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Appraisal 4-1-05 MARKET VALUE APPRAISAL RESTRICTED REPORT FORMAT THREE SINGLE-F AMIL Y RESIDENTIAL LOTS Located at PINEHURST SUBDIVISION 6620 GALPIN BOULEVARD CHANHASSEN, MINNESOTA CARVER COUNTY Owned by PLOWSHARES DEVELOPMENT, LLC MARKET VALUE ESTIMATE as of APRIL 1, 2005 for MR. TODD SIMNING PLOWSHARES DEVELOPMENT, LLC 1851 WEST LAKE DRIVE, SUITE 550 CHANHASSEN, MINNESOTA 55317 by HERMAN APPRAISAL SERVICES, INC. ---- - HERMAN ApPRAISAL SERVICES, INC. REAL ESTATE & BUSINESS VALUATION BROKERAGE & CONSULTATION 80 I NICOLLET MALL, SUITE 2000 MINNEAPOLIS, MINNESOTA 55402 (612) 630-8077 Facsimile (612) 630-8075 March 29, 2005 Mr. Todd Simning Plowshares Development, LLC 1851 Lake Drive West, Suite 550 Chanhassen, MN 55317 Re: Market Value Appraisal Restricted Report Format Subject Property: Three single-family residential lots within the Pinehurst Subdivision 6620 Galpin Boulevard, Chanhassen, MN Carver County Parcel Identification #:25.5590020 (part) Owner: Plowshares Development, LLC Client: Plowshares Development, LLC Dear Mr. Simning: As you requested on behalf of the above-referenced client, we personally inspected the subject property (identified above) on March 17, 2005, for the purpose of estimating the market value of a fee simple interest in the subject real estate. Definitions of market value and fee simple interest are contained in the attached addenda section to this report. This report is restricted, meaning that only select information that led to our value conclusions is reported herein. This information includes a brief description of the subject property and its highest and best use, and a summarization of the valuation analyses relied upon for our value conclusions. More detailed information on the subject real estate, comparable data and the analyses is retained in our file memoranda. The purpose of this report is to present our opinion of market value for the property as of the date specified below. Our client and/or their representatives will use this report for decision-making and in conjunction with the charitable donation of the property, which is expected to be made by June 1,2005. This report has been prepared in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice (USP AP) adopted by the Appraisal Standards Board of the Appraisal Foundation and the Code of Professional Ethics & Standards of Professional Practice of the Appraisal Institute. This report is subject to the appraisers' certification and limiting conditions, which are attached, and to the following specific requirements, assumptions, and limiting conditions: --.......- - Mr. Todd Simning March 29, 2005 Page 2 · The valuation of the subject property assumes a land and improvement status and condition as described either within this appraisal report or our file memoranda. The subject real estate consists of three contiguous vacant single-family lots within the Pinehurst subdivision northwest of Galpin Boulevard and Lake Lucy Road in Chanhassen, Minnesota. The three lots average .97 acre of land, and have a total land area of about 127,278 square feet, according to a preliminary plat and sketch plan provided by Westwood Professional Services, Inc, land planners and engineers. Our effective date of value is April I, 2005. The date of our inspection of the real estate is March 17,2005. The effective date ofthis report is April 1,2005. · This restricted report is for use by our client, their representatives and/or advisors only. This report cannot be properly understood without additional information contained in the appraisers' file memoranda. · The subject's current owner, Plowshares Development, LLC, acquired the entire Pinehurst subdivision greater property consisting of two separate parcels totaling 27.5 acres in 2004. The sale of the first parcel of 23.48 acres closed February 11, 2005 via warranty deed under a purchase contract signed in June 2004 for $6,000,000. The second sale of 4.22 acres will close in April 2005 under a purchase contract signed in May 2004 for $1,250,000. · Any outstanding special assessments or delinquent taxes are assumed to be paid in full at the appraised market value. The total taxes payable on the entire property in 2004 were $14,840. There are no outstanding delinquent taxes. There are no outstanding special assessments. · The value estimate does not include any moveable equipment, furniture, fixtures, or personal property. · The subject property is located in Flood Zone C as determined by the National Flood Insurance Program administered by the Federal Emergency Management Agency, Community Panel No. 270051 0005 B, effective July 2, 1979. This zone denotes areas of minimal flooding. Site drainage and run-off appear adequate. · The subject property does not have any known recreational, cultural, scientific, or historic values. · Unless otherwise stated in this report, the existence of hazardous or potentially hazardous on-site or off-site materials, which mayor may not be