05/02/1988 BOE - 00010828���4�
� THE MIIVU'I�S OF THE �NPINUID BOARD OF REVIEW MEEI'ING OF MAY 2, 1988
M3yor Dlee reopened this Board of Review maeting at 7:35 p.m, which had been
continued frcm April 18, 1988.
MET�7BERS PRESENT: Mayor Nee, Councilman Billings, Cou�cilman
Fitzpatrick, Councilman Schneider and
Councilwcman Jorgenson
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I�yor Nee stated at the last meeting there vaere sever�l items which the
Council requested a report frcan the City I�ssessor's Office.
Q70NEY, 5407 CENPRAL AVEN[JE N.E.:
P�yor Nee stated there was the potential for Gn increase in the value of
this property. He stated the property is a snall piece of land ad�acent to
N�nard's on which a billboard is located. He stated it appears that the
value was too lav and the City Assessor c�ras asked to review the pro�erty and
notify the aaner that this question would be rzised at this meeting.
Mr. I�dsen, City Assessor, stated he talked with Ms. Cnoney last week af ter
a letter was sent indicating the Board c�f Review had a desire to increase
� the tralue of this property, Nerther Ms. Cooney nor anyone representing her
was present this evening. Ms. I�dsen stated Ms. Cooney hacl indicated she
d�.dn't believe anyone would be present at this mc-eting.
Mr. Ni�dsen stated in reviewing the property and after tall� ng to Ms. Cooney,
he would rec�urend an increase in the value frcm $5,500 to $10,80D. He
stated this figure is based on the conversation wlth Ns. Cooney where she
indicated at one time $33 a month was received for the land lease to Naegele
Signs. He stated in figuring the value, �_ multiplier irom 20 to ZS times
the annual rent was used. He stated assuming a current rent of $40 per
sonth or $480 per year and an average multiplier of 22.5, this would
indicate a value of $10,800.
Mr. Madsen stated in cornrersations with a representative of the C�¢nissioner
of Revenue's office, he also felt this fi�e was correct.
A'%7TION by Councilman Billings to support the �mend�d appraisal by the City
Assessor for a value of $10,800 on this property at 5407 Central Avenue TT.E.
Seconded by Councilman Schneicler. Upon a voice vote, all voting aye, P4ayer
Nee declared the motion carried unanunously.
HII,EN KA°EII.TBA - 6959 HICKORY CIRCLE:
Nff. Madsen, City Assessar, stated the Kashuba's are not able to be present
this evening. He stated he had been in contact with them and would
' recatm�nd a decrease in value fran $i08,700 to $105,600.
P2r. Madsen stated in revievaing his property, it was noted the deck is in
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poor condition and has clxy rot. He stated he would recommend the value of
the deck be ranoved until it is re�ired. He stated there was also an error
in determining the lot size, due to the caussion of the lakeshore line on
the �p the City was using. Ne stated the land v�1ue has been recalculated
and taking this and the deck into consider�tion, it is rec�anended the value
of this property be reduced to $105,600.
NDTION by Councilman Fitz�trick to concur with the recammendation of the
Assessor's Office and reduce the value of thxs property at 6959 Hickozy
Circle fran $108,700 to $105,600. Seconded by Councilman Billings. Upon a
voice vote, all voting aye, Mayor Nee declared the motion carried
unanimously.
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MOTION by Councilman Fitzpatrick to ad�ourn the meeting. Seconded by
Councilwoman Jorgenson. Upon a voice vote, �11 voting aye, Mayor Nee
declared the motion carried unanimously and the meeting of the Board oi
Review ad�ouxned at 7:43 p.m.
Respectfully sutmitted, � l ,
�--��- _ ;���.,.�<.�:�
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Carole Haddad
Secretaxy to the City Council
Approved:
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Nlilliam J, r7ee
I�yor