some point in the <br />past and are already of a lot size which might be platted in a new subdivision, and they have <br />street and utility service available. <br /> <br />CONCLUDED VALUE <br /> <br />$1,303,000 <br /> <br /> BCL APPRAISALS, INC. <br /> 2852 Anthony Lane South, Minneapolis, Minnesota 55418 <br />-6- <br /> <br /> <br />