present on or off the subject property, was not observed by the appraisers. The appraisers have no knowledge of the existence of hazardous or potentially hazardous materials on, in, or affecting the subject property. Our value estimate is predicated on the assumption that there are no hazardous materials on or in, or potentially affecting the subject property that would cause a loss in value. ---- - Mr. Todd Simning March 29, 2005 Page 3 Description of Subject Property The subject real estate consists of three vacant single-family lots, totaling 127,278 square feet (2.92 acres). The property is situated west of Galpin Boulevard (CR 117) and north of Lake Lucy Road in Chanhassen, Minnesota. The subject property is part of a greater land parcel being subdivided into 46 single-family lots called Pinehurst. Separate property identification numbers for the individual lots have not been established at this time. The subject lots are situated at the far westerly end of the Pinehurst subdivision, in an area that is heavily wooded and secluded. The three lots have excellent appeal for upper-end residences due to the high amenity value and privacy of the setting. The topography of the subject is gently rolling to level, with two small areas of wetland that provide an amenity buffer and natural views for the subject lots. The balance of the sites' ground appears stable and buildable. The lots' are irregular in shape, averaging .97 acre each, an ample size that is functional and poses no detriment for building placement. At present, no construction of roads or infrastructure for the Pinehurst subdivision has taken place. Zoning The subject property is zoned SFR, Single-Family Residence District by the city of Chanhassen. This district is to provide for low-density, single-family residential subdivisions. Minimum lot size is 15,000 square feet. Minimum lot depth is 125 feet, and minimum lot frontage is 90 feet, except on cul-de-sac lots, which must be 90 feet in width at the building setback line. Lot width on neck or flag lots and lots accessed by private streets shall be 100 feet as measured at the front building setback line. The subject three lots would be accessed by private street. The three subject lots appear to meet city code requirements. Highest and Best Use The subject lots' highest and best use would be for development with three upper-bracket, single-family dwellings. Under existing code requirements, the subject lots, at an average size of 42,426 square feet, are more than adequate for single-family use in the SFR District. The minimum lot size for single-family residential use is 15,000 square feet. Approaches to Value In this appraisal, the subject is valued as vacant land, comprised of three single-family residential lots. This valuation is based on the sales comparison approach only. The income and cost approaches are not applicable, as the subject is vacant land, generates no income, and has no improvements upon which to estimate replacement cost. For these reasons, the income and cost approaches are rendered inapplicable to the valuation of the subject real estate. .....IIIIIIIIIII___ Mr. Todd Simning March 29, 2005 Page 4 Conclusion of Land Value To determine the per-lot value of the subject three parcels, recent sales of unimproved single-family residential lots in the subject's market area were analyzed. An average size of the three subject lots was compared to five recently sold single-family lots in the subject's market area to establish a per-lot value for the subject three lots. The subject lots are very similar to each other in size, setting, amenities, and topography. The comparable sales, after adjustments, indicate a valuation range for the subject land of $342,274 to $351,525 per single-family lot. The average and median adjusted values are $348,027 and $347,985, respectively. No single comparable sale is considered most similar to the subject lot; therefore, the average and median are given the most weight in our final estimate of the subject's land value. The land valuation analysis is contained in the addenda of this report. The subject three lots are conceptual at this point; that is, no road or infrastructure construction has occurred to allow any access to or construction on the three lots. We have estimated the prorated costs for grading, road extension, and sewer and water utilities to the three lots within the subdivision. A private drive would need to be constructed along the westerly border of the subdivision to provide access to the three subject lots. Access to this private drive from Brendan Court to the west side of the subject subdivision already exists. This currently dead-end road was stubbed in to the subject property at the time of construction of the adjacent subdivision. Connecting this dead-end access to a private drive to serve the subject three lots would be straightforward and relatively economical. This existing access road also is the route for municipal sewer and water connections. Cost to construct