APPRAISAL REPORT ON

1 APPRAISAL REPORT ON SUMMIT AVENUE DEPARTMENT OF ADMINISTRATION LAND STATE OF WISCONSIN LOCATED IN SECTION 9, T28N, R8W SUMMIT AVENUE CHIPPEWA FALLS, WISCONSIN GARY J. HOLT, MAI, SRA NORBY & ASSOCIATES, INC. 2115 EAST CLAIREMONT AVENUE SUITE 2 EAU CLAIRE, WISCONSIN J. C. Norby & Associates, Inc. Real Estate Valuation & Consultation 2115 East Clairemont Avenue, Suite #2 Eau Claire, WI 54701 Phone: 715-834-3953 Fax: 715-834-5101 Email: Website: January 5, 2022 Wisconsin Department of Administration Division of Facilities Management Attn: Mr.

2 Scott Berger, Section Chief Lease Administration 101 East Wilson, 7th Floor P O Box 7866 Madison, WI 53707-7866 RE: Summit Avenue Department of Administration Land APPRAISAL State of Wisconsin located in Section 9, T28N, R8W Summit Avenue Chippewa Falls, Wisconsin Dear Mr. Berger: At your request, I have completed an APPRAISAL intended to comply with Standard 1 of the Uniform Standards of Professional APPRAISAL Practice (USPAP). This APPRAISAL REPORT is prepared under Standards Rule 2-2(a). The legal description of the property is included in the enclosed REPORT .

3 I have observed the property, researched data, and considered matters pertinent to its value. The Market Value of the property as of the date of observation (December 28, 2021) is stated at $260,000. TWO HUNDRED SIXTY THOUSAND DOLLARS This APPRAISAL includes the land only. There are no building or site improvements located on the property. This APPRAISAL does not include any timber value or personal property located on the premises. Also, this APPRAISAL does not include the market value of the going concern (if any) of the property. Wisconsin Department of Administration Division of Facilities Management Attn: Mr.

4 Scott Berger, Section Chief Lease Administration RE: Summit Avenue Department of Administration Land APPRAISAL January 5, 2022 Page 2 There are no hypothetical conditions associated with this APPRAISAL assignment. The only extraordinary assumption included in this REPORT is there are no environmental conditions on or around the property that would have a negative impact on the overall utility, and hence value. Any deviation from this extraordinary assumption may have a significant effect on the value conclusion stated above. The property interest being appraised is Fee Simple.

5 This APPRAISAL REPORT presents brief discussions of the data, reasoning, and analyses that are used in the APPRAISAL process to develop the opinion of value. Supporting documentation concerning the data, reasoning and analyses is retained in the APPRAISAL file. The depth of discussion is specific to the needs of the client and for the intended use stated in this REPORT . I am not responsible for unauthorized use of this REPORT . Respectfully submitted, Gary J. Holt, MAI, SRA WI Certified General Appraiser #1028 Expiration Date: December 14, 2023 J.

6 C. NORBY & ASSOCIATES, INC. GJH/asr Enclosure F:\DATA\NARRATIVE-FV\2021\211809FV AC SUMMIT AVE CF DOA Copyright 2022 by J. C. Norby & Associates, Inc. All rights reserved. J. C. NORBY & ASSOCIATES, INC. Real Estate Valuation & Consultation ~ i ~ TABLE OF CONTENTS PAGE PURPOSE OF APPRAISAL .. 1 DEFINITION OF MARKET VALUE .. 1 DEFINITION OF HYPOTHETICAL CONDITION .. 2 DEFINITION OF EXTRAORDINARY ASSUMPTION .. 2 INTEREST VALUED .. 2 FUNCTION OF APPRAISAL .

7 3 INTENDED USE OF REPORT .. 3 EFFECTIVE DATE OF VALUE AND DATE OF REPORT .. 3 SCOPE OF WORK .. 3 STATE MAP .. 6 CITY MAP .. 7 SUBJECT PHOTOGRAPHS .. 8 TYPE AND CLASS OF PROPERTY .. 12 DATE OF OBSERVATION .. 12 LEGAL DESCRIPTION .. 12 CITY DATA .. 12 MARKET AREA DATA .. 15 SITE 17 OWNERSHIP DATA .. 22 ENVIRONMENTAL CONDITIONS .. 22 ASSESSED VALUATION AND TAXES .. 23 ZONING .. 23 FLOOD PLAIN .. 23 HIGHEST AND BEST USE .. 23 IMPROVEMENT ANALYSIS .. 28 VALUATION BY COST APPROACH .. 28 VALUATION BY INCOME CAPITALIZATION APPROACH .. 29 VALUATION BY SALES COMPARISON APPROACH.

8 30 FINAL OPINION OF VALUE .. 39 ASSUMPTIONS AND LIMITING 41 CERTIFICATION .. 45 QUALIFICATIONS .. 46 ADDENDUM ZONING REGULATIONS J. C. NORBY & ASSOCIATES, INC. Real Estate Valuation & Consultation ~ 1 ~ APPRAISAL REPORT ON SUMMIT AVENUE DEPARTMENT OF ADMINISTRATION LAND STATE OF WISCONSIN LOCATED IN SECTION 9, T28N, R8W SUMMIT AVENUE CHIPPEWA FALLS, WISCONSIN CLIENT: Wisconsin Department of Administration Division of Facilities Management Attn: Mr. Scott Berger, Section Chief Lease Administration 101 East Wilson, 7th Floor P O Box 7866 Madison, WI 53707-7866 APPRAISER: Gary J.

9 Holt, MAI, SRA NORBY & ASSOCIATES, INC. 2115 E. Clairemont Ave., Suite 2 Eau Claire, WI 54701 SUBJECT: Summit Avenue Department of Administration Land APPRAISAL State of Wisconsin located in Section 9, T28N, R8W Summit Avenue Chippewa Falls, Wisconsin PURPOSE OF THE APPRAISAL : The purpose of this APPRAISAL is to provide an estimate of the Fee Simple market value of the subject real property as of the effective date of this APPRAISAL . DEFINITION OF MARKET VALUE: 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.

10 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: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and each acting in what they consider their own best interest; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in dollars or in terms of financial arrangements comparable thereto; and J.