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August 16,1999 <br />Ron Moorse, Manager <br />City of Orono <br />2750 Kelley ParkAvay <br />Orono, MN 55356 <br />Re: PID No. Part of 33-118-23-1 1-0CO3 (Westerly 12 acres adjacent to Orono <br />Municipal Facility) <br />Dear Mr. Moorse: <br />I submit this restricted use appraisal report for your consideration for the above <br />referenced parcel of land. I hereby certify that I have personally inspected the property <br />located at: <br />XXXX Kelley Parkway <br />Orono <br />Described as: The Westerly 584 feet of the North 895 feet of PID #33-1 18-23-11-0003 <br />located in the NW ‘A of NE V* of Sec. 33-1 18-23. <br />The purpose of this restricted use appraisal report is to estimate the market value of the <br />fee simple interest of the subject property. The definition of market value and the other <br />contents of this report comply with the Uniform Standards of Professional Practice of the <br />Appraisal Foundation. This report is subject to the assumptions and limiting conditions <br />herein. <br />As a restricted use appraisal, this report is limited in the detail of presentation. It has a <br />user restriction that limits the reliance on this report to the person or persons for whom <br />this report is intended. Anyone else using this report is an unintended user. <br />It is my opinion that as of August 16, 1999. the market value of the fee simple interest of <br />the subject property- is $720,000. <br />This conclusion is based on my personal inspection and review of the property, <br />comparable sales and application of the appraisal process. <br />Respectfully submitted. <br />Chris Bennett, SAMA <br />Senior Appraiser, Hennepin County- <br />Assessor License #1071