the approximate 390 feet of private drive for the three subject lots is estimated at $172 per lineal foot, or $67,100, including grading, paving, storm water drainage, water and sewer lines. Based on the land valuation analysis, it is our opinion the subject real estate has the following market value as of April 1,2005. Indicated market value per lot @$348,000 x three lots = Less costs for road, utilities and grading: Total: Rounded to: $1,044,000 ($67,100) $976,900 $977,000 ---- - Mr. Todd Simning March 29, 2005 Page 5 It was a pleasure being of service on this assignment. Please contact us if you need additional information or assistance at a future date. Very truly yours, HERMAN APPRAISAL SERVICES, INC. ~¿~l~ President MN Certified General License #4001467 W~~ Warren Czaia Senior Associate MN Certified General License #20171681 EBH:alf Addenda Attachments: Definitions Single-Family Residential Lot Valuation Analysis Appraisers' Certification Assumptions & Limiting Conditions Appraisers' Qualifications Appraisers' Licenses ---- - SUBJECT PHOTOGRAPHS View looking east across westerly portion of Pinehurst subdivision and subject lots. View looking north along western borders of subject lots. ---- - SUBJECT PHOTOGRAPHS View looking south along western border of subject lots. View looking east from existing road access from Brendan Court toward western border of subject. ---- - SUBJECT AERIAL PHOTOGRAPH 1________ __~_ ~___________ _ _ _ PID# 255590010 ---- - III!I!I:I_-- - ADDENDA DEFINITION OF MARKET VALUE The following definition of market value complies with the definition required by the USPAP as promulgated by the Appraisal Standards Board of the Appraisal Foundation. Market value is defined as: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and each acting in what they consider their own best interest. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars, or in terms of financial arrangements comparable thereto; and e. The price represents normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. PROPERTY RIGHTS APPRAISED This appraisal values the fee simple interest in the subject real estate. The fee simple interest is defined as: An absolute fee; a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation. An inheritable estate. DEFINITION OF HIGHEST AND BEST USE The Appraisal Institute defines highest and best use as: That reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and which results in highest land value. A II1II.....-.......-- ~ 0 z ~ ~ ~oo ..... z <~ ~ ~oo 00 ~~ 00 < z~ == ~< z < ~z == ~< u oo~ z ~p 0 ~~ ~ 00 ~ ~< > ~ => Q = ~~ ~ 00 <~ ~ ~< 00 I~ ~ ~~ ~ ~~ == ~ ~ z ~ Z ~ ~ 00 APPRAISER'S CERTIFICATION The undersigned appraiser(s) hereby certifies that to the best of my knowledge and belief: I have personally inspected the subject property. I have no present or contemplative interest in the real estate that is the subject of this appraisal report. I have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. To the best of my knowledge and belief statements of fact contained in the appraisal report, upon which the analysis, opinions, and conclusions expressed herein are based, are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, unbiased, professional analyses, opinions, and conclusions. The appraisal report has been made in conformity with and is subject to the requirements of the Code of Ethics and Standards of Professional Practice of the Appraisal Institute. Ellen Herman is a member in good standing of the Appraisal Institute and is a Certified General Licensed appraiser with the State of Minnesota. As of this date, Ellen Herman has completed the requirements under the continuing education program of the Appraisal Institute. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. No one other than the undersigned prepared the analyses, conclusions and opinions concerning real estate that are set forth in the appraisal report. I was directly employed by the regulated institution or its agent, and I have no direct or indirect interest, financial or otherwise in the property transaction. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. My contractual arrangement with my client does not authorize the out-of-context quoting from or partial reprinting of this appraisal report, nor does it permit all or any part of this appraisal report to be disseminated to the general public by the use of the media for public communication without my written consent. The appraisal report conforms with the "Uniform Standards of Professional Appraisal Practice" of the Appraisal Foundation, as mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), and 12 CFR Part 1608. ~ß.~ vv~¿~ Ellen B. Herman, MAl Real Property Appraiser MN Certified General License #4001467 Date Of Value: 1:- /_ ~ Warren E. Czaia MN Certified General License #2017168 I Date of Val ue: 'I-/-oS- c --- ............. CONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS The certification of the appraiser appearing in this appraisal report is subject to the following conditions and to such other specific and limiting conditions as are set forth by the appraiser in the report. I. The legal description furnished to the appraiser or secured from public records is assumed to be correct. 