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HomeMy WebLinkAbout2008 05-05 CCP Board of Appeal & Equalization Form No. A.F. 4 Notice to Cleric of Meeting of Board of Review Ewaiaation OFFICE OF COUNTY ASSESSOR TO THE CLERK OF THE City OF Brooklyn Center HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN, That the Fifth day of May at Seven o'clock P M., has been fixed as the date for the meeting of the Local Board of Appeal and Equalization in your City for said year. This meeting should be held in your office as provided bylaw. Pursuant to the provisions of the Minnesota Statutes Section 274.03, you are required to give notice of said meeting by publication and posting, not later than ten days prior to the date of said meeting. Given under my hand this Eleventh day of February 2008 County Assessor U Hennepin County, Minnesota HC200 (1/02) C TY OF BROOKLYN CENTER 2008 LOCAL BOARD OF APPEAL AND EQUAL ZAT ON MAY 5 2008 E ualizat�Qn ea►i a"d Of kl n Ce�r tin 'Zo Qu o M`eQ c all. (7:p dorm call to order roll Ae� Certification .meeting Gall tion (�B I ea equa�iza d of PApp l and l and Equalization °cal B °ar of ApPe duties h Local Board an d Equa lization he Purpo oft oard °f Appea� T in th L °Gal B ,Qu e stions regard 9 ssor's report- o►� Is psse the as sessm ent rep ched appea estions regarding ointments Re fer to atta .Qu h app attached format taxpayers Wit ent• Refer to c es by n appo�ntm ers without a ranGes by taxpaY •Appe eats. eet G in9• written app ation meet m onsideration of ak an d equal Set pate of °Gal h of Appe Ad1ourn Fo ;nation Form a ztion Cert►f 1 and Equa d of Appea and co mplete Local B °fi 1Zation must sign board al a nd Equal of the local b um oar of Appe eac meeting and quor f he Local B on form f or with the training is are p,E c ert►f►c r red to comply en if no appea the LB boards are required comp leted ev Since all boar form must be req uirements th►s req heard• with a m ajority of the wa s prese on ual1Zati ►n that a quorum eal and Eq as rm cert ►f ►es a1 Boar °f App r resent h his fo rs o f the Loc f the me1'nbe s p d by the tin members t least one cou r se appr a bove ,vo ting e and that a ye ars. If the a anc e ual ►zation cou ea attend eats a nd q the las four y op bO attended an app w ►th ►n ill become an p Reven issioner °f t h e meeting w comet s are not met requirem meeting Purpose of the Local Board of Appeal and Equalization The purpose of the Local Board of Appeal and Equalization is to provide a fair and objective forum for property owners to appeal their valuation or classification. One of the most important duties placed by law upon the governing body of a township or city is to serve as the Local Board of Appeal and Equalization. Effective actions taken by the local board may potentially make a direct contribution to attaining assessment equality. The goal of the Local Board of Appeal and Equalization should be to attempt to address property owners' issues efficiently, fairly and objectively. Always keep in mind that any changes made by the board must be substantiated by facts. Any value reductions must be justified because they have the effect of shifting the tax burden to other property in the jurisdiction. Minnesota Statutes, Section 274.01, provides that the governing body of each city or a duly appointed board will serve as the Local Board of Appeal and Equalization. This review is held each spring. The board has the responsibility to review the assessed valuation and classification of property within the city. This year's review is limited to the 2008 assessment; which affects taxes payable in 2009. uali_zatio ea► an 1 Boar O A hanger of or the fl_ -a-- c els only' a de by Aut horr t�� es m m O f rin ;vidual par n meat L�m�ts exten Ove lue. N° Gha g ate m be assess rd led mar ket va Sin the aggreg Drily of the b °a tuna n e Th auth de to the es typ Cha g Lion he ma s or property of eau allza not Ce duce t val are e clan S board must percentag e by the state oard of review r hone of the may be m a d the local b uld this occu station does no es made by an Sh© led This Ism al, chang by more t cceP Th e total of ess,men view will be a regal ass cal boa of r e ag9 the to en preV a ble chang tO re °p cal c orrect 1 O ns au thority r the taxes p a Ply l° Glen the ent fo 200 p does not "Ve 007 a ssessor en t in March, rd Of reV f this is th 2 Og tax statem o n the notice. he IoGa b oa eXarmple their 20 listed T eats. An that rece market value assessors owner s t estimate d st be notified e 2007 in 2008' Hom eal the the Owner mu not ab t° app asses are sh to rase any shou ld the b wl It is necessary for a majority of the board be present for any valid board action to be taken. The board should carefully consider any cases where taxpayers feel aggrieved by the proposed assessment. All available evidence should be considered. The board then has authority to adjust the assessment as it deems just. S The initial 2008 meeting is scheduled for May 2008. The board must complete its work within 20 days or receive a written extension from the Commissioner of Revenue. Any actions taken after 20 days without an authorized extension will be invalid. The assessor's recommendation is to complete all board business at the first meeting, if possible. Should a second reconvene meeting be necessary, it must be held no later than Sunday, May 25, 2008. A motion to sustain the assessment or to adjust the assessment may be made upon completion of the discussion of each property or may be held until all appeals have been heard. Assessment Valuation Procedures Residential Sales occurring in the prescribed study period, October 1, 2006 through September 30, 2007, are analyzed by comparing them to the previous assessment and the preliminary assessment in process. Adjustments are then made either to the land values or to the computerized rate tables employed b p Y the CAMA system in calculating the building values. This computer assisted mass appraisal system allows the assessor's office to value properties according to their individual characteristics. Examples of these characteristics include age, condition, size, style, amenities, functionality, and location. The preliminary final assessment is then analyzed statistically to ensure accuracy and uniformity. This process is greatly assisted by the relatively large sample of residential sales each year, giving the statistical analyses a high degree of reliability. The Brooklyn Center residential assessment falls well within all accepted measurement guidelines for mass appraisal accuracy and uniformity. Valuation procedures AS erc ►a seSSm Ilndust omm ornplished through an ana lysis prim acc at are typ►cat e ropert1es is p Ve mar k e t. Wh re nt uation of thes P e, an d the sa nts for l d►ffere The vaV req uireme nt s °teial income, r field Ceq rent ,�,tmarket, p nt t ical investo y f the are yp ar ket activity can o What wher m r expectations ke quest e to a pr °pertY inV esto ese are two y °n omicl ►nCO se ments? Th ar ket (ec u blished dat market 9 The p °tential istin9s and p e guidance ea ses, ren I Journal an provide so m e I z ►n9 recen V a Real Es t a te mate by ana y f the M est� e o is best d m ore e b een employ Track ►n g Sew ►c n hav he Estate so urces a follow th e like t a rt. All °f the a ssessed values Viers TowIe Fwp t hat the current the C °I t e assess °r s ce to ensure by the o ssible marke t as closely a p ment V a u at�on Proce Assess men a�m ents sale activity p of market on �I ment is based ut adequ ap artment a combination ate sa le even i years With The ap nt a ket. E valid, accurate is of the rental m ar o ccupancy levels are and analys l rates and o primar for their Chang in yenta Apartmen are so ld pr f the ton, fore, the an al y sis changes o I Mary t value. pa of c ►n There meas ures come or the buy enerate future ►n f idely accep app roach to potential tog s a proven and W likely �e conomic� income valuation. ssme e 2008 Asse ram f th 008 e�t�On P ro9 t ;ons f or the 00� Re .insP conducted re- inspec ek 2 con du out o{f ;ce of Shingle �C er of 2997 locate East North °f in the summ ial Pro ;Ve and pur g e res ident ia l e Wssiss�pp w area all ssment f th N, vest of th d in the revie rise h of 7 3rd p ho mes locate this a rea were arkway S out f a r,n�ly �vith�n p t all single roes lo cated Eastern g4 In addit1On artment grope in the 6941 a nd ap mes loca ev 1ew ia11►ndusVIal a eluded townh in the r mere a lso in mes locate t com eation e insp a fam e v;ewed the d;t1On to a ll s w ere r reviewed' ernes 11 e city In ad artment prop erties 3 p a rcels o ;on of th of p inspe are p dust�ial a nd ap rcial, In IVed the reV1ew ffice a c °mme he assess °r s coon area uintile insp ection eX t e rior .and t and advance SUM mer q cted from the onded to tags he pCevious Is wer inspe es, wh° res sli fitly from t payee or 99 h s tage is up g terio� 0 155 0 6 ect ;on percent the in h interior �nsp otif %cat n on T ye i was e ssentially sentially comp 3, 2Q� a City Ass or s began May re erlor by st© ectio p rocess an, wren C e- inspect1°ns we n�ci The re i ns p n e mber• The r raiser T ech e end °f Sept Brenn l an d A by th Jill o' cik, Appra►s c W s sw it c hed to the Nan y our ocu uled quintile, industrial and Of the sc hed commercial! completed in the reV1ew improvements, were c o llow g With view inspect1 °ns eKies per re d comm res idential prop ith n All residential per Karen Casto an a roper t1es. A raiser Technician, r The review of apa r t ment p rats •k City Ass ,lilt BCen App Wolc� he inspection b App ra►Ser I ted by Nancy y le ev permit riews to tons were c ional 589 p °rnp c addit ►nspe a dded an improV total. properties rev1ewed r esidentia l tota numbe ate that the to We e 12,�2A Was appC OX nmate y 2008 Assessment Tax Capacity Payable in 2009 Property Type Breakdown Apartments 8% Commercial 23% Residential 58% ■N■MEM■ air MINES E!■■ ■Knows isomomm suI!■■ ■N M!■■ ■N ■II ■NM!■ lmNE Industrial 11% Farm 0% This chart is an illustration of the total tax capacity of $25,400,948. COMPARISON OF THE BROOKLYN CENTER ASSESSED VALUE BY PROPERTY TYPE 2(}06 to 201Y9' TAX PAYABLE YEARS TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE TOTAL.PAY PERCENTAGE PROPERTY 2006 OF PAY 205G 2007 OF PAY 2007 2008 OF PAY 2088 2009 OF PAY 250'9 TYPE VALUATION VALUE VALUATION VALUE VALUATION VALUE VALUATION VALUE APARTMENT 9179.021,000 8.73% $174.430.3010 8.31% 9177;915;200 a_15% Si79.712.200 5.61% COMMERCIAL 9307,458,200 14.95% 1205.482.0100 12.055% 926/9,714.000 12.35% 1291.159.500 14.09% INDUSTRIAL 91€11.157.550 4.92% $1 M50N6,200 5.50% 9124.320,600 5310% 1137,529.400 6.59% RESIDENTIAL 91,468,518.600 71.38% 51.542;831.6010 73.51% $I,W9.8D5,900 73.70% S1.474,W000 70.61% FARM 143500 0102% 55011.0w 0.02% 595G.00ID 0.03% #825.000 0.04% TOTALS 92.057.190.300 12.099. 551,000 92.182.205.700 12;907,066.100 NOTE= Payable 2009 vakEa ion totals are based on values as of March 7.2008. Residential taxable market value tow for 21x18 pay 2009 was $1,473 Only .1 or 11, 484„2000 of the residential estimated market value is excluded from taxation due to limited market value and the "This Olt Blouse" exdlusion_ There are 62 residential properties in SmoMyn Center that iOl receive a imbed market vakre for taxes payable in 2009. Prepared by Brooldyn Center AssesaWs Office 5W2W8 COMPARISON QE THE BROOKLYN CENTER PROPERTY TAX BASE BY PROPERTY T'Y'PE 2007 TO 2009 TAX YES TAX TAX TAX TAX TAX TOTAL PAY PERCENTAGE CAPACITY TOTAL PAY PERCENTAGE CAPACITY CAPACITY TOTAL PAY PERCENTAGE CAPACITY CAPACITY PROPERTY 2907 TAX OF 2007 TAX CHANCE 2609 TAX Of 2099 TAX CHANGE CHARGE 2009 TAX OF 2600 TAX CHANGE CHARGE TYPE CAiPACM BASE; fpsmonq CAPACITY BASE toomfs) (POT=nt) CAPACITY HARE. 04 (P9 CWT4 APARTMENT 52,093.264 6.37% -&85% $2,123,423 8:20% 5m.159 IA2% 52„146,154 6.45% $22.731 IA N% COMMERCIAL 5$,1 °99.203 20.79% $5:284.541 20.4194 $83.738 I. $5,772,619 22.73% SWAM O A5% WIDURTRI+4L 52:275 694 9.10% 1417% 12,450,4311 9AS% $174,7414 7.13% $2„714,508 10.59°% 92654,150 9.73% I RE94DENTIAL $15 „436,751 51.72% 10-71% $116.0341.132 61.91% :65+97,391 3.7394 $14759,337 58.11% ('$1,274.70 8.61% FARM 55.001} 0. 14:9"494 45.7W 0.02% 57511= 13.04% 18 0-03% 52,500 30.36% TOTALS #25;099 912 iS. 614 $2 5 :a4:0 (gTEc PffyWr= 299 and ydaim tgM am Ian gn 3f11 m in gf M@rM 7 Fiml momMwh dw to Id[ WA@ d$lmp grftm. III gwit 51pulBtims and S1#S1:ERYE(115 may not 190 erected_ The if3xabl' reskienti81 volu31im for X8[7[2 2W9 is $1.473,.355.8W. This reflects 3 techiGfion f mm the estimated aced 11wrikel Waken of $1.484,21M due to United M” Value mid This Old House Exclusions_ Prepared by Ekmaidyn Center Assess Ws Office C ity Wide All (includ all property types) 4 (ExclrudM9 new construction) ity WVidae R esid_ (Si Family Detached Only) 8_20% (Exctudi g now construction) -8_30 5 1M 11 1111" +e ^y.v vm ,:m. r ..H2 x....,.2, ,w .n to ,do-.... 3 a #55 Residential off 'water -8-40% (t-xc*LrdWrM reew care- 0mc€iaan) -8.40 r.�::. RESIDENTIAL SALE INFORMATION FROM REALTORS MLS SYMM CITY OF BROOKLYN CENTER, MN NUMBER OF AVERAGE MEDIAN S ALE YEAR SALES SALE PRICE CHANGE 96 CHANCE 2002 444 $157,313 10.24% $157 8.76% 2003 567 $169,248 759% $169,900 7.80% 2004 558 $103,319 8.31% $183,500 8.00% I 2005 482 $194,124 5.89% $195,000 6.27% 2006 434 $191,323 -1."% $192,925 1.06% 2007 262 $173,,258 ,9.44% $17+4,300 110.62% 2008 5 5164,363 5.13% $165,000 -5.34% MLS statistics are based on information from the Regional Multiple listing Service of Minnesota, Inc. for the period 1998 through 2007_ All residential data reported includes townhomes and condominiums. Safi: information reported by RMLS does not !exclude forced or foreclosed sales_ The 20M sales data was collected from filed Certificates of heal Estate Value from 111 -/08 to 412512008 by the Brooklyn Center Assessor's office_ The 2008 sales represent only state qualified open market transactions_ Foreclosures are rejected from the state and city sales ratio studies_ 514/2008 The a verage January 2007 assessed value of residential, townhome and condominium homes its Brooklyn Center was 1 95,200_ The average January 2, 2008 assess 'v l ue of residential, tovmhome and condominium homes its Brooklyn Center is *178,728- i COMMERCIAL AND NXISTRIAL.ANALYSIS 2WT VS- 2WT NOW %Ica TYPa or Pr000dy OW TaN1a E1IV TdWs omdruchaa *1BWMv Auto Retall Gem RhMa f I '$13.345.3001 $19AS4.3N 1 0.0%1 a. A.uWDamiers I s47 asml $jA2LM. So 11.1%1 11.1 flan" I 5.0 1 1 I 16.676 1&2%r 8owiftm I summi 51.510. 1 SGI 1.2'Y I 12% DEW Car I IMAM I JS" 1 6 801 144 %1 14.4% Feet-food I V U2zM 1 a5u.0cal SGI N.V%I FUDMI Harme I V,3-. 1 $wool "I 1331 13:3% Gm ahausa,Fanal'11oim I 1j1.1A3 s1.317.f06 SGI 16,3 %1 ILL% 004911 Maw I 1 $m".1"1 I 13 1 116'5 adieu ORt1a. I �11122l,1M «I 4.61 Office Large r litlfl $0,,ali[I.0'00 ;1it660 14.#% 14-7% olrka saw[ I #1�3rs3Ml US -Mae1 SM.N@l &#%I 1L5% OR" corfdamnmmB I 2.357.1000 1 "I Led 3.11% fteta'.tl[3at I I 017 1 $01 17%1 2. RQtN WIAn I W.M4.9001 1 xMl 1.2461 2:7% Sham" Cwftm I $33137 �M s05,472-m 101 7.0% 7.6'% Theater I �a.�325. 1 I �I 0.0%l 6.0% 1iWMM LaW I 846/71000 I I 10-2%i 16.24 vWa ry I I .m1 I 1-74:1 8. C�afaln�Cl Ta1� I ��»I �1l6,4P2.700 �3.,.�1 7.�1 blase w Naft I .73 1 M55S. 6 1 $69 @,660 6 1 3.3% 1tw1uaA" Louth l !e# 76f 1001 %1K2%.i00 SMMI 12.3Y 1 13.11% i Imus rim Tb081 I 112d1d2S00 UnAW 6I t. I 2 :2% 111 -ft T0121 C A i ASOMOMWIt 33!<2.747. .0f.11x1 &W 11% 9-0 City of Brooklyn Gent ApartiTtent Assessment Details APARTMENT ANALYSIS 2008 VS_ 2007 change 2908 Averer 2607 Ax rap 2008, EMV Totals 20117 ENV Totals Nemec Construction Eickrdinoimprov. AVOM99 ENV ENV Per Unit ENV Per IM$ 4-5 Units $7;236,000 $7fi 2,000 0 -5.0% 13161,750 $90,439 $95,150 6-8 Units $1,519,000 $2,406;000 9.7% $.503,900 $74,M $70,1 10-12 Units $11J16:000 $8,106,000 9 ,U 0 -9% $639,600 $56,%.2 ,0G 1 Units $10,1179,9011 $11,078,000 $0 -1.8 $1,384,750 $54,395 ,39D AVFAAGE $59 151,200 Apt 366,220 fans Apt 48-75 Units UO,859,000 $79,6119,000 $865,000 $3.428,773 %7,46G;Sr_Apt $49,531 AV rG2IL51376 543,9'56 Apt fi190 d Apt 76+ $119,905,200 $118,888,200 $0 0141 $7,05&,247 362,334 Sr_ Apt $4 I Totait Apartment Asmt $179 $177,939^2119 $925 0 {4� W07 $IU. I p a ers with Ap ointme y by Taxp es y A pe aran v alue or c lass ►fia tion and p led e t v a ing y• state of estim regard the pr wnerts) f actual infor mark value or 1. tatlon of r di n g the p e d to the oven er rega ct ons faual qu esti address d resentation o a ssificati on ass;fication an p c1 cl ant value oe state a ding t h e prop r A ssess ation reg inform the Assessor- ns add ressed to E u atizatto n quest App eal and a Act ;on by the L cat B► °ard of Ap 3• ake NO Change value M e the est,m ated market Reduc 20 rket value eal and aced ma °ar °f A uu p lizati o n e 200$ e5tim o the B ease the utCOm f Appeal and Eq tncr With the Co unty B °ard f Satisf i eal Equ to the he owner n °t ra y app If t they alization Appearances by taxpayers without an appointment The following format is recommended for each walk -in appeal. Please state owner(s) name and address. 1, Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Questions addressed to the owner. 2. Assessor's statement of estimated market value or classification and presentation of factual information regarding the property. Questions addressed to the Assessor. 3. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: Refer the appeal to the Assessor's office for an interior review of the property and Assessor's recommendation at a Local Board reconvene meeting within 20 days. Make no change and sustain the 2008 estimated market value or classification. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. Consideration of Written Appeals The following format is recommended for each written appeal. Please state owner(s) name and address. 1. Owners statement of estimated market value or classification and presentation of factual information regarding the property. 2. Assessor's statement of value or classification and presentation of factual information regarding the property. Questions addressed to the Assessor 3. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: Refer the appeal to the Assessor's office for an interior review of the property and Assessor's recommendation at a Local Board reconvene meeting within 20 days. Make no change and sustain the 2008 estimated market value or classification. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 1 1 C TY OF BROOKLYN CENTER 2008 LOCAL BOARD OF APPEAL AND EQUAL ZAT ON 1 MAY 5 2008 1 1 1 1 1 1 1 1 1 T City of Brooklyn Center A Millennium Community May 5, 2008 Letter of Transmittal 2008 Local Board of Appeal and Equalization To The Honorable Mayor and City Council: As you know, each year the City Council is required by our Charter to sit as the Board of Appeal and Equalization. The purpose of this Board is to review the work of the Office of the City Assessor and to hear valuation and classification appeals. The 2008 Local Board of Appeal and Equalization is scheduled to begin at 7:00 p.m. on Monday, May 5, 2008. In addition to the valuation notices mailed to all individual property owners on March 14, 2008, the City Clerk has published and posted notices of this meeting as required by state statute. The attached report is presented for your information. This report contains a review of the Board's powers and responsibilities, information from our office regarding the 2008 assessment and an overview of recent market activity. The issues before the Local Board of Appeal and Equalization are questions of estimated market value and classification of Brooklyn Center properties for the January 2, 2008 assessment for taxes payable in 2009. Respectfully submitted, Nancy J' W `cik, S.Ah.A. City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 www.cityofbrooklyncenter.org 2008 Brooklyn Center Board of Appeal and Equalization 1 Meeting Aqenda: 1. Meeting called to order, roll call. (7:00pm) 2. Local Board of Appeal and Equalization (LBAE) Certification Form. 3. The Purpose of the Local Board of Appeal and Equalization. 4. Questions regarding the Local Board of Appeal and Equalization duties. 5. The Assessor's report. 6. Questions regarding the assessment report. 7. Appearances by taxpayers with appointments. Refer to attached appeals. 8. Appearances by taxpayers without an appointment. Refer to attached format. 9. Consideration of written appeals. 10. Set Date of Local Board of Appeal and Equalization reconvene meeting. 