Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
Appraisals 1
LAW OFFICES OF ECKBERG, LAMMERS, BRIGGS, WOLFF & VIERLING 1835 NORTHWESTERN AVENUE STILLWATER, MINNESOTA 55082 LYLE J. ECKBERG (612)439-2878 JAMES F. LAMMERS FAX (612)439-2923 ROBERT G. BRIGGS PAUL A.WOLFF MARK J. VIERLING GREGORY G. GALLER KEVIN K. SHOEBERG � � � ��� THOMAS J.WEIDNER August 11, 1992 r `' 3g Ms. LaVonne Wilson _ City of Oak Park Heights City Hall 14168 - 57th Street North Stillwater, MN 55082 Re: Paul A. and Kelly J. Ruoho/John Torseth/Paul Bischoff Dear LaVonne: Enclosed herewith for your review ple. : - . appraisa for each of the above property owners. Very sirs, Ma k J. Vierling ,r MJV:sms Enclosures 1 , y''1), - (9)-i-e) . , , r (iT. ) 0PF ,,,,,i ) 7.) 1 1 t RETTEIDORF.R HRERRIOCHE 1 AN APPRAISAL OF DAMAGES RESULTING FROM IMPOSITION OF EASEMENTS ' TO ' VACANT LAND MCDONALD DRIVE SOUTH OF 53rd STREET NORTH BAYTOWN TOWNSHIP, MINNESOTA JAMES TORSETH ET AL/CLOVERDALE PARTNERSHIP—OWNERS ' s AS OF JULY 29, 1992 FOR 1 � MR. MARK VIERLING ATTORNEY AT LAW ' ECKBERG, LAMMERS, BRIGGS, WOLFF & VIERLING 1835 NORTHWESTERN AVENUE STILLWATER, MINNESOTA 1 BY MICHAEL J. BETTENDORF, MAI CERTIFIED FEDERAL GENERAL APPRAISER MINNESOTA LICENSE #4001398 1 1 � 14 1 I August 7, 1992 iiDORF'RUllR 'IU\UCll1 I I N C O R P O R A T E D REAL ESTATE APPRAISERS I Mr. Mark Vierling I Attorney at Law Eckberg, Lammers, Briggs, Wolff & Vierling 1835 Northwestern Avenue Stillwater, Minnesota 55080 IRE: Drainage/Utility Easement McDonald Drive south of 53rd Street North ITorseth/Cloverdale Partnerships-Owner Dear Mr. Vierling: li I In accordance with your request, I have made an inspection of the captioned property in order to ascertain the amount of damages, including severance damage, if any, resulting from the imposition of easements on a portion of the subject property. The "whole" of the subject property constitutes 263.58 acres, more I or less, of land located in the southeast quadrant of Highway 5 and 53rd Street North. The ownership includes the majority of Cloverdale and McDonald Lakes. The area in improved with a farmstead, commercial building and other site improvements which are located at the south end of Cloverdale Lake. The owner intends to develop the property, when market conditions warrant, into a single family residential development, with one non-residential I lot. The highest and best use of the property is for single family residential development. II It is the intention of the City of Oak Park Heights to acquire a permanent easement for drainage/utility purposes over a strip in the northern portion of the site. The strip extends from platted I McDonald Drive southwestward to the waters of Cloverdale Lake. The easement comprises 13,480 SF or 0.31 acres. A temporary easement is required to facilitate the construction of the permanent easement. The temporary easement contains 6,960 SF or 0. 16 acres. IThe easement will expire on September 1, 1993. The proposed easements, pass through an area designated as Outlot I A Blackwood Addition. This area is subject to a drainage easement as specified on the recorded plat of Blackwood Addition. The balance of the area between this Outlot and Cloverdale Lake I constitutes a normal drainage area. As a result, the proposed permanent easement would constitute the imposition of a drainage easement on an already existing drainage easement thus continuing its use. The area is heavily wooded with the proposed project Iresulting in the loss of some trees. I SPRUCE TREE CENTRE SUITE 206 1 6 0 0 U N I V E R S I T Y A V E N U E SAINT PAUL MINNESOTA 55104 TELEPHONE 612/646 • 6114 FAX 646 • 8086 I 111 -2- 1 The proposed easement encumbers less than a 100th of a percent of the entire property. Recognizing this situation, the analysis was limited to a consideration of the impact of the easement on the property. Based upon conversations with the consulting engineer, it is assumed that the quality of the water discharged from the II pipe will be the same or superior to the quality of waters presently discharging into Cloverdale Lake. It is assumed that the proposed easement will have no adverse impact upon the environment of the lake. After analyzing the foregoing, it was concluded that the damages to the property, as a result of the easement would be nominal. ' The effective date of this report is July 29, 1992, which constitutes the date of inspection. By virtue of my investigation I have formed the opinion that the damages resulting from the II imposition of a permanent easement or drainage/utility purposes together with temporary easement as of July 29, 1992 is: IIONE THOUSAND DOLLARS ($1,000) 1 II This report is prepared in conformity with the Code of Ethics and Standards of Professional Practice of the Appraisal Institute and 1 II the Standards of Professional Practice of the State of Minnesota. Your attention is invited to the following pages containing data and conclusions which, in part, form the basis of this conclusion. Respectfully submitted, I I BETTENDORF ROHRER NOCHE, INC. !� _ . 1 O A u\id II1A A / All II 11 Michel J. B- t r , MAI I Certi ,ied Federal General App •iser Minnesotta License #4001398 1 ' II I I RETTEII ilf.R)KRER'hUC E ITABLE OF CONTENTS I ' SALIENT FACTS AND CONCLUSIONS 1 Aerial Photo 2 IEXTERIOR PHOTOGRAPHS 3 1 INATURE OF THE PROBLEM 6 LEGAL DESCRIPTION 6 Easement Description 7 OF THE APPRAISAL 8 IPURPOSE SCOPE OF THE APPRAISAL 8 IPROPERTY RIGHTS APPRAISED 8 ZONING 8 Zoning Map 10 ASSESSMENT AND TAXATION 11 HISTORY OF OWNERSHIP 11 IMARKET VALUE DEFINED 12 CONTINGENT AND LIMITING CONDITIONS 13 IAREA ANALYSIS 15 s Area Map 16 ISITE DESCRIPTION 17 IPlat Map 19 HIGHEST AND BEST USE 20 IANALYSIS OF DAMAGES 22 Easement Map 23 ICERTIFICATION 24 QUALIFICATIONS 25 1 I 1 ' B ETTE\DORF.R 1HRER'R1)CHE SALIENT FACTS AND CONCLUSIONS ' Estimate of Damages: $1,000 1 } The Property ' Size of Property: 263 .58 acres Zoning: Agricultural Utilities: Blacktop Street , Electricity and Gas Highest and Best Use: For development into single family homesites, when martyr conditions warrant. Easements: Proposed Drainage/Utility: 0 .31 acres, more or less Temporary Easement: 0. 16 acres Term of Temporary Easement: Easement expires on September 1, 1993 Date of Valuation: July 29, 1992 Appraiser: Michael J. Bettendorf, MAI Certified Federal General Appraiser Minnesota License #4001398 I , 1 I •- Nw / . .:,,:c ,;,,„„t? v s_ t c*. 4rr� 3 . t a n 1I4 L. i 33'x] •! V`• '1 .,L;. sN. r t A, Y T } �,. ,$.4. r w A.. ! ..- ,--,-. - t.. '..:_ -....-t.6 S.iSfE - .'7'.A ':d+-- g4 :{`' '� ✓ III "r '� c 7 {`t �, • t � 4y�.. 'p S ivc t�TT; �^^� E'er•:")..,. .. ,! , 'i - , „ .. 1:..7: .,*— I . ... ..st.,.....�.2 �s r�f'J el, ,t 4� .` ,• r Y.• , .1, . - .,,,,..i*I ik, ,r I r I _ ew rt I' r 1 _ .t tf .r Te 5flXr .r I WAI Ebu,s G.4DM1IL4,inc mGOPYPIGHT�V18 Permanent Esmt '_ AERIAL PHOTO - APRIL , 1991 Temporary Esmt I2 EXTERIOR PHOTOGRAPHS BETTENDORHOHRER.KNOCHE cf s • °.` ' L'-1♦ •z ._� ,, '~ ' 'fr.� t w~•., .+ . .fir,; :; z fir. X _� 31, .4 x - : st, z. /, t 4 _y-''''.3.. 4 l' 110:' v rF a, . .1;4 -. , 4: .:t.....:11 s i., _....,,k4.7:... :,...:.-,....,..:A.....: ";_, ,..„, IEasement Area • I - ma y• �'' rt - .-.A. a . ', `.i, -•1.. 4( .f: . ..1, • .- - . •'.k.'..e ..„ '-' ,.... / •..t• 74i..i,..'" 1. Itc -.•-•fik..,i,„Ir. ;,.. k... -... . ic`.... A. -•-•••11., l . . . ... s . -"•.. • '-• s.,et`Wlitrer,. - AL_;f' j .. Y rs c.: i 1 �{• . .. yr `� ,ly' , t • I r .1 i . t• ( :b . -••P') •,, i , .. - , ,4* '' 44.§.4.4,' -: '‘'''''''''''''' '—''.-•--,,,,,--,_,..,:.:''::4—"•_•:'. ...: ..--1'. ' •-• 4.111;11.7'' ''..i4.:-. IEasement Area 3 I • I EXTERIOR PHOTOGRAPHS BETTENDORHROHREIHNOCHE I I I .,, A, 1 e �; 'a. ' "/ •111101100 4 IF, i.I a• it� .. I '',.1.14,1.:;4.r., , ,,t iii 4stit'l,,,,,,73;:,\4 4,4:.20; ''' :''r'' -;;:: --:.f_.' `''-',:' ' -=:''''._: ' -/, ILooking South along McDonald Drive, from 53rd Street I I I I I I I INortheastern Portion of the Property I4 ' EXTERIOR PHOTOGRAPHS 1 1 1 Eastern Portion of Property 1 1 1 ' Southwestern Portion of Property 5 I I RETTEI)ORHOHRER'I\1 CHE 1 INATURE OF THE PROBLEM I The subject property comprises a tract of land containing 263.58 acres, more or less. The property lies east of Highway 5 and south of platted McDonald Drive, within Baytown Township. Cloverdale I Lake and part of McDonald Lake lie within the ownership. It is the intention of the City of Oak Park Heights to acquire an easement for drainage and utility purposes over a small part of the northern portion of the site. The area comprises 0. 31 acres, more or less. II ' The easement will be located over Outlot A of Blackwood A ddition together with part of the NE 1/4 of Section 7 lying between Outlot A and Cloverdale Lake. In order to facilitate the construction of I the project a temporary easement will be required. This easement will lie adjacent to the southerly side of the permanent easement and will encumber 0 . 16 acres. The easement will expire on September 1, 1993. I I An analysis will be made to ascertain the damages resulting from Ithe imposition of these easements on the subject property. LEGAL DESCRIPTION The Whole a Outlot A and Outlot B Blackwood Addition, according to I the plat on file and of record in the office of the registrar of deeds in and for Washington County together with the north 1/2 of Section 7 Town 29 Range 20 lying east of Highway 212/5, (Stillwater Boulevard North) . I ' Easements The following page contains the legal descriptions for the it ' eas e ments. 1 1 I ' 1 I6 1 BRUCE A. FOLZ& ASSOCIATES LAND SURVEYING • LAND PLANNING 1815 NORTHWESTERN AVE. • STILLWATER, MINNESOTA 55082 • (612) 439-8833 June 10, 1992 DRAINAGE AND UTILITY EASEMENT FROM THOMAS TORSETH, ETAL TO THE CITY OF OAK PARK HEIGHTS A 40.00 foot wide drainage and g utility easement over, under and across that part Outlot A, BLACKWOOD, according to the plat on file in the office of the County ' Recorder, Washington County, Minnesota and over that part of the Northeast Quarter of Section 7, Township 29 North, Range 20 West, Washington County, Minnesota lying 20.00 feet each side of the following described center line: Commencing at the southeast corner of said Outlot A; thence North 49 degrees 29 minutes 56 seconds West, bearing oriented to said plat, along the northeasterly line of said Outlot A a distance of 130.27 feet to the point of beginning of the center line to be described; thence South 55 degrees 05 minutes 06 seconds West 337 feet, more or less, to the shore of Cloverdale Lake and said center line there terminate. ' Also, a 20.00 foot wide temporary construction easement over, under and across that part of said Outlot A and said Northeast Quarter adjoining and lying southeasterly of the southeasterly line of said drainage and utility easement. Said temporary easement shall expire on September 1, 1993. I II 1 hereby cartify that this survey, plan,•or report Was prepared by ma or under my direct supervision and that I am a duly eg! t,A;:r; Land Surveyor under the laws of the State c? Minnesota. Bfit UGE A.FULZ Date ‘-/0- 92 Reg.No. q z 3 Z 1 7 I I BETTEID1E•110=BEB'K=E IPURPOSE OF THE APPRAISAL IThe purpose of this appraisal is to estimate the damages including severance damages, if any, resulting from the imposition of a permanent easement for drainage/utility easements together with a temporary easement, as of July 29, 1992. The effective date of I this report constitutes the date of inspection. The estimate of value, as stated in this report, are predicated upon the definition of market value contained herein. I SCOPE OF THE APPRAISAL I . An inspection of the property has been made coupled with an analysis of zoning, market conditions and other factors leading to I a conclusion of highest and best use. An analysis has been made of the impact of the easements on the property, based upon this highest and best use. The permanent easement encompasses 0.31 I acres or approximately 100th of a percent of the total ownership. Also, as will be discussed later in this report, a large portion of the easement will be installed over an existing drainage easement. Recognizing this situation, it the analysis of the subject I property has been limited to an analysis of the impact of the easement on the property. A full valuation analysis of the entire property will not be made. 1 PROPERTY RIGHTS APPRAISED ITitle and fee simple, subject to usual easements for streets and utilities, if any. Also subject to an easement for drainage purposes, as it presently exists, over Outlots A and B Blockwood IAddition. ZONING I :i With the exception of Outlots A and B in Blockwood Addition, the I subject property is zoned "A-1" , Agricultural. This reflects more of a holding zone in preparation for future development. Outlots A and B are zoned both "R-1" Low Density Residential. This class- ; ification reflects single family residential development with 2 .5 I , acre homesites. Setbacks are 40 feet for front yard; 20 feet for side yard except in case of street where the side yard setback is t 40, and 50 feet for rear yard. IThe area abutting the subject property to the north and east is designated as "R-1" Low Density Residential and is in the process of being developed with single family homesites. In all I probability, the subject property will develop with single family residential reflecting the "R-1" zoning. I8 1 Il RETTDIRE.FRER.10: 11E 1 I 1 1 The area of the subject property is also under the designations of LSL 9. 1 and LSL 10. 1, which reflect lake and shoreline require- s I ments. These requirements specify regulations regarding development surrounding the shoreline. 1 Covenants I On September 5, 1987 a declaration agreement was drafted between John Torseth/Cloverdale Partnership, Paul Bichoff and Marvin Roony regarding Cloverdale Lake. This document notes Cloverdales Partnerships worked to improve environmental quality of Cloverdale I Lake testing an aeration of water; removal of nuisance vegetation and improvement of fish habitat. This document created the "Cloverdale Riparian Owner's Association" . This association, made up of lakeshore owners will monitor environmental quality of the lake. Owners will be charged an annual assessment to pay for the cost of monitoring. The document also calls for special assessments, when needed, for special environment matters. The I document further specifies that there will be no petroleum fuel motors on Cloverdale Lake. Electric motors will be permitted with a maximum horsepower of five. There shall be no commercial use of I the land adjacent to the lake. No public access will be permitted to the lake. I On August 28, 1987, covenants and declarations were filed regarding Blackwood Addition. These covenants specified Blackwood Addition for single family residential development. The covenants establish architectural control commission with authority to approve or Ian disapprove building design. The covenants also specify other dwelling requirements including minimum dwelling size. Dwelling setbacks are 40 ' for front yard, 20 ' for side yard with 40 ' for side yard adjacent to street, and 50 ' for rear yard. The covenants specify a setback of 200 ' from the normal high water mark of 7 Cloverdale Lake and the normal high water of McDonald Lake. The ' document confirms the restriction on use of motors for Cloverdale a and McDonald Lakes to electric with five horsepower maximum. Also, the covenant specifies that no structures or plantings are permitted within permanent easements, as designated on the recorded 1 plat, which would impair free flow of drainage or use of utilities. € P P g 1 } I 1 I 9 • Ma •••rouilDrervi:* 1.1"-a:_ji .41.111"rrit niertille rib.4.4P- ;`1 I fir' ^.J f 466:�q �y --7-11 :r r . uninammonfi - lab 7 111114111 f. - 77T_,a i • ' . Subject Q . _ ��t NJ �l F4" v ... .i _ s \''' , 'IN, : : Pir-.. .<,....`" a i / `` / - - t �\` ; ! mil--L. ./ t ,`o 1 /- ,....-.1 .--4,.1.--_ A- 1, f, - r.. J s �. is�= — — : '.-i—7--.7- • • z s In iNSit. • ; :.'" 1 , 1 CFP \ k r • A-; P. • Rl • • �. A r-� Mr, AR.... t .. SURFi1�CE i °, C • —'-+ t . . ^-'-s � Via; i GI •A -a /-1' v•--"rati. P — i•-4.--F.L71 I \ ..� sw'su 4..ti .. • N. / \ • III 1 CFP COMMERCIAL FOOD PRODUTION 1/40 AI A-1 AGRICULTURAL 4/40 A( I - A-2 RURAL RESIDENTIAL _ 8/40 A( R- 1 LOW DENSITY .RESIDENTIAL 2/)t. A( toVvn R nICTRIC:T III SCR__sT•.cRnix Rim Ma C.n.6,.A .,K OCOn1116.47,.n. Zoning Map 1 10 R TTE1'Df RE'RNIRER'R :CIE ' ASSESSMENT AND TAXATION ' Property I.D. # 's: 78095-2000 78095-2050 78007-2300 78007-2600 i Assessor's Market Value: Land - $453,500 ' Building -$193,200 Total - $646,700 Real Estate Taxes-1982 : $ 6 , 774 . 24 including $78 . 00 in special assessments. Balance of Assessments: Not available ' HISTORY OF OWNERSHIP The fee owner of record is James Torseth, etal, a.k.a. Cloverdale Partnership. Outlots A and B were purchased by this group in August of 1987 from Paul Bischoff. The transaction is recorded and ' document in 55181 of Washington County Records. The ownership of the adjacent land has been in the Torseth family for many years. i ` i t 4 { 1 11 ' BETTE\D]RF RCKRERI:CKE MARKET VALUE DEFINED ' Market Value as defined by the United States Department of the Treasury through the Comptroller of the Currency and the Office of Thrift Supervision is: 1 The most probable price which a property should bring in a competitive and open market under all conditions requisite to ' a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of ' a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: I - buyer and seller are typically motivated; - both parties are well informed or well advised, and each acting in what he considers his own best interest; - a reasonable time is allowed for exposure in the ' open market; i - payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and - the price represents the normal consideration for ' the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. 1 ° I I RETF\HFC RER•RIOC E l ICONTINGENT AND LIMITING CONDITIONS This appraisal report is subject to the following limiting I Conditions. The legal description contained herein is assumed to be correct. IThe appraiser assumes no responsibility for matters legal in nature affecting the property appraised or the title thereto, nor does the I appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. INo survey has been prepared of the property by the appraiser and no responsibility is assumed in connection with such matters. Sketches in this report are included only to assist the reader in Ivisualizing the property. Information furnished by others is assumed to be reliable. However, I no responsibility for its accuracy is assumed by the appraiser. h In cases where no soil tests have been submitted, the appraiser has assumed a good subsoil condition, subject to visual observations Is noted in the report. The appraiser assumes that there are no hidden or unapparent I conditions of the property, subsoil or structures, which would ? render it more or less valuable. The appraiser assumes no responsibility for such conditions or for engineering which might Ibe required to discover such factors. The appraiser is not required to give testimony or appear in court because of having made this appraisal with reference to the I property in question, unless arrangements have been previously made. I The distribution of the total valuation in this report between land and improvements applies only under the highest and best use of the property. IDisclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal organizations with which the appraiser is affiliated. IPossession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by I any person other than the party to whom it is addressed without the written consent of the appraiser, and, in any event, only with proper written qualification and only in its entirety. j I I13 RFTTMRF.R JKRFR.KI JC_-F ' ! CONTINGENT AND LIMITING CONDITIONS (Continued) ' Neither all nor any part of the contents of this report, or a copy thereof, shall be conveyed to the public through advertising, public relations, news, sales or any other media without written ' consent and approval of the appraiser. Nor shall the appraiser, firm or professional organization of which the appraiser is a member be identified without the written consent of the appraiser. ENVIRONMENTAL DISCLAIMER: The value estimated in this report is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries ' about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively. It is possible that tests and inspections ' made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous materials and environmental conditions on or around the property that would negatively affect ' its value. The client is urged to retain an expert in this field, if desired. 1 1 ° p1 Ir 14 I I 3ETTEWIE'10 RER'RVLIE IAREA ANALYSIS II ? The subject property is located within the community of Baytown Township, Washington County, Minnesota. Baytown Township is located in the eastern portion of the state, near the St. Croix I River. The community of Bayport separates the township from the river. Baytown Township encompasses an area approximately 5,760 acres or 9 square miles. The Metropolitan Council has estimated Ithe 1991 population of the community at 984, which is approximately 5census of 939.predominantly residential in character. The Imajority of the development reflects single family residences on small acreage together with farms. The Lake Elmo Airport is located in the southwest corner of the township, with the I1 Washington County Fairgrounds adjacent to the north. Commercial activity is limited to the northwest corner of the I community, at the intersection of Highways 5 and 36. An auto- mobile dealership is located within this area. Historically, 1 Baytown Township had a large amount of frontage along Highway 36. However, recently the City of Oak Park Heights, which abuts Baytown ' Township to the north, annexed 944 acres extending westward along the south side of Highway 36 to Highway 5. This has reduced the Highway 36 frontage for Baytown Township to a small area on the Iwest side of Highway 5. f The area annexed by Oak Park Heights is planned for development of commercial, residential and a school. Construction is underway for I the Stillwater High School in the western portion of the annexation area. The northeastern portion of the annexation area contains a Wal-Mart store, which is currently under construction. IThe subject property is located in the northwestern portion of the community. Blackwood Development separates the majority of the Isubject property from the annexation area to the north. Single family residential development abuts to the north and east of the subject property. To the west, Highway 5 separates the subject property from agricultural activity. The area is in transition Ifrom agricultural to residential. This transition will continue well into the foreseeable future. II } i k 1 15 I __ - __ r,• ,.,( r ,:^ ASS. eons _ .110TH ST N • _ + % :O ^• • a w,(tlr ST,r• _ . STIL WATER _ = ■ a :f(.�f. _ .IMMO f, . •�1 e�� r C0 co 6• 95 I EMS 3 SA N 2 f C y.;' O p ♦..`eft '�••f _ so LPL talille".®®�e®eN i (. G _ _ � . 5j N -.!° -'�'-�I, ... ...' i u.. .Sr.•. i 1'��®ZEMM II( a CO. Ra. 12 j5lh sYi►L1•i'Z. Y ^rloorovr.r. ; f `c I ., Co. ... , 1 ...Jr.:. ® ■ ' y' •*' .' 4, 2 Z y lignin� - Gam. 0'�,/: .i ,.,s, ,,,,,...y. 0. ., ........7 2 N D 'T. A Mn.`VC.l. p.. y, w®®al�®o ffflll Cam® I��E>,F��: ���1,1,17„ .... ..4.. Z '' rr• ° (90(��°0: ;.�.�Rr.5�. ���� ��aI���I ����is , •I I 1. l./O'�n �-�i .rfr06( . - zap r gip, u .y�Q7�fin��.ta.da N I:41•1303•C011 rail t 7 V , SR rVI( p .. —�' ` `.� J e Y = ..1�..�®®®111® . Y■MINI w a0 C. is > CT. r tj`/(1�, r .a r ■ .E °0rr •.d0•r rlo.0( wa •('r Y¢ 9' • /.1/v Crvr(Yi,�'.. .IC < .000.roc( ..