Dwight W. Dahlen, MAI SRA Daniel E. Dwyer Sean M. Foley Jeffrey A. Dahlen, MAI Michael T. Tinker, MAI

Your Local Valuation Experts since 1978 Real Estate Appraisals Consultation Expert Witness Market Research

August 18, 2026

Ms. Jennifer Dull Senior Project Manager City of St. Paul Department of Planning and Economic Development 25 West 4^{th} St., Suite 1100 St. Paul, MN 55102

RE: 679 East Third St

Dear Ms. Dull:

In accordance with your request, I have prepared an “appraisal report” an opinion of market value on a 13,956 sf vacant parcel with the potential for a mixed-use development in the Dayton’s Bluff neighborhood of St. Paul. The purpose of this appraisal is to provide an opinion of market value for the subject property. This appraisal contains the appropriate “scope of work” deemed necessary to produce credible assignment results relevant to the “intended use.” The City of St. Paul is identified as the “intended user.”

The opinion of market value is predicated on the definition of market value as developed herein. Subsequent to my investigation, I have formed an opinion concerning the market value as of August 17, 2026 as follows:

ONE HUNDRED EIGHTY THOUSAND DOLLARS ($180,000)