2. The appraiser assumes no responsibilities for matters legal in character, nor does the appraiser render any opinion as to title, which is assumed to be good and marketable. All existing liens and encumbrances have been disregarded and the property is appraised as though free and clear, and under responsible ownership and competent management. 3. Any sketch in this report is included to assist the reader in visualizing the property. The appraiser has made no survey of the property and assumes no responsibility in connection with such matters. Unless otherwise noted herein, it is assumed that there are no encroachments, zoning violations or restrictions existing in the subject property. 4. Information, estimates, and opinions, furnished to the appraiser and contained in this report were obtained from sources considered to be reliable and believed to be true and correct. However, no liability for them can be assumed by the appraiser. 5. The appraiser assumes that therc are no hidden or non-apparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions or for engineering, which might be required to discover such factors. 6. Disclosure of the contents of the appraisal report is governed by the bylaws and regulations of the professional appraisal organization with which the appraiser is affiliated. 7. On all appraisals involving proposed construction subject to satisfactory completion, repairs, or alterations, the appraisal report and value conclusion are contingent upon completion of the proposed improvements in a workmanlike manner essentially in accordance with the plans and specifications submitted for review to the appraiser. 8. The appraiser is not required to give testimony or attendance in court by reason of this appraisal, with reference to the property in question, unless arrangements have been made previously thereof. 9. The market value herein reported is based on economic and market conditions, which are applicable as of the date of the appraised value. This market value may be the same but also may vary at a later date due to changing market or economic conditions. It is the appraiser's opinion that the subject property would sell in an appropriate time period should it be offered on the open real estate market at the date of appraisal at about the appraised value subject to the appraisal assumptions; but a guarantee of such a sale is not implied or warranted. 10. Neither all, nor any part of the content of the report, or copy thereof (including conclusions as to the property value, the identity of the appraiser, professional designations, reference to any professional appraisal organizations, or the firm with which the appraiser is connected), shall be used for any purposes by anyone but the client specified in the report, the borrower if appraisal fee is paid by same, the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any state or federally approved financial institution, many department, agency, or instrumentality or the United States or any state or the District of Columbia, without the previous written consent of the appraiser; nor shall it be conveyed by anyone to the public through advertising, public relations, news sales, or other media, without the written consent and approval of the appraiser. I I. The appraisal report and its contents must be regarded as a whole and any excerpts from this appraisal cannot be used separately and if used separately, invalidates this appraisal. The division or distribution of land and improvement values estimated herein is applicable only under the program of utilization shown. These separate D ---- -- valuations are invalidated by any other application and must not be used in conjunction with any other appraisal. 12. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report. 13. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in the appraisal report. 14. It is assumed that all required licenses, consents, or other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 15. It is assumed that the utilization of the land is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted within the report. 16. No environmental impact studies were either requested or made in conjunction with this appraisal, and the appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact, studies, research, or investigation. 17. In this appraisal assignment, the existence of potentially hazardous material used in the construction or maintenance of the building, such as the presence of urea formaldehyde foam insulation, and/or existence of toxic waste, which mayor may not be present on the property, has not been considered unless otherwise noted in this report. The appraiser is not qualified to detect such substances. 18. Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing general assumptions and limiting conditions. 