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Restricted Appraisal Report-Limited Appraisal <br /> <br />CLIENT: <br /> <br />APPRAISER: <br /> <br />SUBJECT: <br />OUR FILE: <br /> <br />The City of Ramsey, c/o Mr. James Norman, City Administrator <br />15153 Nowthen Boulevard <br />Ramsey, Minnesota 55303 <br /> <br />Eric Bjorklund <br />BCL APPRAISALS, INC. <br />2852 Anthony Lane South <br />Minneapolis, Minnesota 55418 <br /> <br />44.63 acres industrial land only @ 14280 Sunfish Lake Blvd, Ramsey <br /> <br />00982 <br /> <br />PURPOSE OF THE APPRAISAL <br /> <br />The city is interested in seeing that the subject property becomes redeveloped, and would like to <br />purchase it to facilitate redevelopment. The purpose of this appraisal is to provide to the client, a <br />current estimate of only what the market value of the subject's land is, so that the city may <br />internally develop what may be an offedng price to purchase the land with. It is not the purpose of <br />this appraisal to provide to the client any opinion of the worth of building improvements on the land <br />or the cost to clean the site of any building debds or contamination. The site is assumed to be <br />vacant, and uncontaminated. <br /> <br />Market Value is defined in the Uniform Standards of Professional Appraisal Practice (USPAP) as <br />follows: <br /> <br />The most probable price which a property should bdng in a competitive and open market under all <br />conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, <br />and assuming the pdce is not affected by undue stimulus. Implicit in this definition is the <br />consummation of a sale as of a specified date and the passing of title from seller to buyer under <br />conditions whereby: <br /> <br />(2) <br /> <br />(3) <br />(4) <br /> <br />(5) <br /> <br />buyer and seller are typically motivated; <br />both parties are well informed or well advised, and acting in what they consider their own <br />best interests; <br />a reasonable time is allowed for exposure in the open market; <br />payment is made in terms of cash in U.S. dollars or in terms of financial <br />arrangements comparable thereto; and <br />the pdce represents the normal consideration for the property sold unaffected by special or <br />creative financing or saJes concessions granted by anyone associated with the sale. <br /> <br />(Source: Office of the Comptroller of the Currency under 12 CFR, Part 34, Subpart C.Appraisals, <br />34.42 Definitions if].) <br /> <br /> BCL APPRAISALS, INC. <br />2852 Anthony Lane South, Minneapolis, Minnesota 55418 <br /> <br /> <br />