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HomeMy WebLinkAboutAppraisal of 11.25 acres - vacant land - 1055 wildhurst trail BETTENDORF ROHRER KNOCHE WALL, INC. SCANNED 1 AN APPRAISAL 1 OF 11.25 ACRES OF VACANT LAND 1055 WILDHURST TRAIL 1 (GARDEN LANE AND WILDHURST TRAIL) ORONO, MINNESOTA 1 AS OF 1 MAY 18, 1996 1 FOR 1 MR. RONALD J. MOORSE 1 CITY ADMINISTRATOR CITY OF ORONO 2750 KELLEY PARKWAY 1 ORONO, MINNESOTA 55356 1 BY MICHAEL J. BETTENDORF, MAI CERTIFIED GENERAL REAL PROPERTY APPRAISER 1 MINNESOTA LICENSE #4002545 1 AND WILLIAM E. PETERSEN 1 CERTIFIED GENERAL REAL PROPERTY APPRAISER MINNESOTA LICENSE #4001649 1 1 BETTE OURF'ROHRER'KS OCHE'FALL REAL ESTATE APPRAISERS 1 June 10, 1996 1 Mr. Ronald J. Moorse ' City Administrator City of Orono 2750 Kelley Parkway Orono, Minnesota 55356 RE: Vacant land Garden Lane & Wildhurst Trail ' Orono, Minnesota Dear Mr. Moorse: In accordance with your request, we have made a careful inspection of the captioned property which is more particularly described elsewhere in this report, and have made a study of conditions affecting its value. The subject property is a platted but undeveloped tract of land located along the west side of Wildhurst Trail about 1/3 mile north of Tonkaview Lane in Orono, Minnesota. Zoned for ' single-family residential use, the land was platted into eight single-family lots several years ago. None of the lots have ever been developed and only one has frontage on an improved public street. Seven of the eight platted lots are located along platted but unimproved Garden Lane. 1 The subject property, which features a wooded and steeply sloped topography, is owned by Midway National Bank which acquired title to the land in 1992 following foreclosure. ' The estimate of value, as stated in this report, is predicated upon the definition of market value contained herein. Implicit in the definition of market value is that payment is made in cash or its ' equivalent. The equivalent of cash is conventional financing at bank/institutional rates. The subject property is appraised based on cash or cash equivalent financing. The property rights 1 appraised are those of fee simple interest. 1 1 SPRUCE TREE CENTRE SUITE 3 1 4 1 6 0 0 UNIVERSITY AVENUE SAINT PAUL MINNESOTA 55104 61 2 . 646 . 61 1 4 FAX 612 • 646 • 8086 1 1 ' -2- 1 The effective date of this report is May 18, 1996 which constitutes the date of inspection. By virtue of our investigation, it is our opinion that the market value of the subject property, based on its Highest and Best Use for residential development, as of May 18, 1996 is as follows: 1 ONE HUNDRED FIFTY THOUSAND DOLLARS 1 ($150,000) 1 The report has been prepared in conformity with the Code of Ethics and Standards of Professional Practice of the Appraisal Institute together with the Uniform Standards of 1 Professional Appraisal Practice of the State of Minnesota. Your attention is directed to the following pages containing a detailed description of the subject 1 property and presentation of the valuation analysis. Respectively submitted, BETTENDORF ROHRER KNOCHE WALL, INC. Ot Michael J. ettendo , MAI 1 Certified General Real Property Appraiser Minnesota License #4001398 and 1 71/: � 4.ettit iSrf , 1 William E. Petersen Certified General Real Property Appraiser 1 Minnesota License #4001649 1 1 BETTENDORF ROHRER KNOCHE WALL,INC. PHOTOGRAPHS r . `�` a Qtr,' 'I '` t I'"S • fir .. t .....,,,„,,k ,.�'... fit t .,-.., •?.:.. .2,-*: , 4-A,4----- ti 4; • rift, ' '''i • . -1, • i * '! ,, . i , ', :. - \' 2• . . e Looking south on Wildhurst Trail. Subject land at right. - ? • • • •r ► . -. Nt.. ' i , * ,•,C,l•g 7 •. . .• f / r. 1 r z' 1 ..jf • r-• / i ~ ks. . 1 A., ► s „... .,41 ,l._ fa j t4 S • , , ;".= '....r..7',„ 1\ ' k ,r;if -1. 4 ' ...”' '4'`. s'.• ••?.' t ' ,/•4. ,, t I,t j'i r 3IY I;• i . i -t 0.i, /Jjrl i .1.** 1. •'- s. View of subject from Wildhurst Trail. 2 BETTENDORF ROHRER KNOCHE WALL,INC. • , ' - . .-,-. : 4..-..'f.::4• •".....,i ' -'. : At-- '• ..7 . •-"7‘,4c- ,T7'..' 70- - 4.1)4..•. .. ` '7 1 .••- y��'• K"f A Y'z'�►Q' + .,kt•, •r t,e 40:$!,. . 1s -w fi, �� .�a t j b J. •,...u,-t•1if,. 1. . j .` r 1•S( /s,i, 1.M' ,,„3�. 3 7'. ., , ` F , i .- r r —t ''' ''''fir;lra r 4 . .,f-'y t i - , 1 , F.iy . �� �' ,. Ali i , t' ry }}ji I'll 3 1 1'�.f1 v'k 1,' 1 r. V',-• 1 _'r . 1 L'ihr y i '‘.,4.$ . (N r . t — .. , .w+ .../.4A-.-: r II .,a , , Eastern portion of land. r Pi3 ��RPP .' ++r :� t .' i s � ; I +r1 4 r •1'/_..,' i ,•* i 0 Al .. * „t 141, (Z}r ' 11.� '. , °.,, 3....,;.C, f 1, :'44.;' `t'r i w ., „, „ , .„.„,. . •I. ill .1.! ,... ; ,.... ••- ‘.7,A 4'4,.tk-*'-q v—. ' r';.3,.'., ,.4, at" i>ti,1 I, '� :1"` 74.1 ,!t , . ,1' .;.i,T ' jilt 1 I :`"ii.i` �, t 4, . . ,.. Vt North central part of site. 3 BETTENDORF ROHRER KNOCIIE WALL,INC. r[;' ' � ! r `3 '�V,' . ,' t ., • 4-4,411,i. r , 4• t� .. x ' .:0 44` ,411,il o' ..,: t-1 .:;,44,' r ... epi.}'d 'x• ? •/ 1. "0.. ,:;, 4,6 !r_a¢+ r• . . '• :. r i .....xl,,.., ? 1....._J04, ip r . .+. crl$4,0, toi,- ;.,;...'„ 1 ' Lfti 1V 11 • �' ij ' sf r; f h•,' -x {�r :' !�{,d1S '....' : . !'1'' tvl Ufa , 11 �: .i , 0 • * ., 4.4' 1 1, . 411 art'. raj , �. ;' Mt i North central portion. t • • e 4 4 s ,Y Y. L 1 / r 1`. r4. t 1 • o t M S� �} r a *' • ? 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A. .4 . . earr-,.., jr, _ ..4.--- . :Intr.,. -...., .... ,,-,,...it, ' ., ,11,01-•:.!, 7 , - • - Southwestern portion. 6 BETTENDORF ROHRER KNOCHE WALL, INC. ' PROPERTY IDENTIFICATION The subject property is an 11.25 acre tract of platted but undeveloped land located along the west side of Wildhurst Trail about 1/3 mile north of Tonkaview Lane in Orono, Minnesota. The acreage was platted into eight single family lots several years ago but has never been ' developed. One lot has frontage along Wildhurst Trail and the other lots do not have direct access from an improved public street. The subject land, which features a steeply sloped and ' wooded topography, is zoned for single family residential use and is located in a residential area in the southwest part of Orono near Forest Lake and the west arm of Lake Minnetonka. The property does not have public water availability and sanitary sewer is not immediately ' available. LEGAL DESCRIPTION The subject property is located in Hennepin County and is legally described as follows: Lots 58, 60, 61, 62, 91, 92, 93 and 94, Tonkaview ' Gardens. PURPOSE/FUNCTION OF THE APPRAISAL ' The purpose of the appraisal is to estimate the market value of the subject property. The definition of market value is included on one of the following pages. The function of the appraisal is to assist the client, the City of Orono, in making decisions regarding the acquisition ' of the property. 7 BETTENDORF ROHRER KNOCHE WALL,INC. I DATE OF VALUATION The date of valuation is May 18, 1996. The effective date of the report constitutes the date of property inspection. I SCOPE OF THE APPRAISAL A detailed inspection of the property has been made coupled with an analysis of the physical characteristics, zoning, market trends and other pertinent information leading to a conclusion of highest and best use. As will be discussed later in this report, it was concluded that the highest and best use of the subject property is for single family development. A valuation analysis will I be made based upon this highest and best use. Of the three traditional approaches to value (Cost, Direct Sales Comparison and Income) only the Direct Sales Comparison Approach will be utilized. The other valuation methods are not considered applicable in the appraisal of the ' subject property. ' The Cost Approach separates the value of a property into the components of land and improvements. The subject property constitutes vacant land. As such, this approach is not appropriate. The Income Approach involves an analysis of the rental potential of a property and the conversion of that potential income into present value. Vacant land such as the subject is rarely rented for investment purposes. As such, the Income Approach is not appropriate. The Direct Sales Comparison Approach involves an analysis of sales of similar properties, which after making adjustments for various differences, will provide a value conclusion for the ' subject land. All reported sales of vacant land in the subject market area were thoroughly researched in the scope of the assignment. An analysis has been made of verified land sales which, after making adjustments for various differences, provides an indicator of value for the ' subject land. This method of analysis best measures the attitudes of buyers and sellers for this type of property. Full weight will be placed upon the value conclusion as obtained from the 111 Direct Sales Comparison Approach. 1 8 BETTENDORF ROHRER KNOCHE WALL,INC. ZONING The subject property is zoned LR-1 B, One Family Lakeshore Residential District by the City of Orono. The majority of Orono is zoned for single family use. The only permitted use under the LR-1B Zoning District is single family residences. Included on the following page is a zoning map depicting the subject property. The following restrictions apply in the LR-1 B Zoning District: ' One acre minimum lot size. 140' minimum lot width 35' front setback 30' rear setback ' 10' side setback 35' side/street setback The areas in Orono which are adjacent to or near Lake Minnetonka are generally zoned for higher density uses with minimum lot sizes of 1/2 or one acre. Much of the northerly area of the city is zoned One Family Residential District with minimum lot sizes ranges from two to five ' acres. The subject property is located in the southwest part of Orono in the general area of Lake Minnetonka. The subject acreage has been platted into eight single family lots which range in size from 42,900 SF to 82,765 SF. All platted lots are between one and two acres in size and are limited ' to one building site per zoning requirements. It is noted that Lots 58, 61 and 62, and 94 are less than the required 140' width under current zoning requirements. However, the width of ' existing platted lots need only meet an 80% requirement. The narrowest lot is Lot 94 which has a 124' width. Each of the subject lots meets these size restrictions of the present zoning code and are conforming lots. 1 1 9 BETTENDORF ROHRER KNOCHE WALL,INC. I I Official Zoning Map City of Orono, Minnesota w "f vOCo ,< I R'1A RIB One Family Residential District 1 Acre P\ N One Family Res/de/that District 1/2 Acis C LR•1A One Family Lakeshore Residentw District 2Acres V •4e EE/-N LR•1B One Family Lakeshore Residential District tAcre LR-1C One Family Lakeshore Residential District 1/2 Acre CI) o ROAD I LR1C 1 one FamilyLakeshore Residential Subdistrict 1/2 Ace , 5�— --— J RR 1A One Forney Rural Residential District S Acres .:4e.RRIB one Ferrety Rural Residential District 2 Aces I I RR•1B•1 One Family Rural Residential Subdistrict 2 Acres LR•1AC H 11 Wi.n I RS Seasonal Recreational S Acres > Q el > W N \ J� Z_ Z w - W B•1 Retail Sales Business eaa District \ • :!..... sq l STUBBS Si I B•2 Lakeshore Business District .t, C J B•.3 s/wopeq CenterBusiness District `��Q\\ 1 B•4 Office And Procession i Business District 1 Ra1 B-5 t,m.tea Ne.ghb.r.0oe Bvs.nest D.st,icl �� . / L • RR-1B . ..„......„Ns,. .. -.7., Z, t C 0y \ r°4. I CO I T z..;A CO ".•.1.• " A . P \ 47 �P v AI I s \\ \ N\-. sr,. 't,,,-P' �- �� R a•H RD \\\ \ 11 E • \ • A LINDA Subject tic �� .LINDEN d LA. \ S Q'�E. r• a R•1 ri j GRA \%- a N �. 