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July 8, 2004 <br /> <br />Pat Turgeon <br />City of Ramsey <br />15153 Nowthen Blvd NW <br />Ramsey, MN 55303 <br /> <br /> Re: A Street Right of Way easement for the extension of 160th Lane NW <br /> South of 7191 160th Lane NW owned by Steven and Christy Dusbabek <br /> PIN 15-32-25-32-0004 <br /> <br />Dear Mr. Turgeon: <br /> <br />Enclosed herewith is my appraisal of the property described as: <br /> <br />The southerly 33 feet of the westerly 416 feet of the South 209.45 feet of the SW ¼ of Sec. 16, Twp. <br />32, Range 25. This strip of land is a westerly extension of 160th Lane NW and would constitute the <br />northerly half of said 160th Lane as extended. This easement will include the existing cul-de-sac on the <br />current dead end of 160~h Lane NW. The driveway to 7191 comes off said cul-de-sac in a <br />northwesterly direction. <br /> <br />I have utilized the standard appraisal procedures on approaches to value applicable on similar <br />properties. These are: <br /> <br /> 4. Cost Approach used only when improvements exist on the property. This procedure is <br /> reconstruction the bmld~n,s on today s market and reducing that "new" Value for <br /> depreciation from all causes. Not applicable to subject as the home is set back about 94 feet <br /> from the north line of the 33 foot strip. <br /> 5. Market Comparison approach is a method of estimating value by comparing the subject <br /> property with similar properties that have recently sold. These properties are adjusted to <br /> subject for the differences that may exist since no two properties are identical. These land <br /> sales are enclosed herein. <br /> 6. Income Approach is used on properties which are bought and sold on the basis of their <br /> income producing potential. The property value is determined by a capitalization of"net" <br /> income divided by a reasonable percent return on investment in the current market. Not <br /> applicable to subject. <br /> <br />Where more than one of the foregoing approaches is applicable, the f'mal determination of value is <br />made by correlation of all data derived and the appraisers experience in evaluating similar properties. <br /> <br />The value for the proposed 33 foot strip of land, being the north 33 feet of 160th Lane extended (Parcel <br />A) containing 13,728 sq. ft. would be $15,100. <br /> <br />My estimate of value for this ta~ng is $15,100 based on my investigations, inspection, and the other <br />factors bearing on value as outlined more specifically herein. <br /> <br /> Respectfully submitted, <br /> <br /> . <br /> <br /> Malcolm O. Watson <br /> Appraiser/Consultant <br /> <br /> <br />