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<br />. <br /> <br />. <br /> <br />e <br /> <br />~ <br /> <br />~ <br />EN HILLS <br /> <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />Agenda Item 2C <br /> <br />February 13, 2006 <br /> <br />TO: <br /> <br />Mayor and Council <br />Michelle Wolfe, City Administrator <br /> <br />Karen Barton, Community Development Directo~ <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Old City HalllPublic Works site appraisal <br /> <br />ENCLOSURES: <br /> <br />1. Appraisal dated February 7, 2006 <br /> <br />Per Council's direction, staff contracted BRKW Appraisals, Inc. to prepare the attached appraisal <br />for the old city halllpublic works site, 1450 West Highway 96. <br /> <br />The appraisal was prepared with the following assumptions: <br /> <br />· 6.82 acres (297,079), as vacant; <br />· "Limited Business" re-use of the property (allowing for offices, clinics, day care with <br />over 10 children, financial institutions, research, and clubs and lodges); <br />· Soils are stable and free of contamination; <br />. All public utilities are available; <br />· Highest and Best Use (deemed to be commercial, primarily office and/or medical); <br />· Access to Hamline Avenue <br /> <br />The appraisal was prepared utilizing a direct sales comparison approach, using five comparable <br />properties that sold within the past three years. The comparable sale prices range from $6.89 per <br />square foot to $8.45 per square foot. The chart on page 40 of the appraisal details the <br />comparable land sales with adjustments, resulting in an indicated price per square foot ranging <br />from $7.51 to $8.42, with an overall range of $8.01 per square foot. <br /> <br />Based on the above information, BRKW estimates the land value for the old city halVpublic <br />works site to be $2,375,000 ($8.00 per square foot). <br />