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TABLE OF CONTENTS <br /> SUMMARY OF IMPORTANT FACTS AND Twin Cities Retail Market Analysis ........ 39 <br /> CONCLUSIONS..........................................9 Retail - Neighborhood Centers.............. 42 <br /> Subject Photos (photos taken December 2, Subject's Neighborhood Analysis.......... 48 <br /> 2016)...................................................... 13 Market Participant Interviews .............. 50 <br /> Oblique Aerial Photo - Subject.............. 17 HIGHEST AND BEST USE ANALYSIS ......... 52 <br /> Aerial Photo - Subject............................ 18 Highest and Best Use — As Though <br /> Neighborhood Map............................... 19 Vacant.................................................... 52 <br /> Community Map.................................... 19 Highest and Best Use —As Improved .... 54 <br /> General Location Map........................... 20 THE VALUATION PROCESS...................... 56 <br /> SCOPE OF WORK ....................................21 LAND VALUATION.................................. 58 <br /> Valuation Methodology ........................ 21 SALES COMPARISON APPROACH .......... 72 <br /> Data Research and Analysis .................. 21 INCOME CAPITALIZATION APPROACH .. 94 <br /> Property Tour........................................ 22 RECONCILIATION AND FINAL VALUE <br /> Report Format....................................... 22 OPINION .............................................. 107 <br /> CLIENT, INTENDED USE AND USERS, AND CERTIFICATION AND ADDENDA.............110 <br /> PURPOSE OF THE APPRAISAL..................23 Certification......................................... 110 <br /> PROPERTY TOUR AND DATES OF Assumptions and Limiting Conditions. 111 <br /> VALUATION............................................23 A: GLOSSARY........................................ 116 <br /> IDENTIFICATION OF THE SUBJECT B: APPRAISER QUALIFICATIONS .......... 124 <br /> PROPERTY..............................................24 <br /> OWNERSHIP AND HISTORY OF THE SUBJECT <br /> PROPERTY..............................................24 <br /> PROPERTY DESCRIPTION AND ANALYSIS.26 <br /> Site Description ..................................... 26 <br /> TaxMap................................................. 28 <br /> Improvements Description.................... 29 <br /> ZONING INFORMATION..........................31 <br /> ZoningMap............................................ 32 <br /> REAL ESTATE TAX ANALYSIS....................33 <br /> Subject Taxes and Assessor's Estimate of <br /> Market Value......................................... 33 <br /> Special Assessments.............................. 34 <br /> MARKET ANALYSIS .................................35 <br /> Introduction........................................... 35 <br /> Economic Analysis................................. 35 <br /> Twin Cities Metropolitan Area Economic <br /> Analysis.................................................. 36 <br /> 8Page <br />