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HRA 06/10/1982 HOUSING & REDEVELOPMENT AUTHORITY MEETING JUNE 10, 1982 7:30 P.M. City of Fridley AGENDA HOUSING AND REDEVELOPMENT AUTHORITY MEETING THURSDAY, JUNE 10, 1982 7:30 P.M. Location: Community Room II (lower level ) CALL TO ORDER: ROLL CALL APPROVE HOUSING AND REDEVELOPMENT AUTHORITY MINUTES: MAY 13, 1982 1. WELCOME NEW MEMBER - WALTER RASSMUSON (REPLACES RUSSEL HOUCK) Pres. Northeast State Bank 7806 Alden Way Fridley, MN 55432 2. CERTIFICATE OF APPRECIATION FOR RUSSEL HOUCK 3. SELECTION OF VICE CHAIRMAN 4. CENTER CITY PROJECT A. Update: Columbia Park Clinic Resolutions - Number HRA 2-1982 and Number HRA 3-1982 B. Bids on 64th Street Project (Memo #82-43, Executive Director) C. Appraisal Reports on Fridley Shopping Center, Fridley Garage and Single Family Residence (362 64th Avenue N.E.) (Memo #82-44, Executive Director) D. Other 5. MOORE LAKE PROJECT A. St. Phillips Project (At Meeting) 1 . Analysis from Dick Ehlers 6. FINANCIAL 7. OTHER ITEMS: ADJOURNMENT: CITY OF FRIDLEY HOUSING & REDEVELOPMENT AUTHORITY MEETING MAY 13, 1982 CALL TO ORDER: Chairperson Coroners called the May 13, 1982, Housing & Redevelopment Authority meeting to order at 7:33 p.m. ROLL CALL: Members Present: Larry Commers, Russel Houck, Carolyn Svendsen, Elmars Prieditis, Duane Prairie Members Absent: None Others Present: Jerrold Boardman, City Planner Mark Haggerty, Smith, Juster, Feikema Ron Berg, Miller Securities Richard J. Larsen, Larsen/Rova Architects Marlin Hutchison, Barthel Construction James Vassar, Vassar & Associates, Inc. Judy Schollen, Lennies, 6381 University Ave. N.E. Ted Burandt, 6211 Riverview Terrace APPROVAL OF APRIL 8, 1982, HOUSING & REDEVELOPMENT AUTHORITY MINUTES: MOTION BY MR. PRAIRIE, SECONDED BY MR. HOUCK, TO APPROVE THE APRIL 8, 1982, HOUSING & REDEVELOPMENT AUTHORITY MINUTES AS WRITTEN. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. I. CENTER CITY PROJECT: A. Update on Property Acquisition - Columbia Park Properties (Memo #82-33 from Executive Director) 1 . Letter to Art & Dorothy Smith dated April 28, 1982, regarding Purchase Price Approval Mr. Boardman stated that, for the record, he needed approval of the $85,000 purchase price for Art & Dorothy Smith's property. He stated he had given the HRA members a copy of a letter from Mr. Herrick advising Mr. Boardman that the additional $5,000 requested by Art & Dorothy Smith for the property was more than adequate compensation in the sense that, if they went into HOUSING & REDEVELOPMENT AUTHORITY MEETING, MAY 13, 1982 PAGE 2 condemnation, they would spend at least $5,000 or more on the purchase of the property. He stated Art & Dorothy Smith have settled on the purchase price of $85,000 and are in the process of building a new home in Blaine. MOTION BY MR. HOUCK, SECONDED BY MR. PRIEDITIS, TO APPROVE THE PURCHASE PRICE OFFER OF $85,000 FOR THE ACQUISITION OF ART & DOROTHY SMITH'S PROPERTY. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. 2. Approval of Letter of Understanding dated April 16, 1982 Mr. Boardman stated that at the .last meeting, the HRA made a motion approving the contract for private redevelopment by and between the HRA and Columbia Park Properties, subject to the negotiation of a satisfactory letter of indemnification by the City Attorney and the attorney for Columbia Park Properties. Mr. Boardman stated the approval for this letter was done by a telephone poll of the HRA members. Mr. Commers was out of town, but four out of four of the other HRA members agreed to this letter and it was submitted for approval to Columbia Park Properties. Mr. Boardman stated he was under the understanding that everything in the letter was what was discussed and agreed upon by the HRA. B. 73rd Avenue Partnership Mr. Boardman asked Mr. Mark Haggerty to bring the HRA up to date on this project. Mr. Haggerty stated that with him was Ron Berg, of Miller Securities, who was the primary individual who has been working on underwriting this particular project. Mr. Haggerty stated that as of Friday, May 7, he had received firm construction numbers from Hagmann Construction (also the construction firm for Columbia Park Properties), and they were going to build the two buildings together. BWBR Architects (architects for Columbia Park Properties) had drawn up the plans the HRA had in their agenda, and it appeared they would also be the architects for the office building. Mr. Haggerty stated the thing that went wrong was that on Friday, two senior partners in his law firm which had agreed to be the master tenant in the office building, decided to pull out of the project. Mr. Haggerty stated he is now trying to get up to 50% occupancy, at which time the two senior partners have agreed to go along with leasing the building. He stated that at that point, they could issue bonds and begin construction. Right now they only have 10-15% rented. HOUSING & REDEVELOPMENT AUTHORITY MEETING, MAY 13, 1982 PAGE 3 Mr. Haggerty stated that because of this situation, he could not, in good conscience,ask the City to issue the bids for moving the road or doing the parking lot at this time. Mr. Berg stated they had scheduled to sell bonds on July 1 internally themselves, based on all previous discussion, and they had hoped to be under construction by Aug. 1. He stated that as far as Miller Securities' offer to underwrite the bonds, that offer remains open if a master lease tenant can be found. Mr. Commers asked Mr. Haggerty to keep Mr. Boardman advised of any new .developments. - Mr. Haggerty stated he appreciated what the HRA has done, and he was very sorry to have to make this report. Mr. Commers asked what bearing this new situation had on the street project. Mr. Boardman stated they are continuing the bids on the street project and have set up the parking lot as an alternative bid. They are going to keep 64th Ave. in as a regular bid, because by state law, they can legally delete up to 25% of the project, and 64th Ave. is not up to 25%. So, if by the end of July, Mr. Haggerty cannot put the office building project together, the City can make a decision as to whether to go ahead with the street project or hold off on the street project until an office building project can be put together. He stated it might be worth the City's while to go ahead with 64th Ave. now, because the bids may come in much cheaper than doing it later. C. NSP Proposal for Action on 64th Ave. Project (Memo #82-34 from Executive. Director) - - Mr. Boardman stated he would like to delay this item as it was based on the removal of 64th Ave. MOTION BY MR. HOUCK, SECONDED BY MR. PRAIRIE, TO TABLE THE CONSIDERATION OF MEMO #82-34 FROM THE EXECUTIVE DIRECTOR REGARDING THE NSP PROPOSAL FOR POWER LINE MODIFICATIONS. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. D. Request by Mayor to Remove Existing Hardware Sign (Memo #82-35 from Executive Director) Mr. Boardman stated that Mayor Nee has requested that the HRA take the necessary action to remove the Fridley Hardware sign as it is a non- conforming sign to the City's present code. The Mayor felt now was a good opportunity to have it removed. HOUSING & REDEVELOPMENT AUTHORITY MEETING, MAY 13, 1982 PAGE 4 Mr. Boardman stated he has talked to Charles Peugh of Signcrafter to determine whether the City could actually sell the sign for profit. Mr. Peugh had stated it was very unusual , if not impossible, to sell the sign to a sign company for profit. Mr. Boardman had asked Mr. Peugh to look at it and make an estimate on what it would cost for the removal . The estimated cost is $582. Mr. Boardman stated that if there were no objections, he would get telephone quotes from three other companies before going with the lowest bid. MOTION BY MR. HOUCK, SECONDED BY MR. PRIEDITIS, TO AUTHORIZE THE EXECUTIVE DIRECTOR TO GET MORE BIDS AND THEN CARRY OUT THE REMOVAL OF THE FRIDLEY HARDWARE SIGN AS REQUESTED BY THE MAYOR. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. E. Submission of Proposal by Barthel Construction & Update of Activity - Extension of Right of Development for Six Months Mr. Hutchison stated that Mr. Dick Larsen, their architect, has prepared a preliminary drawing of an elevation of the shopping center. Mr. Larsen showed the new preliminary drawing and reviewed the old site plan. Mr. Hutchison stated they want this center to harmonize with the entire project. They are very flexible with materials and colors, but they do want to indicate a quality. They know the City is looking for a quality development. Mr. Hutchison stated they are making progress with a supermarket and a drugstore. They have to have those two major tenants before they can interest anyone else into the center. They are working with Mortenson, their contractor, in getting rough estimates of cost and trying to establish what their needs are going to be. Mr. Commers asked if they had any further contact with their bond people. Mr. Hutchison stated they are in contact with their bond people on some other projects, and they are still optimistic they can do this project. Mr. Boardman asked about the timetable with leases. Mr. Hutchison stated he did not know that timetable, but, hopefully, they would have more information for the HRA by the HRA's June meeting. Mr. Boardman stated the HRA was now looking at a six month right of development. At the end of that six months, the HRA would like to be HOUSING & REDEVELOPMENT AUTHORITY MEETING, MAY 13, 1982 PAGE 5 in a position to sign construction/development documents. There is the possibility for extension, but the developer has to show a reason for that extension in that they are making adequate progress. MOTION BY MR. PRIEDITIS, SECONDED BY MR. HOUCK, TO GRANT DEVELOPMENT RIGHTS FOR SIX MONTHS TO BARTHEL CONSTUCTION COMPANY AND VASSAR AND ASSOCIATES, INC. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. F. Correspondence - Phillips Petroleum Co. on Sale of Property at 6500 University Ave. N.E. Mr. Commers stated this was a letter dated April 6, 1982, from Phillips Petroleum Company's real estate representative in which they were asking for $125,000 for the station at 6500 Univ. Ave. N.E. Mr. Boardman stated this letter was for the HRA's information. He was not necessarily requesting an action on it from the HRA. At this point in time, he did not think the HRA should make an offer on that building. He stated he would continue to watch it closely. Mr. Conners stated that one thing that has to be kept in mind is that if Phillips enters into a new lease with that building, the City would have to deal with that in any future acquisition. He asked Mr. Boardman to respond to Phillips Petroleum Co. telling them the HRA is giving the matter some consideration. Mr. Prieditis stated he felt they should just tell Phillips Petroleum that the HRA is not interested in the building at that price. Mr. Commers agreed. He stated they should probably tell Phillips Petroleum that this area is low on their priority list right now, and the offer is just too high. The HRA members concurred that Mr. Boardman write a letter to Phillips Petroleum stating that the City appreciates their offer, but the price is too high. G. Competition Proposal (Memo #82-36 from Executive Director) Mr. Boardman stated they have interviewed approximately 12 firms to do the Center City Design, and they have narrowed it down to the following four firms: 1 . Sanders & Associates 2. Barton-Aschman Assoc. , Inc. 3. Inter Design 4. Herb Baldwin HOUSING & REDEVELOPMENT AUTHORITY MEETING, MAY 13, 1982 PAGE 6 Mr. Prairie asked Mr. Boardman what criteria was used to arrive at these four firms. Mr. Boardman stated they looked at the different types of projects these firms have done which were similar to the Center City project. They also looked at the design techniques the firms used in each of the design areas. Mr. Boardman stated they are now looking at design competition. The firms will prepare all their material by June 17, and that material will be presented to the HRA in a presentation form at the HRA's July meeting. The material will include illustrative site plans with a scale of 1 inch = 30 feet and an illustrative model with a scale of 1/16 inch = 1 foot. Mr. Boardman stated he was looking for approval of the competition and the authorization to go ahead with the competition. MOTION BY MR. PRIEDITIS, SECONDED BY MR. HOUCK, TO APPROVE THE COMPETITION AND TO AUTHROIZE MR. BOARDMAN TO PROCEED WITH THE COMPETITION AS OUTLINED IN THE "SCOPE OF WORK, CENTER CITY SITE DESIGN COMPETITION, CITY OF FRIDLEY". UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. II. MOORE LAKE PROJECT A. Fehling, Fehling, & Nybo (Memo #82-37 from Executive Director) Mr. Boardman stated Ms. Nybo was out of town, and he had hoped she would make it back in time for this meeting. From his meeting with Ms. Nybo's attorney that day, the attorney had said Ms. Nybo was interested in doing the project. The attorney was not speaking for Ms. Nybo, but was reacting to the contract documents the City had given Ms. Nybo. Mr. Boardman stated that last week, Ms. Nybo had indicated to him that she would probably be in a position to sign contract documents and that, if the HRA would accept that idea, she would like to go ahead with the acquisition and she would have a letter of credit that would back the HRA if she could not go ahead with the project. Mr. Coroners stated that according to the last minutes, the HRA made a motion that this was to be the final 30-day extension on right of development, and that if the executed financing commitment was not presented at this meeting, the development rights would terminate. He stated neither the HRA or Mr. Boardman have had any contact with her, other than Mr. Boardman's brief contact with her attorney that day. He stated Ms. Nybo is not at the meeting and there has been no request for an additional extension; therefore, Ms. Nybo's development rights are terminated. HOUSING &f REDEVELOPMENT AUTHORITY MEETING, MAY 13,1982 PAGE 7 MOTION BY MR. HOUCK, SECONDED BY MS. SVENDSEN, TO TERMINATE THE RIGHT OF DEVELOPMENT GIVEN TO CHERYL NYBO FOR AN OFFICE BUILDING IN THE MOORE LAKE PROJECT AREA. • UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. Mr. Commers asked Mr. Boardman to send a letter to Ms. Nybo informing of this action. B. St. Phillips Church Proposal - Right of Development for Submission of 202 Project Application to HUD (Memo #82-38 from Executive Director) Mr. Boardman stated he has been meeting with Judy Lee, the consultant from Ebenezer Society for St. Phillips. He has given her sample information of the things she needs for their submission of an applica- tion to HUD. He stated St. Phillips is planning on coming before the HRA with site plans and will be requesting a right of development at the next HRA meeting. He stated he will also be meeting again with Ms. Lee on Wednesday, May 19, to work out some of the costs. Mr. Boardman stated the City Council has authorized $120,000 CDBG funds for assistance in the acquisition of property. He stated he thought the City Council has indicated a support of this project. He stated there will have to be a rezoning, and that issue can take place any time after they get a commitment from HUD. Mr. Commers stated that one thing that would be helpful for the HRA is that whenever the City Council discusses one of the HRA projects, the HRA receive a copy of that portion of the City Council minutes pertaining to that project. Mr. Boardman stated he has drafted a right of development letter. It has not yet been approved by Mr. Herrick. He stated that at this time, this was for the HRA's information so they are aware of what is going on and what he has given to St. Phillips. He stated no action is neded at this meeting. Ms. Svendsen stated that in Mark Burch's letter of May 4, 1982, he stated that Harold E. Finney Contracting Co. would be placing clean fill (which would include no concrete, rubble, or building debris) on the property owned by Max Saliterman. She asked Mr. Boardman to check into this as concrete has been dumped there along with the fill . C. Moore Lake Restoration - Information Mr. Boardman stated this was just information for the HRA of what Hickok & Associates has done with the Moore Lake Restoration Project. HOUSING & REDEVELOPMENT AUTHORITY MEETING, MAY 13, 1982 PAGE 8 III. NORTH AREA PROJECT A. Guidelines for Proposals (Memo #82-39 from Executive Director) Mr. Boardman stated they have limited amount of funds for development in the North Area. Since they lose 40% of their tax increment right off the top with fiscal disparities, they are sitting with very limited amount of funds to do soil correction. He stated he is looking at the possibility of trying to keep about 20% of the funds in reserve. That reserve will assist them in keeping their capitalized interest costs down. With a reduction of capitalized interest costs, they are going to have some development that is not going to be requesting HRA assistance and; therefore, some monies are going to be generated through development. He stated he has drawn up some guidelines for the HRA's review. r Mr. Commers asked if Mr. Boardman knew of any legislation that has been passed that removes tax increment financing from the loss in fiscal disparities. Mr. Boardman stated the City Council can make that determination. In this case, because this area was a large area of industrial/commercial development, the City Council made the determination that it would fall within the fiscal disparities. Legislation in the tax increment will also lose 40%. He stated that was determined at the time the North Area Redevelopment District was established. Mr. Commers stated the City Council never consulted with the HRA on that. He asked Mr. Boardman to get the HRA copies of the City Council minutes where this was discussed. Mr. Commers stated he really did not know why the HRA needed these guidelines. He felt that when anyone comes before the HRA, the HRA should make a determination at that time as to whether they would help in that development. The HRA members were in agreement that these guidelines were not really needed and that each project should be looked at individually. Mr. Boardman stated that if the HRA felt they did not need any formal guidelines, he would ask the HRA to be very cautious when they get into different projects. Maybe the guideline should be that the HRA understands they should try to maintain a reserve in the area because there are going to be some drainage expenses. HOUSING & REDEVELOPMENT AUTHORITY MEETING, MAY 13, 1982 PAGE 9 Mr. Prairie stated it would be very helpful if Mr. Boardman would provide as much information as possible on each specific project as it comes before the HRA. IV. FINANCIAL • A. Memo from Mark Burch to Jerry Boardman and HRA on Demolition Question of the Structures at 6471 University Ave. N.E. Mr. Boardman stated that at the last meeting, there was a question by Ms. Svendsen as to whether the contractor had completed the demolition at the contract price or if there was a reduced price. He stated this memo from Mark Burch confirmed that all the demolition of structures was completed in its entirety and there were no reductions in the contract amount. , ADJOURNMENT: MOTION BY MR. HOUCK, SECONDED BY MS. SVENDSEN, TO ADJOURN THE MEETING. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MAY 13, 1982, HOUSING & REDEVELOPMENT AUTHORITY MEETING ADJOURNED AT 9:50 P.M. Respectfully sub itted, 4r,---Iii...,aba Recording Secretary i CENTER CITY PROJECT FREDRIKSON, BYRON, COLBORN, BISBEE & HANSEN A PROFESSIONAL ASSOCIATION 4744 I D S CENTER MINNEAPOLIS, MINNESOTA 55402 TELEPHONE(612) 339-9331 HAROLD M.FREORIKSON WILLIAM J.BRODY JOHN P.SYRON JOHN H.MERKLE TELEX 290569 FREORIKSON MPS EARL F.COLBORN,JR. JOHN A.ORIMBTAD COUNSEL BERTIN A.BIBBTw+eNYcOEEI JR. ERIC S.ANDERSON CABLE FREOLAW JAMESR.HALLER JOHN M.PALMER DAVID R.BUSCH RICHARD R.HANSEN THOMAS S.FRASER JEROME B.PEDERSON DAVID C.GRORUD ROBERT G.WESER JACK P.HELMS ROBERT P.SANDS KONRAD J.FRIEDEMANN KEITH A.LISBEY JOHN J.ERHART TERENCE M.'RUTH JOHN B.KOST JOHN H.STOUT KATHLEEN A.HUGHES JAMES L.BAILLIE JOHN M.KONECK R.BERTRAM GREENER PATRICE H.HALBACH WARREN E.MACK TED S.MEIKLE JOHN L.POWERS GEORGE F.RTROESEL DUENTIN T.JOHNSON GARY L.GREENBERG ''}� �1 TIMOTHY M.HEANEY BETTY M.SHAW June 2 FREDERICK E.FINCH MICHAEL R.KROLL ,' 1982 THOMAS W.BARTON JUDITH L.OOWDLE JOHN A.SATORIUB MICHAEL A.STERN NEIL A.WEIKART Jerrold Boardman Executive Director Fridley HRA 6431 University Avenue N.E. Fridley, MN 55432 Re: Columbia Park Properties Dear Jerry: I have on my calendar for Wednesday, June 9 a closing of the land purchase by Columbia Park Properties. I have not yet received a title binder from Title Insurance Company of Minnesota, but presume that I can get adequate evidence of title by that time. In connection with the closing I would appreciate your assistance in a few regards. 1. I will need a letter from you as City Planner that the property has been rezoned and replatted as necessary for the con- veyance, development and use of the property as a medical clinic, and that the project, if constructed in accordance with the plans submitted to the City and the HRA, will comply with all zoning, building and subdivision ordinances of the City of Fridley. 2. I will need a letter from the Fridley HRA approving the plans pursuant to Section 4 .2 of the redevelopment contract. 3. I will need a letter from the HRA approving a $4,000,000 mortgage to F & M Marquette National Bank, as trustee, in connection with the IDRB financing in which the City is participating, pursuant to Section 7.2 of the redevelopment contract. FREDRIKSDN, SYRDN, CDLBDRN, BISBEE & HANSEN Jerrold Boardman - June 2, 1982 Page Two 4. Juran & Moody is asking for a "comfort letter" from the Fridley HRA that it intends to be able to comply with the land- delivery obligations contained in the redevelopment contract, and that there is no litigation or other contest pending or threatened to challenge the condemnation or land acquisition efforts of the HRA required by the redevelopment contract. If you have any questions, please give me a call. Please let me know when you have set a time for the closing. incerely, : 7 Eric S. Anderson ESA/bl cc: Timothy F. Signorelli RESUGUFION NO. HRA 2 — 1982 RESOLUTION CONCURRING WITH THE CITY COUNCIL ACTION APPROVING THE SALEM' $4,000,000 IN INDUSIRIAL DEVE OPMENT REVEIME BONDS FOR MORTGAGE TO F & M MARQUETTE NATIONAL BANK, AS TRUSTEE `d3ERFAS, Columbia Park Properties has requested the Fridley City Council to approve the sale of $4,000,000 in Industrial Development Bonds for the construction of an approximate 28,340 square foot Medical Clinic Building, WHEREAS, the project is a part of the Center City Redevelopment Plan, inI!EREAS, Section 7.2 of the Contract for Private Development between Columbia Park Properties and the Fridley Housing and Redevelopment Authority requires the approval of the Authority on any request for Industrial Development Revenue Bond financing, NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority of Fridley, Minnesota that the Authority concurs with the City Council action approving the sale of Industrial Development Revenue Bonds in the amount of $4,000,000 for the construction of the minimum improvements for the new Medical Clinic Building as per Contract Development Agreements. PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF FRIDLEY THIS 10TH DAY OF JUNE, 1982. LARRY CONNERS, CHAIRMAN HOUSING AND REDEVELOMENT AUTHORITY ATTEST: JERROLD L. BOARDMAN EXECUTIVE DIREJCITOR RESCLATTON NO. HRA 3 -. 1982 RESCLDTICEI APPROVING THE UONSTRUCTIGN PLANS OF THE MEDICAL CLINIC HDIWDG AS SUBMITTED BY SIA PARS PROPERTIES WEEMS, Columbia Park Properties has submitted construction plans for the development of a Medical Clinic Building, and WHEREAS, the "Contract for Private Redevelopment" requires the Fridley Housing Authority to approve the construction plans, if in the reasonable discretion of the authority that: 1. The construction plans conform to the terms and conditions of the Contract. 2. The construction plans conform to the terms and condtions of the Redevelopment Plan. 3. The construction plans conform to the all applicable Federal, State, Local Laws, ordinances, rules and regulations. 4. The construction plans are adequate to provide for the construction of minimum improvements. 5. The construction plans do not provide for expenditures in excess of the funds available to the redeveloper for the construction of the minimum improvements. 6. No event or default has occured. NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority of the City of Fridley that the Authority approves the construction plans as submitted and in the reasonable discretion of the Authority, the above stated conditions have been met. PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF FRIDLEY THIS 10TH DAY OF JUNE, 1982. LARRY OOMMERS, CHAIRMAN HOUSING AND REDEVELOMENT AUTHORITY ATTEST: JERROLD L. BOARDMAN EXECUTIVE DIRECTOR THE CITY OF Lv � [- HOUSING OD and .. if REDEVELOPMENT y MEMORANDUM � AUTHORITYOOM FRIDLEY FROM EXECUTIVE DIRECTOR MEMO NO.82_43 DATE June 3, 1982 TO ACTION INFO. SUBJECT Housing & Redevelopment Authority X 64TH STREET PROJECT I have reviewed the bids on the Street, Sewer and Water projects for the 64th Street Project for our Phase I development. The bids were approximately 26% below our initial engineering estimates on the project which was the best prices for five years. It is my recommendation that we proceed with the project with the exception of the parking lot, which should be delayed until we put together the office project. The parking lot was set up as an alternate bid for this very reason. My recommendation is based on the following reasons: 1. We will probably never get the project at a better price. 2. The contract documents allow for a permanent access easement over the proposed road location. It will be essential to eventually relocate 64th Street in order to maximize the use of the property in Phase"II. 3. In our discussion with Columbia Park Clinic, they are very concerned about any delay on the Street relocation since any disruption of streets after the Clinic is open with drastically affect their business operation. 4. The Sewer and Water project must go ahead to provide service to the Clinic. It would be best to do the Street project in conjunction with this necessary sewer and water work. 5. With the ability to do the project by assessment, the HRA will save on total project costs by assessment of approximately 9%. JLB/de t S _ ,3.r:5•Is� tj. r T' Y•nr.;�'t r-'t.7�t a� 'fit"} •-, • °tv Y+t3 wti--44,A,-,-„,-.: 3•,tir'1• .''� � yr s t t t - i',4"-''',.r., 4 'td ,+ • . '.� � �' -_ �, .z t _ , r b t T 'Y ''J S 7 t'.Aa '. ^s ♦t.: r p r ...♦L�. 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'4. _ '6\ '<�s.rv..�1i'f+.1''I t:. 9$•sri; 1. v 7 .� ��I - s r.. {s'- r2 4: c .;s:L. s-3 aa1, -L'•' - _• :.14•r " i':--7,1;:._--*.£6=i" 4: Yt . w49 _ r.` S "/7!" -.....5.4,.;, ! +f) *�.,ati j� f 'ti.�',4;.4,,,;,!`"..;;;,-t.:.'` c TME CITY OR DIRECTORATE �� 090 OF �o�a° ' �\ • MEMORANDUM PUBLIC WORKSJa FRIdL Y DATE June 3, 1982 FROM D.P.W. Mark L. Burch, Assistant Public TO ACTION INFO. SUBJECT Works Director Jerrold L. Boardman. Executive Director, HRA Improvements - 64th Avenue - There has been some discussion regarding the altering or staging of the sewer, water and street improvements proposed for 64th Avenue. It is our recommendation that the improvements be installed in their entirety, as proposed under our current contracts. The benefits of this action would be: 1. To provide a reliable, fresh supply of water to the new clinic by ensuring a looped water supply system; 2. To take advantage of the very competitive unit prices which are part of our current contracts; and 3. To complete all construction in the area at one time rather than disrupting residents and traffic twice and to save the cost of paying a contractor to move onto the job twice. If you need further information regarding this project, please call on me. MLB:i jk TME CITY OF • ----7,..11, ... ._ .. fe. HOUSING ::� a .. and �,, I .. REDEVELOPMENT V MEMORANDUM .. f . AUTHORITY OMR FRIDLEY ' FROM EXECUTIVE DIRECTOR MEMO NO. 82-44 DATE June 3, 1982 TO ACTION INFO. SUBJECT Housing & Redevelopment Authority X Appraisals on Fridley Shopping Center, Fridley Garage and 362 64th Avenue N.E. (single family house) Please see attached copies of the appraisals completed for the above noted property. The garage and the house must be acquired by December 15, 1982. We still have some flexibility on the Shopping Center except for the 30' of 4th Street right-of-way and the 30' construction easement which we need to start Phase I construction. We are presently working with Gus Doty on an arrangement for deeding the necessary property so we can start construction. JLB/de ROBERT T. MAUSSER SRPA, SR'WA REAL ESTATE APPRAISALS R i 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 May 25, 1982 City of Fridley Attn: Jerome L. Boardman Executive Director HRA 6431 University Ave. N.E. Fridley, Minnesota 55432 Re: Steve Hardell 332 64th Ave. N.E. Fridley, Minnesota 55432 Dear Mr. Boardman: At your request, I have made an appraisal of this property for the purpose of estimating its market value. Based upon the inspection of the property and careful consideration of the many factors influencing market value, it is my opinion that its value is: Sixty Six Thousand Dollars $66,000 I submit my appraisal report containing a description of the property appraised, a summary of significant factors affecting the market value and a portion of the computations employed in arriving at the value estimate. The Appraiser's Definition of Market Value, the Appraiser's Qualifications and a statement of Underlying Assumptions and Contingent Conditions are included in this appraisal report. This appraisal has been completed in conformance with the Professional Ethics of the Society of Real Estate Appraisers. Information in this report was gathered from sources believed reliable, but it is not guaranteed. It has been a pleasure to serve you and should you desire further assistance, please call at your convenience. Cordially yours, 121.4.4.k 14'` ;--- Robert Mausser SRPA, SR/WA RM/df i ' 7�a +ter=• _ h. z.`Y�-4.7• -•r•-...4•-'%'1"--7- ^s e3 . ' _ .4..-1„.„ " ,,It„, s •- •''''';'.i",14' ' a� ': ,1{ C6r e 't`:-r t' t o.. .. rtig .x .41...;. •,-,. # J- Vic:' /-'-:,-,r, - 3- ,Ii.,-,..,,,...,...t} ' �? - i i ,, 1 ,..4%..„--.' -- a.;-- '�,€'-+ i,.� '2. '�5�,di a, • se."'� .y . \.c.... igN. • -.1. ,a.„,„ife,,, ---.14.,,..„_.f.-,-•clie-i - -- ' ti i I ,,,. -,4-r:-4.- - . :e:J.1:7=-''' ' ;;. 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' -- � taT - +iT �yj` '!! y'' -4--; • Y. c EST[a 77:77!'Me �, {3• -'. h -�, LQ : vA.,�--'T'..?,!--. � ,. 4 Si - ' '.l r`^ •::-;-,,,,,A.„5.`4,'7'.„-,-'+'.� .-.i _ _7' -,"“.:;.''.4.;',. r ft'r �{c -*:',7:'"f-.;!.4.1:-7 .,:-.:1'77": �, 4 •Y t ,tc : :,..,.„72,...,,,A'l si.' r : + '--, " a+'-s'i !a A:4'1,,+\ ` .r,;.t„,�•a f? , ,,4-a Y :; e '� ` s}...rt' .:..: y .saw •"`a .. dfi A' 3 ham.: " A:-.''''4,,,.! :rau x .�' = z.'i . '"' S Y'V-".st r �'-.° rte` 3'` .i 2- .v ' .r. - , atelia �xC ate, t t.y ::� xi , f `1'ds - _t sa 4a " ." it z ;. *l_, t ',..-„,--"-.;At-..--__ -t •u s f .+.'' r•y'Tyr, ''t w. i '�, :rT �"g ,,.,,,-,,A "'�' "' ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835.5766 { I SUMMARY OF SALIENT FACTS AND CONCLUSIONS 1. Location - 332 64th Ave. .,N.E. , Fridley, Minnesota. 2. Type of Property - Walkout rambler with attached, two car garage. 3. Date Built - 1949. 4. Dwelling Size - 1064 square feet. 5. Lot Size - 73. 37' x 134.7', 7,537 square feet. 6. Zoning - M-1 Light Industrial Area. 7. Highest and Best Use - Residential. Ii 8. Date of Value Estimate - May 25, 1982. 9. Value Estimate Cost Approach $66,200 Market Value Approach $65, 900 Final Value Conclusion $66,000 Robert Mausser SRPA, SR/WA JJ � ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 - PHONE 612-835-5766 < TABLE OF CONTENTS • , Related Data Page Property Identity 1 Purpose of the Appraisal 1 Fee Simple Interest Defined 1 Market Value Defined 1 Specific Data Legal Description 1 Tax and Assessment Data 1 Municipal Zoning • 2 Locational Description 2 Description of the Site 2-3 Description of Improvements 3 Highest and Best Use 4 Approaches to Value 4 Cost Approach and Land Value Estimate 4-6 Market Data Approach 7-9 jCorrelation and Value Conclusion 10 ADDENDA Plat Zoning Map Comparable Sales Map Building Sketch Contingent Assumptions and Limiting Conditions Appraisers Qualifications • ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 PROPERTY IDENTITY The subject property, a one,story, single family residence, is located at 332 64th Ave. N.E. about 140' east of the University Avenue service drive, City of Fridley. Accompanying graphics and photographs depict the property. PURPOSE OF THE APPRAISAL The purpose of the appraisal is to determine the Fair Market Value of 332 64th Ave. N.E. for acquisition by the City of Fridley's Housing and Redevelopment Authority. Rights to be Appraised - Fee Simple Interest as of May 25, 1982. FEE SIMPLE INTEREST DEFINED The greatest possible estate (ownership of property rights) in real estate and implies complete and absolute ownership, subject only to limitations of eminent domain, escheat, police power and taxation. It is an inheritable estate without limitations to any particular class or heirs or restrictions. MARKET VALUE DEFINED Market Value is the highest price estimated in terms of money which a property will bring if exposed for sale in the open market allowing a reason- able time to find a purchaser who buys with knowledge of all uses to which it is adapted and for which it is capable of being used. Source: American Institute of Real Estate Appraisers. The Appraisal of Real Estate, 5th Addition. LEGAL DESCRIPTION All of Lots 1, 2, 3 and the north 7j feet of Lot 4 except the east 54' of Lot 4, Block 4, Ree's Addition, Anoka County, Minnesota. TAX AND ASSESSMENT DATA Present taxes due and payable in 1982 are $281.21 H.S. There are no unpaid special assessments. Assessor's Market Value Land $13,500 Buildings $32,500 Total $46,000 Page 1 ROBERT T. MAUSSER SRPA,SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 I MUNICIPAL ZONING II ,I ! I The zoning, adopted by the.city of Fridley, designates the subject as M-1 Light Industrial Area. I I LOCATIONAL DESCRIPTION The City of Fridley, generally confined in area on the west by the Mississippi River, on the north by County Road 132, on the east by Stinson Boulevard and on the south by Minneapolis at 37th Avenue North and Columbia Heights 1 at 52nd Avenue, is 11 square miles in area. Fridley, an outward growth of II Minneapolis, is almost fully developed. The 1980 population was 30, 039 and I has now peaked. State Highway 47 (University Ave.) and 65 ( Central Ave.) , the major north/ south roadways, provides access to Minneapolis and the north suburban area. Interstate 694 has interchanges with these two roadways that provide con- venient access to the road network encircling the Twin Cities. Shopping facilities are provided by various neighborhood Fridley shopping centers, 11 Shorewood Plaza and Central Plaza, both major neighborhood shopping centers and Apache Plaza and Northtown, more regional in scope. '! Characteristics of Immediate Area The subject property, located across the street from the Civic Center complex, !I has an auto body repair shop adjacent to its east. Fridley Center, a small II five unit strip shopping center, and an automobile clinic repair shop orientated II to University Avenue lies to the west. The Fridley State Bank lies to the south Il along 63rd Ave. The remainder of the block is undeveloped. I DESCRIPTION OF THE SITE Dimensions and Area: 75.37' of frontage on 64th Ave. N.E. by a I; depth of 134.7'. Total site area is 7,537 square feet. ANE s» - 64 TH • IA . N.E. a I 5 � '�fll w :2 1 ' > ._ � �� -:. MEM p rte=® ..DRIVE ` , • ir; ,• MI. .. .., i13 N ` • l ,j I L' ' I f- ... . •: • k . 