( a. 0`a ' "�of `r.," S t<\ , Lnk.. '�•����®®��® .� I ®m>n i:b.�.o...(a(• /:1� :•+ �0 s., ° r/s,.L. oG = fc�oot ifili®®`• 1 y ° ay , 2 ' E 4` I 1 L 1 ♦M Ot a - 4. 1 « V + .' Y.rSM Si C. CI y r �• ®I IN ( _ELf _ -- ^—. Y^l4iti w.. a. o A• : _ .L.,N. OrIC•r5 5*.w Q 1 ''bar-i . .; ►� b'.•`...-„Lc NS ST.'.v. -----= --- . . I w azoi . 7.. 40 r 8 ,tp W b.r,r ff ST s TO.TILLWATER ,,..2"i f�....," :©Lr••Cl; S +: �: z o o a,. ( f, CURV( �• COUP WO' N < •1Sa 4t: .1 62ND S . N. �,. z 3 �.` s. 'eY `fir z: .Ir .°v c u I u 1 I( ` N O r r ' ,•t O O yip�f]°�m p rJ.E Mil T. . ._. , >a _ �1��L�{�r 1'.•" f>�J -®yr 1361 �� R . _ r La Hill r N. r e o o y.r. yr a a,ys 4 PARKS = N �ffr. y, %V Q W WY 57TH ST. N I>: r y.,. Sr. / �� HEIGHTS = J,r.r. °••(. ffr><I . r ,FW 56TH ST. N Y wiry•Cs�+ • S1 .. .i. .'l�• _ e t . i 1K =_�3 iaanu ..r.f. • • , es `` ,n.o Z j�i� I > "TN Sr .th ! ` • ''' < _ .r•fer•y, • r .I: 55TH ST N. — ..... ..... I _ — s• -' � �''rrN G S* � •I 0 _ BAYTO W N W P , N 1 OSOfr(lp CT NI ii e(`� „ z 3 I :ice r ;p n el' f ,In sT1T(ma 1 1 F fir. ' ... I a f 1� ,e' r5" tstM 2 ca �,� z I •L, '��1_� MOR 44, I — W SOTM"tfLlA° - •I ..� O � <rS7N ST N v 7• G f� r� ` m < a9TN Si N JLp �4 s ro `at Y I O p r: / Subject 's -r c.,�r 2♦,.�9T$ TWNTo �I es 1-thii . IIIMIAblk• I:. rs rrs r1- I �t 13 I I •.r.9?H - +THSTN I 7 • ° • ' 1 < S :E M < oa`MO' AP 29A� _ < I ccc AII IWu EN.r•G..°+‘.,N.<OCO.VRK°HT WO I ( Area Map 16 I I RETTE DORE.ROHREINRIICHE SITE DESCRIPTION The subject site comprises a tract of land located in the southeast quadrant of Highway 5 and 53rd Street North within the community of Baytown Township, and Washington County, Minnesota. The site contains 263.58 acres, more or less subject to survey. Included within this area is all of Cloverdale Lake and a large portion of McDonald Lake. The property has approximately 2,700' of frontage along Highway 5, which forms the western boundary of the site. Access is also available off platted McDonald Drive, which abuts the north central boundary of this site. McDonald Drive lies within the Blackwood Development and extends northward to 53rd Street North, which connects with Highway 5. McDonald Drive is platted but not cut ' through. Presently the site is utilized primarily for farming purposes. A farmstead is located in the south central portion of the site, I adjacent to the south shore of Cloverdale Lake. A commercial building is located adjacent to the farmstead. 1 ' The property to the north and east of the subject has been developed with single family homesites indicating a potential for single family development for the subject property. In September of 1987 the owners of the subject property filed a declaration which creates the "Cloverdale Riparian Association" . This document states that the owner of the subject property has a tentative plan to subdivide the property into 55 single family homesites and one 1 non-residential homesite with 21 of the homesites fronting on ' ! Cloverdale Lake. The document creates the "Cloverdale Riparian Owners Association" . The document specifies no commercial use of ill' the land surrounding the lake, with the exception of the one non- residential lot. Recognizing the surrounding development and the intentions of the owners, it would appear that the present use of 1 farming constitutes an interim use until the market is ready for 1 , development of the property into single family residential homesites. II Both Cloverdale and McDonald Lakes are designated wetlands by the 1 111 Department of Natural Resources. The declaration mentioned above, specifies that no petroleum fueled motors will be allowed on these 1 II lakes. The use of motors is limited to electric with a maximum horse power of five. The document also excludes public access to the lakes. IIThe easement proposed for the subject property is located at the } north central boundary of the site. The easement extends through Outlot A of Blackwood Addition and through adjacent unplatted 4 17 I I RnTTE1D)RF'R:IIREINO^C=IE Iproperty to the waters of Cloverdale Lake. This portion of the property comprises wooded terrain leading to the lake. Access is I available via platted McDonald Drive which abuts the northeasterly side of the outlot. The outlot and the land extending to the lake is wooded. The outlot is encumbered by a drainage easement. This allows drainage from the surrounding lands through the property and Iadjacent property to Cloverdale Lake. The utilities serving the subject property are blacktop street, I electricity and gas. No public water or public sanitary sewer facilities are located within the area, which would available to serve the subject property. Soils/Environment No soil tests have been submitted to your appraiser, which would I indicate the composition of the subsoil. In the absence of engineering test borings to indicate the composition of the subsoil, its suitability for bearing purposes and to locate a water table, if any, based upon a visual inspection it is assumed that no serious problems exist with the exception of the lakes and adjacent drainage areas. No evidence is available which would indicate the presence of environmental hazards such as, but not limited to, toxic waste and none are assumed. However, your appraiser is not qualified to 1 II' k detect such substances. You are hereby urged to retain an expert in the field, if desired. 1 I I 1j } 1 ° I18 • I "r ... , ............................... —-..........-..--.-.-- ■ I I .. - . . I ; I -..., ■:''c,a, -I 4 !.e.36— — • . — -I 'c. '''' • - .. ... ,, • ‘ -- 44,. .. I 10 -S4.i.go .t.... .., ,, . I I 4 ti: . - ." ___..--•-" ..Tz21. Us.-- dr".e I , st val''' ,t, ;-.-.s,;.• ..13,.. ....,1 ....-....... e E , \ ..:..a L 04.11:,.._ . ._., ..,.. •Fiz.,:;,,,,, I ''it ,, . z 'I • ' Sawn. - \ 4. '. ' "-='... ral \ stv-- 1 p ,A- , i ,,.. - II . ....... _ 1 :, . v ..— %. 1, ' , ......"..), 4%•••• ,----ar.--.•--'4.--i.,,, 1 /. .4..S.7., '....-' ''$. .:;:' . - •zuesum , — - . Car.. Atl\ 7---: 711 zzo. ra.r.. .ii% "77.r-z7::-4,;•. --.... ';'......r 1----.- -, -... . I ,. c, < • 0 I.- v,4..." . N,, ) . j wo / e - ,,,, es -" -0 4I440114,4444,4%Ls /if '' • I ._ 7.')-• .y.. er. ) . . . 46,1 . < , . i 114, I \ N.-- -----..'.---- r• 11 /I I - ger, ..._....................N . ,..ti:...\„.z,,.., . \ I 1 T• _ \ 1 431, e-14--e . • , 4..., . • `N.,,,,,4,t,.. :-• • i - , ...,._, 4,4,....s '4.,%.44,44..„.. .. . ,,,,,, -.... I• ",,...„%,... . , 1 1 . f . , --r. ,-.. 1 I 1. I . __ R•6I EMU,Graphic..Inc(IPC.011111110117 1176 I ( Plat Map I19 I RETTEVRE'R.=-RER'RICC=_E 1 HIGHEST AND BEST USE I ? Highest and best use, as defined in Real Estate Appraisal Terminology, edited by Byrl Boyce, Ph.D. , rev. ed. Cambridge, MA; Bellinger Publishing, copyright 1984, pages 126-127, is: "That reasonable and probable use that will support the I present value, as defined, as of the effective date of the appraisal. I Alternatively,, that use, from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and which results in the highest land value. " The analysis of highest and best use considers the property before Iand after the proposed easements. Before Situation I In the before situation, the subject property comprises 263.58 acres located in the southeast quadrant of Highway 5 and 53rd Street North. Included within the area are Cloverdale Lake and the I majority of McDonald Lake. The development to the north and east of the property is single family residential indicating the transition of the area from agricultural to residential. Residential development would best utilized the amenities resulting from lakeshore. After analyzing the property, it was concluded that the highest and best and use of the entire site is for single family residential development. There is a farmstead and commercial building located at the southend of Cloverdale Lake. It is possible that the farmstead I could be utilized as part of a residential homesite, dependent upon g condition and layout. The commercial building, in all probability, would have to be removed in order to allow for a homogeneous IIdevelopment on the subject property. As stated previously, the proposed easements will impact Outlot A and the land adjacent leading to Cloverdale Lake. This area I reflects an existing drainage area with Outlot A being encumbered by a drainage easement. Recognizing the permanent nature of the easement, it was concluded that this portion of the property would I have a highest and best use for drainage purposes before the imposition of the new easements. 1 II20 1 RETIE DORF.10 RE11.1000; After Situation In the after situation, the size of the entire property will remain ' the same as in the before situation. The overall utility will remain the same with the property being capable of residential development. Outlot A will have a second drainage easement placed upon it for an underground pipe which will continue through adjacent land to Cloverdale Lake. This will continue an existing drainage pattern. Through the ponding and piping system created in the area, the amount of water discharged from the lake can be I controlled, which did not exist in the before situation. According to the consulting engineer the quality of the water discharged into the lake will be such that the discharge will have no adverse I II impact upon the quality of existing waters. Basically, the proposed easement constitutes the installation of a second easement for the same purpose over the property. This maintains the I 1 utilization of the area for drainage purposes. As a result, the highest and best use for this portion of the site is the same as in the before situation, for drainage purposes. II • 1 I 1 1 21 1 ' TIN"1RHO=RER'h1OC =E ANALYSIS OF DAMAGES It is the intention of the City of Oak Park Heights to acquire a permanent easement for drainage purposes over Outlot A together with that part of unplatted land between Outlot A and Cloverdale I Lake. The easement is 40 ' in width with a length of 337 ' containing 13,480 SF or 0.31 acres. In order to facilitate the construction of the project a temporary easement is required. This ' easement is 20 ' in width with an average length of 348 ' containing 6,960 SF or 0. 16 acres, more or less. The easement will expire on September 1, 1993. ' Approximately 47% of the permanent easement area lies within the existing drainage easement as recorded on the plat of Blackwood Addition. The balance of the proposed easement area passes through a natural drainage area leading to Cloverdale Lake. The easement continues the original use of the land for drainage purposes. The easement allows for another governmental agency to direct drainage ' through this area. The drainage will be part of a ponding and/or piping which will help maintain a quality discharge into Cloverdale Lake. The area through which proposed easements will pass is heavily wooded. Trees will be removed in order to allow for the construction of the pipe. The easement area will have the same utility as in the before situation. As a result, it was concluded that the impact of the proposed easement on the subject property would be nominal. It is recognized that some tree loss will occur opening up this area of the site. According to the consulting engineer, the quality of ' s water discharged into Cloverdale Lake from this drainage system will be of a quality similar or superior to the quality of discharge which occurred in drainage prior to the easement. Also, the rate of flow will be slower than in the before situation. The environmental quality of the lake will remain as in the before situation. After analyzing the foregoing it was concluded that a nominal amount of $1,000 would reflect damages resulting from the imposition of the easements. Is ' k t Estimate of Damages $1,000 ' 22 I Y Y;.3. w .. -o i /Tl ti erg 4 V a v' rNr ,','\, `p. i �\ drainage 2nd \p ` • tt`,\o \'?S, , v.+i 11.4.i easemenE \p \ i 0 ...n 1 C v Q `1 t ," N � r I�l \S\\ sr 7 . \ \0 i ' RETTE)D011FURER'KIC E 1 CERTIFICATION The undersigned does hereby certify that, except as otherwise noted, in this appraisal report: 1 . This appraisal assignment is not based on a requested minimum ' valuation or specific valuation for approval of a loan. The estimate of market value identified in this report was developed independent of any undue influence. ' 2. I have no present or contemplated future interest in the real estate that is the subject of this appraisal report. 3. I have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. ' 4 . To the best of my knowledge and belief the statements of fact contained in this appraisal report upon which the analyses, opinions and conclusions expressed herein are based, are true and ' correct. 5. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) ' affecting the analyses, opinions and conclusions contained in this report. 6. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the Appraisal Institute and with the Uniform Standards of Professional Appraisal Practice. 7 . No one other than the undersigned prepared the analyses, ' conclusions and opinions concerning real estate that are set forth in this appraisal report, except as otherwise noted. 8. I have made a personal inspection of the property that is the ' subject of this report. 9 . The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. ' 10. As of the date of the report, Michael J. Bettendorf has completed 3 the requirements of the continuing education program of the Appraisal Institute. ' # 11. Disclosure of the contents of this appraisal report is governed by the By-Laws and regulations of the Appraisal Institute. 12 . Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or the MAI designation) shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of community without the prior written consent and .ppro o undersigned. � W*14PZJ ich;el J. B:Vt ndorfi' I Cert fled Fe.eral General Appraiser ' { Lice e #4001398 i ' 24 I I B ilTE VORFrRO RENVCIIE MICHAEL J. BETTENDORF, MAI BETTENDORF ROHRER KNOCHE, INC. ISp Tree Centre Suite 206 1600 University Avenue St. Paul, Minnesota 55104 II EDUCATION: B.A. - St. John's University, Collegeville, MN. - 1969 Successfully completed courses sponsored by the American Institute of Real Estate IAppraisers (Appraisal Institute) : Basic Appraisal Principles Methods and Techniques Capitalization Theory and Techniques I Urban Properties Condemnation Standards of Professional Practice I y Numerous Seminars on various aspects of real estate appraising, including Business Valuation, Land Use Planning/Regulation, Engineering Drawings, Review Appraising, Market Analysis, Highest and Best Use. PROFESSIONAL MEMBERSHIPS & ASSOCIATIONS Member Appraisal Institute (MAI) President - Minnesota Chapter #35 - A.I.R.E.A. - 1987 II Licensed Certified Federal General Real Property Appraiser State of Minnesota - I.D. #4001398 Institute Affiliate Member - St. Paul Area Board of Realtors Member - International Right of Way Association Member - Faculty of Appraisal Institute Member - Faculty of University of Minnesota - Extension Division (1978-1983) r Instructor - A.I.R.E.A. Course "Single Family Residential Appraisal" and "Residential II Valuation" - University of Minnesota 1978, 1979, 1980 and 1984. "Residential Valuation" - University of North Carolina, 1981. Instructor - B.O.M.A. - "Real Estate Investment and Finance" - University of Mirn to - I 1987; St. Cloud University - 1990 and 1991/92. XPERIENCE IIFebruary, 1971 to July, 1979 - Independent Fee Appraiser, Bettendorf Appraisals, Inc. serving as Vice-President and then President. July, 1979 to October, 1981 - Chief Appraiser, Farmer's and Mechanic's Savings Bank of I Minneapolis - Mortgage Officer. October 1981 - March 1991 - Independent Fee Appraiser - Dahlen and Dwyer, Inc. March, 1991 to Present - Independent Fee Appraiser - Bettendorf Rohrer Knoche, Inc. - I President. TYPES OF PROPERTIES APPRAISED: single family, shopping centers, office buildings, I industrial buildings, hotels, golf courses, sports arenas, development land, easements for public utilities and assessments analyses. CLIENTS INCLUDE: State of Minnesota; Cities of Bloomington, Shoreview, Hastings, Inver II Grove Heights, Mankato, St. Paul, Roseville, White Bear Lake; lending institutions including First Banks, Twin City Federal, Marquette Banks, St. Paul Port Authority: corporations including Glacier Park, Burlington Northern, Resolution Trust, Tyco, white Consolidated, Relocation Resources, Prudential Relocation, and numerous private clients. I 4 Testified as expert witness in District Court Proceedings. Served as Court Appointed Commissioner on real estate matters. Revised: January 2, 1992 25 BETDD ''RJIRFR'R\CCllE; I 4 AN APPRAISAL OF DAMAGES RESULTING FROM STORM SEWER EASEMENT TO ' 12640-53RD STREET NORTH BAYTOWN TOWNSHIP, MINNESOTA PAUL AND KELLY RUOHO - OWNERS 1 ° AS OF JULY 29, 1992 II ' FOR s MR. MARK VIERLING ATTORNEY AT LAW ECKBERG, LAMMERS, BRIGGS, WOLFF & VIERLING 1835 NORTHWESTERN AVENUE STILLWATER, MINNESOTA BY MICHAEL J. BETTENDORF, MAI I , t kk I f I I ll1TPUF•ROHJER'IUCHE I N C O R P O R A T E D REAL ESTATE APPRAISERS IIAugust 5, 1992 II Mr. Mark Vierling Attorney at Law Eckberg, Lammers, Briggs, Wolff & Vierling I 1835 Northwestern Avenue Stillwater, MN 55082 II RE: Drainage Easement Analysis 1260 53rd Street North Baytown Township, Minnesota IPaul & Kelly Ruoho-Owners Dear Mr. Vierling: In accordance with your request, I have made a careful inspection of the captioned property in order to ascertain the amount of damages, including severance damage, if any, resulting from a Ipartial acquisition of the property for drainage easement purposes. The site comprises a 2 .61 acre tract of land located on the north side of 53rd Street north, at the intersection platted McDonald I Drive, within Baytown Township. The site is improved with a two- story single family residence. It is the intention of the City of Oak Park Heights to acquire a 40 ' wide easement along the southern l portion of the site for drainage/utility purposes. The easement involves the installation of an underground storm sewer pipe. The easement area, as calculated by your appraiser, contains 10,309 SF I or 0.237 acres, more or less. In order to facilitate the construction of the project a temporary easement is required. This easement, 20 ' in width, contains 5,070 SF. The easement will expire on September 1, 1993. IThe impact of the easement on the subject property is reflected in the land. The building is located away from the easement and is I not impacted by the presence of the easement. As such, the analysis of the subject property has been limited to land only. A strip taking analysis has been made which considers a valuation of I the part taken together with a separate analysis for severance damage. Based upon this analysis, it was concluded that no severance damage is in evidence and none has been allocated. I Trees are located within the permanent easement area. According to the consulting engineer, the existing trees will be relocated to other portions of the site, as designated by the owner, at the l expense of the city. Also, once the project is completed new trees will be installed at the same location as the original trees, at ISPRUCE TREE CENTRE SUITE 206 1 6 0 0 U N I V E R S I T Y A V E N U E SAINT PAUL MINNESOTA 55104 ITELEPHONE 612/646 • 6114 FAX 646 • 8086 II II I -2- IIcity expense. The contractor will restore the surface of the permanent and temporary easements to their reasonable original condition. There will be a manhole installed, at grade, in the I south western portion of the site where the underground pipe turns southward to cross under 53rd Street. I The estimates of value, as stated in this report, are predicated upon the definition of market value contained herein. Implicit in the definition of market value is that payment is made in cash or I cash equivalent financing. The estimates of value, as stated herein, are based upon cash or cash equivalent financing. The effective date of this report is July 29, 1992, which Iconstitutes the final date of inspection. By virtue of my investigation, I have formed that the opinion of the damages resulting from the imposition of a permanent drainage/utility I easement together with a temporary construction easement, as of July 29, 1992 is: I ONE THOUSAND EIGHT HUNDRED DOLLARS ($1,800) The foregoing estimate of damage is separated into $1, 125 for I permanent easement, $500 for presence of manhole on site and $175 for temporary easement. No damage has been allocated for relocation/replacement of trees since this will be done at city ' expense. 1 This appraisal has been made in conformity with the Code of Ethics II and Standards of Professional Practice of the Appraisal Institute and the Standards of Professional Practice of the State of Minnesota. Your attention is invited to the following pages containing data and conclusions which, in part, form the basis of IIthis conclusion. Respectfully submitted, IBETTENDORF ROHRER OCHE, INC. / II Michael . Bet ndorf, ' I Certifie ederal General Appraiser ' Minnesota License #4001398 � 1 1 ' HTTEURF,RAERCE-1 i TABLE OF CONTENTS SALIENT FACTS AND CONCLUSIONS 1 4� EXTERIOR PHOTOGRAPHS 2 NATURE OF THE PROBLEM 4 LEGAL DESCRIPTION 4 Easement Description 5 PURPOSE OF THE APPRAISAL 6 SCOPE OF THE APPRAISAL 6 ' PROPERTY RIGHTS APPRAISED 7 ZONING 7 ' ¢ Zoning Map 8 ASSESSMENT AND TAXATION 9 • II HISTORY OF OWNERSHIP 9 ' MARKET VALUE DEFINED 10 CONTINGENT AND LIMITING CONDITIONS 11 AREA ANALYSIS 13 Area Map 14 PROPERTY DESCRIPTION 15 Plat Map 17 HIGHEST AND BEST USE 18 ' Before Situation 18 f After Situation 19 ' RETTEURFURER.R 0111F 1 DIRECT SALES COMPARISON APPROACH 20 ' Land Sales Location Map 25 Analysis of Comparable Sales 26 � EASEMENT ANALYSIS 28 Easement Map 31 CERTIFICATION 32 ' QUALIFICATIONS 33 1 1 ! I BETTE\DDRF.RC==RER.MHE IISALIENT FACTS AND CONCLUSIONS I ' Estimate of Damages: $1,800 Allocation of Damages: IIPermanent Easement: $1, 125 IIManhole: $ 500 Temporary Easement: $ 175 ITotal: $1, 800 The Property: II M1 Lot Size: 2 .61 acres Topography: Level II Improvements: Two-story house built in 1988. Zoning: R-1, Low Density I Residential IIHighest and Best Use: As Vacant: Single Family Residential IIAs Improved: Single Family Residential 1 Direct Sales Comparison (Land Only) : $38,000 ICost Approach: Not Applicable Income Approach: Not Applicable II Date of Valuation: July 29, 1992 - date IIof inspection. I Appraiser: Michael J. Bettendorf, MAI Certified Federal General Appraiser Minnesota License #4001398 II 1 I IEXTERIOR PHOTOGRAPHS BFTTF�DORF'ROHRER'K.IOCHE 1 _ MI14-ry .1) It ' 1.. iiiiimiut ■ I •. •. ISite 1 It:0 . I Xg . It '1 iv.. >t \(.141 y 4 -- '.f x 4 , o ` -a al �w1 di, ��� _f Atjaibigrarrlirti mss _ j`i i . ' , .1 Home 1 2 I 1 EXTERIOR PHOTOGRAPHS OTTENDORF'ROHRER'k iOCHE•.E0. r .•A ' ' ''7 _ . .'lefts tt t' 7,--..: -• ,. �. a._,.. . I }444 x Easement Area I I I 1 I 1 3 i ' 11 II BETTEUORE.R =-RER'h\'I CEIE 1 1 ' I NATURE OF THE PROBLEM ' The subject property comprises a 2.61 acre tract of land located on the north side of 53rd Street North, across from the intersection of platted McDonald Drive, within Baytown Township, Washington County, Minnesota. The site is improved with a two-story single 1 II family residence, detached garage and other site improvements. The street address for the property is 12640-53rd Street North. 