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