30 ' FOREST LAKE '4 NORTH ARM I OR?H / n n (^ P z /l — OR, SH• - I¢. :o- ID 'I \ 1.7.7r>0'--, 111-. cHE-, ----..-7.-...\. 6. :.- 1-1,71----E. c._, IZoning Map I I10 IBETTENDORF ROHRER KNOCHE WALL,INC. I IASSESSMENT AND TAXATION IThe subject property consists of eight separate tax parcels. The following information regarding the subject property was obtained from the Hennepin County Treasurer's Office. 1 AEMV AEMV AEMV 1996 Specials ITax Parcel Lot Land Buildings Total Tax Included 07-117-23-23-0020 91 $11,500 -0- $11,500 $339.74 -0- I07-117-23-23-0021 92 $11,500 -0- $11,500 $339.74 -0- 07-117-23-23-0022 93 $11,500 -0- $11,500 $339.74 -0- I07-117-23-23-0023 94 $11,500 -0- $11,500 $339.74 -0- 07-117-23-24-0031 58 $17,300 -0- $17,300 $510.30 -0- I07-117-23-24-0033 60 $5,700 -0- $5,700 $167.96 -0- 07-117-23-24-0034 61 $5,700 -0- $5,700 $167.96 -0- ' 07-117-23-24-0035 62 $5,700 -0- $5,700 $167.96 -0- TOTALS $80,400 -0- $80,400 $2,373.14 -0- I I HISTORY OF OWNERSHIP I Midway National Bank purchased the property at a Sheriffs sale on May 7, 1992 following Iforeclosure proceedings against O. Larry Lee. Following expiration of the redemption period, Midway National Bank obtained fee simple title on November 7, 1992. There have been no I other transfers of ownership since that time. I I I11 BETTENDORF ROHRER KNOCHE WALL,INC. I IPROPERTY RIGHTS APPRAISED IThe property rights appraised are those of the fee simple estate. The source of the following definition of fee simple estate is page 140 of the Dictionary of Real Estate Appraisal, third Iedition, published in 1993 by the Appraisal Institute: I "An absolute ownership, unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, 1 eminent domain, police power and escheat. " I IMARKET VALUE DEFINITION IMarket Value as defined by the United States Department of the Treasury through the Comptroller of the Currency and the Office of Thrift Supervision is: IThe most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, I knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • buyer and seller are typically motivated; • both parties are well informed or well advised, and each acting in what he considers his own best interest; I • a reasonable time is allowed for exposure in the open market; • payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and I • the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. I I12 BETTENDORF ROHRER KNOCHE WALL,INC. ' CONTINGENT AND LIMITING CONDITIONS This appraisal report is subject to the following Limiting Conditions and Assumptions: ' 1. The legal description contained herein is assumed to be correct. 2. The appraiser assumes no responsibility for matters legal in nature affecting the property appraised or the title thereto, nor does the appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as ' though under responsible ownership. 3. No survey has been prepared of the property by the appraiser and no responsibility is assumed in connection with such matters. Sketches in this report are included only to assist the reader in visualizing the property. 4. Information furnished by others is assumed to be reliable. However, no responsibility for its accuracy is assumed by the appraiser. 5. In cases where no soil tests have been submitted, the appraiser has assumed a good ' subsoil condition, subject to visual observations noted in the report. 6. The appraiser assumes that there are no hidden or unapparent conditions of the ' property, subsoil or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions or for engineering which might be required to discover such factors. ' 7. The appraiser is not required to give testimony or appear in court because of having made this appraisal with reference to the property in question, unless arrangements ' have been previously made. 8. The distribution of the total valuation in this report between land and improvements ' applies only under the highest and best use of the property. 9. Disclosure of the contents of the appraisal report is governed by the Bylaws and ' Regulations of the professional appraisal organizations with which the appraiser is affiliated. ' 10. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and, in any event, only with proper written qualifications and only in its entirety. ' 13 BETTENDORF ROHRER KNOCHE WALL, INC. 11. Neither all nor any part of the contents of this report, or a copy thereof, shall be conveyed to the public through advertising, public relations, news, sales or any other media without written consent and approval of the appraiser. Nor shall the appraiser, firm or professional organization of which the appraiser is a member be identified without the written consent of the appraiser. 12. The value conclusion assumes all taxes and special assessments are paid in full. ' Environmental Disclaimer: The value estimated in this report is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental ' environmental conditions. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent ' significant hazardous substances or detrimental environmental conditions which would affect the property negatively. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous materials and ' environmental conditions on or around the property that would negatively affect its value. The client is urged to retain an expert in this field, if desired. 1 ' 14 BETTENDORF ROHRER KNOCHE WALL,INC. I METROPOLITAN AREA DESCRIPTION I The subject property is located within the City of Orono, Hennepin County, Minnesota. I Hennepin County is one of seven counties which form the "Twin Cities" metropolitan area. The metropolitan area is located in the northern end of the southern 1/3 of the State of Minnesota adjacent to the state's eastern boundary with Wisconsin. The federal government has I designated 13 counties as being the "Twin Cities" metropolitan area. However, within the local market, emphasis is placed on a seven county area as the focus of activity with the remaining counties on the periphery. The following data relates to the seven county area of which the Isubject is a part. I The City of Minneapolis, in Hennepin County, together with the City of St. Paul, adjacent to the east in Ramsey County, form the hub of the metropolitan area. These two cities are known nationally as the "Twin Cities". The metropolitan area has a population, according to the 1990 Icensus, of 2,288,729 residents, and ranks as the 16th largest city in the United States. The population constitutes approximately 50% of the state's population. Presented below is I population change data between 1980-1994 for the seven county metropolitan area and the two urban centers. Minneapolis - St. Paul Metro Area Population Change, 1980-1994 IPOPULATION POPULATION CHANGE I County 1980* 1990* 2661994** 1980-1990 1990-1994 1980-1994 Anoka 195,998 243,688 ,713 24.3% 9.5% 36.08% ' Carver 37,046 47,915 55,025 29.3% 14.8% 48.5% Dakota 194,279 275,186 308,002 41.7% 11.2% 58.5% I Hennepin 941,411 1,032,431 1,056,673 9.7% 2.4% 12.2% Ramsey 459,784 485,783 492,909 5.7% 1.1% 7.2% IScott 43,784 57,846 66,585 32.1% 15.1% 52.1% Washington 113,571 145,890 169,300 28.5% 16.1% 49.1% ITOTALS 1,985,873 2,288,729 2,415,207 15.2% 5.5% 21.6% Urban Centers IMinneapolis 370,951 368,383 366,480 -0.7% -0.5% 1.2% St. Paul 270,230 272,235 271,660 0.7% -0.02% 0.5% ITOTALS 641,181 640,618 638,140 -0.1% -0.4% -0.5% Source: * U.S. Census Bureau; ** Metropolitan Council I I15 BETTENDORF ROHRER KNOCHE WALL,INC. Metropolitan Area Description - Continued I ' The seven county metropolitan area encompasses 2,984.6 square miles in which are located 134 cities and 33 townships. Each of these municipalities are separate entities with their own form of government, economic structure, social and cultural activities and so forth. In each of the seven counties is a county board made up of elected officials which coordinate the activities of communities within the county. There is also a Metropolitan Council which oversees those facilities that extend beyond county boundaries and involve the entire metropolitan area, ' including public water, sanitary sewer, public transportation and metropolitan parks. The Metropolitan Council also coordinates and guides land use planning and development within the ' metropolitan area. The metropolitan area has a strong and diversified economic base. Many industries serving regional, national and international markets have their corporate headquarters here, including 3M Company, General Mills, Pillsbury, Cargill, Control Data, Land O'Lakes, and West ' Publishing. The unemployment rate for the metropolitan area (Jan., 1996) was 3.1% as compared with the national rate for the same time frame of 5.5%. The unemployment rate for the metropolitan area has consistently been two to three percentage points below the national ' average. ' One factor influencing the metropolitan area is its highway system. A series of interstate highways allows residents to share in the benefits of the metropolitan area. Interstate Highway 94 enters the eastern portion of the metropolitan area from the state of Wisconsin. The ' interstate travels westward, passing the downtown areas of St. Paul and Minneapolis, then turning northwestward and continuing through the state to the state of North Dakota. Interstate Highway 35 extends through the state in a north/south direction. As it enters the metropolitan area from the south, the interstate separates into I-35W which extends through Minneapolis, and I-35E which extends through St. Paul. At the opposite end of the metropolitan area, the ' interstate reconnects and continues north through the balance of the state to Duluth. Interstate Highway 694/494 forms a beltway surrounding the cities of Minneapolis and St. Paul together with the first tier suburbs. ' The interstate system, coupled with the network of major and minor highways, allows ' easy access through the entire metropolitan area. It is common for residents in one community to work in another portion of the metropolitan area. As a result, the impact of plant closings or layoffs, while hurting, fails to have a devastating impact upon the metropolitan area. Also, the ' economic base is diversified which enables stronger segments of the markets to offset the weaker ones. This situation is reflected in the low unemployment rate. ' 16 BETTENDORF ROHRER KNOCHE WALL,INC. 1 Metropolitan Area Description - Continued The Mississippi River passes through the metropolitan area providing barge service. The area is served by the Minneapolis/St. Paul International Airport along with smaller commuter airports. Rail facilities also serve the metropolitan area. ' Thegeneralgrowth profile of the area's economy includes a well educated labor force; good ' training institutions; and a significant portion of the Twin Cities employment being in such growth industries as computers, business services, banking and health services. Negative economic aspects for the area are a lack of an independent supply of energy; high wages in the manufacturing sectors; and relatively high taxes. The 1980's saw rapid real estate development in the areas of office, retail and industrial. This increase, coupled with the recession which occurred at the end of the decade, created an oversupply of available space in the early 1990's. The office market has seen significant improvement in recent years. Surveys by Towle Company and the National Association of Industrial and Office Parks indicate a current vacancy range for metropolitan office space