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1999-10-26 CC Workshop Meeting
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1999-10-26 CC Workshop Meeting
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12/22/2009 10:34:47 AM
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was considered generally level and at roadway grades, requiring no fill. The subject is inferior to <br /> this comparable in location, as well as the subject's need for fill. <br /> 18XX Main Street (northeast comer of Main Street and Peterson Trail) sold for $40,000 on 5/21/99. <br /> The price per square foot was $1.33. The lot was 30,000 s.f. (150' x 200'), and was considered <br /> generally level and at roadway grades, requiring no fill. The subject is inferior to this comparable <br /> in location, as well as the subject's need for fill. <br /> Considering the above data, the subject's estimated value is bracketed by the latter sales on Main <br /> Street, and the earlier sales also Main Street, within the Industrial Park subdivision. We are <br /> estimating the subject's market value range to be between $.95 to $1.10 /s.f. Any refinement to this <br /> value would be based on the prospective use at the time of sale (e.g., commercial or high- density <br /> residential). This value also considers the current supply of commercial zoned parcels. Any new <br /> commercial parcels would need to be subdivided from the corner property at Main Street and 20` <br /> Avenue. Other commercial land is available in Lino Lakes at the interstate, however this land is <br /> significantly more expensive, and is more regional or auto - service in nature as opposed to <br /> neighborhood commercial. Additionally, this value includes the subject's versatility in respect to <br /> potential use, being that it is in a redevelopment district, that can allow business, high - density <br /> residential or other related uses. <br /> Therefore: <br /> 45,000 s.f. at $.95 to $1.10 /s.f. = $47,500 to $55,000* <br /> *these values assume the buildings razed, and water and sewer service available in front of the site. <br /> Statement of Compliance with USPAP: <br /> Our analyses, and conclusions were developed and this Restricted Appraisal Report was prepared <br /> in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) of the <br /> Appraisal Standards Committee of the Appraisal Foundation. <br /> List of Deg artures of Standards: <br /> Standard Rule 1 -2 (c) "consider easements, restrictions, encumbrances, leases, reservations, <br /> covenants, contracts, declarations, special assessments, ordinances or other items of a similar <br /> nature." <br /> Explanation of Departure: The client is familiar with the area, no adverse easements, <br /> encumbrances, restrictions, leases, reservations, covenants, declarations, or special assessments were <br /> located. <br /> 9 <br />
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