1 111 It is the intention of the City of Oak Park Heights to acquire a permanent easement for drainage and utility purposes over, under and across the southeastern portion of the property, adjacent to 53rd Street North. The easement is 40 feet in width. In order to ' ' facilitate construction of the easement, a 20 ' wide temporary ease- ment is required. This easement will expire on September 1, 1993. LEGAL DESCRIPTION 1 II The Whole ILot 7, Block 2, Blackwood Addition according to the plat on file and of record in the office of the registrar of II deeds in and for Washington County. Easements I The legal description of the easements will be found in the following page. I 1 1 II I � II 1 i I 4 i BRUCE A. FOLZ & ASSOCIATES LAND SURVEYING • LAND PLANNING ' 1815 NORTHWESTERN AVE. • STILLWATER, MINNESOTA 55082 • (612) 439-8833 1 June 10, 1992 DRAINAGE AND UTILITY EASEMENT FROM THE OWNER OF LOT 7, BLOCK 2, BLACKWOOD TO THE CITY OF OAK PARK HEIGHTS A 40.00 foot wide drainage and utility easement over, under and across that part I of Lot 7, Block 2, BLACKWOOD, according to the plat on file in the office of the County Recorder, Washington County, Minnesota lying 20.00 feet each side of the following described center line: ' Commencing at the southeast corner of said Lot 7; thence North 40 degrees 51 minutes 59 seconds West, bearing oriented to said plat, along the northeasterly • line said Lot 7 a distance of 20.00 feet to the point of beginning of the line to be described; thence South 49 degrees 08 minutes 01 second West, parallel with the southeasterly line of said Lot 7 a distance of 244.14 feet to the northwesterly extension of a line distant 10.00 feet southwesterly of the northeasterly line of McDonald Drive as dedicated on said plat of BLACKWOOD; thence South 31 degrees 13 minutes 29 seconds East along said line 13.79 feet to said southeasterly line of Lot 7 and said center line there terminate. ' Also, a 20.00 foot wide temporary construction easement over, under and across that part of said Lot 7 adjoining and lying northwesterly of the northwesterly • line of said drainage and utility easement. Said temporary easement shall expire • on September 1, 1993. 1 !he:eby cer.Ify that this survey, pL n, or Nap.--.1 was prepared by me or under Trry dkeot Supervision and that I am a duly Ragt1:11.;tai Land Surveyor under the laws of the State cl Mlnnasot36 1 MIME A.F012 ' oate 6-/a-9Z Reg.Na, 9 Z 3 Z. 1 5 II I DITE\DORFiRc HRER VIIF IIPURPOSE OF THE APPRAISAL ' The purpose of the appraisal is to estimate the damages resulting from the imposition of a permanent easement for drainage and utility purposes together with a temporary construction easement as II of July 29, 1992 . The property was inspected on July 8, 1992 and again on July 29, 1992 . The July 29th inspection was made in the presence of the owner Mr. Paul Ruoho. The estimates of value, as II stated in this report, are predicated upon the definition of market value contained herein. 1 II SCOPE OF THE APPRAISAL The subject property comprises a residential homesite, which is f improved with a single family residence. The purpose of this appraisal is to estimate the damages resulting from the imposition IIof easements on the property. These easements are located at the southerly end of the site. Based upon a visual inspection of the property, it was concluded that the improvements would not be affected by the easement. The improvements would command the same II value on a before and after situation. As such, the analysis has 1 II been limited to the impact of the easement on land only. A strip taking analysis has been utilized as the method for valuing 1 II the impact of the easements. This method values the land together with a determination as to the value of the part taken. A separate In II analysis is made to consider whether severance damage is in evidence. Of the three approaches to value (Cost, Direct Sales } Comparison and Income) , only the Direct Sales Comparison Approach will be utilized. IIThe Cost Approach separates the property into the components of land and improvements. Since only the land is being analyzed, this IIapproach is not appropriate. The Income Approach involves an analysis of the rental potential of a property and the conversion of that potential into present value. Single family homesites are Irarely rented for investment purposes. As such, this approach is not appropriate. The Direct Sales Comparison Approach involves an analysis of lot sales within the market area which, after making adjustments for various differences, will provide a value for the subject land prior to the taking. This method of analysis best reflects the attitudes of buyers and sellers for this type of property. Full weight will be placed upon this analysis to arrive at the value of the land prior to the taking. Once the value of the land has been determined prior to the project, consideration will be given to the impact of the easements 1 II on the property with an analysis of the part taken together with an analysis of severance damage. II 6 II II BETTL DORE'ROKRER'R :EE PROPERTY RIGHTS APPRAISED ITitle in fee simple, subject to usual easements for streets and utilities, if any. II ZONING The zoning of the subject property is "R-1" Low Density Residential. Permitted uses under this zoning classification I include single family residential. Minimum requirements include a lot area of 2.5 acres per building site. Setbacks are 40 feet for front yard; 20 feet for side yard in case of internal lot and 40 feet for side yard adjacent to street; and 50 feet for rear yard. II Covenants Ir The subject property is part of Blackwood Subdivision. There are specific covenants and declarations for the subdivision as recorded II in Document No. 551179 of Washington County records. These covenants specify development of the subdivision to be single family residential. There is an architectural control commission which reviews and approves a design of structures in this sub- 1 division. There are minimum requirements for dwelling sizes. There are minimum setback requirements which correspond to the zoning setback requirements. There is also a requirement that 1 development must remain 200 feet from Cloverdale Lake with an elevation of 900.5. There are specific easements within the recorded plat. No structures or plantings are allowed within these easements. For Cloverdale and McDonald Lakes, the maximum horse- IIpower for motors is 5 . I ti I 10 1 II 1 } 7 , ..p•--.*„.- Fat Irmo up•Mlasili.omefrtn a lir I / "' / j 3rgra-- , r—-- as MB MI mill Ma am air r...,_ auir, _apt ,..\c, /,44161: — mar..---.4......... ail:7414-8151".. .......11-.. ....... el"P't r _• :141114 111111 A-1 1 A ..A4 _ ,...., ., ips mai i .... 1 "" Subject '/ *—Ailard. s. j __ •• `�. yJ -�1 /l -'nom ' \ p, '� `, , QOM oC +�•o v :'I �QQ v : 1 .i _ J r r . -•, S' rfr....4, , 3 ._...,-.-.... ., , c„... : . 4 \..1 I ■ 'LW_ / 1 C AL S s- � - • � 1.'j..� Wig • I. It ! �.�A... 1 . R CFP .:/ _ _-�- kx, MI6 !KARY SURF '--1.3 I e7 1.4( I jam' + • I / \. ■ i CFP COMMERCIAL FOOD PRODUiION 1/40 A I A-1 AGRICULTURAL 4/40 A( A-2 RURAL RESIDENTIAL - 8/40 A( 1 own R- 1 LOW DENSITY RESIDENTIAL 2/4 A( SCR__ST__cPc ix PIVPR nic-r-Rir-r Rost Cows G..p'c..p*OCOVYMONT MG I (( Zoning Map 8 1 3ETTEIDORMIRER.O T F ASSESSMENT AND TAXATION IProperty I.D. Number: 78095-2700 Assessor's Market Value - 1991: (For taxes payable in 1992 ) Land - $ 36, 100 Building - 101, 000 Total $137, 100 Real Estate Taxes - 1992: $2,241.36 including $26.00 in special assessments. i Balance of Special Assessments: Not available � 1 HISTORY OF OWNERSHIP The fee owners are Paul and Kelly Ruoho. The Blackwood h e ne of record ar Pa an y Subdivision was developed by Paul Bischoff. In December of 1987 1 the land of the subject property was sold on a contract for deed to Thomas Anderson. The purchase price was $29, 800 with $5,940 cash and $23,840 payable in 6 months at 9%. Subsequently, this contract was assigned to Paul and Kelly Ruoho. The contract was paid off with Ruoho's having fee title to the property. II { I I 1i 1 1 9 1 1 BETTE\DORMO -RE11.0001F 1 MARKET VALUE DEFINED 1 Market Value as defined by the United States Department of the Treasury through the Comptroller of the Currency and the Office of Thrift Supervision is: II The most probable price which a property should bring in a competitive and open market under all conditions requisite to II a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: I 1 - buyer and seller are typically motivated; - both parties are well informed or well advised, and each acting in what he considers his own best interest; - a reasonable time is allowed for exposure in the open market; 1 P - payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and - the price represents the normal consideration for II the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. I 1 i 14 1 10 I I UTTE\JORF'RJ RER.h1)C:=J ICONTINGENT AND LIMITING CONDITIONS I This appraisal report is subject to the following limiting Conditions. The legal description contained herein is assumed to be correct. IThe appraiser assumes no responsibility for matters legal in nature affecting the property appraised or the title thereto, nor does the I appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. INo survey has been prepared of the property by the appraiser and no responsibility is assumed in connection with such matters. Sketches in this report are included only to assist the reader in Ivisualizing the property. Information furnished by others is assumed to be reliable. However, no responsibility for its accuracy is assumed by the appraiser. In cases where no soil tests have been submitted, the appraiser has assumed a good subsoil condition, subject to visual observations noted in the report. The appraiser assumes that there are no hidden or unapparent l conditions of the property, subsoil or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions or for engineering which might Ibe required to discover such factors. The appraiser is not required to give testimony or appear in court because of having made this appraisal with reference to the I property in question, unless arrangements have been previously ` made. I The distribution of the total valuation in this report between land and improvements applies only under the highest and best use of the property. 1 I Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal organizations with which the appraiser is affiliated. 1iPossession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by III any person other than the party to whom it is addressed without the written consent of the appraiser, and, in any event, only with proper written qualification and only in its entirety. I1 i 1 11 ' RETTE\D�RF�RO-_RER'10)C=E CONTINGENT AND LIMITING CONDITIONS (Continued) Neither all nor any part of the contents of this report, or a copy thereof, shall be conveyed to the public through advertising, public relations, news, sales or any other media without written ' consent and approval of the appraiser. Nor shall the appraiser, firm or professional organization of which the appraiser is a member be identified without the written consent of the appraiser. ENVIRONMENTAL DISCLAIMER: The value estimated in this report is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental ' ! environmental conditions. The appraiser is not an expert in the R identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries ' about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the ' property negatively. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous materials and environmental conditions on or around the property that would negatively affect ' its value. The client is urged to retain an expert in this field, if desired. 1 1 • 12 I IIMEMF.11O=RER.1\OCKE IAREA ANALYSIS IThe subject property is located within the community of Baytown Township, Washington County, Minnesota. Baytown Township is located in the eastern portion of the state, near the St. Croix I River. The community of Bayport separates the township from the { river. Baytown Township encompasses an area approximately 5,760 acres or 9 square miles. The Metropolitan Council has estimated I the 1991 population of the community at 984, which is approximately 5% above the 1990 census of 939. I community is predominantly residential in character. The majority of the development reflects single family residences on F small acreage together with farms. The Lake Elmo Airport is located in the southwest corner of the township, with the IWashington County Fairgrounds adjacent to the north. Commercial activity is limited to the northwest corner of the R community, at the intersection of Highways 5 and 36 . An auto- mobile dealership is located within this area. Historically, Baytown Township had a large amount of frontage along Highway 36. However, recently the City of Oak Park Heights, which abuts Baytown Township to the north, annexed 944 acres extending westward along the south side of Highway 36 to Highway 5. This has reduced the Highway 36 frontage for Baytown Township to a small area on the west side of Highway 5. The area annexed by Oak Park Heights is planned for development of commercial, residential and a school. Construction is underway for I the Stillwater High School in the western portion of the annexation area. The northeastern portion of the annexation area contains a Wal-Mart store, which is currently under construction. Ii The subject property is located in the northwestern portion of the township, south of the annexation area and east of Highway 5. The I property is located within a residential subdivision known as Blackwood. This subdivision is in the process of being developed with single family homes ranging from moderate to executive price. I The development continues the transition of the overall area from agricultural to residential. It is anticipated that this transition will continue well into the foreseeable future. I I I � 13 a EIMINEEP/1121128.I �a01N 57 N r` ••'*' r l•Ir.yr.•. e... - 1 STIL WATER I,(M>7, MI E i NOME •y, B • ilj ..Co. RD 64 r[,)�A,) [a.N. Z =1i O�Tly '�'••• 5 .y 'ice ••tt EM®NFI. ® - 95 i la qr-s-:. i 1 S. ` _: •- - -.3 - 11111101/46.0.'s' ICO. RR. 12 7S," ".."`o. .-,•24 ^(f(oD[DVr.r. J8 r y t...,...a ni , - •i I n,,I ; • o 4�•� 4 ._.Rot at s,• •.tlal K.IR „pa. `� .. ®Alin itiiiii:41. ' 72ND 'T ,r' i L . --.::4-z, tt t sr. fsf c,. D^ tDCt j ! 'si'! ���_� � e�:C:iiiiis.,,,,, ��l'i1��II7�t•��l r LOnR � ,_, Y 7 It®�®V® I 1 o0o t 3 = c j- %7, N ®�����1 S0 s 2 COU.. RrSID- C. (T. ;...5 Ai •�' acs[ clDCC c t ■„[• lt •'OOt _ % ''41::.(,. i I,nk.. I •v ST. S-•'DOD.CIGE 4. C o C, '..:,1( _ a Sr.« pp y.,,o•..tt t. t v•R�s ; ( ICMO..C.ca amamming •1,' ,• a `t• ,S • CC ���®®,•:, 0. O .t,..,,,. ,011tahs S,. I - y�•• ` bQ RtC NS 5T.W. ¢ Tow; ;.Il�— .: •TILLWATER o sc., .�®=i,. fc et CVRrt O CltST elYO ~ N t W 0 / ••!" Cerih-ma _ - VW t, . IX y CC t.. f36 '' - • .•T• _ b 0 p.•LR = o = 36 f ;•. _, — � CM _ ! _. c 1.ta Dr art e Srhr" PARK i W a -,s1,• se • Y r s,..- S7TM ST, N ,:•S.' yt, h I 4. HEIGHTS = _ ,,.,. r .••t• ,t,.s, • ��� 56TM Si. N Y. l,t�• �� , ' s,]' 7 • v I Cr O 1 > 35THST ■® I 0. r 55TH ST N. aNbs, BAYTOWN WP z �l, N,t,D„ttD�TN •i HE I �� __ 57A0 5T N — rtj . Subject ; ~ z .. 3 NN$,ar(MA IYVY t• 9 e �y I 1 .(Cunt.► VON MIMI t 7 •%. yes r sj 77 et I TM ST.N oi_ 00''' 5 TStN 2 v 1_ tOrrn� . .. c �'., ,,, ..,,4 5T N I > 54:17$errill:"f"Tg74: GPA ff I` ` Z= Q ( < 49TH ST N I CO <' del 6.to, 444 ! O O I �•4P n t•j 'r0 ti3O O ,',T,STN 1 TOWN I T W P. O° a 411114 Off+ t,aoR o • l7 O i N ( Ct IN r ,• _ :•°rer I o u C' 1T '.1 , N 1' I. = h I `0. . J J _.. - _--_ _ _ - r _ — - - _- - h— I ^ 8 —•'75Trrs rl”— — I 1 I 1 I R Ii ..t.„N TN STN I < I ,o • 1 g . M :1= i I t • • _ R.&[slot.O■••.a,ON C,CO•NIONT,V. i ( Area Map . 14 I II i TTEUC RE.ROHRER'RIOCHE: PROPERTY DESCRIPTION IThe subject site comprises a slightly irregular shaped tract of land located on the north side of 53rd Street North, at the inter- section of platted McDonald Drive, within Baytown Township, I Washington County, Minnesota. The site contains 2 .61 acres, more or less, subject to survey. IThe site comprises level/open terrain. The site is improved with a two-story single family residence, attached garage, and paved driveway. The yard is grass covered. Trees and shrubs are located throughout the property. Along the northern boundary of the site there is an easement for g Y underground gas pipeline. The center line of the easement is along I the northern boundary of the site, with the easement extending 25 feet into the northern portion of the site. There are 5 ' wide drainage and utility easements along the eastern and western ' boundaries of the site. On the southern boundary of the site there is a 10 ' wide drainage and utility easement. The utilities serving the subject property are underground ' electricity and telephone together with paved road. No public water or public sanitary sewer is available to serve the site. The property is served by private well and private sewage disposal Isystem. The development surrounding the subject property consists of single family homesites to the west, south and southeast. Some of these I sites are improved with single family residences. To the northeast and north, is undeveloped land. This land is planned for future single family residential development. The preliminary plat shows l a roadway to extend from 53rd Street North, along the eastern boundary the single family homes to the north undar of he site to allow for sin 1 Y 9 Y and northeast. The roadway will cul-de-sac north of the subject I property, with the proposed roadway intended to service five building sites. This development will separate the subject property from the high school property, which is located further to Ithe north. 1 1 11 15 ' 1HTMORE.110=_RE11.100CA. ' Soils/Environment No soil tests have been submitted to your appraiser, which would ' indicate the composition of the subsoil. In the absence of engineering test borings to indicate the composition of the subsoil, its suitability for bearing purposes and to locate a water ' table, if any, based upon a visual inspection it is assumed that no serious problems exist. No evidence is available which would indicate the presence of ' environmental hazards such as, but not limited to, asbestos, Radon, urea-formaldehyde foam insulation or toxic waste and none are assumed. However, your appraiser is not qualified to detect such 1 substances. You are hereby urged to retain an expert in the field, if desired. 1 1 1 1 1 1p� 1 1 P i 16 I f I • ? f I . . 1 _ . • 'et- •26 1 - -- ---- -- -- — 9gA�' •: Ce�O, 06.2 • R •s cO1s1•NV►MEOW 4fGsENT -w ItIY Eit� \,•y$9 k- 943 -- GE-UNENT N0.s 12!17 „ 'ttC 1CC ►t ' f• S• -'.2_ ,2a.11 _ ••7.w. • ..........1,..„..7...._ • pe,l.1 �• `,,' `� �-- 4. .t ,v t R T " II ,, f+ �JL_ 1/ r = •, -'f.O '` \ 0�zN'MpOa ELE \ + ,� '\lP`/'�,b :e, ♦`\ BlV,t.'FEEL 9AC* 2.84AC.• \`,s$• 2.61 +':,, a /.� `\♦♦ +,\\�t 2yF,nG 1 .\ \ .. ww \\,, ♦\ + / ♦`\\6 •'`;\\ $.3 µN' 0--t- " 14 \,. ` / \. �O\‘\ SOT..l1 FLOOT t .\. 01 \ �, \ / \♦\ '�♦ \ g!V'qb FEE . o a. / \ 0 z / • f� `` 3.55 AC.* ` / eJr. 4, pti SIB` '\`✓t / 11--a \� `r 4, .....\\ J i ' `:. (DT 3 MINIMUM `,. � 4,0••- � ♦. BSM.T. FLOOR ELEV. • • /tt'6 5 JIL• \ .— b< \�♦ ♦\:tg3.902.5 FEET • • ti rarH• II _ pC l��/ ''''/ 5......` .CVLi �{`- `\` 4.29 AG• ♦`; 4M 4':V. :\ 902.5 / L.I/o.00 I - altsss,e 11 . `.� `\`* .. i f.._\rl V V / W \ •0• I 1 A.la'oT o 1 iN \ `) 4.47 AC.* `\e'�oi , v� II�i 1 a I�j$ ,is I '\� LOT I MINIMUM ..,•,-‘\ . I a 11 t• .1t `t 8SN'T.FLOOR ELEV. ....\\\ ?0..:.. �I~ \I�t 1 �\ ' \\ p-:902.5 FEET ` \ 1 • `\ I ■ ff `` 1 ELEV. i 11 I' II 6 1~I c�` `eii� \\\• N\ t,'' 5.31 ACS ; 1 4..�°�.`•,•t:. `� �. `♦\♦ p ys't 1 LOT MINIMUM 1 I.f ` 17". \ • V` //?i+t \ 1 CSM T.noon ELEV. 114; \ 3+. • / t',f� 1 *911.0 FEET i 1eu IPE,IL� \+ \ �,• • 4•At/' a • •• • .� 1 LOT MINIMUM ‘,..s._!....••. ,o • s! •:;•Q•. I 1. 11 11 BSMT.PLCOR ELEV. ,' •�i. •� O '•... i' !$ap. �.. :� 11 •911.0 FEET dt. J -e 0° !� TLOT B•2-` —Itel _-a 11' scum LINE1Ew,uC/ •7\/'• L.4 OUO79 AC.!� °� `(.' S ,�i`.7_iACJ I ...'�.�•!w •? `Na7�:vr•sy / pR•IN•5- (*stover 1 __ } ss .t.. 110IR1 UK NqrL•-KI,,1 ••90.••`•' .-.1170.7•._• 45 lei'4,411314 ' StinE CLASEFim A7 • Cm ' 0.NR•WISgN OF VOA •. MY N ...213/.!!... .. IMIR Islets O,spNts•MC°COPYRIGHT On Plat Map 17 • 1 ' RFTTF\]C RFC):=RFR'R\CF HIGHEST AND BEST USE ' Highest and best use, as defined in Real Estate Appraisal Terminology, edited by Byrl Boyce, Ph.D. , rev. ed. Cambridge, MA; Bellinger Publishing, copyright 1984, pages 126-127, is: "That reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and which results in the highest land value. " II The analysis of highest and best use considers the property before and after the imposition of the easements. Before Situation The analysis of highest and best use considers the property as Y g P P Y vacant and as improved. As Vacant The subject property comprises a 2.61 acre tract of land located within a residential neighborhood. The surrounding activity indicates a potential for single family residential development. ' The size of the site, 2.61 acres, is sufficient for this type of F development. A demand exists for residential homesites within the immediate neighborhood. After analyzing all the foregoing data, it was concluded that the highest and best use of the property, as vacant, is for single ' family residential development. E As Improved The subject property is improved with a two-story single family residence, attached garage and other site improvements. This development is in keeping with the concept of highest and best use, as vacant. The concept of highest and best use reflects an ideal structure. The present development differs from the ideal in terms of age. The house was constructed in 1988 reflecting a slightly less than new construction. The present use maximizes the potential of the site. ' 18 I II BETTJIDORF'R0_-RE11'1\OCHE IAfter analyzing the foregoing, it was concluded the highest and best use, as improved, is for single family residential use. After Situation IAs Vacant In the after situation, the size of the property is the same as in II the before situation. The property will be encumbered by an additional drainage/utility easement. The easement will be located in the southern portion of the site, adjacent to 53rd Street North. II The easement is 40 ' in width. The zoning ordinance requires a 5 minimum building setback of 40 ' from street right-of-way. The easement lies within the setback requirement, thus having no material adverse impact upon site development. The utility of the property remains the same as in the before situation. As such, it I was concluded that the highest and best use of the property, as vacant, in the after situation is the same as in the before Isituation - single family residential. As Improved p d II In the after situation, the utility of the property will remain the same, as in the before situation. The house is removed from the easement area and thus is not impacted by the presence of the II easement. Construction of the easement will require a relocation of trees. The city has agreed to not only relocate existing trees but also to replace the trees with a row of new trees at the same Ilocation maintaining the same visual impact as in the before ` situation. As a result, the overall utility remains the same. Therefore it was concluded that the highest and best use of the property, in the after situation, as improved, is the same as in Ithe before situation - single family residential. II I II 1 II I19 I BETTE\]CRF'REER'R\ C-F IDIRECT SALES COMPARISON APPROACH This portion of the appraisal process deals with an analysis of I land sales possessing some degree of similarity to the subject which, after making necessary adjustments for time, location, size, etc. are given an indicator of value for the subject land. 1 IThe following pages contain some of the sales that were considered. I 1 1 1 1 1 I l I � 1 1 20 I BE TTENDORE'RIRRER'K\OCHE MO O4 'Asli sP: "K•S)'No .1 --- N ;,-- i,-------- s,..