1999-10-26 CC Workshop Meeting - Laserfiche WebLink

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• Statement of All Assu mptions and Limiting Conditions Affecting Analyses. Opin ions, and Conclusions: A statement of ordinary assumptions and limiting conditions is attached to this report. All extraordinary assumptions or limiting conditions are disclosed with statements of each opinion and value conclusion that is affected. Statement of the Appraisal Procedures Followed: This report is of a Limited Appraisal. All of the steps of the Valuation Process were followed except for the following: In our preliminary analysis and plan, general market data (trends and forecasts) were not specifically considered. Also, no in -depth analysis of Highest and Best Use was completed. We have only utilized one of the three approaches to value, as the other two approaches do not apply for vacant land. Statement of the Appraiser Opinio of the Highest and Best Use of the Property: In our opinion the highest and best use of the subject property is for redevelopment purposes. This would mean that the subject improvements should be razed. These are in poor condition, and no longer provide a return to the land commensurate with their value and use. The land, as vacant, will have a potential of varied highest and best uses based on the liberal land uses defined for a redevelopment district within the city. Depending on when the property is offered on the market, either commercial (neighborhood- related) or high density residential would be the likely use. We are assuming commercial to be the highest and best use for the moment of time that this appraisal is made, however it is likely that an apartment use would be the higher and better use. However due to lack of data for apartment sales, we are only utilizing commercial land sales in the determination of the highest and best use and subsequent value. We have performed analysis of different land values for the City of Fridley. We have found that the prices paid for apartment sales are similar to the value paid for commercial land sales, all other locational items, and physical items being similar. Therefore, it is likely under either highest and best use scenario, that the values would be similar. Site Description: The subject is comprised of 5000 s.f of usable lot area. The subject has 200 linear feet of frontage on Centerville Road and 50 feet of frontage on Heritage Street, and 100 feet of frontage on Sorel Street. The subject's topography is considered generally level, however slopes below the Centerville Road grade (is near to at grade on Sorel and Heritage Streets). The slope below Centerville Road grade is estimated at 1.5 to 2'. This slope is disadvantageous for commercial uses, as typically it is desired to have development of the lot being at existing roadway grade for a to minimum, positive site hydraulics. The development of a suitable pad site on the subject would 6