11. Adjourn 1 Local Board of Anneal and Eaualization Certification Form 1 The Local Board of Appeal and Equalization must sign and complete the LBAE Certification form for each meeting of the local board. Since all boards are 1 required to comply with the training and quorum requirements, this form must be completed even if no appeals are heard. This form certifies that a quorum was present, with a majority of the voting members of the Local Board of Appeal and Equalization in attendance and that at least one of the members present has attended an appeals and equalization 1 course approved by the Commissioner of Revenue within the last four years. If the above requirements are not met the meeting will become an open book meeting. 1 Additional training of Local Board members will be offered on an ongoing basis g 9 but not until all local boards are completed. 1 An addition, the Minnesota Department of Revenue states that they will be monitoring changes to "parcels owned by a member of the board, the spouse, 1 parent, son or daughter of a board member, or property in which a board member has a financial or other interest in the property It is the recommendation that the board vote "no change" to avoid the appearance of having a conflict of interest, and forward the appeal to the county board. While making changes is not prohibited, these changes will be monitored and must be noted on the LBAE certification form. The Minnesota Department of Revenue will be conducting random surveys of p g Y persons who attended the local boards to monitor the public's perception of the 1 board's performance. 1 i 1 1 1 1 1 1 MINNESOTA- REVENUE Local Board of Appeal and Equalization Certification Form for 2008 The Local Board of Appeal and Equalization (LBAE) must complete and sign the LBAE Certification Form for each meeting of the local board. Since all local boards are required to comply with the training and quorum requirements, this form must be completed even if no appeals are heard. At the end of each LBAE meeting, the county assessor or authorized city assessor takes possession of the completed form. Section 1 The following information must be completed at the beginning of the meeting. County name Jurisdiction name (indicate city or town) Meeting (circle one): convened or reconvened Date Time Hp.m. a.m. Township /City Board Members Please list all voting members of the LBAE. For each voting member, check Present or Absent" to indicate which members were in attendance. For each voting member present, check "Yes" or "No" indicating if the member has completed the training required under Minnesota Statutes, Section 274.014 within the last four years. All voting members present at the meeting must sign this form. By signing this form, you certify that you attended the LBAE meeting. You are also certifying that no board member participated in actions concerning the valuation or classification of a owned h r grandchild, brother, b the board member, the board member's spouse, parent, stepparent, child stepchild, grandparent, property Y P .P Pp P .9 p .9 sister uncle aunt, nephew, or niece of a board member, or an property in which the board member has a financial interest the relationships may be b P YP Pe rtY P Y Y blood or marriage). Print names of all voting members Title (Attendance (Training certified Signature (for those in attendance only) ❑Present ❑Absent ❑Yes ❑No IX ❑Present ❑Absentl ❑Yes ❑No IX ❑Present ❑Absent ❑Yes ❑No IX [I Present ❑Absent ❑Yes []No IX I ❑Present ❑Absent ❑Yes ❑No IX I I ❑Present ❑Absentl []Yes E] No IX I ❑Present ❑Absentl ❑Yes []No I x Assessment Personnel This section must be completed by the county assessor (or an assistant delegated by the county assessor) or authorized city assessor present at the meeting. Local assessor information County assessor (or deleqate) /authorized city assessor information Does this jurisdiction have a local assessor? ❑Yes ❑No Name Title License no. If yes, was the local assessor present? ❑Yes ❑No :Local assessor name License no. County assessor (or delegate) authorized city assessor certification By signing below, I certify I was present at the meeting and (please check one): Other assessment personnel present A quorum was present and a training certified member was present; or Please list additional names on back of this form. Name Title I took over the meeting and changed it to an open book format because: A quorum was not present and /or Name Title A trained member was not present. County assessor (or delegate) authorized city assessor signature Name Title X Section 2 T following information must be completed at th e end of the meeting. Meeting (circle one): recessed or adjourned Time MaiR Scheduling for Reconvene Meeting (if needed) The LBAE must resolve all issues before the meeting is adjourned. If issues are unresolved, the board should recess until the next meeting. The LBAE must complete and sign a LBAE Certification Form for each reconvene meeting. The date and time for the reconvene meeting must be determined before the initial meeting is recessed. Once the LBAE has adiourned it cannot reconvene. Date for reconvene meeting Time a.m. HP.M. Rev. 03/18/2008 Purpose of the Local Board of Anoeal and Eaualization The purpose of the Local Board of Appeal and Equalization is to provide a fair and objective forum for property owners to appeal their valuation or classification. One of the most important duties placed by law upon the governing body of a township or city is to serve as the Local Board of Appeal and Equalization. Effective actions taken by the local board may potentially make a direct contribution to attaining assessment equality. The oal of the Local Board of Appeal and Equalization should be to attempt to address 9 pp q p property owners' issues efficiently, fairly and objectively. Always keep in mind that any changes made by the board must be substantiated by facts. Any value reductions must be justified because they have the effect of shifting the tax burden to other property in the jurisdiction. Minnesota Statutes, Section 274.01, provides that the governing body of each city or a duly appointed board will serve as the Local Board of Appeal and Equalization. This review is held each spring. The board has the responsibility to review the assessed valuation and classification. of property within the city. This year's review is limited to the 2008 assessment; which affects taxes payable in 2009. Role of the Local Board in the Assessment Process The Local Board of Appeal and Equalization has the authority to change the valuation or classification of a property for the current assessment year (2008). Taxes or prior vear assessments are not within the iurisdiction of the local board. In order to make an informed decision on these two items, it is important to understand them. Excerpts from the Minnesota Revenue Local Board of Appeal and Equalization handbook have been enclosed to assist in the definition of market value and classification. t Limits of Authoritv for the Local Board of Aooeal and Eaualization The authority of the board extends over individual parcels only. Changes of value are made to the estimated market value. No changes may be made by percentage, class, or property type. Changes in the aggregate assessment may be made by the state board of equalization. The total of all changes made by the local board of review must not reduce the aggregate assessment by more than 1 Should this occur, none of the changes of the local board of review will be accepted. This limitation does not apply to clerical corrections. The local board of review does not have the authority to reopen previous assessments. An example of this is the 2007 assessment for the taxes payable in 2008. Homeowner's that received their 2008 tax statement in March, 2008, are not able to appeal the 2007 estimated market value listed on the notice. Should the board wish to raise any assessment, the owner must be notified. It is necessary for a majority of the board be present for any valid board action to be taken. The board should carefully consider any cases where taxpayers feel aggrieved by the proposed assessment. All available evidence should be considered. The board then has authority to adjust the assessment as it deems just. The initial 2008 meeting is scheduled for May 30, 2008. The board must complete its work within 20 days or receive a written extension from the Commissioner of'Revenue. Any actions taken after 20 days without an authorized extension will be invalid. The assessor's recommendation is to complete all board business at the first meeting, if possible. Should a second reconvene meeting be necessary, it must be held no later than Sunday, May 25, 2008. A motion to sustain the assessment or to adjust the assessment may be made upon completion of the discussion of each property or may be held until all appeals have been heard. 1 Duties of the local board The local board is to determine whether all of the taxable Oftentimes, the assessor will continue to review property in the town or city has been properly valued properties within 10 days of the local board meeting. and classified. All property is to be valued at its market However, if the assessor makes a change, that change value, and all property is to be classified according to should be brought to the local board for action. use. It is assumed that the assessor has properly valued and classified all the property in the jurisdiction. The If the property owner agrees with the change, he /she burden of proof rests with the property owner who must does not need to personally appeal to the board. Instead, present factual evidence to disprove the assessor's value the assessor should present such changes to be voted on or classification. by the board. The complaints and objections of property owners What the board can do appealing individual assessments for the current year should be considered very carefully by the board. An Reduce the value of a property. The local board may appear may be made in person, by letter, or through a reduce the value of a property if the facts show that the property is assessed at a value that is higher than representative of the owner. Written objections should be filed with the city or town clerk prior to the meeting of its market value. All property is to be valued at its t market value. It is assumed that the assessor has the Local Board of Appeal and Equalization and must be presented to the board for consideration while it is in Properly valued the property. The burden of proof session. The board must hear all complaints and examine rests with the property owner who must present s value. all letters. Such assessments must be reviewed in detail, factual evidence to disprove the assessor and the board has the authority to make corrections as it deems to be just. The board may recess from day to day Increase the value of a property. The local board may until all cases have been heard. increase the value of a property if the facts show that the property is assessed at a value that is lower than its a. market value. The board also must base the decision to The board should look for property or improvements that are not on the tax rolls. When property or improvements increase the market value on facts. All property is to be valued at its market value. It is assumed that the assessor are missing from the tax rolls, an unfair burden falls has Properly valued the property. The board must rely upon the owners of all property that has been assessed. If any property or improvements that are on factual evidence to disprove the assessor's value. the board finds Before the board raises the market value of a property, it not on the tax rolls, the board should place it on the must notify the owner. The law doesn't prescribe any assessment list along with its market value, and correct particular form of notice, except that the person whose the assessment so that each tract or lot of real property and each article, parcel or class of personal property is property is to be increased in assessment must be entered on the assessment list at its market value. notified of the intent of the board to make the increase. The owner must be notified either in writing or orally. He /she should be given a time to appear before the local Changes within 10 days of local board meeting board. After the hearing, the local board should make Since the Notice of Valuation and Classification must be any corrections that it deems just. mailed to taxpayers at least 10 days prior to the meeting of the Local Board of Appeal and Equalization, the Add properties to the assessment list If the board finds assessor should not make changes to the valuation or that any real or personal property has not been entered classification of a property within that 10 -day window onto the assessment list, the board shall place it on the without bringing the change to the local board for action. assessment list along with its market value, and correct the assessment so that each tract and lot of real property After receiving the notice, the property owner can and all personal property is entered on the assessment contact the assessor to discuss questions or concerns. list at its market value. The assessor can make changes to the valuation or classification without bringing the change to the local board if a new notice is mailed to the property owner at least 10 days prior to the local board meeting. m Role of the local board in the assessment process Add improvements to the assessment list In reviewing The local board can't order percentage increases or the individual assessments, the board may find instances decreases for an entire class of property. The authority where property is not listed at its market value because of the local board extends over the individual the value of a building or other improvement was not assessments of real and personal property. The board included when the market value of the property was can't increase or decrease by percentage all of the estimated. These should be carefully reviewed by the assessments in the district of a given class of property. board and placed on a tentative list of property values to Changes in the aggregate assessments by classes are be increased. The board should then determine to what made by the County Board of Appeal and Equalization. extent the valuation of such property should be increased. Before the board adds value for new or The local board can't reduce the aggregate assessment overlooked improvements, it must notify the owner. by more than I percent Although the Local Board of Appeal and Equalization has the authority to increase or Change the classification of a property. In reduce individual assessments, the total of such Minnesota, property is classified according to its use adjustments must not reduce the aggregate assessment on the assessment date (January 2 of each year). If the of the jurisdiction by more than 1 percent. The property is not currently being used, it is classified "aggregate assessment" is the total EMV that the local according to its most probable, highest and best use. board has the authority to change, i.e. the total EMV of Property owners do not get to choose or request how assessments within the jurisdiction excluding state they want their property to be classified. It is the assessed property. For example, if the total EMV of a assessor's job to classify it according to its current use jurisdiction is $2,000,000, the board cannot reduce the 1 or its most probable, highest and best use. The board total EMV of the can change the classification of any property which in jurisdiction by more Assessor's EMV the board's opinion is not properly classified. Again, it than $20,000. This Total board EMV increases is assumed that the assessor has classified the property means the EMV after Total board EMV reductions correctly. The classification must be based on use, and board actions must be EMV after board actions in order for the board to change the classification, the at least $1,980,000. appellant must present evidence that the property is If the total amount of adjustments made by the local used in a manner consistent with the classification. For board does lower the aggregate, assessment by more example, the assessor classified the property as than 1 percent, none of the adjustments will be residential. The owner seeks the agricultural allowed. This limitation doesn't apply, however, to the classification. In order for the board to change the correction of clerical errors or to the removal of classification to agricultural, the owner must prove duplicate assessments. Clerical errors are limited to that the property is used agriculturally and meets the errors made by someone performing a clerical function statutory requirements of the agricultural class. during the course of the actual assessment. Examples of clerical errors are errors such as transposing numbers or What the board can't do mathematical errors. Errors that occur when making The local board can't consider prior year assessments. estimations during the inspection and appraisal process The Local Board of Appeal and Equalization doesn't (judgment errors) are not considered to be clerical errors. have the authority in any year to reopen former assessments on which taxes are due and payable. The The local board can't exempt property. The Local Board of Appeal and Equalization does not have the board considers only the assessments that are in process in the current year. Occasionally, a property owner may authority fr om the tax rolls. to grant an exemption or to order property appear with a tax statement and protest the taxes or removed from assessment of the previous year. The board should The local board can't make changes benefiting a explain tactfully that it does not have the authority to Property owner who refuses entry by the assessor. consider such matters. After taxes have been extended, adjustments can be made only by the process of The board may not make an individual market value application for abatement or by legal action. adjustment or classification change that would benefit the property in cases where the owner or other person having control over the property will not permit the assessor to inspect the property and the interior of any buildings or structures. Role of the local board in the assessment process Duties: Local and County Boards Local Board County Board of Appeal and Equalization of Appeal and Equalization T Ensures individual assessments Ensures equalization among within the jurisdiction are individual assessments, properly valued and classified. between classes and from jurisdiction to jurisdiction. What can local and /or county boards do? I Increase or decrease value of individual property. Yes Yes Add properties to the assessment list. Yes No Add improvements to the assessment list. Yes Yes Increase or decrease value for an entire property class. No Yes ❑Change the classification of a_property Yes ✓Yes r What local and county boards cannot do: Cannot change prior year assessments. Cannot reduce aggregate assessment by more than 1 percent. 0 Cannot exempt property. Cannot make change benefiting owner who refuses entry by assessor.'` *Minnesota Statutes, Section 274. 