1 .I.c.'C -I AUDI ORS, ..,..,r.• F.. Page 2 1 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 - PHONE 612-835-5766 Topography and Drainage: Generally 2' above street grade at front of dwelling dropping 5' to 8' below street grade in- rear: Drainage is adequate. Soil and Subsoil: No apparent adverse soil conditions. No soil tests are available to determine under- lying soil stability. Utilities: All utilities are installed and are adequate to meet normal anticipated requirements. Street Improvements: Bituminous surfaced street. Curbing is concrete. On-Site Improvements: Sodded yard area with concrete block retaining wall and patio at rear of the house. Driveway area is bituminous surfaced. • General : Garage is accessed from alley adjoining west property line. DESCRIPTION OF IMPROVEMENTS The property improvements consist of a L shaped, one story, five room, two bedroom dwelling and attached, two car garage. Date built was 1949. Size is 1064 square feet measured by outside dimensions. Garage size is 24' x 24' or j 576 square feet. Refer to photographs and building sketch included in this report. The main floor features a 12' x 13' kitchen, 9f' x 14' formal dining room, , 12' x 20' living room with guest closet, 11' x 13' bedroom, 9' x 10+' bedroom, and a four piece family bath. The full walkout basement, accessed to the garage by a 4' x 14' enclosed entry, is partially finished. Heat is by a forced air gas-fired heating plant. The electrical system has 100 amphere service. Water heater has a 40 gallon capacity. Other building features include a water softener and modernized bath with ceramic tile floor and wainscote. Floors are carpeted or vinyl tiled (kitchen) . Walls and ceilings are plastered. Trim is painted. Painted pine kitchen cabinetry serves the kitchen. The exterior has aluminum siding. Windows are double hung. The gable type roof is asphalt shingled. Gutters and downspouts are painted. The garage, equipped with an electric eye door, has lap siding. Condition of the exterior is good. Reportedly, the aluminum siding and roofing is two to three years old. The forced air heating plant is 13 years old. Condition of the interior is average to fair. Garage siding is in need of paint. Some obsolescence arises from the outmoded kitchen facilities, the property's location and industrial land value which has accelerated the depreciation on the building. Page 3 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 HIGHEST AND BEST USE The highest and best use is defined asthe most profitable use to which the property might be put, or that use which will yield the highest return on investments. The use must be logical, likely, reasonably probable and proximate and not such as merely possible. Highest and best use has also • been defined as the most profitable and likely use to which a property can be I put. The subject building, designed and built for a residence, is structurally sound, functional and has a land area of sufficient size to accommodate its existing needs. Accordingly, it has been concluded that the present use represents the property's highest and best use. APPROACHES TO VALUE • Typically, in estimating the value of real estate, three approaches to value are recognized. These are the Cost Approach, the Income Approach and the Market Data Approach. The type of property being appraised, its purpose and the adequacy and reliability of the data available in each of these approaches determines to a large extent the relative weight of importance given to each in arriving at the final value estimate. In conducting an appraisal and formulating an opinion of the fair market (1 value of operating of this property, consideration has been given to the fi three traditional approaches in the valuation of improved real property. Each approach is tested for its applicability to the appraised property. In this case, the Income Approach as related to a single family residence, is not considered applicable. COST APPROACH The Cost Approach consists of two procedures. The first is to estimate the value of the land supported by comparative sales as if vacant and unimproved. The second involves the estimate of replacement cost from which is deducted the loss in value arising from all forms of depreciation. The depreciated value of the improvements is then added to the land value to arrive at the final value conclusion. Land Value Estimate This method of estimating land value relies upon gathering sales of land in the area of the subject property as in competing locations, then adjusting those unit sale prices based on various factors of comparability, time, location, etc. , to develop an indicated value for the property being appraised. 1 The following is the best information of which I am aware. 1 Page 4 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835.5766 -r Comparable Sale #1 Location: SW corner of University Ave. N.E. 6 73rd Ave. , Fridley Legal: Lot 2, except the N'ly 50' -thereof, Lots 3, 4, 5 & 6, Block 1, Paco Industrial Park Buyer: Winfield Developments, Inc. Seller: S & H Company Zoning: Commercial and Industrial Lot Size: 1020' x 270' average, 275,400 square feet Date of Sale: June of 1981 Sale Price: $531,466 or $1.93 per square foot Comments: Site, with 1020' of frontage is accessed from Commercial Circle East. Lots 2 and 3 will be developed commercially. Comparable Sale #2 Location: On 731 Ave. N.E. off Hwy. 65, Fridley Legal : Lots 3, 4 and 5, Block 2, Central View Manor Buyer: Feick Properties Seller: Walter Chies Zoning: M-1 Light Industrial Lot Size: 180' x 195.7', 35,266 SF Date of Sale: April of 1981 Sale Price: $50, 000 or $1.42 per square foot Comments: Intended development - commercial. Comparable Sale #3 Location: SE corner of East River Road and 79th, Fridley Legal : Lot 1, Pearson's 1st Addition II Buyer: Richard Ernst et al Seller: Warren Caldwell Zoning: Commercial II Lot Size: 314' x 280' x 180' x 108', 39,745 square feet Date of Sale: January of 1979 Sale Price: $68,000 or $1.71 per square foot Comments: Corner site with 314' frontage on East River Road and 280' on 79th Way. I Comparable Sale #4 Location: NW corner of 79th and Univ. Ave. service drive Legal : Lots 4 thru 8, Block 3, University Industrial Park Buyer: Gerald Paschke Seller: Rice Creek Associates Zoning: N-1 Light Industrial Lot Size: 575' by irregular, 208,390 square feet Date of Sale: September of 1981 Sale Price: $382, 878 or $1.84 per square foot Comments: Level, requires some soil correction. Accessed by three streets - 79th Ave. N.E. , University Ave. service drive and Ranchers Road. Page 5 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 Comparable Sale #5 Location: SW corner of 81st and Univ. Ave. service drive Legal: Lots 1, 2, 3, 9 6 10, Block 3, University Industrial Park Buyer: Gerald Paschke Seller: Rice Creek Association Zoning: M-1 Light Industrial Lot Size: 575' x irregular, 208,000 square feet Date of Sale: April of 1981 Sale Price: $405,736 or $1.95 per square foot Comments: Level, requires some corrections. Accessed by three streets, 81st Ave. N.E. , University Ave. service drive and Ranchers Road. Summation of Land Value Sale Date of Lot Sale Sale Price No. Sale Lot Size Area Zoning Price per SF 1 6/81 1020' x 270' 275,400 Indus. $531,466 $1.93 2 4/81 180' x 195' 35,266 Indus. $50,000 $1.42 3 1/79 340' x Irr. 39,745 Comm. $68,000 $1.71 4 9/81 575' x Irr. 208, 390 Indus. $382,278 $1. 89 5 4/81 575' x Irr. 208, 390 Indus. $405,736 $1. 95 Subject 75.37'x134.7 10, 152 Indus. $20,500 $2.02 it Conclusion: Based on the analysis of the above referenced sales, it has been Ii concluded that the fair market value of the subject corner site, vacant and available, is $2. 02 per square foot or $20, 500. Land Value Estimate 10, 152 SF @ $2.02 per SF $20, 500 Dwelling - Replacement Cost New 1064 SF @ $51.00 per SF $54,264 Entry Size - Replacement Cost New 56 SF @ $25.00 per SF $ 1,400 Garage Size - Replacement Cost New 576 SF @ $10.50 per SF $ 6,048 Landscaping, patio, etc $ 3,500 Total Replacement Cost $65,212 Less Depreciation @ 30% (19, 563) Depreciated Value of Improvements $45,649 Value Estimate by the Cost Approach $66,200 Page 6 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 r ll MARKET DATA APPROACH ii II i; The Market Data Approach, has as its premise, a comparison of the subject property with others of similar design, utility, and use that have sold in the ii recent past. To indicate a value for the property, adjustments are made to the comparables for differences with the subject. 11 !; Comparable Sale #6 it Sold 3/29/82 @ $72,000 Assum . i #00449 L-$73,900 S-372,000 ASUM IBA i 03.29/82 IS DAYS LB-9388 33-9388 41101 ii �. it 1 s 1 1 - • A 7. _ __ a I� -•Aa 61A0 EMI 51 NE 52 P9'r,$374 ye.10-3C ii ;54'BRE V PAIR IC!,AR 1r,N See'5 374 :r,NO 5:7471#5 P2:Hp.V '963 j 6+CC -- _ :$938E .:xc EC,1 NONE •ISA �I :(V o•A. ,A.-.WA .9::5Ce:.1 NONE F-59 Lir—. — y -t e _ •.CLB -1 x 9790,, ii 0114.9 A TRANSFER MAKES THIS NOME AVAILABLE MURRY OJRE LOW ii 6 TRAFFK AREA Re STAB:i NEKrHBORN000.CLOSE TO EVERYTHING ii 9 WALK TO SCHOOL NM CARPET AND NEWLY DECORATED.CYCLONE F4J4 0.0 BACK TABC NOW WARRANTY PROTECTOR FREE TO BUYER .'. A->-5:Lr LE.L01 15 S 2 UPLAND TMJ ADD :I � „-'11'X•X17X126 Ib,,•MA3 ;, 56432 IN'.5SL92' ?:- I SN. II.'V ..iN Ics-Y 'e,5A5 j 14:: :1: !PIM 4 33011 175 0 ,Sep+:N I1'"",:'R�FHA 13.1'• 19 L'11 'i*:13 6X11[s•-•V.n5 1^6:•V INa:51 V NSW ASSOC.WC IIIt:..• _ r`-..:r•A pH N i-e•FA 3 14626B 7 I ;'6081:X• '11.9X11 h',' E,9 ;Gs;N 1ACA 1 5 630.3'.5 INTI 16 BF.1(X .11.6X9 L 9.1 x^N iA,';N p�N 1.229 NA i 1 ' 1$6,1 AA 11.3X9 i•ions I'DN !N'1M I +,Du.- . ;^B.:t'X.X'1C.2X 10,,FAME ICS.-_ b;5-- 11 2 ' 15,FROM 19.SAC �0 7— • li 11 6140 6th St. N.E. , Fridley A 11 Comparable sale, a non-walkout rambler, built in 1959 and newly carpeted '1 and decorated is superior in condition. Smaller size is offset by a basement bedroom. Location of comparison, in a low traffic area and in close it proximity to schools, is superior. Size of the garage of the subject is superior. 11 f 1 I . I ii il Page 7 it , i ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 • I II 1i ! Comparable Sale #7 • Sold 4/9/82 @ $66,900 Assum f; #00442 L-568,900 5-$66,900 ASUM 1BA 04/09/82 39 DAYS LB-100E SB-7008 38R !j • 1I 1 6257 JACKSON ST ME 82N <,:372 L., 10.00 1 ;✓:.Sib vc FRIDLEY AMM 'a.Y. 75 X 133 +:NON '983 1008 --.t;&e.S ANN '4v o,. a 5. a ..o-59 E Ma _ _K- .:r4;; •e,CLP .•1 F 024642 WRAP MORT.W-6%DR 13.25%25 YRS ►i 760.51-10%DN E M 699.25 PRORATE 1562 TAX FROM 391.61.SELLER Wp:PAY MON-MOMESTEAO OFFERER:A RIA YTWU:3$ORM RAMLIS PRIME FRIO'EY LOC MOTS URGE FINISHED REC.RM TEMMAK'OCCUPIED it I. :•MISSISSIPPI ST TC JACKSON 5 TO MM 1 .::F SEX X 19X12.5 ie.'2 .Z.:1E432 Iv..:33,166.10 SOW I.N Y •hr.R :45^I •e:545 IL 1:•iM 0'9X9 ,A-.38X12 _1 Y Se:;'•N ,-FMA 6 S r,.'OA 11500 pr—Y.;N IA Y ,,,'&.Y .PNU SON ;{ tE IT E, Pr N is V N !.K FA EF 027127-5 NL"-s;N ,NCWALL 256 c 57.46 1EE'/MX X127X,0 =1D • ,N'S,^„Y is �N {?9. $16.900.00 eL.MX X 10097 [-ILLYES I`Y R ''YCN 112 % 5-85 ,-pc,MX X 12X9 40 FR6.! 1 • '"yC M.!195 44 k MOL ic.704C 50675-660 .i • it 6297 Jackson St. N.E. Fridley Comparable sale #7, a non-walkout rambler, built in 1959, is superior in condition. Garage size of the comparison, one car detached, is inferior. Location of the subject, as related to the comparable sale, is inferior. 1 it 11 Page 8 1' • ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 .PHONE 612-835-5766 t i li - I Comparable Sale #8 Sold 11/12/81 @ $65, 900 *00323 1-169,900 5-169,900 CONY 1.7511A 11/17/81 27 DAYS 16-6013 88-6013 3$R Alk ... viLmimmiti. Aa.$261$754 ST NE S1 NS-u$355 N;;10-30 Ii Oa'558 N,r FRDLEv „,HENN ttr N S::S 366 -or ND i ':«•7<7171 - icm--Y '952 4 6^► :t 501st/ :ti,.Env$ cam TSA I cLG •=` ;A:+Pr.. •; cn.:Sx:S -.y"959 I f 4-Dr !.1-ws. , a Cu'" I'1 t 155250 7 LOT 4 IN OCR 1 UPLAND 2/W ADDITION.TWO BEDROOMS U W.ORION 6 MD BEDROOM 0•FORMAL DNNNE ROOM. LARGE BEDROOM DOWN WIN 0 INNATE 3 4 RATH EAT N KITCHEN,RFC ROOM DOWN ATTACHED IREEIE WA*OF-111E DOUBLE GARAGE ALL SITUATED OR A NUDE LO i ,• 4;c-::p:{Rev N TO or GC R s STN LEFT �I i,1:;c'1 :7;1I 4715 1E,,1'2$ ;2s$543: $011.$21114.00 I! ,e,-•c 1 7.0 11.6R1C J.'SHARE 1 .YES 4w1,,N i's-B -•t 5 0 II tt is• , INCLUDE,.-10 771 Ilc Y Sy-i:v I:i CONY E.5 II tE I,1 !0.11.6016F.s-•1'r,N %:Y 'he':..Y !YGt 'i 1e s-.- Es-•E . ••v ::r,T 'roe•iAG 1a 4.011073030 ,-481,Ks,1.4011$1:,: Er IDs:h 'ASEIi 1-51EL7c5 'i 169,.-1.701.2011 CDBLSa:Yt4..- !EF,Am_ i;.:5 ll 1 0-i5 0*1321.. 5 FRIO'l I,,N ,,'E'E Y v;wr 2 E Pr FRDLE IC,+'- 1::Y;S 1 IK 2 WA*1605 F FRIDLE IS'$40 I-. !I IFI ISUPPLE ENT 1 LF 151210 Scot 1 Aa 5251 ITN ST 61E -514,000 DOWN 14%,30 YEAR&M.L WITH TCF 5702 PRI JB.AA FLOFRI LARGE EAT-*1 KITCHE$i.ALOT OF CABINETS WITH MACK BAR,NO-W A7 SOLARIUM FLOOR. 1 LARGE J.WTTN BEAUTIFUL HARDWOOD FLOORS I 1 3IRS I.FULL BATH 114E 310 IA N LOCATED Ii 01,THE KITCHEN AND HAS CLOSET AND OIL I, DOORS DEAL FOR OPTION..AL USING ROOM. ll I • -LOWER LEVEL PARTLY FINISHED WITH A REC ROOM 5 1100D101101 BEDROOM WITH A PRNATE SAW 1 -BEAUTIFUL LARGE LOT. I. 1 Comparable sale, a non-walkout rambler, built in 1956, is superior I in condition. Smaller size is offset by basement finishing. Location of the subject is inferior. IIi it I; li ,; Page 9 il 11 I, ii ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612.835.5766 CORRELATION AND VALUE CONCLUSION •The Market Data Approach, based on the principle of substitution, which • affirms that a prudent purchaser will not pay more for a property than an equally desirable substitute property, is considered as the most reliable II index to value. The comparable properties, of similar design, are sales that are considered as alternate type accommodations. The Cost Approach, based I upon the replacement cost new, less depreciation factors, is less meaningful. Both Approaches do, however, support the final value conclusion. Cost Approach $66,200 Income Approach Not Applicable Market Data Approach $65,900 Final Value Conclusion ' $66,000 Robert Mausser SRPA, SR/WA Page 10 Fi'-, r ; r r- A I ISSER _ ESTATE APPFi ,iSf.:`. r' f Net.., S ; --- '--COlNiTY, •i i1 ,i i. 1..jl,: tVO.(. ;; , ,Oleh.. 0,om140..4-4'i. -...• 3TATf-,7---Ait I'' r.i t„ rye f 2= ;) ,.r„ 1°, , -•e—;tri'7 c tip A% 1.4.4 1 412 0 1 5 + , 1. j � 1 n` ri I• 1 t /AN II ct AI 1 g j zh • Jp Qv woo .. .� • - a r . /, \' 10'% . ' ALCE 144-4.14g"--316111 ..* ,, TELLIrE: - LANE x.. - ,... Ve",f• TH .� IAV N.E. • •; y ,.`i r • i •• 11. • i �rakp�� : .; r . r 3 ;� t •' �. -f:' iy,r. CO3 1 iallil MEM r:,•_ �4 An '; /• .. J.. 4�. ,. ,. r !.1 • �1 O �!� 'i*.; r—, ME {AY • —DRIVE ., L . 9 •...I •,. .. .? ..::: ! 9abbcChP.eI. _Ii l! It tl 3 1 ,[f.s ,• It R „ d it / • -� -y.,-41i_. 4� •'�L., I` 5-�.. �- �' • ,} �,' _`_ l'. '`� V.Z " 2� ', ' y_ ; ', I : �� ......""1.74 +I ♦,_ - • - Vx 3 4 2 W 14 .1; V 1'or i, `� i 1 N=` - ,..... SUBDlVISIO O a I „ - t• •� r '"''1.f :i / � I• • (l50) I � 1/1.3`...... a ..r 1. . •.i . T. , I DRIVE ; ti 'Z i • '., , " 'S. T NO. p ; a — ...< ..., :; 4 •. i Oma. I r f Ns • ;-. f \ DRIVE= ? ✓ ___,.•_A_____... i /�; yt ; `.,: , 111111011111B1 ..,.5. � / . Ti,.• , , "'. �� f �• LANE 5 w�...• !! JJT , �• Z' ... linia i W is: 1? = • F- f cts • Q � ' I �-�— J -*EP .,,..,f7✓•., k FS.I L.TE APPF, ,ISAL: imminummoommommi 1 I ?.', \VI--- �_' 1. p1._^ .. '' ..r. ..[„E • .i'x------� . • ✓.S`-«- ';`:• ' 1 .y .. ". i,; _ ` _. -,,\A . (_- - I! '�/4R4t •1. P L..:. �., T� 'r!�FNYWr i -7 C. 3 'r ,RJGE• C rirr. nERR�'N Ot'4T / sc•:Er *,'0%7 - +r. ... .4 asp... . •- Ii •Z. 1 hoot IDs +�� I�+7fINr� ._-1� r, / . v,M N\N ''11- ,, . �„ t I .d 1 dish (� ,d a ; �i 4 1 /,M 7. /�•••-•:". yl J d R£ES I:e�-� • . F, • . loif i, l. _ ,.ii _.. s, be • a�- . • ,-.......A...' !L; --- �i 0 v' ' . •' • \ I W . , �, . 1 +Ick 1; • I =J ,'��-ea= ; oo I �I t '( .1`7'p . : , 5, :: 6 4..)4::::i l' _ .� irte~1 ' +�i � { . ' ,.,: e L �. C<—'rt.e CFvi, 4,,,i 1,:i'---1 we. i ~ JI . 1,a --�FCeE•�C (4i. t 4)(.:;1 I` t • mo ] � J .^ � � • � r�M a r 1 �Imo-- -y y� • Vc P.,-.-7, PARK e - rE milk Mo �a 1 ` "1 ( ,Z. % F•` .as'�+G.7-.;,,.. —' ,Ch 'T• .'1 ;},,: (�'• C. i Dis'RIC� �s�t.' 1 L� ,=--,-.