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NTEGRA Realty Resources MINNEAPOLIS/ST. PAUL Loral Expertise...Nationally November 16, 2011 Mr. William K. Goodrich RANDALL and GOODRICH, P.L.0 2140 Fourth Avenue North Anoka, MN 55303 Re: Real Estate Appraisal services concerning 8020 147th Avenue NW, 14590 Armstrong Blvd. NW, and 8019 146th Avenue NW, Ramsey, Minnesota for a proposed total taking by the City of Ramsey for roadway expansion. Dear Mr. Goodrich: Integra Realty Resources — Minneapolis/St. Paul appreciates the opportunity to provide this proposal for valuation and counseling services for the above -captioned property. It is my understanding that you require an estimate of market value of the aforementioned properties for a proposed total taking for roadway expansion. I further understand that this opinion will be used to assist you in negotiating with the property owners. I believe it would be best to offer our valuation services as a "Phase I / Phase II" engagement. Phase I would be an appraisal service reported in a summary report format and Phase II would be an appraisal reported in a self-contained report. Phase I service should be sufficient to assist you in establishing a negotiating position with the property owners and Phase II would be used for a hearing or trial, if negotiations are not successful. The Phase I appraisal service will include an inspection of this property, an inspection of the neighborhood, our research of the zoning and other land use restrictions, our review of the project plans and documents, our research and analysis of the local real estate market, and our estimate of the market value of this property. These appraisal services will comply with the professional and ethical standards of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. I am a designated member of the Appraisal Institute. 8012 Old Cedar Ave. S. • Minneapolis, MN 55425 • Phone: 612-339-7700 • Fax: 612-339-7937