of 10% to 11.6%. This reflects improvement over the 20% vacancy rate of 1991. Since that time, the absence of new construction has contributed to the gradual absorption of existing space, allowing an improvement in the office market. Industrial activity, as surveyed by The National Association of Industrial and Office Parks, shows an overall industrial vacancy rate of 5.4%, as of the first quarter of 1995. This reflects an improvement over the 1994 rate of 9% and the 1993 rate of 10.7%. There has been limited new development, which has allowed for an absorption of existing space. ' The retail sector has been overshadowed by the completion of the Mall of America. This facility, which opened in August of 1992, added 2.6 million square feet of retail space to the market. Overall, the influence of the mall has been positive. Older regional centers, in an attempt to retain customers, have undertaken major remodeling projects to assure good competitive positions relative to market appeal for both tenants and the shopping public. The ' Mall of America has brought in national companies who, after establishing a presence at the mall, have added stores in other centers within the metropolitan area. Although some regional centers have seen a decline in sales activity due to the mall, the overall market has remained strong. According to the Minnesota Shopping Center Association, the overall vacancy rate for Twin Cities shopping centers for the third quarter of 1995 was 8.0%. This represents a ' continued decline from the 1994 rate of 8.3%, the 1993 rate of 9.7% and the 1992 rate of 10.2%. I ' 17 IBETTENDORF ROHRER KNOCHE WALL,INC. I Metropolitan Area Description - Continued I I The metropolitan area real estate markets are experiencing steady improvement from the overbuilding of the 1980s and the recession of the early 1990s. The continued low unemployment rate coupled with improvements in the office, industrial and retail sectors have Iplaced the metropolitan area in a good position for future growth. The area continues to be a strong diversified economic center with very favorable potential for impressive expansion. I 1 I I I I I I I I I I I I 18 1 BETTENDORF ROHRER KNOCHE WALL,INC. I 1 ) i eJ , - !� _ t a EII 1 3a / oe o • 0 ,: r ao. 1� B "`Z n • - = -\ -: 1., C << • • I I 3� o_ `J _ G 'l c _ • C 1 e . i Li EN- El 1 1 : c cam- �� _ , E • _` Ai. c l' ._ o 4 c E C c �o _ -.Ai J g • 1 "; _ 1 <.,_ u u ?i % o u c n l < a 0 L41 ° ' 1 016 <� q O _ _ n U 1 .3 ❑ O 1 © Er. f c Ili • " • 4.0 : S2 S •YoNie .�.J I 1 Metropolitan Location Map I I19 BETTENDORF ROHRER KNOCHE WALL,INC. I IORONO PROFILE IThe subject property is located in Orono, a western Twin Cities suburb located about eleven miles from Minneapolis. Orono is bordered on the east by Plymouth and Wayzata, on the north I by sparsely populated Medina, and on the west by the rural communities of Independence and Minnetrista. The southern part of Orono borders Lake Minnetonka and its lakeshore communities including Mound, Minnetonka Beach, Tonka Bay, Shorewood, Greenwood, I Deephaven and Excelsior. The City of Long Lake is encircled by Orono in the northeast part of the community. The Lake Minnetonka area is one of the most prestigious residential areas I within the Twin Cities. Population I its neighboring Lake Minnetonka communities are Population figures for Orono and g g summarized in the following chart. Community 1980 1990 1994 Estimate IOrono 6,845 7,285 7,444 I Mound 9,280 9,634 9,592 Spring Park 1,465 1,571 1,755 Shorewood 4,646 5,917 6,613 I Minnetonka Beach 575 573 578 I Tonka Bay 1,354 1,472 1,460 Deephaven 3,716 3,653 3,621 IGreenwood 653 614 664 Excelsior 2,523 2,367 2,367 I Long Lake 1,747 1,984 1,951 Source: US Census and Metropolitan Council I I Orono has experienced a modest 9% population growth between 1980 and 1994. Most of the neighboring lakeshore communities have had relatively stable populations since 1980. I I20 BETTENDORF ROHRER KNOCHE WALL, INC. Orono Profile - Continued Single FamilyHousing Orono and the neighboring Lake Minnetonka communities are primarily residential in character with housing values among the highest in the Twin Cities. Per the Minnesota Multiple Listing Services, single family housing sales in the Lake Minnetonka area including Orono are reported as follows: Year Units Sold Median Selling Price 1994 780 $165,000 1995 745 $162,500 The above figures pertain to the market area which includes Orono, Deephaven, Excelsior, Greenwood, Long Lake, Minnetonka Beach, Minnetrista, Mound, Shorewood, Spring Park, ' Tonka Bay, Wayzata, Victoria and St. Bonifacius. The more established housing in Orono is typically found in the southern part of the city near lake Minnetonka. Minimum lot sizes range from 1/2 to one acre in the southern portions of the community where public sanitary sewer is available. Most of Orono is zoned for single family ' development at 2-5 acre minimum lot size without public sanitary sewer. Upper scale housing on estate-type lots is common in areas with 2-5 acre lot requirements. Commercial/Industrial ' The areas zoned for commercial/industrial use are very limited in Orono. A few areas along the Lake Minnetonka lakeshore are spot zoned for retail and commercial. A small tract near Long Lake in the north central part of Orono is designated industrial. For the most part, adjacent communities such as Long Lake provide the bulk of commercial/industrial services. ' Access The primary access route to Orono from Minneapolis is by Interstate 394 which becomes US Highway 12 as it goes from Plymouth into Long Lake and then Orono. 21 BETTENDORF ROHRER KNOCHE WALL, INC. I ILake Minnetonka Influence I Lake Minnetonka is the largest and most prestigious recreational lake in the Twin Cities providing excellent fishing and boating activities. The lake covers an area of 14,310 acres or about 22.36 square miles. At one time, the areas around the lake were developed with summer I cottages. As development moved west from the core of the Twin Cities, upper bracket homes became intermixed with the older established housing. I Summary Comments IOrono is located in one of the most desirable residential areas in the Twin Cities having I convenient access to the foremost recreational lake in the Metro. I I I I I I I I I I22 BETTENDORF ROHRER KNOCHE WALL,INC. I 1i rm.- -f.. . :,Y,;r yr,ri 1417 ° f.-bLSYy r.ft•Ti'.,::.i .. .a•..MD e _ .. __. y .. - i e 11, '<N. ------ Mill EINIMEIrliol II 1 rif 1 ';:-= A • ^_!� e- i o.... .. •.~ ' Y !.% ---iiIL4 Lu1, / MEI i . . r‘,1 . .11114r...... ,..• r- .A:• ..ii 4,,..., cam.. :Igkaft : : , : + . .4 •• . . .,..f. , p I y l : i I :� �,. ..!I� .,,,..'�' „ �.\ ,n. `,-.i, tura pli I ID 0111 .1 i e7ji.. .....__ , ..... ..._ . ___. ,..: .— ;..., taL, ... r� ��� 11 �3� ��t• ANO ___J slim,, 'r G _ -` ' 117111✓•?? I -Il.c.. .. �` i.. I I f • j COP —Nar Mandl 'ad"1 —`-i BrownsBay ."�" I a, Mai �' ©1111% •i 1 Forel: i,, , ,t',� ad4 , g:wrxe i g� u) r u � Arm i. p ♦ � � ,,a... Inn, 8�-;10, /. -...... A.: a,ell '� w GE MAP 7G 11'...° r...� • 4 g . ilk lo • Id,. gg Vniith c.. f� S 0 i r-, ......,,,,.. ...., f t, :.a wr„ ORONO .011 �1 f �) 1 t,l�t�, y Arm cryarar f.•..r... ...r "crnr.r Ba) h i f , ! ,,-• lalgnl G... "� sw"Lr r... • Ba ' A � 7 ay I. r.. _ , pl� 11 ftEC:PING � � �_ :a WI. L 6a fi �. za.� ^� PARI.I G...'•'K: 14041.9111116,44. MINNETONKA a�(� , •,u'wr,wr� t�IIl ► j. r DEACH 'Y.1E 710 i 4'''' ...-:.= ". i• �7 :..: Lafayette Ba, ..71 s.,.. �•‘ • su• " ,_ I r+ .Spring' WTI - .9 OR•,0 �.ya. ra.t _r I. _ N. YI 1.:�f r.s 0�, ay g • Carman s♦ a •...... r.,. 7 _ I\\% • B • ellk CM-h. "•.' rte+ : . :/: tt: • , .r ,fu liei-•.• %•� �•• is - ,,-,---,///T \ rnr•,.i- .., I w� ll UND-:T;"" • >, 'L 10 r... .` SORONO i1. �t "" r — 1 f c ®rte. 3� '.'�1"swm ro,my rawTON +,aw `..---L--■ "1 ++4444 QII.Alt O \ r, 14. ::::=../1 V.'" sunny OtikO .a �i' w.n�y _ i. �� .. �� rnd . EuroM�uict �`� J �I i •� / -, far 11.:reds Pon I , . • H O R EW O•[3—�"•• • aa.a •B.),...r... 14 E N , f'1 f',,,.. '(Oflkd ...au, , s EXCELSIOR ��u�f I 1 "n.«.: 6V11D " ■ .. w • F' b E,nbia 56 Alha, �.�'/ }�'- f i'• gr Ili, "❑� c."'".��i�.$p.Ba) , Ba)n 1/'` .� i l I Community Map I I23 BETTENDORF ROHRER KNOCHE WALL,INC. I SUBJECT NEIGHBORHOOD I The subject property is located in the southwest part of Orono about one block west of Forest ILake on Wildhurst Trail, an interior blacktop residential side street which provides single lane traffic in each direction. The subject has frontage on the west side of Wildhurst Trail about 1/3 ' mile north of Tonkaview Lane and just south of Highview Lane, a dead-end cul-de-sac street. On the immediate south of the subject Lot 58 on Wildhurst Trail is an older single story house Ibuilt in 1946 with an assessed market value of$117,800. Two lots south of the subject Lot 58 is a single story house built in 1945 with an assessed value of $114,600. The lot on the southwest corner of Wildhurst Trail and Highview Lane, to the immediate north of subject Lot 58, is vacant. About 900' south of the subject on the west side of Wildhurst is a 7 acre tract of land that has been offered for sale for several years. I P Highview Lane has a few newer upper scale homes with lakeshore frontage on Forest Lake 9 I which has channel access into Lake Minnetonka. Older, modest ramblers are also on Highview Lane. The mixture of modest and upper scale housing is typical for the neighborhood as new housing intermixes with established homes. Tonkaview Lane also has several older homes Ialong with a few newer good quality houses. Wildhurst Trail ends just north of Highview Lane. Much of the land to the north of the subject is Iundeveloped. Lakeshore Golf Course is about 1/4 mile north of the subject. I The subject property lies within the Westonka School District. Parts of Orono are in this district and portions are in the more prestigious Orono School District. IAbout one block west of Wildhurst Trail on the north side of Tonkaview Lane is the platted but undeveloped Garden Lane. This public street was platted several years ago but has never I been improved. The street must be improved to provide access to the majority of the subject land, if developed. The subject property is about 700' north of Tonkaview Lane via the Garden Lane right-of-way. Overall, the subject location is considered to have fair to average appeal as compared to other I Lake Minnetonka residential areas. I I I 24 IBETTENDORF ROHRER KNOCHE WALL,INC. I 1 1 tHI N a� W 1,4 W I = d. . w '" CC 4� W •C ~ I c ;it .bid'RTH o W I. ,.. ,� , ., ,.�;:; 400 O i < s •.1 ,,!4`,,,. --� ' ;rp ,� .. Stubbs H -: " •keview :,4p Bay .J • si „` µ`, !Course '' -.:. s t+4. b :T 04 ;f• WEST BRANCH RD ''-•-•"''{'^ •,-- - I • 800 1:1) '40°0 40°SEP . 4 °� North Ar RED OAK l •cier 4� 4 I Red:'t coy, ( , Oak . _ - DR o&HL Rt, I ••Golf , • LOKA 1110A AVE ,..Course ,T'' LINDEN s t r- - < Forest t 0 VIEW A :•7r;: - ----- .uc Z_-_4. . - --- - • te GRAMDYIEWA »'. �o��, 41'- GRANDVIEW AV ii 3 e` 120(.