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r6kr <br />-0410ROLEL U62,11 <br />FROM: <br />® Mdre <br />SUBJECr: Central Park Land Acquisition <br />Comcil. Action Item E-4 <br />This is one of the parcels included in the Central Park land acquisition grant, <br />It is owned by O'Meara and Cave and is located adjacent to two other parcels <br />previously acquired from Buerkle Buick Leasing Company, which were also a part <br />of the acquisition grant. <br />The City's appraisal an the above three parcels were as follows' <br />Lot <br />I <br />Block 7 <br />(Buerkle) <br />$ 4 Soo <br />Lot <br />2. <br />131ock 7 <br />(Buerkle) <br />410000 <br />Lot <br />3, <br />Block 7 <br />(O'Meara & Cave) <br />41P000 <br />In negotiations with O'Meara & Cave they challenged the City's appraisal in that <br />'it did not either properly state the value after site preparations, or it over <br />estimated the site preparation costs. In addition, the owner s secured an <br />appraisal which stated a value of $9,400 and an esti'mate of $750 for site pre- <br />jilaration. This was their asking rioce. Subsequent negotiations resulted in <br />their asking price coming down to 7,0008 <br />rhe City then proceeded to retain Twin City Testing to do soil borings and to <br />submit their estimate on the development costs based on the soil conditions and <br />a residential house plan pravided by 01Nbara. and Cave,, <br />rhe conclusion of Twin City Testing was that the least inexpensive method of <br />reparing the site would involve a pile foundation and would cost $6,000 to <br />700006 <br />On the basis of the Twin City Testing report an offer was made to O'Meara and <br />Cave of $5,500 ($12,000 less $6,500 estimated site preparation costs). They <br />coizite-red with a price of $5,800. It was indicated to them that this price <br />would be recamended to the Council and the cost of their appraisal ($300) would <br />be paid by the <br />