01, subdivision 1, paragraph b states that the local board may not make an individual market value adjustment or classcation change that would benefit the property in cases where the owner or other person having control over the property will not permit the assessor to inspect the property and the interior of any buildings or structures. The county board is not statutorily precluded from making a change based on the property owner's reficsal to allow the assessor access to view the property. However, simply because the statute does not explicitly preclude the county board from making such a change, it is strongly recommended that the county board not grant any reduction in value until the property owner has allowed the assessor access to view the property. It seems obvious that for an assessor to make a fair and knowledgeable value estimate, he/she must fast be allowed to view the entire property. Until such abcess is granted, the county board should not grant a value reduction. Recommendations for local board members 1 Become familiar with sales information prior to The county assessor (or the local or city assessor in local board meeting some instances) should provide information on the real Most local board members aren't necessarily aware of estate market in advance of the local board meeting. If current trends in the real estate market or trained in the this information isn't provided, the local board should field of appraisal. Therefore, advance preparation is request that the assessor provide the information at least essential to making informed, fair decisions on the one week prior to the meeting so board members have appeals heard by the local board. time to review it. Role of the local board in the assessment process The following are examples of the type of data that the Avoid conflicts of interest assessor may provide for the local board to use when No board member shall participate in the discussions or dete if an adjustment is necessary. This is not an all- encompassing list, and depending on the jurisdiction, vote on any matters relating to property in which he or she has a conflict of interest. A conflict of interest exists it may or may not be necessary for every board to have all the items on the list. The local board should work Where a member: with the assessor to determine the specific information has a financial interest in the property; to be supplied to the local board. is a director, trustee, officer, employee or Information on sales within the district that agent of any business or institution directly occurred in the previous year. involved with the property; or Valuation tables of land types. is related by blood or marriage to an Copy of the values from the mini- abstract individual having an ownership or financial for the district (current year and prior year). interest in the property. Printout of parcel listings for the district Board members are afforded the same rights as the with the values. general public when it comes to the appeal process. Review of the current statutory classifications However, when a local board member is appealing the and the corresponding class rates. value or classification of his/her property, as a general Review of value Y property tYP a changes b rule, the local board should not make any changes to the P in the district. valuation or classification. The local board should vote "no change," and the appeal should be recorded so that The local board should also be prepared to request the board member can appeal to the County Board of additional background information and to ask Appeal and Equalization. This will eliminate any questions of the assessor in order to assist with the appearance of the board having a conflict of interest or board's deliberations. the appearance of giving preferential treatment. As a local board member, you should review the information provided by the assessor. If you have any questions about the materials, please be sure to contact the assessor. Being knowledgeable about the real estate market is the key to making informed and fair decisions. Duties of the clerk 1 The town or city clerk plays an important role in the The clerk should have a sign -in sheet for all Local Board of Appeal and Equalization process. The appellants. following is a brief list of the duties of the clerk The clerk should take minutes of the meeting pertaining to the local board meeting: as part of the town or city record. The clerk should work with the county assessor to establish the meeting date(s) for the local board. 'The clerk should return all necessary records to the county assessor in a timely manner. The clerk should coordinate with the board to ensure that a quorum will be present at In some jurisdictions, various duties of the clerk may be the meeting. performed by the city or county assessor or the The clerk must publish and post notice of the assessor's staff. In these instances, it is recommended meeting at least 10 days prior to the date of the that the clerk be aware of and monitor the duties to meeting (Minnesota Statutes, Section 274.01, ensure that all duties are performed. subdivision 1). Role of the local board in the assessment process m Review Procedures 2008 Assessment Informal 1. Discuss assessment procedures and the valuation methodologies employed by the assessor's office. 2. Review market information, sales and property characteristics with the owner by phone or in the assessor's office. 3. Provide the owner with nearby assessed values and /or sales of homes similar to the subject property. 4. Suggest the owner have a market analysis provided by a local Realtor. 5. Review by physically inspecting the property and recalculating the value based on characteristics gathered in the new inspection. 6. Discuss with the owner the valuation recommendation based on the review 1 performed. Formal 1. Local Board of Review City Board of Equalization 2. County Board of Equalization 3. Minnesota Tax Court 4. Abatement Summary The assessor's office will make every effort to resolve as many questions possible prior to the board. Those property owners still wishing to be heard at the board will be given an opportunity to express their individual concerns. The assessor's office will have an appraisal prepared for all properties where the owner has notified the assessor's office of their intent to appear at this year's board of review. A copy of this report will be provided to each board member and the property owner. Please remember that the issue at hand is the market value or classification of the property at hand, not the taxes. Cases that the board feels may be too difficult or complex to decide may be affirmed. The property owner will then have the opportunity to continue on to the County Board of Appeal and Equalization. Hennepin Countv Board of Appeal and Eaualization The 2008 County Board of Appeal and Equalization will be held beginning June 16, 2008. Taxpayers wishing to appear must have appealed to their local board of review and must register with the county board prior to June 4, 2008, Call (612) 348 -7050 for an appointment. At the County Board level the county assessor's office will perform an independent appraisal of each property. Should a reduction to the assessment be indicated, it is offered to the owner. The county will also notify the owner if their review indicates either no change or an increase. At this point, the owner can accept the reduction, withdraw the appeal, or continue on, to be heard by the County Board of Equalization. Minnesota Tax Court For information regarding a tax court appeal, contact (651) 296 -2806. The filing deadline for the 2008 assessment is April 30, 2009. The deadline is always the last day in April in the year the taxes are payable. Abatements This is a process that allows assessors to correct a clerical or appraisal error. Application must be received by assessor no later than December 31 for the year the taxes are payable. This is a discretionary process and decision of the assessor is final. The City of Brooklyn Center charges a $45.00 application fee for abatements when it is not an error of the assessment process. However, in most cases the assessor's office is able to inform the property owner prior to application if approval is likely. Market value State law requires that all property shall be valued at its market value (Minnesota Statutes, Section 273.11, Market value subdivision 1). Minnesota Statutes, Section 272.03, subdivision 8 defines The price that would tend to prevail under typical, "market value" as follows: normal competitive open market conditions. Market value' means the usual selling price at the place where the property to which the term is applied shall be at the time of assessment; being the price which could be obtained at a private sale or an Minnesota Statutes, Section 273.11, subdivision 1 auction sale, if it is determined by the assessor that the further states: price from the auction sale represents an arm's- length transaction. The price obtained at a forced sale shall �7n estimating and determining such value, the not be considered. assessor shall not adopt a lower or different standard of value because the same is to serve as Many professional appraiser /assessor organizations a basis of taxation, nor shall the assessor adopt have a more detailed definition of market value. The as a criterion of value the price for which such elements of these definitions can be used to clarify the property would sell at a forced sale, or in the statutory definition. aggregate with all the property in the town or district,• but the assessor shall value each article The definition of market value usually implies the or description of property by itself, and at such y p sum or price as the assessor believes the same to consummation of a sale as of a specific date under the following conditions: be fairly worth in money. The buyer and seller are typically motivated; The law provides that all property must be valued at Both parties are well informed or well advised and market value, not may be valued at market value. This both are acting in what is considered to be their own means that factors other than market value issues (such best interest; as personalities or politics) should not affect the market A reasonable time is allowed for exposure in the value determined by the assessor. Non- market value i open market; factors also should not affect the action of the Local Payment is made in cash or its equivalent; Board of Appeal and Equalization. Financing, if any, is on terms generally available in Estimated market value the community on the specified date and typical for the property type in its locale; and The value determined by the assessor as the price The price represents a normal consideration for the the property would likely sell for on the open property sold unaffected by special financing market is called the estimated market value (EMV). amounts and/or terms, services, fees, costs or credits This value is determined on the assessment date, January 2 of each year. incurred in the transaction. There are also two other types of market value used In other words, market value is the price that would tend to prevail under typical, normal competitive open for property tax purposes: limited market value and market conditions. taxable market value. The EMV for the current assessment year is the only value property owners may appeal to the local board. Role of the local board in the assessment process Limited market value The local board cannot change the LMV of a property. Limited market value (LMV) is a statutory calculation that The only value that the local board can review is the limits how much the taxable value of certain properties can EMV for the current assessment year. increase from year to year. Under current law, LMV is scheduled to sunset after assessment year 2006. Taxable market value Taxable market value (TMV) is the value that property For assessment year 2005, the value is limited to the taxes are actually based on, after all reductions, greater of: 1) 15 percent increase over last year's LMV or limitations, exemptions and deferrals. 2) 33 percent of the difference between this year's EMV and last year's LMV. The local board cannot change the TMV of a property. The only value the local board has the For assessment year 2006, the value is limited to the authority to change is the EMV for the current year. greater of: 1) 15 percent increase over last year's LMV or Changing the EMV may ultimately change the TMV, 2) 50 percent of the difference between this year's EMV but it is important to note that there can be instances and last year's LMV. where the board raises or lowers the EMV, and the TMV remains the same. LMV only applies to agricultural, residential, timberland, and noncommercial seasonal residential recreational (cabin) The example below illustrates how some value changes property. New improvements are not subject to LMV. may not affect LMV or TMV. EMV changes that do not affect LMV or TMV 2004 value 2005. value Resulting values Resulting values (befar� locafboard) If,the for 2005 If for 2005 w local board local board EMV $145,800 $160,800 rdecrease's $150,800 increases $170,800 LMV $118,000 $135,700 the value by $135,700 the value by $135,700 $.1,0,000 $10,000 TMV $118,000 $135,700 $135,700 $135,700 Classification 1 In Minnesota, property is classified according to its use on the assessment date (January 2 of each year). If Classification the property is not currently being used, it is classified according to its most probable, highest and best use. The assessor assigns astatutorily- defined Property owners do not get to choose or request how classification to all property based upon the use of they want their property to be classified. It is the the property on January 2 of each year. Examples of assessor's job to classify property, consistent with Minnesota property classes include residential, Minnesota Statutes, according to its current use or its agricultural, commercial- industrial, apartment and most probable, highest and best use. seasonal residential recreational. When dete the most probable, highest and best use for a property that is not being used, zoning may be an influencing factor in the classification of the property; however, it is not the sole factor. Role of the local board in the assessment process i s All real property that is not improved with a structure also must be classified according to its current use or Highest and best its highest and best use permitted under the local zoning ordinance if there is no identifiable current use. If zoning permits more than one use, the land must be A principle of appraisal and assessment requiring that classified according to the highest and best use each property be appraised as though it were being i permitted. If no such zoning ordinance exists, the put to its most profitable use (highest possible present assessor shall consider the most likely potential use of net worth), given probable legal, physical, and the unimproved land based upon the use of financial constraints. surrounding land or land in proximity to the unimproved land. Glossary for Property Appraisal and Assessment, International Association of Assessing Officers, 1997. i Property classifications are defined in Minnesota Statutes. Examples of classifications include residential homestead, residential non homestead, apartment, commercial and agricultural. It is important to remember that use and not zoning is the key factor in dete the classification of a property. The board can change the classification for the current For example, a property owner has a parcel that is used as assessment year of any property which in the board's an auto repair shop. The assessor has the property opinion is not properly classified. The classification classified as commercial. The property is zoned must be based on use, and in order for the board to agricultural so the owner is seeking the agricultural change the classification, the owner must present classification. Classification is based on use. Since the evidence that the property is used in a manner property is used as an auto repair shop, it is properly consistent with the classification he/she is seeking. classified as commercial. Therefore, the board must vote to uphold the commercial classification. For example, the assessor classifies a property as residential. The owner seeks the agricultural Split -class property classification. In order for the board to change the i classification to agricultural, the owner must prove A property can have more than one property tax that the property is used agriculturally and meets the classification if it has more than one use. Such properties statutory requirements of the agricultural class. are called split -class properties. If this is the case, the assessor will classify the different uses accordingly. For example, when an owner occupied farm also has a structure that is used as a commercial repair shop for farm equipment, the property is split classified agricultural homestead and commercial. Overview of the assessment process 1 Assessor estimates value When the assessor views the interior of a property, The assessor determines the approximate selling price he /she can make a more accurate assessment and (or EMV) for each taxable parcel based on the eliminate any guesswork. The assessor bases his/her conditions of the market on January 2 of each year. assessment on multiple factors, including size, age, condition, quality of construction and other features such The assessor is required by law to view each property at as fireplaces, etc. The assessor compares the property to least once every five years. However, even if the actual sales of similar properties in the area to determine assessor did not physically visit a property for that the EMV of a property. assessment year, the property is subject to valuation changes to reflect market conditions. The assessor is required to estimate the market value as of January 2 of each year to reflect current market conditions. Role of the local board in the assessment process Three approaches to value The cost approach is most reliable when valuing new or The assessor applies one or more of the three approaches relatively new properties because the depreciation is to value: minimal. Estimating the amount of depreciation can be Sales comparison approach; difficult making the cost approach less reliable when Cost approach; and/or valuing older properties. The cost approach also can be Income approach. useful when valuing structures that are not frequently exchanged in the market. The assessor will consider all approaches to value, but Income approach: This approach is based on the one approach may be better suited than the others for reasoning that the value of the property is directly related estimating the value of a particular property. In some to its ability to produce income. The property value is cases, one or more approaches may not be applicable. measured in relation to anticipated future benefits Sales comparison approach: This approach is based on derived from ownership of the property. the reasoning that the value of a property is related to the sale prices of similar properties in the same market. Using this approach, the assessor reviews income and expense information for the subject property and estimates Using this approach, the market value of the property based upon the income the assessor identifies similar stream projected to be derived from the property. properties that have recently sold and analyzes the P J p differences between the subject and the comparable properties. The sale price for each comparable sale is This approach has limited applicability because it is only adjusted to reflect the differences (i.e. the subject appropriate for income- producing properties such as property has three bathrooms and the comparable commercial, industrial and apartments. The income approach is generally the primary approach for valuing property has two bathrooms, so the sale price of the comparable property is adjusted upward to make it more come- producing properties. similar to the subject property). The assessor then estimates the value based on the analysis of the Sales ratios comparable sales. Assessors analyze the sales in a community in order to understand local market trends. Whenever real estate is The sales comparison approach is applicable when there sold for more than $1,000, a certificate of real estate is sufficient sales data available for analysis. This value CR must be filed in the coup in which the Y c oun t y approach is most often used for residential properties. It property is located. The assessor uses the CRVs to is the most common and preferred method for valuing analyze actual sales of property and to complete sales vacant land when comparable sales data is available. ratio studies for each community and for each type of The sales comparison approach is not applicable when property. The ratio is determined by dividing the EMV comparable sales are limited or unavailable. by the sale price. The assessor uses the sales as a guide to estimate what similar properties would likely sell for Cost approach: This approach is based on the principle on the open market. of substitution which means that an informed buyer will not pay more for a property than it would cost to build The assessor examines the property and the conditions an acceptable substitute with comparable utility. and terms of the sale as indicated on the CRV to determine if the sale reflects normal conditions. It is Using the cost approach, the assessor calculates market important to remember that one sale, taken by itself, value by estimating the current cost of replacing a does not necessarily reflect the actual real estate market structure with one having comparable utility minus in a jurisdiction. The assessor needs to group all sales by depreciation plus the value of the land. type (residential/seasonal, agricultural, commercial, etc.). Once the grouping is complete, the assessor arrays all of the grouped sales by ratio from the highest to the lowest. The median (center) ratio in this array is selected as being representative of the typical level of assessment for the jurisdiction. Role of the local board in the assessment process To make matters more complicated, not every type of Assessor determines classification property in every jurisdiction has enough sales in the Along with estimating the market value of each sales period to provide an accurate