Research

Information obtained which has been considered in this report includes, but is not limited to the following:

• City of Saint Paul zoning map and ordinances
• Ramsey County GIS mapping software
• Search of recent sales of both commercial and multiple-family land sales on MLS and the certificates of real estate value on file in the Department of Revenue State of Minnesota

Analysis

The subject's highest and best use, "as vacant" was developed using data developed in my research. In the course of research and analysis for this report, I have considered the applicability of the three traditional appraisal methodologies. In my opinion since the property is vacant land only the sales comparison approach is appropriate for this analysis.

Presentation

After completing a study of those factors having a measurable influence on value, I have formulated an opinion of the subject's highest and best use, developed an opinion of market value consistent with this opinion and subsequently opined to the fair market rental value. I have subsequently prepared an “appraisal report” that complies with the current edition of the Uniform Standards of Professional Appraisal Practice.

Property Identification

The following legal was secured from Ramsey County property records and is only a partial.

Part of Block 33 Lyman Dayton's Addition

History of Ownership

There is no information available to ascertain when the HRA acquired the property. The appraiser is very familiar with the former 2-story, 8-unit mixed-use commercial building with two main floor commercial suites the was destroyed by an explosion and subsequent fire in the late 1990's. It is my understanding the property is not currently offered for sale.

Dahlen, Dwyer, Foley & Tinker Inc. – Real Estate Appraisers & Consultants