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<br />Nov.15. 2001 <br />Dennis: <br /> <br />Information for 1661 Stanbridge as of June 2001-- <br /> <br />Estimated Market Va1ue-- $160,200 <br /> <br />($32,200 land, $128,000 home) . <br /> <br />Taxes for 2001-$5,693.95 (First 1/2 was paid). <br /> <br />Two Mortgages on Property-- <br />(purchase money mortgage) . <br /> <br />$41,000 to Midwest Federal dated 1976 <br /> <br />$25,688.59 to Marquette Bank dated 1992(note due April 2002). <br /> <br />If current, there should be five years left on the first mortgage, and <br />1 ~ years left on the second mortgage--in short, approximately $10,000 <br />of debt load. <br /> <br />Estimated market value would have been established by County within 3 <br />years given current state of house and land. Likely to increase if <br />current real estate market and assessment practices remain constant. <br /> <br />No Tax Liens, Judgments or other encumbrances. <br /> <br />Given value of proposed repairs and improvements and conservative <br />evaluation of the financial situation, there is approximately a <br />$100,000 cushion between total value and encumbrances. <br /> <br />I apologize for not having this information with me Tuesday night. <br /> <br />Don and I met yesterday to fashion letter to property owners apprising <br />them of Council action and providing time1ine for action, contact <br />information,etc. <br /> <br />Joel J. Jamnik, Esq. <br />Campbell Knutson <br />Professional Association <br />317 Eaganda1e Office Center <br />1380 Corporate Center Curve <br />Eagan, MN 55121 <br />jjamnik@ck-1aw.com <br />Phone: (651) 452-5000 <br />Direct Dial: (651) 234-6219 <br />Fax: (651) 452-5550 <br />