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. 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).

2 This APPRAISAL REPORT is prepared under Standards Rule 2-2(a). The legal description of the property is included in the enclosed REPORT . 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. 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 .

3 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. 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. C. NORBY & ASSOCIATES, INC. GJH/asr Enclosure F:\DATA\NARRATIVE-FV\2021\211809FV AC SUMMIT AVE CF DOA Copyright 2022 by J.

4 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 .. 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.

5 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. 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 .

6 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. 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. C. NORBY & ASSOCIATES, INC. Real Estate Valuation & Consultation ~ 2 ~ 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

7 (Source: The Dictionary of Real Estate APPRAISAL , 6th Edition, APPRAISAL Institute) DEFINITION OF HYPOTHETICAL CONDITION: A hypothetical condition is defined as follows: A condition that is presumed to be true when it is known to be false. A condition, directly related to a specific assignment , which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. (Source: The Dictionary of Real Estate APPRAISAL , 6th Edition, APPRAISAL Institute) Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. DEFINITION OF EXTRAORDINARY ASSUMPTION: An extraordinary assumption is defined as follows: An assumption, directly related to a specific assignment , as of the effective date of the assignment results, which, if found to be false, could alter the appraiser s opinions or conclusions.

8 (Source: The Dictionary of Real Estate APPRAISAL , 6th Edition, APPRAISAL Institute) Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. INTEREST VALUED: Fee Simple Fee simple estate is defined as follows: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. (Source: The Dictionary of Real Estate APPRAISAL , 6th Edition, APPRAISAL Institute) J. C. NORBY & ASSOCIATES, INC. Real Estate Valuation & Consultation ~ 3 ~ FUNCTION OF APPRAISAL : The function of this REPORT is to present the data and reasoning employed to form a professional opinion of the nature, quality, value or utility of specified interests in, or aspects of, identified real estate to facilitate a decision.

9 The objective of this REPORT is to communicate the conclusions to the client. INTENDED USE OF REPORT : This APPRAISAL is intended to assist the client, Wisconsin Department of Administration, in estimating the market value of the property that is the subject of this assignment . The intended user of this REPORT includes the client only. This REPORT is not intended for any other use or user. EFFECTIVE DATE OF VALUE: December 28, 2021 DATE OF REPORT : January 5, 2022 SCOPE OF WORK: The scope of work includes a number of independent investigations and analysis, including an observation of the property on December 28, 2021. This APPRAISAL includes the land only identified as Parcel #22808-0922-00020000. 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, nor does it include the market value of the going concern (if any) of the property. Site size and dimensions are obtained from the legal description and other public records outlining the property.

10 Research sources utilized to gather data regarding the subject include the Chippewa County Register of Deeds and Treasurer Offices, the city of Chippewa Falls Zoning and Assessor Offices; other public records; a previous APPRAISAL completed on the property; and from my personal observation as part of this APPRAISAL assignment . Research sources utilized to gather general market data include the Northwest Wisconsin Multiple Listing Service (MLS), the Wisconsin Department of Revenue database, CoStar sales database, other publications and real estate professionals located throughout the area, and the internal records database of this APPRAISAL office. The research sources used are sufficient for the discovery of comparable market data to provide a reliable value opinion for the property being appraised. J. C. NORBY & ASSOCIATES, INC. Real Estate Valuation & Consultation ~ 4 ~ APPRAISAL Process: According to the APPRAISAL Institute, an APPRAISAL is defined as an act or process of developing an opinion of value.