„ .._ . _ _ , ... ,. ._...,.......... .... . ....,,,,,... , ,,..„...,„.,, 0,-. s ` `-j .3„.) .__-_ -__-- j—) ` .o I \ `I 296 i C. e5M 2Sf Q s «i \ w ‘.1. ip it, . �� NMV"L�c`• ‘` °. i 0 9 5.55 3 . 1 , , /�N.;,a r 9p _.9_Qo° 3 :'new' s c.-‘'.�-------.{� `� N >!S r° 310.0° S 0 .. 0 2,D• ,``J•of 3n,j / 7{,.. L. • .S Jr 41:Jim p n sM /•�i?�w: y .• , p° �:- 3 `aA. -—aroo r OR' s' „ 4----- io,J °r • —may..09s.o°�— — ▪ `3\ ,\�.C• •- j--• -- • i 0010.0. J ILand Sale #1: 53rd Street Place, south of 53rd Street North Legal Description: Lot 12, Block 1, Blackwood ' Second Addition Buyer/Seller: Ken Peters/Paul Bischoff 1 Zoning: R-1 Residential 1 ! Utilities: Blacktop street and electricity. Size of Tract: 3.86 acres I1 Date of Sale: July 1991 I1 Sale Price: $48,000 i IThis property comprises a residential homesite on a cul-de-sac . I known as 53rd Street Place off 53rd Street North. The southern I j portion of the site slopes into a low area. Terms of the sale were 1 $9,600 cash and $38,400 on a contract for deed at 9%, interest only, with payment of $288/month. Balance balloons in 5 years. I k t 21 I I I RETTE\DOREIRCHRERIR\OuHE I Sz+OG� Y2 aD - N 87.42'30•E T7,•-.1 987 I 950 ea 53RD "':0N'. STREET _Ri NORTH x :e •23 •)a )o _- Sir s-. ,_ _ �1 So . ' _ ;.St wok dew r47 ,_cAs I + , ...;j0:7 I 8 R io ;g �z, MOS....yIVIAL 613 00.■ FF O, . i g .5.‹./murftR �3 Pt3dtI3t0�IN O e D 0 I „c. D I }Q I.b `. 1 42 , N I_J `i _ ---,•m G 1 0'2.30'2/ _312.23---3- • _ t.--..1 Z•� M I -.607.0a...a•A _.;._ - .net c 'r s 'C. we4.a')0't \ 1--_. t •, •'q` i/C•SGy S �' r �i`TO1 i jp • 3r• v ‘\ S .� %C.: • 142 - ,45 yy 4 .0.00- )• tr' % N. N, , /� . I t =12�t ����. ♦♦J''���j� p 9 =f N'I �i - 4 1. %. $y-?� tt',\(` 2?`�•t M `\ \,----c... .....)11 . I , WN <W ILand Sale #2: Southeast corner of 53rd Street and Muir Avenue I Legal Description: Lot 10, Block 1, Blackwood Second Addition Buyer/Seller: Harry Napiwachi/ IIPaul Bischoff Zoning: R-1, Single Family IResidential Utilities: Blacktop street and Ii electricity. Size of Tract: 3 acres IIDate of Sale: March 1992 Sale Price: $50,000 - contract. II This property comprises a rectangular site located on 53rd Street I North, at the intersection of Muir Avenue. The easterly half of the site comprises sloping, wooded terrain with approximate 20 ' change in grade in slope area. Terms of the sale were $10,000 cash and $40,000 on a contract at 9%, interest only, with payment of I $300/month. There is a 3 year balloon. iii 22 I 1 RE TTE\ORFIRIHRER1h\OC_E 1n ,\ \74 2NiIIi "\ , 1 A\iy repo" -,i . r, , / � \9 , . / 003,4 Ems \ ppi♦ Mik S f•. ,� � ,. , m /♦ / `p y• ' E ' b Jt' `'3'0 y p , 1 2 l i .!T I v 0 ry1 4I $ R I.VT U I I LOT 1 . . `) / �y • w�mQ a tl i 2.57 Acr r w , , I r , 5 % ., 2. of ;r• " \ \s.. �o MK.F FEES /, ose — o • \ / 9' . , N- ,p !!! _fib M — a %- \ \ ,.,r0(15;11:1 s." .t. 9� )_V x• .00 .-i_ 1 I Land Sale #3: Northeast corner Neal Avenue and 51st Street ILegal Description: Lot 2, Block 2, Blackwood Second Addition IBuyer/Seller: Gary Wilson/Paul Bischoff I Zoning: R-1, Single Family Residential Utilities: Blacktop street and Ielectricity. i Size of Tract: 3. 17 acres IDate of Sale: March 1991 Sale Price: $43,000 - cash This property is an irregular shaped tract of land located on the I easterly side of Neal, at the intersection of 51st Street. The site constitutes rolling topography with an approximate 16 ' grade change. The easterly portion of the site is wooded. The shape of the site is irregular. Terms of the sale were cash. 1 23 1 I I BETTE\DOREIROHRER.100CHE ,.. . J; .2 ND. t?"---" . ,. , 0 I . 98 V ii �2..2t � / \ s s.-t \.. s',\\ _. .. Q%\l s9-- a (, l� ,': '° ' `zoCP' /sp° ono„ °0 1 CA'`/ ' dtf . 1 - 'a te ll s CD 4/b�,\\ \s�oo� �. .:,..se 4b� o dwt Vw[ .� --. a \. \°'0. 0-0,.Sf , /,J• plo- \' \^N ti / h • \ \ ., R n ,, H LINE --- \ w^ I. pSC - ►ITION �� ; s M ° '° \ ° �1 P ITV .o s.s3_- \\ ..ro`w 41 l A L ° 8 •` • .o0 2 ,.00 = l\ L.!*- 96 p '.1.6.;'% s--1 1 i- 1 / �° `tZ�;oa 11 Land Sale #4: Northwest corner Neal Avenue and 51st Street I ; Legal Description: Lot 15, Block 1, Blackwood Second Addition t Buyer/Seller: Michael Makowski/ Paul Bischoff IZoning: R-1 Single Family Utilities: Blacktop street and Ielectricity. Size of Tract: 2.59 acres IDate of Sale: May 1992 Sale Price: $42,500 - cash IThis property comprises a n irregular shaped tract of land at the northwest corner of Neal and 51st Street. The site slopes I gradually down-ward to a low area at the rear. Terms of the sale were cash. 24 --- I ' ___. - -C!"-"---.----- ft•-;■••••, --•te...,----,,t -7.--:"ci, :-.-. •• /..-....: ‘..- _•t .t-,-; 't t•:.1.--O. ..•.•"7.,•••••". :L-4._1_...•:....: 1 . v.,: - 1,n1h;•-•'" 1 1: • Z y,.•,...r Ow' ;.-....."..•1 --- ... ... . 1.. ',.:.::; -;cp SD •:'; • k, . '= • ..,„, I . If..n 1 •1•'... N.•,„1..v....... ... . ,....1r.--1 I • .....,....,iii. ..0.V. '••'....,."4.4., - • 1 4,•••...,....0.--. ' \ :\cl -t..-I'''. . . :S% \ ''''`.. :a it t.• • .t% .....,. 4 c.,..p,,, ., ,7,... ‘ ....:.. .1,,... :: =.: , • ,./..i./...:.....--. i.'s.:_, . -.,...'„.. .r.,,iii t: '..., '. • ii. 4 •.;.• • ...,V, ..• '' %..1.'' ;.••• :•• , /' ! A g.t. 0! . / .1 •4,..1..7.,:r,i •:;..r., .„ • • 0) 4-4. C.! 'ji.N. "i.:;„-$-ci Nis, .E.-4' .. 1 - : • -r.:.,....4.. . ',...;'....:„....:".... '.,‘ i' r, A/i .;;;,?,..* "?.., `.%; ...I.; ..„141) • - 011.".....,..: .::.;:•----f:?.. ..,.e.....,.. 5. ! ii 4.'..'1 ;1 ' ."''''' -.*. ... ■ ,/..•CI l' ./ .I I : i • ). ■.•••1 '- ''. ) . -..!, ,., ',",V\ ....-.4 i i f) ■, t---1 ; 'o ,-- r . .%.,--... I . • • i I rIII, 1 L. :1:.. . -.:f,,-<.'''!:. \) . I, . i:.).,,..k , as 4:: Al....i.. .-:•";3:-.". _, .... ,_.\''''',,,\ '..,. 0,) ,....1'••;;2_7••1,1 CI co ot k .,...:f :.-- •• •-• •••=._=-7,- ti--- - --------- f • r i. =....- .a • :. ..\, • lii 61 I . .... • i...' if .. ?. '.4' . . le .. -•.,,,, .. .,'Is ' 4-..-: . • • • . .0. --.1:';'-•,...t1,, g';:-:- 11 1 i iv . . • 4 'y ' .. .:::* (- l• 1 i g" 1 -- ' I - • ui 4i1/. ,..<'.1:-",7,0y: ;'•:-....:; , .,k.4 ii. Is • • .,. • . 3 ''... f-•4-4 — . 1 7... N -.:0,' 6) ; :' ..9 :, \‘, 0 ' ",:i. ,'' 1.--ti i ' i • fit: . co .n s •'; ,. • ,,, , % ,••'1" A , !, •-..--\• Vi,.. '' ; cZ V,i. tfi • *.,....,••', ,.% ..‘ 6,,•#- s •_ •.:• ,.... ‘,. •- ---:. . . . •• .;;, • , .i.,• , •=e4-- •'t--- te- _. •-•••.. ,--...it i ,,,.$ . •15' I • : ..1 1"" P. • ..1 ''....• ..-•-- -- —.. i:..1 ....,b.... -....ti,-7:.i. I-- .. . • 1..! 1...r.=.. li ...cm, vo N.P i • • / pea' 7--..,, ,-:, —— Li ' W "t \\ . 00 t er ,--•-•>--rgi; - : ,...1-.1 .,,,.. I . • ■ • -A• i., e••••- :AV. • ./.''•••••.•-•'•••..:'•.—•-•-• 4.7‘ ii --:;41. ,•••• ‘..t.'4••,.., i ....., ,••k... \,,,, -I ! t•• 7• ..• .• •'< i •.. '. ,.. V •.. li• : 1,, : ••-•4ii: ..., ig: z, .....t.4.••••'"*. 1 %....:1 . Vi 1 .1.• ../ .,i a!.,', Tr.., . .1 •••,\ ... . / ::.• IA .., ., •:, . .11,1 it;.;,. .3,0 ''''.--0, %.... ..t • , .• , , o "!rii . :... .--• ,, .,. t •—gc. / - • • i §f/•• • 1 ' \ ., .t, • . _; di .7,f .... I.., . . 1 . ..7,d. it.i \...„..,• .../.0.,4.• 'fss's... I ft i 14\s,s‘• i iii \ .. '•••ri. ii•1 ''' 1 ' - 1 • ' 1 • %•••■ '•• 1•••••••• ••.< .../ . t . • . ..- .4' I • • .i ,At.. .,,,,":" .- i- 15 . . . r.•-v •ra \ .4 *: ik I 1 „i ,.“! , I .0 1 , i s ..-. , •.. 1 •• ;-; .,.. . , -t. 1§ f i I • I 1 1 . (..) ‘,:l it os.II : Ari • • ---- cil I I.. 0 . : ... .:. J2 i` r ., — ---- li,. i 1 i ti Lt: I MA ; i i 1 • • , I • ..„, 7. .4...„. ,- .---`-z...,--.i -------• I ft —62.:—...- .- • 1 rt.---:— ' • t..i 1 k \ /' ,!1,. Id ---•i .. -'• 0.., f. ‘: 1 I _ n , •ft, .).■n., i CO Z.• : I . . . . e .!.-;:t7•-•1 i 4.•'-..I... •••1 : :s - i .. :..\: I . . (Land Sales Map) I25 I R IE11 rRF.R�=RFR.R),11}: IDIRECT SALES COMPARISON - Continued IAnalysis of Comparable Sales The subject property comprises a 2. 61 acre residential homesite I located within the Blackwood Subdivision of Baytown Township. The market data contained in this report involves sales of residential { homesites within the same development. Following is an adjustment I grid which expresses the differences between the comparables and the subject in dollar amounts. 1 SALE 1 SALE 2 SALE 3 SALE 4 a 1 I $48,000 $50,000 $43,000 $42,500 1 FINANCING -3,600 -2,500 -0- -0- ' $44,400 $47,500 $43,000 $42,500 TIME -0- -0- -0- -0- $44,400 $47,500 $43,000 $42,500 ' LOCATION -2,220 (5%) -0- -0- -0- k SIZE -0- -0- -0- -0- ' AMENITIES -4,440(10%) -9,500(20%) -4,300(10%) -4,250(10%) $37,740 $38,000 $38,700 $38,250 1 I Financing: The definition of market value, as stated in this report, reflects cash or cash equivalent financing. Sales #3 and #4 involve cash terms requiring no adjustment. Sales #1 and #2 l involve contract terms requiring an adjustment to reflect cash equivalency. Time: The dates of sale of the comparables range from March, 1991 II through May of 1992 . An analysis indicates that the market has been stable through this time frame, continuing to the effective date of this report. As a result, no time adjustment is in II evidence. II I 1 26 1 1 I iFfifUORF.10 REM\CCK 1 IILocation: Sale #1 is located on a cul-de-sac off 53rd Street. The cul-de-sac location offers more privacy and hence reflects a Isuperior location than the subject. The remaining sales front on 53rd and Neal Street, which extends through the development having a similar impact as the subject. The overall locations are considered similar. IISize: The size of the comparables vary from 2 .59 acres to 3.86 acres as compared with 2.61 acres for the subject. All of the II comparables are in close proximity in size with the market making no adjustment for differentials within this range. Amenities: The subject site comprises level, open terrain. Sale ' #1 reflects gently rolling terrain with a low area along the southern boundary. Within an upper bracket market, home owners desire somewhat rolling terrain with other amenities. The I comparable offers the rolling terrain along with a view amenity to the low area and beyond, which is superior to that of the subject. The amenities possessed in Sale #2 are also superior to the subject with the eastern portion of the site being wooded/sloping with the site having a superior view of the surrounding area. Sale #3 reflects a rolling topography, with portions wooded. The site offers good view amenity. The presence of these amenities are ' mitigated, to a certain degree, by the unusual shape of the property with the long frontage along Neal. Sale #4 comprises rolling terrain with view of low area, which is mitigated to a II certain degree, by the unusual shape and large amount of street frontage. Summary: The adjusted prices range from $37 ,740 to $38,700. After analyzing the foregoing, it was concluded that a factor of $38,000 I would reflect the current market attitude. This equates to $14,559 per acre or $.33/SF. I In December of 1987 , the subject site was purchased for $29, 800 on a six month contract for deed. The short term of the contract had no impact upon price. The analysis indicates that in the general II market, prices were rising in 1988/89 with the market stabilizing near the end of 1989 due to the recession. This stable situation has continued to the present day. The subject property was one of the first developed within the subdivision. More recent l development has reflected good quality homes which has had a positive influence upon lot prices within the area. Based upon the foregoing, it was concluded that a factor $38,000 would reflect current market for the subject site. IIESTIMATE OF VALUE, BY DIRECT SALES COMPARISON: $38,000 I 1 27 1 BETTFUORRO i IER'R0OC 1F � EASEMENT ANALYSIS Drainage Easement ' It is the intention of the City of Oak Park Heights to acquire a permanent easement over a portion of the subject property for drainage and utility purposes. The easement is 40 ' in width and ' extends along the southern boundary of the site. The easement is for the installation of an underground drainage pipe. The surface will be restored to its reasonable original condition. 4 The zoning requirements for Baytown Township include a front yard setback of 40 ' from street right of way. The drainage easement lies within the 40 ' setback. As such, the presence of the easement has no material impact upon the development of the site for residential purposes. It is noted that a 10 ' wide utility easement existed along the southern boundary of the site, in the before ' situation. The new drainage/utility easement will include this existing easement area. After analyzing the foregoing, it was concluded that factor of 1/3 of the value of the fee would reflect damages to this area. As discussed previously, the value of the ' fee is $38, 000 for the whole site, which equates to $. 33/SF. The easement is 40 ' in width with a length of 255 ' , more or less, ' along the northern boundary and 260.46 ' along the southern boundary containing 10,309 SF or 0.237 acres, more or less. Following are the calculations. ' Size of Easement- 10,309 SF 10,309 SF x $. 33/SF = $3,402 a $3,402 x 33% = $1, 123 4 Rounded To: $1,125 Trees There are eight ash trees together with six evergreen seedlings ' located within the easement area. The City of Oak Park Heights has agreed to relocate the ash trees elsewhere on the site, as indicated by the owner. The cost of relocation will be handled by the city. Also, any damage to the site that may be caused by the ' machine moving the trees will be repaired by the contractor. Furthermore, once the project is completed the city will plant eight new trees at the same location as the original trees. 1 28 ' RFTT 1)CRFII LRF_H.h!\)1-F. The new trees will be installed within the easement area. Typically, owners are precluded from installing trees within the ' ? easement area. This recognizes that the city will have the right to install, operate and maintain the easement. As such, if it is necessary to re-enter the easement area in the future, the potential exists for damage to trees within the easement area, which would not be compensated. However, in this instance the City i of Oak Park Heights has indicated that the size of the pipe is such that should a problem occur it could be repaired from within thus ' elementing the need to disturb the surface. Therefore the City is willing to install the new trees within the easement area, at the same location as the original trees. Since the City of Oak Park Heights has agreed to relocated the existing trees and also to install new trees after the project is completed, it was concluded that no damage is in evidence to the trees and none has been allocated. Manhole The City of Oak Park Heights will install a manhole within the west end of the easement area where the pipe curves southward to cross 53rd Street. The manhole cover will be at grade. The presence of { a manhole cover on site, detracts from the desirability of the property. Also, it creates problems in terms of lawnmowing requiring the owner to work around the manhole cover. Recognizing these factors, it was concluded that a sum of $500 would reflect the presence of the manhole. Temporary Easement In order to facilitate the construction of the 7 ro 'ect, a temporary P easement is required. This easement is 20 ' in width containing ' ? 5,070 SF. The easement will expire on September 1, 1993, approximately 13 months from the effective date of this report. The contractor will restore the surface to its reasonable original Icondition. From a practical standpoint, the easement constitutes a renting of the land for the 13 month term. Consideration has been given to an appropriate rate of return. Presently, the rate of return on one year treasury is 3 .45%. The rate on five year treasury is 5 .55%. F The rate for five year finance company notes is 6. 35%. These reflect relatively safe investments. Real estate commands a higher rate due to risk and nonliquidity. After analyzing the situation, it was concluded that factor of 10% would reflect an appropriate ' rate of return. 1 ' 29 I I BETTE\DCRHOHRER'k10CHF I ! The measure of damage is the difference between fee value for the easement area and the obtaining of fee value at the end of the 1 lease term. The rate of return, 10%, constitutes a discount rate. I The discount rate for 13 months at 10% is .89773. Following are the calculations. ISize of Easement - 5,070 SF 5,070 SF x $.33/SF = $1,673 I " $1, 673 x .89773 = $1,502 $1, 673 (Fee Value) - $1,502 (Present Worth) = $171 IIRounded To: $175 Severance Damage IConsideration has been given to the impact of severance damage on the subject property. The easement lies within the building setback lines. As such, the development potential of the site is unaffected by the presence of the easement. The visual impact of I ? the manhole has already been reflected in damages for the manhole itself. After analyzing the situation, no severance damage is in evidence and none has been allocated. II Summary II The estimate of damages as obtained from the foregoing is as follows: Drainage Easement $1,125 1 Trees -0- II Manhole $ 500 Temporary Easement $ 175 ITotal $1,800 II II ESTIMATE OF DAMAGES $1,800 II I � 30 I . -- PP"' I N t/1 .1 V. /Area.drainaye 4014 ��X Os LLf,'/,'fir EZSVmenf= 0.23 Ac_ ��k o I 4rei te.nl or2r Cons/reASie pct., �GCC� o. \Easc.P+enf o /.4c± / %F- i. p+ 1.0��0 k D e<9c cX, .71 t �j ,,`�o IC�1y, �K dVP / / D C K • 2 7 °° ' I ' To�al Area. k '� /� r 1' .4v , 2.6 1 Ac± k\-` 1, / J'y0.po \, / o I1 t,c‘\- k•P‘t' �° -. / ' . - /� / \kr;�ti •cs Fs- l '°w° .i - :_-20.00 / • � �,�; ', r ' '�yo'S1'S9" i o I ...../ /.< W 0 0 D , /... / • \,\ .(., / ',4••/,1ti (P°x• \ / '.;/ \0\ / ' i • I 11 20.00 fOo4 wide i �� \ �� /� \O \\\ Temporar Cc rkC{�'pn \ ',/2 nL'„ h2� /04 \\\ ,_ I Ea-semen �i�- \/ /\ \ CerZFerl AG o� A40.00 13, 1g 'J' \ \ 5-""'�'- Foot w,de dra na9e 31��! q S /NW'1y ex'tens lcri of .. \\ and ,.....+;1;44 easement�i 3 ' ci �x _ line dis+an3 I0.oc� �e-ei � ti sw'Iy o� the IVE'fy I'nc L.1 dra n2 e ar,d o, 3i 13 . �‘ '\ o� Ri(DonZ1d P'-1 s' ' -->7��.1,4i tasemenf 3-1 y 3 sp- __ _ ..-;° .- O \ \ latt ed ---'—/' �-' fir' �\ \ I e a s_�__`-- .0 ' drainage and \p C20,41 \ 2- 1 \ +;I, easem en f \o i S-''\ 1-A'5 �:Q \ , o I i ` 1 \ 7_ ,\_, \ r e 0 5- .1 .�.— ` X031\ \ °' i 1 5 \` \ .v0 01 ` \\ w.,E...G.yl,ira•In{QGQPY,IIGNT IOU The Whole I EASEMENT MAP Perm. Esmt. Temp. Esmt. I31 I I RETTEIDC IFURERiRI iCKE II CERTIFICATION The undersigned does hereby certify that, except as otherwise noted, in this appraisal report: 1. This appraisal assignment is not based on a requested minimum II valuation or specific valuation for approval of a loan. The estimate of market value identified in this report was developed independent of any undue influence. I 2 . I have no present or contemplated future interest in the real estate that is the subject of this appraisal report. 3. I have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. I 3 4 . To the best of my knowledge and belief the statements of fact contained in this appraisal report upon which the analyses, opinions and conclusions expressed herein are based, are true and I correct. 5. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions and conclusions contained in this report. 6 . This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and I Standards of Professional Conduct of the Appraisal Institute and with the Uniform Standards of Professional Appraisal Practice. 7 . No one other than the undersigned prepared the analyses, II conclusions and opinions concerning real estate that are set forth in this appraisal report, except as otherwise noted. 8. I have made a personal inspection of the property that is the l subject of this report. 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. I 10. As of the date of the report, Michael J. Bettendorf has completed the requirements of the continuing education program of the Appraisal Institute. I 11 . Disclosure of the contents of this appraisal report is governed by the By-Laws and regulations of the Appraisal Institute. 12 . Neither all nor any part of the contents of this report (especially I any conclusions as to value, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or the MAI designation) shall be disseminated to the public through advertising media, public relations media, news II media, sales media, or any other public means of community without the prior written consent and approval o e undersigned. l Y Micha-1 J. . - M-ndorf, ' 1 Certif ' -d Federal Genera Appraiser ILicense 4001398 II32 1 I BETTE\DORHERERV Olf: MICHAEL J. BETTENDORF, MAI BETTENDORF ROHRER KNOCHE, INC. I j spruce Tree Centre Suite 206 1600 University Avenue St. Paul, Minnesota 55104 EDUCATION: I B.A. - St. John's University, Collegeville, MN. - 1969 Successfully completed courses sponsored by the American Institute of Real Estate Appraisers (Appraisal Institute) : 1 Basic Appraisal Principles Methods and Techniques Capitalization Theory and Techniques I 1 Urban Properties Condemnation Standards of Professional Practice li Numerous Seminars on various aspects of real estate appraising, including Business Valuation, Land Use Planning/Regulation, Engineering Drawings, Review Appraising, Market Analysis, Highest and Best Use. II PROFESSIONAL MEMBERSHIPS & ASSOCIATIONS Member - Appraisal Institute (MAI) President - Minnesota Chapter #35 - A.I.R.E.A. - 1987 I Licensed Certified Federal General Real Property Appraiser - State of Minnesota - I.D. #4001398 Institute Affiliate Member - St. Paul Area Board of Realtors Member - International Right of Way Association 1 Member - Faculty of Appraisal Institute Member - Faculty of University of Minnesota - Extension Division (1978-1983) Instructor - A.I.R.E.A. Course "Single Family Residential Appraisal" and "Residential ' Valuation" - University of Minnesota 1978, 1979, 1980 and 1984. "Residential Valuation" - University of North Carolina, 1981. Instructor - B.O.M.A. - "Real Estate Investment and Finance" - University of Miresota - 1987; St. Cloud University - 1990 and 1991/92. EXPERIENCE February, 1971 to July, 1979 - Independent Fee Appraiser, Bettendorf Appraisals, Inc.9 servin as Vice-President and then President. July, 1979 to October, 1981 - Chief Appraiser, Farmer's and Mechanic's Savings Bank of II Minneapolis - Mortgage officer. II October 1981 - March 1991 - Independent Fee Appraiser - Dahlen and Dwyer, Inc. II March, 1991 to Present - Independent Fee Appraiser - Bettendorf Rohrer Knoche, Inc. - President. 