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03-12-07 Item 7D, Resolution 07-34 Final Plat at Lake Johanna Woods
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03-12-07 Item 7D, Resolution 07-34 Final Plat at Lake Johanna Woods
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9/27/2022 2:14:30 PM
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3/9/2007 4:25:23 PM
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03-12-07 Item 7D, Res 07-34
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Agenda Item
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3/12/2007
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<br />ADDENDUM <br /> <br />Borrower: <br />Property Address: xxxx Lake Johanna Boulevard <br />City: Arden Hills <br />lender. Private Party <br /> <br />File No.: 00031773 <br />Case No.: <br /> <br />State: MN <br /> <br />Zip: 55112-3669 <br /> <br />This appraisal was transmitted to the client electronically and includes digital signatures. A digital signature is defined by USPAP as <br />"personalized evidence indicating authentication of the work perfonned by the appraiser and the acceptance of the responsibility for content, <br />analyses, and the conclusions in the report." According to USPAP, "a signature can be represented by a handwritten mark, a digitized image <br />oontrolled by a personal identification number. or other media, where the appraiser has sold personalized control of affixing the signature." <br />The Statement on Appraisal Standards No.8 (pg. 91 & 92 of the 2000 edition of USPAP) clarifies many issues regarding the use of digital <br />signatures and electronic transmission of appraisals. The "conclusion" of Statement 8 summarizes the important issues as follows: <br /> <br />* An electronically transmitted report is a written report and must meet USPAP reporting requirements. <br /> <br />* Appraisers must take reasonable steps to protect the data integrity of transmitted reports. <br /> <br />* Any software program used to transfer a report electronically must provide, at a minimum, a digital signature security features for all <br />appraisers signing the report. <br /> <br />* Electronically affixing a signature to a report carries the same level of authenticity and responsIbility as an ink signature on a paper copy <br />report. <br /> <br /> <br />* The "Record Keeping" section of the ETHICS RULE applies to all reports and permits storage on electronic, magnetic, or other media. A <br />true electronic and/or paper copy of the transmission must be retained by the appraiser. <br /> <br />This appraisal also included digital photos of the subject and comparables. The images shown in this report are printed exactly as they were <br />taken. No alteration or enhancement of the digital photos was made_ <br /> <br />ThIS appraiser has made every attempt to comply with the requirements set forth in USPAP regarding this issue. If the reader of this report <br />requires any further information <br /> <br />Final Reconciliation <br />Based on the com parables cited. a value of $180,000 or $5.30 per square foot, is considered reasonable for the subject site. <br />Using the dimensions shown on attached plat map of Lake Johanna Woods, I have roughly calculated the permanent <br />drainage (ponding) easement area acquired from this site to be approximately 20,162 square feet. Please note, I did not <br />include the perimeter drainage and utility easement area, as this type of easement is typically dedicated on all newly platted <br />lots in Arden Hills. <br /> <br />(t is my understanding that the easement area to be acquired was existing low land with limited utility in the before position. <br />While this area is part of the whole, and does contribute to the overall size of the site, in my opinion the reimbursement value <br />should be based on something considerably less than the overall value of $5.30 per square foot. There will be a permanent <br />easement over a large portion of the site, however for all practical purposes the land area remains as a portion of the whole. <br /> <br />Based on all of the above, it is my opinion that a reasonable rate of reimbursement is approximately 20% of the per square <br />foot factor of $5,30 or $1.06 per square foot. Applying this rate to the permanent easement or 20,162 SF, a total value of <br />$21,371.72 results for the permanent easement acquisition. <br /> <br />Addendum Page 2 of 2 <br />
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