19. Unless otherwise stated in this report, the existence of potentially hazardous materials, which may be present at the subject property, were not observed by the appraiser. I have no knowledge of the existence of hazardous or potentially hazardous materials on, in, or affecting the subject property, however, I am not qualified to detect such substances. The presence of hazardous materials may negatively affect the value of the subject property. This value estimate is predicated on the assumption that there are no hazardous materials on, in, or potentially affecting the subject property that would cause a loss in value. 20. The Americans with Disabilities Act (ADA) became effective January 26, 1992. I have not made a specific compliance survey and analysis of the subject property to determine whether or not it is in conformity with the various detailed requirements of the ADA. A survey of the subject could reveal that the property is not in compliance with one or more of the requirements of the ADA. If so, this fact could have a negative impact upon the value of the property. I did not considcr possible non-compliance with the requirements of the ADA in estimating the value of the subject property. 21. There may be other assumptions and limiting conditions not mentioned above which have been previously described in this appraisal report. E ..------ Ellen B. Herman, MAl Appraiser Qualifications Work Experience: 4/83 to Present - Herman Appraisal Services, Inc. President/CEO A full service real estate and business appraisal and consulting firm, specializing in commercial and residential real estate and business valuations, expert testimony for court proceedings, subdivision analysis, feasibility and highest and best use studies, and appraisal review. Frequently serves as a court appointed commissioner in condemnation proceedings in Hennepin County. Serves as a special hearing officer in special assessment hearings. Serves as a court appointed arbitrator in valuation disputes. Qualified as expert witness on valuation matters in Federal and District court. 6/80 to 4/83 - MN Department of Natural Resources, Acquisition and Exchange Section Senior Appraiser Realty Specialist Responsible for appraisals, appraisal reviews, and negotiations for all types of DNR land acquisitions. 8/77 to 6/80 - MN Department of Natural Resources, Rivers Section Rivers Project Coordinator Responsible for land use planning, acquisition planning and recreation management on rivers proposed for inclusion in the Minnesota Wild and Scenic Rivers Program. Professional Activities: Served as a principal speaker/instructor at the following seminars: Minnesota Institute of Legal Education (MILE): Eminent Domain Seminar March 1995 - Anatomy of Partial Takings January 1997 - Strategies and New Developments F --- -- October 2000 - Common Mistakes Attorneys Make in Eminent Domain Cases October 2002 - Construction-Related Interference in Eminent Domain Cases Hennepin County Bar Association: Eminent Domain Committee November 1998 - The Development Approach in Eminent Domain Valuation May 2000 -The Sales Comparison Approach in Eminent Domain Valuation April 2003 - Effective Cross Examination of the Appraisal Expert Witness January 2004 - Leasehold Interests in Eminent Domain December 2004 - Highest and Best Use Analysis in Appraising and Litigation Minnesota Land Trust Land Preservation Forum February 1995 - Conservation Easement Val uation Preserving Family Lands Forum February 1996 - Role of Appraiser in Easement Donations Minnesota Planned Giving Council November 2000 - Appraisal Function in Charitable Contributions of Real Estate Lorman Education Services October 2002 - The Valuation of Historic Preservation and Conservation Easements Minnesota State Bar Association Family Law Institute March 2004 - Real Estate Valuation - Placing a Price Tag on Marital Property Served as committee member Appraisal Institute Metro Minnesota Chapter: Nominating Committee, 1995. Education Committee, 1998. Served as Mayor's Representative Heritage Preservation Commission, May 2001-2002; April 2004 to Present. Education: University of New Hampshire, Durham, New Hampshire. Graduated cum laude in 1975 with a Bachelor of Science degree. Appraisal Institute, Chicago, Illinois. Successfully completed all coursework and examinations required for the MAl designation, and for all on-going educational requirements of the Appraisal Institute. Attended the following recent seminars sponsored by the Appraisal Institute Minnesota Economy, U.S. Economy & Implications on Real Estate, February 1994. Metropolitan Land Use Trends, May 1994. Geographic Information Systems, January, 1995. Upscale Urban Townhouse Development, February, 1995. Renovation of Historical Structures for Affordable Housing, March, 1995. Effective Marketing for Appraisers, April, 1995. A case study-Crystal Lake Golf Course and Residential Community in Lakeville, MN, September, 1995. Business Valuation, Parts I and 2, October, 1996. Tomorrow's Appraiser, October, 1996. Hiawatha Light Rail Transit Corridor, May, 1999. Limited Partnership Seminar, April 2002. Business Enterprise Valuation, May 2002. ...