-_�� .._._-�r•_r-.J., 4. •i i R DLEr _se.i.i l♦ -, t , .+ `.•1 ' h}---� I:�i `, �y4"�corrows• Opt' • L r'• c (. "-yrs. • Du,s ' / S Y : tI 1 i:77:::., 71 pfi- 1, ) J►irtKW tr' ✓ ` FRIDLEr.. .) > �,.. SON(.•,, }r. ,i. �, :F:'1 't "i z uwa' , 5/. ♦- J" .•1 '.2 ,, .... SCM .■ �j'i>.'.:':''., Y. •A .q P� .`• i L.I R+t:. _ * �,1 �.•- 7 vt.' > ^b., } 's M G ish0 .J _ � j° '.a Y`'Y�F k- "`�X`t�l I I�l'.i � 31af* 's1�` ., J - <;- ':-:,,$ F r � .. 1 2, ti 5, . '7'77/4�' G31 1�• i Z- -,t- -•• - > )' / ' •:,D,s "r fi a.v.'. jf//1.....,,,,,,-,,1,i. Ar 'K,A \- • T l -7 ... .)C� -' '..-.' ^'-• _3 . F ki: • 1 3 " ----'-; 4) -') ' a ' '- "t L.A K / 4=-' // r k/ :.� • 1,',..,:::::q ,�K•� 70, 1 77 C ij .,Z.-.. "gill gals-- i I . �- i- R'' f I .• ' 1/f IS :•}fes I ' ti� , • Ih� . lg - � R Itg -AL-,,,,, !i-,..0,Dc. - ...--. -, / mo ; .''' -, '' - / `�./ �� • fir r:-. fi•r.n[ ._.I.`-� ",.. _pr r• Ct ir / / it_ r. _ \I ..10t.'%/,', ZONING LEGEND J ' /, : R-I SINGLE FAMILY DWG'S AREAS I I C-2 GENERAL BUSINESS AREAS R-2 TWO FAMILY DWG'S AREAS _ C-2-S GENERAL SHOPPING AREAS '.5 R-3 GEN. MULTIPLE FAMILY DWG'S I =_� CR-2 OFFICE SERV. a LTD. BUSINESS • R-4 MOBILE HOME PARK PD PLANNED DEVELOPMENT r C-I LOCAL BUSINESS AREAS F-7-1M-I LIGHT INDUSTRIAL AREAS C-I-S LOCAL SHOPPING AREAS f:'`_�:••73 M- 2 HEAVY INDUSTRIAL AREAS i C-RI GEN. OFF. & LTD. BUSINESS i ft P PUBLIC FACILITIES AREAS 1 © CITY PROPERTY CRP-I FLOODWAY O SCHOOL PROPERTY S-I SPECIAL ZONING DISTRICT i Q ORDINANCE NUMBER i :: —"-=- 1'f— ,SITY OF FRIDLEY TI . \ MIL NMI \ '. J� ?liens:4..:7 —=— Li.C.. - .100„,____,.7, _000 __,- 1;1'1'•-,"•31,1-+"'' r . F,....:..*..'i "-------• b.aa. 1.1:11. ;Oil ..- 10111110 II PA al 12 _ `J-��"��► Ali 4 - — - - s Mil '473 MN IN . y w 1 i�I SEI. I. o i 1, Iv - Ilii SLI i- I «.� n� ` i b -s j .. ,r_ ..._ ,,T,. . . „, �� j O .7.:',;::. 'Id:- Fqfla I %. \ .:_c3,7, till ,, in 714:1 N � - -[III ® �1 � - --` . IW 0. E I g —i) , . III ilL__ H • 1'F ` I - S 1 7,;31 !. • • ..• • i.;-- • ` _iil� ,� � IF_ )NI 1:,-..1___ -7, ,.._, A,,,..: 4, III ' tSE177,6. i II 1 d•,=— IJ 4:' .II,I,I'II. P It/_ - e$--il -? r_k t 1 I-ja"' I `_it Y 1 I E7A (, "- g g"jai t I,, _�`-ems -_. L. I Y •tr7 it 1 om— -....,,\3-.... )-/11111 _ ----.--_�• `�� '1111 !I' = 1 - ;�' r ir...,...4 ..:_c5,,,......, d.1 :,36 _.13h: **-'/r-T I _�1. 1 I i. .. jf : E; IL71 __ \� 6,1- ice, _ ===_ Iilill II -- ^ - =.:7— — Ell-irT1 - 0 1 i Ai t___................„:„ ......._=..2.. ......„, ,....,..„...., ,.:, ,,___.:._.:„.... ..E.: ......... .. =__,:...„....„._ ..,. . I I I • TREET MAP—CITY OF .- - j �FRIDLEY = a it-`v E. _...;..;1..... .�. -- � e....i. 1 L........, - .o.�" -....-.�..... .,--r- --.,,. M ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 ( Building Sketch I; ti 30' iI /1 Re: Steve Hardell 332 64th Ave. N.E. Fridley, Minnesota i Rambler 28' Dwelling Size 28' x 30' = 840 SF 16' x 14' = 224 SF 1064 SF 16' Entry Size 4' x 14' = 56 SF ntr Garage Size fEL 24' x 24' = 576 SF Two Car Garage 24' 'st 'I il �--- 24-4 it 11 I i li ;I , ROBERT T. MAUSSER SRFA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 ` PHONE 512-323-5766 I - !� CONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS !I This property is appraised in fee simple, subject to the following limiting conditions. The legal description furnished us or secured from public records is assumed to be correct. jl We assume no responsibilities for matters legal in character, nor do we render any opinion as to title, which is assumed to be marketable. All existing liens and en- cumbrances have been disregarded and the property is appraised as though free and clear, under responsible ownership and competent management. The sketch in this report is included to assist the reader in visualizing the property. We have made no survey of the property and assume no responsibility in connection with such matters. Unless otherwise noted herein, it is assumed that there are no encroachments, zoning violations or restrictions existing in the subject property. Certain information, estimates, and opinions contained in this report are obtained from sources considered reliable; however, no liability for them con be assumed by the appraiser. ; Possession of this report, or a copy thereof, does not carry with it the right of pub- , lication, nor may it be used for any other purpose by anyone but the applicant without the previous written consent of the appraiser and the applicant and, in any event, only with proper qualifications. The appraiser herein shall not be required to prepare for or appear in court or before any board or governmental body by the reason of the completion of this assignment without predetermined arrangements and agreements. The division or distribution of land and improvement values estimated herein is applicable only under the program of utilization shown. These separate valuations are invalidated by any other application and must not be used in conjunction with any other appraisal. 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, or any reference to the Society of Real Estate Appraisers or other professional organizations. The appraiser has no present or contemplated interest or bias regarding the property appraised or relating to the parties involved. Employment is not in any manner contingent upon the value reported. A ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612.835-5766 APPRAISAL QUALIFICATIONS Robert T. Mausser has been actively and continuously engaged in the real estate appraisal profession since 1959. From 1959 to 1962 he was a staff appraiser for the Minnesota Highway Department. From 1962 to September of 1966 he was employed as an appraiser by Earl Dorn & Associates and was Vice President of Dorn Realty Inc. Presently, he is self-employed. Appraisal assignments executed by Mr. Mausser cover the valuation of residential, commercial, industrial and special use properties. Mr. Mausser is a graduate of the University of Minnesota with a B.A. Degree from the Liberal Arts College. Completion of course related to the appraisal of real estate include: Principles and Techniques of Residential Appraising at the University of Minnesota, Construction Cost Estimating at Minneapolis Vocational, Case Study 1 at the University of Indiana sponsored by the American Institute of Real Estate Appraisers and Principles of Income Appraising sponsored by the Society of Real Estate Appraisers. Courts in which Mr. Mausser has qualified as an expert witness in real estate valuation include Ramsey, Hennepin, Dakota, Scott, Anoka and Winona Counties. He has also served as a court appointed commissioner in Hennepin County. Mr. Mausser is a member of the American Right-of-Way Association, Minneapolis Board of Realtors and the Society of Residential Appraisers. He has been awarded the Senior Real Property Appraiser (SRPA) and the SR/WA designations. He is also a past member of the Board of Directors of the Minneapolis Chapter of the Society of Real Estate Appraisers. Appraisal clients include the Minnesota Highway Department, Hennepin County Highway Department, Veterans Administration, Federal Housing Administration, City of Minneapolis, University of Minnesota, Minneapolis Housing and Redevelopment, Minnesota Housing Finance Agency, Hennepin County Park Reserve District, Metro- politan Transit Commission, Lower Minnesota River Watershed District, City of Burns- ville, Scott County, Carver County, National Foods, Midland National Bank, Northwestern National Bank, Mid-America Bank of Highland, Bank of Tulsa, Probate Court, Westinghouse, Univac, IBM, General Foods, GAF, Reynolds Metal, Timken Roller Bearing, Chase Manhattan Bank, Uniroyal, Phillip Morris, Ticor Relocation Management, Target Stores, McDonald's, Owens Illinois, Eaton, AMF, Texas Instru- ments, Owens-Corning Fiberglass, Partnership Investments, Hoerner Waldorf, Upjohn, Ed Lilly & Co., Kraft Foods, Nekoosa Edwards Paper Co., California Computer Products, Kemper Insurance, McGraw Hill Inc., Abbott Laboratories, Inland Ryerson Construction Products, Foremost Foods, Alcoa Aluminum, Bausch & Lomb, Chicago Northwestern Railroad, EasternAirlines, General Motors, Honeywell, Moore Business Forms, Employers Insurance, Brunswick Corp., 3 M, Gerber Products, Dow Chemical, Cargill, Great Atlantic Tea, Transamerica, Xerox, Tremco, FMC Corp., Packaging Corp. of America, Jostens, R. M. Bradley Co., ESB Inc., Leggs Products, Coca Cola Co., Horace Mann Educators, Onan Corp., Bemis-Co. Inc., General Electric, John Deere, Digital, Employee Transfer Corporation, Equitable Relocation Service, private individuals and various attorneys. ROBERT T. MAUSSER SRPA, SR/WA REAL ESTATE APPRAISALS 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835.5766 April 29, 1982 City of Fridley Attn: Jerome L. Boardman Executive Director HRA 6431 University Ave. N.E. Fridley, Minnesota 55432 Re: Fridley Auto Repair 336 64th Ave. N.E. Fridley, Minnesota 55436 Dear Mr. Boardman: At your request, I have made an appraisal of this property for the purpose of estimating its market value. Based upon the inspection of the property and careful consideration of the many factors influencing market value, it is my opinion that its value is: Seventy Seven Thousand Five Hundred Dollars $77,500 Distribution: (Realty) Land $23,000 (Realty) Improvements $54, 500 (Personalty) Equipment (Not Appraised) I submit my appraisal report containing a description of the property appraised, a summary of significant factors affecting the market value and a portion of the computations employed in arriving at the value estimate. The Appraiser's Definition of Market Value, the Appraiser's Qualifications and a statement of Underlying Assumptions and Contingent Conditions are included in this appraisal report. This appraisal has been completed in conformance with the Professional Ethics of the Society of Real Estate Appraisers. Information in this report was gathered from sources believed reliable, but it is not guaranteed. It has been a pleasure to serve you and should you desire further assistance, please call at your convenience. Cordially yours, 27,-CSA kt,e _— Robert Mausser SRPA, SR/WA 4 RM/df ROBERT T. MAUSSER SRPA,SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835.5766 . A. 1 }.� ham" }' , i 'Afar- .0 ..mss 3 3 .it-'.`.' ♦ ,r ' ,k.�.+. - - "`` ....-- *.K` sit-. - _.. , $,Ti is-..,3w r .*. 'r T,ice 71.' c ."k.'^.4. r ,{�c - ,.? ..i .4.,, .w rV tit is ; 1;s. ,-,.. .„ ,,,,--.F .. '+k -�4 _l:.,r, s: ,a�..w,, K- .y .. - r%;v a ^tom t` c- Ss gam?1 .- Front view of subject building . t i ." I , b �a X9.4-4-' 4 'F' ,-' % . _ . t 1 K't .lam V,x++',H+.--.-. -F El® .k i`,.. ms's yn I .G ir :wr .'}r•,.` t "rte .1 Fe- „ "�• - i r '' , �h�" ! a '. ,",may ,,2 .,,-•,..- ^ 2,-" ,et. . ... =w.tf so - ✓„. e.r . .'4-s -s rt ff4W - c«,,-, c .-4.t —� T.,. ` 4. " ' u e 3 ,-. `^ '4..- • * -..f '}^ S +�a' .'bc r1...r ' " �¢� : tz i '} nxr.' +Jrpa % . Rear view of subject building ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 -PHONE 612-835-5766 I I • • r.I' , -'74tr, "?.. ..:4 1-;.-41,2'.'''''•:.:,.'7.: ' ;--.-''''- ,,, 714 ► r ;; �• + �Y }}Y. fes`- ria mix 4 • R" • S • ....-,-,,,,,!„.„--.7.-.1,0„-4-y-,,,,72, -.. < `a al "� x0.im �.+77 a ms- —. yam...+— P-rR '>;,�"`` s " : ' ` '„ " -• ` a s%` t -■, ' .� aX .°r t .8r: .. T IF ' " x '. . .' k ''41s ,14.-1.-',>,;%-fi s ` r te + �_ _ + . 4 t yk. .5.-.,„,,„:„,„_:„.:,_.,,,..±z,_ u7}• w • • -a y. � 5� a 3 3-• a f• t SS :R€ s tr rz+ ^' + ' t { ' • ra mss+T # :;47,. 3 ` ' ay:A^d + $ .* v - 2;4:Fe - � � y * :skI Side view (including vacated street) . - II " .. 1 . , . : • pii.,,_i _ _,,,_., ,,,..._:. -1 _• . .,., ., _ ......_ . ,,,_., _ _ _ ,...,. , . n fi"w`3,e1 ,`Vl+kr'•' 9 R”'` .., ams y'v74„;5 ,+- fie" ac ,r,.....•,_.:-:??-1'.':.,711;"-4.• ":!•1','•- r s ° Y r uY*we.I ' <... � ,,,- c< rte^ r1� II View looking westerly along 64th,-,Ave. N E.Fu i 1 I I • ROBERT T. MAUSSER ' SRPA,SRNJA �,. 7615 METRO BOULEVARD MINNEAPOLIS,MINNESOTA 55435 -PHONE 612-835-5766 S • I i +i " mow."-� +5a.�,3 n.'v ti' '-.-4-.0.•..,1 -�: T -• a,,,1� . �Y o- r p� , _.-4.).„..,,,, ..,i,- o. .g 4H ! r°". 37 x z Q,--4 .*!--0,---..,‘,A,44,144-,„,`- _ 9 ' gyp• #1r. _�.,,n ,: fa 0 r4iiS'iS � -, • .: } 1_1 .... 4, jr. -* ' ,- - ._! .if":,,,'-,i;itt) il s.— - iti,I ' tib. v ," I ..111.11 wit;,+.. ¢ V,I ' """' • . ' '-',.! 1,..:-4:..,4. . i, ,.-7,. „1,,.,....7".,--.. 17- �� r �„� III � _ � f'�.z-..,,*i �YF;Y,-' mac. mw 1D^- 214 - I - '`- i. ice °'aYa View of office area fir» a+ t. " ., 21.4 G' 6 " AV� . .+r � ✓ .*. -, r" , ;•_ E to a, Z. 't j�` .i i'1rY,w +Piit 7 =r,,,t �y'r': ".-�i "E �i.�F ' s dd�:' i .y ; ^1' ..�Yat`a .�- „,,:,.,..,,,,,,,A „ ,ars. - -�s ,.;.-&_-.,,,,,..4.07,;•_,” .- `H.r „ 1.,,,..-, 1,{ s- i •it ..' r - .,,.., -, - asst it f ''� `. .y'.* k3. t r,f Pr• T j -i + m yr f�8 inj I ,--- , „ ..4.-tn,-;„4.,.., -- ...-: N ,-.p„a if. prif------. V _ __ -I. w.a ril”? — ...-•,..,, •.•• - • ..,-,--.;,,v- .......„......-. ..--t -- ,rri)„, ':- ;:,,-,:: ♦fir .,,-., • View of shop space ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 SUMMARY OF SALIENT FACTS AND CONCLUSIONS 1. Property Address - 336 64th Ave. N. E., Fridley. 2. Type of Property - One Story Auto Repair Building. 3. Property Appraised - Fee Simple Interest as of April 29, 1982. 4. Zoning - M-1 Light Industrial Area. 5. Lot Size - 84' x 134. 7' or 11,315 square feet. I 6. Building Size - 40' x 50' or 2000 square feet. 7. Age of Building - 1961. 8. Highest and Best Use - Present Use. 9. Estimated Land Value - $23, 000 @ $2.03 per square foot. 10. Value Estimate - entire property. Cost Approach $78,215 Income Approach $72,800 Market Data Approach $77,000 Final Value Conclusion $77, 500 Robert Mausser SRPA, SR/WA li ` I• II ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 TABLE OF CONTENTS Related Data Page Property Identity 1 Purpose of the Appraisal 1 Fee Simple Interest Defined 1 Market Value Defined 1 Specific Limiting Conditions 1 Specific Data Legal Description 1 Tax and Assessment Data 2 Municipal Zoning 2 Locational Description 2 Description of the Site 2-3 Description of Improvements 3-4 Highest and Best Use 4 Approaches to Value 5 Cost Approach and Land Value Estimate 5-6 Summation of Land Value 7 Income Approach 7-8 Market Data Approach 8-12 Market Data Approach Analysis 13 Correlation and Conclusion 14 ADDENDA Building Sketch Plat Map Aerial Photo Zoning Map Comparable Land Sales Map Comparable Building Sales Map Contingent Assumptions and Limiting Conditions ' Appraiser's Qualifications ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 PROPERTY IDENTITY The subject property, commonly known as Fridley Auto Repair, is located at 336 64th Ave. N.E. about 215' east of the University Avenue service drive, City of Fridley. Accompanying graphics and photographs depict the property. PURPOSE OF THE APPRAISAL The purpose of the appraisal is to determine the Fair Market Value of Fridley Auto Repair for acquisition by the City of Fridley's Housing and Redevelopment Authority. This appraisal includes the real estate only, comprising land, building and some fixed building service equipment. Rights to be Appraised - Fee Simple Interest as of April 29, 1982. FEE SIMPLE INTEREST DEFINED The greatest possible estate (ownership of property rights) in real estate IIand implies complete and absolute ownership, subject only to limitations of eminent domain, escheat, police power and taxation. It is an inheritable estate without limitations to any particular class or heirs or restrictions. MARKET VALUE DEFINED Market Value is the highest price estimated in terms of money which a property will bring if exposed for sale in the open market allowing a reason- II able time to find a purchaser who buys with knowledge of all uses to which it is adapted and for which it is capable of being used. Source: American Institute of Real Estate Appraisers. The Appraisal of Real Estate, 5th Addition. SPECIFIC LIMITING CONDITIONS The appraisal, as part of the total land area, is to include one half of 4th Street (non-improved) abutting the subject site that will be vacated. LEGAL DESCRIPTION The east 54' of Lots 1, 2 and 3 and the north 71 feet of Lot 4, Block 4, Ree's Addition, plus the west one half of vacated 4th Street adjacent to Lots 1, 2 and 3 and the north 7i feet of Lot 4, Block 4, Ree's Addition, Anoka County, Minnesota. Page 1 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 t I� TAX AND ASSESSMENT DATA Present taxes due and payable in 1982 are $1188.86 H.S. There are no unpaid special assessments. Assessor's Market Value i1 Land $14,000 Buildings $18,600 Total $32,600 MUNICIPAL ZONING The zoning, adopted by the City of Fridley, designates the subject as M-1 Light Industrial Area. II LOCATIONAL DESCRIPTION The City of Fridley, generally confined in area on the west by the Mississippi River, on the north by County Road 132, on the east by Stinson Boulevard and on the south by Minneapolis at 37th Avenue North and Columbia Heights at 52nd Avenue, is 11 square miles in area. Fridley, an outward growth of Minneapolis, is almost fully developed. The 1980 population was 30,039 and I has now peaked. It State Highway 47 (University Ave.) and 65 (Central Ave.), the major north/ south roadways, provides access to Minneapolis and the north suburban area. Interstate 694 has interchanges with these two roadways that provide con- venient access to the road network encircling the Twin Cities. Shopping i� facilities are provided by various Fridley Centers, Shorewood Plaza and , Central Plaza, major neighborhood centers and Apache Plaza and Northtown, more regional in scope. Characteristics of Immediate Area The subject property, located across the street from the Civic Center complex, has a single family residence adjacent to its east and west side of 64th Ave. N.E. Fridley Center, a small five unit strip shopping center, and an auto- I mobile clinic repair shop orientated to University Avenue lies to the west. The Fridley State Bank lies to the south along 63rd Ave. The remainder of the block is undeveloped. DESCRIPTION OF THE SITE Dimensions and Area: 84' of frontage on 64th Ave. N.E. by a it depth of 134. 