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<br />.. <br />¡ <br />I <br />i <br />í <br />.. <br />i" <br />" <br /> <br /> <br /> <br />í <br />.. <br />~ <br />tÍ <br />I....."....... <br />.. <br />í <br />, <br />í <br />, <br />ì <br />I <br />í <br /> <br />A <br />& <br /> <br />Appraisals & <br />Real Estate Research Inc. <br /> <br />JOAN L. JOHNSON, RM <br />DARIN P. JOHNSON <br />LESLIE P. ROOS, ARA <br /> <br />R R <br />E Inc. <br /> <br />308 2nd Avenue North - #301 <br />P.O. Box 5175 <br />Grand Forks, NO 58206-5175 <br /> <br />Telephone (701) 746.9147 <br />Fax (701) 746-4631 <br /> <br />July 23, 2004 <br /> <br />Cass County Highway Department <br />1201 Main Avenue West <br />West Fargo, North Dakota 58078 <br /> <br />COMPLETE APPRAISAL: SUMMARY REPORT FORMAT <br />SUBJECT: Market Value of the Subject Property <br />6205 County Road #17 South <br />Horace, North Dakota 58504 <br /> <br />EFFECTIVE DATE OF <br />VALUE ESTIMATE: <br /> <br />OWNERS: <br /> <br />March 18,2004 <br /> <br />Mike Dalsin <br />930 Amour Street <br />West Fargo, North Dakota 58078 <br /> <br />A Complete Appraisal reported in Summary Report format has been developed pursuantto your request as a <br />representative for the Cass County Highway Department. The attached report provides aij of the essential data <br />and detailed reasoning employed in estimating market value. The subject consists of a vacant residential lot <br />located at the intersection of County Road #17 and 64th Avenue South. As of the effective date of valuation <br />there were no improvements on this site. A legal description of this property is contained in the body of this <br />report. <br /> <br />The purpose of the appraisal is to estimate the marketvaJue of the fee simple interest in the real property to be <br />acquired under the provisions of the North Dakota Statutes. The intended use of the report is to assist Cass <br />County Highway Department, the client, in its determination of just compensation due the property owner for <br />the total acquisition ofthissite. The acquisition of this site will be utilized replacement oftheexistingthree-span <br />steel beam and wooden deck bridge, which has been identified as deficient, replacing it with three 14 x 16 ft <br />reinforced concrete box culverts, straightening the alignment of 64th Avenue South to improve traffic safety <br />during the process of bridge replacement. Reliance upon the appraisal for other purposes or by unspecified <br />third parties is strictly prohibited, and the appraiser wIll not be responsible for consequences stemming from <br />either action. <br /> <br />An inspection of the subject site in it's current "as is' condition and an interview with the owner's representative, <br />local real estate agent David Wyum of the George Wyum Real Estate Company, and a phone interview with <br />Mr. Mike Dalsin has been conducted along with an orderly analysis of the factors that bear upon the value of <br />the real estate. Based on the appraisal investigation and the analysis, it is our opinion that the estimated market <br />value, in cash or its equivalent, of the subject property as of March 18, 2004 is: <br /> <br />Fifty-Five Thousand Dollars <br />($55,000_00) <br /> <br />The appraisal is subject to aU definitions, the appraiser's certification, general and specific assumptions, and limiöng <br />conditions as contained in the written appraisal report. In addition. your attention is directed to the folowing specific <br />limiting conditions: <br /> <br />1. <br /> <br />The appraisal is reported according to the requirements of a Summary Report as dictated by the Uniform <br /> <br />3 <br />