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1 <br /> 1 <br /> ' -2- <br /> 1 The effective date of this report is May 18, 1996 which constitutes the date of inspection. By <br /> virtue of our investigation, it is our opinion that the market value of the subject property, based <br /> on its Highest and Best Use for residential development, as of May 18, 1996 is as follows: <br /> 1 <br /> ONE HUNDRED FIFTY THOUSAND DOLLARS <br /> 1 ($150,000) <br /> 1 The report has been prepared in conformity with the Code of Ethics and Standards of <br /> Professional Practice of the Appraisal Institute together with the Uniform Standards of <br /> 1 Professional Appraisal Practice of the State of Minnesota. <br /> Your attention is directed to the following pages containing a detailed description of the subject <br /> 1 property and presentation of the valuation analysis. <br /> Respectively submitted, <br /> BETTENDORF ROHRER KNOCHE WALL, INC. <br /> Ot <br /> Michael J. ettendo , MAI <br /> 1 Certified General Real Property Appraiser <br /> Minnesota License #4001398 <br /> and <br /> 1 <br /> 71/: <br /> � <br /> 4.ettit iSrf , <br /> 1 William E. Petersen <br /> Certified General Real Property Appraiser <br /> 1 Minnesota License #4001649 <br /> 1 <br /> 1 <br />