7'. Total site area is 11,315 square feet (includes vacated street measuring Ii 30' x 134.7' or 4,041 square feet. Page 2 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 l I Description of the Site - Continued. .. 1 It 1i s_- . l 'i� •• 64 TH IAV N.E. g • 1 1 ' a , Fall - in f 2,MIN p t irgii 71 111111/"Wil 0 alliMall ; k . r ' e ! I s' , II - .1 1`F, AUDI ORS„ r-,, 1 Topography and Drainage: Generally 2' above street grade at building � level dropping 5' to 8' below street grade in rear. Drainage is adequate. Soil and Subsoil: No apparent adverse soil conditions. No soil tests are available to determine under- ( I lying soil stability. Utilities: All utilities are installed and are adequate to meet normal anticipated requirements. Street Improvements: Bituminous surfaced street. Curbing is concrete with one curb cut at front of the building. ; On-Site Improvements: Bituminous surfaced parking area from front of building to street measuring 40' x 54' or about 2160 square feet. Landscaping is natural grass. General : The building, measuring 40' x 50' is set back 40' from the street. Ratio of land to building floor area is 1 :0. 18. DESCRIPTION OF IMPROVEMENTS The building, measuring 40' x 50' is a one story, concrete block auto repair garage partitioned off into shop space, 11' x 19' office area and a 4' x 6' enclosed rest room. The building built in 1961, is 2000 square feet in II area. A 10' wide overhead sectional door and personnel door serves the 11 front of the building and a 10' wide overhead door is at the rear. Refer to # I a building sketch included in the Addenda of this report. Page 3 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS,MINNESOTA 55435 PHONE 612.835.5766 Description of Improvements Con't.. . The exterior of the building is painted concrete block with stucco and 4' high brick veneer on the front or street side of the building. Windows are industrial steel sash type. The roof is built up with tar and gravel covering. Downspouts are protruding. - I Interior of the building, with a 14' ceiling height, has exposed bar joists ' and ribbed metal decking. Shop space has painted concrete block walls. Painted plywood partitions, 8' in height, serve the office and rest room. I; Heat is by ceiling hung gas-fired unit heaters. Plumbing facilities consist II of an enclosed water closet and slop sink in the shop space. The water heater has a 40 gallon capacity. Electrical system has a 125 amphere service. �! Ceiling hung tubular fluorescent lighting fixtures serve the building. Other building features include a hoist, air compressor (3 years old) floor Ii drains and an area for wheel balancing and alignment. ; The building, reasonably well maintained as related to age, has no major ii items of deferred maintenance readily discernible. Some of the paint in the rear of the building has flaked off but is only cosmetic in nature. F IITypically, the normal life expectancy of this type of building is 50 years. The actual age of the building is 21 years. Effective age is estimated to be I` between 10 and 15 years with a remaining economic life of 38 years. II Alternately expressed, the estimated percentage of depreciation is 12. 5/50ths or 25%. HIGHEST AND BEST USE The highest and best use is defined as the most profitable use to which the property might be put, or that use which will yield the highest return on investments. The use must be logical, likely, reasonably probable and proximate and not such as merely possible. Highest and best use has also been defined as the most profitable and likely use to which a property can be put. The subject building, designed and built for an anto body repair shop is structurally sound, functional and has a land area of sufficient size to accommodate it existing needs. Accordingly, it has been concluded that the present use represents the property's highest and best use. Page 4 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 APPROACHES TO VALUE Typically, in estimating the value of real estate, three approaches to value are recognized. These are the Cost Approach, the Income Approach and the Market Data Approach. The type of property being appraised, its purpose and the adequacy and reliability of the data available in each of these approaches determines to a large extent the relative weight of importance given to each in arriving at the final value estimate. _ I In conducting an appraisal and formulating an opinion of the fair market iI value of operating of this property, consideration has been given to the three traditional approaches to the valuation of improved real property. Each approach is tested for its applicability to the appraised property. COST APPROACH The Cost Approach consists of two procedures. The first is to estimate the value of the land supported by comparative sales as if vacant and unimproved. the second involves the estimate of replacement cost from which is deducted the loss in value arising from all forms of depreciation. The depreciated value of the improvements is then added to the land value to arrive at the final value conclusion. Boeckh's Building Valuation Manual of an automobile drive-in shop (0715) II was used to determine replacement costs of the subject. Land Value Estimate This method of estimating land value relies upon gathering sales of land in the area of the subject property as in competing locations, then adjusting II those unit sale prices based on various factors of comparability, time, location, etc. , to develop an indicated value for the property being appraised. The following is the best information of which I am aware. Comparable Sale #1 Location: SW corner of University Ave. N.E. & 73rd Ave.,Fridley Legal : Lot 2, except the N'ly 50' thereof, Lots 3, 4, 5 & 6, Block 1, Paco Industrial Park Buyer: Winfield Developments Inc. Seller: S & H Company Zoning: Commercial and Industrial Lot Size: 1020' x 270' average, 275,400 square feet Date of Sale: June of 1981 Sale Price: $531, 466 or $1.93 per square foot Comments: Site, with 1020' frontage is accessed from Commercial Circle East. Lots 2 and 3 will be developed commercially. Page 5 • ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 it Land Value Estimate - Con't. . . I Comparable Sale #2 Location: On 731 Ave. N.E. off Hwy. 65, Fridley Legal: Lots 3, 4 and 5, Block 2, Central View Manor Buyer: Falck Properties Seller: Walter Chies Zoning: M-1 Light Industrial Lot Size: 180' x 195.7', 35,266 SF Date of Sale: April of 1981 Sale Price: $50,000 or $1.42 per square foot Comments: Intended development - commercial. Comparable Sale #3 Location : SE corner of East River Road and 79th, Fridley Legal : Lot 1, Pearson's 1st Addition Buyer: Richard Ernst et al Seller: Warren Caldwell Zoning: Commercial Lot Size: 314' x 280' x 180' x 108', 39,745 square feet Date of Sale: January of 1979 Sale Price: $68,000 or $1.71 per square foot Comments: Corner site with 314' frontage on East River Road and 280' on 79th Way. Comparable Sale #4 Location: NW corner of 79th and Univ. Ave. service drive Legal : Lots 4 thru 8, Block 3, University Industrial Park Buyer: Gerald Paschke Seller: Rice Creek Associates Zoning: N-1 Light Industrial Lot Size: 575' by irregular, 208,390 square feet Date of Sale: September of 1981 Sale Price: $382, 878 or $1.84 per square foot Comments: Level, requires some soil correction. Accessed by three streets - 79th Ave. N.E. , University Ave, service drive and Ranchers Road Comparable Sale #5 Location: SW corner of 81st and Univ. Ave. service drive Legal: Lots 1, 2, 3, 9 & 10, Block 3, University Indus. Park Buyer: Gerald Paschke Seller: Rice Creek Association Zoning: M-1 Light Industrial Lot Size: 575' x irregular, 208, 000 square feet Date of Sale: April of 1981 Sale Price: $405,736 or $1.95 per square foot Comments: Level, requires some corrections. Accessed by three streets, 81st Ave. N.E. , University Ave. service drive and Ranchers Road. Page 6 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 I SUMMATION OF LAND VALUE 1 Sale Date of Lot Sale Sale Price No. Sale Lot Size Area Zoning Price per SF I 1 6/81 1020' x 270' 275,400 Ind. $531,466 $1. 93 2 4/81 180' x 195' 35,266 Ind. $50,000 $1. 42 3 1/79 340' x Irr. 39,745 Comm. $68,000 $1.71 4 9/81 575' x Irr. 208,390 Ind. $382,278 $1.89 5 4/81 575' x Irr. 208, 390 Ind. $405,736 $1.95 , Subject 84' x 134. 7' 11,315 Ind. $23, 000 $2.03 ' Conclusion: Based on the analysis of the above referenced sales, it has been !I concluded that the fair market value of the subject corner site, vacant and available, is $2. 03 per square foot or $23, 000. Land Value Estimate 11, 315 SF @ $2.03 per SF $23, 000 I Building - Replacement Cost New 2060 SF @ $33.00 $66, 000 Air Compressor and hoist $ 6,000 Bituminous Area - Replacement Cost New 2160 SF @ $. 75 per SF $ 1,620 Total Replacement Cost $73, 620 Less Depreciation @ 25% (18,405) �� Depreciated Value of Improvements $55,215 1 I. Value Estimate by the Cost Approach $78.215 INCOME APPROACH The Income Approach as used for investment properties has as its premise the estimation of the amount of the net income, which when capitalized in a manner that is commensurate with the risk and the life expectancy of the improvements, will indicate the present value of the income stream. The subject property has been owner operated for the past 3 years, and therefore, has no rental history. For valuation purposes, an absolute net lease (triple net lease) arrangement is used at a projected economic rent of $4.00 per square foot. Estimated Annual Gross Income (100% Occupancy) I 2000 SF @ $4. 00 per SF $8, 000 Annual Net Income $ 8, 000 t I Page 7 I ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 - PHONE 612-835-5766 Income Approach - Continued. . . 11 Operating Expenses and Allowances Real Estate Taxes Tenant Insurance Tenant Exterior Maintenance Tenant _ Site/interior Maintenance Tenant Fuel Tenant Water Tenant Electricity Tenant Annual Net Income $8, 000 Capitalization of Net Income $8,000 capitalized @ 11% (supported by capitalization rate) Estimated Value by the Income Approach $72,800 MARKET DATA APPROACH The Market Data Approach, based on the principle of substitution, which affirms that a prudent purchaser will not pay more for a property than an equally desirable substitute property, is widely recognized and has broad application in estimating the value of real estate. Normally, commercial type properties are expressed in dollars per square foot of gross building area including the land in analysis of market value. !� The approach to valuation is contingent on the availability of reasonably 1 comparable property exchanges which can be adjusted for similarity to the property appraised. A search of the market confirms that record sales of I property similar to the subject is somewhat limited. II Page 8 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 11 II1 I1 II II Comparable Sale #6 Location: 312 Lowry Ave. N.E. , Minneapolis 1 1 • "' q rl -.-, 0101Y :, HOP_,-'7 41- ":.'±--4:, Ertl laY 'au F a „„s.4:7,,-1,1.:.,._ . e ms r „a s . ' ?4 {, .. 'Feil`- - 0. 'm s' - . r,d Fes, kr a 3 '�"^ ~ >-{ !v.' ; 1 -i-;:f...--:,-::' ,7#.;4.7::-;.7,-:?"—:-.,--:,VZIP.,,,,A.---,.!. -- Ai'-''''''7: - ---9A x Legal : East 40' of Lots 13 & 14, Block 16, B.S. Wrights Addn. Lot Size: 40' x 85. 2', 3432 SF Zoning: Community Bus. B35-3 Buye Michael Digman Seller: Alexander Chorewycz et al Date of Sale: November of 1979 Sale Price: $100, 000/$73, 000 cash Description: One story, concrete block and brick, body shop building was built in 1963. Building dimensions are 40' x 80' or 3200 square feet. Basement size, 800 square feet, is used for storage and a i bath. Office space is 288 square feet in area. Two overhead truck doors serve the building. $10, 000 cash, $90, 000 C /D @ 8% for 11 yrs and $8340 yr. Land to Floor Area of Building Ratio - 1 : .93 Rate per SF of Gross Building Area (inc. land) - $25.00/$18.25 Page 9 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 li ii i' I:' ' j is j! Comparable Sale #7 Location : 2827 1st Ave. , Minneapolis li ii i I �I i ii I i • i. i. _ e 4 ,_ a,i I i 3" �-�#�k- ms ; _, �4 U1s ft-T17.--7.1k;": - , II s�-,i11. ?F"`'1,--•---; �f.• , kga.s j1 : EI r'.-1:11 s s*.,' E� 3, Y 2 ' ---,;- t I:-I- -,.. ,1,.z- ...-":-:-.-re .--,- -, .'&'---r-:".""--;±, II 1I p is _ ;- i *Yi_" 5_=F- -,x f r'. +LC Y Fir" �. 's; -.'^ a'"�tt� tea.. a-�ew" # -,,z, .-f,--',7/..-- 'F s ` +�, r. w. rte.... 1 i`f -Y k,..f 8r. -1I i ,. _,%4--21i ...,,r.. i [fie.- ' ' '` • v II II I) jj Legal : Lots 15 and 16, Lot Size: 90' x 126.5', 11, 385 Block SF2,Zoning:Stillman's Addition li Light Mfg. M 1-2 Buyer: Blumer Seller: • New Central Body Shop Date Sold : March of 1979 Sale Price: $60,000 P Description : One story, concrete block, industrial building measuring 50' x 54' or 2700 SF plus 360 SF goarage. Date built was 1930. Office area of main structure is 209 SF or 13%. Hot water heat, ! - bath and 12' ceiling height. , Land to Floor Area of Building Ratio - 1 : 0.27 Rate per SF of Gross Building Area (inc. land) - $19.63 if II Ij i 1 r i' ii II j {I Page 10 ` i' I: ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 jl it I Comparable Sale #8 _ II Location: 7600 49th Ave. No. , New Hope 1I i -t $T r -' (:. s 4 -a - i ;rte- ....�J wPr''.-7. W , as f ii Legal : The east 145' of S4 of SW4 of NW ex. road, Sec. 8 T 118, R 21 1 Lot Size: 145' x 300', 43,500 SF Zoning: General Industrial !! Buyer: Richard Krohn Seller: Wayne Griep it Date of Sale: August of 1979 Sale Price: $105,000 Description: One story concrete block and brick repair garage building was built in 1960. Building dimensions are 40' x 60' or li 2400 square feet. Clear span ceiling height is 18'. Small office !l area. I Land to Floor Area of Building Ratio - 1 : 0.06 Rate per SF of Gross Building Area (inc. land) - $43.75 !! ii II I' li 1 Page 11 ROBERT T. MAUSSER sRPA, SR 'WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612 835 5766 i t I !i Comparable Sale #9 Location: 5602 Lakeland Ave. No. , Crystal ii i I —, i jay, • a4 - .i-.F fes' L -j.��,._� �P 1L°i.`-«.. K' �1 yyS^'e� _ ari'�`v' $' d- S Jam'yy. Ev_"45).s'r 4`i�i!.I�.4 �jz �..LL','" Y'sFT' . ,,,,, ;:1„.,...... .--^_]+_.''.Y'.WA'.'F. ^ ICS LYF i.'« , . .,� '& �r� +• Legal : Lot 58 Auditor's SubdivisionSF 326 Lot Size:. 9240 125' x Irr., Zoning: B-3 Commercial i Buyer: Ed Flaherty Seller: Sipe & Gray Oil Co. Date of Sale: June, 1980 Sale Price: $75, 000 j Description: One story, concrete block service station building was built in 1957. Size is 30' x 61' or 1830 square feet. Building i has three bays and two rest rooms Land to Floor Area of Building Ratio - 1 : .20 Rate per SF of Gross BuildingArea (inc. land) - $40. 98 . i! ii i'. 1 j Page 12 i' ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612.835.5766 j 4+ a) U to 76) O I a 0 W 0 II �CO0° (` 0) ac ° Tv II 4..v N 47 3 0 i O RS 0 o L (a u O N Q 0 TJ o00 0 01 CONN D) to 0 m o ul 00 u1 N 00 00 0 O (a C C (a O . tD O1 •� (. . •. n u) LID ih 71 O in• CC0 .41/ ."") ! C ° U �/} ' a) L •• 1 •� t0 ° ca II O. s c„a u 0 , C to 0 0 N. OM O .-M4- 0 .y N t � � .- a, tritn0 0o Il N ^ t0NO • 7 f."1 L - a7 to N 3 C I 01 r M . •• .4. • ca 1a (n . .- 0oi? N ON .- ih 4) 4 C .0 •C13 (0 )- > *' 31 C s fCo J Q 'c C O O - { Q N ... to O 'D 'D a1 to z 4* vs om .— cs1: 5 01 otn N M c � O � Q. >, I U V) N MNom.O O N o1 C O w U) ° O I� Q a� � ko •. O73 •L 61° v L I, O . .- Myr.- M 0 cry.- i/f % .-0 O tJ w d � U.1 v, ) O, L ° eo li a z 03W0 -.0..'7, c Ii < ,, �oUaU • Al 47. !I Q 7E1 _1 Q7 O N O Om QMj N .Q (0 L.d fV C s M . M 0 0 . C (0 (a 0 p• 1 V) NtD � M � N00 00 (o O 1 y e Q) .— (. . O • •. - a) N -pO i f0 II - m .- .- iR M M CO i/) fL0 : C - .3 C _ ii Y LU CT Q O ° ,O I; Z O E •Et alL. •� m Qc -0 () L +T ° N S z a) 3 � � cof � a) RI • T . .- 0 0 .0 > LO L • 0 C 3aa) 0 °O u) N•- 0•M0 0 � toa) a) two � .� Q tD .0 0 0o 1, a) a O 0 in as tli M T N .- . •• M ca co M .- 4/1-I- N 0 N •- 4/)- .c L > C) .� Q I >'. co Wm aa)) M - i c is c0 c C O cu 0C 5+ fa L -, C ' _ t0 (/1 t fLo a) I. • w Co O O _ CO N > S 0. 