---- -- G Attended the following seminars sponsored by the Minnesota Institute of Legal Education. (MILE) Property Tax Appeal: 1998,2000,2002. Eminent Domain: 1995,1996,1997,1998,1999,2000,2001, and 2002. New Urbanism, Smart Growth: 2001. Redevelopment/Walser: 2002. Professional Affiliations and Designations/Licenses: Appraisal Institute - MAl Designated Member State of Minnesota - Certified General Real Property Appraiser - ID #4001467, Level 4 license permits appraisal of all property types. State of Wisconsin - Certified General Appraiser - License #1070-010 State of South Dakota - Certified General Appraiser - License #954CG-200SR State of Minnesota - Real Estate Broker - ID #20077343 International Right of Way Association (IRW A) - Member The Institute of Business Appraisers, Inc. (IBA) - Member American Society of Appraisers (ASA) - Member National Association of Realtors (NAR) - Member Minneapolis Area Association of Realtors (MAAR) - Member Commercial Real Estate Women of Minnesota (MNCREW) - Member --- ~ H Warren E. Czaia Appraiser Qualifications Education: Graduate, University of Minnesota, Minneapolis, MN, Bachelor of Arts degree in Urban Studies with a major in Geography. Appraisal Institute courses: RE 90 I C: Introduction to Appraising Real Property, 1985; RE 902C: Applied Residential Property Valuation, 1986; 110 Appraisal Procedures 1998; 105 Introduction to Appraisal Standards & Ethics, 1998; 310 Basic Income Capitalization, 1998; 120 Appraisal Procedures, 1999; 530 Advanced Sales Comparison & Cost Approaches, 2000; 540 Report Writing & Valuation Analysis 2001; 510 Advanced Income Capitalization, 2002; 520 Highest & Best Use, 2002; 410 National Uniform Standards of Professional Practice, 2003; 420 Business Practices & Ethics, 2003. Successfully completed the following appraisal and real estate courses: Valuation of Detrimental Conditions in Real Estate; Appraisal of Local Retail Properties; Real Estate Property Management; Introduction to Appraisal Standards & Ethics; RE Brokerage; 2000 USPAP Update. Experience: l/98 to present - Sr. Associate Appraiser, Herman Appraisal Services, a full service real estate appraisal and consulting firm, specializing in commercial and multi-family real estate valuations, expert testimony in court proceedings, subdivision analysis, highest and best use studies, and appraisal review. 4/91 to 12/97 - Real Estate Sales, Bowman-Realtors, Duluth, MN, Edmunds Co., Duluth, MN. Licensed agent for single family, commercial, industrial, and multi-family residential real estate. 6/86 to 12/88 - Loan Auditor, Prudential Home Mortgage Company, Minneapolis, MN. Reviewed closing documents, appraisals and applications for completeness and accuracy. 7/80 to 10/82 - Editorial Assistant, Cy DeCosse Creative Department. Quality control for publisher and advertising art producer. 9/77 to 1/80 - Research Analyst, Development Concept Corporation. Conducted research, designed surveys, wrote and reviewed feasibility studies for real estate consultation. Professional Affiliations and Designations: State of Minnesota - Certified General Real Property Appraiser- License No. 20171681 State of Minnesota - Real Estate Licensee - ID #397292 General Associate Member of the Appraisal Institute Member Preservation Alliance of Minnesota - Façade Easement Committee --- - J ~~ ,olt "7.:¡ .:x,"''''''"'-~ ff{ ~'l ,'" 'i :i ,-~~d:;. >~'..' ,L~;~'~'â' . ~~."....d? ',<J.~I~·~~Y State of Minnesota Department of Commerce 85 - 7th Place East, Suite 600 51. Paul, MN 55101-3165 Department of Commerce Licensing Division Telephone (651) 296-6319 E-mail address: licensingcommerce@statemn_us Website address commerce state.mn us Legal Name Address' Certified General Real Property Appraiser License ELLEN 8 HERMAN 4332 DUPONT AVE SO MPLS. MN 55409 license Identification Number AP- 4001467 License Expiralion Date 813112006 Continuing Education 30 credits due by license expiration date A person lICensed In thiS category can perform appraisals for federally-related transactlon$ A person licensed ill thiS category may appraise all types of real property ..........---- K State of Minnesota Department of Commerce 85 - 7th Place East, Suite 600 St. Paul, MN 55101-3165 Department of Commerce Licensing Division Telephone: (651) 296-6319 E-mail address:licensin9_commerce@state.mn_us Website address: commerce_state.mn_us Legal Name: Address: Certified G.eneral Real Property Appraiser License WARREN E CZAIA 2863 ARCADE ST ST PAUL, MN 55109 License Identification Number AP· 20171681 License Expiration Date 8/31/2005 Continuing Education: 30 credits due by license expiration date_ A person licensed in thIs category can perform appraisals for federally·related transaclions A person licensed in this category may appraise all types of real property L ......--- --