1 TYPES OF PROPERTIES APPRAISED: single family, shopping centers, office buildings, i II industrial buildings, hotels, golf courses, sports arenas, development land, easements for public utilities and assessments analyses. CLIENTS INCLUDE: State of Minnesota; Cities of Bloomington, Shoreview, Hastings, Inver Grove Heights, Mankato, St. Paul, Roseville, White Bear Lake; lending institutions II including First Banks, Twin City Federal, Marquette Banks, St. Paul Port Authority: corporations including Glacier Park, Burlington Northern, Resolution Trust, Tyco, white Consolidated, Relocation Resources, Prudential Relocation, and numerous private clients. II I Testified as expert witness in District Court Proceedings. Served as Court Appointed Commissioner on real estate matters. Revised: January 2, 1992 II 33 RETTE»ORRIUFIRER.I \U .F[F AN APPRAISAL jj OF THREE LAND PARCELS LOCATED AT NORTH 58TH STREET (PROPOSED) NEAR NORELL AVENUE OAK PARK HEIGHTS, MINNESOTA AS OF JULY 6, 1992 FOR ECKBERG, LAMMERS, BRIGGS, - WOLFF & VIERLING (CITY OF OAK PARK HEIGHTS STREET IMPROVEMENT PROJECT) BY SCOTT R. DELAMBERT, APPRAISER LICENSE #4002687 ROGER M. ROHRER, APPRAISER LICENSE #4001238 L_ llfI1RF'ROIRfR' OCllf I N C O R P O R A T E D REAL ESTATE APPRAISERS August 3, 1992 Mr. Mark J. Vierling Eckberg, Lammers, Briggs, Wolff & Vierling 1835 Northwestern Avenue Stillwater, MN 55082 RE: City of Oak Park Heights Public Improvement Project Proposed 58th Street North & Utilities Easements Dear Mr. Vierling: In accordance with your request, we are providing you with an abbreviated appraisal report on the three property ownership parcels directly impacted by the City of Oak Park Heights Public Improvement Project consisting of construction of 58th Street North and installation of utilities in the near future. The properties are generally located along the south side of North 60th Street (STH 36 frontage road) and extending southward approximately 2 ,500 feet. The purpose of the appraisal has been to arrive at an estimate of just compensation to those property owners that are having parts of their land acquired and/or encumbered with perpetual and temporary easements as a result of the proposed city improvement project. The land to be acquired for construction of proposed 58th Street North runs in a generally east/west direction, is 80 feet in depth, and approximately 2 ,292 feet in length. The perpetual easements are approximately 40 feet and 34 .5 feet in width. The temporary construction easements for the utilities are 20 feet in width. Though no temporary construction easements for proposed 58th Street North were indicated on the survey provided to us, conversations with the City of Oak Park Heights consulting engineer indicated a probable width of 30 feet should be used. As a result, a width of 30 feet for the temporary construction easements for proposed 58th Street North were used on both the north and south sides of the proposed street. There are no building improvements within the limits of the proposed easements. Much of the impacted land, however, is currently being used as a Christmas tree farm. In addition to estimating land value damages, we have estimated tree stock value damages for that stock lying within the acquisition and easement areas . Finally, there will be no severance damages to the remaining land areas. L. SPRUCE TREE CENTRE SUITE 206 1 6 0 0 U N I V E R S I T Y A V E N U E SAINT PAUL MINNESOTA 55104 TELEPHONE 612/646 • 6114 FAX 646 • 8086 Mr. Mark J. Vierling August 3 , 1992 Page Two Provided in the accompanying report is pertinent information relating to the use and land value of the three parcels. Also included is information relating to the value of Christmas tree stock based on species and size. The estimate of just compensation, also referred to as property value damages, is provided without completion of a "before and after" valuation analysis. Please be advised that complete "before taking" and • "after taking" appraisals can be provided if you determine they are necessary for condemnation proceedings . As a result of our analyses and conclusions, which are contained in the attached report, it is our opinion that the following estimates of just compensation are applicable as of July 6, 1992 : Parcel 1: Krueger Tree Farm & Residence $41,500 Parcel 2 : Krueger Tree Farm & Residence $30,000 Parcel 3 : Haase raw land $21,200 Total estimate of value damages: $92, 700 We hereby certify that we have no interest, presently or contemplated in the property, and that neither the employment to make this appraisal nor the compensation therefor, are contingent upon our conclusions of property value damages for the various ownership parcels. We further certify that according to our best knowledge and belief, all statements and information contained in this report are true and correct, subject to the "Contingent and Limiting Conditions" as set forth in the attached report. Re pectfully submitte. , -R IF Scott R. deLambert Certified Federal General Appraiser Minnesota License #4002687 R ger . Rohrer Certified Federal General Appraiser Minnesota License #4001238 TABLE OF CONTENTS llE� �1,N�{)�ll'I���:R�R'k�ii�,ii Metropolitan Location Map 1 IDENTIFICATION OF PROPERTIES 2 LEGAL DESCRIPTIONS 2 PURPOSE OF THE APPRAISAL 3 SCOPE OF THE APPRAISAL 3 PROPERTY RIGHTS APPRAISED 4 DATE OF INSPECTION AND VALUATION 4 ZONING 5 HISTORY OF OWNERSHIP 5 Zoning Map 6 Conceptual Land Use Map 7 MARKET VALUE DEFINED 8 CONTINGENT AND LIMITING CONDITIONS 9 AREA ANALYSIS 12 GENERAL PROPERTY DESCRIPTIONS 13 DESCRIPTION OF PROPOSED TAKINGS AND EASEMENTS 13 Easement Survey 15 LAND SALE INFORMATION 16 • Land Sales Map 26 LAND VALUE ANALYSIS 27 PARCEL LAND VALUE DAMAGE ESTIMATES 29 Parcel Photographs 31 SUMMARY OF LAND VALUE DAMAGES 37 TREE VALUE DAMAGE ESTIMATES 38 L_. RECONCILIATION 40 CERTIFICATIONS 41 U _ - • r .\*.\\ -ir • - — _ 001 _ o a. N c V c . 3• ■ I ■ • C • •i '° r.e W • El • Ei .1 J ' u a • °o • C . Fp U d N i . ... .... i •• '7•::::l O i.• N 'y • L : E� .�° oc =: jETTE1E►O lill11RER1011(11E IDENTIFICATION OF PROPERTIES three properties discussed and analyzed in this report are The th report P Y located along the north and south sides of proposed North 58th Street in Oak Park Heights, Minnesota. They are situated in the north-central part of the community just south of State Trunk Highway 36 and approximately 3/4 mile west of OakGreen Avenue North. Two of the three parcels are under common ownership to Alvin J. and Elaine K. Krueger. The other parcel is owned by Elmer t Haase. One of the "Krueger" parcels is bounded by the right-of-way for State Trunk Highway 36 on the north. The second Krueger parcel is located adjacent to and south of the first. The demising ► boundary of these two properties coincides with the section line between the NW 1/4 of the NW 1/4 and the SW 1/4 of the NW 1/4 of Section 5, Township 29 , Range 20 . The Haase parcel comprises most of the SE 1/4 of the NW 1/4 of Section 5 and is also to the rear of the Krueger parcel that fronts on the Trunk Highway 36 right-of- way. The properties are further identified as follows for purposes of discussion in the valuation process: Parcel 1 - This is the first of the Krueger parcels and comprises most of the N 1/2 of Section 5 . It is bounded by State Trunk Highway 36 to its north and contains a total of 59 . 5 acres, according to county records. It is currently being used as a Christmas tree farm and the Krueger residence. Parcel 2 - This 40-acre parcel is - also owned by Alvin J. and Elaine K. Krueger. It comprises the entire SW 1/4 of the NW 1/4 of Section 5 (40 acres) . It shares its northern boundary with Parcel No. 1, that being the section line. It is currently undeveloped raw land, for the most part, with the extreme northern portion being used to grow Christmas trees. Parcel 3 - This is the Elmer Haase parcel comprising most of the SE 1/4 of the NW 1/4 of Section 5 . It contains 39 . 7 acres, according to county records. It is currently undeveloped raw land. LEGAL DESCRIPTIONS Provided in the Addenda are the legal descriptions of the perpetual easements and the temporary construction easements as provided to the appraiser by the City of Oak Park Heights. The land being taken for the street improvement consists of two parcels, A and B, whose legal descriptions are also provided in the Addenda. The legal descriptions of the total ownerships can be provided upon request. 2 h .TTF∎IH) �I)ii i'1\1i�' { PURPOSE OF THE APPRAISAL The purpose of this appraisal is to provide estimates of the just compensation, also referred to herein as property value damages, to the three affected ownerships as a result of the proposed taking for 58th Street North, perpetual easements for sanitary sewer and water, and temporary construction easements for both. The estimates of property value damages are on land owned in fee simple title by the property owners, subject to existing roadway and utility easements of record. While the proposed street improvement involves a complete taking of two 80 ' wide strips of land, the proposed perpetual easements for public utility purposes precludes the placement of permanent building improvements on the encumbered land. However, the property owners will be able to use the land areas encumbered by the utility easements for parking, driveway, open storage, yard area, and/or for general open space purposes. The temporary construction easements for construction of proposed 58th Street North include two 30 ' wide strips of land, one of which is adjacent to and north of the proposed street taking and one of which is adjacent to and south of the proposed street taking. Additionally, the proposed temporary construction easements for the placement of utilities involves 20 ' wide strips adjacent to and on only one side of the utility easements. All the temporary easements are to expire on December 1, 1993, which is approximately 18 months from the date of valuation. C.. SCOPE OF THE APPRAISAL An inspection of the three subject property parcels has resulted in the conclusion by your appraisers that those parts of the subject parcels not to be taken or encumbered with perpetual or temporary construction easements will not experience a diminution or loss in value as a result of the taking or the easement encumbrances . As a result, the appraisal valuation analysis is limited to the areas to be taken and the areas encumbered by the easements only. A { complete "before taking" and "after taking" property valuation appraisal can be prepared from information retained in the appraisers ' file if subsequently found to be necessary for condem- nation proceedings. 3 BETTE\Di lE'IM ENW Arriving at an estimate of property value damages has been accomplished by researching and analyzing sales of land that are similar to the subject property parcels in location, zoning and 1 probable use, size, availability of utilities, and/or highest and best use. The loss in unit land area value as a result of the taking for new street right-of-way purposes is based on 100% of the estimated value (on a unit basis) of the subject parcels. The loss in unit land area value as a result of the easement encumbrances is based on the reduced degree of functional utility caused by the placement of the easements . As previously noted, the street 1 improvement involves a complete taking and the perpetual easement areas will no longer be available for the placement of building improvements . The impact of the perpetual easement restrictions, however, is relatively limited due to the placement of them on/or near an existing roadway (Trunk Highway 36) and an existing private road that runs north/south through Parcel 1 . The easement which runs adjacent to, and parallel with, Trunk Highway 36 lies within the limits of the building setback requirements as dictated by the City of Oak Park Heights zoning ordinance. Additionally, the scope of the assignment included the valuation of cultivated tree stock lying within the taking and easement areas. Trees potentially impacted within the aforementioned areas were valued at 100% of wholesale cost. PROPERTY RIGHTS APPRAISED Property rights being appraised are title in fee simple, subject to existing easements for streets and utilities; specifically a 225 foot wide easement running in an east/west fashion through Parcel 1 accommodating Northern States Power Company overhead electric transmission lines. While the taking for the street improvement results in a 100% loss of ownership rights in the parcels acquired, fee simple title on the perpetual easement lands will continue to be held by the respective property owners, but subject to the limitations imposed by the easement encumbrance(s) . DATE OF INSPECTION AND VALUATION The three subject properties were inspected by the appraisers on July 6, 1992 . Elmer Haase, owner of Parcel 3, was advised of the purpose and scope of the appraisal. Mr. Krueger, owner of Parcels 1 and 2 , was informed and also met at his property twice during the week of July 6 , 1992 . 4 BETTS DITE.Pt 4HAWI i(E ZONING All of the properties identified as Parcels 1-3 are zoned "0, Open Space Conservation District" . Such zoning is intended to provide a district which will allow suitable areas of the city to be retained and utilized for new low density residential, non-local jurisdiction public uses, open space, and agricultural uses. It is also the "holding" zone for newly annexed lands such as the subject to ensure that development will be staged to maintain reasonable economy and public expenditures for public utilitIes and service. Minimum requirements are a site size of five acres, a 200 foot minimum lot width, and set backs of 50 feet for front and rear yards. Per the conceptual land use plan provided by the City of Oak Park Heights, Parcel 1 will likely be developed with commercial uses north of the south line of the NSP easement. South of the NSP easement and north of the proposed 58th Street lies an area of transition designated for future high density residential and commercial use. Parcels #2 and #3 are both designated for future single family residential use. HISTORY OF OWNERSHIP No search was made of county court house records by the appraisers to determine when the subject property parcels were acquired by the present owners. Investigation did reveal, however, that no arms length sales or transfers of the subject properties have been made within the past three years. 5 •-- _ .. . • -----.......... r---". SUTE•[,••••••• l• ,.......... ,.... At ".---"' 'r—re,. .,..-r---..- .r,4n 1-- -•-•-n.:::7'4,,-;..,---....''',""‘""'""';'"'""/,'"'..."7*.`"'""''''''''''''''''''''"".4,','"..D.tr.,'.7'''''.'''''w'''."..r':":"'```.'''''.1.1.,. ,,,,,, ' ' ''''.:^'1 ‘Pe45• - - ..tirra.,... 1 ie RZ S (I • B.2 _.....) , 2•TS -.- • L • la I ---T- -- —___ ____ • I • :-... ____I I •........ ca■••••• - =-.1 __ _ —I •II6• *4, 0 . r, lee, r eir ; ...: 0 .... 1 i • l ' I ' i • I 'll ' I • I ' - ,..‘ ., - •, AO _ . ,.. . • i 1 - I .. I - I -' \ ' ' • • .. , ‘ .•...•' . I , I .1 , I .,1 . I . 1 . ,r,-,-. - . 's' 4.1' • . .:.,.i.,..;,......,..4.ii.::. .-1.!,gt..444Z....si4Nabik.Ix:....,.•A••Z 44 44..$.:;i:.' :•1•14.•••••..Q.i,.—Z••••••••...1•••••.,:,....,4 MO ; I 1 200 • , sax a : 1 •C's 4 " 4 (-•:'...I '-.- ..t• % 1 2CO3 :$•••••...............•`•,iiii.,44,:4.2••••••i4•:•••••••••=....,,,..r...........•........•.•••••:•.43.4•44,1 I? A Ibt - . - - /- _ , :-% Q, -— 1111111jr-EAV 22C' .•; •...• /4 .''.....• .....• I 21,0 MOO 3202 .i. 1 — , . • I,.e•••••C•••grues.Inc 0e0,7110.41 tin ... 1 Zoning Map ., 6 --- . ........,- .., •- "- " ••••'.'!'•,--i•.:•:,:::•....'.::::::::: :.*:,..r...: ',.; —--rrw...:13.-4(.. " ,.....,.•:i......,,,,I,:,..,i'..y :.ii•::....':,::::',.:....••••••.-- . .i'•s'....is.\.. '''::::::L.V.L'k;.4ti.il 1 i.:.:.',:f""-1:: •::'(f,,•:•;,• .::::::.:',.?.::::::.,:::•:!:•:::. ,;•:_.____‘,L.:•.-) -17z 6 `,,...,)ss -;. .;:::;:-...;;,4...47,-;:.. .:- gi .•.,::::,f) — z .\\"‘"---% 4....,.fz2:175.:5.: 1., ::::::...:.,:::::, .....:......................................... „, < , , ‘.c,_ ,... ,...__ ,,,is •:::.:i::::..,:::::::: ::::. ::;:::::.:.::::::.:.::.:::::::: "• 1,4"""'4.-.\,s\ , \t '''.::::::.:.•::___...,:'1::'•...:::.'.: .:•'.':.:•.:•.;::::::;::c:;i:•c,:':',..:.•,;::::::::,:,;. 1.1 0) _J U ‘`. rs ----:----"7:•,::,..,::-,.::,..,: :':::'.;,...,..,......:..,:,,,:,.. 1 C < --- ..7':•-'::,..:•:,::::'.::•::',..;:,::,:f..::•:,.,. '.1 .....1 C . . .1- c-' Is \ N‘ ; '.i'.....::::,::::::::.:'...;''';:!..:,., ') .',. ,;; •—,... C 1._. ,_... s1 II. . ,,-.. :‘\''`.. '-s-t:sf■P\ ,_.. l•.•-•--=1-,, .:. -•f7----.7.--;;;'t7i 77:.: 1 0_ LU . `N NI '1 \ il'i•\--.-5,, S,.pi .,.,,pz' .4—\--- ) , - ••••..... •.:;.-;:.:.:::••.•';" ::::.:,.:•*..:iit\. . . • its.' c.. \t\is \• III ,le"1„,-,L.)67--\i 1 v....) A •s'.'...:::...:... .-.::r.;:.1.4,:::.:.:.:,::1.,:.:k . JR ........... "• •........,..„,„,.:::.::.,.;.;.:. ..,..1 ‘. \‘\,. pi_ ,.,:i,....-...:r tv- ....) -.... :::::: 1.›.:.,-,•:,:,: n.i:. ..t 1.1.7 ---- --t.,1-I .41t,if.\\.,. ..:.- :.1 C\ .--‹ ;‘"1 -•:::: i• ',.: ...ii..::..;:.;:::.,J......;.:....6 ::.::::.ft 1;1 .,. .. IV igt 14 larl'AP';".c.-::.-7•7777:::'-'T7:''.'Y 'i..:1'.;:.. -....;'4'.j:I'';'::.'4 ':'''..,\:;.;:ii..i.:::::::*:.::;• 'tf i I, —--7 lk• r_c4777.• * .','•,-,..1k. .....)... i:::::'::::.:::.•;•:.:.,:::..................... .... :.::...:•::::.: ::ti.......:• •;::::,::.....• • . ,... ''. 1.(,, ./.•.`,1 •'•';;••:•:•••••174.:-.,;:;;''i;:s...... ::.:..,.;;::: :.:..:::.::...:::••• • mkt IN Alf ...I '..,:4.;/,'' ::::::.;;;:;;;;;,::'...:.... tP .;.: ::;;:..::::::::.;:;va:;';':'iial, :.' ‘, s N N\. \.• 4\,\ ..:.:11'.1..;%1.) i:,.'::::::..:.......::.;;',:,: l'..e..,,:i..!:.:::'..'•:!;11 ,!1P19.,11,‘,■7, .........2.. - '''::::: c.'.:::.•::;..::': .:,:i.',.:.7ii17:71,-;y...i.....:::4:i:;;,::::;.J.,:.. .: t..;...i..,:,4::,::::!,..t,:::" :::::4:::::::_:........:...:..•:),:::,41,:::::::::::!: ,::::::::::::,::.!:::iy;:::: ....1 A ...i:J N, -;)-I :... I.9J-kItSi;;,., -:'.,.';':::,..;;:.;.••••.:.).':'.'':::'::::'::•:::%:::::':?:',"...,..:.....:,'V'!1 ;:. .:%:.:::::.::::::::i(V il'i ei tV.::•.:::! :::::!:::!:,:::::: 1,.).. ■)...:.. , s\U •s 7='I■ .". ..•, '"i!...: '.:::::'.:1.;,..,'.•.:'..',':'...:'''...;::....4f:';?.*:;.:*:.,T.,.i.:.,:';':'(::: ::..';.7.*: ::•::::''''''''a\P::.''-.‘' ..;. .,........'....i,'-——— . 3•••• 1,... ,__s_ ••',..,..,:',,..., -0,r. .j■)•",:il, ,....'-'.:'.....'•:::::t...--- ,-;,....„..„.„7,,,,,...7,5....:■.:.:.., ,-- i - ___ _, .:: I. :,, ,... .. :::'. :::..„.... N\ '..S. ,..‘ :^..i•' '. ::::::::::::;:.....''':':.:::.;;;;;.;: hi,....:...:;:.•,:.:..;.,;:..:::.:::.;.;.:: .••• ..-• .. . , , .! ' ' N"\.-. ...... .. ''''.i 1 iiP.. :::..i..:.';',''::....::::':::;.....;.;.;??:::.::;•;;••••i4.:::';';':;;i;i 0 .. .;; ... ,.... ... .:.; S s N.\ ...../ •"" I S, ;`,..' i •::•::::;::::::?,;::....i;•.;.i.;:;i::!:,•;h:: ,. ..:;;:;.; :?;i •■■■■, ... :. ....!;.:: \ '.g X ::•:;: V:Y;:::.i:i..;;:..,:.iY;::•:::;',.;.,i.::.:.:;..:g:•::•• ..7 7 7 • . .; i...' N'X'1 ..... ‘SZT•:'t... t.'i'i'... rii.;';'•::;;::::..: i..i:';....':::c..;,'::::.;/.{:•:::.*:i;•,i;;;•..;:ii::;:■..., .. ,.. .1. Y..; ..... ''S ......". •........ 1„..... ; ...'.'.;:...;.;':%.0•.; ....: .t :..;:•••:;•1;•;•••••;:•:::::::. i' '.." K:::..:.:::::................................................................. _ _ •. . .. ... : i ...._ :,...y.:::::::::,:::::::::,,,i,-....:-::::::::ai:,:i: _____ _. - '''t. '.: —1 .1.;."':: N's,y,.. , ..,..„...„,.. ,. :.:•,...::::.:.,,,,.:..,... __ _: - __ ,..,.., - ;:,,,..5.-F,,,.:, ......;::::::::.:...7.::::t„ , :: .:: -- ... ...; . t , 1::;!11',,!1. ......::,::: :::::!:.::.'' :,i,:...... . _ '•,- .......'1* ::,!.::,44's:ik _A:' .. :i,.i;:.,:,!....:..,.,.::::Y;''';::,':' . - --____ - \ s,, •s.., %- ---'• ,..,_ .14frit•■,' VI'. (I:;::::::: .:i: .,i,,,:.:::.!:...:::ai.:,.. :L., -3,--: .. . . _ _ (1) •, 1,.. .k-, s r, - .6 ;;L:::.,:::--;-:• I ...-• 0 D it. .••• ./ *•,,,,__1.1s.-Vis. .. ..:.:r; vt,fe:`-:-2-7-1,-‘-'_----7--. . -. - - -:: ...-- V1,2-- - --;.. . -. 1::. -• t )- N1 k. s.::z v.. . .4:. ? 7.1(17: - : -.---.7..--74--7.f..•- .. - s--. c-1 -t-• L.---■ --1-:: '-•■ 1( c{.) , •'.,''','..;:....;.:0 76.\-,-._ .. —-.:: -- - ' - .--. 7; -- - 2 7:-. '. = ...• (.0 Z •:: , .., ,,.,. ‘4 `•. . 746. - •0 < ::., , s's .., ‘N, :.- 1::-. .. - r1-. ..:1:1;.t --* .- .■ , N ', N. ' '•{r2'ii, c —I ..• . s \'' II •:), 2 1-... N N ;;.1.''C21;.:1\'`.‘i 1- - -: 7 - • .. . , ji4i..N ‘\ `•. i., 1-. .h.- 4t. ::1- :"' =:-1,)-- - - .:..: 2) -1 7. ;7 7= a. uj . 11‘('.,'`-N- > i :;Ar k _ 1 , -- .;.4 1 -Z._ ..f. " 4,.• - - _ -- i (..) •, kklii..,'s,, .1, 14. * - - -- - 4 _ 1...„,„, N.,.,4, ..,......::, ...„,., \ l tyli--ILA. --:: .! '',: _ 0 1 ss ..,..,, ) • - - -_: :---' ----.. .- 0 ;‘ • ,.. ,44- 4. _. —- , -....:.., .... .' - - I g--; 'r N "T•t — EN - - -_-,_ __ ., _ _ 2 T A. tqw...,,s., - - --- - , ul "--4....s / --: - I .. .-' - - . :1 i.. - — .,--- z - _II. -......... , / ill - :' _. ei 0 < C.) _ ill F- — (/) ,._ a j • .- - ‘,..,:...kkr- - 1..c.---, , w P11- 1 _ 44 , 0. 0 0 -< • :5 '''%%•■•!•,f ,, . ., • •% 'Siii•,: ...,._.4.,_,.,4 / . .. •. ...,., -,...... ly . 1. • <•••• 13. .._1 ii .., •.. • 01, -6- . , -±- • -c • . ...:.:.::: ;,, N fIR1 L-..i-..:•J-- j ; 12• E.,... *,..OCO,NOKT 1V1 7 MARKET VALUE DEFINED Market Value as defined by the United States Department of the Treasury through the Comptroller of the Currency and the Office of Thrift Supervision is: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus . Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: I - buyer and seller are typically motivated; - both parties are well informed or well advised, and each acting in what he considers his own best interest; - a reasonable time is allowed for exposure in the open market; - payment is made in terms of cash in U.S . dollars or in terms of financial arrangements comparable thereto; and - the price represents the normal consideration for I the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. ► 8 1{E:TTE\]I NIIII ERs \!!! 11E: CONTINGENT AND LIMITING CONDITIONS This appraisal report is subject to the following limiting Conditions. The legal description contained herein is assumed to be correct. The appraiser assumes no responsibility for matters legal in nature affecting the property appraised or the title thereto, nor does the 1 appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. No survey has been prepared of the property by the appraiser and no responsibility is assumed in connection with such matters . Sketches in this report are included only to assist the reader in visualizing the property. Information furnished by others is assumed to be reliable. However, no responsibility for its accuracy is assumed by the appraiser. In cases where no soil tests have been submitted, the appraiser has assumed a good subsoil condition, subject to visual observations noted in the report. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil or structures, which would { render it more or less valuable. The appraiseE assumes no responsibility for such conditions or for engineering which might be required to discover such factors. The appraiser is not required to give testimony or appear in court because of having made this appraisal with reference to the property in question, unless arrangements have been previously made. The distribution of the total valuation in this report between land and improvements applies only under the highest and best use of the property. Disclosure of the contents of the appraisal report is governed by PP s g P the Bylaws and Regulations of the professional appraisal organizations with which the appraiser is affiliated. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and, in any event, only with proper written qualification and only in its entirety. 9 limoRrhumvilhr CONTINGENT AND LIMITING CONDITIONS (Continued) Neither all nor any part of the contents of this report, or a copy thereof, shall be conveyed to the public through advertising, public relations, news, sales or any other media without written consent and approval of the appraiser. Nor shall the appraiser, firm or professional organization of which the appraiser is a member be identified without the written consent of the appraiser. ENVIRONMENTAL DISCLAIMER: The value estim ated in this report is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions . The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions . The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous materials and environmental conditions on or around the property that would negatively affect its value. The client is urged to retain an expert in this field, if desired. Followin g are supplemental limiting conditions and assumptions also PP g applicable for this particular appraisal assignment: The appraisal of the three subject parcels are being done in a "strip-taking" manner. Separate estimates of pro- perty value damages are being provided for each of the three parcels relative to the taking and placement of the perpetual and temporary construction easements. None of the remainder land is adversely effected by the proposed taking and/or easements and, as a result, it is the appraiser's opinion that there will be no severance damages or diminution in value to any of the land parcels not encumbered by the proposed easements. 