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<br />. <br />. <br />. <br />I <br />I <br />I <br />I <br />I: <br />I <br />I <br />I' <br />Ii <br />I' <br />I <br />I' <br />I <br />I <br />I <br />I <br /> <br />Page 5 <br />B. Busta <br />12/01/03 <br /> <br />The sales comparison approach has been utilized in preparation of this report. Exhibit I shows <br />pertinent sales data for the five land sales used in comparison to the subject parcel. <br /> <br />Cost approach land value <br />Income approach land value <br />Sales comparison approach land value <br /> <br />$N/A <br />$N/A <br />$73,000 <br /> <br />Reliance on this report should be limited to the specific purpose noted above. Care should be taken <br />not to allow reliance on this report by third parties or unintended users of the report. <br /> <br />Market value is defined on an attached page. It is the definition of market value stated in the <br />Federal Register. Highest and best use of the subject property is commercial or residential building <br />site. Please refer to the highest and best use section of this report for a complete highest and best <br />use analysis. Cass County zoning regulations are consistent with highest and best use. <br /> <br />Please refer to attached pages in this report for further clarification of details. Based on analysis of <br />available market data, the most probable market value of the subject property is $29,000 per acre. <br />Calculations: "Taking" 2.53 acres x $29,00O/acre = $73,370, rounded to $73,000. <br /> <br />Subject to the contingent and limiting conditions attached to this appraisal, the market value of the <br />subject real estate as ofNovernber 25, 2003 is estimated to be: <br /> <br /> <br />REAL ESTATE: <br />SEVENTY THREE THOUSAND DOLLARS ($73,000.00) <br /> <br />Thank you for this opportunity to be of service. <br /> <br />Sincerely, <br /> <br />Cfrmð ~/ <br /> <br />JeffteyL. Berg, ARA., ASA <br />Appraiser Licenseeu-{MN #: 40024~4 ND #: CG-1O50 SD #: 118CG-2004 <br /> <br />~ );' / <br /> <br />David Aaland <br />Appraiser License MN #: AP 20350492, ND #: AA-2305 <br />