�orth �`r E� Forest Lake ESM. s9 a Arm ay c oily � o w DR fikl<ic CC• cc to_ Qo: , *eq,Slio 9 . > QARK y =� • <oG9p: N o q J Q t • X:t. r It C, d " t•V. C:1 e 0, SHE R R Y i • w 47E0 4•pw.QgS S k ogsberg f'vl 11 f 2 v 4,, i •VE \Ao J • Fk s w NIGH woodId 1 Q `4. oca AD all soc'`19 = :740e#a E � N;� west ORONO ,... N (--, •C • 0 ‘ c°q� RD 1:(:):, I ..P fi „►A. i+.., / n INeighborhood Map I 1 25 IBETTENDORF ROHRER KNOCHE WALL,INC. I ISITE DESCRIPTION ILocation: The subject property is located in the extreme southwest area of the City of Orono, about 1/8 mile east of the city limits with Minnetrista and across Lake Minnetonka from the City I of Mound. More specifically, the subject is located west of Wildhurst Trail and north of Tonkaview Lane. Only Lot 58 has a mailing address, which is 1055 Wildhurst Trail. ISize/Shape: The subject property consists of eight vacant, platted lots in the Tonkaview Gardens subdivision, which is an older plat. Please refer to the plat on one of the following pages. The sizes of the subject lots are as follows: I Legal Description Dimensions Size l Shape Lot 91 Tonkaview Gardens (157.5'x 380') + 74,209 SF Irregular (133.2'x 215.6 x .5) I Lot 92 Tonkaview Gardens (373.1'x 170') + 82,765 SF Rectangular (73.4'x 158.9') + (158.9'x 96.6'x .5) Lot 93 Tonkaview Gardens (154'x 532.5') 82,005 SF Rectangular ILot 94 Tonkaview Gardens (124'x 533.5') 66,154 SF Rectangular Lot 60 Tonkaview Gardens (330'x 130' + 52,800 SF Rectangular I (30'x 330') Lot 61 Tonkaview Gardens (330'x 130') 42,900 SF Rectangular ILot 62 Tonkaview Gardens (330'x 130') 42,900 SF Rectangular Lot 58 Tonkaview Gardens (330.75'x 130') + 46,036 SF Rectangular I (46.75'x 130'x .5) IAccess/Frontage: Access is by way of North Shore Drive (County Road 19) to Tonkaview Lane to Garden Lane. County Road 19 is a two-lane asphalt surfaced main roadway which I winds through several Lake Minnetonka area communities. Tonkaview Lane is a two-lane asphalt surfaced city street. ISeven of the eight lots front on Garden Lane, a 60' wide platted, but unimproved, right-of-way. Thus, these lots currently do not have road access. Lot 58 fronts along Wildhurst Trail, an asphalt surfaced city street. I 26 BETTENDORF ROHRER KNOCHE WALL,INC. II Site Description - Continued I I The linear feet of frontage along the right-of-way of Garden Lane or Wildhurst Trail is as follows: Lot 91 - 596' Lot 60 - 160' ILot 92 - 258' Lot 61 - 130' Lot 93 - 154' Lot 62 - 130' I Lot94 - 124' Lot58 - 139' iSoil Types and Conditions: The soils of the subject property are classified as Kilkenny and clay loarns, which are indicated by the city to be generally adequate for development. There is I an area south of Lot 91 which has Cordova soils which are reportedly more organic in nature. Soil conditions are assumed adequate for development of single family residences and for improvement of Garden Lane. I Elevation/Topography: The elevation and topographical relief of the subject property is of special note. Seven of the eight lots are highly elevated. Lots 58 and 60-62 have potential views of Forest Lake to the east, depending upon the tree line and building design/placement. ILot 60 also has potential views to the north. Lots 93 and 94 have the highest elevation at 1,030 to 1,040' above sea level. Lots 91, 93 and 94 appear relatively level to modestly sloped. Lot 92 I slopes to the southeast with a drop in elevation of approximately 15'. Any easterly views from Lots 91-94 are likely to be obscured by the development on Lots 60-62. The topography of Lots 58 and 60-62 slopes downward significantly from west to east. The westerly elevation of Lots 60-62 is about 1,025' above sea level. The easterly elevation is about 985' above sea level. This is a drop in elevation of about 40', which equates to a one foot Idrop for every eight feet in site depth or a 12.5% slope. Lot 58 lies below Lot 61. Lot 58 has a westerly elevation of about 985' above sea level and an easterly elevation along Wildhurst Trail of about 940' above sea level. This equates to a drop in elevation of about 45'. INatural DrainageNegetation: A deep ravine runs west to east a few hundred feet south of the subject lots, providing natural drainage. Most of the lots are moderately wooded. I I I27 BETTENDORF ROHRER KNOCHE WALL,INC. Site Description - Continued 1 Utilities: Municipal sanitary sewer service is technically available to the subject lots. Sanitary ' sewer is immediately available, however, only to Lot 58. Sanitary sewer is in place on Wildhurst Trail and on Tonkaview Lane. However, neither location provides immediate service availability to Lots 60-62 or 91-94. Tonkaview Lane is 700' south of the subject property via platted Garden Lane. Municipal water or formal storm sewer service is not available to a large area of the City of Orono including the subject. Thus, the subject lots will require private wells. It is assumed that adequate and safe groundwater is available via private wells to serve the subject lots. It is recommended that professionals be retained to check on the availability and adequacy of the water supply given the relatively high elevation. Contaminants: No evidence is available which would indicate the presence of environmental ' hazards, such as, but not limited to, Raydon, asbestos, urea formaldehyde foam insulation or toxic waste and none are assumed. However, your appraiser is not qualified to detect such substances. You are hereby urged to retain an expert in the field, if desired. Flood Plain: The City of Orono participates in the National Flood Insurance Program. The ' Federal Emergency Management Agency oversees this program and has prepared a Flood Insurance Rate Map for the community (No. 270178-0010-C, dated October 17, 1978). The ' property is located within Zone C, representing an area with minimal flood danger. Please refer to the Flood Insurance Rate Map on one of the following pages, which indicates the location of the subject property. 1 1 ' 28 1 BETTENDORF ROHRER KNOCHE WALL,INC. I - --' - -'.:L'...'-'-- -—--- ifIGHVfEW-- sl , 1 I _ S9 Nifi .. o .. - Subject 4,! I Subject _ W �'` G, W 62 r °; 14+) 5763 .. \ t L ✓� \ 1 I ` i, j • s CII, 1 'C64 i\o ik 14 w 54 .b --!' ,e .. 1 -_ _____.....f,5 -_ 1 / F as /< / i SJ ' tel.}, \5 1 66 I^ SS ` ../ :/ J.-.\ .. - 14 -7 n , , ,:;_f_4__ • \.../,,. / /22 -1.3. °' '' 14 \‘ *#* 1 ;:: .1 f . * i'..,i)i / A.' "s •- j': ri I .�.,' 4 `I/v n 61, �' / SI c. / J�/ • �? kV) C `r+• 17 yiyi - —;- : fid za- ••......1/4, o��r6°c•� ` t� J 69 i �l so � 'R.L.S 4`"- `�`` -_ 1 .a !y. f 4d i ' .. ---- 5. ~ r--'��j6 z O/rio �'� _ J j_�yi�t' I I — 1"0 -- y ---- 1. 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' '-''-,f.:4- 4,.1-"''' ".Y:'-'44. - ' • ' ,.>...., _,,,..,,,, -,., c. .,%4.- ,,, ; ,„,,,,4 t , .. + .,..,,, e 4....',, ,, -,,,-,-• ,' , , „,,ort;..3. ;Al SI-.",...,,., , N 10, 'I'',,, 4.-,-.,-:., ...,,-;f:.,... ..•-,-, ^ -;.- ,, , -,. '. ,4 -......- • • •''''•.4 • •••",S'•'''':f!. , tat,...e,A,,.f_' ': ,.',-, ,....,-"ZIP1A,..... ',., 1-- e,P,-....,,A,-i ',,....c.,,• :....., .f . -,.it AN, .,., .,,,,,..,.., , I . .".--Al Aerial Photo Taken April, 1994 29a I BETTENDORF ROHRER KNOCHE WALL,INC. I s A \ `c<' 4 ZONE A _ 1 ....3,e , \\______,,,,, o,::..,.. :... .r. .: .. ...,....,,. .*.,.:*:.,. it ,,z,;av:,.:---.,„_‹o,i;it- 7,--<A°N,,;,:'.;,4.-- --------N / I art. -:: '-\, `\ Jl ,�".` .Y` ':.,• Cid s��#ti tP 'e'w sem> z 4 �i? ''w N. rte: ZONE A p .0..57 —' `,�, I Saga Hill 4'43, ;� . Subject �, ZONE C \ `Z .k �' 111111 NATIONAL FLOOD INSURANCE PROGRA / Ni 'Li. � y�(7r�i f 4. "'''A +� . 444A FLOOD INSURANCE RATE MAP l 44P� ; Y I i ! 0TA 4,1;:f!''... 118 0010 0 I -.:> LIMIT OF N..--DETAILED .. STUDY PAGE 10 OF 10 y, I (SEE MAF MOE%FOR PAGES NOT PRIME 1 • E •. (..____.............. ' EFFECTIVE _ OCTOBER 17,1978 I 7.1,i'l,i 'ql t I I U.S_DEPARTMENT OF HOUSING Flood Insurance Rate Map I I30 BETTENDORF ROHRER KNOCHE WALL,INC. HIGHEST AND BEST USE ' Highest and Best Use Definition: Highest and best use, as defined in Real Estate Appraisal Terminology, edited by Byrl Boyce, Ph.D. revised edition, Cambridge, MA; Bellinger Publishing, copyright 1984, pages 126-127, is: "That reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonably probable and legal alternative uses, found to be physically ' possible, appropriately supported, financially feasible, and which results in the highest land value. 111 The analysis of the subject property assumes that the site is vacant and available for development. The purpose of the "as vacant" analysis is to determine the optimum ' improvement for the site, subject to the four criteria of physically possible, legally permissible, financially feasible, and maximally productive. ' The "as vacant" highest and best use must be considered in relation to its existing use and all potential uses. It is possible that the highest and best use of a site may be to refrain from development until there is a change in market conditions. The value of the land is to be consistent with the concluded "as vacant" highest and best use, which is a fundamental concept of the Cost Approach. Comparable land sales should have the same or a similar highest and best use. ' Highest and Best Use Discussion: Orono is a residential community, with limited commercial or multi-family development. Area development patterns are strongly influenced by Lake Minnetonka. Correspondingly, the neighborhood of the subject property is characterized by a wide range of home values, condition and construction quality. Forest Lake, which connects by channel to Lake Minnetonka, is less than one block east of the subject property. The zoning of the subject property permits only single family residences, which is in character with the area. 1 31 BETTENDORF ROHRER KNOCHE WALL,INC. ' Highest And Best Use - Continued The subject property is comprised of eight vacant, platted lots in Tonkaview Gardens. Lot sizes range from 42,900 SF (Lot 61 and 61) to 82,765 SF (Lot 92). The lots are zoned LR-1B, One Family Residential Lakeshore District, which requires a minimum lot size of one acre. Lots 91-94 were reviewed as to whether an additional lot could be gained by replatting. It was concluded that an additional lot which both conforms to minimum lot size and width is not possible. Lots 58, 60 and 61 are less than the required 140' width. However, the width of existing platted lots need only meet an 80% requirement. Therefore, each lot conforms to the minimum lot size on this basis. Only city sanitary sewer is available to the subject property. A large portion of the City of Orono is not served by city water or formal storm sewer, and the city has no plans to extend service to the subject area. Private wells will be required if the subject land is developed with residential use.There is natural drainage of surface water to the south and east by way of a deep ravine. Sanitary sewer can be extended from Tonkaview Lane along the Garden Lane right-of-way to the subject property but this reflects a distance of about 700'. If sewer is extended along ' Garden Lane to the subject land, some existing houses along Tonkaview Lane would have to be reconnected to new lines. Sanitary sewer lift station #17 would have to be upgraded to serve the subject property, if developed. Sanitary sewer is currently available to Lot 58 along ' Wildhurst Trail. ' With the exception of Lot 58, the lots currently do not have road access. The right-of-way for Garden Lane is platted and dedicated, but unimproved. It is assumed that Garden Lane can be improved to provide access. The costs for extension of Garden Lane and utilities from Tonkaview Lane to the subject property are an additional cost necessary to proceed with development. Ultimately, it would be most beneficial to share these costs with abutting and benefiting property owners. However, in reality, an owner of the subject property has little leverage to exert to motivate these property owners. An investor is highly likely to consider these excess development costs to arrive at