10 RETTDDt)RF'RU}IRER'R1U 11£ There are no building improvements on any of the subject easement corridor strips. Parcel 1 and a small portion of Parcel 2, however, comprise a tree farm. With regard to these two parcels, the proposed taking and the proposed easements will result in the loss of considerable numbers of trees. For purposes of this appraisal, all tree stock within the area of the taking or perpetual/temporary easements will be valued as necessarily being removed. The total property value damage for the Krueger Parcel 1 property is comprised of land value damages plus the value of the Christmas trees located within the boundaries of the proposed acquisition and easement strips. No attempt was made to arrive at estimates of value for any building improvements on the subject remainder land because of the conclusion that their value contributions remain the same in both the "before and after" situations. There are no buildings on any of the land to be acquired for road right-of-way or to be encumbered with utility/temporary easements . 11 I ..1 �L i(,� i .i� lit!F1 11 AREA ANALYSIS The City of Oak Park Heights, located in east-central Washington County approximately 15 miles east-northeast of St. Paul, is bounded on the north by Stillwater, on the east by Bayport and on the south and west by Baytown Township. Like many of its neighboring communities, Oak Park Heights has experienced rapid growth over the past 30 years as evidenced by the census figures of 950 in 1960, 2,591 in 1980, and about 3, 392 in 1990. Much of the population growth is attributable to the annexation of abutting lands over the years from parts of Baytown Township and Stillwater Township. Recent annexations include that area roughly bounded by Oak Green Avenue on the south side of 60th Street to the approx- imate location of the McCormack Furniture Store about five years ago, and the annexation in March, 1991 of Baytown Township area extending from McCormick Furniture Store west to County Road 5 . Oak Park Heights has a significant amount of commercial development for a community of modest size. Located across STH 36 from the City of Stillwater, the community has excellent locational qualities being just west of the St. Croix River along a heavily- travelled highway. The most prominent commercial-oriented complex is St. Croix Mall near Osgood Avenue. Across Highway 36 in Stillwater is the River Heights Plaza and numerous general business and commercial enterprize on or near both sides of the highway that have developed in "strip" fashion. A major development under construction just to the east of the subject is a Wal-Mart Store of approximately 93, 000 SF. To the west of the subject properties and east of County Road 5 is the land formerly owned by Violet Kern being developed for a new high school for School District #834 . Parcel #1 fronts along the south frontage road of STH 36 (North 60th Street) . This property has convenient access and good exposure to Highway 36 traffic. Businesses in the immediate vicinity include McCormack Furniture, Wal-Mart (under construction) , Cub Foods (on the north side of Highway 36 ) , a multi tenant-professional office building that includes a medical clinic and dental office, and the Broaster Line Equipment, Inc. There are no social or physical influences in the neighborhood that are considered to have an adverse effect on the estimate of property values. 1 12 EETTE11)11kr. 11 RIO [[F GENERAL PROPERTY DESCRIPTIONS The three subject parcels are located south of State Trunk Highway 36 approximately 3/4 mile west of Oakgreen Avenue. Parcel #1 has approximately 2, 658 feet of frontage along North 60th Street (STH 36 Frontage Road) . It is, in large part, currently being used as a Christmas tree farming operation and the residence of Alvin J. and Elaine K. Krueger. The average depth of Parcel #1 is approximately 1,250 feet. Parcel #1 contains approximately 59 .5 acres. Parcel #2 is located adjacent to and south of the western portion of Parcel #1 . Parcel #2 and Parcel #1 share a common boundary which is the south line of the NW 1/4 of the NW 1/4 of Section 5 . Parcel #2 contains 40 acres according to county records, and is also gently rolling. The extreme northern portion of Parcel #2 is being used to grow Christmas tree stock. Parcel #3, the Elmer Haase Parcel, is adjacent to and south of Parcel #1 and shares a common boundary which is the south line of the NE 1/4 of the NW 1/4 of Section 5. This parcel contains approximately 39 .7 acres of undeveloped raw land and is also gently rolling. Provided later in this report are Parcel Summary Sheets which provide more specific information on each of the subject properties. DESCRIPTION OF PROPOSED TAKINGS AND EASEMENTS In general, the subject parcels will be affected by three types of actions . The first of these actions involves the taking of two parcels (Parcel A and Parcel B) which have been highlighted in red on the survey found on a following page. Parcel A is 1.83 acres and Parcel B is 2 .47 acres in size. Both parcels are 80 feet wide. Parcel A lies within the Haase property (Parcel 3) . Parcel B lies within the southern portion of the Krueger property (Parcel 2 ) . The second type of action affecting the parcels is the encumbrance by drainage/utility easements, which have been highlighted in orange on the aforementioned survey. There are two of these. The first drainage/utility easement described runs north and south through Parcel #1. It follows roughly an existing private road within the property. It is 40 feet wide, and contains 48, 808 SF. The second drainage/utility easement also falls within Parcel #1 and borders the southern right of way of Trunk Highway 36 . This easement contains 12, 064 SF and has dimensions of approximately 34 .5 feet by 350 feet. 13 InDimmilmwoH.! The third action affecting the subject properties is the placement of and subsequent encumbrance by temporary construction easements which are highlighted in green on the survey. Parcel #1 is affected by three different temporary construction easements . The first of these is for construction of proposed 58th Street North and is 30 feet deep and extends from the water tower site westward and adjacent to, and on the north side of proposed 58th Street North across fairly level land. The second temporary construction ease- ment affecting Parcel #1 is 20 feet deep and is adjacent to and west of the 40 foot north/south drainage/utility easement previously mentioned. The third temporary construction easement affecting Parcel #1 is 20 feet in depth and is adjacent to and south of the drainage/utility easement which runs east and west and is adjacent to the frontage road. Parcel #2 is affected by a road construction easement on the south side of the proposed 58th Street North and is also 30 feet in depth and is adjacent to the proposed street. Parcel #3 is affected by the same construction easement which is adjacent to and south of 58th Street which affects Parcel #2 . It should be noted that we wee not provided legal descriptions for the temporary road construction easements . The 30 ' depth was used at the direction of the consulting engineer for the City of Oak Park Heights. Provided on the following page is a survey which identifies the different actions. The taking for the street is in red. The drainage/utility easements are in orange. The temporary construction easements have been highlighted in green. 14 ••••‘ \ — ------ _____ . . — .-.-1 0". . , c-;-"z7 17:. -," .:` ,,,,/', ' ' ..--- •,(1,.. , •0010 3"E •'•12 4 8''8"• ------- ------- __-----. \\S2.9C?...P;..E. HEI 4.8•• .....•••- ----- -------7— .1 _________— -------- -77.4s. 1.34 4,'4,7:'4;7,0'4 us--T•. I • ____ / ,,,,..„, %,, , ( \ . .. . • •A'. •.,.. I • ...s4 line Ns,/.4■-N.4.f . .• .I,. ).? ''..4.' 1,4.11'..•so \ AA trt I M C) 2Z) -5 -5 (D \ I v t I (DCD Su D. \ = On I \ a • • ,' ' a) c-) ..,,•-,A . ,\;''. , I > c) i I CI f- • 6 • A i ' gt■,?'";', 'tlill \ tsi --1 JO 0 (1-.) -10 C X) 9 (.0 _... \ I "e) %t :1 ‘t ' ' t" '0 -S (./1 r-- 1 • 0 17 -.• rt-t 1 • :::41 ,,•-,, ,t,i 1 a) (-1- a) (1 ''t )1.11t ci) (-t- --, rt., ,,: .i'l . -- 1 rc r,•'. c-) - -1) I i4;,,, ,,',E 0 = CD 1 ...,,, t, . I lit,); ;',4 ii .t - : .: . , -5 --t-•0 c nc2:.L<rn c(.. , :, , . . .{ ,tt r ''';r 41 16 , i o 0., r.1,r f,t . ' ,- A• • .- _ :s .. : 1, ,., , > • <-7 4 :e a) ,....•%, -.- . . • ,t, ,‘ m B . i:-/ A 3 4., X tat (D C, V ti '.c.. .t. , •••■ o i' . to ?a ' CA = '--- X ''''.- :A., ,li, ,, ii.i -.. c ,, , ,, r ' q,,' .', ''■,'''; :'4. 7 ; • r i B 0 .:c ç . ,, ",,,I; ,I, ' ., .,-1 61",„ C. . V • , r,f ;.! .•:i t . ); '''4, R1 1 '-' •• • .. . . 1.-., 73 I ,:' , r-l• i?. r) 7] .'.'i i I (t*; : ".....i-.1 n%) ,? v) , - ,.. , ,:-, •-i- ‘,': 'et. ,, ; , ( ,.s) ;..- - t • . A '.e , ,1 --? :. -_ _ ct:i lei 11,, j; ' <.--, af'i.• I, e.- • • ....: :1;10••AK 4 ,,;. c$,,) • . . .) ,.1, .1 . .:•• . z •, 1.., 1 ....,, , 3,, ; .ii ;- '•- 4 ..'..°■ , 2 ... /*•-■ L1 ;3 t r- -• i'P ; i. ',.A ■,..''' ' z I ' I . 3; l. V ' ,...y1 i.,., ........, .-■ ...- 1.Z 4` ' . .).' l' ) .c:6, r: • ., ..tt ,1 , . , , :ci 4-,,:,,,'. 4'.. ' e V C, k . !*$y.,. .., a . • -r, ., 't 4 I. 34W;,•N WA, Co '" 4,,,.S.,.., t ' r .....' . 't 1 . _/.._—-,-—•,---••7.--.;-7-.•—., ..,•.,7:'- "1,'.'"'""'''''.....t.j.:"•:'::.3'...r"----- ----7-, 14 . :,..1Z '..,9, ±.)1 :',i 1. i_I --7,---14.---L.r; FT-7.7. ‘..,;4".4....to4,,'''"..".:"L"'2...1...,,2 4----'7.7.-:--.--- .7-r '. .- ' I ..'..... , • -..' 1 4 • . ., .t‘ . .i' t: '11.2'' . ---4.--7,-.7.1-,F,,-...:•-•,1.,34,•104.4.40.444;64'..-.2%._-_.-L--a'-;-,- -.^r.iii i',703.F., - .., ',i-"" ;,.'....r.:,-..,"...f..,' 1..._......;,..-;; .4r--,--. ..,,_... . vas. r o of I.o, lorZ, IOW hi ( . '..f ' '` ' -:-.1-.-7-' . ----'---------7-7-'-'-'7,:\ il/1",'F.s',rt", ' ..,•• ', st_ti„,•..-.- ..-.:,-.::—.-2.- , __,...._ __..i_1--r,ri: I ,e... . J...r.:;zt. '... :y 1 ' 1,,r •.s:7.1 4,1,,...,..,::'‘14-,--"61' ' ''"'''' ' •"'" ' ',■*;-=',"--"---rJA '. —7_____ -- --- • • ? • . , ... ,. .,, ,, v ,4; . . & No,4 4,.•NEXt-r+ N ow wi W. 1 rw. -i. 2: ‘A.).,i... ::ssil ii 'W.wl .nw..L'It NW.. 1 4 ■-*. .; 1 ' ° r.,.i .w .;t 1 1..oq_.!1, . .... ,-, :11 r 1! &...._1 _ 1 r 1 ... , . --4"101.111111111111111111111111111111111117 '.... '' A-A- .r...... k st. I i„;,YI VI ; ' '. 1 ._ • 4. . ".. .. • ' i I I 6= 16 ot ' '.'' 14. 1••• r•• ',1r ir,' " t i 7. ,11"1•471 ' ; ) ■ ' 'il''' ii. , " j. .... ..., ;/ It•tt"* • I i'i".1.1:,%1 ,a c i r g. • •' 4 t ' . t. ''?'' . ri ■ 1, : 1 ,:.',, ,■ , z ,...r..1-1.•--tZ." ; : r I; ;';‘•4 ,4, ,. ; ---I e 1 P 1 i N,. 14,. i•.,t. .1,.Al 7 > ...,„.) r I 1 '0 fr1 s ..g.'xat. t i if I r-‘ ) ;'s -.. i p-, 0 . • • 0- .. P ,?... Lfs,;;"7,`,.. fij-'-,---- F 7j ÷ A 4:r 1.t. .4, k. 11'1, 4C (*I ■....) 4, ------' I 2 fs 8 f, 't-to IP'f •%4'.! ; ‘ o .,_- 2 ' , 6• ---, ,A pr 1 N' ';',.'', r i : m ----.> 1-7-1-- f • lh,:. r'' • 13 ..._ • , c.,, . - -4 -...c.‘,. tn.., ` ;.• -;2i.',. . 1 ci'e'. < • `----..--it. PI 1 s .7 ',-.-- 0 t, t '•; 'IR.,,I. it .t);,t4 ' 2 il v. ,, ..I■, ,, ., z • • 4 1 1 ■ --1 t " . —1 — • cr) .. ; , , , ... ■ ',',' ., • 4 v ; ,,• w.0 ,7 I . , , Z; I ' • 1 . , ...,, I , 1 ,..- <, ,,,, it:1 4; „ ,.... ., e co, I -7 ..1 ,,,, II ,,,.., • , _ , -4-- 0 „ ' e t . m --„ ... ...._ _...... t t .i. , 11 ; - 'A , A 1 , ...-, _ .. :.:, ipol‘ ,-• '; ? :r4*it • *), • • • 1 , r 'V,C, •, • . "k •4„ • , ... ., .... i•i f $ ' i •/ t • 't. ..... ,..- NI` • , • f , , is t"42.4-4.'f • •-•12443 II•• '• . I : • • • 0" a'' II■. , C_ ---.4 V..ars 'N.,.., vhr,I I.ne WAL•MANy ADD.3.4.3...4 —, : : .7.:4 i H-4 •4,i;...; I 1 <.;.. c ; 1 -,.'y • '2 I, ,,.- I..•;CA I 'I. 1 ; - -- A 7 ■•.:',z i)..;CO I a. .. .••• ' ?: 'i;:l "---..I ' " I .. u• . 2 ,. •. el. Nt " 1;1.c .. ' •.' . 1.. 0 ; 1 F,' ".: F,,'S,{ 4 1:-. .•• • . ,.. • ✓ *1 'A,; l'. I .. t,A -I , r,,-, In-1'1 • ,!.! ----, ;V AL.-L.. 1 AT I /.•k 1_,t....)I ■ ;‘_,I N, E,,i I.,-, HE1/4•fiWYY) i :i:. 0 ..'' 71 N . .■ ---. •I-I 9. S—--- - --- -- — / - ------- \J- ..,/. .----_ --- \ --— x•5 -•.. ca ... ;f ......_ - 41 ., .........____ BRUCE A. FOLZ a ASSOC. , "tn.' cowry IHAr EMS ORAWIND IS A connect nermrstNI•tioN FLEYISIONS OR ADDITIONS 0. ,14$S s..SURVEY ANII All DIONIEMENIS HAvE REF N PLACED IN 114E DATE. DESCRIPTION OF REV,OR ADO 1.A,IN.40 AS SHOWN. MIS SURVEY OR PI AN WAS PREPARED a Y Mt on LAND SURVEYING—LAND PLANNING to■■•••■ MY DIRECT SUPERVISION AND I AM A DULY REGIS7 EAEO LAND S./41./EyOR UNDER THE LAWS OF I HI St ATI OE MINNESOTA PREPARED FOR' IBIS NORTHWESTERN AVENUE -7 5. .,/,..,,,.. z..1 es,9 t CITY OAK PARK HEIGHTS BOUNDARY SURVEY sTILLwATER, MINNESOTA SSO42 14 168 N. 57TH ST ORME A 4011 MINN RED NO 5231 OM f ' . ST IL LWATER,MN 5508 2 —.--=--- .77,11MATAlom‘=-r-, 1,Al I i■•■■tA• I 00 foot NO, i, NT..nA Arll N.I AI ANT I I ITT AINO .— -..-.*....---.........--............-.....-..*A. . HIGHEST AND BEST USE Highest and best use, as defined in Real Estate Appraisal Terminology, edited by Byrl Boyce, Ph.D. , rev. ed. Cambridge, MA; Bellinger Publishing, copyright 1984 , pages 126-127 , is: "That reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and which results in the highest land value. " The current sue of Parcel 1 is a tree farm and the owners ' residence. Parcel 2 is undeveloped, mostly wooded raw land. Parcel 3 is undeveloped raw land that is mostly open. As previously discussed, the subject property parcels are located in an area zoned 0, Open Space Conservation District. This district is essentially a "holding" or interim zoning district until such time as specific type of development is imminent for ( those land areas. The Conceptual Land Use Plan Map illustrates anticipated commercial development north of the south line of the NSP easement corridor. A transitional area to the south of the NSP easement and north of the proposed 58th Street North is contemplated to be high density residential and commercial area. South of proposed 58th Street North, which involves Parcels 2 and 3, are contemplated to be single family residence. The highest and best uses for the respective parcels in their current state, are fairly consistent with the Conceptual Land Use Plan. That is, intensive commercial development in Parcel #1 from the frontage road to the southern boundary of the NSP easement; a mixture of high density residential and commercial uses south of the NSP easement to the southern property line; and single family residential jfor the rear lying Parcels 2 and 3 . The proposed easements will have no negative effect on any remaining land of the subject parcels. The taking and subsequent street improvement project will actually enhance, to a significant degree, the development appeal of Parcels 2 and 3 . Consequently, the highest and best uses for the unencumbered land will continue to be as discussed above. LAND SALE INFORMATION Provided on the following pages are information on a number of land sales that have been considered and analyzed in this valuation assignment. 16 {IETTEIDORF'RflIIREif0i.:07dr ;.°SOUTH' WEST QUARTER (IO SECTION 4 IA1 1`_1 `':_ 1.E.v IN: !_;-1 2 „ t .p ,,.' - = 303 , ” pY`'_.I._ �-- "" `'� _��1 7 A , 1. 1-• 3 - '. 6�u- 1,- .! 7 .' c 9 2 .6 I I w 33:5 5 i ;/ 1 .A p1. /. r •Q I OUTL.JT 6- I 1 '� 2 547 A :_I is VV.,. -P.4. z,: n a I . ! , .r T i . ., . . „ 3 ,. H s7. - '3 :,5' ' . !'6b ; _ i V le `I 2 3 0! y _i 5 I o ! R ;i 6 ^i S - , .1 ,,.. ' ©I ®, p '€ '',8 ■7 � io_I 15.I i3°f !2 of ii o! E; Cv ,a ., ., A •. .� .� I �0 $i 9 F E B 53D a g ) J: R ._ ' ' 1 s.l 2 _I 3 ,gyp I i r ,,0 Land Sale #1: East of Oakgreen Avenue and north of 53rd Street in Oak Park Heights . Legal Description: Lengthy legal available upon request. Buyer/Seller: Morris Brekke to Swager Brothers, Inc. Zoning: R-1 Residential Utilities : All available Size of Tract: 29 acres Date of Sale: July 1986 ISale Price: $336,000 Indicated Factor: $11,586/acre; $0 .27/SF Comments: Level to gently rolling land now developed with single family homes (Swager Brothers 9th Addition) 1 17 IE IM �O�iHUHREMVII�.F E fl.l I m,NORTH EAST QUARTER CO SECTION 32 TOWNSHIP 30 RANGE 20 K c sic v scc 226 e.cr iii r. I.- ';•.. .' .. .. lprf, ..Ke 9 .f Ir Y 1-- ., ,.., .1 ...1 --'__ 1..::::—/ LAKE nvrc ,- ,I_.... .. `�._ - / 1.-233" 'rites i l I.' 1 wt rERr. •S- �� -:'1 ' __.,-•'..m"'"'••• ...,..,...............•.. 57,...,.,.. ."''''.-> • ,,.:..c,,;;`-.71- Cr%0, [wt .. scc t Land Sale #2 : North of Orleans Street near Washington Street in Stillwater. Legal Description: Part of NE 1/4 32-30-20 Buyer/Seller: Grand Development from Gilbert Benson, et al Zoning: Rezoned for Single Family Residential Utilities: All available Size of Tract: 79 .58 acres ■ Date of Sale: March 1991 (EMC in January 1990) Sale Price: $875,475 Indicated Factor: $10, 964/acre; $0 .25/SF [ Comments: Mostly level land purchased for development with single family homes . The new addition is identified as Highlands of Stillwater. 18 i I h T±E\E RE'iI FIREN∎1ol_F[E 1 1 . 4. ...------- . ,, kiL--L‘.:54.60 Jo,- Sr. 'ifil {� ••Aiain { ` ' 1 .tern k'rzi cr E/mer " .. 2b D Nnn.sG R(R.11 3.4 c. 1 /53..5 • /7d.1 ,e,luer Jager P. 8 Site ,��.� , Arai. .4 ,J.z r«.,,Sr f. �,,, ` / .e r- `...•i •ai4 J•'.1c!lh kCcrn y r LS:.,. i i• `-�:K I • Screa.� . :� y ._ • �/ nihn •i_v_ho1 �famc.) I N ESQ rah LJi hi 11 fG A a/a �iD d ', -3,, - /98 35.6 © Plluc/s0n n', S..rn.Sf /J7 Dr fr- 0 V D{,., ° 3 4 ' .111(s. +!;. fin 41.11 s _ L/DUC raaJG Farm ;Jv.r! � �" 3 31E � 188.3 v 2 t l 2.:5.10 e..35 ,. , &'. ( G�<hiA im L�iar/c3 "" 4( .(S. M. i.b �h ' • 6CLr LOra Lczemty P4. //DD/JI t ' Q 0,' /y.3 frs. c M cr k; y �Soc,c:.7 °9 Z5 1/.9 /is.4'.. s sP ;a ♦c Land Sale #3 : East of County Road 5 about 1/4 mile south • • of STH 36 in Oak Park Heights . Legal Description: Part of NE 1/4 6-29-20 Buyer/Seller: Stillwater School District No. 834 from Violet Kern ' ' Zoning: Agriculture or "Open" Utilities : Now -being extended to serve the site. Size of Tract: 127 acres, more or less Date of Sale: November 1990 Sale Price: Reportedly at price of $10, 000 per acre. Indicated Factor: $10, 000/acre; $0 . 23/SF Comments : Mostly open level land purchased for development with a new high school facility. The property is in an area recently annexed from Baytown Township. 1 19 1 ITE\DoRf=10AEhihWM '� - Ov =0� ii 2250 1 A = — 1 -„j .E; any 7oWP — .. c `: y.\ \ 6 - .1 / , ? ,,,oats - -a . s- :-_;\7 -, 1 ., : ' . _ ; . Site ►G _` .. - l ..c___1_44.,' EL , f;j - :+ ,21 37 .c 10; I 1 ia I e t ;i;,. .. '.R'evsed 3/91 - ' Land Sale #4 : East side of Oakgreen Avenue near 55th Street North in Oak Park Heights. Legal Description: Part of Tracts A and B in RLS No. 70, -and Outlots C and D in Swager Brothers 9th Addition. Buyer/Seller: St. Croix Land Company from Indpt. School District No. 834 . Zoning: R-1 Single Family Utilities: All available Size of Tract: 9.71 acres l Date of Sale: May, 1990 Sale Price: $152,000 1 Indicated Factor: $15, 654/acre; $0 . 36/SF Comments : Level to moderately rolling land purchased for development with single family homes. The addition is identified as Valley Point totaling 28 lots . 0 20 BETTE\1)0RF4l Oil RER.1001:HE C C K°OS <5 L,n'3! ..)TRACT D �d9 6'i9"w35970• j °j � /� ....569°a3'o6'E -324.70<09 Pe di?OL...(�' f--.440.07:..- t ..589.38'2/"e. 7997'. .. l . �-n:•-." 0./4 °0- I : t. ,'00 �'.78 2oo.00 589 , • 1 II W I N I I ,i I F: Q _ N H �(V a / I /0000 I j4-, n• •I'} _ `, 589'3942 ti I 1 2 3 N I�589'3942'E —{ , _ m N"N h '' I ° -0: 50.0o o, 10'• I �, eh N i i o � O I (- ° /00.00 �N „, _ S8942'39-I t0 1 N N S.P 9 JPMFnf N T pew /oc. Nu.3 402 _�' L _N V t •. IO . V1 es - P' 'VI.`' - O O p N:N v e If, ^\1 y O Y /so :I: y \� jo o • P N O h �I • } v p V j SW F- ✓ • N, 7"I -- -89'36'/9'E 999 • 359.70 I 640.26 r Land Sale #5: SE Quadrant of North 60th Street and Norell Ave. Legal Description: Tract E, Registered Land Survey I #114 , City of Oak Park Heights � . Buyer/Seller: Wal-Mart Stores, Inc. / Elmer Haase, et al Zoning: B-2; Commercial District Utilities: All available Size of Tract: 26 .01 acres, more or less Sale Price: $932 ,500 LIndicated Factor: $35, 850/acre; $0 . 82/SF Comments: Level to gently rolling land, irregular in shape, that [ was purchased for development of a Wal-Mart Store (currently under construction) and outlots for future sale. ■ i 21 I BETTEV-BURF'RU11RER'h\t) }IE. a� : , ZZ-, ,• • • sso:i� ,,,/, `•' , ;; 1600 -j 644 : y : ; . J, j , .. i STILLWZ ` DUSTR/ 1� lull } Land Sale #6 : Near NE Quadrant of STH 36 and County Road 5 in Stillwater. Legal Description: Lengthy legal available upon I request. Buyer/Seller: Robert Scott Companies from Croixgate Land Co. Zoning: Commercial Utilities: All available Size of Tract: 80 .26 acres, more of less Date of Sale: October 1985 Sale Price: $814 , 000 Indicated Factor: $10, 142/acre; resold at $1 . 15 to $1.25/SF. (see comments) 1 Comments : Gently to moderately rolling land with "low" areas. A purchase agreement by Ryan Construction for 55 acres of the property is at a price reportedly in the range of from $2 . 75 million to $3 million which is at the rate of from $1 . 15 to $1 . 25/SF. Development with a Target store and Rainbow Foods store is proposed. 1 22 1 644 -- _ _s.rN_- . 60TH tea. I --- .......... %... ..... - --r?vc.7, _'?'T "_? _ ._ _. Q NE COR --- . .,. - I _., t°..`_`.26 _1•. SEC. 6 "' '°:'... I 126 , I 1 . • J i I 7 e •6— I I !,; Site I ' ENTER , -'ry ,�,. - _ - _=o..._ � • ,`,4''s rt 't' I I ter-__-------- —�c — — _.-- —_. _._ — — --- —-- — --- tF; --- 'rye Land Sale #7 : South of STH 36 frontage road just east of County { Road 5 in Oak Park Heights. Legal Description: Part of NE 1/4 of NE 1/4 of 6-29-20 . Buyer/Seller: Frank Fahrendorf from Bud Kern Zoning: Commercial Utilities: None available when sold Date of Sale: April 1986 Sale Price: $125,000 Indicated Factor: $25,000/acre; $0 .57/SF iComments: Level open land purchased for development with an auto dealership (Stillwater Ford) . A NSP transmission line easementt extends over the southerly 2 acres of the property. i l__ 23 8ETTE1MIRFilo1lif .1\1111 ill -- __ ____ . , . .__...... __ • — _ ..____ ... ...... t.- '`F.F.::-:----•- i T. H. 36 =_ u_u.--srAE-Er---mmT7W-- ..-,... 1 - I -- - ..._... ,,,,,,,-. ----'----2- ' ....Z..... . 4.,,L....: ..:::.., . , ...... , .....---- ri .. , ...._....--- KERN CENTER ii ,,. / --- . - '''' , k ...:•.:. -;,. .- '''', . -. -- "..z--- -.71:7:Fa 4 r ............ AV 1.1..• ' ' .1%. ,. I ...\ • I ... . - - -- - . • . • / Ab _ __ J.': • 1 I° - V, ':'' j -4411111 ■ ''2t-- , • !I., ," ‘;-.. -t,•,„ .. .,. tA,.,.. . ' ;48- ,,..z. • , • -t- • ,C` - . .. , •,.. ■ •, / I 'ff4Wiiiiti. ... , Land Sale #8: Westerly side of County Road 5 just south of STH 36 in Baytown Township. Legal Description: Lot 1, Block 2, Kern Center Addition Buyer/Seller: Brookman Motor from Violet Kern Zoning: General Business Utilities : Neither city sewer nor water available , . Size of Tract: 7 .52 acres Date of Sale: November 1990 Sale Price: $195, 000 [ Indicated Factor: $25,931/acre; $0 . 60/SF Comments: Level open land purchased for development with a Dodge [ auto dealership. 24 RE'TTF1DORE.RiOHRE:RWHE LAND SALE SUMMARY AREA IN ACRES SALE DATE ADJ. PRICE ADJ. PRICE # SALE LOCATION ZONING/USE TIME ADJ: PER ACRE PER SF 1. Oakgreen & 54th St. , 29.0 7-86 $13,431 $.31 oak Park Heights R-1/SFR 16% 2. Orleans St. & Washington 79.58 3-91 $11,403 $.26 Stillwater Single Fam. 4% 3. Co. Rd. 5 near S.T.H. 127 11-90 $10,500 $.24 36, Oak Park Heights AJ/School 5% 4. oakgreen Ave. & Oakgreen 9.71 5-90 $16,704 $.38 Rd. , Oak Park Hgts. R-1/SFR 7% 5. No. 60th Street & Norell 26.1 1-92 $36,388 $.84 Ave. Oak Park Hgts. B-2, Gen. Bus 1.5% 6. S.T.H. 36 N Front Rd. 55.0 8-91 Approx. $1.19 to & 5, Stillwater Com. PUD 3% $54,014 $1.29 7. 