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Reasonable Exposure Time - Reasonable :\larket Time Juri sdict lona I except ion is c1 tcd. !J'ee Bll."de IJilfa IIook. Part J (~fthe P"{~ie(.t Rel}()rl~ H ist()I.~' H.onnic Lee Jo}.' purchased this property froll1 J\1ichJc] H.hcault on ()ctobcr ] 5. 1999~ per \\'arranty deed~ Doc. /1944573 for 542 _ 40U. Th is tract \vas o\\'neJ by; the Rh~ault l~lIl1ily' Cor nearly' 100 yrcars. Physical I nspc-ct ion and Effective Date of .~\Pflraisal Pursuant to PubJ Ie La \v 91-(i4()~ L I~05(" J-'{oefs. attc-l11ptcd to contact H.onnie Lee Joy \'ia telephone . certi fied 111ai L and physical \'isits to the site: hO\VeVCL no contact has been 11ladc. I nlade a cOll1plett:" inspect ion of the' property..' on /\prd ~L ~005. E frectiv!: Date of t he ~\ppraisal 'rhc effecti \'e date of t his report i ~ th\? date nf i nsp~ct ion~ /\pril 4~ 2005. l-ht? elTccti \"c da tt.? of the feport and t he date 0 f pn:parat inn are \Vlt h in a relat j \'c 1)/ short ti tlle and are considered to ha \'C occurred under the sanl(' 111nrkel conditions. "Iarket ()ata ')"hc arc-a. city a nd neigh borhood ana lysi s is localt?d in the Bll.\'jC Data Book9 Part J (~"I"e lJr(~iect Report. It is i ncorpura led into th is appra isal through rcfc-rcncc. 'rile proj eet is loca ted in a su burha n ~etting t hat extends along hot h ~idcs of ('ounty Road l4~ fn.ltll the S hcyen nl:: R i Vel" on the \\\?st to I -~9 on the cast. r or a better perspect i ve ~ t he (~ity 0 r l'lorace 1 s loca ted a huut ~ix lndes south l)fl-94. along ('ass C'ollnty: I Iigh\\'ay 17~ anu about :',5 1111lcs \vest ofl-~9 on ('ounty Road 14. (\)llcctivcl~la good neighhorhood accessihility' is provided. \\..rhde C"ounty High\\'ay' 17is paved. ('ounty Road 14 lS not: ho\\'cvcr. given the gro\vth of the area. and increased trarfic~ this road is scheduled for r(""-grading in 200.5 and paying in 2006. For t ht: lllost p~lJ1~ t he pr~dO]lli na nt area land Lise is tran sit lonal t:1nnland. i nlprovt.:d or un i tllproved~ but interspersed \vit h sea ttcreo rura.l resident ial ~ubdi vi sions and S111a] ]("r rural rc-sidcntial sites. Market acccpta nee. in tcTll1S 0 f t he ~l bll it~y to rent and selt a rea propet1ies. is pcrcci vcd as bei ng good due to the southc-rly cxpansion of\\-,'cst Fargo and th~ southerly and \vesterly expansion of J-~argo+ Fronl ll)l)O to 1000~ the populat ion 0 r l-~ orace 1 ncrcascd :: 7(~';J frolll ()6~ persons to l) 1 .5 persons. It no\\:' ran ks as the fourth ]argt.:st city in C'ass C'ounty. I-lousing units gr~\\' frolll 70 in [070 to 31l ill 2000. ~rhe population of this COll1111unity is e:\pL~ctcd to reach near ] ~200 in 2030. I)uc to its proxinllty to Fargo.... \\lest Fargo~ and lhe relative- lo\\-' cost () r land~ t his area h;ts bcC01TIC vcry attract i\'c to dcvt:' lopers and huyers alike. /\n added pi us is that 1110St ofth is land is protected ny" the Shey.'enne Di\"ersion~ \VhlCh took 1110St of the land along this river out of the ] 00 y~ar n uod plai n. Per st~t istics ga thered Cro[l) t hc' C'ity of Horace and Stanley T o\\.nsh i p hui ldi ng penni ts~ a total or 90 attac hed and detached d\\'c II i n1,!S have heen constructed in that area frolll about .2 rniles south of Ilorace to (~a~~ ('ounty Iligh\\'ay (1 or 5~nd j\'-venue S\\,' Sl[1Ce ~002 at an a\"erage cost ofS22~.47~i. /\ccordingly, traffic counts ha\"e also increased: ho\\"e\'er~ the nlost recent count \vas taken in 1994 and 1S no longer valio. -rhc ncighhorhood~s location 111 the f\1S/\ cotllbined \vith the t:"\"er-e\'ul\'ing rural rcsidcntiallllarkcL .suggests that aren land \'a lues c-xceed \vhat is typically antic i pared for farnlland. The neighborhooer s general transition i I1to a prcdonlinant Iy resident ial..icoll1111crc lal arC3 15 cons 1 stent \vlth t he area ~ s overall gro\vth pattern. l-he follo\ving 111ap dc-piets the pro.l("ct in relative to I lorace~ Fargo and \\'~est Fargo. RM HOEFS & ASSOCIATES x