reflection of the level property, the assessor must determine the classification, of assessment. The Department of Revenue has or use, of each parcel of property. Property determined that a minimum of six sales in a jurisdiction classifications are defined in Minnesota Statutes, and the are required for the median ratio to be reflective of assessor classifies the property based on its use as of actual assessment levels. This does not mean that the January 2 of each year. Examples of classifications assessor is relieved of his/her responsibility to value include residential homestead, residential non property at its market value. It simply means that the homestead, apartmen process of establishing an accurate market value t, commercial and agricultural. estimate becomes more subjective. There are some jurisdictions that never have enough sales this is Notice of Valuation and Classification particularly true in the case of small -town commercial The assessor notifies taxpayers of their value and properties. In these instances, the assessor may examine classification each year. The notice must be mailed at sales over a protracted period of time or borrow sales least 10 days prior to the Local Board of Appeal and from other similar jurisdictions to help measure the level Equalization meeting or 10 days prior to the open book of the assessment. meeting (generally, this means that the notices are mailed in February or March of each year). In addition to the sales ratio study conducted by the assessor, the Department of Revenue conducts a similar Appealing the valuation or classification independent sales ratio study for the jurisdiction to At this point, the property owner can appeal the EMV monitor how close the median ratio is to the required and/or classification if he/she feels that the property is: level of assessment. The Department of Revenue's sales ratio studies should be the same or similar to the studies ■classified improperly; conducted by the assessor. ■valued at an amount higher than they could sell the property for; and/or State Board of Equalization valued at a level different from similar The required level of assessment is between 90 and 105 properties in the area. percent. If the sales ratio study indicates that the median ratio of EMVs to the selling prices is below 90 percent The property owner should first contact the or above 105 percent, the Commissioner assessor's office to discuss questions or concerns. of Revenue, acting as the State Board of Equalization, will increase Issues often can be resolved at this level. If questions or or decrease values to bring about equalization. State concerns are not resolved after talking with the assessor; Board orders are usually on a county-, city-, or formal appeal options are available: township -wide basis for a particular classification of Property owners may appeal to the Local Board of property. All State Board orders must be implemented Appeal and Equalization (some jurisdictions that by the county, and the changes are made to the current have transferred the local board duties to the assessment year. county will have open book meetings instead of local board meetings); The equalization process is designed not only to If the property owner is not satisfied with the local equalize values on a county-, city-, and township -wide board's decision (or the outcome of the open book basis but also to equalize values across county lines to meeting), he /she may appeal to the County Board ensure a fair valuation process across taxing districts, of Appeal and Equalization; and/or county lines, and by property type. State Board orders The property owner may appeal to Tax Court. are implemented only after a review of values and sales ratios, and after discussions with the county The Notice of Valuation and Classification must provide assessors in the county affected by the State Board the property owner with the date, time and location of the orders, county assessors in adjacent counties, and the Local and County Boards of Appeal and Equalization. Commissioner of Revenue. Role of the local board in the assessment process MINNESOTA REVENUE www.taxes.state.mn.us Appealing the Value or Classification pp g of Your Property Property Tax Fact Sheet 1 P Y Each spring your county sends you a property tax bill. Three factors that affect your tax bill are: 1. the amount your local governments (town, city, county, etc.) spend to provide services to your community, 2. the estimated market value of your property, and 3. the classification of yourproperty (how it is used). The assessor determines the last two factors. You may appeal the value or classification of your property. This fact sheet discusses estimated market value and classification as shown on your Notice of Valuation. and Classification: Un the bask, it tells you what.you can do ifyou and the assessor disagree: j u D Estimated market value Do your research Estimated market value is the amount the assessor estimates Begin by contacting the assessor's office. a buyer would pay for your property if it were offered for Verify information about your property, such as its sale. Each year the assessor reviews the market valuation dimensions, age and condition of its structures. of your property to determine if changes in the real estate market or improvements to your property require a change •Review records to determine the market value of similar property in your neighborhood. in the estimated market value. Review sales data to find out what similar property in Classification and class rates so your area is selling for. All property is classified by the assessor according to Check real estate ads in your newspaper to get an idea its use. Each class of property (home, apartment, cabin, of the asking price of local properties. farm, business) is taxed at a different percentage of its Ask the assessor to explain the criteria used for value. This percentage, or class rate, is determined by the classifying your property. You may also review the state legislature. Like market value, the class rate of your property plays a significant role in how much property tax classification of other property used in the same manner as yours. you pay. Appealing your assessment ,Valuation and classification notice You have the right to appeal your market value estimate Each spring, the assessor will mail you a Notice of ppe Valuation and Classification informing you of the and/or property classification if you feel your property is: value and classification of your property. If you believe Classified improperly. the classification or the estimated market value of your Valued at an amount higher than you could sell your property is incorrect, you have several appeal options. property for. The first step is to do some research. Valued at a level different from similar ro in our P Pte' Y area. First, talk to the assessor to discuss changing your assessment. If you and the assessor are unable to agree on your valuation or classification, more formal methods of appeal are available. See reverse for formal appeal information Property Tax Division Mail Station 3340 St. Paul, MN 55146-3340 This fact sheet is intended to help you become more familiar with Minnesota tax laws and your rights and responsibilities under the laws. Nothing in this fact sheet supersedes, alters, or otherwise changes any provisions of the tax law, administrative riles, court decisions, or revenue notices. Alternative formats available upon request. Revised 07104 Minnesota Revenue, Appealing the Value or Classification of Your Property 1 i Appeals You can appeal to your local and county Boards of Appeal and Equalization or you can take your appeal directly to the Minnesota Tax Court. Or you can choose both options, in which case begin with the Local Board of Appeal and Equalization.' Local Board of Appeal Minnesota Tax Court and Equalization If you choose to appeal to your boards of appeal "and You have until April 30 of the year the tax becomes payable e to appeal your assessment to the Minnesota Tax Court. In equalization, first meet with your Local (city or town) other words, you must appeal your 200$valuation and Board of Appeal and Equalization. These are usually the same people as your city or town council The board classification on or before April 30, 2004 meets on a specified day in April or May. The exact date The Tax Court has two divisions: is listed on your Notice of Valuation and Classification. We strongly recommend that you call or write your city A. The small claims division only hears appeals or town clerk to schedule your appearance. involving one of the following situations: You may make your appeal in person, by letter, or have a The assessor's estimated market value of your someone else appear for you. The assessor will be .present property is less than $300,000. to answer questions. You must present your case to the Your entire parcel is classified as a residential city or town board before going to the County Board homestead (la or lb) and the parcel contains no of Appeal and Equalization. more than one dwelling unit. Cities and towns have the option of transferring their board Your entire property is classified as an agricultural powers to the County Board of Appeal and Equalization. homestead (lb or 2a). If your municipality has elected to do this, your Notice of Appeals involving the denial of a current year Valuation and Classification will direct you to begin your application for homestead classification of your appeal at the county level. property. The proceedings of the small claims division are County Board of Appeal less formal and many people represent themselves. and Equalization ti Decisions made by the small claims division are If you are not satisfied with the decision of the city or town final and cannot be appealed further. t board or if your city or town has transferred their powers to the county, you may appeal to the County Board of Appeal B. The regular division will hear all appeals— including and Equalization. those within the jurisdiction of the small claims division. Decisions made here can be appealed to This board meets in June. The exact date is listed on a higher court. your Notice of Valuation and Classification. The members are usually the county board of commissioners or their Most people who appeal to the regular division hire an appointees. We strongly recommend that you call or attorney because the hearing is conducted according to write your county auditor or assessor to schedule your the Minnesota rules of civil procedure. appearance before the board. You may obtain complete information on Tax Court appeals You may make your appeal in person, by letter, or have by writing or calling the court administrator in your county someone else appear for you. The assessor will be present or by contacting: to answer questions. If you are not satisfied with the Minnesota Tax Court decision of the County Board of Appeal and Equalization, Minnesota Judicial Center you may appeal to the Minnesota Tax Court. Suite 245 25 Reverend Dr. Martin Luther King, Jr. Boulevard St. Paul, MN 55115 (651) 296 -2806 www.taxcourt.state.mn.us Minnesota Revenue, Appealing the Value or Classification. of Your Property 2 MINNESOTA- REVENUE www.taxes.state.mmus Preparing an Appeal to Your Local and County Boards of Appeal and Equalization Property Tax Fact Sheet 10 You have decided to appeal the valuation and/or Preparing for your appeal classification of your property to your Local or County The first step is to do some research to collect information Boards of Appeal and Equalization. You must appeal to to show why you believe your estimated market value or the Local Board of Appeal and Equalization before classification is incorrect. Begin by e appealing to your County Board of Appeal and contacting the assessor's office. Equalization. Verify information about your property, El such as its dimensions, age and If you haven't done so already, you should contact your condition of its structures. assessor's office before making a formal appeal to discuss changing your assessment. Often issues .Review records to determine the market value of i and concerns can be resolved at this level. similar proms' m y our neig Review sales data to find out what similar property in If you and the assessor were unable to agree your area is selling for. on your valuation or classification you may ■Check real estate ads in your newspaper to get an decide to appeal to your Local and/or County Boards of Appeal and Equalization. idea of the asking price of local properties. Ask the assessor to explain the criteria used for The general information contained in this fact sheet is classifying your property. You may also review the applicable to preparing for appeals to both the Local and classification of other property used in the same County Boards of Appeal and Equalization. manner as yours. i Successfully appealing your assessment Gathering supporting evidence Minnesota law assumes that the County Assessor has You must have documentation to support your correctly valued and classified your property. You must appeal. Items you may wish to bring to the present factual evidence to convince the Board otherwise meeting include: in order to win your appeal. Make sure all facts are A recent appraisal of your property. presented, and the board understands the Recent sales of similar property. information presented, so a decision can be made based on facts. l Documentation supporting the use of your property (if you are appealing the Successfully appealing your value or classification). classification at your Local or County Board of Appeal Copies of other property owners' field cards/property and Equalization can mean a number of things. information. It does not necessarily mean that the board ruled in your Photos of your property. favor and lowered your value or changed your Photos or exhibits comparing neighboring properties classification. to yours. Whether or not the local board decides to make a change If you should have questions, please don't hesitate to in your estimated market value or classification, you can contact your assessor's office. Staff members are always still be successful in appealing to your local board The willing to answer questions and give you information that ultimate result you want to achieve is to make sure your will help you understand your assessment. value is warranted and the classification of your property is correct based on its use. See page 2 for helpful hints Property Tax Division Mail Station 3340 St. Paul, MN 55146 -3340 This fact sheet is intended to help you become more familiar with Minnesota tax laws and your rights and responsibilities under the laws. Nothing in this fact sheet supersedes, alters, or otherwise changes any provisions of the tax law, administrative rules, court decisions, or revenue notices. Alternative formats available upon request. Revised 07104 Minnesota Revenue, Preparing an Appeal to your Local and County Boards of Appeal and Equalization 1 1 Presenting your case Other helpful information Remember, how you present your case may affect the Please keep in mind that taxes are not the issue. To outcome of your appeal you want to be sure you get strengthen your appeal, you should present evidence your point across as effectively as possible. about your property's value or classification, Make a list of key points you may wish to present not how much you are paying in taxes. The board has never seen your This fact sheet is not meant to give you 11 property. Describe your property so legal advice. It is intended to be a helpful tool with they will understand your arguments general information for presenting your property tax more fully. Photos can be helpful to appeal at your Local ad County Boards ofAppeal and support your argument. Equalization. Keep your presentation brief and factual. Be prepared to discuss your case with the board or answer any questions that the board may have. Written appeals You may also appeal your value or classification by submitting a letter of appeal to the board instead of appearing in person. You will want to do your research and explain your appeal in writing. Your letter f should state the facts and include supporting documentation. You may want to include your daytime phone number so you can be reached in case the board has any questions. Revised 07104 Minnesota Revenue, Preparing an Appeal to your Local and County Boards of Appeal and Equalization 2 MINNESOTA• REVENUE www.taxes.state.mn.us M Y House is Worth What Property Tax Fact Sheet X Why doesn't the assessor's value reflect the 3. There is no "correct" price for real estate but sale price of my property? rather a range of prices. The ultimate sale price of a particular property depends on 1. There is a lag between the time of the assessment and its unique characteristics as well as the complex when the sale takes place. motivations and preferences of the seller and potential buyers. If that weren't the case, Realtors and sellers would An appraisal is an estimate of property value based on never have to reduce listing prices, offers from multiple historical data at a set point in time January 2 of each year buyers would all be identical, and professional appraisals and the market can change dramatically by the time the would all arrive at the same value. In reality, list prices property is sold. often misjudge the market, offers are negotiable and can For example, consider a property valued at $180,000 as of vary widely, and appraised values maybe disputed. January 2, 2007. This assessment is based on home sales that occurred between October 2005 and September 2006. 4, No two parcels of property are identical. However, the property may sell for $230,000 in August 2007. Does this mean the estimated value is incorrect? Not Estimating the precise value of a property that is based on necessarily. It could signal an upturn in the housing market dozens, if not hundreds, of characteristics is very difficult. between September 2006 and August 2007, raising the sale Even nearly identical properties (e.g. adjacent townhomes price of the home. or condominiums) often sell for different amounts. Just as buyers in rapidly accelerating markets may pay significantly more than the assessor's last valuation, they 5. Real estate markets are highly localized and always may also pay less in declining markets. A property valued changing. by the assessor at $200,000 for the 2007 assessment may sell for $175,000 in August 2007. Sale prices of different types of properties can vary widely. This lag time often results in a dramatic difference between Currently, farmland and recreational properties are rising in actual sale prices and the estimated market values for the' value and sales are strong, but residential sales are stable or current year. slightly declining in several areas. Some neighborhoods are declining at a much faster rate than other areas, which may be stable or slightly increasing in value. 