2005-02-02 P&R Packet - Laserfiche WebLink

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i' I As of the date of the inspection, the southerly site was improved with an outdated dwelling and the second site was vacant. Land uses surrounding the site consist of single family residential and p"ark facilities. In summary, the sites phys~ca1 characteristics, in terms of size, shape and topography . permi! a variety of uses. The s.urrquuding neighborhood and the extensive residential development in1;he area would suggest that single residential use would be the most compatible"for the subject properties. Legally Permissible - We have considered the uses which are permitted by public and private restrictions of the site. The effect of zoning and the usesalIowed by current zoning, or the reasonable probability that a change in zoning could ot would be effective within a reasonably probable period of time must also be considered. The portion of the subject sites that are located in Lino Lakes are zoned R-l, single family residential. The portion of the subject sites that are located in Centerville Lino Lakes are zoned P-l, Public/Semi..,Private use. We have assumed for purposes of this analysis, that an appropriate zoning could be accomplished to effect the . construction of single family dwellings on the sites. I I I" . Financially Feasible - After satisfying the first two tests, and considering the potential uses possible based on the physical and legal limitations of the site, the uses must be analyzed to determine if they are indeed financially feasible. Maximally Productive - Of the financially feasible uses, the use that produces the highest price or value consistent with the tate of return warranted by the market is the Highest and Best Use. CONCLUSION Highest and Best Use. as if Vacant - Based on the preceding analysis and considering the demand in the market, the extensive r~sidential development in the area and the location on Centerville Lake, the Highest and Best Use of the subject property is for single-family residential . development: . ~ . -' - --, - . ~~t~~~~~~~~:;~.i~~;;1~~~~':~:::.i:~::'::~~;::~~~,;::~-';~'~~.ii:"~;?~~~~J.~~,\:"1;J.~~;~~3.i~~j:~:~-:':~~'~":1;;;:..,;~,~.::;:.?~~~::;~::.~.;~;::;'1-,!,:,?..:.:.-;,~~~~;~~,~-.:;:~~~,:;,t'.7'.:~~~~~~i,,~;-~?fi"!~'~~~~~~~~~ Note: A complete highest and best use analysis WaS not prepared since it is beyond the scope of the appraisal assignment. A complete analysis would include a feasibility study which would thoroughly illustrate area demographics, legal confonnity and surrounding land USes, neighborhood growth, and physical capabilities. 25