60th St. N. near Co. Rd. 5.0* 4-86 $30,250 $.69 5, Oak Park Hgts. Car Dealer 21% 8. Co. Rd. 5 near S.T.H. 7.52* 11-90 $27,228 $.63 36, Bayport Township Gen. Bus. 5% * Indicates no municipal sewer or water readily available at time of sale. 1 f 25 i 601H Si. H. =4•�`S t. .7 X ,u. i■■■ =1 ' STILLWAJ'ER I �" ri■{ ��.N. a =`1 Pik .11•.-• „cam - 1 ("II OSRi,�® 4 ,� TWP. 77TH ST.h < t N` a .Crt f%rf -mm,l�l��®� _ 150,5-c N �..'L u ...7 i tIA •St.r.2=i Ff���C��•CO. RD. 12 { _78,7 o' _ CO. 1 5 - ”[III Ill IL Ci • if'.. ' C- - ,4'rr . '1 nc iii®® 11®■ 01$v 110 . c.yT. fa ::"E i. e • Ltt.j[•L•DI ®a�■��1� 72ND ST. N. I _} S .' - -.® :!vt st.`�®aR1® -® ra®'" , _ ..."1".!, iar �` a 9.ae RIOC _ iC •" ®31. r ,+ ���'Q-���,.—®111 •': i::1, fa:l L1 LOT . `} S.r Wit 0 =.--'0,,=,.:` - - _ It�imollin 1111.2•1121:.4+ ' *a- . 1..� S C,II•-c.JCr C 'A .;-� 3 £ Lily ' s.. si 't' < <••C.. ccc CI. ytl °.c r r Lckc •iwC li®i� �■■M •CCZ is G[ ta. R ,1 � ; .t.\Ct' -• 11-_Ct 1' ' Aa.:Oa :. .Sill III VIT.I6.1:: _/li _F - - Sale 2 �..a.ft.JJ.•„..ii a1!A 7.�� TER J\_ �• •'.•"+ 1 "A. r, .— __ O.:l•.f 11• 'CFLCa Ay ST.M. C. Sa• .-.�►...+... : qqqq®!!!!���� itl�ts r. RR7:1 Sts -• -- --- 7:! - - ..-- ;.R ,.Q- •RtEcA5 ST. v.. ° �y x�7 .�1 �'Y 4j i .,,t,�r Clr,71 S . .- 4], 41111 i o' _ f.!L, ff[ alt. E Z N D ST. N. • . _ 3 c z ° r .. - .. • `�, Sale = _ - .' .- .1 = < . d s 3 ? ` o = yam~ ~•E ;•_ ----- 236 Sale 7 = CO J 1 - !C< ! _ LL !1 _r�TH -. ' -P K N 3. lSt . .. . `-'H ST. N ,k 1.. V- n F _ '. \ Sale 8 SETH ST x "'. I' I:: Sale 3 t= 0�< f- �_ _ _ ►L._ 557H 4 Pr-sale 4'. s�_', +,1. .. = P 55TH ST. N. �.:�- ``_` <•_�=,+'ti l•,f.Tr c s - BAYTOWN TWP 0.- ale N1D:Orl[t.C114 :• F 530D STN i ._.:1R0 St N ji, ■ H 9- ¢ C ' I_ I j: St CuR■.1 PRISON 33RD �L r+ .r a ST $•�, •- -S c - — el•,' SSS 1 N I +p 2 „r CR = I 1A32L3i;L�fi OG h a., > O C>p '' [�i� 4sTw 17 N �v I < z i ST. N.{ o.., f v� i es °s OX •'' „:t• �• o .a y'” BAYTOWN17WP. c ` .�0. • r �sc.rh I C Go. `' i — - - - - — —� -- — - - -- - c 2 `�— — ! �5,.+ Soh I I I . I ,_ L r!1 N I I. b`< { itC1y 2 • 7I'^ • asii.r.• I I I - 1^° - -^ . . . - -I G 0'. 1 Land Sales Map 26 lei.`}11 'ft LAND VALUE ANALYSIS The foregoing eight sales are of land in the subject neighborhood that have sold within the past six years. Sales 1-4 are of residential acreage sites from about 9 .71 acres to 127 acres in size. Sales 5-8 are commercial sites ranging from about five acres to 55 acres in size. With the exception of Sales 7 and 8, the sale properties were served with the necessary utilities, or such utility services were available for extension to the sale sites . There are two different land value classes within the areas being appraised. They are: ( 1) land adjacent to North 60th Street that extends southward to the north side of proposed 58th Street North, and ( 2 ) land lying south of proposed 58th Street North. Land Adjacent to North 60th Street 1 The value for the land located in Parcel 1 is best indicated and supported by land sale numbers 5-8 . These properties sold between April 1986 and January 1992 at prices from about $ .57/SF to $1 . 25/SF. After applying a 3% annual increase in land values to allow for changing market conditions (time adjustment) , the indicated ranges in sale prices is from about $ . 63 to $1.24/SF. Sale #5 is a 26 . 01 acre site purchased in January of 1992 by Wal- Mart for development of a 93, 000 SF store. The adjusted sale price per square foot was $ .84 . This sale is considered to be the most comparable to Parcel 1 as it also fronts on 60th Street North and has a depth roughly equivalent to that of Parcel 1. It also has the 225 foot NSP easement corridor running through it. This has been tI reflected in the overall price per square foot paid for the parcel. Sale #5 is, however, less than on-half the size of the subject and possesses a superior location being adjacent to Norell Avenue (access road off STH 36) . For these reasons, Parcel 1 has an indicted value approximately 30% less than Sale 5, say $0 .60/SF. Sales 6-8, while supportive of the value indicated by adjusted Sale 5, differ significantly in one or more characteristic(s) from the subject. As a result, Sale 5 is given the predominate emphasis in our analysis. 27 11 it. it it HI Land Located So. of the No. Line of Proposed 58th St. No. The value for the property parcels identified as numbers 2 and 3 is best indicated and supported by Sales 1-4 . These properties sold between July 1986 and March 1991 at prices of from about $10, 000 to $15, 650/acre. After applying the aforementioned 3% annual increase in land values to allow for changing market conditions (time adjustment) , the indicated ranges in sale prices is from about $10 , 500 to $16, 700/acre. Land Sale 1 is located approximately 3/4 of a mile east of the subject property directly off of Oakgreen Avenue, (Co. Rd. 66) . It is level to gently rolling land similar to Parcels 2 and 3 . It is, however, 29 acres in size whereas Parcels 2 and 3 are each approximately 40 acres. Based on being located directly off of Oakgreen Avenue and the fact that smaller parcels typically sell at higher unit prices than do larger parcels; Parcel 2 and 3 are judged to have 20% less value - say, $10,700/acre Land Sale 2 comprises 79 .58 acres within an irregular shape. It is located in the town of Stillwater approximately 3/4 of a mile north of Highway 36 . It is similar to Parcels 2 and 3 in most respects, with the exception of size. Being significantly larger, we feel an upward adjustment of approximately 10% to reflect that larger parcels usually sell for less on a per unit basis is warranted. This results in an indicated value for Parcels 2 and 3 of approximately $12,500/acre based on Land Sale 2 . Land Sale #3 which took place in November of 1990 comprises 127 acres, more or less. Its zoning is "Open" like that of Parcels 2 and 3 . This sale is adjacent to the western boundary of Parcel 2 and has County Road 5 as its western boundary. It is also located in the SE quadrant of the intersection of STH 36 and County Road 5 . As a result, it is considered to have superior locational char- acteristics when compared to Parcels 2 and 3 . After adjusting upward for size and downward for locational differences, Parcels 2 and 3 have indicated values to be approximately 10% greater than Sale 3 - say $11,500/acre Land Sale #4 has similar locational characteristics to Land Sale #1. It is, however, significantly smaller than any of the other land sales as well as subject Parcels 2 and 3 . Based primarily on the disparity of sizes, Parcels 2 and 3 have indicated values approximately 30% less than Sale #4 . This equates to an adjusted unit value of $11, 700/acre. In the appraiser's opinion, Parcels 2 and 3 have land values of [ approximately $11 , 300/acre based on the analysis and correlation of land sale activity in the area. 28 MTE\DiiliF'R i1RF•RA1!!!:[i[ PARCEL LAND VALUE DAMAGE ESTIMATES The proposed acquisition of land for the 58th Street North improve- ment results in 100% .loss of property rights in the affected land held by the fee owner. The proposed perpetual and temporary ease- ments for public utility purposes and construction purposes will result in a loss of only part of the property rights held by the fee owner. Consequently, the property value damages in the case of the proposed easements are significantly less than the fee simple value of the land to be encumbered. That area to be encumbered with perpetual easements within Parcel 1 will experience a maximum diminution in value estimated at 25%. Such a value damage allowance recognizes the loss in total control by the property owner of the encumbered land. The City of Oak Park Heights will be able to utilize any part of the easement area for future utility purposes and, furthermore, will be able to make all necessary repairs to any underground utility improvements at any C time as deemed appropriate at their discretion. It should be noted that the perpetual easement area along North 60th Street lies within the 40 foot front yard set-back requirement for B-2, General Business District Land. Consequently, in any event, buildings could not be placed on this land. The perpetual easement running north/south through Parcel 1 roughly follows an fexisting private roadway through the site. Both of these situations support the estimate that no more than 25% diminution in value will be experienced. In conclusion, the value damage allowance for the land to be encumbered with perpetual easements . is estimated at 25% of the 1 estimated fee simple land value. The land to be acquired for the 58th Street North Street improve- ment project will result in a total loss of value to the current fee owner. As a result, the property owners of Parcel 2 and 3 will experience a value damage allowance for the land to be taken at • 100% of the estimated fee simple land value on a unit basis. The land to be encumbered with temporary construction easements is comprised of two 20 foot wide strips abutting the aforementioned perpetual easements and two 30 foot wide strips on the north and 1 south side of the proposed 58th Street North taking. A reasonable and appropriate just compensation allowance to the property owners for the city use of these land areas for a term of approximately 18 months is a "land rent" payment equal to 15% ( 10% annual rate) of the fee simple value. There is a distinct possibility that the land will not be needed or utilized for the entire 18 months to accom- L modate project construction needs. Notwithstanding this possibility, a 15% damage allowance or land rent compensation is deemed appropriate. On the following pages are parcel-by-parcel estimates of land value damages as a result of the proposed takings and easement encum- brances by the City of Oak Park Heights. 1 29 BFTTE\)h)l{F'Nliir[1401)1.111. PARCEL LAND VALUE DAMAGE ESTIMATES Parcel #1 Property Address: 13201 60th Street North County Tax Parcel # : 60005-3350 Property Owner: Alvin J. & Elaine K. Krueger Total Land Area: 59 .5 acres or 2 , 591, 820 SF Buildings/Use: Christmas Tree Farm with residence & outbuildings. Zoning: 0, Open Space Conservation District Project Easement Land Areas: Perpetual Easements: 362 . 83 ' x 33 . 25 ' = 12,064 SF 1 ,220 .2 ' x 40 ' = 48 , 808 SF ITotal 60, 872 SF Temporary Easements: 349 . 65 ' x 20 ' = 6, 993 SF 1,220 . 8 ' x 20 ' = 24,416 SF 736 .30 ' x 30 ' = 22,089 SF 948 .45 ' x 30 ' = 28,454 SF 215. 00 ' x 20 ' (AVG)= 43 , 000 SF Total 86,252 SF Estimated Land Value: Fee simple value of $0.60/SF Estimated Land Value Damages: Perpetual Easement: 60, 872 SF x $0. 60 x 25% = $ 9, 130.80 Temporary Easements: 86,252 SF x $0 .60 x 15% = $ 7,762 .68 Total Land Value Damages: $16,893.48 Rounded: $17 , 000 .00 Comments: The easement areas are generally level land consisting of private unpaved roadway, open field, and land occupied by Christmas trees (which are valued later in this report) . There are no buildings within the limits of the easements . 30 \W 111 PARCEL 1 PHOTOGRAPHS 1. r a4"•••°;...'a �z,C y A-'ii " ' Y ,�,.\ s .Ax:ti Q i0I/ 1 ,, ,t.• - . • t ,. .. -.."./..:-...„,,.51% A '- ;.'.',4•11r-,c‘ Nse,i' ,...:2 ,r,-;‘,..,...-'"" .:,.`• '' %.' "' - ••-•e-•-':'•-i'it,tt...)Sti„...- ,;,,,, ':,-,.. • .. • _ ,•-•-•"'":`1.- '''''...°41/4 ait_; �r.4"4-i.!'"-'*. .4.7-\11.4,4•441111'•'A<•- , . ',.!lc, .i ..' tSS1,Y, '' .G., 1 ' ` !! < A`'��t+ s .!< t',... .7�;3'''''',.1,..���"' � ��-✓ V,.A.�.< S4- '��[ '! i,,{ `41r-xc._ i• '° y j��.y`.t' k' t a "r`'- Ny1,� d iy ,r�y Wk a:.<. e a'.t J r Y'.. �! �, „4, " f".,; t! .x a • '"TiS Y• Y `; "ar-}""�-•r' Jit:+ 1,'f'.-1'.,.• "1._ 'Si�..• "'AP . �S• `,,,,j` 4 . -. tv A . . ,A�k:. .. k °`t 'a �aj{i t�y[0' i" 5 d + .4. . . : `iF l, 4�,/1 t- �1� 4 Y`�rS1 faCF'' lilt} } ,,. wl� .t �•-T`A .7 '�t� ( ;.` ?�L •7 ',1 r .�i .Sr, , __44 S }.ke-.4'1'7" Y _j ', ,4 Y r,4'� rr N I' , Ti 1 i t. d ....,?:,..,,,.:.,..,§,:,:.,� �i.-r4' ` o.ki,, /' �� •y i ,•y'r ~i*• fir.,! < , , t x,yr 1 : * � 1 r�. ,. f /� SS.. i 1 4.1,,..,,,-.: fy ��1 h S,f'. 4--,,..-,.\ ,l( :!_4,1? - rt r.rte � )..-r � f\� -'� '�< 4��\ �'; i � a ef �f }h 3?l '! ' S � ¢t.t J. y, i t h1V l itA, ♦ iw �,'.. - `F 1. E 'strly view towards easement area bordering STH 36 right-of-way :f dAf mil_'�_ S j '-1 ` x :. , •- x « ta. r% •,-ir R `f 7 Y [ *"4"..----- - - --. ••-w,-,,, F, • r � -a t— "i'r -saw""'*w '~L ' F'F - d > c s Y Y f h.yr.tcy_ ;•�.3•r h . ` y � � t.,,, ` *. E � r,' «fi.r k, 3vf` ' .•.'" ?3; PARCEL 1 PHOTOGRAPHS 1 r. 1 +P ^tL± rw x$`:t' ' ". mot- t w r `x ., r .. : 5 ty r ,ate^ `.. A.: t.'::t�4.,-;-e.,-,,,4 9 . : f �' lc ' t+t F . t s , xn e , r J °� 'S :; _ � ,� +..(� ' 1s "c3t � ' '� `L�an ',A*- ,:,./I''''...-4 L . n. T i �` ^ ..` S .. l " `y G ' -7 IN t � j ,4- x ."'tit�--,...4:4-2w.•-_,.„•• � �-L- ,,-tf• ,; ffT -,c7 ,, _.=-A...... . _. View looking west from near watertower site through proposed construction easement • • • r i y, Y .4 � •fix t 4 :\ �) ' j ' fir } , .. Z..:- -.....1, ar - ' : ov . ,.. - .. -a � - � '..C., s • qq � 1' r �, a rig � : 4.• � ;. ,l9 r f. , l' R � "Y ll'e t.._y `t-tr -'` ' aZ ', �,, .; S tq. c •••r°}'� rW •i ttrt irri'"'1:y 4'y•I� t ...Fr • I .4'' ■ View looking west from the NE corner of the SW 1/4 of the NW 1/4 32 BETTE1DiIMPI EN\iii }IE. Parcel #2 Property Address: 13201 60th Street North County Tax Parcel # : 60005-3500 Property Owner: Alvin J. & Elaine K. Krueger Total Land Area: 40 acres or 1,742,400 SF Buildings/Use: Christmas Tree Farm with residence & outbuildings. Zoning: 0, Open Space Conservation District Project/Acquisition Easement Land Areas: Acquisition Area: 1,345 . 00 ' x 80 ' = 2 .47 acres or 107, 600 SF Temporary Easement: 1, 345 ' x 30 ' = 40,350 SF 379 . 8 ' x 20 ' (Avg. ) = 7,596 SF Total 47 ,946 SF Estimated Land Value: Fee simple value of $11, 300/acre; $0 .26/SF. Estimated Land Value Damages: Acquisition Area: 107,593 SF x $.26 x 100% = $27, 974 . 18 Temporary Easements: 47 , 946 SF x $ .26 x 15% = 1 , 869 . 89 Total Land Value Damages: $29, 844 . 07 Rounded: $30,000 Comments : The taking and easement areas are generally level land consisting for the most part of cultivated Christmas trees (which are valued later in this report) . There are no building improvements on the land to be taken or encumbered. 33 • HI PARCEL 2 PHOTOGRAPHS • I •a• • fate.•`�t s i • ',. , 1' s-4, -- , -,:tea, .4",----.. .. -::' K '� � r� � ✓ y to�,C;;::.. ,:)::::;':::.::: 2• ' " `. F �t ° -� , f" t t r,r ti s y� ---- 7 r A i•. 's � , te- T �, -r fp r ` k a4 � t I • " 1. i c }i •-1J .6. ..4 Y4 9 e 9:- i �.4s ; , � e t * ' Wi- G�t r a 4,. I"14 ? :49 ' lo,i''' a.e• .,b j• ce.. View looking west across taking and easement areas • I !) ( . + • •.. Fir r>• ' ` ti � c i s § C View looking east across taking and easement areas 34 i • BFTTEIOQRF'Ri1>{RERik111C11F Parcel #3 Property Address : South of the intersection of Norell Avenue and the proposed 58th Street North County Tax Parcel #: 61345-2150 Property Owner: Elmer Haase Total Land Area: 39.7 acres or 1, 729, 332 SF Buildings/Use: Raw land Zoning: 0, Open Space Conservation District llProject/Acquisition Easement Land Areas: l.. Acquisition Area: 966 . 30 ' x 80 ' = 1.77 acres; 77 , 304 SF Temporary Easement: 966 .46 ' x 30 ' = 28, 994 SF Estimated Land Value: Fee simple value of $0 .26/SF Estimated Land Value Damages: Acquisition Area: 77 , 304 SF x $ .26 x 100% = $20,099 . 04 Temporary Easements: 28,994 SF x $.26 x 15% = 1, 130.77 Total Land Value Damages: $21,229 .81 Rounded: $21,200 Comments : The taking and easement areas are level to gently rolling land consisting, for the most part, of open field interspersed with coniferous growth. There are no building improvements within the acquisition or easement areas . 35 PARCEL 3 PHOTOGRAPHS Il II II s .ter - - y •c s, ' # f ei t'Y t yy ta. y ':Os. .:. 5" j.).h f,1" `ate 4 " ,,, c•, .,'�. rq,. / sg /f v :-"t rS'X'' .r'} S$ j~i �'y p'# t.. Y P� y, _..d „,a ,t"'�♦ r ft . . R.r� r* „ },, ear , .S, .k.:�it y a -. .L •y,.-• � t -h is " 1 t �'.° ^ $' -t a� r. . .: . View looking west along acquisition and easement areas. VIIIRK ONTS 111111111, , - ti: • S'''" at, r t a� fix. _y♦e 1 at -'1,,e- - Cam`nC -k '- ---., �' � Y ! L*Pfz.4- . .,i - + '- ', -e •',..!•r•.-ct F f:� >' of�5:�.. � y .. .. _. t View looking east through acquisition and easement areas. 36 {IMF\I)I)RF'RiAE 11101)(IIF SUMMARY OF LAND VALUE DAMAGES The following estimates of land value damages are applicable as of July 6, 1992 : PARCEL & ACQUISITION PERPET. ESMT. TEMP. ESMT TOTAL OWNER DAMAGES DAMAGES DAMAGES DAMAGES 1 - Krueger $ 0 $ 9,200 $ 7,800 $17,000 i 2 - Krueger $28,000 $ 0 $ 2,000 $30,000 3 - Haase $20, 100 $ 0 $ 1, 100 $21,200 ■ TOTALS $48,100 $ 9,200 $10,900 $68,200 This portion of the appraisal report does not include monetary damages as a result of the loss of Christmas tree stock. See the next section of this report for an accounting of potentially affected trees and an analysis of the value damages . i I • 1. 1 1 37 1 nu, [L ii_ l�lli i.i.�� t ii L ll�R\ 1I_ TREE VALUE DAMAGE ESTIMATES Parcels 1 and 2 comprise Krueger Tree Farms, a concern which plants, cultivates, and harvests several varieties of Christmas trees. As a result, tree stock lying within the affected taking and easement areas represent significant value loss by the property owner. To accurately arrive at a damage estimate, the trees lying within the affected areas were physically counted and "typed" by species and size. Discussions with several Christmas tree growers and procurement of a wholesale price list formed a basis for the values used for the various types and sizes of trees. A copy of the 1992 wholesale price list used is included in th e addenda. It should be noted that the Y P rices used by the appraisers represent a "net" figure. That is, the price is "on the stump" and is exclusive of cutting, baling, loading, and spraying with green colorant. These three preparatioons costs, according to surveyed tree wholesale approximate an additional $2 per tree. I'I It should be noted that a significant amount of stock was three feet or less in height. Though these trees are too small for harvest as Christmas trees, they do have value. A formula which was provided by a member of the Minnesota Christmas Tree Growers Association was applied. It is based on the fact that, on average, Christmas trees take approximately eight years to mature into to a six to seven foot tree. Two foot trees are approximately three years old; three foot trees are approximately four years old. To estimate the value of a three foot (four year old) tree, one divides four years by eight years to arrive at a factor of .5. {.. This is then multiplied by the current value of a six to seven foot tree, say, $14 . 95 to yield a value for the three foot tree of $7 .48 . Finally, after the gross value for all the trees is ascertained, the ure ross figure is multiplied by . 95 to account for grade g g P "B"/Commercial Grade trees. It should be noted, that by industry standards, a factor of 10% is typical. However, several growers we spoke with are familiar with the Krueger Farm and stated that his trees are, overall, of better quality than most. { 1 1_. 38 iETTE\ URE'RUHRE3'R1w;HE 1 White Spruce 4 ' to 5 ' - 31 @ $10.00 $ 310 . 00 6 ' to 7 ' - 92 @ $12 . 95 1, 191.40 8 ' - 18 @ $15. 95 287 . 10 12 ' - 2 @ $6/FT 144 .00 Subtotal : $ 1, 932 . 50 Balsam 2 ' ( 3 yrs) - 713 @ . 375 x $14 . 95 $3 , 997 .25 3 ' (4 yrs) - 112 @ .50 x $14 . 95 837 .20 4 ' to 5 ' - 279 @ $10 . 95 3 , 055.05 6 ' to 7 ' - 301 @ $14 . 95 4 ,499 .95 8 ' - 115 @ $17 .25 1,983 .75 9 ' to 10 ' - 44 @ $25 .00 1, 100 .00 14 ' - 16 @ $6/FT 1, 344 .00 } 15 ' - 5 @ $6/FT 450.00 Subtotal $17 , 267 .20 Fraser Fir 3 ' (4 yrs) - 10 @ .50 x $23.50 $ 117 .50 5 ' - 8 @ $17 .50 140. 00 7 ' to 8 ' - 25 @ $27 .50 687 .50 10 ' - 3 @ $6/FT 180.00 Subtotal: $ 1, 125 . 00 Scotch Pine 7 ' - 5 @ $13 .50 $ 69 .75 8 ' to 9 ' - 10 @ $17 .00 170.00 Subtotal $ 239. 75 Blue/Colorado Spruce 3 ' (4 yrs) - 18 @ .50 X $15. 95 $ 134 .55 4 ' - 82 @ $12 .95 1,061. 90 5 ' - 41 @ $12 . 95 530 . 95 6 ' to 7 ' - 46 @ $15. 95 733.90 8 ' to 9 ' - 25 @ $19. 95 498. 75 10 ' - 16 @ $6/FT 960.00 12 ' - 17 @ $6/FT 1, 224 .00 Subtotal: $ 5, 143 .85 Gross Total: $25,708 . 30 Minus : 5% factor for Grade "B" ( $1,285 .42 ) TOTAL TREE VALUE DAMAGES $24 , 422 . 89 Rounded to: $24,500 39 BFTTEV F'i<4i L '1Al lH RECONCILIATION � Our analysis involved three parcels of land and the estimation of land value damages and tree stock damages resulting from proposed land acquisition and placement of perpetual/temporary easements for purposes of road construction and utilities installation/main- tenance. Following is a summary of damages incurred by the re- spective parcels and property owners: PARCEL & ACQUISITION PERPET. ESMT. TEMP. ESMT TREE STOCK TOTAL OWNER DAMAGES DAMAGES DAMAGES DAMAGES DAMAGES 1-Krueger $ 0 $ 9,200 $ 7, 800 $24,500* $41,500 2-Krueger $28,000 $ 0 $ 2,000 - 0 - $30,000 3-Haase $20, 100 $ 0 $ 1,100 - 0 - $21,200 TOTALS $48, 100 $ 9,200 $10,900 $24,500 $92,700 This appraisal report is not intended to be interpreted or construed as a full narrative appraisal on a "before taking" and "after taking" basis . Rather, it is an abbreviated appraisal in accordance with your request which analyzes and summarizes the property value damages on a parcel by parcel basis . Complete narrative appraisal reports can be provided on any of the subject parcels if such need should arise. * Parcel 1 and Parcel 2 both contain -affected tree stock. For simplicity of presentation, however, all tree stock damages were assigned to Parcel 1 . 40 0 'Il1 1 1 L v'j i 'i {�Iti, .i , �' CERTIFICATION The undersigned does hereby certify that, except as otherwise noted, in this appraisal report: 1. This appraisal assignment is not based on a requested minimum valuation or specific valuation for approval of a loan. The estimate of market value identified in this report was developed independent of any undue influence. 2. I have no present or contemplated future interest in the real estate that is the subject of this appraisal report. 3. I have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. 4. To the best of my knowledge and belief the statements of fact contained in this appraisal report upon which the analyses, opinions and conclusions expressed herein are based, are true and correct. 5. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions and conclusions contained in this report. I 6. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the Appraisal Institute and with the Uniform r Standards of Professional Appraisal Practice. 7. No one other than the undersigned prepared the analyses, conclusions and opinions concerning real estate that are set forth in this appraisal report, except as otherwise noted. 8. I have made a personal inspection of the property that is the subject of this report. 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Disclosure of the contents of this appraisal report is governed by the By- Laws and regulations of the Appraisal Institute. 11. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute) shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of community without the prior written consent and approval of the undersigned. . A • I ! Scott R. deLambert certified Federal General Appraiser License #4002687 Roger . Rohrer certified Federal General Appraiser License #4001238 41 1 lETTEIDORE'ROIIRE 11R11i1 IIE 1 SCOTT R. deLAMBERT BETTENDORF ROHRER KNOCHE, INC. Spruce Tree Centre Suite 206 1600 University Avenue Saint Paul, Minnesota 55104 EDUCATION: Bachelor of Science, Real Estate, Arizona State University, Tempe, Arizona, 1979 Henry Sibley Senior High School, Mendota Heights, Minnesota, 1974 REAL ESTATE STUDIES: A. I. Course 101 : "Introduction to Appraising Real Property" , 1991 A. I . Course 102 : "Applied Residential Property Valuations" , 1992 REA 251: "Real Estate Principles" REA 411 : "Real Estate Law" REA 401 : "Real Estate Appraisal" REA 461 : "Current Real Estate Problems" REA 331 : "Real Estate Finance" REA 498 : "Income Property Analysis" REA 302 : "Real Estate Management" REA 456 : "Real Estate Investment" N.A. I .O.P. "Industrial Park Development Course" , 1986 Real Estate Licensing Course 1, 30 Hours, 1990 Real Estate Licensing Course II, 30 Hours, 1990 Various other short courses and seminars. ASSOCIATION MEMBERSHIPS: Candidate Member, The Appraisal Institute (#M91-0202) Licensed Appraiser, State of M innesota (License #4002687 ) ) Licensed Salesperson, State of Minnesota EXPERIENCE: 1 Appraiser, Bettendorf Rohrer Knoche, Inc. , St. Paul, Minnesota October 1991 - Present Appraiser, Herman Appraisal Services, Minneapolis, Minnesota March 1991 - October 1991 1 Leasing Representative, The Shelard Group, Minneapolis, Minnesota, February 1990 - March 1991 President, Summit Development Company, Lincoln, New Hampshire, July 1986 - January 1990 Appraisal assignments have included commercial, industrial, multi/single-family residential, and land. 42 B[I'If\Ij;iRfitiov m\H1 IIr QUALIFICATIONS OF ROGER M. ROHRER BIOGRAPHIC DATA Born May 29 , 1941, In Swift County, Minnesota. Agricultural background through high school . Served three years in United States Army after attending college for two years . Completion of college education followed by employment in federal government and in real estate profession. EMPLOYMENT 1967-1968 : Forester for U.S . Forest Service, Department of Agriculture. 1969-1972 : Right-Of-Way Officer in Federal Highway Administration, U.S. Department of Transportation. ( 1972 to Feb. 1991 : Real estate appraiser and salesman with Muske-Tansey Company through February 1978; continued with Muske Company, Inc. after the Muske-Tansey partnership was dissolved. Vice President of Muske Company, Inc. from January 1984 to February 1991 . March 1991 - to Present: Bettendorf Rohrer Knoche, Inc. - Vice President. EDUCATION Graduated from the University of Minnesota in December 1966 with a Bachelor of Science Degree with distinction. Attended and successfully completed the American Institute of Real Estate Appraisers courses I, II and III between March 1969 and March 1970; Capitalization Theory and Techniques, Parts 2 and 3 in January 1982 ; Standards of Professional Practice in fall of 1982 ; Valuation Analysis and Report Writing in August 1983 ; and Case Studies in Real Estate Valuation in September 1983 . In addition, passed the Basic Course in Real Estate required by the St. Paul Area Board of Realtors. t Numerous real estate and appraisal seminars have been attended since 1972 . 44 8£TIE IIt)E!�111'E1ik101 i11 QUALIFICATIONS OF ROGER M. ROHRER (Continued) PROFESSIONAL AFFILIATIONS Associate Member of St. Paul Area Board of Realtors. MAI candidacy in the Appraisal Institute. Candidate No. M-76-371 . Appraiser License No. 4001238, Minnesota Department of Commerce. Certified Federal General Real Property Appraiser CLIENTS FOR WHOM APPRAISALS HAVE BEEN SUBMITTED Minnesota Mining and Manufacturing Control Data Corporation Glacier Park Company (Burlington Northern) International Harvester Company Port Authority of St. Paul Housing and Redevelopment Authority of St. Paul Ramsey County and several city governments ! Minnesota Department of Transportation Minnesota Department of Natural Resources Banking institutions in St. Paul and suburbs University of Minnesota Numerous private companies and individuals TYPES OF APPRAISAL EXPERIENCE Residential - both single and multiple family. Industrial - wide cross section including factories, warehouses, truck terminals and general manufacturing. Commercial - office buildings, central city hotels, service stations, retail stores, shopping centers. Indian Treaty lands in North Dakota, South Dakota and Minnesota. Scenic River appraisals. Other - Expert witness as an appraiser in District Court proceedings in Hennepin, Washington, Ramsey and Dakota Counties L in Minnesota, and Federal Court in Washington , D . C . Condemnation commissioner in Dakota County. Revised: October 29 , 1991 45 OAK PARK HEIGHTS STATE BANK ORDER-CHECK ST.CROIX MALL CITY OF OAK PARK HEIGHTS STILLWATER,MN 55082 WASHINGTON COUNTY 75-511/919 STILL WATER,MN 55082 237 PAY I 10"• $ .01/. 114 I „I ,'"' 4,11 411 4" "4 DATE AMOUNT TOTHE ORDER OF .2, 476 t * 600 11 WINNFIELD APPFiAISAL CU MAYOR-CLERK-TREASURER iiilO 60TH ST N STILLWATER MN .55082-0000 NON-NEGOTIABLE CITY OF OAK PARK HEIGHTS WINNFIELD APPRAISAL CO 1 , 600.00 12/14/87 . 240067 101 40100-103 APPRAISAL-SAMPLE 800,00 ', 240067 101 40100-#03 APPRAISAL-KIEPER 600.00 Full Service Real Estate Specialists 13961 60th Street North, Stillwater, MN 55082 (612)439-7800 WINNFIELD, INC• GARY A. VIZENOR SICRPA RICRPA President Rrofessional Real Estate Appraisers ESIDENTIAL FARM a. RURAL LAND COMMERCIAL INDUSTRIAL March 21, 1985 RECREATIONAL SPECIAL USE CONDEMNATION Mr. Mark Vierling Attorney at Law 1875 Northwestern Avenue P. 0. C Stillwater, Minnesota 55082 RE: Lot 12, Block 6, Beach Addition Oak Park Heights, Stillwater, Mn. Dear Mr. Vierling, Pursuant to your request, we have made an appraisal of the above referred property for the purpose of estimating the Fair Market Value fee simple of the subject property as of March 20, 1985. Fair Market Value is defined as the price the property will II! bring in a competitive market under all conditions requisite to a fair sale, which would result from negotiations between a buyer and seller botn acting prudently and without undue stimulus. As a result of our inspection and analysis, it is our opinion that the market value of the above described property as of March 20, 1985 is : ONE THOUSAND DOLLARS ($1,000.00) sincere , ,//7 f .;- y . Vizen President, nfield, Inc. GAV/pa •,4embers of: ST. PAUL BOARD OF REALTORS 0 ORS NATIONAL ASSOCIATION OF CERTIFIED REAL PROPERTY APPRAISERS, INC. Real Estate Specialists in Appraising, Consulting, Investing, Management, Land Development ^F e o4e4,PAOVee<" (1) DATE AND PURPOSE OF APPRAISAL This appraisal, dated March 21, 1985 is for the purpose of estimating the fee simple Market Value of the subject property as of March 20, 1985. MARKET VALUE DEFINED Market value is defined as the highest price estimated in terms of money which a property would bring if exposed for sale in the open market by a seller who is willing but not compelled to sell, allowing a reasonable time to • find a buyer who is willing butnot compelled to buy, both parties having full knowledge of all the uses to which the property is adapted and for which it is capable of being used. ADDRESS AND LEGAL DESCRIPTION Lot 12, Block 6, Beach Addition, Oak Park Heights. I 1 Is FROM: WINNFIELD, INC. 17961 60th Street No. Stillwater, Minnesota 55082 STATEMENT r--Mr. Mark Vierling 1875 Northwestern Ave. P. O. C Stillwater, Minn. 55082 J PLEASE RETURN THIS STUB WITH YOUR REMITTANCE.YOUR CANCELLED CHECK IS YOUR RECEIPT. DATE DESCRIPTION CHARGES CREDITS BALANCE 7/21/85 Appraisal on Lot 12, $175.00 Block 6, Beach Addition PAY LAST AMOUNT IN BALANCE COLUMN REDIFORM. 8K872 111 TABLE OF CONTENTS 16 Page No. Transmittal Letter Forward Date and Purpose of Appraisal - - - - - 1, Market Value Defined 1 Location of Property 2 Zoning 2 Present Use 2 Description of Improvements 2 Highest and Best Use 3 Approaches to Value 4 • Estimate of Market Value S 6 6 Conclusion 7 Building Sketch Photos 9 • Market Data 10, 10A, 10B Limiting• 'Conditions 11 Certification 12 Qualifications 13, 13A Partial Client List '- 14 410 (2 ) • LOCATION OF PROPERTY The subject property is located in the City of Oak Park Heights in a residential area. ZONING The subject property is zoned R-2, low and medium density residential. Since the City is fee owner, there are no real estate taxes. I.D. 60170-7500. No special assessments. PRESENT USE The subject property is vacant. DESCRIPTION OF SITE The lot size is 50 x 71 (7,550 sq. ft. ) and has sewer and water available. GENERAL COMMENTS The subject property has a total of 7,550 sq. ft. The minimum required sqare footage for either single family or duplex construction exceeds 10,400 sq. ft. In addition, the zoning calls for setback distances from the front, back and side lot lines that cannot be met with the present lot size. This lot has no true market value, however this appraiser has determined that it may have an ability to be assembled with some contiguous property and then meet the minimum requirements or at least allow variance. Be- cause of this potential assemblage, I have placed a salvage value of $1,000.00. 110 (I ) .*:, ;' " HIGHEST AND BEST USE The Highest and Best or Most Profitable Use, as defined in the Appraisal of Real Estate, 7th edition, is "that use, which at the time of appraisal, is the most profitable likely use. It is the use that will provide the greatest return on the land after the requirements of labor, capital, and coordin- ation have been satisfied. Thus, it may be also defined as the available use and program of future utilization that produces the highest present land value. " Underlying the theory of the Highest or Most Profitable Use is the theory of change. Change is ever present, as all real estate, improved or unimproved, can be described within the context of its place in a particular development cycle. Downtown urban land in the Central Core District of Minneapolis, for example, can be regarded as having a significant demand and, for those sites still in the core which remain as parking lots', or other types of vacant gr ound, the future potential for development and transition from their present use to a markedly different one 410 is readily foreseeable. The Highest and Best Use of any given piece of ground should be analyzed not only in terms of its existing use with improvements constructed thereon, but also other possible uses would be con- sidered which may be affected by zoning and planning changes, social needs, and market demand. Therefore, in estimating Highest and Best Use, we should consider those uses which are physically possible for the site; permissible uses are those uses which may be permitted by current zoning and deed restrictions to the site; feasible uses are those possible uses which would produce to the highest net return to the owners and finally, the Highest and Best Use or among all feasible uses, that use which produces the highest net return to ownership. • . •t /111( (4) • APPROACHES TO VALUE There are three Approaches to Value utilized in most appraisals. The purpose of•using three approaches is that each acts as a check against the other. These , approaches are as follows: Market Approach The Market Approach is a method for predicting value of • a property on the basis of selling prices of comparable properties. The rationale , is that a purchaser will • usually not pay more for a pronerty than he would be required to pay for a comparable alternative property and a seller will not take less than he can obtain elsewhere in the market . • Cost Approach The Coat Approach is a method whereby the estimated value of a property is obtained by adding to the land value the depreciated value of the improvements. Income Approach The Income Approach to value is a method whereby the income or anticipated income of a property is used to estimate the value of the property. Normally these approaches will each generally indicate a different, value. After all the factors have been carefully • weighed, the indications of value derived from each of the approaches are correlated to arrive at a final estimautof. value. (5) ESTIMATE OF MARKET VALUE Income Approach • The appraisal of the subject property has not considered the Income Approach to value . Most single family Properties are owner occupied and to use• the Income Approach is , speculative and not very accurate . Therefore, we have relied on the Cost Approach and the Market Approach to value in estimating the Market Value of. the subject property. COST APPROACH In the Cost Approach to value, the appraiser estimates the reproduction cost of improvements, deducts accrued de- preciation and adds land value for an indication of value by coat. Reproduction Cost Estimate The Reproduction Cost Estimate represents the appraiser's opinion of the cost of reproducting the improvements at current prices. In this approach all cost of producing the property are normally considered, i.e. the construction cost plus incidental costs such as architect's fee, financing cost, taxes and interest during construction, appraisal and legal fees, and other miscellaneous expenses. In calculating the cost of the improvements. Marshall Swift Cost Data hand- Book, and the appraiser' s experience with construction cost in the area were relied upon. Depreciation Depreciation generally results from one or more of three sources These sources are known as physical deterioration, functional depreciation, and environmental depreciation. Physical depreciation is a loss of value due to ge& eral wear and tear of the building due to age, deferred maintenance or from other sources which cause the building to wear out . Functional depreciation is obsolescence in the building due to layout, changing tastes in design and use of materials, etc. Economic obsolescence in a reduction in value of the total real estate caused by factors outside the property itself, i.e. , from proximity to other properties and usages which create depreciation in the subject property. All buildings except new ones suffer some physical depreciation. This appraiser feels that the amount of depreciation shown would be the amount that buyers and sellers would recognize in typical market transactions. 411 The calculations of reproduction cost are shown as follows : (7) • CONCLUSION Based on the data contained herein and my experience as an appraiser, it is my opinion that the Fair Market Value of the subject property as of March 20, 1985 is : $1,000.00. i mi KM ii]1 f [N Si' ' .ST- 1 ice. ,i ; ' a _ ,, .N ,..,. : ,, . .. . 1 .4— 12)-c—' • �p� 2( of .• O Mai (�' © ®©_;\ Ma If [ ; o - \ • m 5 �° 00 o \ m v . \ . o • \.,... 14 411,11,,NISI, kk » \ .f 'f t , jj i 3 .." ''' 13 • i.cori• z : VI \ \ . "t.--,, . , , . \ gra \\ . Mill kj . ` • . , , . •'. , : , ,... \ f:: + j ) \ .•o �1 � 41: ST••N _•' w NM VIM i0 ;, 7 P 00 .. 1, a _ ! 2.710 t„o • 111113.1611113.11. MC o 10111.0111111 t5o9� 7 MOM NIL H ).,• \\ • ao Ii�9TN . , K, NO• ' \ o� oa � I 17 1 Co 3.00 .-_' . •- Minn 6 in 1111111 7, I� * 7 , . . y 3 © =700 ",2C —2,4 • ) ■• 1 2 0 . 7 • • )0 y1 , _ - 00 + t 4 .. 2 I 2 2 I W t 1 1 j ) , I Y g m W 6i j • ,y_• 3 7• W • /• .0 7 J • 0. • ' 0. • ' W .0 • 0 5 t 2 S7nTM 111711111111111 3050 3750 fsss)2 5 !N 2 10 , • , • 1 , • f ® 1: ..,7i ••w • 4 • • . • • 6 5 - __cais 1 i0 1 • 10 .i • •t •••Oh t I i ••00 a n 5 T151 "ST u d : :,0• VALIEY v1E,, • ) • 3 01025431 s El10LIMUIV.T.PARK rte- I 2 - / 1 `. •••o , 5.710 ■ / •1 , 110 • ,/ —) _. — .. .. ___ . ..__ 0-- --— ----- ai . i •200 . • I 1 I_ _ i r—� . a'• — j 21B 1 2 SEE MAP 13B � SHNS , ....,911111111111! Sr. ; ®91 I1• CO RD E V3 •[�9�1, 'Q,��a_ , HOULTON I :ii: o ��N �c I RI II I 11$4kiltti 1 II.. "'fi®UMNIi tt� CC1'' I S' I _ ■11■F�319®,4A_�OT! . 000 - — I _ ,, t KNOOI IlliOmilwitill'N 1 1 B r : OR LEA•T•V/ 5`.t-, j — — js C t [N im®� .J I 1 Q I. re •• YVHf �� I _ j I b MI1i _: ai rc ccre�aTTC ®\ 'emu \AT�N. YM ��itT"5T .M. xA a lfrx ar.x. r. lfTN ST N. 57TH 37 N ,i N, x sr x. i��� ` _ __• !TN■" 'f N ' r157THST N • i Y'f8R 5r1 3 , - 9T' MtR tfTN{t.M. p1D 8.Cl.N j — H TS °,:Mill& IV BA115 01's' --_.. 7TN 1 A eTN • 0 I Elfirl ll `a BAYTOWN ITWP.0 o .' »1L'®actN d "' O, ' eT.N. N�k1��r N I 0 U P'fit I � f'i l'� ®Y� �+ � � � :. D G 0 m 1 Ssr m1vt®®s }� :r�, T.N. I I O I _ —_ I � }0 I )RD x x �rT a E h ■ .� I`O�°O I 6t w i 4TH O'` I s. ,e � °�T" N SEE AP 298 I V - T,' • ! • • I f„, 7 '• •/It •4;4, VI . t s • • • • • • • _. _ (11) ASSUMPTIONS AND LIMITING CONDITIONS The property has been considered as though it were free and _Clear of any indebtedness, liens, or encumbrances;, and that the title, is good and marketable and competent management is assumed, unless otherwise stated herein. No responsibility is assumed by the appraiser for matters which are legal in nature. No survey has been made and it is assumed that the improvements are located within the legally described property and that the buildings comply with all ordinances. Any sketches and pictures in this report are included to assist the reader in visualizing the property. I believe to be reliable the information indentified in this re- port as being furnished to me by others but I assume no responsi- bility for its accuracy. Possession of this report, a copy thereof, or any part thereof, • does not carry with it the right of publications, nor may it be used for any purpose by anyone but the applicant or by previous written consent of the appraiser and the applicant and in any event, only with property qualifications. The appraiser herein shall not be required to appear in court or before any governmental body by the reason of the completion of this assignment without predetermined arrangements and agreements The distribution of the total valuation in this report between land and improvements, if any, applies only under the existing plan of utilization. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media, without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser or firm with which he is connected. 111 • Ilk CrsslrICATION WINNFIELD._ INC., The Winnfield Corporation does hereby certify that, except as otherwise noted in this report: • : We have inspected the subject property. We have no present of contemplated future interest in the real estate that is the subject of this appraisal report. We have no personal interest of bias with respect to the subject matter or the appraisal or the parties involved. The aounrmined our va]ue or upon contingent a, ountuofn p themarket a a predei.e value estimate. To the best of our knowledge and belief the statements of fact contained in this appraisal report, upon which the analysis, opinions and conclusions expressed here- in are based, are true and correct. This appraisal report sets forth all of the assumptions and limiting conditions (imposed by the term of the assignment or cQclusionsecontainedainctli:�affecting analysis, opinions reportn This appraisal report was rlade in of Standards of Professi onal Real Est,te Appraisers. Winnfield, Inc. hereby warrants that an officer or authorized representative has reviewed the analysis, conclusions and opinions concerning real estate values that are set forth in this appraisal report. AI. ID ET: III • PARTIAL CLIENT LIST American Polywater Commercial Nelson Jonnes Residential Craig Bartholmay Residential Ec kber g, Lammers, Bri gg s, Wolff & Residential Vierling Norwest Bank, Stillwater Residential, Land, Commercial of Stillwater Land, Residential,Bank , , Commercial Cosmopolitan an P Wendell R. Anderson Subdivision Highland Marine Commercial Suburban Lighting Land Jean & Jackie Chapman Residential Joe Warren 7M Company 411 Fingerhut Commercial Ted Diekel Land Alfred Godeman Residential, Land State of Minnesota Residential, Land, Commercial Washington County Residential, Land, Commerical Rheinberger & Rheinberger Residential Jim Moberg Residential Roy Holsten Residential Norwest Bank, Hasting Stillwater Metals Nelson' s Repair 411 REAL ESTATE APPRAISAL PROFILE • • • GARY A. VIZENOR OCTOBER 2, 198'' BACKGROUND Johnson }sigh School Graduate 1957 1957 1959 U.S. Navy - Completed two years of Course Material: Business Management. 1959 - '1973 3M Company Supervisor, Advertising Manager Advertising Coordinator, Advertising Sales Promotion Supervisor, Reflective Products Sales Promotion and Merchandising riseserReflectivevProductstDivisionDivision Marketing Manager - Special Enterp Product Eger, Chemical Division BUSINESS ,EDUCATION Sales training - 3M Sales Training Department Management by Objectives - American Management Association The Financial Techniques erericannManagementtAss Association Sales Pro of h q - American Management Association Sales Promotion and Merchandising pp Minnesota School of Real Estate - Courses #C-III Real Estate Society of Real Estate Appraisers Course #16 Appraising and Commercial Property. 1973 - 1983 Founder, Owner and President of Grant Land Company. (A) 10 years of. active real estate sales, land development and appraisal work. (B) Personally conducted many ylressidential, farm, and land appraisals as well as some comma (C) Was personally involved in the development of several thousand acres of real estate. (D) Have acted in many court actions as a professional witness. (E) Have been appointed by the Court System �sa Commissioner in: a 1. Highway Condemnation (State County) 2. Estate Settlements • • 3. Property Disputes . 4. Property Division Proposals • v 9'" • -2- 4 Estate Broker - State of Minnesota (F) Licensed as a Real Fps , G Member - St. Paul Board of Realtors (H) Member St. Paul M.L.S. (I Member - Society of Real Estate Appraisers and Qualified for SRA"Designation. (3) Member - National Association of Certified Real Property Appraisers, Inc. Commeercial, Industrial, Farm oAppraisal. R-CRPA • Senior Commercial, Certified Residential App raiser. • Designation - Level II Appraiser Norwest Mortgage Corporation Number 1295. CIv c (A) past President of the Withrow Athletic and Recreational Foundation. (B) Past President of the St. Croix Valley Business and • Professional Association. • df / . President Gary A. Viz r, Winnfield •C. So. - s N. .4 k 4z..i. elto N .... 1k NI Q444 4 rac,. / 0 11 e 1 g 1 r e 1 . t 4 ! 1 ce 4 %° \Z `- eati \ •fik \4 te e, c\r , • * it, o U GziC 6%,:fr .11n•fi *, e - ■ sa 10 1V 3'p So Jv d s !`b .!b 1 .51) fa d'is .14' 1 4 1 , \ . 14 O l De ■ k4‘ 1 IP' . 4.6,,,iigz, ,,,, zr. 4 • - . 1 ,.,.,0, - .4.• ,. • _ \ . -\i . `) ,` ' . \t & ... % till t dl i di Jv s ) 0`a , i) • to edreeet6i $111,ti"" / 410' letor.4, ' i Ft, - iv ri. - .nr. - J-• # , . sr T iv s r - .fs [ .s-,, - .ro . \ 41 t1/4) % 4 c k t*e -4> 'k k °i* Ss sk ' f411 , 4 #094r,- 1 t. fgeosed $fm, i . ■ %I4 . \ 1 c.} t44 S •■ yel et. ■ Z k • 1) 7r _ Ai �s . le _ r _ •fir , 1444 1110 A es4; tun......AL 1 ,444.04.a, N •. er - . f 1 t, ,,,‘ ,4 n . k.tzt ‘ 0 v k , - . N ,'\ . '' 414 ' 14 t: KN•Nt4; W ; *1\41/41411;-4 1 LII, Ii „\- , til, ;•\,(,. t t? t.., t ., k 1, rk 4 -\ % k. $',. • * tkk\k -\ \ - ( 0, t r ,, & ki. k t ,., - - \t. \tt \rtt,kk - (N. ‘ tkikli tg - 4 Otk\,-A t -- . "' k, * N, ,, k. ik t\{ , N. - k4 - k at t‘ . z1 )4„ \t _ 4 Ct. t. $k : c ,, IN -'. ! N k - K r\ tIst:Z4 ti t , . % .‘ I rtl t- -ti- k ._i( ,(4%,<\ 1/4\ . tk ks, ki, .k P4\tt - t. ,c,„ 1 kNi ‘?\4 N *. k. \ \ ' re 4,,z' ( N 1 0;xck ( t 0, : *4 ttN - . kN *N . IAN . - ,,t . 4 t,, ,i ,, , g.,,:4;,,,, , , „ , ,. .q. 1 N, ,,,., t [ .. , „6.; a. 6 Sa 41 i 0 4'0 .124, r ..", i , .t. .t I , kl. Ws:It il. t k . .. fi * .. „ , k t +N\I ts t,.- ,4 . / . ,,-r-,,, • . ‘.., - \., w.kt, , 4% dor . .4,,- Cas4 ; - 03, ,,,4 . .• t\>„ - ki, k 1..,% b x -. ,,,,,,, . \,c., .. ., i ,z4k k ‘it, ,,, : i, ,Nt. ,,t,\,,,, il‘ k K - . 4 ■ •c. 5,4, % ■ -.3_01. x, r, ,. 4 , rt, . , 4 tki \itikt : . , t , ,., • � N o Y !�j *4)7., ,,,, 1 k;nt 'i• t ' •ts N t 'r % .. ' Nskv - ti [1, 1 ,- it-)?c , t r _i fj . k -Q0, ti.: (N k \ 4 \14. ' \I R. 1 N W . . tt% tkZ Pkt r k . . . 1 - sir4 ' k, . &_ ., 4 , pi,,,.. V. AP AP i tat Si Pa .1 4,1, i WI * "4F1 k % %k4 - kk i t k :\ IA • k 4‘ k f a. t :t L "\ tA ' t . .,\ m . t,. , • _