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<br />" <br /> <br />Warren E. Peterson <br />Jerome P. Filla <br />Daniel Witt Fram <br />Glenn A. Bergman <br />Jonn Michael Miller <br />Michael T. Oberle <br />Steven H. Bruns. <br />Paul W. Fanning <br />Esther E. McGinnis <br />Jeffrey J. Cohen <br /> <br />PETERSCN <br />FRAM BERGMAN <br /> <br />Ai/AeItJfJi9JT A ~1- <br /> <br />Suite 300 <br />50 East Fifth Street <br />St. Paul. MN '55101-1197 <br />(6'51) 291-89'55 <br />(651) 228-1753 facsimile <br /> <br />,. <br /> <br />e <br /> <br />Direct Dial #(651) 290-6907 <br /> <br />January 24, 2000 <br /> <br />Mr. Jon B. Albrightson <br />Hagerty, Johnson, Albrightson & Beitz, P.A. <br />Suite 901 <br />701 Fourth Avenue South <br />Minneapolis, MN 55415 <br /> <br />RECE!VED <br />JAN 2 5 2000 <br /> <br />(1Tt Of A\\\lb~ dilb <br /> <br />RE: Arden Hills/Nott Company Easement <br />PF&B File No. 10470.980002 <br /> <br />Dear Mr. Albrightson: <br /> <br />This correspondence will summarize our telephone conversation of January 24, 2000. <br />indicated the following to you: <br /> <br />e <br /> <br />1. <br /> <br />The City purchased the Indykiewicz property for $1,080,000.00. According to <br />the BRW Survey, the site consisted of 331,050 square feet. This means the <br />City paid $3.26 per square foot for the real estate. <br /> <br />2. The County Assessor indicates that the real estate value for the Nott Company <br />parcel is $1.24 per square foot. I am assuming that the assessed value is less <br />than the market value by about 10 percent. If that is correct, the market value <br />of your property according to the County Assessor is $1.37 per square foot. <br /> <br />3. If we use the Indykiewicz condemnation figures, the suggested value of the Nott <br />Company property is $7,824.00 (2,400 square feet times $3.26 per square <br />foot). If we use the County Assessor value increased by 10%, the suggested <br />value is $3,288.00 ($1.24 times 110% equals $1.37 times 2,400 square <br />feet). <br /> <br />As we both know, forced sales are not legitimate comparables for purposes of determining <br />market value. I also know that the assessed value of real property in most cases is not an <br />accurate reflection of market value. The City is hoping that we can come to some agreement <br />in between a value of $3,288.00 and $7,824.00. Please review this information with your <br />client and let me know what acquisition price would be acceptable to the Nott Company. <br /> <br />. <br /> <br />I did receive a copy of the Deed of Conveyance to the Nott Company. If there is a title <br />insurance commitment or policy which reflects the current status of title and encumbrances, <br />