1. N U N L 3 a) . _ - ` W =L. in ' .0 •. M O t cp O E .c a) O C O c ++ L U — O ra N c . O .QC' fo `~ O ° kr:. L o 00 cn a -0 0 0 co +r co i., _O •�-iu L a) +, to co ... C a) w — a) °� V co a� co L o 'a .0 Cn C71 L Q. C a) E Ii In ++ � u i D1E iv d -- w (. Ui U in aoV) .N N 1 N Ota L C a) O a C w ILLya -0 'a (Coo ° ,, m � in a7 v v ca ca m 3 co To ea eo Page 13 1 1 i I, ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612.835.5766 CORRELATION AND CONCLUSION The subject property is typically purchased by a prospective user rather I than an investor for income, and therefore, the Market Data Approach and i! the Cost Approach are given the most weight in arriving at the final value conclusion. The Income Approach is less reliable and meaningful. The final value conclusion is, however, supported by all three techniques. I! Cost Approach $78,215 ji Income Approach $72,800 fi Market Data Approach $77,000 II �' Final Value Conclusion $77,500 Robert Mausser SRPA, SR/WA l ii 11 II Page 14 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 — iIl i; II i, Building Sketch 1 J : 64th Ave. N.E. 54' 1 30' Re: Fridley Auto Repair 1 336 64th Ave. N.E. i 1 Fridley, Minnesota 55432 I 1 _ Building Size i� 1 40' x 50' = 2000 SF Offizi -151 1 o' 1 i Shop Space 1 , U tD 1 I AILM••••=11=_ __� 1 I a L. I in I s . 1 I • 1 Plat Map r r I r - ROI IIIINI r , • ; , ,J a • • i 'N • 64 TH a 1AV . N.E • W rimpini *, fir; k r. • e11 • «�f0 . � . NM___ ID MOM=sO F I • MEM x i �V�_ tlI.�! MIN• I a, , 1 �; _. to• I r '�i I Q . AUDI •ORS, i. "c.,, n Lu 2. ; 3 J ie :cv �! ;i =,, l; R�BE F rM AUSSER S�7.Li. SR . RE.-AL ESTATE APPRAISALS C5 ,.rF-Ro e ..._E L. 7, r ,,, '.;E MINNESOTA LiS,. � !.`NN,,rSOTA 55435 �•- ,..a. y_L misStStiPPi-1:� y --�"— OUDff - ....e+. 9 `T'f��--„Aft)- :• M Yea' - • I,I bac a '� I � �;s*z ,• J•-,� i I I_. Q Vp N r t i; ..... 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Y 1.1 airs . -• "4j J ~I .J / ,y 1 a 1- f ' '*'C r \ I.' 1 •.".:i 1f.! 1 , is tl ,i -' 1t. � _ , 1 - 1 r 14 - [\�=\ IriZ •Ia k R 3 , Nty„Agr'- q �.41-,L--'11•?:-� t • !F i a I� - JIn 6-Vi A 1 e , :•I+i t i i'.- • t �. H ,. ,.,. :;i:,,- ,i .4_y., 4-.....-_-,,,,:„.4# i{r. -.,.,' r-:, i - ! 4 -,_ r 9ti 1 i �4i. " x-e z •' 'v 'i , I�HFY111\7o J, i ij 1 '*r fT�i, - ...R .. t 'NOJ W.MJ c, .�.- _ :::..7.4.44,114, ....E I,„iii {,, l•,, 1 1 -ii ,_' ; ..�, ',-P G T fi�12I.,_h‘,...,:_ �.i of '%1;17;4• ! ,t t- ,I •rl 1 r' J ,I -•-",-,..^.• ---P�1 T • I .I I r / ^,-.4 :! '' }e:.,:0424: tij 11• �- ' 1 -i4: 1, _. 1•17---..'L_ 111 '� -,- -A...:.i' i S 1 i -AM 'k i1;y i1,, j�11 i'....1,-, ..1,-, .'�/ }l r r . 1`� � t ql',� 1 .4'As - �I/"" dievw� i --..4....3•'-.-'3 +S �4 ? .irstl�•+,-�`C' - :-�_-sf!r ,r, ._ .-�� Y, A70}- ^�,tl , 1 'J i _ ROBERT T. MAUSSER SRPA, SRiWA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-335.57666 i! CONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS 1 This property is appraised in fee simple, subject to the following limiting conditions. The legal description furnished us or secured from public records is assumed to be correct. 1! We assume no responsibilities for matters legal in character, nor do we render any II opinion as to title, which is assumed to be marketable. All existing liens and en- cumbrances have been disregarded and the property is appraised as though free and clear, under responsible ownership and competent management. The sketch in this report is included to assist the reader in visualizing the property. We have made no survey of the property and assume no responsibility in connection with such matters. Unless otherwise noted herein, it is assumed that there are no encroachments, zoning violations or restrictions existing in the subject property. Certain information, estimates, and opinions contained in this report are obtained from sources considered reliable; however, no liability for them can be assumed by the appraiser. Possession of this report, or a copy thereof, does not carry with it the right of pub- ( lication, nor may it be used for any other purpose by anyone but the applicant without the previous written consent of the appraiser and the applicant and, in any event, only with proper qualifications. The appraiser herein shall not be required to prepare for or appear in court or before any board or governmental body by the reason of the completion of this assignment without predetermined arrangements and agreements. The division or distribution of land and improvement values estimated herein is applicable only under the program of utilization shown. These separate valuations are invalidated by any other application and must not be used in conjunction with any other appraisal. 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, or any reference to the Society of Real Estate Appraisers or other professional organizations. The appraiser has no present or contemplated interest or bias regarding the property appraised or relating to the parties involved. Employment is not in any manner contingent upon the value reported. { i• it ,i ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 APPRAISAL QUALIFICATIONS Robert T. Mausser has been actively and continuously engaged in the real estate appraisal profession since 1959. From 1959 to 1962 he was a staff appraiser For the Minnesota Highway Department. From 1962 to September of 1966 he was employed as an appraiser by Earl Dom & Associates and was Vice President of Dom Realty Inc. Presently, he is self-employed. Appraisal assignments executed by Mr. Mausser cover the valuation of residential, commercial, industrial and special use properties. Mr. Mausser is a graduate of the University of Minnesota with a B.A. Degree from the Liberal Arts College. Completion of course related to the appraisal of real estate include: Principles and Techniques of Residential Appraising at the University of Minnesota, Construction Cost Estimating at Minneapolis Vocational, Case Study 1 at the University of Indiana sponsored by the American Institute of Real Estate Appraisers and Principles of Income Appraising sponsored by the Society of Real Estate Appraisers. Courts in which Mr. Mausser has qualified as an expert witness in real estate valuation include Ramsey, Hennepin, Dakota, Scott, Anoka and Winona Counties. He has also served as a court appointed commissioner in Hennepin County. Mr. Mausser is a member of the American Right-of-Way Association, Minneapolis Board of Realtors and the Society of Residential Appraisers. He has been awarded the Senior Real Property Appraiser (SRPA) and the SR/WA designations. He is also a past member of the Board of Directors of the Minneapolis Chapter of the Society of Real Estate Appraisers. Appraisal clients include the Minnesota Highway Department, Hennepin County Highway Department, Veterans Administration, Federal Housing Administration, City of Minneapolis, University of Minnesota, Minneapolis Housing and Redevelopment, Minnesota Housing Finance Agency, Hennepin County Park Reserve District, Metro- politan Transit Commission, Lower Minnesota River Watershed District, City of Bums- ville, Scott County, Carver County, National Foods, Midland National Bank, Northwestern National Bank, Mid-America Bank of Highland, Bank of Tulsa, Probate Court, Westinghouse, Univac, IBM, General Foods, GAF, Reynolds Metal, Timken Roller Bearing, Chase Manhattan Bank, Uniroyal, Phillip Morris, Ticor Relocation Management, Target Stores, McDonald's, Owens Illinois, Eaton, AMF, Texas Instru- ments, Owens-Coming Fiberglass, Partnership Investments, Hoerner Waldorf, Upjohn, Ed Lilly & Co., Kraft Foods, Nekoosa Edwards Paper Co., California Computer Products, Kemper Insurance, McGraw Hill Inc., Abbott Laboratories, Inland Ryerson Construction Products, Foremost Foods, Alcoa Aluminum, Bausch & Lomb, Chicago Northwestern Railroad, Eastern Airlines, General Motors, Honeywell, Moore Business Forms, Employers Insurance, Brunswick Corp., 3 M, Gerber Products, Dow Chemical, ( Cargill, Great Atlantic Tea, Transamerica, Xerox, Tremco, FMC Corp., Packaging Corp. of America, Jostens, R. M. Bradley Co., ESB Inc., Leggs Products, Coca Cola Co., Horace Mann Educators, Onan Corp., Bemis Co. Inc., General Electric, John Deere, Digital, Employee Transfer Corporation, Equitable Relocation Service, private individuals and various attorneys. ROBERT T. MAUSSER SRPA, SR/WA REAL ESTATE APPRAISALS r 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 May 19, 1982 City of Fridley Attn: Jerome L. Boardman Executive Director HRA 6431 University Ave. N.E. Fridley, Minnesota 55432 Re: Fridley Center 6359 University Ave. N.E. Fridley, Minnesota 55436 Dear Mr. Boardman: At your request, I have made an appraisal of this property for the purpose of estimating its market value. Based upon the inspection of the property and careful consideration of the many factors influencing market value, it is my opinion that its value is: Three Hundred Seventy Five Thousand Dollars $37.5, 000 Distribution: (Realty) Land $142,000 (Realty) Improvements $233,000 (Personalty) Equipment (Not Appraised) I submit my appraisal report containing a description of the property appraised, a summary of significant factors affecting the market value and a portion of the computations employed in arriving at the value estimate. The Appraiser's Definition of Market Value, the Appraiser's Qualifications and a statement of Underlying Assumptions and Contingent Conditions are included in this appraisal report. This appraisal has been completed in conformance with the Professional Ethics of the Society of Real Estate Appraisers. Information in this report was gathered from sources believed reliable, but it is not guaranteed. It has been a pleasure to serve you and should you desire further assistance, please call at your convenience. Cordially yours, 12`41-4-4- Robert Mausser SRPA, SR/WA RM/df ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835.5766 SUMMARY OF SALIENT FACTS AND CONCLUSIONS 1. Property Address - 336 64th Ave. N.E., Fridley. ii 2. Type of Property - One Story Strip Type Shopping Center. 3. Property Appraised - Fee Simple Interest as of May 19, 1982. 4. Zoning - General Business and Residential. 5. Lot Size - 47, 322 square feet. 6. Building Size - 12,760 square feet. 7. Age of Building - 1959 and 1961. 8. Highest and Best Use - Present Use. 9. Estimated Land Value - $142, 000 @$3. 00 per square foot. 10. Value Estimate - entire property. Cost Approach $385,000 Income Approach $372, 900 Market Data Approach $373,250 Final Value Conclusion $375,000 !Robert Mausser SRPA, SR/WA ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 1 Comparable Sale #5 I Location: Legal: SW corner of 81st and Univ. Av. service drive Lots 1., 2, 3, .9 & 18, Block 3, University Indus. Park Buyer: Gerald Paschke Seller: Rice Creek Association Zoning: M-1 Light Industrial Lot Size: 575' x irregular, 208,000 square feet Date of Sale: April of 1981 Sale Price: $405,736 or $1.95 per square foot Comments: Level, requires some corrections. Soil correction was $.50 per square foot for a total sale price of $2.55 per square foot. Accessed by three streets, 81st Ave. N.E. , University Ave. service drive and Ranchers Road. i SUMMATION OF LAND VALUE I Sale Date of Site Sale Adj. Sale Price No. Sale Size Price Sale Price per SF 1 8/80 56, 642 $125,000 $142,500 $2.51 2 3/79 57,000 $160,000 $205,000 $3.59 3 1/81 64,480 $253,055 $276,000 $4. 28 4 6/81 275,400 $531,466 $574,000 $2.08 ( 5 4/81 208,000 $509,736 $560,000 $2.69 Subject 47, 322 $142, 000 $3. 00 ' Time adjustment factor is 9% per year as indicated on the above referenced adjusted sale price. Based on the analysis of the above referenced sales, it has been concluded that the fair market value of the subject has a value of $3. 17 per square foot or $150, 000. Cost Approach Land Value Estimate 47, 322 SF @ $3. 00 per SF $142, 000 Building - Replacement Cost New 9,380 SF @ $45. 00 per SF $422, 100 Bituminous Area - Replacement Cost New 16, 945 SF @ $.75 per SF $ 12,708 Precast Concrete Bumpers $ 900 Sign Pylon - Replacement Cost New $ 6,000 Total Replacement Cost $441,708 I1 Less Depreciation @ 45% (198,768) 1 ( I Depreciated Value of Improvements $242, 940 I I Value Estimate by the Cost Approach $385, 000 1 Page 7 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 I CORRELATION AND CONCLUSIONS i The subject strip type shopping center, is an income producing type of real estate generally purchased for investment purposes, and therefore, II the Income Approach is given the most weight in arriving at the final value conclusion. Shopping centers are also commonly bought and sold on the open market, most often on the basis of net income potential, but historical sales provide a supportable basis for predicting current market reactions. Consequently, the Market Data Approach is very supportive, but secondary to the Income Approach. The Cost Approach, more speculative, is less meaningful and reliable. Cost Approach $385, 000 Income Approach $372, 900 Market Data Approach $373,250 Final Value Conclusion $375,000 Robert Mausser SRPA, SR/WA 1 Page 14 ROBERT T. MAUSSER SRPA, SR/WA REAL ESTATE APPRAISALS 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 May 19, 1982 • City of Fridley Attn: Jerome L. Boardman Executive Director HRA 6431 University Ave. N.E. Fridley, Minnesota 55432 Re: Fridley Center 6359 University Ave. N.E. Fridley, Minnesota 55436 Dear Mr. Boardman: At your request, I have made an appraisal of this property for the purpose of estimating its market value. Based upon the inspection of the property and careful consideration of the many factors influencing market value, it is my opinion that its value is: Three Hundred Seventy Five Thousand Dollars $37.5,000 Distribution: (Realty) Land $142,000 (Realty) Improvements $233,000 (Personalty) Equipment (Not Appraised) I submit my appraisal report containing a description of the property appraised, a summary of significant factors affecting the market value and a portion of the computations employed in arriving at the value estimate. The Appraiser's Definition of Market Value, the Appraiser's Qualifications and a statement of Underlying Assumptions and Contingent Conditions are included in this appraisal report. This appraisal has been completed in conformance with the Professional Ethics of the Society of Real Estate Appraisers. Information in this report was gathered from sources believed reliable, but it is not guaranteed. It has been a pleasure to serve you and should you desire further assistance, please call at your convenience. Cordially yours, Rc.Ria.o' 'Pk Robert Mausser SRPA, SR/WA RM/df ROBERT T. MAUSSER SRPA, SR/WA r 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 - PHONE 612-835.5766 l SUMMARY OF SALIENT FACTS AND CONCLUSIONS 1. Property Address - 336 64th Ave. N.E., Fridley. 2. Type of Property -. One Story Strip Type Shopping Center. 3. Property Appraised - Fee Simple Interest as of May 19, 1982. 4. Zoning - General Business and Residential. 5. Lot Size - 47, 322 square feet. 6. Building Size - 12,760 square feet. . i 7. Age of Building - 1959 and 1961. 8. Highest and Best Use - Present Use. 9. Estimated Land Value - $142,000 @$3. 00 per square foot. 10. Value Estimate - entire property. Cost Approach $385,000 Income Approach $372,900 Market Data Approach $373,250 Final Value Conclusion $375,000 14-1 Robert Mausser SRPA, SR/WA ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 - PHONE 612-835-5766 TABLE OF CONTENTS Related Data II Page ij 11 Property Identity 1 Purpose of the Appraisal 1 IFee Simple Interest Defined 1 Market Value Defined 1 Specific Limiting Conditions 1 Specific Data Legal Description 1 II Tax and Assessment Data 2 Municipal Zoning 2 Locational Description 2 Description of the Site 3 I Description of Improvements 4 II Highest and Best Use 4-5 Approaches to Value 5 Cost Approach and Land Value Estimate 5-7 Summation of Land Value 7 Income Approach 8-9 Market Data Approach 9-12 I! Market Data Analysis 13 li Correlation and Conclusions 14 ADDENDA 11 Photographs Building Plan II Plat Map ii Aerial Photo li Zoning Map II Fridley Street Map Major Retail Facility Map II Comparable Land Sales Map Comparable Building Sales Map Contingent Assumptions and Limiting Conditions 11 Appraiser's Qualifications IIS I • ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 PROPERTY IDENTITY The subject property, commonly known as the Fridley Center, a five unit strip type shopping center, is located at 6359 University Ave. N.E. about Ij 126' south of 64th Ave. N.E. , City of Fridley. Accompanying graphics and photographs depict the property. •I PURPOSE OF THE APPRAISAL 1. The purpose of the appraisal is to determine the Fair Market Value of the Fridley Center for acquisition by the City of Fridley's Housing and Redevelopment Authority. This appraisal includes the real estate only, comprising land, building and some fixed building service equipment. Excluded are those items commonly designated as fixtures. ii Rights to be Appraised - Fee Simple Interest as of May 19, 1982. II!' FEE SIMPLE INTEREST DEFINED The greatest possible estate (ownership of property rights) in real estate II and implies complete and absolute ownership, subject only to limitations of II eminent domain, escheat, police power and taxation. It is an inheritable estate without limitations to any particular class or heirs or restrictions. MARKET VALUE DEFINED Market Value is the highest price estimated in terms of money which a 1Iproperty will bring if exposed for sale in the open market allowing a reason- I; able time to find a purchaser who buys with knowledge of all uses to which it is adapted and for which it is capable of being used. Source: American Institute of Real Estate Appraisers. The Appraisal of ii Real Estate, 5th Addition. SPECIFIC LIMITING CONDITIONS II The appraisal, as part of the total land area, is to include one half of Lith Street (non-improved) abutting the subject site that will be vacated. LEGAL DESCRIPTION Lot 4, except the North 71' thereof, all of Lots 5 to 11 inclusive, Block 4, I and the west one half of vacated 4th Street adjacent to Lot 4, except the I' north 7f' thereof and all of Lots 5 to 7 inclusive, Block 4, Ree's Addition {` I' to Fridley Park, Anoka County, Minnesota. Page 1 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 TAX AND ASSESSMENT DATA Present taxes due and payable in 1982 are $6656. 