2. Properties can change over time. While values can fluctuate on an annual basis due to sales 6. Fewer sales mean more challenges for assessors. of similar properties, Minnesota law requires that properties only be inspected once every Live years, unless new In many markets and for many types of property, there are construction or demolition takes place. Between those few sales of comparable properties. This can make accurate market assessments more difficult but the assessor inspections, properties may be improved without the owner must still use his/her professional judgment and knowledge obtaining abuilding permit or they may deteriorate if to estimate market values on an annual basis. This may who see only the exterior of the home, to consider in their neglected. These changes can be difficult for assessors, mean looking at sales that take place outside the study time annual evaluations frame or in a neghboring city or township. Property Tax Division Mail Station 3340 St. Paul, MN 55146-3340 This fact sheet is intended to help you become more familiar with Minnesota tax laws and your rights and responsibilities under the laws. Nothing in this fact sheet supersedes, alters, or otherwise changes any provisions of the tax law, administrative rules, court decisions, or revenue notices. Alternative formats Revisea 108 available upon request. Minnesota Revenue 1 Assessment Valuation Procedures Residential es denfial Sales occurring in the prescribed study period, October 1, 2006 through September 30, 2007, are analyzed by comparing them to the previous assessment and the preliminary assessment in process. Adjustments are then made either to the land values or to the computerized rate tables employed by the CAMA system in calculating the building values. This computer assisted mass appraisal system allows the assessor's office to value properties according to their individual characteristics. Examples of these characteristics include age, condition, size, style, amenities, functionality, and location. The preliminary final assessment is then analyzed statistically to ensure accuracy and uniformity. This process is greatly assisted by the relatively large sample of residential sales each year, giving the statistical analyses a high degree of reliability. The Brooklyn Center residential assessment falls well within all accepted measurement guidelines for mass appraisal accuracy and uniformity. Apartment t The apartment assessment is based on a combination of market sale activity and analysis of the rental market. Even in years without adequate sale information, changes in rental rates and occupancy levels are valid, accurate measures of changes in market value. Apartments are sold primarily for their potential to generate future income for the buyer. Therefore, the analysis of the likely (economic) income is a proven and widely accepted approach to valuation. Commercial Industrial The valuation of these properties is primarily accomplished through an analysis of the rental market, potential income, and the sale market. What are typical investor expectations? What are typical investor yield requirements for different market segments? These are two key questions where market activity can provide some guidance. The potential market (economic) income to a property is best estimated by analyzing recent leases, rental listings, and published data like the Real Estate Tracking Service of the Minnesota Real Estate Journal and the Colliers Towle Report. All of these sources and more have been employed by the assessor's office to ensure that the current assessed values follow the market as closely as possible. 2007 Reinspection Program for the 2008 Assessment During the summer of 2007 our office conducted re- inspections for the 2008 assessment of the residential properties located East of Shingle Creek Parkway, South of 73 Ave N, West of the Mississippi River and North of 694/94. In addition to all single family homes located in the review area, all commercial /industrial and apartment properties located within this area were reviewed. The inspection also included townhomes located in the Eastern portion of the city. In addition to all single family homes located in the review area, commercial, industrial and apartment properties were S reviewed. The total summer quintile inspection area involved the review of 1,783 parcels. All parcels were inspected from the exterior and the assessor's office inspected the interior of 55% or 992 homes, who responded to tags and advance notification. The interior inspection percentage is up slightly from the previous year. The re- inspection process began May 3, 2007, and was essentially completed by the end of September. The re- inspections were performed by City Assessor, Nancy Wojcik, Appraiser, Jill Brenna, and Appraiser Technician, Karen Casto. Following the review of the scheduled quintile, our focus switched to the residential properties with new improvements, commercial /industrial and apartment properties. All residential permit review inspections were completed by Appraiser I, Jill Brenna, Appraiser Technician, Karen Casto and commercial inspections were completed by Nancy Wojcik, City Assessor. The review of new improvements added an additional 589 permit reviews to the inspection total. We estimate that the total number of residential properties reviewed in 2007 was approximately 2,221. 2008 Assessment Tax Capacity Payable in 2009 Property Type Breakdown Apartments 8% ass Commercial 23% Residential 58% N�NNyNrN��� *am* ��N1�1f�ifMNNN 1�NIN NM1• ■UitNNO1MN>w ■1NiNINlKNl�N�M� NNNNtwNXIN�(� NwrNra IrNNNN11NNNSr11 a NN6a n nou 1MMMAo IMMOMI 1i>RUNNIMNNN[OU VA11 11 *Alsoon* signs s #NNwNNE Industrial 11% Farm 0% This chart is an illustration of the total tax capacity of $25,400,948. COMPARISON OF THE BROOKLYN CENTER ASSESSED VALUE BY PROPERTY TYPE 2006 to 2009 TAX PAYABLE YEARS TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE PROPERTY 2006 OF PAY 2006 2007 OF PAY 2007 2008 OF PAY 2008 2009 OF PAY 2009 TYPE VALUATION VALUE VALUATION VALUE VALUATION VALUE VALUATION VALUE APARTMENT $179,621,000 8.73% $174,430,300 8.31% $177,915,200 8.15% $179,712,200 8.61 COMMERCIAL $307,458,200 14.95% $265,482,900 12.65% $269,714,000 12.36% $294,159,500 14.09% INDUSTRIAL $101,157,500 4.92% $115,506,200 5.50% $124,320,600 5.70% $137,529,400 6.59% RESIDENTIAL $1,468,518,600 71.38% $1,542,631,600 73.51% $1,609,605,900 73.76% $1,474,840,000 70.67% I FARM $435,000 0.02% $500,000 0.02% $650,000 0.03% $825,000 0.04% TOTALS $2,057,190,300 $2,098,551,000 $2,182,205,700 $2,087,066,100 NOTE: Payable 2009 valuation totals are based on values as of March 7, 2008. Residential taxable market value total for 2008 pay 2009 was $1,473,355,800. Only .1 or $1,484,200 of the residential estimated market value is excluded from taxation due to limited market value and the "This Old House" exclusion. There are 62 residential properties in Brooklyn Center that will receive a limited market value for taxes payable in 2009. G't2009 7NTf pay 2905 to 2009 value b Prepared by Brooklyn Center Assessor's Office 4/29/2008 wo s o on an so 00 ENTER PROPERTY TAX BASE BY PROPERTY TYPE r COMPARISON OF THE BROOKLY C 006 TO 2009 TAX YEARS TAX TAX 73 CAPACITY CAPACITY TAX TAX PERCENTAGE CHANGE TAX CHANGE CAPACITY TOTAL PAY OF 2009 TAX (p CAPACITY CHANGE 2009 TAX BASE (Dollars TOTAL PAY PERCENTAGE CHANGE CAPACITY TAX PERCENTAGE CAPACI E 2008 TAX OF 2008 SAX (D (Per�Q1tt�_ TOTAL PAY 8.45% $22,731 0 CAPACITY 2007 TAX OF 2007 TAX percent) CAPACITY $2146,15 TOTAL PAY PERCENTAGE CHANGE B ASE $30,159 1.42 l 0 8.45°10 OF200 CAPACITY 8.20 0 22.73% $487,678 2006 TAX BASE (Percent) 123,42 $5,772, 9,73 PROPERTY 3.85 /0 $2, 1.62 °l0 10 CAPACAPAC .37% 738 150 TYPE 8 .°l0 $2,D93, 20.41% $B5, 10.69 °l0 $264, 9.30% 0 -2 $5,284 941 7.13°/0 $2,714,588 $2,177, 20.79 l 0 $174,744 "8'64% APARTME o $5,199,203 g,46 to 58.11 ($1,274,795). 22.66% -10.30 /0 14.47 °l0 $2,450, 0 $14,759 337 $5306,137 9,10% $597,381 3.73/0 $2,500 30.30 °!0 COMMERCIA o $2,27516,94 51-91 8.44/ 0 $16,034,132 $8,250 0.03 $1 988,076 8.49 l0 1d T1 10 $750 13.04 °l0 15,436751 61.7210 4.02 °fo $25,400,948 IND USTRIAL 59.54 14.48 °l0 14.94 °!0 $5,750 $13,942 981 $5,000 Q 02 RESIDENTIAL 12 99 /o 25,898,684 p 0.02% FARM $4,35 a orders, tax court st ipulatio ns ulations and abatements may not be 526,009, d madcet value ation totals are base of $1 ge order, due to Limited Ma y Value and This Old House TOTALS $23,418, 2008. Final adjustments due to administrative f $J a able 2009 is d on v lees This reflects a reduction from the estimate tax capac� and valud on values as of March 7, NOTE Payable 2009 I ntial valuation reflected. The taxable reside for payable 1 Exclusions. 412912 r.Pnter Assessor's Office GK:ii E��il zzi City Wide All (Includes all property types) -4.40% (Excluding new construction) -4.60% City Wide Resid. (Single Family Detached Only) -8.20% (Excluding new construction) -8.30% X. 1.0 I. #50 #55 Residential Off Water -8.40% (excluding new construction) -8.40% T'. 1-20 I 1�10[08 C�.ng. *]2008 changes M M M M M M M M M M M M MGM i �KLYt�- 2/12/2008 RESIDENTIAL STATISTICS SALES:233/7283 3.2% CONDO STATISTICS SALES:2/157 1.3% APTS =A,HL DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD COM= C,GC,NP `V� 2008 93.4% 93.0% 6.6 2008 94.0% 94.0% 1.7 FARM= BF,F,FF,FP 1 2007 101.4% 101.5% 7.5 2007 98.7% 98.7% 1.5 LAND= LA,LC,LI,LL,LR RES= B,BJ,D,DJ,P,R,RL� INFERRED RATIOS SALES GROWTH: -8.0% INFERRED RATIOS SALES GROWTH: -4.8% OTHER= CHANGED PROP TYPE SAMPLE GROWTH: -8.7% PROP TYPE GROWTH: 8.3 °lo SAMPLE GROWTH: -6.1 PROP TYPE GROWTH: 13.6 !0 X MEDIAN: 92.6% X MEDIAN: -93.0% X MEDIAN: 92.7% X MEDIAN: 85.2% X MEAN: 92.7% X MEAN: 93.1% X MEAN: 92.7% X MEAN: 85.2% COM /IND STATISTICS SALES:8 /197 4.1% RES ON LAKE STATISTICS SALES:3 1106 2.8% TOWNHOUSE STATISTICS SALES:24 /683 3.5% DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD 2008 97.3% 95.9% 3.0 2008 90.0% 90.7% 4.7 2008 93.5% 90.6°!0 8.8 2007 87.3% 85.8% 10.5 2007 87.1% 90.7% 5.5 2007 104.3% 100.8% 9.8, INFERRED RATIOS SALES GROWTH: 23.5% INFERRED RATIOS SALES GROWTH: 0.0% INFERRED RATIOS SALES GROWTH: -9.9% SAMPLE GROWTH: 13.2% PROP TYPE GROWTH: 9.2% SAMPLE GROWTH: -1.8% PROP TYPE GROWTH! -2.1% SAMPLE GROWTH: 10.4% PROP TYPE GROWTH: -10.8% X MEDIAN: 98.8% X MEDIAN: 95.3% X MEDIAN: 85.5% X MEDIAN: 85.2% X MEDIAN: 93.5% X MEDIAN: 93.1% X MEAN: .97.1% X MEAN: 93.7% X MEAN: 89.1% X MEAN: 88.8% X MEAN: 90.3% X MEAN: 90.0% APARTMENT STATISTICS SALES:1 /98 1.0% RES OFF LAKE STATISTICS SALES:230/7177 3.2% DB, TP STATISTICS SALES :0/66 0.0% DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD 2008 99.8% 99.8% 0.0 2008 93.4% 93.1% 6.6 2008 0.0% 0.0% 0.0 2007 99.8% 99.8% 0.0 2007 101.8°!0 101.6% 7.5 2007 0.0% 0.0% 0.0 INFERRED RATIOS SALES GROWTH: 0.0% INFERRED RATIOS SALES GROWTH: -8.2% INFERRED RATIOS SALES GROWTH: 0.0% SAMPLE GROWTH: 0.0% PROP TYPE GROWTH: 0.5% SAMPLE GROWTH: 8.8% PROP TYPE GROWTH: -8.5% SAMPLE GROWTH: 0.0% PROP TYPE GROWTH: -8.4% X MEDIAN: 99.8% X MEDIAN: 1003% X MEDIAN: 92.8% X MEDIAN: 93.2% X MEDIAN: 0.0% X MEDIAN: 0.0% X MEAN: 99.8% X MEAN: 100.3% X MEAN: 92.7% X MEAN: 93.0% X MEAN: 0.0% X MEAN: 0.0% STRATIFICATION(SINGLE FAMILY HOMES) RZ STATISTICS SALES:0 /0 0.0% BY EMV BY PRICE DIRECT RATIOS MEDIAN MEAN COD 2008 0.0% 0.0% 0.0 94 UNDER 175K 92.6% 42 UNDER 175K 98.9°!0 2007 0.0% 0.0% 0.0 136 175 -250K 91.6% 182 175 -250K 9 o 0 2 250 -350K 87.8% 7 250 -350K 77.5° 1 INFERRED RATIOS SALES GROWTH: 0.0% �J 2 350 -500K 93.7% 3 350 -500K 90.7 °!o i 0 500 -700K 0.0% 0 500 -TOOK 0.0 °!o SAMPLE GROWTH: 0.0% PROP TYPE GROWTH: 0.0 °!0 V 0 70OK -1 MIL 0.0% 0 700K -1MIL 0.0% X MEDIAN: 0.0% X MEDIAN: 0.0% ,�j 0.0% X MEAN: 0.0% 0 OVER 1MIL 0.0% 0 OVER 1MIL 0.0% X MEAN: SpringRes 3/11/20011 t 2GO8 SPRING ALL F2ESIDENTIAL ('R RLl* RATIO STUDY- 03/11/08 MUNICIPALITY *SALES MEDIAN MEAN COD MUNICIPALITY *SALES °/a MEDIAN MEAN COD BLOOMINGTON 579 2.72% 95.4% 96.2% 6.4 MEDINA 38 2.59% 95,5% 95.5% 4.4 BROOKLYN CENTER 233 3.20% 93.4% 93.0% 6.6 MINNEAPOLIS 0 0.00% 0.0% 0.0% 0.0 BROOKLYN PARK 517 3.15% 94.3% 94.0% 6.3 MINNETONKA 393 3.03% 96.7% 97.1% 4.4 CHAMPLIN 171 2.61% 94.6% 95.0% 6.4 MINNETONKA BEACH 5 2.16% 94.4% 93.5% 3.6 CORCORAN 28 1.75% 96.9% 99.0 6.9 MINNETRISTA 53 2.58% 94.9% 94.3% 6.1 CRYSTAL 212 2.89% 93.8% 93.6% 7.0 MOUND 119 3.55% 95.6% 96.9% 7.1 t DAYTON 17 1.27% 95.1% 94.2% 5.4 NEW HOPE 154 3.39% 95.2% 95.5% 5.4 DEEPHAVEN 31 2.22 95.1% 94.3% 5.2 ORONO 77 2.63% 94.2% 92.1% 7,2 EDEN PRAIRIE 518 4.05% 95.2% 95.3% 5.4 OSSEO 23 3.82% 94.7% 95.4% 2.6 EDINA 408 3.26% 96.0% 95.7% 5.7 PLYMOUTH 417 2.69% 94.6% 94.6% 4.3 EXCELSIOR 15 3.16% 96.2% 95.1% 2.8 RICHFIELD 360 3.69% 93.9% 94.3% 6.2 GOLDEN VALLEY 190 3.02% 94.9% 94.5% 7.3 ROBBINSDALE 178 4.13% 95.4% 96.0% 4.0 GREENFIELD 13 1.57% 93.0% 94.8% 6.6 ROCKFORD 1 2.13% 94.6% 94.6% 0.0 GREENWOOD 8 2.80% 93.8% 91.3% 6.5 ROGERS 49 2.53% 94.9% 97.0% 5.5 HANOVER 6 3.23% 94.2% 91.2% 11.0 STANTHONY 55 3.18% 95.9% 97.1% 5.4 HASSAN 13 1.57% 94.3% 97.4% 6.3 ST BONIFACIUS 28 4.11% 93.4% 93.9% 8.5 HOPKINS 105 4.46% 95.0% 95.0% 5.3 ST LOUIS PARK 489 4.25% 95.6% 96.5% 6.8 INDEPENDENCE 23 1.98% 94.2% 92.9% 6.9 SHOREWOOD 55 2.38% 95.0% 94.3% 5.4 LONG LAKE 19 3.62% 93.8% 95.1% 6.6 SPRING PARK 4 1.98% 94.4% 94.9% 1.5 LORETTO 7 3.80% 95.3% 95.0% 2.4 TONKA BAY 11 1.79% 95.0% 92.2% 5.7 MAPLE GROVE 515 3.51% 93.9% 94.0% 5.3 WAYZATA 28 3.23% 95.1% 94.5% 6.6 MAPLE PLAIN 13 2.55% 95.8% 95.7% 5.8 WOODLAND 7 3.72% 96.0% 95.2% 6.7 MEDICINE LAKE 2 1.63% 95.7% 95.7% 18 SUBURBAN HENNEPIN 6,187 0.00% 94.9% 95.1% 5.8 'PROPERTY TYPES: B,BJ,D,DJ,P,R,RL ALL HENNEPIN'" 6,187 0.00% 94.9% 95.1% 5.8 "2008 EMV 10 -2006 THRU 9 -2007 SALES TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES 1 SpringRL 3/11/2008 2008 SPRING' RESIDENTIAL LAKESHORE (RL) RATIO STUDY 03/11/08 MUNICIPALITY #SALES °/a MEDIAN MEAN COD MUNICIPALITY *SALES MEDIAN MEAN COD BLOOMINGTON 0 0.00% 0.0% 0.0% 0.0 MEDINA 0 0.00% 0.0% 0.0% 0.0 BROOKLYN CENTER 3 2.83% 90.0% 90.7% 4.7 MINNEAPOLIS 0 0.00% 0.0% 0.0% 0.0 BROOKLYN PARK 3 2.42% 93.0% 90.2% 5.0 MINNETONKA 2 1.34% 93.6% 93.6% 8.1 CHAMPLIN 0 0.00% 0.0% 0.0% 0.0 MINNETONKA BEACH 5 4.35% 94.4% 93.5% 3.6 0 0 0 0 CORCORAN 0 0.00 /0 0.0 %a 0.0 /0 0.0 MINNETRISTA 18 3.14% 94.7 /0 92.6 /0 8.7 CRYSTAL 3 4.69% 93.3% 91.6% 3.9 MOUND 29 2.98% 95.7% 95.8% 8.7 DAYTON 1 1.01% 94.8% 94.8% 0.0 NEW HOPE 0 0.00% 0.0% 0.0% 0.0 DEEPHAVEN 4 2.25% 94.5% 97.2% 5.2 ORONO 27 2.67% 94.4% 92.1% 7.8 EDEN PRAIRIE 8 2.78% 92.3% 92.2% 4.0 OSSEO 0 0.00% 0.0% 0.0% 0.0 EDINA 28 2.70% 95.1% 95.4% 5.4 PLYMOUTH 9 2.13% 95.9% 95.9% 1.0 EXCELSIOR 1 1.64% 101.1% 101.1% 0.0 RICHFIELD 0 0.00% 0.0% 0.0% 0.0 GOLDEN VALLEY 0 0.00 0.0% 0.0% 0.0 ROBBINSDALE 0 0.00% 0.0% 0.0% 0.0 GREENFIELD 2 1.87% 94.6% 94.6% 4.0 ROCKFORD 1 11.11% 94.6% 94.6% 0.0 GREENWOOD 5 3.09% 93.5% 88.0% 8.3 ROGERS 0 0.00% 0.0% 0.0% 0.0 HANOVER 0 0.00% 0.0% 0.0% 0.0 ST ANTHONY 0 0.00% 0.0% 0.0% 0.0 HASSAN 0 0.00% 0.0% 0.0% 0.0 ST BONIFACIUS 0 0.00% 0.0% 0.0% 0.0 HOPKINS 0 0.00% 0.0% 0.0% 0.0 ST LOUIS PARK 5 2.86% 91.8% 92.0% 5.0 INDEPENDENCE 4 2.34% 92.6% 991% 12.3 SHOREWOOD 5 1.09% 94.0% 91.5% 4.2 LONG LAKE 1 6.25% 94.4% 94.4% 0.0 SPRING PARK 0 0.00% 0.0% 0.0% 0.0 LORETTO 0 0.00% 0.0% 0.0% 0.0 TONKA BAY 6 1.85% 93.6% 91.2% 7.6 MAPLE GROVE 17 2.45% 94.2% 94.6% 6.6 WAYZATA 3 3.41% 96.5% 97.2% 2.9 MAPLE PLAIN 0 0.00% 0.0% 0.0% 0.0 WOODLAND 1 1.82% 94.6% 94.6% 0.0 I MEDICINE LAKE 2 1.80% 95.7% 95.7% 3.8 SUBURBAN HENNEPIN 193 0.00% 94.5% 93.9% 6.4 ALL HENNEPIN 193 0.00% 94.5% 93.9% 6.4 "2008 EMV 10 -2006 THRU 9 -2007 SALES "`TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES I S rin R 3/11/2008 P 9 2008 SPRING RESIDENTIAL NON LAKESHORE (R}* RATIO**.STUDY 03/11/08 MUNICIPALITY #SALES MEDIAN MEAN COD MUNICIPALITY #SALES MEDIAN MEAN COD BLOOMINGTON 579 2.73% 95.4% 96.2% 6.4 MEDINA 38 2.71% 95.5% 95.5% 4.4 BROOKLYN CENTER 230 3.20% 914% 93.1 6.6 MINNEAPOLIS 0 0.00% 0.0% 0.0% 0.0 BROOKLYN PARK 514 3.16% 94.3% 94.0% 6.3 MINNETONKA 391 3.05% 96.7% 97.1% 4.4 CHAMPLIN 171 2.71% 94.6% 95.0% 6.4 MINNETONKA BEACH 0 0.00% 0.0% 0.0% 0.0 CORCORAN 28 1.76% 96.9% 99.0% 6.9 MINNETRISTA 35 2.36% 94.9% 95.2% 4.8 CRYSTAL 209 2.88% 94.0% 93.6% 7.1 MOUND 89 3.74% 95.5% 97.2% 6.5 DAYTON 16 1.29 95.2% 94.2% 5.7 NEW HOPE 154 3.39% 95.2% 95.5% 5.4 DEEPHAVEN 27 2.22% 95.1% 93.8% 5.2 ORONO 50 2.61% 93.3% 92.1% 6.9 EDEN PRAIRIE 510 4.08% 95.2% 95.3% 5.4 OSSEO 23 3.82% 94.7% 95.4% 2.6 t EDINA 380 3.30% 96.0% 95.7 5.7 PLYMOUTH 408 2.70% 94.6% 94.6% 4.3 EXCELSIOR 14 3.38% 96.1% 94.6% 2.7 RICHFIELD 360 3.69% 93.9% 94.3% 6.2 GOLDEN VALLEY 190 3.05% 94.9% 94.5% 7.3 ROBBINSDALE 178 4.24% 95.4% 96.0% 4.0. GREENFIELD 11 1.53% 93.0% 94.9% 7.1 ROCKFORD 0 0.00% 0.0% 0.0% 0.0 GREENWOOD 3 2.42% 96.4% 96.8% 2.0 ROGERS 49 2.53% 94.9% 97.0% 5.5 HANOVER 6 3.39% 94.2% 91.2% 11.0 ST ANTHONY 55 3.18% 95.9% 97.1% 5.4 HASSAN 13 1.76% 94.3% 97.4% 6.3 ST BONIFACIUS 28 4.11% 93.4% 93.9% 8.5 HOPKINS 105 4.46% 95.0% 95.0% 5.3 ST LOUIS PARK 485 4.28% 95.6% 96.5% 6.9 INDEPENDENCE 19 1.92% 94.2% 91.6 5.8 SHOREWOOD 50 2.70% 95.4% 94.6% 5.4 LONG LAKE 18 3.54% 93.7% 95.1% 6.9 SPRING PARK 4 .4.12% 94.4% 94.9% 1.5 LORETTO 7 3.80% 95.3% 95.0% 2.4 TONKA BAY 5 1.72% 95.6% 93.3% 3.3 MAPLE GROVE 495 3.54% 93.7% 93.9% 5.2 WAYZATA 25 3.21 95.0% 94.1% 6.9 MAPLE PLAIN 13 2.55% 95.8% 95.7% 5.8 WOODLAND 6 4.51% 97.5% 95.4% 7.4 MEDICINE LAKE 0 0.00% 0.0% 0.0% 0.0 SUBURBAN HENNEPIN 5,991 0.00% 94.9 95.1% 5.8 "2008 EMV 10 -2006 THRU 9 -2007 SALES ALL HENNEPIN 5,991 0.00% 94.9% 95.1% 5.8 "TOTAL FIGURES EXCEPT SALES ARE WEIGHTED MUNIC AVERAGES SpringTH 3111/2008 2008 SPRtNG TOWNHOME (Yl* RATIO`* *:STUDY 03/11/08 MUNICIPALITY #SALES MEDIAN MEAN COD MUNICIPALITY #SALES MEDIAN MEAN COD BLOOMINGTON 94 4.24% 94.7% 95.9% 3.8 MEDINA 0 0.00% 0.0% 0.0% 0.0 BROOKLYN CENTER 24 3.51% 93.5% 90.6% 8.8 MINNEAPOLIS 0 0.00% 0.0% 0.0% 0.0 BROOKLYN PARK 99 3.21% 94.1% 94.3% 4.7 MINNETONKA 105 5.24% 94.6% 95.0% 4.6 CHAMPLIN 23 6.27% 93.9% 93.7% 2.2 MINNETONKA BEACH 0 0.00% 0.0% 0.0% 0.0 CORCORAN 0 0.00% 0.0% 0.0% 0.0 MINNETRISTA 3 5.66% 93.7% 93.2% 2.1 0 0 0 CRYSTAL 2 2.13% 97.5% 97.5% 6.3 MOUND Z 3.28% 91.9 /0 91.9 /0 51 DAYTON 0 0.00% 0.0% 0.0% 0.0 NEW HOPE 6 2.78% 95.1% 95.7% 2.4 DEEPHAVEN 0 0.00% 0.0% 0.0% 0.0 ORONO 4 6.06% 94.8% 95.2% 1.4 EDEN PRAIRIE 147 5.13% 95.8% 95.8% 4.5 OSSEO 0 0.00% 0.0% 0.0% 0.0 EDINA 37 6.13% 97.2% 94.9% 3.7 PLYMOUTH 164 4.93% 94.5% 94.6% 3.8 EXCELSIOR 0 0.00% 0.0% 0.0% 0.0 RICHFIELD 1 7.14% 93.5% 93.5% 0.0 GOLDEN VALLEY 27 6.21% 94.7% 94.7% 4.8 ROBBINSDALE 0 0.00% 0.0% 0.0% 0,0 GREENFIELD 2 3.28% 84.6% 84.6% 9.6 ROCKFORD 2 10.00% 93.8% 93.8% 2.8 GREENWOOD 0 0.00% 0.0% 0.0% 0.0 ROGERS 18 4.53% 93.6% 95.1% 4.3 0.0 /0 0 0.00% 0.0% 0 S HANOV R 0 T ANTHONY 1 1.72% 93.8% 93.8% 0.0 E HASSAN 0 0.00% 0.0% 0.0% 0.0 ST BONIFACIUS 12 8.22% 94.8% 95.4% 4.5 HOPKINS 35 6.03% 95.4% 95.3% 4.0 ST LOUIS PARK 42 5.50% 94.5% 93.6% 4.1 INDEPENDENCE 0 0.00% 0.0% 0.0% 0.0 SHOREWOOD 16 4.98% 93.7% 96.3% 4.9 LONG LAKE 0 0.00% 0.0% 0.0% 0.0 SPRING PARK 2 4.44% 93.0% 93.0% 1.0 LORETTO 1 3.23% 95.2% 95.2% 0.0 TONKA BAY 3 13.64% 93.6% 95.8% 2.9 MAPLE GROVE 154 4.88% 94.0% 93.7% 3.6 WAYZATA 13 5.12% 95.0% 96.6% 3.7 1 MAPLE PLAIN 0 0.00% 0.0% 0.0% 0.0 WOODLAND 0 0.00% 0.0% 0.0% 0.0 MEDICINE LAKE 0 0.00% 0.0% 0.0% 0.0 SUBURBAN HENNEPIN 1,039 0.00% 94.7% 94.7% 4.2 ALL HENNEPIN 1,039 0.00% 94.7% 94.7% 4.2 "2008 EMV 10 -2006 THRU 9 -2007 SALES "'TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES SpringX 3/1112008 2008 SPRING CONDOMINIUM (k)" Ri4Tl0 STUDY, 03/11/08 MUNICIPALITY #SALES MEDIAN MEAN COD MUNICIPALITY #SALES MEDIAN MEAN COD BLOOMINGTON 123 2.65% 94.6% 94.6% 4.5 MEDINA 0 0.00% 0.0% 0.0% 0.0 BROOKLYN CENTER 2 1.27% 94.0% 94.0% 1.7 MINNEAPOLIS 0 0.00% 0.0% 0.0% 0.0 BROOKLYN PARK 46 3.37% 94.2% 95.0% 7.4 MINNETONKA 113 3.72% 96.1% 95.7% 3.9 CHAMPLIN 18 3.27% 93.6% 942% 3.0 MINNETONKA BEACH 0 0.00% 0.0% 0.0% 0.0 CORCORAN 0 0.00% 0.0% 0.0% 0.0 MINNETRISTA 0 0.00 0.0% 0.0% 0.0 CRYSTAL 8 6.90% 93.2% 92.0% 3.1 MOUND 12 2.31% 95.1% 94.1% 5.3 DAYTON 0 0.00% 0.0% 0.0% 0.0 NEW HOPE 11 2.25% 95.0% 93.2% 4.2 DEEPHAVEN 0 0.00% 0.0% 0.0% 0.0 ORONO 0 0.00% 0.0% 0.0% 0.0 EDEN PRAIRIE 157 4.72% 96.5% 96.4% 4.2 OSSEO 0 0.00% 0.0% 0.0% 0.0 EDINA 170 2.89% 95.1% 94.4% 4.8 PLYMOUTH 171 5.02% 94.8% 95.1% 3.6 EXCELSIOR 8 4.32% 92.5% 93.6% 6.2 RICHFIELD 33 2.77% 93.9% 95.4% 7.1 GOLDEN VALLEY 22 2.39% 94.7% 96.3% 3.5 ROBBINSDALE 2 1.44% 96.7% 96.7% 1.1 GREENFIELD 0 0.00% 0.0% 0.0% 0.0 ROCKFORD 0 0.00% 0.0% 0.0% 0.0 GREENWOOD 1 5.00% 91.0% 91.0% 0.0 ROGERS 0 0.00% 0.0% 0.0% 0.0 HANOVER 0 0.00% 0.0% 0.0% 0.0 ST ANTHONY 12 4.26% 93.3% 94.7% 3.8 HASSAN 0 0.00% 0.0% 0.0% 0.0 ST BONIFACIUS 0 0.00% 0.0% 0.0% 0.0 HOPKINS 53 3.76% 95.6% 95.7% 9.5 ST LOUIS PARK 115 4.52% 95.0% 95.9% 5.5 INDEPENDENCE 0 0.00% 0.0% 0.0% 0.0 SHOREWOOD 0 0.00% 0.0% 0.0% 0.0 LONG LAKE 0 0.00% 0.0% 0.0% 0.0 SPRING PARK 1 0.29% 94.0% 94.0% 0.0 LORETTO 0 0.00% 0.0% 0.0% 0.0 TONKA BAY 0 0.00% 0.0% 0.0% 0.0 MAPLE GROVE 152 5.33% 93.7% 93.4% 3.1 WAYZATA 9 3.96% 95.1% 96.9% 4.1 MAPLE PLAIN 0 0.00% 0.0% 0.0% 0.0 WOODLAND 0 0.00% 0.0% 0.0% 0.0 MEDICINE LAKE 0 0.00% 0.0% 0.0% 0.0 SUBURBAN HENNEPIN 1,239 0.00% 95.0% 95.0% 4.6 PROPERTY TYPES: AX, X, XC, XM ALL HENNEPIN 1,239 0.00% 95.0% 95.0% 4.6 "2008 EMV 10 -2006 THRU 9 -2007 SALES "'TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES SpringDB_TP 3/11/2008 2008 SPRING DOUBLE. BUNGALOW( DB'& TPi* RATIO** STUDY 03/11/08 MUNICIPALITY *SALES MEDIAN MEAN COD MUNICIPALITY #SALES MEDIAN MEAN COD BLOOMINGTON 3 1.73% 104.5% 104.1% 7.6 MEDINA 0 0.00% 0.0% 0.0% 0.0 BROOKLYN CENTER 0 0.00% 0.0% 0.0% 0.0 MINNEAPOLIS 0 0.00% 0.0% 0.0% 0.0 BROOKLYN PARK 9 2.78% 96.6% 95.9% 9.2 MINNETONKA 0 0.00% 0.0% 0.0% 0.0 CHAMPLIN 4 6.06% 94.7% 93.7% 7.2 MINNETONKA BEACH 0 0.00% 0.0% 0.0% 0.0 CORCORAN 0 0.00% 0.0% 0.0% 0.0 MINNETRISTA 0 0.00% 0.0% 0.0% 0.0 CRYSTAL 0 0.00% 0.0% 0.0% 0.0 MOUND 2 4.76% 99.9% 99.9% 7.1 DAYTON 0 0.00% 0.0% 0.0% 0.0 NEW HOPE 2 3.57% 97.4% 97.4% 4.5 DEEPHAVEN 0 0.00% 0.0% 0.0% 0.0 ORONO 0 0.00% 0.0% 0.0% 0.0 EDEN PRAIRIE 0 0.00% 0.0% 0.0% 0.0 OSSEO 0 0.00% 0.0% 0.0% 0.0 EDINA 4 2.17% 96.5 97.8% 6.4 PLYMOUTH 0 0.00% 0.0% 0.0% 0.0 EXCELSIOR 0 0.00% 0.0% 0.0% 0.0 RICHFIELD 9 6.00% 95.1% 96.4% 6.1 GOLDEN VALLEY 0 0.00% 0.0% 0.0% 0.0 ROBBINSDALE 11 4.04% 95.1% 95.0% 2.0 GREENFIELD 0 0.00% 0.0% 0.0% 0.0 ROCKFORD 0 0.00% 0.0% 0.0% 0.0 GREENWOOD 0 0.00% 0.0% 0.0% 0.0 ROGERS 0 0.00% 0.0% 0.0% 0.0 HANOVER 0 0.00% 0.0% 0.0% 0.0 ST ANTHONY 1 4.55% 114.3% 114.3% 0.0 HASSAN 0 0.00% 0.0% 0.0% 0.0 ST BONIFACIUS 0 0.00% 0.0% 0.0% 0.0 HOPKINS 6 2.60% 95.1% 94.9% 6.2 ST LOUIS PARK 1 0.48% 102.7% 102.7% 0.0 INDEPENDENCE 0 0.00% 0.0% 0.0% 0.0 SHOREWOOD 3 6.25% 94.2% 94.6% 2.6 LONG LAKE 0 0.00% 0.0% 0.0% 0.0 SPRING PARK 0 0.00% 0.0% 0.0% 0.0 LORETTO 0 0.00% 0.0% 0.0% 0.0 TONKA BAY 0 0.00% 0.0% 0.0% 0.0 MAPLE GROVE 1 2.17% 96.2% 96.2% 0.0 WAYZATA 0 0.00% 0.0% 0.0% 0.0 MAPLE PLAIN 0 0.00% 0.0% 0.0% 0.0 WOODLAND 0 0.00% 0.0% 0.0% 0.0 MEDICINE LAKE 0 0.00% 0.0% 0.0% 0.0 SUBURBAN HENNEPIN 56 0.00% 96.6% 96.7% 5.4 ALL HENNEPIN 56 0.00% 96.6% 96.7% 5.4 "2008 EMV J 10 -2006 THRU 9 -2007 SALES "'TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES VALUATION NOTICES March. 