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The Valuation Process - contin <br /> ued <br /> rf� COMPETENCY PROVISION: <br /> a <br /> ;, Jack Prill, a Member of the National <br /> Association of Master Appraisers with a Master 'Se <br /> Appraiser (MSA) designation and licensed nor <br /> i � <br /> n Minnesota as a "Certified General Real Property�� Appraiser", has been afull-time p Y <br /> commercial real estate professional since 19 ' <br /> � appraiser for the E uitable �Life 64, working as an <br /> � q Assurance Society of the United States for ei <br /> branch� manager for Mort a e Assmortgage <br /> ght years, as a <br /> �.. Mortgage Associates, Inc., as a mort a e <br /> g g banker for the Rothschild <br /> Financial Corporation and as <br /> a principal of Commercial Appraisal & Consultin Grou <br /> approximate) 20 ears. g p for <br /> Y y He has extensive experience in the appraisal an ' <br /> � variety of commercial industrial pp d finance of a wide <br /> , and residential properties, and, therefore has th <br /> e experience <br /> ;A and.knowledge to complete this appraisal assignment. <br /> s <br /> ' Ryan D Herlofsky has been afull-time commercial al real estate appraiser sin <br /> +fj designation/license pp since October of 2001. <br /> He has achieved the deli <br /> g cense of "Certified General Real� Property Appraiser" <br /> from.State of Minnesota' after completing all necessary education and appraisal experience <br /> ,r requirements. He has ex • <br /> experience with a wide range of commercial, residential and industrial property types includingvacant r str�al <br /> residential land parcels like the subject. <br /> r, <br /> �;�E HISTORY <br /> y . <br /> The subject of this appraisal co <br /> nsists onsists of three residential land parcels. Parcel A is 20,000 <br /> ^t„ , feet, Parcel B is 50,000 square feet and P 00 square <br /> k: fr Parcel C is 20,000 square feet. Parcels A and C both ont New Brighton Road. Parcel B is a landlocked h <br /> parcel. These parcels are outlined in the site <br /> +* ` plan presented in the Site Data •j� to section Of this report. <br /> These parcels are part of a 4.55 acre • <br /> €f e church site at 324 <br /> ' 20 260 square 5 New Brighton Road in Arden Hills. The <br /> q are foot church was constructed in two phases, <br /> K square ,., p , 2,560 square feet in 1948 and 17 feet in 1957. This property abuts a city ark t ,700 <br /> �{ tY p o the north and northwest. <br /> The City of Arden Hills has shown`✓ own interest in <br /> purchasing the subject parcels to expand the <br /> �4 adjacent park. As explained p by the client, there are two possibilities, depending ' <br /> budget. The City would like to purchase p g on the Citys <br /> p chase Parcels A and C. The would also <br /> wA purchasing Parcel B. The City is current) Y contemplate <br /> r tY y using Parcel B as a soccer field. <br /> , <br /> f M <br /> We have been asked b client J, y our t to value the subject parcels for this ' <br /> p potential sale. <br /> DESCRIPTION OF SCOPE OF APPRAISAL <br /> r, <br /> The subject property has been appraisedutilizing <br /> valuation pp the most recognized approach to land <br /> , the Sales Comparison Approach. This is a <br /> Summary Report. The Development <br /> Approach is not appropriate )because there <br /> ere are no formal, immediate plans for development of th <br /> k subject.site. .The Income Capitalizationp e <br /> M A pp • <br /> is not Approach �s not applicable, because this a of property <br /> typically leased. <br /> P p rtY <br /> F In preparing this appraisal the a •. .; ppraiser. <br /> 4 1. Mr. Herlofsk <br /> x y inspected the subject property on July 7, 2010. <br /> J F." <br /> r;r 13 <br /> 41: <br /> U:r <br /> ' uubnim'eauwnwwuvnwovurew+aua. <br />