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Minimum Damage Acquisition Report Owners: Edward L. Thill Page 2 P:\Admin\Council\Agendas & Packet Information\2018\05-14-18-R\Sue\Floral Drive Easement\MDA - 1474 Floral Drive - Revised.docx Acquisition Description Per the attached sketch, the acquisition is 8,245 square feet of drainage and utility easement. The area being acquired is located in the Southeast corner of the parcel located at 1474 Floral Drive, Arden Hills, MN 55112. Subject Property After the Acquisition The acquisition will not adversely affect the subject property’s current or future highest and best use or its future value as the provision of an easement more effectively directs the water which is presently draining through the property in this area. Value Research Data The subject property is an improved parcel located at 1474 Floral Drive, Arden Hills, MN 55112. Since the subject property is zoned 1BNA-Blind/Disabled Homestead and is uniquely sized, comparable sales of improved property on similarly sized lots were utilized for the purposes of this study. The value determination was estimated based on a market study completed April 11th, 2018. Two recent property sales were considered to form a value opinion. These sales were selected because of their proximity to the subject and their similar zoning and size. The subject property tax value, with an assumed 10% market increase, was also taken into consideration in the valuation process. The subject property has an estimated 49% of tax value attributed toward the land value. The percentage of land value for each comparable was identified through the Ramsey County tax records and subsequently applied to the sale price. Details of these sales are: Address Sale Price Sale Price of Land Sq Feet Land Sale Price Square Foot 2853 Cty Road H 03/31/2017 $300,000.00 (38%) $114,000.00 46,609 $2.45 1499 12th Terr NW 07/07/2017 $349,500.00 (35%) $122,325.00 49,658 $2.46 1474 Floral Drive $319,000.00 +10% = $350,900.00 (49%) $171,941.00 92,783 $1.85