2008 Commonly Asked Questions What is this notice I received in the mail? This notice is your 2008 assessed value for taxes payable in 2009. It is intended to show you the estimated market value, limited market value and taxable market value of your house for taxes payable in 2009. It also includes the previous year's value for comparison purposes only. Is this a bill? No. A Truth in Taxation notice will be mailed to ou from Hennepin Count Y p Y approximately November 9, 2008 estimating the 2008 taxes. The Truth in Taxation notice will also contain meeting dates of any taxation meetings. Actual tax statements reflecting the 2008 assessment will be mailed in March, 2009. Whv did my market value change? The value of your property changes as the market indicates (through analysis of sales) and /or due to changes in the property (permit work, characteristic changes, etc.) The estimated market value is the most probable price that a well informed buyer would pay a well informed seller for a property without either party being unduly forced to buy or sell. If you have specific questions you may elect to speak with an appraiser on your specific property. You recently reviewed my nronerty this last summer and told me there were no chances to rnv characteristics. why did my value increase? The value of your property is based on reported and recorded market sales data collected over the past year. Your 2008 assessed value is based on rates that are determined through analysis of residential sale data. These rates change as indicated by recent market sales. Your 2008 value may have increased or decreased even though the characteristics of your home have not changed. This change in value may be based solely on the market data. Any changes in your property characteristics either positive or negative may also impact the final estimated value of your property. Is there a limit on how much you can change my value? There is no limit on the change in estimated market value. However, the limited market value or the taxable value for residential, agricultural or non commercial seasonal recreational properties (homestead or non homestead) is limited. The increase in the property's taxable value may not exceed; (1) 15% of the previous year's limited market value, or (2) 50% of the difference between the current year's market value and the previous year's limited value, whichever is greater, excludina improvements. Is my property still considered a homestead property? Your current homestead status for the 2008 assessment for taxes payable in 2009 is displayed in the upper right hand corner under the property classification. Any partial percentage homesteads will be reflected on the notice. Can l appeal the valuation of m prop ert rte? You should first review sale information from your neighborhood. Review homes similar in style and size to yours. If you still feel that your value should be changed you may wish to speak with an appraiser and schedule an appointment to review your home. If you plan to attend the local board appeal and equalization we must review your property prior to scheduling you on the agenda. In most cases we can come to a mutually acceptable adjustment to your value without your appearance before the board. What can l do as a senior citizen with a limited income if 1 feel you are taxina me out of my home? As a senior citizen it is important to remember to file for the property tax refund. This program is designed to shield you from excessive increases in property tax and /or property taxes, which are too high when compared to your income. In addition to these programs there is also a senior citizen property tax deferment program available. You may also wish to contact your local legislature to voice your concerns regarding tax changes for senior citizens. Can I have you also look at my 2007 valuation for taxes pavable in 2008? No. The previous year's valuation has already been finalized. Your 2008 tax statement that you received in March is based on your 2007 valuation. Questions regarding that value would have had to have been addressed at the time you received that valuation notice, or at the 2007 Local Board of Appeal and Equalization. What will my 2009 taxes be with this change? The tax rates have not been determined for the 2009 taxes. We will have a better idea of estimating taxes when the legislature adjourns. You will receive a Truth in Taxation notice in November, 2008 that will give you an estimate of the 2009 taxes. Typically the Truth in Taxation notice does not include school district referendums. Please be observant of any local referendum issues in your school district. If you would like an estimate using this years tax rates you may call Hennepin County Tax Estimates at (612) 348 -3011 for assistance. RESIDENTIAL SALE INFORMATION FROM REALTORS MLS SYSTEM CITY OF BROOKLYN CENTER, MN NUMBER OF, AVERAGE ME IAN SALE YEAR CHANGE, %CHANGE SALES SALE PRICE PRICE 2002 444 $157,313 10.24% $157,600 1.00 /o 2003 567 $169,248 7.59% $169,900 7.80% 2004 558 $183,300 8.30% $183,500 8.00% 2005 482 $194,124 5.91% $195,000 6.27% 2006 434 $191,323 1.44% $192,925 5.14% 2007 262 $173,258 -9.44% $174,300 -9.65% 2008 5 $164,363 5.13% $165,000 5.34% MLS statistics are based on information from the Regional Multiple Listing Service of Minnesota, Inc. for the period 2003 through 2008. All residential data reported includes townhomes and condominiums. Sale information reoorted by RMLS does not exclude forced or foreclosed sales. The 2008 sales data was collected from filed Certificates of Real Estate Value from 1/1/08 to 4/25/2008 by the Brooklyn Center Assessor's office. The 2008 sales represent only state qualified open market transactions. Foreclosures are rejected from the state and city sales ratio studies. Average January 2004 assessed value of residential, townhome and condominium homes in Brooklyn Center is $165,789 Average January 2005 assessed value of residential, townhome and condominium homes in Brooklyn Center is $178,200 Average January 2006 assessed value of residential, townhome and condominium homes in Brooklyn Center is $189,553 Average January 2007 assessed value of residential, townhome and condominium homes in Brooklyn Center is $195,200 Average January 2008 assessed value of residential, townhome and condominium homes in Brooklyn Center is $178,728 4/27/2008 N� ty Repod l ese rc ,Analysis for the Minneapolis -5t. Paul Metropolitan Area Housing Market A pubhcation of the Minreapoiis Area Association of REALTORSI using data from RMLS Pos Clea MINNEAPOLIS AREA Association 2 2 00 7 Housing Market Analysis 4 REALTORS for the Twin Cities Metropo Area byjeff Allen, MAAR Research Manager N E N S Mark it, dude. 2007 will go down as one of the most interesting years in the Ale history of residential real estate. ZU BRA It was a year of frustration for many, as too many sellers were competing for too few buyers, consumers watched financing options disappear, at risk borrowers were being smothered by resetting mortgage rates and brokers saw the tail -end r1 (we can hope) of a two -year swoon that saw their sales fall 32 percent. it was the W_ year we realized that there are no quick fixes or band -aid solutions to fractured p is market fundamentals—that there's no such thing as a party (199 7- 2005) without a post -party clean -up (2oo6 present), a Many in the housing industry (MAAR included) expected 2007 to be the year that home sales hatted their decline, but still- fragile affordability and dampened consumer confidence would postpone any rebound. And as -the summer unfolded and the credit crisis took hold of international finance markets, a new Ce wrench of uncertainty was thrown into the works and buyer activity stalled even f further. For the year, the Twin Cities 13- county metropolitan area saw 43,560 t x purchase agreements signed (pending sales) and 40,055 closed sales- --down 15.5 and 16 x} percent from zoos, respectively (Figure i). Seiler activity also fell, but to a lesser degree than the buyer side. New listings finishers the year at io5,o 4, a decrease 2007 Twin Cities Housing Market Activity Figure i of 2.8 percent from 2oo6, but the number of homes for sale stayed at a record levels throughout the year due to 'slowed sales. W r �d Continued on page 14 J( .......M..___ mow k i yam yp"""� a r r r woo F, M4 KV t 1996 19" 3004 2001 2042 M3 204 2005 2406 =7 www.mplsrealtor.com .,.;5•, Twin Mites Horne Sees Price Data mcludes s ;rrgle ofrily dewched he rnes, condom mums, €awnhomes and rwrn harries Code Air" Ptt VwwtQ,$W,, t Pft* i£ i SqUww 0o0 e, per• 300 Mp €5 CalMwn tSdes $264,%0 $377 476 152 %.3% 1 s77 $230 301 Mpis' "Canrr§een S123,375 $131,955 155 690% 1,351 $99 302 Mpis Central $279,700 $3!9 -54.9 167 966% 1 307 $244 �kts r -,V ,14 $718 y 306 MWis Northeast V 5199.442 111 q4,6% 38f $152 307 Mpis Phillips $161.0t?0 $167278 1*54 4 4% 1, 347 $!33 308 Mpis Powde_rhon'. $173 -°(33 $468,739 117 144'4. 1310 $138 ili 1 $3xt}€4CkD �s $368. 4 3 1 tlrn "$2 "5 40 `t`"" 341 Wright Coun {except Baffaks) $207.900 $2308 151 95' 1,825 $132 :342 Hutoh €naon $161:000 $174,986 12Ct 96 3% 1,678 $97 343 McLeod County $135,351 $146,39:x. 14 114 0% 1,647 $92 3 741 rte tyssd 1, 1 s 7 44 ,.a.✓,., 363 Brooklyn Canter $474,100 $173,258 144 94.2% 1,630 $t 11 #84 8roomyrr P4rx $220,000 $241,620 137 83 1% 2 $119 31x- Maple GroveiOsseo $251,500 1324,074 115 95,4% 2 283 $139 374 Sibley Count $129,9911 $145,261 159 918% 1,68€3 373 C91r344rs Valley $270,850 5328,042 123 94,50 2,148 $151 374 Plymouth $294.000 $330,057 126 45:0% 2,234 $147 7 X15 4 1 h w s ww w ri J A a 6 381 L.aite M irinetonki $410,000 $636,291 176 92 9n¢ 2,733 $217 385 Edina $379,000 $490257 135 941% 2,389 $191 386 Hopkins $2w,OW $207,558 121 95.2% 1.457 $138 liiranalesrtki f 141 94 1#14 $59 1. 1$4 349A Carver County $233.000 s F $31 153 95.01- 2.001 $131 3138 Chanhaaseo $321'5€ $398.409 115 96,2% 2,541 $1533 397 Chagki $248,0100 $277.:141 147 94,5 2,125 $131 7 2 7 7334 T $1 S 1 2 4 $tom 6(34 Mendota €LrtydalelMen(jotaHeights $390,000 S437,361 129 377% 2,595 $166 Sunfish Lake $1,110,MO $1,114,667 254 81,0% 5,120 $231 608 §nverGrovo Heights $210.0030 $264,766 1513 95,0% 1„1444 $133 x$13 4 14 812 �v 3 i U=1 134 134 94 11"1 t elf 0. 1,4$7 616 Ro rrxsunt $245,000 $277,271 148 9 t 6% 2,1 31 617 Haslirgs $196 5w 5226,2 04 136 95,0% 1 72 $122 618 Eastern M kota, County $249,400 95.4% 1 981 $163 T it1 142 1s87T e a r Jfle 630 Northfield $213,500 1237,W6 165 94.7% 4.998 $121 632 Rice County $169,440 $193,91% 15a 93,4% 5,778 $119 t?40 Shakopee 5224176 $255088 134 95,8% 1.988 $130 94 234 1 93 8 X474 $121 648 New Prague $225,0 52603 489 .69 93. 1,992 $131 6190 Beft ptatne $231,000 $215.763 `'62 94,9% 1;765 $1305 558 Le Stieur County $158,010 $177 416 172 02 01% 1, 740 $107 z yk rer ales Race for s by Ar ea ;nrWfJes>ar&- fatrrrty deW, ed horrres, condom mums, tawnhorncs and Wri homes Gnde At" 24 11. M2 1003 20" no, B 300 M1pis CWhoun -lases $35'',333 $371148 WA, 4fS1 5370,656 $372,0168 $402,385 S -17 "476 h 2 111 1 341 mpis t,arldprl $113,612 313021± "145436 59,716 $1703491 5152,€324 $131,955 18,6 +16,1®r M-2 F1r3s Cent ral x217,375 5273:907 5275 49 s:3141€ 6 $2911640 5312.441 $319.548 2 %n 1 47,0% t �1$7 ffif 34 306 Mpts North.-T $148196 $168,894 $187„ 518 $207(),41x2 x209,454 $214,525 $199,442 T0% +34,0% 347 11pis- Phal,r $117,363 $1303,053 $147269 $1681x'24 5181357 $211,0036 $167,278 -20,7% +42.5% 308 Mpis powderhorn $134 37? $159,232 3193 611 $1£301 1 65 $192,626 $182,697 $168 729 7 b,;, t 25,31% alit tt31 X71354 $1 «0$9 �1# 7 684 4,3 3 Nth L1z'rt3 #y $1 2 $17,0$ $21 14x3477 9 $176167 341 tldr;ght c Gansu dexctn Lax tth3c >t 5179,448 3192.485 $204 680 $219.996 x241 140 4(1,642 $23(7. &23 -4,2% 9a+ 26 342 Hutchirism $129,042 $138,202 $1479(35 $155,138 3171593 $173.861 $174,986 +0.6% +35.6`"0 343 M cL000 County $126,988 $125,5 5131,286 $161,672 $163,395 $1Y ?,820 5 148% 15.3% *u4 14% 1 1� $1 5178 $1897 44 01, r4aw1 5837713 1$ S483T.142 .M $07... 1$37 $17.0 O2a X34 7013 Brozaklyn Center $142.706 $157.313 $169,248 5183.319 $194,124 $191,323 $173.258 941 -214% 364 Br€ okiyn Park S t 8x2 395 $183.140 $208.506 $228,103 $248,074 $253,466 $241 -47% 42 61% 365 Maple Grnve O, aoo $214,828 5236,504 $254,679 $183,719 52912,334 5 3078,723 $324,074 .5,0% 5019% Om 442 14 r€' 370 SibeyCounty 5112,158 $134,317 $121,982 $1371018 $160,087 $144,607 $145,261 +0,5 +25.5% 373 CoWon ,Talley $213,014 $245,643 $268.775 $M259 $312,578 $328.4933 $328,042 -0,1% +49,8% 374 Plymouth $262,273 $265,395 $287,489 $310.289 $323,608 S324,175 $330,057 +1,8% +30,7% $r' ,�1 9 $221 212 $2 t W5 81ct $177, 115,9tl3 197441 4211#1 �.8 2142 ,'�4. ;18,1 X11.. •$731 046Ys,,,. 381 Lako hlinostonka $821298 5458,777 5481802 $585,4777 5629,484 9701,558 $636 „291 -9,3% +50,7% 385 Edina $328,2044 1353,081 5396.287 $402,321 $450,131 5502437 $490,257 2,4% +494% 3138 Hpkurs $1590w $173,365 $191,917 $183,448 $211,202 $220,239 $2075,58 58% 29,8% 3117 8 x f7 $d13t,3 '159 $347-{35 4 396 ai fXtk $179199 X195 '$9189#Q 5 4 it3 327 0 4i MAO 5101 $2,1 V, 394 Carver County $206,973 $211.771 $224.526 $251.231 S- $283,886 5257,831 9 -2% +25,2% 396 Chanhassen 5285,722 5299,911 $317,921 $353,801 $353,302 $367,267 $398,4019 +8,5% +39,4% 397 Ctialka $237,662 $242,979 $254,163 $273,326 5281,629 $276,802 $277,141 +01% +16,6% 17 $29542$ 5x3184 7246 848 W7 -034 15 +^5!I,£c' $183483 17t A $194 T $t. P `;144,5'73, $'181,351' $178,497 $198. $1�3.396x 4 m a 317�1�' 604 K4endotWL3ydaieMendo1aHeights $:291,807 $294,488 $330,320 $3665,850 $398,571 $373,355 $437,3111 17,WN. -49,9 605 SutttisnLake $525980 $1 "482.857 $1188,167 5933 ,112 5757 $670,750 $1,1 ?4667 +66,2% +111,9? 608 Inver Grove Heights $205,041 5228108 $235,180 $252.528 5 75 726 $268,245 3264. 1.3% +29,1% 640 Eagals 4206 42 $22%$Q $244, 2_ X28 3� d 27j 812 B€i $1172' $1 $277:112 $229557 $24$.142 $21",4 $x$216 41.E 814 ``$195,302 $20 $2AS74 41 $248 $253.243 616 Rosemount S212,366 $228,440 5245,721 $242532 $266 o2 i S2 $277.271 2,5% +30,5% x17 mastiNs $177-193 $202.418 $221,145 $225) 517 $2; 5,358 5223,961 $226,204 +1,0% +27,5% 6i a Eastern Dakota County 5228,613 $233,409 $228.987 "209,507 5329,7=16 $280.492 S;Z9€3.196 6 3`fp 30.4' $187, $2177 031 $2 412 424 4,{F 8 Lzkovme %246.7p $261089 3:013 3$ f =X13, $34,430 M2,113 19 22= 8273 SoW Cmm ry $221.3 $196,02""+ $283 087 $2 ,998 $299 7 $2 4 <'14 +9- $•94,503 204569 $207,130 $242,104 $254,:x50 $242,x25 S 3.,6067 ,1' 22,2% 630 Northfield !<)4,W$ a e t r 632 Rice County 5151 727 $184,607 $172,959 $191,320 $212.935 S2015_569 $193,99E -5.61 +26,^ 644 sh kopee $19, 2077 $204,443 $215,7510 $242,535 3 $2612 817 5258.217 $255,688 "'12% 33,4% $282 9w 51$ ,"702 $371 577_ .m 4 1 rAq ars�a927 J.QS �a389„ S M7112 $209,448, $21,1:4 4 19 S"6313: $202,940 $238.691 $59,x 7, 1 P6 4.5 -75%, 33 5 648 New Pra37ue 521€7,6(tt3 5214 $230.162 $2511,413 $289,409 5284,655 3260,489 -8, -23,7% 650 BellePloine $176,108 5179,388 $193,083 5224,152 5222,6301 silt :4,035 $1,15,763 ?4.8% 225`vo 6.58 Le&;eurCnunty $127,046 $130,289 $160, *75 $159,705 $164,791 $182,358 $177,416 2J% +39.6% 12 E R, z= A r yttg i:c �•P, aj�,<< a:+c. ct it A;:TO% `S� z. 1 CITI� O� F���KLY CANTER 1 RESIDENTIAL NEIGHBORHOODS 1 2008 ASSESSMENT AVG. LOT VALUE 50 RIVER INFLUENCE AVG LOT T1 51 NORTHWEST aVGIOT $81 1 NORTHEAST AVG LOT ,$61,90W 1 1 53 WEST CENTRAL L 1 AVG LOT X1,500` y3 54 SOUTHEAST LOT -0 56 RI R RONT 55WUTHWEST i4yG 1. 2 1,400 Al'G LOT�$51,800 _tea 1 r v rr f 56 LAKE FR 1 185 1 r 1 1 0 1 jb 12/07 This map prepared by the assessing division for illustrative purposes only. N City of Brooklyn Center 1999 THRU 2009 GROWTH IN RESIDENTIAL ASSESSED VALUE AND TAX CAPACITY MEDIAN SINGLE FAMILY VALUE AND TAX CAPACITY TAX YEARS 1999 THRU 2009 Median Value Percentage Tax Capacity Percentage Change Change Single Family Residential $84,000 5.00% $903.00 7.18% Payable 1999 Single Family Residential $90,100 7.26% $992.65 9.93% Payable 2000 Single Family Residential $105,600 17.20% $1,248.40 25.76% Payable 2001 Single Family Residential $119,300 12.97/° Payable 2002 $1,193.00 4.44% Single Family Residential $140,200 17.52% $1,402.00 17.52% Payable 2003 Single Family Residential Payable 2004 $152,000 8.42/° $1,520.00 8.42/° Single Family Residential Payable 2005 $164,100 7.96% $1,641.00 7.96% Single Family Residential $176,400 7.50% $1,764.00 7.50% Payable 2006 Single Family Residential $190,400 7.94% $1,904.00 7.94% Payable 2007 Single Family Residential $196,100 2.99% $1,961.00 2.99% Payable 2008 Single Family Residential $180,400 -8.01% Payable 2009 $1,804.00 8.01% Current state law limits the growth in taxable value to a 15% increase from the previous years taxable value, or 50% of the difference, whichever is greater, excluding improvements. For the 2008 assessment there are 62 parcels with limited market value. Single Family Residential includes 7,289 parcels with R, RL, B, D, and DJ property types. GABOARD \2008 \Reportsu2008 Board Reports .XLS108 value vs capacity 4/27/2008 Residet1 $a12008:Vd1�1es:i:i:ii:i: Residential 2008 values REVISED 1114108 FINAL Average Target 93.3 Number Median I Average Average CashEamv Ratio #Ratios %Ratios #Ratios Ratios Area 9f Sales Ratio C.O.D. I Change Lana vain. E.M .V. Sale Price Range Under 85% Under 85 Over 106 Over 106% Cdy (SF 50 -56) I 224 93.2 6.4 I 8.2 63,800 $182,039 $196 940 74.6-148.2 38 16.96 7 3.13 4/07- 9/07 (SF 50 -56) 107 95.3 6.1 1 I $179.140. $189.754 74.9 -148.2 11 10.28% I 5 4.67% 56 river 1 97.4 -2.0 201,400 $418.800 $430,000 97.4 0 0.00% 0 0.00% 56 lake I 1 90.0 0.4 S 185.000 $375,500 $417,000 90 0 0.00% 0 0.00% I I I I I I N N 51 50 RIVER INFL 4 95,6 9.4 -9.0% I S 61,900 I 5180,773 $194,282 80.9-105.9 5 I 19.23% 0 0500% N52 NE 24 95.4 9.2 -5.4% I S 61,9001 $185,833 $195,139 77.1 -148.2 I 4 16.67% 3 12.50% N53 WCENT 76 93.2 5.7 -8.2% S 61,800 $180,480 $196,561 74.6 -105.4 10 13.16% 0 0.00% N54 SE 59 92.7 5.9 1-10.1%1 S 60,600 I 5169,308 I $182,640 79.8 -109.6 9 15.25% 3 I 5.08% N55 SW 33 92.7 6.4 -8.8% S 61,800 1 $189,900 $209,236 76.6 -101.7 I 9 27.27% 0 0.00% N56 WATERFRONT 2 I 93.7 3.9 -8.2% 193,900 $397.150 $423.500 1 90 -97.4 0 0.00% 0 0.00% Oal/Class 01 1 90.0 I S 375.500 1 417,000 1 90 I 0 0.00% 0 0.00% Oal/Class 02 I 1 Oal/Class 03 1 97.4 41 &800 I 430.000 97.4 0 0.00% 0 0.00% OaUClass 04 4 93.4 2.1 I I S 206.025 I_ 217.439 92.6 -100.1 0 0.00% 0 I 0.00% Oal/Class 05 15 93.4 3.5 S 192.780 S 205568 86.8-105.9 0 0.00% 0 0.00% Oal/Class 06 43 93.2 6.9 194,072 S208,279 76.6-109.6 6 13.95% 6 13.95% Oal/Class 07 159 93.2 6.7 S 174,876 190.171 74.6-148.2 32 I 20.13% 1 0.63 Oal/Class 08 1 95.9 S 116.200 121.153 95.9 0 0.00% 0 0.00% OaL/Class 09 Oal/Class 10 Oal/Class 11 I Oal/Class 12 I I I I I I I I Sale Price under $140,000 3 95.9 20.3 1 137.266 $124,718 89.9-148.2 0 0.00% 1 33.33 Sale Price $140,001 to $160,000 10 101.9 3.7 I $1 154.590 152,752 931- 107.3 I 0 0.00% 1 10.00% Sale Price $160,001 to $180.000 55 98.2 4.3 S 169,376 172,569 79.8-109.6 1 1.82% 2 3.64% Sale Price $180.001 to $200,000 69 93.2 5.0 S 177,900 191.348 80.2-105.9 6 8.70% 0 0.00% Sale Price $200.001 to $225,000 65 I 89.6 5.7 188 930 211282 74.9 -108.5 20 30.77% 1 1.54% Sale Price $225,001 to $250.000 I 16 85.1. 6.4 I I S 201.168 I S 233.953 I 74.6-97.7 I 8 I 50.00% I 0 0.00 Sale Price $250,001 to $275.000 2 79.1 2.5 I S 201.650 255.000 77.1-81 2 100.00 0 I 0.00 Sale Price $275.001 to $300.000 I 0 Sale Price 5300,001 and Over 4 91.1 5.5 S 331,450 366,750 I 79.4-97.4 1 I 25.00% I 0 0.00% EMV under $140.000 4 92.1 5.6 I I S 128 -200 $143,538 79.8 -95.9 1 25.00% 0 0.00% EMV S140,001 to $160,000 21 91.8 7.5 S 1.5 4.804 I S169-296 74.9-105.2 I 5 23.81% I 0 0.00% EMV $160.001 to$180,000 100 93.2 6.9 I I 172.156 I 187.100 74.9-148.2 I 19 19.00% 3 I 3.00% EMV $180.001 to $200,000 70 93.3 6.2 189,361 203,833 74.6-109.6 11 15.71% 3 1 4.29% EMV $200,001 to $225,000 24 93.7 3.9 I 207 -854 1 %222-078 8L- 104.9 1 4.17% 0 0.00% EMV $225.001 to $250,000 2 94.0 15.5 237,000 260,000 I 79.4-108.5 1 50.00% 1 1 50.00% EMV S250.001to $275,000 1 0 1 EMV $275,000 to $300,000 1 92.1 1 285,400 1 310.000 1 92.1 0 1 0.00% 0 0.00% EMV $300,001 and Over 2 93.7 3.9 S 397.150 423,500 90-97.4 97.4 0 0.00% 0 0.00% 1 I_ Rambler 164 I 93.2 6.5 I $178.300 $192,948 I 74.6-148.2 29 17.68% I 6 3.66 Solit Entry 14 913 7.7 I $203.635 5220,300 79.4 -108.5 2 14.29 1 7.14% Split Level 14 1 93,4 5.3 S200185 5219373 77.1-104.5 3 21.43% 0 0.00% 11/4 Exp. 23 93.4 7.0 I $166,900 I $181,207 74.9 -105.9 4 17.39% 0 0.00% 11/2 Exo. 3 96.3 2.8 S19%033 $207,200 92.1-100.1 1 0 0.00% 0 0.00% 13/4 Exp. 1 93.0 $194300 $209.000 93 0 0.00% 0 0.00 2 Story 5 93.5 1.6 I $250,100 $263,738 92.2 -97.4 0 0.00 0 0.00% ..............L................ ::::::::::5:'S; ?:Y;S Airoort Apartments -,04) 5 89.3 6.3 $186.340 5215,462 1 77.1 -95.2 2 40.00% 0 0.00% Commercial/Industrial -.01) 0 Hiehwav /Freewav -.04) 7 86.9 6.6 $185.928 5211,250 80.8 -99 3 42.86% 0 0.00% Railroad -.04) 1 98.6 $206,100 $209,000 98.6 0 0.00% 0 0.00% Thru Street -.02) 29 94.3 5.4 $176 -141 $189.803 80-107.8 4 13.79% 1 3.45% Park +.03) 13 93.6 6.9 S195,469 $213,508 74.9 -105.9 3........ 23.08 0 0.00% houses 7) 23 93.5 isi:';: i%: i::£•:': ii ?:'•i:�i::�ai�ilili�'.•:.•::.. -10.7 $146.543 2 -114,5 o o All Town 30,400 $156,435 84. 2 I 8.70 1 I 4.35 RAMBLERS 4 93.6 10.8 I $166075 $175,000 86.5.114.5 0 0.00% 1 25.00% SE/SF 9 94.5 4.9 1 $148.411 $156747 84.3.103.3 1 11.11% 0 0.00% SPLrrLEVEL 1 93.4 5150 300 $161.000 93.4 0 0.00% 0 0.00% 11/2 Fm 1 93.6 5133.800 1 $143,000 93.6 0 0.00% 0 0.00% 2Sxoay 8 93.5 4.1 1 I $135800 $145,6591 84.2 100.91 1 12.50% 1 0 0.00% I I I Condominiums beach 2 94 1.7 -5 .9 S 17.500 S103750 5110.725 924-956 0 "'00% 0 0.00% 7.6 hmbidt 7 57.1 3.6 -40.6 15,000 $60,585 $108,107 45.4 7 100.00% 0 J 0.00% Doubles. 0. ...1 I S_.... 73.900.(... J. l 15 month I 1 X2007 Res Ratins08asmt \f 1 14 08 2008 asmt ratio fina1.XLSlprelim 2008 Asmt I I 1 I I r 00 00 r CENTE r 00 00 GITY ©F SSESSM 2008 A 200 S SALE ANp,LYS EP 200 70 WR�� TpBER, 200 S S SALES I AV SALE No Sa SALE o Units A- 0 N Sales H ©1►AE 8 0 No Sales MOWN 10 No Sales. NBHD Estates 0 Evergre 8 $,34 100 Terrace 0 Rosemary 21 2 �umbalSquare No Sales dt 105 110 32 0 $1610 115 Riverwo 8 1 $159 000 0 Brookwood 28 2 $163 692 12 Northbrook Est. 36 $1390 1 0 Madsen Floral 60 3 130 2 $139, 140 Moorwoo 100 2 $154, Hi-Crest m Estates 20 1 4 $151,16 150 -152 Brown Far es Earle Farm T °wnhom 1p3 5 1`I 210,000 o Sales 1 160 Earle Brown 1 170 206 0 "172 Creek Villas 4 No Sales 180 creek 2 194 Mallard 21 0 No Sa ►es; 19 5 Beard Ave es 4 J 1g5 Estates Tow _0 tZiverwo 21 196 197 France A 690 23. Bristol Vim e "t AVG+ SA E P RtG� E A S B Y STYLE t VALUE .175,000 AVG MK TOWNHOM N ME $1 LE $166,075 $158,747 $148, ��4 r Ramble lit Foyer $150,300 9 Split Entry SP $1331800 $145,659 I t 1 (Split Level $135 1 1/2 E xPansio 1 Two Story 8 D ES 08ASMT XIS }•to`�'+n�es Sales 2� C,: \90AR I Growth Analysis of Townhome Neighborhoods 2008 Assessment Nbad Townhome Complex Percent of Growth 100 Evergreen Estates -8.4% 105 Rosemary Terrace 0.3% 110 Humboldt Square -3.2% 115 Riverwood -9.0 120 Brookwood -9.5% 125 Northbrook Estates -6.3% 130 Madsen Floral -7.7% 140 Moorwood -11.9% 150-152 Hi -Crest -6.1% 160 Earle Brown Farm Estates -13.8% 170 -172 Earle Brown Farm Townhomes -10.0% 180 Creek Villas -9.2% 190-194 Mallard Creek -12.6% 195 Beard Avenue Condo's -12.5% 196 Riverwood Estates -12.2% 197 France Ave -10.7% 198 Tanami 2nd Addn Bristol Village) -11.6% Townhomes in Brooklyn Center saw an average decrease of 10.7% in the 2008 assessment for taxes payable in 2009. 4/24/2006 COMMERCIAL AND INDUSTRIAL ANALYSIS 2007 VS. 2008 Change 2007 2008 New Excluding Change Type of Property EMV Totals EMV Totals Construction Improv. Including Improv. Auto Retail Gas Station $10,425,300 $10,484,300 $0 0.6% 0.6% Auto Dealers $30,822,000 $0 11.1% 11.1% Banks $5, 495,800 $6,496,600 $450,000 10.0% 18.2% Bowling $1,500,000 $1518,000 $0 1.2% 1.2% Day Care $786 ,000 $868,000 $0 10.4% 10.4% Fast -Food $5,222,000 $6,523,000 $0 24.9% 24.9% Funeral Home $763,500 $865,000 $0 13.3% 13.3% Greenhouse Farm House $1,143,300 $1,327 $0 16.1% 16.1% Hotel J Motel $27,356,000 $30,909,100 $0 13.0% 110% Medical Office $11,229,400 $12332,400 $0 9.8% 9.8% Office Large $35,199,100 $4 $100,000 14.4% 14.7% Office Small $13,976,1 $15 ,578,600 $400,000 8.6% 11.5% Office Condominiums $2,357,800 $2,447,900 $0 3.8% 3.8% Restaurant $9,714,000 $9,978,000 $0 2.7% 2.7% Retail w /Anchors $63,724,000 $65,461,000 $995,000 1.2% 2.7% Shopping Centers $33,137,300 $35,472,800 $0 7.0% 7.0% Theater $12,325,400 $12,325,400 $0 0.0 0.0 Vacant Land $6,017,000 $6,633,000 $0 10.2% 10.2% Veterinary $449,000 $488,000 $0 8.7% 8.7 Commercial Total $268,564,500 $290,892,700 $1,945,000 7.6% 8.3% Industrial North $83,473,400 $",553,400 $600 000 7.8% 8.5% Industrial South $40,709,100 $46,250,100 $550,000 12.3% 13.6% industrial Total $124,182,500 $136,803,500 $1,150,000 9.2% 10.2% Total C 1 Assessment $392,747,000 $427,696,200 $3,095,000 8.1% 8.9% G:ISPREDSHT1A.8..r12008ciaV.11 G10w1h.u1su]2008 C I t F ter, Dear Clients and Friends: It was a year of both good and bad news for Minneapolis /St. Paul. On the positive side, the Twin Cities earned the distinction as the "Top City for Business" by MarketWatch from Dowjones. The area's concentration of publicly held corporate headquarters 32 Fortune 1000 companies, 15 S &P firms and 31 Russell 2000 companies and large private companies along with a historically 1 low unemployment rate pushed Minneapolis /St. Paul to the top. Metro Overview 2 As we move forward in the new year, we expect new suburban office development to drive up office vacancy rates and sublease space to grow. Growth in sublease space will be the result of new build- Office Market 4- ings allowing rapidly growing companies to effectively consolidate operations into one location. Industrial Market 14 We expect the industrial sector to lead the charge among real estate assets this year. Spec de- velopment will continue especially in the Northwest suburban market where land options are Retail Market 22 more affordable. Land prices in general are moderating, which should stimulate development and Multifamily Market 32 build -to -suit activity. Having said this, activity will remain steady but it will take longer to close deals as firms look for shorter term renewals to provide protection as they assess the economy's Investment Market 34 direction. Finance Market 36 Many retail developers are retrenching as the market has been saturated in the outer suburbs. We Hospitality Market 37 expect that many planned and proposed developments will not move forward this year. Those that do move forward will be closer to the city's core. Big -box retailers such as Wal -Mart and Target are Market Sector Maps 38 expected to put increased focus on capital yield and re evaluate their current rates of expansion. Definitions 39 Against this backdrop, we see opportunities in 2008. Buyers with cash are in the driver's seat, and Directory 40 foreign buyers can take advantage of the dollars declining value. Investing in residential land and lots presents a good opportunity for patient capital and multi family development will present opportunities that warrant a close look. The last three years have brought a significant transformation of our company. These changes are resulting in a number of new relationships for us. We are committed to expanding existing relationships and adding to our client base in 2008. We understand this will require a continued focus on helping to create value through comprehensive knowledge and leading ideas. Thank you for your confidence in us and we wish you great success in 2008. Sincerely, I Jef 'rey L. LaFavre, CCIM, MCR, SIOR Managing Principal Steady As She Goes The 2007 Twin Cities office market can be but that number has increased 50% with 1.5 tr� summed up in one word: steady. The office market lion SF of sublease space now available. This num- is 67,859,257 square feet (SF) and absorption for ber will likely continue to increase into 2008.' the overall market came in at 767,620 SF, which is slightly higher than last year's 745,695 SF. Vacancy The job market has also been a factor in the slow for the market dropped from 16.9% at the end of and steady year that was 2007. Minnesota's job 2007 2008 2006 to 16.3% at the end of 2007. growth has been declining since June of 20 Actual Estimated and by September of 2007 moved above the i VACANCY RATE 71 Office building sales started strong but slowed tional rate for the first time in 25 years. Office midyear due to tighter lending requirements. related jobs continue to increase, but at a r NET ABSORPTION ;n This trend hasn't stopped the listing and sale of that is only half of what it was 12 months a� buildings, but it has taken some buyers out of the A number of companies in the metro area were CONSTRUCTION 71 71 equation that didn't have equity to meet the more adversely affected by the subprime lending cris restrictive underwriting requirements. and as a result many blocks of space have beco RENTAL RATE JI T available in the market. Many companies wt There was limited new construction activity continue to right -size, so expansion plans co throughout the metropolitan area. Much of the be limited until the economy picks up aga' new construction that did occur was build -to -suit New developments, both single and multi -tend buildings that drew some big users out of the will likely drive vacancy rates higher in 2008. multi- tenant market. The amount of sublease space on the market in- creased in 2007. There was just over a million square feet of sublease space at the end of 2006, Minneapolis CBD The largest submarket of the Twin Cities is the space returned to the market with the Qwest Minneapolis Central Business District (CBD) lease expiring in the 150 building of Fif� coming in at 24,418,181 SF. Absorption in the Street Towers. CBD was 191,498 SF for 2007 and vacancy fell in the downtown office market from 18.3% Vacancy also fell in all three classes. Class to 16.7 continues to have the lowest vacancy, falli from 14.9% to 14.6 in 2007. Class B space a T,URLEY ALL three classes of buildings registered posi has the largest decrease in vacancy from 23.x° MARTIN tive absorption with Class A absorbing 36,075 to 20.0 Class C space dropped slightly fr LNTEWNATIONAL TUCKER SF, Class B absorbing 145,824 SF, and Class C 15.7% to 15.2% with 9,599 SF. The Class A absorption could have been Larger, but more than 100,000 SF of Commercial Real Estate Services One of the big stories in 2007 was the an- of how a tenant can get creative with their rates had virtually stayed the same for the past l ouncement that Virchow Krause is going to lease and still allow them to stay and grow 15 years. e moving downtown. They will be leaving downtown. Deloitte needed 140,000 SF of Bloomington and moving into 225 South Class A space, but had limited options avail- Two large blocks of space to watch in 2008 are I ixth, taking up approximately 72,000 SF. able to them. They were willing and able to the 300,000 SF that TCF currently occupies. backfill some space that was being vacated They are currently evaluating whether they Another event that had an impact on space by Fallon. In turn, Fallon is moving back to should stay or relocate. The other tenant to r e the downtown market is that the Rider AT &T Tower to occupy 62,000 SF in the tower watch is. Capella University, which occupies nnett law firm closed its office and dissolved they vacated in 2001. Clark Wamberg will approximately 200,000 SF at 225 South Sixth on May 31. Rider Bennett was one of the top be occupying 52,000 SF in the same building and 100,000 SF at Campbell Mithun Tower. law firms in the Twin Cities. The firm had when they vacate 225 South Sixth. As a result, Capella is Currently in the market looking to cently started paying rent on a 12 year lease Deloitte will end up with the needed 140,000 secure between 350,000 and 400,000 SF of or four floors in 33 South Sixth. The disclu- SF at 50 South Sixth. space. If either of these tenants were to move tion has now freed up roughly 93,000 SF. from downtown, it would have a significant 1 ersonnel Decisions Incorporated has agreed In 2008, we anticipate that vacancies down- impact on the CBD market. 1most immediately to backfill this high -end town will continue their slow and steady de- upper floor space and is vacating Plaza VII. cline. As a result, rents will continue to climb. In 2008 we expect to see the announcement Rent increases will not be surprising, as CBD of limited new office space being constructed. ffice building sales continued to be a story in downtown for 2007. While the pace and tu tit anof sales was not as rapid and signif- ANC ant as in the years past, there were still a 30 cant notable acquisitions. Fifth Street Towers St. Paul CBD was purchased by Carter Real Estate out of West t tlanta, GA. The Ameriprise Operations enter was purchased by KanAm Grund out 25 Southwest of Frankfurt, Germany. The Ford Center was Minneapolis CBD I [so sold this past year, and is in planning for rehab. At the end of 2007 there were several 20 other buildings listed for sale, or are anticipat- d to come to market in 2008. The short list Includes: International Center, Oracle Center, 15 and Dain Rauscher Plaza. ti urrent tenants could serve as a guide for 10 her tenants wishing to remain downtown, despite the limited amount of large blocks of l pace available. For instance, RSM McGladrey 5 ust renewed their lease at Midwest Plaza, soon to be renamed by RSM McGladrey. They re- newed 5 years early and will absorb an addi- tional 39,000 SF. Deloitte is another example 1998 2000 2002 2004 2006 200 'wily, (oUi n re Elm- I MINNEA POLIS/ST OFFICE JANUARY 1 2008 77 x, It won't be in the form of a large office tower, 2008 could be a challenging year for the St. Vacancy in the Class A market rose from 6.5% but it will add space to the market suited to- Paul CBD. Along with the Republic National to 8.0 Class B vacancy rose from 8.8% t wards small tenants. Also in 2008 we should Convention space vacating, the Federal Courts 12.6 Class C vacancy remained unchange see the first existing office building downtown will be moving out of 180 East Fifth Street at 3.09 become LEED Certified. back into their own buildings and Educational Credit Management Corp. will decide if it is Dakota County St. Paul CBD going to stay downtown. As a result, the St. Paul CBD will consider it a plus for the va- The Dakota County market measure: The St. Paul CBD saw a slight decline in 2007. cancy to remain steady and not increase at the 3,159,689 SF. The market experienced positivi The submarket reports 7,590,033 SF of office end of the year. absorption of 24,152 SF. Vacancy in Dakota space. The St. Paul CBD experienced 31,182 County rose from 16.0% to 17.2 SF of negative absorption. Vacancy dropped Anoka County slightly from 25.7% to 25.6% in 2007 due Class A buildings in Dakota County registers to Mears Park Centre and 81 7th St E being The Anoka County market is 599,755 SF and positive absorption of 121,582 SF. The hardest added to the tracked dataset in Class B. is the smallest market in the office universe. hit were Class B buildings, which registered This market registered negative absorption of a negative absorption of 97,873 SF. Class Class A space was the lone bright spot in 14,676 SF. The vacancy in the market went buildings had a negligible 443 SF of absorp- this submarket with 39,168 SF of positive ab- from 7.0% at the end of 2006 to 9.4% at the tion for the year. sorption. Class B had negative absorption of end of 2007. 22,953 SF and Class C registered a negative Vacancy in the Class A space fell from 20.4 0 47,397 SF. Class A properties saw negative absorption of at the end of 2006 to 15,7% at the end of 1,977 SF. Class B had the most negative ab- 2007. Two new buildings were added to Clas� Vacancy ,for Class A buildings fell from 13.3% sorption with 12,699 SF. Class C rounds out A: 30,000 SF Centre Pointe VII and 42,00 down to 10.9 Class B building vacancy rose the market with no absorption. SF Mendota Place. Class B vacancy rose from from 28.2% to 31.1 Class C vacancy fell slightly from 34.3% down to 27.9 This was due to the removal of 255 Kellogg Building and Renaissance Box Building from the dataset 30 Some good news for St. Paul is that there are several hospital campuses that are renovating o d and expanding downtown. The St. Joseph's 25 Hospital $90 million expansion is currently_ underway, constructing a five -story patient 20 tower, an expanded emergency department, a new heart and neuroscience center, and a new 15 parking ramp. United Hospital spent $75 mil- R, lion dollars in renovations. Children's Hospital plans to begin their construction in St. Paul 10 in late 2008 or early 2009. Regions Hospital o N has begun their expansion of a 385,000 SF 5 M P o N N T co O] building. Albeit temporary, some upbeat news for the 0 i St. Paul CBD is the Republican National -5 Convention that will be held downtown in Q 2008. This accounted for the positive absorp- tion in 2007, with 51,000 SF being leased on�.o` e a short term basis. The downside is that the c_ S lease was just short term and will expire in ro November of 2008. y ltsl Source: Coll MINNEAPOLIS/ST. PAUL OFF IC E JANUARY 1 00: O ffice and d b T ota l Va End of Number of Total Rentable Sublease Vacant Absorption Period Buildings Area (SF) Vacant(SF) �(SF) (SF) Minneapolis CBD Q4 2006 17 13,240,484 336,851 1,975,551 12.4% 14.9% Class A Q2 2007 17 13,240,484 377,739 1,842,478 133,073 11.1% 13.9% Q4 2007 17 13,240,484 378,788 1,939,476 96,998 11.8% 14.6% Q4 2006 52 9,432,593 402,896 2,219,243 19.3% 23.5% Class B Q2 2007 51 9,203,853 419,968 1,807,235 183,268 15.1% 19.6% Q4 2007 51 9,203,853 419,629 1,844,679 37,444 15.5% 20.0% Q4 2006 15 1,973,844 10,709 309,406 15.1% 15.7% Class C Q2 2007 15 1,973,844 8,309 301,868 7,538 14.9% 15.3% Q4 2007 15 1,973,844 8,309 299,807 2,061 14.8% 15.2% Q4 2006 84 24,646,921 750,456 4,504,200 15.2% 18.3% Subtotals Q2 2007 83 24,418,181 806,016 3,951,581 323,879 12.9% 16.2 Q4 2007 83 24,418,181 806,726 4,083,962 132,381 13.4% 16.7% St. Paul CBD Q4 2006 4 1,652,408 58,235 220,088 9.8% 13.3% Class A Q2 2007 4 1,652,408 34,490 172,526 47,562 8.4% 10.4% Q4 2007 4 1,652,408 74,468 180,920 -8,394 6.4%, 10.9% Q4 2006 23 4,876,121 0 1,374,230 28.2% 28.2% Class B Q2 2007 25 5,052,687 7,252 1,568,645 17,849 30.9% 31.0% Q4 2007 25 5,052,687 7,252 1,573,749 .5,104 31.0% 31.1% Q4 2006 18 947,438 3,401 324,812 33.9% 34.3% Class C Q2 2007 18 947,438 6,259 327,486 -2,674 33.9% 34.6% Q4 2007 17 884,938 0 247,209 44,723 27.9% 27.9% Q4 2006 45 7,475,967 61,636 1,919,130 24.8% 25.7% Subtotals Q2 2007 47 7,652,533 48,001 2,068,657 27,039 26.4% 27.0% i Q4 2007 46 7,590,033 81,720 2,001,878 4,279 25.3% 26.4 Southwest Q4 2006 33 6,649,380 84,571 502,768 6.3% 7.6% Class A Q2 2007 33 6,649,380 23,985 475,821 26,947 6.8% 7.2 Q4 2007 34 7,096,380 188,494 862,243 60,578 9.5% 12.2% Q4 2006 92 7,412,914 90,379 1,351,379 17.0% 18.2% Class B C Q2 2007 91 7,367,536 92,708 1,315,092 -9,091 16.6% 17.8% Q4 2007 90 7,269,313 157,075 1,222,359 -5,490 14.7% 16.8% Q4 2006 125 14,062,294 174,950 1,854,147 11.9% 13.2% Subtotals Q2 2007 124 14,016,916 116,693 1,790,913 17,856 11.9% 12.8% Q4 2007 124 14,365,693 345,569 2,084,602 55,088 12.1% 14.5% West Q4 2006 18 3,861,610 67,236 337,888 7.0% 8.7% Class A Q2 2007 18 3,861,610 17,421 255,644 82,244 6.2% 6.6% Q4 2007 18 3,861,610 98,175 221,578 34,066 3.2% 5.7% Q4 2006 58 4,291,292 30,200 641,041 14.2% 14.9% Class B Q2 2007 58 4,291,292 22,571 483,512 157,529 10.7% 11.3% Q4 2007 58 4,291,292 35,996 469,604 13,908 10.1% 10.9% Q4 2006 76 8,152,902 97,436 978,929 10.8% 12.0% Subtotals Q2 2007 76 8,152,902 39,992 739,156 239,773 8.6% 9.1% Q4 2007 76 8,152,902 134,171 691,182 47 974 6.8% 8.5% Q2 2007 468 67,506,394 1,146,759 10,673,722 845,059 14.1% 15.8% w_.Z;4 S, r, r_ m s' i as t t ��t c,s y }a 4kF a: a MINNEA POLIS/ST JANUA&Y 1 7008 OP- 12.8% to 19.0% and in the Cass C space va- BPG Properties purchased the Grand Oak SF. There was a negative 3,383 SF of absorp- cancies fell slightly from 12.8% to 12.6 Business Park in Eagan for $80 million dol- tion for the Class A buildings. tars. The significance of this transaction is that As a whole, the Dakota County market is BPG is a large institutional owner, one of the Vacancy in the Class A market rose from small but strong. There were several big deals few in this submarket, and their interest gives 16.0% in the end of 2006 to 16.6 Class completed in 2007. Mendota Insurance took Dakota County further validity. There has saw vacancy decline from 17.9% to 13.5°/1 40,000 SF at Grand Oak X. Dex took 14,000 been institutional ownership of Bryan Woods Class C went from 4.4% to 0% vacant b the SF at Grand Oak X. Prime Therapeutics ex- and Northwest Mutual used to own Eagandale end of 2007. paneled into the rest of Eagandale Corporate Corporate Center. Center totaling 150,000 SF. Northeast In 2008 Dakota County expects to see a con There are currently only four blocks of space tinued decrease in vacancy and increase in ask. The Northeast market sector totals 3,141,06 available over 40,000 SF in the marker, the ing rates. New development will continue with SF. In 2007 the submarket experienced largest being 60,000 SF. This is the main rea- McGough planning Blue Gentian Corporate positive 8,876 SF of absorption. The vacancy son that Internet Broadcasting Systems moved Center, an 80,000 SF spec building, and Duke for the market rose slightly from 18.2% tl to River Bend Business Center in St. Paul and has the option to construct two buildings of 18.8 took 70,000 SF, leaving behind 55,000 SF at up to 90,000 SF each at Cedarvale in Eagan. two properties in Mendota Heights Business In terms of absorption, Class A buildings we cc Park. Minneapolis the only positive note for the market, recor ing 40,870 SF of absorption. Class B buildin The limited space has spurred Boulder Lakes The Minneapolis non -CBD market consists of had negative absorption of negative 17,454 SF to develop 116,000 SF, and Staywell has al- 2,185,497 SF. Absorption for this market was and Class C was a negative 14,540 SF. I ready leased 72,000 SF. United Properties' a positive 67,225 SF. Vacancy for the market Mendota Place was completed this year as a fell from 15.9% to 12.9 Vacancy in Class A buildings dropped from 42,000 SF spec building and is still vacant. 