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<br /> <br /> <br />SHENEHON COMPANY <br />BUSINESS &. REAL ESTATE VALUATIONS <br /> <br />September 21,2004 <br /> <br />~. J.1v.Uchael~oonan <br />Rottlund Homes <br />3065 Centre Poime Drive <br />Roseviile, MN 55113 <br /> <br />RE: Twin Lakes Redevelopment - Rosevi11e, :MN <br /> <br />Dear Michael, <br /> <br />The purpose of this letter is to provide a history of our involvement with efforts to redevelop TVlin <br />Lakes, to su:mrna.rize the work we have done to that end and to recommend the Tax: Increment <br />Financing (TIP) financial analysis prepared by Kraus and Monroe as economically feasible. <br /> <br />Roseville Properties engaged us in December 2002 to help them. complete a TIF application for <br />redevelopment of a portion of the Tv:r.in Lakes area In mid. F ebruaty we provided a preliminary TIP <br />model for a: proposed development which combined commercial and residential improvements. Our <br />work incorporated that ofRLK~Kuuisto, Ltd. (sitework costs), American Engineering Testing, Inc. <br />(environmental cost estimates), RJ Ryan (commercial construction costs) and Klodt Incorporated <br />(residential construction costs). <br /> <br />Over the course of the ensuing 18 months or so, our role as financial and market consultants <br />involved various rea1.estate-related market research OD tax rates, assessed value.s, rental rates, <br />development costs and current/future ma:rket values. By August 20037 the uncertainty of city <br />approvals and delayed construction of County Road C caused Roseville Properties to request that the <br />city issue a continuance of the approval process for their proposed redevelopment within Twin <br />Lakes. Shortly thereafter, Rottlund Homes reamed with Roseville Properties to rekindle efforts to <br />master plan a commercial/residential redevelopment within Twin Lakes. <br /> <br />Our role as the developor's TIP consultan~ and appraisers for the Twin Lakes redevelopment project <br />has been multifaceted. Some of our more notable responsibilities have included: <br /> <br />.. <br /> <br />Preparation oflimited restricted appraisals of the properties to be acquired for the <br />initial phases of the planned redevelopment and an aggregate estimate: of the <br />potential cost to acquire them; directly or through eminent domain; <br /> <br />S8 SOUTH UNTH STREET I SUITE 400 I MINNEAPOLIS , MINNESOTA. I 55403 I 612/333-6533 I FAX: 6U1344p163S <br />wv,rW.SHENEBO.N'.COM I F.-MAIL: VAWE@SHliNEHON.COM <br />