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<br /> I <br /> I. CITY OF ARDEN HILLS <br /> MEMORANDUM <br /> I <br /> I DATE: March 24,1995 <br /> TO: Brian Fritsinger, City Administrator <br /> I FROM:@D Terrance Post, City Administrator <br /> I <br /> SUBJECT: CommerciallIndustria1 Valuation Update <br /> I Since becoming aware of the significant level of valuation petitioning activity by Arden Hills <br /> commercial and industrial (C & I) property owners in 1994, I have attempted to inform the City <br /> I Council and City Staff of key valuation adjustments on a regular basis. <br /> Overview <br /> I It appears that the negative impact of successful C & I petitions on the city's tax base peaked in <br /> payable 1994 and the rate of base erosion has slowed for payable 1995. <br /> .. Significant Revaluations <br /> As documented in the attached schedule, the Ramsey County Assessors office has given <br /> I significant (15% or more) valuations reductions to the following properties: <br /> Property Descrintion Reduction Amt. Reduction PCT <br /> I L Control Data $4,822,721 (25.6%) <br /> 2. Catholic Aid $1,059,600 (43.1 %) <br /> 3. A TS Steel $232,200 (19.0%) <br /> I 4. Ramada Hotel $460,000 (16.4%) <br /> 5. Scherer Bros. Lumber $254,900 (14.7%) <br /> I Other Comments <br /> There remains a backlog of petitions that have not been settled. A 1995 issue will be to determine <br /> ifthe assumed delinquency percentage used in the 1995 budget five percent (5%) is adequate to <br /> I accommodate both delinquencies and tax abatement/accrued interest payments_ <br /> I <br /> I <br /> I. <br /> I <br />