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<br /> -- ---.-...---.........- <br />.... <br /> CI'lY OF ARDEN HILLS <br />. MDCRANDtlM <br /> DATE : March 10, 1994 <br /> TO: Dorothy Person, City Admi.ni.strator <br /> ~.@ Ter.r:y Post, City Accountant <br /> StJBJ'lOC:T : Ccmnercial/I:ndustrial Valuation Ucda.te <br /> late last sumner during the 1994 budget process, I advised Council ot <br /> the significant level of valuation petitioning going on by Arden Hills <br /> O::mrercial and Industrial property owners. The purpose ot this <br /> merrorandum is to docurrent events that have transpired since my last <br /> analysis. <br /> Overview <br /> My research at Ramsey County indicates that, with three exceptions, all <br /> of the twenty petitions identified last August remain in "pending" <br /> status as of March 09, 1994. Petitions for Arden Manor, 1120 Red Fox, <br /> and Arden Plaza \'olere dismissed. <br />. SiQI1ificant Revaluation <br /> In spite of the "petition pending status", the County Assessors office <br /> has seen fit to significantly reduce the payable 1994 estimated market <br /> valuation (EMV) of one parcel. The Phannacia property at 1265 Grey Fox <br /> has been reduced $2,145,400 from a payable 1993 EMV of $8,715,400 to a <br /> 1994 EMV of $6,570,000. This 24.6% valuation decrease results in a <br /> corresp:>nding $107,304 decrease in tax capacity. Since the 1994 City <br /> share of total property taxes is approximately 12.9%, this one <br /> revaluation has diminished the City's tax base by $18,325 or 1.1% of our <br /> 1994 total net levy. <br /> Identification of SiQI1ificant 1993 Abatement payments <br /> The City's December and January tax settlerrents \'olere reduced by <br /> approximately $13, 000 and $47, 000 accordingly for tax abaterrent and <br /> accrued interest payments to carmercial property owners who were <br /> successful in their petition challenges of assessed valuation. <br /> The December 1993 tax settlerrent reduction. of $13, 000 largely resulted <br /> from a July 03, 1993 payment of $136,928.48 to the Northpark group for <br /> their 1992 petition of four properties (1210 County Road E; 1200 County <br /> Road E; 8 Pine Tree Drive; 6 Pine Tree Drive) . <br /> The City's January 1994 tax settlerrent reduction of $47,000 resulted <br /> solely from a December 03, 1993 payment of $409,135.65 to MSI for their <br />. 1992 petition (#4031) of four properties in their corporate carplex. <br />