1999-10-26 CC Workshop Meeting - Laserfiche WebLink

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The purpose of the appraisal is to estimate the fair market value of the fee simple interest. The function of this appraisal is to serve as a valuation basis for Mr. March, who intends to use this report for intemal planning purposes of sale price estimates related to a redevelopment project. Fee Owner: According to county records the owner is: The City of Centerville, with a mailing address of 1880 Main Street, Centerville, MN 55038. Five Year Sales History /Analysis of current offer: (Appraisal Standard #5) To determine the five year sales history, the records at the Anoka County Courthouse were used. According to county records, the subject has not sold in the last five years. According to Jim March, the property has also been owned by the City of Centerville for a period of years in excess of five. Reference to the Definition of the Value Being Estimated: The definition of market value is as follows: Market Value is defined as "the most probable price in terms of money, which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus ". Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated. 2. Both parties are well informed or well advised and each acting in what they consider their own best interest. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale, or creative terns, 4