a purchase price. Therefore, these costs have been taken into consideration in this valuation. I 1 32 BETTENDORF ROHRER KNOCHE WALL,INC. Highest And Best Use - Continued The city has indicated that the steeply sloped topography prohibits future improvement of the Highview Lane right-of-way between Garden Lane and Wildhurst Trail. Based on the foregoing, the highest and best use of the subject property is for development of ' eight single family residences. However, given the uniqueness and locational characteristics of the property, above normal development costs will be necessary. The costs associated with single family development of the subject land would likely discourage some potential buyers and result in diminished demand for the property. This has been recognized in the valuation analysis. I 1 1 1 33 BETTENDORF ROHRER KNOCHE WALL, INC. THE APPRAISAL PROCESS There are three basic valuation methodologies that may be used in estimating the market value of real estate: the Cost Approach, the Direct Sales Comparison Approach and the Income Approach. These three valuation approaches analyze data from the market to develop independent value indications for the subject property. The Cost Approach is based on the premise that an informed buyer will pay no more for a ' property than the cost of constructing a comparable property with similar utility. In this analysis, the cost to reproduce or replace the improvements is calculated, which is reduced by the ' estimated accrued depreciation that has occurred. Accrued depreciation includes physical deterioration, functional obsolescence, and external obsolescence. To the depreciated value of the improvements is then added the site value, which is estimated through the direct comparison with other vacant sites that have sold in the area in recent years, with adjustments made for dissimilarities. The Cost Approach is particularly applicable and reliable when the property being appraised is relatively new with little accrued depreciation, or is of a highly ' specialized design and/or utility. ' The Direct Sales Comparison Approach has as its premise a comparison of the subject property with others of similar design, utility and features that have sold in the recent past. To indicate a value for the property, adjustments are made to the comparables for dissimilarities with the subject property. This approach is based on the proposition that an informed buyer would pay no more for a property than the cost of acquiring an existing property with the same ' utility. This approach is most applicable and reliable when an active market provides sufficient sales of comparable properties for analysis. IThe Income Approach develops a value estimate for a property predicated on a detailed analysis of its earnings potential and the rate of return on an investment demanded by prudent investors in the marketplace. This analysis converts anticipated benefits and income to be ' derived from ownership of a property into a value estimate. Detailed income and expense analysis results in a net operating income that the subject is able to generate, which is then ' converted to a value indication for the property through the capitalization process. The final step of the appraisal process involves the appraiser analyzing the strengths and ' weaknesses of each of the three approaches utilized, with the value indications reconciled and correlated to arrive at a final value estimate for the property. ' 34 BETTENDORF ROHRER KNOCHE WALL,INC. Appraisal Process Comments ' The Cost Approach separates the value of a property into land and improvements components. The subject property constitutes vacant land with no improvements. As such, the Cost Approach is not applicable. The Income Approach is typically used in the valuation of properties which can be rented for Pp Yp Y p p ' investment purposes. Vacant land such as the subject is rarely rented for such use. The Income Approach is not appropriate in the valuation of the subject property. The Direct Sales Comparison Approach involves an analysis of sales of similar properties. After appropriate adjustments to comparable sales, a value conclusion for a property is ' developed. The Direct Sales Comparison Approach is the most applicable method in estimating the market value of the subject property. Full weight in this appraisal is placed upon the value conclusion obtained from the Direct Sales Comparison Approach. The subject land is presently undeveloped acreage. It has been platted, however, into eight ' single family lots. One lot has 130' of frontage on Wildhurst Trail. The remaining seven lots have no public road access. The lot which has frontage on Wildhurst Trail has adequate public road access for immediate development. The balance of the subject land requires significant ' road and utility improvements before any development can be initiated. For purposes of analysis, the subject lot with frontage on Wildhurst Trail will be valued using an analysis of comparable lot sales in Orono. Sales of raw acreage will be analyzed to ascertain a reasonable ' value per acre for the balance of the subject land. The subject Lot 58 with frontage on Wildhurst Trail contains 46,036 SF or 1.06 acres. The subject land area excluding Lot 58 totals ' 10.19 acres. The 10.19 acres of undeveloped subject land will be valued using an analysis of comparable sales of raw acreage. The valuation of the subject property is described in detail on the following pages. 1 ' 35 ' BETTENDORF ROHRER KNOCHE WALL, INC. ESTIMATE OF LAND VALUE - RAW ACREAGE In their present state, subject Lots 91 - 94 and 60 - 62 reflect raw acreage. The most recent ' sales of raw acreage in the subject market area have been researched and analyzed. The comparable sales are presented on the following pages and will be analyzed to ascertain a reasonable indication of the subject raw acreage value. ' 36 990 EAST I 243 92 t I .? '' t, ELM a ' <; . BETTENDORF ROHRER KNOCHE WALL,INC. r/� sa VZ 2 Z' f J_ I ©, S L :.7, 4 6 r1, ' I 2 a M, O 7 47--"?N M e I a a ' 1' w� rl 9 S I 1': }. w . T O.I _ 1 NO.45 's`z: Acreage Sale #1: Watertown Road, west of Hackberry Hill, Orono I Sale Date: June 1993 ISale Price: $237,000 IPrice Per Acre: $15,800 Land Area: 15.0 acres I Legal Description/PID No.: 33-118-23-44-0002, East 1/2 of West 1/2 of SE 1/4 of SE 1/4 except road, Hennepin County, Minnesota. IUtilities: Neither municipal sanitary sewer or water service are available at this location. IZoning: RR-1B, One Family Rural Residential District; two acre minimum lot size. IThe above plat shows only 10 of the 15 acres; sale negotiations resulted in purchase of an additional five contiguous acres from the same seller; level and open land, with small wetland I area; frontage and access from Watertown Road; older subdivision of homes on 1/2 acre lots adjacent to the east; general area is comprised of upper bracket, generally newer homes; located about 1/2 mile south of Highway 12; generally non-wooded. I 37 IBETTENDORF ROHRER KNOCHE WALL,INC. .1-I^ (2) I , �= I ' ; I 1 1 "J� I Sale I ot°I � Qr ) q ___ . I Acreage Sale #2: Old Crystal Bay Road, Orono ISale Date: February 1995 ISale Price: $375,000 Price Per Acre: $23,689 ILand Area: 15.83 acres ILegal Description: Lengthy, on file. Parcel I.D No. 09-117-23-12-0003 Utilities: No municipal sanitary sewer service or public water available. IZoning: RR-1B, One Family Rural Residential; two-acre minimum lot size I Buyer/Seller: Melamud-Lauer Partners/Qualified Marital Trust fbo Geraldine Carpenter U/A of Leonard G. Carpenter I This is the sale of a vacant parcel of residential acreage located on the east side of Old Crystal Bay Road just south of Fairview Lane. The parcel has since been platted into French Woods, a 4-lot subdivision with estate lots between 2.3 acres and 4.0 acres. The parcel is wooded and Ilevel with good soils. Financing was cash to the seller. The development incurred below average costs because the platted lots use common driveways. Per the buyer, lots are valued I in the $175,000 - $200,000 range. I38 BETTENDORF ROHRER KNOCHE WALL, INC. 4100 ti 44i0 5400 ":..\ \ \ \ \340\ \ \ \\,t ' 5620 ., Acreage Sale #3: 115 Old Crystal Bay Road North, Orono ' Sale Date: September 1992 Sale Price: $120,000 Price Per Acre: $15,000 ' Land Area: 8.0 acres ' Legal Description/PID No.: 33-118-23-34-0002, North 16 rods of South 3/4 of SE 1/4 of SW 1/4, except road, Section 33, Township 118, Range 23, Hennepin County, Minnesota. ' Utilities: Neither municipal sanitary sewer or water service are available. ' Zoning: RR-1 B, One Family Rural Residential District; two-acre minimum lot size. ' Elongated shape of 264' along Old Crystal Bay Road by a depth of about 1,320'; level to gently rolling topography with a slight slope to the west; subsequently platted into three lots with one fronting Old Crystal Bay Road and the other two lots fronting along Wear Lane, an interior street; one home under construction; no special view amenity; open, non-wooded site; new subdivision called Rolling Meadows adjacent to the south with construction completed on two homes with values of about $200,000 to $275,000. ' 39 I _ N 6945'00'C •.:655.76 _ •<>" O BETTENDORF ROHRER KNOCHE WALL,INC. 1111 i ti� o� ....r te I a ! V �� v_ 1 n: g yN z I v c9 lipir 1 _ _ .,_ 1i ,•.. ,.Fii 0 - i I w,, 1 N 69'37OY E 657.56..,. "" Acreage Sale #4: 46XX Bayside Road, Orono ISale Date: April 1996 I Sale Price: $185,000 Price Per Acre: $12,559 ILand Area: 14.73 acres I Legal Description: Outlots A, B, C & D, Bayview Farms Second Addition Utilities: Neither municipal water or sewer service are available. IZoning: RR-1B, One Family Rural Residential District, two-acre minimum lot size. IThis is the sale of a 14.73 acre parcel located on the south side of Bayside Road between Luce Line Ridge and North Shore Drive (County Road 19) in Orono. The rolling parcel has good soil I and does not have public water or sewer availability. Topography includes about 2.5 wooded acres. Property has an overlook view of an adjacent Lake Minnetonka bay. The parcel was purchased for initial construction of one house and eventual construction of two others at some Ifuture date. The city allowed a maximum of three homesites to be platted from the land. Financing included $60,000 cash and a short-term contract with a 10-month balloon. I I40 BETTENDORF ROHRER KNOCHE WALL,INC. (29) .ID 3.8..5 , °a6..0 I v.xT K lDT SS u (20) A. IC ° • (13) co s- ., 4. i.„ , 'd; ,�' ^. 1.)x''9 i2 (90 9) J J F 1 THEAV OFT / (2,(23 1 �\ I 3 8 2 I'.. (25) ` I I ' - - • • i0 ? i--: OTaED .d- i' I 1,5 - ''a• 't'o. (7) ,7D 70 - . / 7J d goo i3 * ^ / 40°1 LI E'? :.A ® I .. ice.: . 1 • I. S . ' +., �.. (36) Acreage Listing #5: 1181 Wildhurst Trail, Orono ISale Date: Current listing I Asking Price: $235,000 Price Per Acre: $33,571 ILand Area: 7.0 acres I Legal Description/PID #: Lot 2, Block 1, Heathercroft, Hennepin County, Minnesota/07-117-23-23-0025 I Utilities: Municipal sanitary sewer service is available on Wildhurst Trail, but not municipal water. ' Zoning: LR-1B, One Family Lakeshore Residential District; minimum lot size of one acre. I Comments: Located directly east across Garden Lane from Lot 91 of subject property; irregular shape with frontage along both Wildhurst Trail and the right-of-way of Garden Lane; highly elevated land with a downward slope from west to east; potential views of Forest Lake to Ithe east; marketed by Edina Realty; reportedly on the market for about 3.5 years; potential for 6 or 7 one-acre lots depending on configuration. I I 41 IBETTENDORF ROHRER KNOCHE WALL,INC. I I . _- n ',"•-•-•-•01:.. . r;r r... .