12. Specials included in the total are $128. 30. Total unpaid special assessments are $313.02. Assessor's Market Value Land $ 63,500 Buildings 106, 500 Total $170,000 MUNICIPAL ZONING 1, The zoning, adopted by the City of Fridley, designates Lots 8 thru 11 inclusive (between University Ave. and the alley) as C-2 General Business Area. Lots 4 thru 7 inclusive (between the alley and 4th Street) is zoned II R-1 Single Family Dwelling Area. it LOCATIONAL DESCRIPTION The City of Fridley, generally confined in area on the west by the Mississippi River, on the north by County Road 132, on the east by Stinson Boulevard 4 i and on the south by Minneapolis at 37th Avenue North and Columbia Heights at 52nd Avenue, is 11 square miles in area. Fridley, an outward growth of !! Minneapolis, is almost fully developed. The 1980 population was 30, 039 and ! has now peaked. State Highway 47 (University Ave.) and 65 (Central Ave.), the major north/ south roadways, provides access to Minneapolis and the north suburban area. li Interstate 694 has interchanges with these two roadways that provide con- venient access to the road network encircling the Twin Cities. Shopping facilities are provied by various neighborhood Fridley shopping centers, Shorewood Plaza and Central Plaza, both major neighborhood shopping centers and Apache Plaza and Northtown, more regional in scope. Characteristics of Immediate Area The subject property is located between an automotive clinic to the north !I accessed by University Ave. and 64th Ave. , and the Fridley State Bank, a drive-in facility to its immediate south served by University Ave. , 63rd IIAve. N.E. and 5th Street N.E. An auto repair garage and several homes I border 64th Ave. N.E. The remainder of the block is undeveloped. The Fridley Civic Center complex lies north of 64th Ave. N.E. and a small competing shopping center, similar in size to the subject, lies southerly of 63rd Ave. N.E. Other nearby competing shopping center facilities, namely the Holly Shopping Center and Rice Plaza Shopping Center are clustered around 65th Ave. N.E. on the opposite side of University Avenue. { Page 2 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 - PHONE 612-835-5766 d DESCRIPTION OF THE SITE i I' Dimensions and Area: 168' of frontage on University Ave. by a depth or total site area of 21,739 square feet. lj In addition, there is 160.5' of alley frontage j; by 159.4' depth or 25,583 square feet backing (4 up to the University Ave. frontage. Total Icombined site area is 47, 322 square feet. ' • III • — • 64 TH • 18 • N. • Is i , �I , nirill b .+ � ' "Z . ijvi a Imo! :l �:� I e Il i .-4 Me z �-e ; I 11 71 '' L I..rw.../ • wM .. 'I AUDL ORS F. ( II . .. ,.. - -„,„ te, . ! Topography & Drainage: Generally level and at building grade with � ; a slight drop in rear towards 4th Street. iI Drainage is adequate. II !I Soil and Subsoil : No apparent adverse soil conditions. No �! soil tests were available to determine soil stability. ii Utilities: All utilities are installed and are adequate to meet normal anticipated requirements. iI Street Improvements: Bituminous surfaced street and alley. Side- I walk is concrete. Curbing is concrete with one curb cut near north and south end of the I building. 1 On-Site Improvements: Bituminous surfaced parking area from front of building measuring 55' x 169' and across alley 90' x 85' served by concrete bumpers. i There is also a 20' high pylon with a sign. General: The building, measuring 155' by 59' to 65' in depth, has a 55' street setback. Ratio of I land to building floor area is 1 : 0.20. Page 3 I II ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 DESCRIPTION OF IMPROVEMENTS it The building is a one story masonry, five unit, strip type shopping center, 11 built in 1959 and 1961 containing 9380 square feet of main floor area and 3380 square feet of basement area. Total building area is 12,760 square feet. Refer to a building sketch included in the Addenda of this report. The exterior of the building is painted concrete block with brick veneer and II cedar siding accommodating individual unit signage on the front and one side of the building. A 5' wide canopy serves the front and full length of the building over the sidewalk area. Windows are plate glass. The roof is built up. Downspouts are protruding. Interior finishing of the stores vary, reflecting the type of occupancy. Wall finishes range from painted concrete block, paneling to sheetrock. Floor finish includes vinyl tile with some carpeting. Ceiling finish is generally it suspended type. Lighting fixtures are primarily recessed fluorescent with jj some ceiling hung fluorescent in the laundry/game room unit. I Each store has its own heating, electrical system, water meters, and roof mounted air conditioning units. Plumbing is minimal, comprising only those fixtures which serve the employee restrooms. j The building, reasonably well maintained, has no major items of deferred Ij maintenance readily discernible. Reportedly, the roof is one year old and 11 the sidewalks under the canopy are two years old. Unit 3, housing Realty World and Community Credit Company in unit 5 have recently undergone remodeling and renovation. Magic Swirl Beauty Salon is also well appointed. II Unit 1, housing the laundry/game room and House of the Dragon Martial Arts in Unit 4 are more modestly finished. II Typically, the normal life expectancy of this type of building is 45 years. The actual age of the building is 22 years. Effective age is estimated to be 20 years with a remaining economic life of 25 years. Alternately expressed, the estimated percentage of depreciation is 20/45ths or 45%. HIGHEST AND BEST USE i� The highest and best use is defined as the most profitable use to which the property might be put, or that use which will yield the highest return on I investments. The use must be logical, likely, reasonably probable and proximate and not such as merely possible. Highest and best use has also been defined as the most profitable and likely use to which a property can I be put. Ij The subject building, desinged and built for a strip type shopping center is structurally sound, functional and has a land area of sufficient size to accommodate its existing needs. Accordingly, it has been concluded that Page 4 I ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612.835-5766 'l SII Highest and Best Use - Continued. . . 1ithe present use represents the property's 'highest and best use. Based on surrounding land uses, the 25,583 square foot rear portion of the site (separated by an alley from the shopping center) could probably be used I! for some type of commercial use other than some tenant parking. Ij APPROACHES TO VALUE Typically, in estimating the value of real estate, three approaches to value are recognized. These are the Cost Approach, the Income Approach and the Market Data Approach. The type of property being appraised, its purpose and the adequacy and reliability of the data available in each of these approaches determines to a large extent the relative weight of impor- t tance given to each in arriving at the final value estimate. I! In conducting an appraisal and formulating an opinion of the fair market 11 value of this strip type shopping center, consideration has been given to ,1 all three of the traditional approaches to valuation. Each approach is tested I! for its applicability as related to the subject. COST APPROACH s I I The Cost Approach consists of two procedures. The first is to estimate the value of the land supported by comparative sales as if vacant and unimproved. The second involves the estimate of replacement cost from which is deducted 1I the loss in value arising from all forms of depreciation. The depreciated value of the improvements is then added to the land value to arrive at the final value conclusion. II Building Measurements 1st Floor 59' x 20' 1180 SF 60' x 135' 8100 SF 5' x 20' 100 SF Total 4380 SF Basement 59' x 20' 1180 SF 60' x 30' 1800 SF {I 20' x 20' 400 SF �j Total 3380 SF Total of this building 12,760 SF Boeckh's Building Valuation Manual of a shopping center in strip type (6325) was used to determine replacement costs of the subject. Land Value Estimate This method of estimating land value relies upon gathering sales of land in the area of the subject property as in competing locations, then adjusting 1! those unit sale prices based on various factors of comparability, time, location, Ij etc. , to develop an indicated value for the property being appraised. The following is the best information of which I am aware. Ii Page 5 ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 ii Comparable Sale #1 Location: NW corner of Osborne Rd. & Taylor St., Spring Lk. Park Legal: Lot 6, Block 2, Park Heights Buyer: Osborne Road Investment (i Zoning: Commercial Lot Size: 227.72' x 250' x 225.45' x 250', 56,642 square feet 11 Date of Sale: August of 1980 II Sale Price: $125,000 or $2.21 per square foot ', 11 Comments: Level site, presently undeveloped. i ,I Comparable Sale #2 Location: 3836-40 Stinson Boulevard, Columbia Heights i1 Legal: Lots 4 and 5, Block 1, Walton's Sunny Acres 2nd Addn. I Buyer: 1st Security State Bank Seller: Kenneth H. Lee ii Zoning: Commercial Lot Size: 200' x 285', 57, 000 square feet j Date of Sale: March of 1979 II Sale Price: $160, 000 or $2.81 per square foot !I Comments: Level site, now improved with a bank. 11 Comparable Sale #3 Location: 5000 block on Central Ave. N.E. , Columbia Heights t I Legal: Lot 4, Block 1, Columbia Heights Buyer: B and H Investment Company Ii Seller: Robert G. Ostlund Zoning: Commercial 11 Lot Size: 184' x 345', 64,480 square feet Date of Sale: January 2, 1981 Sale Price: $253,055 or $3. 99 per square foot 111 Comments: Sale price was $225,000 with buyer assuming special �� assessments of $28, 055. Site now improved with a restaurant. 1 Comparable Sale #4 Location : SW corner of Univ. Ave. N.E. & 73rd Av. , Fridley ,I Legal: Lot 2, except the N'ly 50' thereof, Lots 3, 4, 5 & 6, `I Block 1, Paco Industrial Park Buyer: Winfield Developments Inc. Seller: S & H Company Zoning: Commercial and Industrial Lot Size: 1020' x 270' average, 275,400 square feet Date of Sale: June of 1981 i Sale Price: $531,466 or $1.93 per square foot 1 Comments: Site, with 1020' frontage is accessed from Commercial Circle East. Lots 2 and 3 will be developed I commercially. i 1 I 11 I Page 6 ii l ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 1 i, Comparable Sale #5 Location: SW corner of 81st and Univ. Av. service drive Legal: Lots 1., 2, 3, .9 & 10, Block 3, University Indus. Park il Buyer: Gerald Paschke Seller: Rice Creek Association ' Zoning: M-1 Light Industrial ' Lot Size: 575' x irregular, 208,000 square feet Date of Sale: April of 1981 Sale Price: $405,736 or $1.95 per square foot Comments: Level, requires some corrections. Soil correction was $. 50 per square foot for a total sale price of $2.55 per square foot. Accessed by three streets, 81st Ave. 1 N.E. , University Ave. service drive and Ranchers Road. SUMMATION OF LAND VALUE Sale Date of Site Sale Adj. Sale Price No. Sale Size Price Sale Price per SF I'; 1 8/80 56,642 $125,000 $142,500 $2. 51 2 3/79 57,000 $160,000 $205,000 $3.59 3 1 /81 64,480 $253,055 $276,000 $4. 28 4 6/81 275,400 $531,466 $574,000 $2.08 i 5 4/81 208, 000 $509,736 $560,000 $2.69 I; Subject 47, 322 $142, 000 $3. 00 1 Time adjustment factor is 9% per year as indicated on the above referenced adjusted sale price. Based on the analysis of the above referenced sales, it has been concluded that the fair market value of the subject has a value of $3. 17 per square foot or $150,000. 1 1 Cost Approach Land Value Estimate 47,322 SF @ $3.00 per SF 3142, 000 Building - Replacement Cost New � 9,380 SF @ $45. 00 per SF $422, 100 1 Bituminous Area - Replacement Cost New 16,945 SF @ $.75 per SF $ 12,708 Precast Concrete Bumpers $ 900 Sign Pylon - Replacement Cost New $ 6, 000 Total Replacement Cost $441,708 I Less Depreciation @ 45% ( 198,768) Depreciated Value of Improvements $242,940 t Value Estimate by the Cost Approach $385, 000 I Page 7 I ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 INCOME APPROACH The Income Approach as used for investment properties has as its premise 1' the estimation of the amount of the net income, which when capitalized in a i` manner that is commensurate with the risk and the life expectancy of the improvements, will indicate the present value of the income stream. 11 Obviously, this approach is of primary importance in valuing real estate that is likely to be purchased by an investor. iA shopping center is an income producing type of real estate, and , thus, its market value is directly related to the net income producing potential of II the property. I I have been furnished current lease terms, rentals and contributions by the tenants in the Fridley Center. Rental bases and contributions are briefly summarized below. Annual Rent Tenant Rentable Area Taxes Insurance Expenses Rent per SF 'I Laundry 3100 SF Pro Rata Pro Rata Pro Rata $9036 $2.96 Realty World 1800 SF Pro Rata Pro Rata Pro Rata $9000 $5.00 Beauty Salon 1500 SF Pro Rata Pro Rata Pro Rata $7200 $4.80 Martial Arts * 1800 SF Pro Rata Pro Rata Pro Rata $8400 $4.66 Comm. Credit 1180 SF Pro Rata Pro Rata Pro Rata $6600 $5.59 Totals 9380 SF $40,236 1 *Denotes 1800 square feet of main floor area plus 1800 square feet of basement 1' area for $8400 or $2. 33 per square foot (including basement) of this modestly finished unit. The 1180 square foot basement area under Commercial Credit is used by the Realty World (owner) for storage purposes. II Tenants pay own heat and electricity. Taxes, insurance, trash pickup, snow 11 removal, parking lot maintenance and exterior lighting expenses are pro rata. Reportedly, lease terms are on an annual basis. The exclusion is Commercial 1 Credit shose lease commenced on June 1, 1980 and ends May 31, 1983. There are also two three year options from June 1, 1983 to May 31, 1986 at $7560 per 11 year and from June 1, 1986 to May 31, 1989 at $8640 per year. Prevailing annual rental income is $40,236 or $4.29 per square foot. Based on comparable rental data, it has been concluded that the rents are economic with the exclusion of the laundry. The projected economic rent on this 1 3100 square foot unit should be $10,075 annually or $3. 25 per square foot. The following is the gross income projection of the subject property. f Page 8 • ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 i 11 r !I 11 Annual Rent IITenant Rentable Area Taxes Insurance Expenses Rent per SF (! Laundry 3100 SF Pro Rata Pro Rata Pro Rata $10,075 $3.25 Realty World 1800 SF Pro Rata Pro Rata Pro Rata $9,000 $5.00 1 Beauty Salon 1500 SF Pro Rata Pro Rata Pro Rata $7,200 $4.80 I Martial Arts 1800 SF Pro Rata Pro Rata Pro Rata $8,400 - $4.66 Corn. Credit 1180 SF Pro Rata Pro Rata Pro Rata $6,600 $5.59 Totals 9380 SF $41,275 I ' The overall average is $4.40 per square foot for the projected economic annual rental income of $41,275. I Estimated Annual Gross Income (100% occupancy) Gross Annual Income $41,275 Vacancy and Credit Loss @ 3% 1,238 Effective Gross Annual Income $40,037 11 Ii Operating Expenses and Allowances I Real Estate Taxes Pro Rata Insurance Pro Rata + Site Maintenance Pro Rata � Fuel Tenant 4 I Water Tenant Electricity Tenant i! Exterior Maintenance $750 Management @ 5%\ $2000 I' Expenses ( 2,750) I! I Annual Net Income $37,287 11 Capitalization of Net Income I $37,287 capitalized @ 10% I (supported by capitalization rates) I Estimated Value by the Income Approach $372, 900 I ii MARKET DATA APPROACH , The Market Data Approach, based on the principle of substitution, which affirms that a prudent purchaser will not pay more for a property than an equally desirable substitute property, is widely recognized and has broad I' application in estimating the value of real estate. Normally, commercial type properties are expressed in dollars per square foot of gross building Iarea including the land in analysis of market value. Shopping centers are commonly bought and sold on the open market, most II often on the basis of net income potential, but historical sales provide a Iisupportable basis for predicting current market reactions. I; Page 9 i s II ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 r Il I! li I , 1; I, !I �! - 11 Comparable Sale #6 Location: 8945 Plaza Boulevard, Spring Lake Park II _ 4� sf - 1.1....,,,,,,i„.2' V r , -v, -7-- ^� 4. . _ -,-., f , ,,...-,...:„--.,-_ ,,,. ,., ,...,,,. _. ‘,. 1 -..„ it, .. , ..-...,,-,-,,,, -_,- _. < ` . - _' '-...... . ...-, .. Iiia "-'sr ;+ ..— J -...14. _ . ...- .4,,,_,.„ .„-- .. .._,,, i _ .... - ,.._...„„,.. ..:__ ...„.„__-. I) ca m 0.S 1, —, t=r: ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835.5766 'I i`. it Comparable Sale #7 Location: 1533-53 Larpenteur, Falcon Heights i' ii i ii y » a _ • 4 ,fir - i' '�'„"".� --- `moi: -{fit � --.c.., �,b ;ice` .. +v3•fi,MF- ., fir% {1.5' ~ rr '! .+v- t..-. -.. '` � ,u.."Ax.� �c.�-a- �•'s - saw^-.