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LAW POND VALUE (CGntinued) <br />The sale property previously identified as Sale No. 6 <br />has been on the market "for sale" at an askingprice <br />of <br />$1 "265, 000 which is at the rat o$ per <br />foot. As previously noted, the site lies at the corner <br />of County Road "C" and I35W. <br />The 9.82 acre Indianhead Truck Terminal property at <br />1947 West County Road "C" in Roseville is for sale at <br />an asking price of $3.5 million which is at the rate of <br />$8.18 per square foot of land area. The owners were <br />reportedly offered $2,250 000 for the property about <br />one year ago which is an average of $5.26 per square <br />foot. There are extensive truck terminal and repair <br />garage building improvements that would have to be <br />removed to allow new development as permitted by the <br />B-4 Retail Office Service District zoning (site now <br />zoned I-2 Industrial). <br />Value Analysis <br />Two estimates of market value for the property are being provided <br />based on distinctly different premises/assumptions. They are: <br />(1) to estimate the market value of the 2.19 acres of land and <br />storm water ponding area based on its highest and best use as an <br />integral part of the Rosedale Square development complex, and (2) <br />to estimate the market value of the 2.19 acres of land and storm <br />water ponding area as a separate and independent parcel. <br />Value Of Land As Part Of Rosedale Square Complex_ <br />As previously discussed, the subject 2.19 acres consists of <br />39,599 square feet of existing Oasis Pond area and 55,827 square <br />feet of adjoining land with variable topography/soil conditions <br />now used in part as a storm water holding pond. <br />The Oasis Pond area of 39,5999 square feet has been encumbered <br />with a utility and drain a easemen' since 1979. The pond area, <br />and underlying land area, cannot be snificantly altered because <br />of its use as an important waoer Molding pond in the overall City <br />of Roseville drainage system. Th�e�_�-o-L4L clearly has no separate <br />and independent value contribute and, as a result, it is the <br />appraiser's con lusion thatilie .91 acres— has "no value". e <br />purchaser of th entire 2.19 acres would ecognize that the value <br />lies totally in the 1.28 acres of—landJwh`ich adjoins Oasis Pond. <br />33 <br />