•.•.-<:... t..+'...•.•.~'..� %. I IF .yr4r w A i1M�vi Y r. 1 I • _ tih�� \� 0 3 Dickeys AL •oe 1, PCC re�•� 1 C(arrrn Lai,c \ � t La4r 800 .o._.a, i t..,, f.a[r t- `~ir O rE+ ` fnunL re „„A ."..,..o. i 9 MI' r0'�♦ E. Mi. NF LL[T �arau o 4 YN1L[u tl Cls''' M AA ; 01; iliimirta I F — ' ll WO 3�0yrl cwrrwAu •••,o, �� ORO ~; L'0 sa o S� $ o'• o e w w hL . iIiW T ^ � 111 E"° 0 ; .[■la I .i c.tarot o. e ; wATEN10wY NO • ' ' runes• `. I euro■c■ f 1. 4 • :' C. h, o}t,w^t 9. Y NTN .C — i ��` ......... . ;Ln! ..s. os.war I i. r.......144, 400il - �. 1 :� kcveW�� �'' Slubbs ., t '� NO ,; y Fay t L -; �[ . s -.-Golr - s ° FOS :r !1 s of 3 ,.,• �f '-` Course q Toe 1.7 -"N — ^ WEST INANCX YD • ; + i lA . r- 8 0 �° O 4. '4h/r4 I 1Qi y� 'Noercnberg • 900 _ } �`• GA� ': Norm s Cardro 7 ��.` �p hfasxe!! IFIW _ r Forest _ 7+ _ `,err, • flay o / iLake Stift Arm ;- i it C' t "it ` I 7-11 au■ 4eNre. 5200 � t anima s. I ..t h� g" 'b .i Roe---,t eft ,'( •,,J, ( 81 ^ gl l r0 L7 11 s�0 S 1 \ , J I Acreage Sales Location Map P I I42 BETTENDORF ROHRER KNOCHE WALL,INC. I IANALYSIS OF RAW ACREAGE COMPARABLE SALES IOn the preceding pages have been presented four sales of raw acreage in the Orono market area. These sales are the most recent and best available from which to ascertain a reasonable Iindication of the subject raw acreage value. The comparables are summarized in the following exhibit. I RAW ACREAGE SALES I Subject 1 I 2 3 4 Location: Wildhurst Trail, Watertown Rd., Old Crystal Bay 115 Old Crystal 46XX Bayside, I Orono Orono Rd., Orono Bay Rd., Orono Orono I Sale Date NA 6/93 2/95 9/92 4/96 Sale Price: NA $237,000 $375,000 $120,000 $185,000 I Land Area (acres): 10.19* 15.0 15.83 8.0 14.73 Zoning: LR-1B RR-1B RR-1B RR-1B RR-1B I Topography: Woods, steep Level, open Wooded, level Open, level to Rolling, woods, rolling lake view I Sanitary Sewer: No** No No No No City Water: No No No No No I Price/Acre: NA $15,800 $23,689 $15,000 $12,559 Excludes Lot 58. **Sewer not immediately available to raw acreage. I I The comparable sale prices range from $12,559/acre to up to $23,689/acre. A value indication for the subject raw acreage is estimated after making adjustments to the comparables. It is noted that none of the comparables has sanitary sewer. The subject raw I acreage does not have sewer immediately available. The subject acreage will be compared to the comparable sales as an unsewered site, for purposes of analysis. The sales adjustment chart is on the following page. 1 I 43 BETTENDORF ROHRER KNOCHE WALL,INC. I Analysis Of Raw Acreage Comparable Sales - Continued I IRAW ACREAGE SALES ADJUSTMENTS 1 _ Sale 1 Sale 2 Sale 3 Sale 4 Sale Date: 6/93 2/95 9/92 4/96 I Price/Acre: $15,800 $23,689 $15,000 $12,559 IProperty Rights: x 1.00 x 1.00 x 1.00 x 1.00 $15,800 $23,689 $15,000 $12,559 I Conditions of Sale: x 1.00 x 1.00 x 1.00 x 1.00 I $15,800 $23,689 $15,000 $12,559 IFinancing: x 1.00 x 1.00 x 1.00 x 1.00 $15,800 $23,689 $15,000 $12,559 I Market Conditions: _x 1.09 x 1.03 x 1.10 x 1.00 I $17,222 $24,400 $16,500 $12,559 ILocational Appeal: - 5% -10% - 5% +10% Utilities: -0- -0- -0- -0- Topography: -20% -20% -20% -20% Road Access: -25% -25% -25% -25% IParcel Size: -0- -0- -0- -0- Wooded vs Open: +5% -0- +5% -0- ' Soil Conditions: -0- -0- -0- -0- View Amenities: +5% +5% +5% -0- INet: -40% -50% -40% -35% Adjusted Indicator: $10,333 $12,200 $9,900 $8,163 I 44 BETTENDORF ROHRER KNOCHE WALL, INC. Analysis Of Raw Acreage Comparable Sales - Continued Property Rights The property rights appraised reflect fee simple title. Each of the transactions involved sale of fee simple title requiring no adjustment. Financing The definition of market value as stated in this report reflects cash or cash equivalent financing. All of the sales involved cash terms or terms reasonably similar to cash equivalent and require no adjustment. Conditions of Sale All of the comparables involved arms length transactions with no unusual conditions of sale. Market Conditions ' Consideration has been given to market conditions (time) between the date of sale of each of ' the comparables and the effective date of this report. A factor of +3% per year has been used in the analysis of each of the sales. The factor is considered a reasonable adjustment to reflect increasing land values and improving economic conditions in the last few years. Locational Appeal ' The subject property is located in an area of mixed housing values featuring some newer upper quality homes and older modest housing. The overall locational appeal is considered fair to ' average for the Lake Minnetonka area. ' Sale 1 is located along the north side of Watertown Road, just west of Hackberry Hill. Convenient access is available to Highway 12, 1/2 mile to the north. There has been recent construction of high quality homes in this area. The location is within the Orono School District ' which is perceived in the marketplace as being superior to the West Tonka School District in which the subject is located. A downward adjustment for locational appeal is indicated in the analysis of Sale 1. ' 45 BETTENDORF ROHRER KNOCHE WALL, INC. I Analysis Of Raw Acreage Comparable Sales - Continued I I Sale 2 is located on Old Crystal Bay Road about 1/2 mile north of Crystal Bay. The area features many upper bracket new single family homes on estate lots. The locational appeal is considered superior to that of the subject. A downward adjustment for locational appeal is Imade to Sale 2. I Sale 3 is located on Old Crystal Bay Road about 1/2 mile south of US Highway 12 in the northern part of Orono. This area has experienced recent construction of high quality homes and is within the Orono School District. The locational characteristics of this sale are Iconsidered to be superior to that of the subject. I Sale 4 is located in the extreme west-central part of Orono near the Minnetrista city limits. The location features a mixture of older and new housing. There are still large areas of vacant land in the neighborhood. The subject property is closer to Lake Minnetonka in a more developed Iarea. In our opinion, the subject has better locational appeal than Sale 4. I Utilities The subject property has no public water and sewer is not immediately available. None of the I comparable sales have either sanitary sewer or public water availability. The subject is effectively an unsewered site. The comparables and the subject raw acreage are on an equal basis with respect to utilities. I Topography IThe easterly area of the subject property, consisting of Lots 61 - 62, slopes significantly and will require above average development costs associated with site preparation and building design. ILot 92 also has a significant slope. Those comparable sales which have a level and more amenable topography for development are adjusted downward in comparison to the subject. I Downward adjustments for general topography are indicated for each of the comparable sales. Road Access I Each of the comparables has better public road access than the subject acreage. In order to I develop the subject site a roadway would have to be installed for 700' to reach the site. The comparables had improved roads adjacent to their sites. Significant downward adjustments are indicated to all comparables for superior public road access. I I46 BETTENDORF ROHRER KNOCHE WALL,INC. Analysis Of Raw Acreage Comparable Sales - Continued 1 Parcel Size In general, as the size of a parcel decreases, the price per acre tends to increase. The 1 comparable sales range in size from eight acres to 15.83 acres. The subject raw acreage contains 10.19 acres. In our opinion, no significant adjustments for parcel size are indicated. Wooded Versus Non-Wooded In general, land parcels with a wooded terrain tend to be more desirable than open tracts. Upward adjustments are indicated to those comparable sales which have significantly less wooded areas than the subject property. Soil Conditions The subject soils are assumed to be stable and conducive to development. To our knowledge, each of the comparable sales had stable soils and no adjustments are indicated. View Amenities Lots 60 - 62 on the subject land have potential views of Forest Lake. Those parcels which do not have any particular view amenities receive an upward adjustment. Sale 4, per the selling agent, features a view amenity of a nearby lake and requires no adjustment. 1 I 1 I 47 BETTENDORF ROHRER KNOCHE WALL,INC. Analysis Of Raw Acreage Comparable Sales - Continued Raw Acreage Valuation Summary The adjustments to the comparables sales indicate a range of subject value per acre from $8,163 - $12,200. In our opinion, a value for the subject raw acreage of 10.19 acres is ' reasonably estimated at $10,500 per acre. The subject should have a lower value/acre than the other comparable sales given its unique locational and physical characteristics, in our opinion. The foregoing value excludes Lot 58. 10.19 acres @ $10,500/acre = $106,995 Rounded: $107,000 1 Listing Comment In our opinion, the 7.0 acre parcel on Wildhurst presented as listing #5 is overpriced. It has been on the market for at least 3.5 years with a current quote of$33,571/acre. This land is ' inferior as compared to Sale 2 on Old Crystal Bay Road which transpired at $23,689/acre in a better area. The listing also has road access and sewer available on Wildhurst Trail which is superior to the subject position. Indicated Market Value of Subject Raw Acreage: $107,000 VALUATION OF SUBJECT LOT 58 ' The subject Lot 58 has 130' of frontage on Wildhurst Trail and could be sold as a single lot for immediate development. The market value of Lot 58 will be estimated based upon an analysis ' of single family lot sales in the subject market area. On the following pages are presented several comparable lot sales which are considered to be appropriate for this analysis. 1 ' 48 BETTENDORF ROHRER KNOCHE WALL, INC. Y,sl M.n T h•.. Y.. 2n.71 (12) -.. iToa V KS! TP!7 MSS a; js& • �. 7ta.77 1)� I (22) R — M 8 Jr. (32) 1p A (24) W (34) (3' (23) �--q ---n 1M A r n .. g 1. 1s IQ) Q (31) ,o1 56 gt' XIS I � ..(::g r-2 •- ros 2 :* XIS (20) ( n (30) (37) ^.15g_ (3E n,.2 . I .,,. r El F 'i �s (29)1. ,641_w� . 11~ 2x18) Iu� n (28) F RD 1 � -tet- 11 p� - -' Jr' MAI 4) (27) $ ,�, J 0 6) ( • +!„y } I> ' P .$ v 4 1w V. .. S t' . R `d. I u 26 (26) ,Pr9x (IS) : 'Z to. -0a 7 R • _ �.. g 2� (33) s . I Lot Sale #1: 1760 Concordia Street, Orono ISale Date: August 1994 ISale Price: $53,500 Land Area: 41,400 SF (0.95 acres) ILegal Description/PID No.: Lengthy legal, on file. Parcel No. 17-117-23-22-0027 IUtilities: Municipal sanitary sewer is available but not public water. Zoning: LR-1C, One Family Lakeshore Residential District, minimum lot 1 size of 1/2 acre. Buyer/Seller: Winton Wold/Daniel Strot IThis is the sale of a single family lot located just north of Corral Road between Concordia Street and Fagerness Point Road. A city park is along the south side of the property. The parcel is I generally level and wooded. The site was purchased for cash and is now improved with a house. I I I49 I IBETTENDORF ROHRER KNOCHE WALL,INC. I 4i 7 I �' C3� op g;� :i't •: '�-4)j\1 \�) , 47 A� _l' E r, r , I , !g '`l F v y ,c- 4 J- f . ,A /7 i If �, `e , d, t '_ crr ) .4%')‘(2 6 A; i '.TCNK•VIE 1q C:). • �z :e3 ' ��Jf GARDENS o x.'14 �\ Q 1 PT OF PT op / 1c�j`•1 •• �J I LOT 79 OT 80 8 0 z \ ` 'o_ u� <'.t N, hyo) • .5) , a' a .1,,.. 