¢ Y' `x �,,H�s s are "rte '•-¢ Legal: Lots 6 thru 13, Keller's Rearr. of Blk. 10, Falcon Heights Lot Size: 125' x 393', 49,408 SF Zoning: B-2 Commercial Buyer: Marvin Stillmans Seller: Robin Center Inc. Date Sold: November 20, 1980 Sale Price: $322, 500 { Description: Strip type concrete block shopping center was built in ! 1941, 1946 and 1949. First floor size is 27, 960 square feet, 2nd floor I'! size is 1458 square feet and basement area is 15, 070 square feet. Gross building area, including basement, is 44,488 square feet. Interior finish is sheetrock and plaster. Forced air heating plants and central air conditioning. Land to Floor Area of Building Ratio - 1 : 0. 56 Rate per SF of Gross Building Area (inc. land) - $7.25 it 1' II is r I I Page 11 ROBERT T. MAUSSER SRPA, SR;WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 I r i I' li Comparable Sale #8 Location: 2080-2128 East 11th Ave., North St. Paul I ii I � F # �`Ir i - -�" "i $sy " £.r. ;� i"i rM1 ici 1,-,1',-,N..--1,-,4•_- -, r �P .e.+1.-t ' . ' . 54'� 's .u:.t Y '^;y44. � ._ yr `ga ,y -,=-74:-4,-O3 LS .15. . ft 4 1 - ." - ' z 1. .+�tIi ,i — 1 i 1, 4 II I I. ` ._.. t`"'..r .--i--!•,s40.` Yt "3pr '�-r:.• yelp^.t -�. °' y def it _ ____� Y „` _ - -4-_s___-- `` ii ti -a..-tA.tt{ ..'4-.- •m' _mk^vim ¢-y 'I ,g;.'k 2"'r.�"— t -, y' .,� -^a�...> .�yY,.,"s,4:..,.. et a • _cf c�-.t'a'x .,A _0.y .4,( 2h Y. CL' J,j .3 3�.ti -- &;. -! u.sstw . F • _ - �LM .Fn h ` ta a4F . _. i! ..31S I; Legal: Lot 3, Block 1, Target Plaza Addition Lot Size: 138, 085 square feet Zoning: B-3 General Commercial I; Buyer: Good Value Homes Seller: Titus Date of Sale: August 15, 1980 Sale Price: $1,600,000 it i1 Description: One story, L shaped, 17 unit, masonry, strip type it shopping center, was built in 1975. Size is 47:705 square feet. Ii Sprinklered building with central air conditioning. � Land to Floor Area of Building Ratio - 1 : 0. 35 j Rate per SF of Gross Building Area (inc. land) - $33.54 I► 1i I� it i li is ( {; Page 12 ii' i! ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 1 I II I • C a) O i3) 00 co co to t0 a) -- C as w ©c cs G d 7 0) 00 tn in in 0E Q to C Io t71 •C O 0 0 co • in e• u t0 ea •Q N V) 0 co L O to in . N N p L ' ' = N O M. 0 Z CO0 - VT- .-01 M � 00 � .•. 01 VI ih iR - N 0O v, N m �E 'tn O •- L of •N CC"' tt- L' a) L .0 O O Q p) II 3 -0 ++ to *+ E mC 1 a) O •C .- a) O — O 1 4.0 N 7 tow U "•i N CD - � s= *Jto3 CO 1- 0 � E J ) 0 +pr 0 C O LvN 1 .4, V 11 im C tincro0 OOO ,t°n "- v _CD 0 i1 to 1 O O . 1 0 to fg N o to N a) L 1 0 0 �I (/') N M U o N ? 01 O �' p N L C E CO ? - to to III • ea •- •N *, O tJ) in c .- m C C N .� � N o O L C s 'l3 a tL .- vr.- � N , 1- in- v> D' O >.. 3 C2 - N - L U to L to Z CD Lw > �= ea c •, Oa dC � � Cttd = I Q o to .Y � !n Q- �p � 0 � t 1 ~ N ..i occ; . Ct C E O < fa a) a Ca oc`f)oo00 co In In `n aa)) In � to O i C I. to C 1 0 0 O M to L •- w LO w 0 0 F- La0ooinot` ^ o NI - to m AO .0E a 11 w o Q torn cn tri •• N f V 0.+r 4,• 7 m L Ii Y co tocnt/fr- to NOONr VI- Vf Q . Q c E t0 O . i0 IQ co- ....-0 U > C 7 to O et) U II LU el 1 sa _'O ow O O 1 z -p . 3 10 w. E to s il > C L 1 p C 0 11 � Q Io a) *' E " 'a ,p 3 5 a, Od i *O+ r 4; > U •t0• — O "" rut O c 0 .- c — .ca) a) -9, Qa) � _ N OI N 0 O0 t•si in N " U "' O t0 •'a O .0 • CD cm Ma iv) co co r. p to 0 to E Ocr 30 Q crs 3 m •L m O N of �.N •• IN OE C -O 1,4 C to L Nc cU. va NI .- o )-i- o1 0 rvi- Q 0 C M0 O• • t9 UD M▪ L U O O to to 0) O L z' u) !n ++ 44 O Om Nw O Lco *+ Cd .0 co O O N _ C o Lco L 4= V) U — `~' LL ++ t�. L O to t0 ., O 02 a) y C 'O L � �, Ec 'L 0- ca cC7 � vn a) NOQ O �' a) on O — C a) Q.,� d to N in c = = • O ,6D �� tnav) 'tntn .c 'I C ami �lL > C o L. Utntn .0 ea .0 = «% m •- L O *. V C to oho_ • E Q CD t t0 a) - coQ O d C = "d L co L O E N to U '� L L�tL E i J '� 'a "' 4- O LU O to L aO nO O , a) U L I L. a ctt12 - NmF- � O = .= O p1 VI O a toaa) C0 to to Page 13 < Oto >- .Jm CC > H v) > 1 I ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 CORRELATION AND CONCLUSIONS The subject strip type shopping center, is an income producing type of Ireal estate generally purchased for investment purposes, and therefore, i the Income Approach is given the most weight in arriving at the final value conclusion. Shopping centers are also commonly bought and sold on the open market, most often on the basis of net income potential, but historical sales provide a supportable basis for predicting current market reactions. Consequently, the Market Data Approach is very supportive, but secondary to the Income Approach. The Cost Approach, more speculative, is less meaningful and reliable. Cost Approach $385,000 Income Approach $372,900 Market Data Approach $373,250 Final Value Conclusion $375, 000 Robert Mausser SRPA, SR/WA i Page 14 --- ___ . - ROBERT T. MAUSSER SR 7615 METRO BOULEVARD ....- .. .. , t , . .• — - . 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MAUSSER SRPA, SR/WA ..:._ 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 jr v- li 1 I I • WWII T ,.. -. - POI r. 1-'4 "''Zi•¢•ya• u '11, `i !wlt j wail{I , �..� ss • { •sxa`1" "� x M4xYaw te _ - p s ? `"` --;•-.4.1-;-,,-..,.,-.,.........,,7:::,-.--„,-- - - s •f - a2 ~--, . � y s?-.+µ• ...-,--.4.14i-- '-r , P £-- 7" ' 3^r 3ds..X - kBSc D �?x+� ry ffY 4 - $M : • -c7J . o •q __ • .: ^ -,T-1/4,-n,. " - -Ysa+ ti- `•Y„;45,#tit ct'i. -V-r.FCalf # ?a.a' C - V�! , ^1 .a'CS , , ;< }^n.:. `= i ,-- JC--• ;. '-I. . 4,,. .7&:: .. Looking north along University Ave. service drive I I • i1 1 -- F• bli 4 ' r+ i ,„ t .. F R t ? Ias v i44k E¢M W- ;.*:,::‘,.....Z sY 1 t yy f ,,.... - 9`ti" '.,'. . ' • t'§a-Y• _-.. ' w`' ate- ... yam- '-' �s _�,., } a " "f .Q+e°` ". , , ;,,,.'t`,' �. .4.4,,----,-', r '. .b•."i" ''."- -44-!--.,,,'t-7--,-.1--1.-: 44 - 4 .A'1' 14 t f'''''' [ ^ � . ""`4+¢ t�^ 5 f SE'S:t K' y,l. • ..(,- ^.M.e.- «tif~ f •, -i-: - '#" '.-Jae `�,-i- ,t,°,-' 'W'� .FSS { lyA c'+ `. '''-'1',-t,,:=','..7, ,+. tog.--- -. i- '•". Y .. r4`` .7 �ry.�ay.�.��h5a�c `�.`zs y Y't`?,e.f' ad+' �''L."s'{'. — - � '=+c"' ,�'•. �,. � t r �-1. ..--0,7?...; ?�`. tea! ,� ,� a x...� � - 1/ .-.i.`- '. ;`. `i... ., k "* -. 3µ3. S� .#.7' v A; c y �'' ',- . : - ''.,--4:'R's$ -a h"<'.i';* 4 ,•,e s�.F,[fir `w4 "r,. '!),,,T '+_ dim sa,f.-✓. ,, 'tt a,. Looking south from 64th Ave. N.E. along University Ave. service drive ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 Re: Laundry 6381 University Ave. N.E. Fridley, Minnesota . : .` moi. x .' .7 em* Came room (north side)) . 2. ` �,,,,_ . Oaf y . •Y' ti ."' -fix• iP ��"*aY• k Yr sw' a. t�f.r-a.�y t .. � v-,--7-7.---,.....a.,, " "'..�^� a , t . 14-1,1, ._�" 3rA„t..e , ,,,, K .! atey ,� 2. ^yam.. .s >x' ti ; 6 � _ -,.,''.!:::','-',L11� r, :•.":',,V‘,,,..741,-* 5. �.`aa.M.'eu-...,wK+ ''9. 2^r : kr - -.t .gz...- ,--4.111.1,;::--=,-,m;.--tr .„.7w '�'o' �a°"s^Yf .. .-y.�}°- S"..`.�. .+`a,yr-t :+tg+t-x -. • ( . i- .-- 771117.I",' '4;:jig 41;4 i' .-,•:,*.`..3.,:;,,,,P,. ' , r .. . ..„.... .,, . _.,-,.:„ ,_ „ •:. ,,,,,,,,,,,,,,,,, ...,;:-..,,,, . . . - 3 t ,, ,--, ,,,„•=1 - '4'''''''.: .' ' . -. .. -•...' ..e`r.t4...Z -: I..' f- mr-ff��fiii"`' tx .x. . „.,. ._ ,.- " 'f` � d: �+ "-, Laundry (south side) { rZ 1114 . ;, -,. "� _.fir '. I :, 1,41 ... --_ r.# a sa . ` ;f -_, Lñ - id L . ..,..„34,4, . Rs `rr a z... -A. .`-mss ,;, "I Ne.,,,,, ITT?' iar C/ F'.y' r, '-':','A-4;-..'.-.,..-,,.-', - '. - .. af C ...... ` rme.' ,' .4,:-. -� _ �3 • i ��. maw • ROBERT T. MAUSSER SRPA,SR/WA 7615 METRO BOULEVARD MINNEAPOLIS,MINNESOTA 55435 PHONE 612-835-5766 Re: Realty World • 6379 University Ave. N.E. Fridley, Minnesota • „.„,..,„._4„7:,,,,,,,..:::i...t. ,„..,...7...:r Y 1v. _ ; �, � !� .tib 3�X� ' � '+tea#:v {..Y —• �..� ' z t fi s t asir:« eit+d 1. ,-,-,11';.'',.`:•- �• •+ .4--„.:4 + i. R•Y`”-.'' _� � `�_ "C{t,R 1. '.ice -1-.:N.:-..;,,,;.„;...f �,' is -c. I 3 XR + 5t View from rear to front of building ' il ' . . ' "',.; .1''-' ' •-• 3-- -. ''':''-- ''''''';;4';-------41::..-';'''v*. T. . `a ma - .. qk. tcap- �� T „ - pi � `mac • _ 4J7 f = `° a _ •- I ,. -S._ _ 1 -- = ,tp -. s t -r 4- ,*. # s •.3y ♦ 3w_r 3 'k r tom } �'r Y. �y,rY Y..�-� f Fur -'C w 'S} -Y'F y. -. P: >. x- r iir View of rear office I • ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS,MINNESOTA 55435 PHONE 612-835-5766 • il Re: Magic Swirl Beauty Salon I 6559 University Ave. N.E. j , Fridley, Minnesota 1, • ,I I • . 1 • fit M :c..--,` 4�-i ' { . 4s 4h'., 0. 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Fridley, Minnesota ,- ,s . - .ice', -1 . ..., , - • , �Air3e. «.e --,...r 1f..r • .tt _7 /ma .r . yv' � -. y L1 _ ice' maiL,..--4 = am S r _ ,'-'s - 1 ' i Iv '- A . . ___ _,.________z",#._..„,,,._ . . „,,, __ . _______._„:„... .4...._, _ _ , , -- ir _.;;;_, ...:-... .., At -----7--,-F.-,--3.w- - �..., F -44. �.a_ e � , }z � t View from rear of office area e a -, { -7 - ".. yam: i' } F• P { v^ "'S''M -.-ter• fit 4 - �' ids 6 r %II :. View of rear storage , cam it3 x y �� .. F � . , :.1 y •: # as _ tI '' it * M _ \mss { FF M^`� ;y i -7 d } t 'S . 1 # - r ROBERT T. MAUSSER SRPA, SR/WA III 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 •PHONE 612-835-5766 =tf ii t Building Plan i II a 1 - Llfltfl op , ..-. I:A - MI i! to +' a) 00000 G. 0 E y 000000 N e— CO to CO .— V) - - M .- .- .- '! 3 v 0 o 11 c ri 2 C 'I - i lI • `� O O i H O 0 Q I! HN a) LC •E >•O. ca >. it 4 m C C i coC • 01 Oto fl. N o rp 2 E li . i l`7 V O # O co L II , • -0 a) U . 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MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 P!-'JNE 512.3:3-5753 11 jCONTINGENT ASSUMPTIONS AND LIMITING CONDITIONS This property is appraised in fee simple, subject to the following limiting conditions. jj The legal description furnished us or secured from public records is assumed to be correct. We assume no responsibilities for matters legal in character, nor do we render any opinion as to title, which is assumed to be marketable. All existing liens and en- , j cumbrances have been disregarded and the property is appraised as though free and , clear, under responsible ownership and competent management. The sketch in this report is included to assist the reader in visualizing the property. 11 We have made no survey of the property and assume no responsibility in connection with such matters. Unless otherwise noted herein, it is assumed that there are no I encroachments, zoning violations or restrictions existing in the subject property. i Certain information, estimates, and opinions contained in this report are obtained it from sources considered reliable; however, no liability for them can be assumed by the appraiser. Possession of this report, or a copy thereof, does not carry with it the right of pub- lication, nor may it be used for any other purpose by anyone but the applicant without the previous written consent of the appraiser and the applicant and, in any event, only with proper qualifications. The appraiser herein shall not be required to prepare for or appear in court or before I any board or governmental body by the reason of the completion of this assignment without predetermined arrangements and agreements. The division or distribution of land and improvement values estimated herein is applicable only under the program of utilization shown. These separate valuations are invalidated by any other application and must not be used in conjunction with Iany other appraisal. 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 1 consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser or firm with which he is connected, or any reference to the i Society of Real Estate Appraisers or other professional organizations. The appraiser has no present or contemplated interest or bias regarding the property appraised or relating to the parties involved. Employment is not in any manner contingent upon the value reported. I ROBERT T. MAUSSER SRPA, SR/WA 7615 METRO BOULEVARD MINNEAPOLIS, MINNESOTA 55435 PHONE 612-835-5766 APPRAISAL QUALIFICATIONS Robert T. Mausser has been actively and continuously engaged in the real estate appraisal profession since 1959. From 1959 to 1962 he was a staff appraiser for the Minnesota Highway Department. From 1962 to September of 1966 he was employed as an appraiser by Earl Dorn & Associates and was Vice President of Dorn Realty Inc. Presently, he is self-employed. Appraisal assignments executed by Mr. Mausser cover the valuation of residential, commercial, industrial and special use properties. Mr. Mausser is a graduate of the University of Minnesota with a B.A. Degree from the Liberal Arts College. Completion of course related to the appraisal of real estate include: Principles and Techniques of Residential Appraising at the University of Minnesota, Construction Cost Estimating at Minneapolis Vocational, Case Study 1 at the University of Indiana sponsored by the American Institute of Real Estate Appraisers and Principles of Income Appraising sponsored by the Society of Real Estate Appraisers. Courts in which Mr. Mausser has qualified as an expert witness in real estate valuation include Ramsey, Hennepin, Dakota, Scott, Anoka and Winona Counties. He has also served as a court appointed commissioner in Hennepin County. Mr. Mausser is a member of the American Right-of-Way Association, Minneapolis Board of Realtors and the Society of Residential Appraisers. He has been awarded the Senior Real Property Appraiser (SRPA) and the SR/WA designations. He is also a past member of the Board of Directors of the Minneapolis Chapter of the Society of Real Estate Appraisers. Appraisal clients include the Minnesota Highway Department, Hennepin County Highway Department, Veterans Administration, Federal Housing Administration, City of Minneapolis, University of Minnesota, Minneapolis Housing and Redevelopment, Minnesota Housing Finance Agency, Hennepin County Park Reserve District, Metro- politan Transit Commission, Lower Minnesota River Watershed District, City of Burns- ville, Scott County, Carver County, National Foods, Midland National Bank, Northwestern National Bank, Mid-America Bank of Highland, Bank of Tulsa, Probate Court, Westinghouse, Univac, IBM, General Foods, GAF, Reynolds Metal, Timken Roller Bearing, Chase Manhattan Bank, Uniroyal, Phillip Morris, Ticor Relocation Management, Target Stores, McDonald's, Owens Illinois, Eaton, AMF, Texas Instru- ments, Owens-Coming Fiberglass, Partnership Investments, Hoerner Waldorf, Upjohn, Ed Lilly & Co., Kraft Foods, Nekoosa Edwards Paper Co., California Computer Products, Kemper Insurance, McGraw Hill Inc., Abbott Laboratories, Inland Ryerson Construction Products, Foremost Foods, Alcoa Aluminum, Bausch & Lomb, Chicago Northwestern Railroad, Eastern Airlines, General Motors, Honeywell, Moore Business Forms, Employers Insurance, Brunswick Corp., 3 M, Gerber Products, Dow Chemical, Cargill, Great Atlantic Tea, Transamerica, Xerox, Tremco, FMC Corp., Packaging Corp. of America, Jostens, R. M. Bradley Co., ESB Inc., Leggs Products, Coca Cola Co., Horace Mann Educators, Onan Corp., Bemis Co. Inc., General Electric, John Deere, Digital, Employee Transfer Corporation, Equitable Relocation Service, private individuals and various attorneys. MOORE LAKE PROJECT EHLERS AND ASSOCIATES, INC. FINANCIAL SPECIALISTS FIRST NATIONAL-SOD LINE CONCOURSE 507 MARQUETTE AVE. MINNEAPOLIS, MINNESOTA 55402 339-8291 (AREA CODE 612) ....- May May 26, 1982 Mr. Jerry Boardman, City Planner Fridley City Hall 6431 University Avenue NE Fridley, Minnesota 55432 Dear Jerry: Attached are the tax increment computer runs that you requested for your 1983 financing. As you directed on the phone yesterday, we are assuming a projected assessed value of $825,120, with a $30,000 original assessed value and a 90 mill tax rate. We are assuming that these bonds will be sold in May of 1983 and that the first full increment would be received in 1986 to be used to pay debt service coming due August 1, 1986 and February 1, 1987. Exhibit 1 shows the bond issue to be sold. The figures shown as cash flow during construction are the estimated partial increment to be received during 1985. After taking into account investment income, 2.75 years capitalized interest, and a 2 percent bond discount, we arrive at a $500,000 bond issue. Page 1 of Exhibit 2 shows the development of tax increment revenue available to pay debt service. Note that we have assumed a three percent annual increase in projected assessed value. The second page of this exhibit then structures the bond issue to fit within the total revenues available to pay debt service. The revenues developed on the preceeding page are augmented by investment earnings on the reserve (at an assumed 9 percent rate) to arrive at. the total revenue available for debt service. The maturity schedule and the total debt service for the bond issue are then shown in the middle columns with an annual surplus or deficit figure shown immediately to their right. The far right column (reserve) then shows a cumulative balance in the debt service fund. The fact that this fund remains positive at all times indicates that this bond issue may be structured within these as revenue assumptions. While a mill rate is shown during the first three years of the issue, these interest payments will actually be made from bond principal , thus these deficits should be ignored. If you have any further questions, please don't hesitate to call . Sincerely, ENL RS AND ASSOC , INC. i Richard E. 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