HomeMy WebLinkAbout6.f. Appraisal Review Park / Pond Area r• • •
��1 P.t� HC)X 510
��21 L� t� 2875-�asTH sT w.
�S��Q?��� ROSEMOUNT. MINNESOTA 55()68
��: 612-423-�9 t�i
Ac,�nda It�m Sf.
Tt): MAYOR, CITY COUNCII., CITY ADMINiSTRAT4R .
FROM: DEAN JOHNSON, DIRECTOR OF COMMUNITY DEVEWPMENT
DATE: NOVEMBER 3, 1989
SU$�; NQVEtVIBER 7, 1989 AGENDA ITEM 6f.
APPRAISAL REVIEW PARKfPC?ND AREA
Attached are eopies of the sumrnary of the appraisat initiated on the Sunrise Builder Supply
property, locaEed at 14(� South Robert Trail. The appraisal was requested by Staff as a
result of discussions with the propetty owner. Mike McDonougtt had beconae aware of the
identification of a holding pond on his property, as noted in the City's Starmwater Master
Pfan. He was alsa cognizant of discussians regarding Town Green and other r�creatian
initiatives on the adjacent park property. Mr. McDonough suggested it may be in the b�st
interest of both parties to identify the value of the property, if an acquisitionlsale was
contemplated t�y either party. We instructed the appraiser to estabiish a land only ualue
for the property.
I have spoken to the property owner about the property value. Neither party is in a
position to make any comiments at this time. I would simply request that the City Council
accept the appraisal for reuiew.
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� Octaber 25 , 1989
�
Tracie L. Pechonick
� Economic Development Specialist
� ` � ' � '��= City of Rasemount
� ' . � 2875 - 14Sth Street West , '
¢ � P.�. Box 510
� Rosemount , Minnesota 55068
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' RE: The Sunrise Builder
��'� �
� SuPPlY Site
Dear Ms. Pechonick,
� Pursuant to your request , I have made an appraisal
of the above referenced property for the purpose of
� estimating the Fair Market Value of the subject pro-
� perty as of Octaber 25 , 1989 . The property is legally
� described in a later section af this repart.
, Fair Market Value is defined as the price the
property will bring in a competitive market under all
� conditions requisite to a fair sale, which would
, result fram negatiations between a buyer and seller,
each acting prudently, with knowledge and withaut
,_ undue stimulu�.
'I'he property rights appraised are those of fee
, simple estate only,
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� � X • �
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� Tracie L. Pechoniek Pa e 2 .
q October 25 , 1989
�
� Based upon my inspection, research and the addi-
tional information contained in this report, it .is my
� opinion that the Fair Market Value of the subject
� proPerty as of October 25, 1989 is as follaws:
Value Before Taking - Land Only $174 , 244.QO
� Value After Taking - Land Only $7, 12Q .00
Damages $ 8?, 120.40
� EIGHTY SEVEN THOUSAND ONE HUNDRED TWENTY DQLLARS
t $��, lao.oa�
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Respectfully submitted,
r �-- - _ ��.
� Th4mas F. M n , CREA #183$6
Appraiser
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� . FAIR MARKET VALUE - LAND ONLY:
� Based upnn my inspection of the subject pr.operty,
my review o€ the comparable sales taking into cansider- ,
� ation variati�ns in size, location, roads, utilities ;
zoning, topoqraphy and my experienee in the real
� estate fi�ld, I am of the opinion that the Fair Market
Va1ue of the subject property as af October 25, 1989
� would be S�.4Q er s
p quare foot , or $17, 424 .00 pex
� acre.
10 acres � $17, 424 .00 per acre $174 ,24Q.0�
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' CORRELATION:
� Value Before Takin9 $174,244.OU
Value After Takinq 87 12l�.04
� I
Damages $ 87,12Q.00
� Damages
- The Taking
1 5 aeres � $17, 420.00 per acre $ 87, 120.Q0
EIGHTY SEVEN THQUSAND ONE HUNDRED TWEI�TY DOLLARS
� f$87, Z20.04)
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