1,,4 0 (7%It) "•• ! \ / < s �isd�'4• f ' 25. .p \ I Lot Sale #2: 4630 Tonkaview Lane, Orono ISale Date: May 1993 ISale Price: $30,000 Land Area: 31,820 SF (0.73 acres) ILegal Description/PID No.: 07-117-23-32-0026, Tract C, Registered Land Survey#1036, Hennepin County, Minnesota. IUtilities: Municipal sanitary sewer service is available, but not municipal water. IZoning: LR-1B, One Family Lakeshore Residential District, one acre minimum lot size. IRectangular shaped site overlooking County Road 19, with seasonal views of Lake Minnetonka; access by shared driveway from Tonkaview Lane; generally level topography; lightly to Imoderately wooded; site was sold following foreclosure; broker indicated sale price was roughly $5,000 below market value; situated in close proximity to subject property; legally I non-conforming, due to its size of less than one acre; site has been improved with a residence with a value in the range of$150,000 to $200,000. I I50 IBETTENDORF ROHRER KNOCHE WALL,INC. I I J to. % IaI_)Z I 55 Eris 1'� Ix 4; 1= 75,1.2_ I RANI Ev.99 'E .EI Hp If 11E0 7 1) 67)- o� I r, \; 4035 b i t Y , (3) Fi (2) ao �'5 — _ . _- _ .-. I -- - 1 n ). , - -4� . f4 ' /'' ' `/Jt -//," d",/f !' , 9 \ _ fIrPic,- '19�k ��� ...a b, p.Pr^f= q-i9' ' \\ . 1:178 \O�r � ���`.J � z ', I :• ( 56) y(3 0 I000 1 I --- -_ _ „ _ t__ _ __?,7-- - - - t I Lot Sale #3: 990 Loma Linda Avenue, Orono ISale Date: October 1995 I Sale Price: $48,000 Land Area: 65,340 SF (1.5 acres) ILegal Description/PID No.: Lot 1, Block 1, Lakeside Heights, Parcel No. 07-117-23-14-0070. IUtilities: Municipal sanitary sewer available but not public water. Zoning: LR-1B, One Family Lakeshore Residential District; one acre minimum lot size. Buyer/Seller: J. Lanier/W. Ulrich IThis is the sale of a single family lot at the northeast corner of Loma Linda Avenue and North Arm Drive. The lot was split off the homestead on the east. The lot is generally level and open I with a few trees. Wooded areas amount to about 0.20 acres. The property was purchased with $14,000 cash and the balance on a contract at 9%, $1,520 semi-annual payments, balloon due I 5/1/98. The payments reflect interest only. I I51 IBETTENDORF ROHRER KNOCHE WALL,INC. I I . . i (r)� ': .• . . . . , , WEST BRANCH RO •-e-` -7' 800 CD l►`iko4E.i1/4 I �, North .4 OAK � ., 4 fed :'► it ' .JIsb e )a k << . . Sa/e 3 D AH L R' iolf Subject •\r _*,,,,,u1OA AWE purse :1" LINDEN 0 + Forest A i ___ _ _ 0VIEW A '. 10*4 GRAND VIEW AV t14,. 1201Aorl�I '� c Pores? Lake fw oA9 a Ar»i R e c ,y +� o W ry W j cc se 0111( e i. -1 v AO 1/4, '`o 0 E NO 4 s< o r J 44. I ,���% \ o� e o OE RAY . +.r�.Qk'45 k ogsb crg Point ( .' •vE / 3 - F� = W H)CH WOOD 11�© ✓ m RD i �, o 160( 19 = s�� E ,� ' �� WC'S! ORONO " gaffe. I lb 9%� o ���`.�s Ari 1 z `� 4.ti R D o cit A<:, itt, li If cc. 9� \' `� ,' Shad rood Point o�4, ' ji DEERING tO- I :`, � aLANDi V ,S B t LAA _`. it. Fagerncss Point �!� oiz' �iC� ► K OCH I •� _ V ' AVE !� 6. T0.0 RD .4.6. '.-- CDD 1 N] r, 2- DEL OTERO AYE A r • • I ILot Sales Location Map I I52 IBETTENDORF ROHRER KNOCHE WALL,INC. I ILOT SALES ANALYSIS IThe comparable lot sales which have been presented on the preceding pages are summarized in the following summary chart. RESIDENTIAL LOT SALES SUMMARY ISubject Sale 1 Sale 2 Sale 3 Location: 1055 Wildhurst 1760 Concordia, 4630 Tonkaview, 990 Loma Linda, I Trail, Orono Orono Orono Orono I Sales Date: NA 8/94 5/93 10/95 ISales Price: NA $53,500 $30,000 $48,000 Size (SF): 46,036 41,400 31,820 65,340 IZoning: LR-1B LR-1C LR-1B LR-1B Sanitary Sewer: Yes Yes Yes Yes ICity Water: No No No No I Topography: Sloped, wooded Level, wooded Level, lightly wooded Level, mostly open Price/SF: $1.29 $0.94 $0.73 I IAdjustments to the preceding lot sales have been made to ascertain a reasonable value for subject Lot 58. The adjustments to the comparable sales are summarized in the following I exhibit. 1 I I I I 53 IBETTENDORF ROHRER KNOCHE WALL,INC. I ILot Sales Analysis - Continued ILOT SALES ADJUSTMENTS Sale 1 Sale 2 Sale 3 ISale Date: 8/94 5/93 10/95 I Price/SF: $1.29 $0.94 $0.73 IProperty Rights: x 1.00 x 1.00 x 1.00 $1.29 $0.94 $0.73 I Financing: x 1.00 x 1.00 x 0.95 I $1.29 $0.94 $0.69 1 Conditions of Sale: x 1.00 x 1.15 x 1.00 $1.29 $1.08 $0.69 I Market Conditions: x 1.05 x 1.09 x 1.02 I $1.35 $1.18 $0.70 ILocation: -10% -0- +10% Size: -0- -5% +10% IShape: +5% -0- -5% Topography: -20% -20% -20% ' Utilities: -0- -0- -0- ' Zoning: -0- -0- -0- Wooded vs Non-wooded -0- -0- +5% i Net Adjustment: -25% -0% Indicated Value: $1.01 $0.89 $0.70 I I 54 BETTENDORF ROHRER KNOCHE WALL,INC. Lot Sales Analysis - Continued ' Property Rights P Y 9 All sales reflect transfer of fee simple title and no adjustments for property rights appraised are indicated. Conditions Of Sale Each of the comparable sales except #2 reflects an arms length transaction and require no adjustment. Sale #2 sold following foreclosure and at a below market price in the opinion of the broker. An upward adjustment for conditions of sale is made to #2. Financing Sale 3 involved a contract for deed and a downward adjustment for favorable financing is indicated. No adjustments are required in the analysis of the other sales. Market Conditions Consideration has been given to a market conditions (time) adjustment between the date of ' each sale and the effective date of this report. The dates of sale vary from May 1993 to October 1995. A modest adjustment of about +3% per year has been made in the analysis to reflect improving market conditions. Locational Appeal Each of the comparable lots has been viewed and the locational characteristics noted. Sale 1 ' is located on Concordia Street which is improved with several good quality lakeshore homes. The locational appeal of Sale 1 is slightly better than that of the subject, in our opinion. Sale 2 does not have any significant locational difference as compared to the subject. The subject ' property has a slightly better locational appeal than Sale 3 which is located on a busier street with less privacy. ' Shape Lot 58 on the subject land has an elongated rectangular shape. Sale 1 has a more elongated configuration with a lot width of only 100'. An upward adjustment for shape is made to Sale 1. ' A downward adjustment is made to Sale 3 which has a more regular and less elongated configuration than the subject. ' 55 BETTENDORF ROHRER KNOCHE WALL,INC. Lot Sales Analysis - Continued Topography The subject lot has a steeply sloping topography which drops about 45' from rear to front. Level parcels are more easily developed and more readily marketable. Downward adjustments are made to each of the comparables for their superior topography. ' Utilities Each of the comparable lots had public sanitary sewer but no public water availability. No adjustments are made for utilities in comparison to the subject lot. Zoning The subject lots were all zoned for single family use. No significant differences for zoning designations are indicated. Wooded Vs Non-Wooded The subject is a wooded site which generally is more desirable than an open parcel. An adjustment is made to Sale 3 which is a generally open lot. Lot Valuation Summary ' The comparable lot sales have been adjusted for various factors and the adjusted indicators range from $0.70 to $1.01/SF. In our opinion, a reasonable valuation of Lot 58 can be made as follows: 46,036 SF @ $0.90/SF = $41,432 Rounded: $41,000 Indicated Market Value Lot 58: $41,000 ' 56 I BETTENDORF ROHRER KNOCHE WALL,INC. I IDirect Sales Comparison Approach Summation I The subject land value as estimated using the Direct Sales Comparison Approach is summarized as follows: I 10.19 acres (undeveloped) $107,000 I 1.06 acres (Lot 58) $ 41,000 $148,000 I Rounded to $150,000 I 1 I I I I I I I IIndicated Value Via Direct Sales Comparison: $150,000 I I57 BETTENDORF ROHRER KNOCHE WALL,INC. ' EXPOSURE TIME AND MARKETING PERIOD According to the Uniform Standards of Professional Appraisal Practice, exposure time is a historical concept and is always presumed to have occurred prior to the effective date of the appraisal. It is defined as "the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at ' market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also ' adequate, sufficient and reasonable effort. Exposure time is different for various types of real estate and value ranges and under various market conditions." (Definition from The Dictionary of Real Estate Appraisal, third edition, the Appraisal Institute, pages 126-127.) 1 Marketing period is defined as "the time it takes an interest in real property to sell on the market ' subsequent to the date of appraisal. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real property at its estimated market value during the period immediately after the effective date of the appraisal; the anticipated time required to ' expose the property to a pool of prospective purchasers and to allow appropriate time for negotiation, the exercise of due diligence, and the consummation of a sale at a price ' supportable by concurrent market conditions." (Definition from The Dictionary of Real Estate Appraisal, third edition, the Appraisal Institute, page 221.) ' Because most investors' perceptions and estimates of marketing period are based largely on exposure times that they recently have encountered in similar transactions, it stands to reason ' that there should be some correlation between marketing periods and exposure times. In fact, in the absence of perceived changes in the market or other extenuating circumstances, marketing period and exposure time should be identical. That is to say, if all other things are ' held constant, a property that required an exposure time of one year should be expected to have a marketing period of one year. Differences in the two concepts appear when there is a perceived change in the market. For example, if a property requires an exposure time of one ' year but market conditions appear to be improving, a marketing period of less than one year might be appropriate. Conversely, if market conditions were declining, the marketing period might exceed exposure time. ' 58 BETTENDORF ROHRER KNOCHE WALL,INC. 1 MARKETABILITY AND ESTIMATED MARKETING TIME The general locational characteristics of the subject property are relatively desirable for single family use. However, this site presents development challenges as a result of topography and ' elevation, along with lack of immediate accessibility. Based on current market conditions and the subject property situation, it is our opinion that an estimated marketing time of 12 to 18 months, more or less, is appropriate for the subject property. Estimated Marketing Time: 12 - 18 Months • 1 ' 59 BETTENDORF ROHRER KNOCHE WALL,INC. RECONCILIATION ' Value Conclusions Cost Approach: Not Applicable Income Approach: Not Applicable Direct Sales Comparison Approach: $150,000 The Cost Approach and Income Approach are not considered applicable and were not pp PP ' employed in the appraisal. Full weight in the appraisal of the subject property was placed upon the Direct Sales Comparison Approach. The subject land area consists of raw acreage which has been platted into eight single family lots. Lot 58 is the only platted lot which has direct access on a public road. The remaining seven platted lots are contained within 10.19 acres of raw acreage. For purposes of analysis, ' several sales of raw acreage were analyzed to estimate the market value of the 10.19 acres of subject raw acreage. Several sales of single family lots in Orono were secured and analyzed to ' ascertain a reasonable indication of the market value of Lot 58. The analysis resulted in the following value conclusions. ' 10.19 acres (undeveloped) $107,000 1.06 acres (Lot 58) $ 41,000 $148,000 Rounded to $150,000 ' Based upon an analysis of the best available market data, it is our opinion that the market value of the subject property as of May 18, 1996 can reasonably be estimated as follows: ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000) I60 BETTENDORF ROHRER KNOCHE WALL,INC. CERTIFICATION The undersigned does hereby certify that, except as otherwise noted, in this appraisal report: 1. This appraisal assignment is not based on a requested minimum valuation or specific valuation for approval of a loan. The estimate of market value identified in this report was developed independent of any undue influence. ' 2. I have no present or contemplated future interest in the real estate that is the subject of this appraisal report. ' 3. I have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. ' 4. To the best of my knowledge and belief the statements of fact contained in this appraisal report upon which the analyses, opinions and conclusions expressed herein are based, are true and correct. ' 5. