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2660 CIVIC CENTER DRIVE TELEPHONE -184-337 1 osevi eM,N.ESO,A SS 113 August 28, 1984 Mr. Dan Dwyre Dahlen & Dwyre, Inc. 750 Northwestern National Bank St. Paul, Minnesota 55101 Dear Dan: I am writing regarding our phone conversation of 8/27/84 concerning an appraisal of a parcel of land involved in a proposed TIF district at 500 West Cty Road B. Our major concern is that we need the completed appraisal by September 10, 1964. The developer proposes a 130-unit elderly housing complex on the 6.42 acre site. The site currently has very poor soil conditions. The developer is requesting the parcel be placed into a TIF district so the tax increment can be used to pay for the soil correction work and the relocation of a drainage ditch. The City, as part of the TIF plan, would purchase the land from the developer after soil correction work is completed, then sell it back to the developer at a write -down sufficient to cover the costs of the soil correction work. We would like you to determine the value of the parcel after soil correction work is completed, but before any structures are constructed on the site. I have enclosed a site plan showing the property and the proposed structure. The plan shows the structure will be kept on the easterly portion of the site. The developer has proposed to dedicate the westerly 300 feet of the property to the City for use as a parkland. The City Council has approved a rezoning of the easterly 400 feet of the property from R-1 to R-3A, and a special use permit to allow a structure with more than twenty-four (24) units. In addition to the appraisal, we would like you to give us an opinion concerning the value of the units to be placed on the site. The developer has indicated the units will have an average value of $70,000. We would like you to give us your opinion on whether this estimate is reasonable. I do not know what kind of detail you need to make such a determination, but I will try to provide whatever informa- tion you need. I assume you will be charging the City at the same rate as you normally do for similar projects. If this is not the case, please contact me. Also, please call if you need further information. Sincerely, �1 Ron Moorse Administrative Assistant Thank you for your assistance.