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1 <br /> 1 <br /> BETTE OURF'ROHRER'KS OCHE'FALL <br /> REAL ESTATE APPRAISERS <br /> 1 June 10, 1996 <br /> 1 <br /> Mr. Ronald J. Moorse <br /> ' City Administrator <br /> City of Orono <br /> 2750 Kelley Parkway <br /> Orono, Minnesota 55356 <br /> RE: Vacant land <br /> Garden Lane & Wildhurst Trail <br /> ' Orono, Minnesota <br /> Dear Mr. Moorse: <br /> In accordance with your request, we have made a careful inspection of the captioned property <br /> which is more particularly described elsewhere in this report, and have made a study of <br /> conditions affecting its value. <br /> The subject property is a platted but undeveloped tract of land located along the west side of <br /> Wildhurst Trail about 1/3 mile north of Tonkaview Lane in Orono, Minnesota. Zoned for <br /> ' single-family residential use, the land was platted into eight single-family lots several years ago. <br /> None of the lots have ever been developed and only one has frontage on an improved public <br /> street. Seven of the eight platted lots are located along platted but unimproved Garden Lane. <br /> 1 The subject property, which features a wooded and steeply sloped topography, is owned by <br /> Midway National Bank which acquired title to the land in 1992 following foreclosure. <br /> ' The estimate of value, as stated in this report, is predicated upon the definition of market value <br /> contained herein. Implicit in the definition of market value is that payment is made in cash or its <br /> ' equivalent. The equivalent of cash is conventional financing at bank/institutional rates. The <br /> subject property is appraised based on cash or cash equivalent financing. The property rights <br /> 1 appraised are those of fee simple interest. <br /> 1 <br /> 1 SPRUCE TREE CENTRE SUITE 3 1 4 <br /> 1 6 0 0 UNIVERSITY AVENUE <br /> SAINT PAUL MINNESOTA 55104 <br /> 61 2 . 646 . 61 1 4 FAX 612 • 646 • 8086 <br />