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions and conclusions contained in this report. I6. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional ' Conduct of the Appraisal Institute, and the Uniform Standards of Professional Appraisal Practice. ' 7. No one other than the undersigned and Michael J. Bettendorf, MAI prepared the analyses, conclusions and opinions concerning real estate that are set forth in this appraisal report. ' 8. I have made a personal inspection of the property that is the subject of this report. 9. The use of this report is subject to the requirements of the Appraisal Institute relating to ' review by its duly authorized representatives. 10. As of the date of this report, William E. Petersen has completed the requirements of the continuing education program of the Appraisal Institute. ' 11. Disclosure of the contents of this appraisal report is governed by the by-laws and regulations of the Appraisal Institute. ' 12. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or the MAI designation) shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communicatiry -without tn'- prkr written consent and approval of the undersigned. ' L L: �( William E. Petersen ' Certified General Real Property Appraiser Minnesota License #4001649 ' 61 IBETTENDORF ROHRER KNOCHE WALL,INC. I CERTIFICATION The undersigned does hereby certify that, except as otherwise noted, in this appraisal report: I 1. This appraisal assignment is not based on a requested minimum valuation or specific valuation for approval of a loan. The estimate of market value identified in this report was developed independent of any undue influence. I2. I have no present or contemplated future interest in the real estate that is the subject of this appraisal report. 13. I have no personal interest or bias with respect to the subject matter of this appraisal report or theparties arties involved. 4. To the best of my knowledge and belief the statements of fact contained in this appraisal report upon which the analyses, opinions and conclusions expressed herein are based, are true and correct. I 5. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions and conclusions contained in this report. I6. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional I Conduct of the Appraisal Institute, and the Uniform Standards of Professional Appraisal Practice. 7. No one other than the undersigned and William E. Petersen prepared the analyses, Iconclusions and opinions concerning real estate that are set forth in this appraisal report. I8. I have made a personal inspection of the property that is the subject of this report. 9. The use of this report is subject to the requirements of the Appraisal Institute relating to I review by its duly authorized representatives. 10. As of the date of this report, Michael J. Bettendorf has completed the requirements of the continuing education program of the Appraisal Institute. I11. Disclosure of the contents of this appraisal report is governed by the by-laws and regulations of the Appraisal Institute. I12. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or the MAI designation) shall be disseminated to Ithe public through advertising media, public relations media, news media, sales media, or any other public means of communication without the prior written consent and aroval of the undersigned I " A .**.i Mic' -el J'W ttendorf, /Al I Certifi-• General Real Property Appraiser Minnesota -.cense #4001398 I62 BETTENDORF ROHRER KNOCHE WALL, INC. PROFESSIONAL QUALIFICATIONS WILLIAM E. PETERSEN BETTENDORF ROHRER KNOCHE WALL, INC. Telephone: (612) 646-6114 ' 1600 University Avenue, Suite 314 Facsimile: (612) 646-8086 St. Paul, Minnesota 55104 EDUCATION: D.D.S. Degree, School of Dentistry, University of Minnesota, Minneapolis, MN 1970 St. Paul Central High School, St. Paul, MN 1963 Professional Real Estate Studies S.R.E.A. Course 101: "Introduction to Appraising Real Property", 1987 S.R.E.A. Course 102: "Applied Residential Property Valuation", 1988 S.R.E.A. Course 201: "Principles of Income Property Appraising", 1987 ' S.R.E.A. Course 202: "Applied Income Property Valuation", 1989 Appraisal Institute Course 410: "Standard of Professional Practice (Part A)", 1991 Appraisal Institute Course 420: "Standards of Professional Practice (Part B)", 1991 Advanced Yield Capitalization, Prosource, 1993 How to Avoid Environmental Hazards Liability, Prosource, 1994 ' 1994 Appraisal Standards and Regulatory Update, Prosource, 1994 Discounted Cash Flow Analysis, University of St. Thomas, 1994 Appraisal 205: Office and Retail Appraisal, Prosource, 1995 Various other short courses and seminars. EMPLOYMENT HISTORY: Staff Appraiser - Bettendorf Rohrer Knoche Wall, Inc., St. Paul, MN, April 1996 - Present ' Staff Appraiser- Dahlen & Dwyer, Inc., St. Paul, MN, November 1986 - March 1996 Appraisal assignments include commercial, industrial, and ' multi-family residential properties. Dentist, Northpark Dental Clinic; Blaine, MN, July 1972 - November 1986 Dentist, U.S. Army, July 1970 - July 1972 APPRAISAL MEMEBERSHIPS/LICENSES: ' Certified General Real Property Appraiser- State of Minnesota - License #4001649 ' 63 IBETTENDORF ROHRER KNOCHE WALL,INC. I Professional Qualifications - William E. Petersen I I PROFESSIONAL EXPERIENCE: Appraisal assignments have been completed for the following purposes: I • Mortgage financing • Real Estate Tax Abatement I • Condemnation/Litigation • Portfolio Valuation • Estate Valuation • Buy/Sell Decisions • Feasibility Studies • Client Consultation Property types appraised include the following: I • Apartment Buildings • Manufacturing Bldgs. • Recreation Facilities • Auto Service Centers • Medical Clinics • Restaurants • Banks • Mini-Storage • Retail Stores • Churches • Mixed Use Properties • Condos & Townhomes I • Office Buildings • Shopping Centers • Convenience Stores • Office-Showrooms • Single Family Homes • Dealerships I • Office-Warehouses • • Subdivision Land • Special Purpose Properties • Gas Stations • Railroad Corridors • Vacant Land i I PARTIAL LIST OF CLIENTS I Firstar Bank, Liberty State Bank, Investors Bank, St. Anthony Park Bank, Lake Area Bank, Cherokee State Bank, Mid-America Bank, Americana Bank, Northland Financial, Western State Bank, FBS Mortgage, Norwest Bank, American National Bank, Minnesota I Department of Natural Resources; Doherty, Rumble and Butler, and other law firms; builders, developers, and investors. IRevised: April 1, 1996 I I I I64 BETTENDORF ROHRER KNOCHE WALL,INC. 1 MICHAEL J. BETTENDORF, MAI BETTENDORF ROHRER KNOCHE WALL, INC. ' Spruce Tree Centre Suite 314 1600 University Avenue St. Paul, Minnesota 55104 ' EDUCATION: B.A. - St. John's University, Collegeville, MN. - 1969 Successfully completed courses sponsored by the American Institute of Real Estate Appraisers (Appraisal ' Institute): Basic Appraisal Principles Methods and Techniques Capitalization Theory and Techniques Urban Properties Condemnation Standards of Professional Practice ' Numerous Seminars on various aspects of real estate appraising, including Business Valuation, Land Use Planning/Regulation, Engineering Drawings, Review Appraising, Market Analysis, Highest and Best Use. ' PROFESSIONAL MEMBERSHIPS & ASSOCIATIONS Member-Appraisal Institute (MAI) President- Minnesota Chapter#35 -A.I.R.E.A. - 1987 ' Licensed Certified General Real Property Appraiser - State of Minnesota - I.D. #4001398 Member- International Right of Way Association ' Member - Faculty of Appraisal Institute/A.I.R.E.A. (1978-1991) Member - Faculty of University of Minnesota - Extension Division (1978-1983) Instructor-A.I.R.E.A. Course "Single Family Residential Appraisal" and "Residential Valuation" - I University of Minnesota 1978, 1979, 1980 and 1984. "Residential Valuation" - University of North Carolina, 1981. Instructor- B.O.M.A. - "Real Estate Investment and Finance" - University of Minnesota - 1987; St. Cloud ' University- 1990 and 1991/92. EXPERIENCE February, 1971 to July, 1979 - Independent Fee Appraiser, Bettendorf Appraisals, Inc. serving as ' Vice-President and then President. July, 1979 to October, 1981 - Chief Appraiser, Farmer's and Mechanic's Savings Bank of Minneapolis - Mortgage Officer. ' October 1981 - March 1991 - Independent Fee Appraiser- Dahlen and Dwyer, Inc. March, 1991 to Present- Independent Fee Appraiser- Bettendorf Rohrer Knoche Wall, Inc. - President. TYPES OF PROPERTIES APPRAISED: single family, shopping centers, office buildings, industrial buildings, hotels, golf courses, sports arenas, hospitals, colleges, development land, easements for public utilities and assessment analyses. ' CLIENTS INCLUDE: State of Minnesota; Cities of Bloomington, Shoreview, Hastings, Inver Grove Heights, Mankato, St. Paul, Roseville, White Bear Lake; lending institutions including First Banks, Twin ' City Federal, Marquette Banks, St. Paul Port Authority: corporations including Glacier Park, Burlington Northern, Resolution Trust, Tyco, White Consolidated, Relocation Resources, Prudential Relocation, and numerous private clients. ' Testified as expert witness in District Court Proceedings. Served as Court Appointed Commissioner on real estate matters. Revised: January 1996 65 I ;4_;:Vic. - °-. AN .. Uri' I Of UPICIPIIIIO ' - ` =' E„ Mmasicipal Offices Maar Wrest '�$'�/ sine Merest 2150 Keller Parlay P.0. &s 66 I � �� UN 55356 Crystal Bay, 114 55323-0066 IMay 10, 1996 Michael J. Bettendorf. MAI I BRKW Real Estate Appraisers Spruce Tree Center Suite 314 I 1600 University Avenue St. Paul, MN 55104 I Dear Mr. Bettendorf: This letter is to authorize you to proceed with the appraisal of the 11.24 acres of vacant property- ' planed into eight lots within the Tonkaview Gardens subdivision as indicated on the attached map. The appraisal is to be completed as indicated in your letter of April 29, 1996 at a cost not to exceed I $1,500.00. If you have any questions regarding this authorization,please call me. I look forward to receiving the completed appraisal in three to four weeks. II Sincerely, A''''' '-' 6r"?4-. ' 7 -D-.2—‘---- IRonald J. Moorse City Administrator IRJIVIIIsv 1 Enc. . 1 a I •