05/02/1988 BOR CONT - 5023CONTINUED MEETING
of
BOARD of REVIEW
May 2, 1988
EDWARD & BERNICE COONEY
5407 CENTRAL AYE. (Billboard site)
PIN 24-30-2�-33-0008
We sent a letter to the o�ners, on Tuesday April 19, informing
them of the intention of the Board to possibly increase the value,
as submitted of �5500. We also ineluded a copy of the data
presented to the Board, re: this case, on April 18. All of our
eontaet With this property ownership has been with a Mary Cooney.
She purports to be the same person as Bernice Cooney, one of the
listed legal owners. The listed owners are evidently brother and
sister according to Mary Cooney.
Mary Cooney phoned our offiee on April 20, following receipt of
our letter. She seemed to express more concern over the fact that
she Kas � Mrs. Bernice Cooney, as we had addressed the letter,
but rather, a single person. 2 asked her if she understood the
meaning of the letter. She said she did. I tben ask if she or
Edward Cooney or their representative Would be attendance at the
May 2 meeting, to diseuss the proposed assessment. She replied
that she didn't know, but it seemed doubtful. I asked her if she
would provide us With her income data for the billboard, and she
refused.
Additional conversation ensued �rherein she indicated that at one
time they were receiving �33 per month from Nagele. She did admit
that they are now receiving more. If we base our approach to
value on that amount of gross ineome (�33 times 12 mos. _�396
annual), then using the multiplier of 20 or 25, as as indicated in
our original summary to you of this ease, the indicated value
would be from $7900 to #9900. I thinlc we can safely assume that
the current rent is $40 per month, this times 12 months times an
average multiplier of 22.5 = an indicated value of �1��800-
This procedure and amount is quite Well supported by our previous
investigation and analysis. It xould be my opinion, that in the
absenee of supporting documentatiott to the contrary, a proper
value for this parcel is:
, 1 :11
JOHN AND HELEN KASHUBA
6959 HICKORY CIRCLE
PIN 15 30 24 11 0025
This property xas listed for sale in January 1986 for $124,000. It sold in
April 1986 for �120,000. Our estimated market val ue, Por 1986 was $103,100
for a ratio of 85�. We have sales of other properties, loeated � Locke Lake,
that took place during 1g86 and 1987. The median ratio of those sales xas
97.03, Which is quite high When considering the city as a�ahole. Theref ore,
this would indicate that xe are considerably lo�r on our value of the subject
property �hen comparittg to the indicated ratio of all aimilarly located
properties. Our current 1988 estimated market value on the subjeet is
�j08.700, for a ratio of 90.5� when compared to its 1986 sale priee.
�:. Walter Muleahy, of our office, made a reviex of the property on April 21. He
�� noted that the deck is in poor condition due to poor maintenance and a bad
F`; case of dry rot. Also, upon review, he noted that an error had been made
while determining the lot size, due to the omission of the lakeshore line on
the map that We Were using. By eorrecting the land ealeulation and taking off
the deek value, �e �ould have a correct value of $105,600.
Our office, therefore, recommends a reduction in the 1988 estimated market
value from �108,700 to �105,600.
GEiDRGETOWN
,APTS.
RINERWOOD
�IPTS.
-1986
-1987
-1988
-1986
-1987
-7988
APAHTMENT LAND VALUES
L81�tP
$1,141,000
1,198,100
1,198,100
� 377,600
398,000
398,000
RIVER SITES
BU T_ i'��
#8,331,100
9,402,700
9,371,300
�2,413,300
2,556,800
2,465,400
SOTAL
� 9,472,100
10,600,800
10,569,�F00
$ 2,721,600
2,880,280
2,863,�00
For 1987, our office increased land values and the County Assessor's office inereased
building values. For 1g88, the County found that the 1987 level s were apparently too
high and reduced the building values. We maintained the land values at their 1987
level.
Comment on the ToWle Co industrial land report that was quoted by Mr. Dick
Harris, at the April 18 Board of Revie� Meeting.
I eontacted Robin Salway Who assembled the study for ToWle. She said there
was only 1 industrial sale in her studq that was in Fridley. That Was the
pareel of land south of the Raffaels restaurant. It is 82,166 sq. Pt. in size
and was purehased by Vantage Co., January 1986 for �110,000 or $1.33 per
square foot. Based ott the experience of Vantage When they built the Wholesale
Club, it can be expected to cost �1.50 to $2.00 more per square foot to remedy
a poor soil condition, on this site. Our 1988 value on this pareel is
$86,300.