10.9% to 9.4 The 36,000 SF North Centr Class B had the most absorption with a posi- Professional Center was added to the Cla tive 60,499 SF. Class C was second with 10,109 A building set. Class B buildings rose slightly from 11.1% to 12.7 In Class C building vacancy rose from 26.1% to 27.1 d 1 b'I' 1 h Me tropic has the a bilit y ity to vast s z W t this market. They are in the process of v eating 200,000 SF of space in Shoreviel Corporate Center and the 1005 Gramsie Road Building, moving into their own single- tenar, building. The Medtronic move can be viewed in tw u ways. One is that it will be creating a signii� cant amount of negative absorption in a ref tively small submarket. But on the plus side, 1 this will now create two large blocks of spa ava ilable m th� 1v not b p revio usly usl tha have 1 t p Y submarket. The question n for 2008 is whether or not there will be enough growth to back f the new vacancies. Northwest Norman Pointe a The Northwest market sector is one of the Bloomington, MN smaller sectors at 1,478,616 SF. The Northwest 79,000 SF leased to Hartford J i-nrri a.a -A a a .a�� yea a''-�'a' MINNEA POLISIST PAUL OFFICE JANUARY 2008 r sr 1 uA l f, Class A buildings had a mere 2,323 SF of ab- there is little -to -no demand for small space in sorption in 2007. Class B space rang up the the market at this time. most absorption by registering 41,956 SF. In Class C space there was a negative 7,173 SF of On the plus side, Des just renewed 55,000 absorption. SF in Sycamore Court for ten years. The new NRG building was just completed in Arbor Vacancy in the Class A space fell from 7.9% Lakes. The building is one of the first plati- to 7.0 Class B vacancy rose from 35.0% to num certified LEED buildings in the Twin 35.5% due to 6401 Sycamore coming online. Cities market. In Class C space, the vacancy rose from 27.6% to 39.3 The submarket outlook for 2008 can be summed up in one word: stagnant. There is The Northwest market sector was probably not much new development expected in that one of the worst hit by the sub -prime mortgage area for 2008. Maple Grove, which was a hot- fallouts. There were many mortgage compa- bed for a lot of the activity in the northwest, nies in this sector that ended up closing their has seen its magic disappear. Gallery Professional Building Seller: STP Port Authority doors. As a result, there are many small 2,000 St. Paul, MN Buyer. Triple Net Properties 5 ,000 SF spaces available. Size: 100, 114 SF P /SF:$87.90 St. Paul Along with the mortgage space becoming va- The St. Paul non -CBD market consists of cant, there was also an influx of office condos 2,123,401 SF, The market saw positive absorp- had 37,106 SF of positive absorption for the built in this market during the high demand tion of 113,471 SF. The vacancy in the submar- year. Vacancy in the sector rose from 29.8 time. That space is competing directly with the ket dropped from 8.4% to 6.8 to 30.7 now vacant mortgage space. Unfortunately, Office Macancy Absorption Suburba Endof Numberof Total Rentable Sublease Vacant TotalVacant Absorption Direct Combined Period, Buildings Area (SF) (SF) (SF) Vacancy Rate Vacancy Rate 2 ..mT,+" wt .i' YG aG:..a8u4 :�.L�e N�.:ii('. 0= 3- +E37.4N. y"� ,x''••: :xea�c6.riaYiitir�ildva' i:LW�.. "sa•mwrY sire 4 Fe Anoka County Q2 2007 13' 599 755 11523 4Z 184 439 5 1 r_ Q24o7 .L4,23z_ N Q4 2006 48. 3,087,103 36,437 494,665 14.8% 16.6% 7 Dakota County „,Q2:200. M,� 10 3 6 40: 6.1... Q4 2007 50 w 1l,159,689 65 461 542 439 39 808 15.1% 17.2% ...s. ..t r• s„a3,.�'' xn� r,:'r�>i�� nea p0115 NO'n CBD Q2' 2o07 19 2 185 497 31000 275 540 72 791 10 9% 12.6 K 5,56 11296­�. -mss` Q4 2006 26 3,105,060 0 563 962 18.2% Northeast O2 2007_ ry26; 3,10,060 2 5 ,779 8;183 A 7 8% _11 d~ Q4 2007 27 3,141 10,001 591 693 18.5% 18.8% 1406 7,1 T: Northwest Q2 200 18 1,478,616 5,827 419,500 71,394 28 0% 28.4 1 7 6 Sl 8 a3 8 r :3C3 5W0 Q4 2006 19 2 037 211 0 171986 8.4% 84%. St. Paul Non CBD 007 w r xms _..2123?4 7} 5� 92�24.�,� R Q4 2007 20 2,123,401 3,751 144,705 20,547 6.6% 6 8% m <m-- 46 k w TM 644,43 6 Washington County" Q2 2007 1 644430 6 57 1 113 449 7315 16.6% 21990 §84, _w Source: colliers MINNEA POLIS/ST OFFICE JANUARY 1 2008 Stat Office Rental Rates and Expenses Class B properties accounted for a bulk of the absorption with 103,139 SF. There was additional 8,834 SF from Class C properti A $10.50 $15.00 $12.51 $3.28 $6.21 $9.49 Class A also had positive absorption of 1,498 SF. 1 Anoka County B $8.00 $12.00 $9.64 $1.92 $6.30 $8.22 Total $8.00 $15.00 $10.15 $2.29 $5.68 $7.97 Vacancies fell across all classes of buildin A $12.50 $17.50 $1421 $3.50 $6.04 $9.54 Hass A went from 11.0% to 10.7 Class fell from 7.4% to 5.8 The Griggs Midw B $8.00 $17.00 $11.89 $2.46 $6.11 $8.57 Dakota County West Building was converted to office space 0 C $8.00 $9.00 $8.50 $1.46 $4.10 $5.56 2007 and added 86,000 SF to Class B. The bib Total $8.00 $17.50 $12.43 $2.88 $5.92 $8.80 Best decline was in Class C where it decreas� A $8.00 $30.00 $14.64 $4.19 $7.60 $11.7.9 to 1.6 from 7.7% a year ago. B $6.00 $25.00 $10.93 $2.07 $7.07 $9.14 Minneapolis CBD Some good news for the St. Paul market is t C $4.50 $12.50 $8.53 $2.14 $6.50 $8.64 the Ford Plant closing has been extended 11 Total $4.50 $30.00 $12.18 $3.42 $7.37 $10.79 year. While this doesn't keep the plant open A $13.00 $25.00 $14.99 $3.63 $7.08 $10.71 indefinitely, it does delay the process. It al• gives the people involved more time to det B $7.00 $20.00 $12.13 $2.59 $6.33 $8;92 mine what the highest and best use for the si Minneapolis Non CBD C $6.00 $16.00 $11.00 $1.48 $1.02 $2.50 will be. There also may be office possibilities Total $6.00 $25.00 $13.98 $2.94 $6.17 $9.11 on the Ford site, but they will be limited. A $12.00 $16.00 $13.90 $3.31 $6.61 $9.92 B $8.00 $14.00 $11.26 $2.69 $5.78 $8.47 Southwest Northeast C $4.00 $8.00 $6.00 $1.09 $5.05 $6.14 The Southwest market sector is the second Ia Total $4.00: $16.00 $10.24 $2.80 $6.05 $8 85: est submarket in the Twin Cities at 14,365,693 S A $13.00 $22.0.0 $15.87 $2.62 $6.04 $8.66 F. The market recorded positive absorpti of 72,944 SF for the year. Vacancy in the in Northwest B $6.75 $14.00 $10,00 $1,89 $6 ,23 !$8.12' ket rose from 13.2% to 14.5 i C $5.00 $7.00 $6.00 $1.17 $6.15 $7.32 Total $5.00 $22.00 $9.93 $2.08 $6.20 $8.28' Class A space led the way with absorption counting for 87,525 SF. Class B also had poi A $5.75 $18.00 $12.66 $3.99 $6.94 $9.86 tive absorption of 25,535 SF. Class C space was B $5.00 $16.00 $10.58 $2.51 $6.85 $9.36 the only stain, registering a negative 40,1 St. Paul CBD C $8.00 $11.00 $10.24 $1.42 $6.16 $7.58 SF. Total $5.00 $18.00 $10.92 $2.85 $6.82 $9.67 A $15.00 $15.00 $15.00 $3.31 $7.01 $10.32 Vacancy in Class A space rose from 7.6% 12.2 Class B vacancy fell from 17.5% B $4.00 $11.00 $8.41 $2.48 $6.00 $8.48- 15.8 In Class C space, the vacancy rose St. Paul Non CBD C $8.50 $8.50 $8.50 $2.39 $5.46 $7.85 slightly from 23.2% to 23.7 Total $4.00 $15.00 $11.92 $2.73 $6.27 $9.00 There are several new developments in t A $10.00 $20.00 $15.89 $4.15 $7.51 $11.66 Southwest that impact this market. Duke's Southwest B $5.00 $19.00 $12.30 $3.46 $7.06 $10.52 Norman Pointe II was completed and cat Total $5.00 $20.00 $12.68 $3.69 $7.22 $10.91 online in the fourth quarter with 322,000 A $14.00 $15.00 $14.32 $3.55 $5.57 $9.12 of vacant space. Hartford has signed a lease to take 79,000 SF. Ryan's Market Pointe I Washington County B $8.00 $12.00 $11.41 $2.20 $5.93 $8.13 set to begin construction in 2008 with Co Total $8.00 $15.00 $12.51 $2.19 $5.18 $7.37 Richard Ellis currently secured as the lead ten- A $11.50 $20.00 $16.17 $4.37 $7.83 $12.20 ant. Alliant Techsystems will be moving fro West B $6.23 $16.50 $12.06 $3.20 $6.61 $9.81 Interlachen Corporate Center into TOL Total $6.23 $20.00 $13.20 $3.77 $7.22 $10.99 Source: Colliers MINNEA POLIS/ST OFFICE JANUARY 1 2008 0, SF buildin" �,•hich is currently under the Normandale 8400 To\ver, and Minnesota of 10,459 SF. Vacancy in the submarket rose ontruction on Flyin;, Cloud Drive in Eden Center will have over 5X'`,000 SF. from 18.7" o ro 22.0 000 rie. Libert\ 1'0,000 SF Liberry Pla_a will he available in the fall of 2008, A,o in Eden Due to rhis acti\ it\, Colliers expects v acancy Class .A space had positive absorption of 14 1 rairie. Virtual Radio Logic vwill be taking rates will increase in this submarket in 2008. SF. Class B had a negative 5,761 SF. Class C 0,000 SF of space at Windsor Plaza, \vhich On the plus side, there will novv be more op- space had a POSitiVt 16,077 SF. is currenth' under conSn purrunitie., for space. Thi, subnuirket has not seen mangy large blocks of Space m ailable \/acancy in Class A space rose from 2 7 Mo to side from new developments, there are sev- in the recent past. This opens space options 14.4 "0. Thi, xvas due to the addition of the al- eral existing buildin,, that will have si,nifi- ro lure new tenants to the area, and provide most folly vacant Eagle Point Office Center III ant space coming available for lease Or Sub- Sume firms that have had to ,rOXV into non- in Lake Elmo. Class B vacancies climbed from ease in the near future. Northland Exeeuti�•e contiguous space over the past fear years, a 10.8% to 14.7 The vacancy rare in Class C enter looks to have 100,000 SF of space chance to consolidate their operations into fell from 47.1% to 39.3 available when Benfield moves to the new, one location. orinandale 8200 Tower. Wells Fargo Plaza West ill have space from Virchow Krause nxn•ing downtown, Northland Plaza vvill be lu,ing Washington County The West market sector contains 8,15.. ,902 lrtford to Norman Pointe 11. GMAC will he The WashingCounty m Washington Coarket is the second SF Of Class A and B space. The submarket l icating 12 floors, or 270,000 SF, of space at smallest market with 684,430 SF. The Suhmar- had 287,741 SF of positive absorption in 2007. ket did re gister positive absorption for the year Select Off ice S a l e T ransactio ns Property Name City� State PricePSF Year-Built Property Name City, State Price PSF Year Built, 1 3 France Ave S Edina, MN $264 1990 Landmark Towers St. Paul, MN $108 1982 71 Kenyon Ave Lakeville, MN $261 2001 Portland Corporate Center Burnsville, MN $108 1987 Retek on the Mall Minneapolis, MN $261 2001 1500 Commerce Dr Mendota Heights, MN $105 1993 ichael Clinic Saint Michael, MN $240 2007 Soo Line Building Minneapolis, MN $102 1915 Burnet Building Maple Grove, MN $214 2005 One Corporate Center 1 III Edina, MN $100 1979 810 N Glenwood Ave Minneapolis, MN $213 2004 International Market Square Minneapolis, MN $92 1915 Marketpointe Bloomington, MN $200 1999 Edenvale Executive Center Eden Prairie, MN $89 1987 0 Green Circle Dr Hopkins, MN $193 1978 14500 Burnhaven Dr Burnsville, MN $88 1980 h Street Towers Minneapolis, MN $182 1985 One Corporate Center IV Edina, MN $83 1982 One Southwest Crossing Eden Prairie, MN $179 1986 Gallery Professional Building Saint Paul, MN $83 1980 j 'e Centre Woodbury, MN $178 1998 Carmichael Lynch Building Minneapolis, MN $79 1909 dvli Plaza Minnetonka, MN $178 1997 Northstar Center Minneapolis, MN $76 1916 1001 N Third Minneapolis, MN $174 1989 14300 Nicollet Ct Burnsville, MN $70 1981 I Rosegate Roseville, MN $164 1999 I 5740 Green Circle Dr Hopkins, MN $70 1978 nsville Medical Center Burnsville, MN $164 1996 375 Jackson Saint Paul, MN $64 1967 6 Baker Rd Eden Prairie, MN $159 1996 Former Best Buy HQ Eden Prairie, MN $63 1982 Dean Lakes Medical Office Shakopee, MN $152 2005 101 5TH St Minneapolis, MN $62 1915 lth Partners Building Minnetonka, MN $149 1982 I Terrace Center Minnetonka, MN $56 1982 0 Olson Memorial Hwy Golden Valley, MN $146 2003 i 701 Bldg Minneapolis, MN $55 1983 Grand Oak Business Park Eagan, MN $146 1999 Bass Lake Business Center Brooklyn Park, MN $53 1981 Lake Rd New Brighton, MN $145 1989 180 East Fifth Saint Paul, MN $50 1914 a Office Package Minneapolis, MN $133 199i /200e Ford Centre Minneapolis, MN $50 1914 Place East West Saint Louis Park, MN $127 1982 First National Bank Building Saint Paul, MN $38 1931 Golden Hills Business Park Golden Valley, MN $122 1996 90 Plato Blvd W Saint Paul, MN $30 1979 5 45th Ave N Plymouth, MN $172 1995 345 Jackson St Saint Paul, MN $20 1966 01 Wayzata Blvd Minnetonka, MN $120 1971 I 332 N Robert St Saint Paul, MN $20 1887 1409 Willow St Minneapolis, MN $119 1925 1NG Portfolio Minneapolis, MN N/A 1980 -1987 6 0 City West Parkway Eden Prairie, MN $111 1984 i <<incr cullicrs C s MINNEA POLIS/ST OFFICE JANUARY 1 2008 .n. This lowered the vacancy from 1 _.0% last year Building C* Developer Status to 8.5 Dakota County Class A space recorded 116,310 SF of absorp- 381,000 Ea an M:c 1tDeuelo menu tion. Vacancy fell in the Class A from 8.7 Blue Gentian Corporate Center- g, per:,_ Boulder Lakes III 116,000 Eagan Interstate Partners U/C to 5.7 In Class B there was 171,437 SF Cedar Grove Corporate Center 150,000 EagannLted'roperttes absorption. Vacancy there fell from 14.9% Gateway Office Plaza II 100,000 Burnsville Kraus Anderson p down to 10.9 Riverwoods Corporate Center' 1- 10,000 Eagan.' _Uiiited _Properties P Nicollet Ave and Travelers Trl 125,000 Burnsville Anderson Builders p With such low vacancy figures, it would see that this submarket is primed for new con Ridgepoint Office Center 12 Bu�ustlle pro De�rc�gEent__, P struction. There is currently one 250,0 Signature Corporate Center Mendota 150 000 United Properties P SF spec building under construction in t (once called Mendota Office V) Heights k z�a" x market. Opus is looking at constructing two Vlila eat Cedarvale rs QI�Q new buildings, one being a single tenant f .T „L',..„ ,.fit..; A'�a'.n' �t Waters Annex 100,000 Eagan' CSM Coll!' potation Syngenta and one possibly being amulti -te' DAKOTA, ota gy1»5,�TCQ,�' zr ant building in Minnetonka. There are also w�,�_ two buildings proposed by Duke at Waterfo Minneapolis CBD Park, and a building at 801 Carlson Center Carlson Real Estate, all of which have the a 0 W6 M -fir u trk pearance of preparing for construction soon. 8th Street Marquette Avenue N/A Minneapolis There is also a proposal to build Colonna �INA$� r C n x II, but the city of Golden Valley is Curren j MINNEAPOLIS T tal a. mo 2 000 1 4 -y X pushing for a hotel. d Northeast There are some big tenants that have be A y N Al Traverse Business Center _S,0i�0.rcl�iS= �II,h�s� <eae ttit quick to secure space in the market. Onvoy recently renewed their lease at Metropoi as did General Mills. Buffalo Wild Wit Northwest moved from 1600 Tower and took 44,000 in Colonnade, occupying in October. Bass Creek Corporate Center l 50,000 Pl .�nQtl us on d� Not all is well on the Western front thou _'�JV Novartis has moved out of the 1600 Tower, Wedgwood Commerce Center oaf 1 and Honeywell, which is also in the 16� XV 85;000 MapY Grove "TOLD'Dev&VkLICnt a Tower, will be moving out of multi -ten NORTH space completely and into its own renovated campus in Golden Valley in 2008. St Paul -s In 2008 there will be at least one development 4 4i5Jab?slia Highway Z80 &Energy Park breaking ground, aside from Syngenta. It co 66,000. St Paul °GSM Corporatron either be John Allen's land on Highway Drive r Duke at Waterford, or Opus at Xenia Rid ST. PAUL Total 1 Despite Honeywell vacating a large block Southwest of space, that space is expected to be fit r relatively quickly due to the shortage of la 718q 44 mf N i blocks available. 8200 Tower Normandale Lake ;85 United Properties Office Park k' °n�i �:entrat: _Chanhassen Crossings v 1 0,000" 13anliassin -U"eel Eden Bluff Bu siness Park ,250,000: Eden Pratre V`� United Pro etties ads Liberty Plaza Source: Colliers MINNEA POLIS/ST 00: )ffice Projects —Planned Under Construction (continued) Building 'Property Size(SF) City :Developer Status yY Looking Ahead NMI In 2008, new construction will drive vacan- Southwest (continued) cy rates higher. Inventory of large blocks of Lutheran sublease space will increase, especially in the larketPointe II 236,000 Bloomington Brotherhood/ Ryan U/C Southwest metro. Companies t mnesota Center 11 250,000 Bloomin Frauenshuh Companies P Companies that grew rapidly when there was e Dover Building 11 25,000 Chanhassen N/A P no space available will be able to consolidate Solomon Real Estate as previously limited large blocks of space be- Windsor Plaza 105,000 Eden Prairie Group U/C come available. Companies will continue to 11 UTHWEST Total 3,732,000 right -size, limiting expansion until the eco- nomic worries have been addressed. Washington County rossroads Commerce Center 52 Cap rates will rise especially for leveraged 00 Commerce Drive) ,000 Woodbury Crossroads U/C buyers and there is still plenty of unleveraged Eagle Point Business Park capital in the market. 60,000 Lake Elmo United Properties P ffhase IV ahtomedi Executive Plaza 21,000 Mahtomedi Welsh Companies P Oakdale Crossing Building B 40,000 Oakdale Griffin Companies P akdale Tech Center 50,000 Oakdale Welsh Companies P Feir Drive Executive 45,000 Woodbury N/A P Woodlake Office Center 36,000 Woodbury Kraus Anderson P oodbury Professional 52,000 Woodbury N/A P oodlane Professional Building 22,000 Woodbury Welsh Companies P ASHINGTON Total 378,000 r est h,. Continental Property 253 Lake Street East 35,000 Wayzata Group, Inc. P 1 'Ol Carlson Parkway 300,000 Plymouth Carlson Real Estate P Company Baker Road Corporate Center 100,000 Minnetonka Welsh Companies U/C olonnade 2 240,000 Golden Valley TIAA -CREF P unsmore Office Condos 50,000 Woodbury N/A P Excelsior Crossings 691,000 Hopkins Opus Corporation U/C t inneapolis West Business 330,000 St. Louis Park Duke Realty P nter pus Headquarters Expansion 148,000 Minnetonka Opus Corporation U/C i lymouth Woods Office Center 114,000 Plymouth St. Paul Properties P hase I1 Duke Realty Waterford Pond 250,000 Plymouth Corporation P stwood Lake Office Park 25,000 Golden Valley Inc Ted Glasrud Associates, P Fe Xenia Ridge 250,000 Golden Valley Opus Corporation P EST Total 2,533,000 rand Total: 9,727,000 Soon( Colliers 225 South Sixth Minneapolis, MN 72,000 SF leased to Virchow Krause y M k y Good, But Not Great The Twin Cities industrial market continued First Industrial purchasing the Cardinal its positive direction in 2007, but did slow Glass facility in Hudson, Wisconsin down dramatically from the past two years. High Street Equities acquiring Twin Lakes The absorption for the overall market came in Corporate Center II from First Industrial at 943,461 square feet (SF), which is approxi. Synergy bought 3311 Broadway Street NE Y w mately one third of last year's 2,961,616 SF. from Hillcrest Development N e trt2Qj7�pQ Vacancy for the market rose from 10.4% at the »Hoyt procured the 25 building fU end of 2006 to 10.6% at the end of 2007. Commercial Development Company Portfolio AN at AM, Y The multi- tenant universe consists of Cobalt purchased Rogers Corporate I 116,031,469 SF of space. The single tenant Center NET7AZS0RPT10ltt universe, which until now has not been his- AMB acquired 8675 Eagle Creek Parkway jr CONS17tUCTi ©N tonically tracked by Colliers Turley Martin from Opus Tucker, contains 173,247,401 SF and has a Cobalt bought Armstrong Business RFNTAL RATE t current vacancy of 6.1 Center from Welsh Fridley Industrial Centers I II was Office warehouse was the strong performer in purchased from Village Properties Y .i this produce class in 2007 with 488,232 SF of Cobalt bought Midway Distribution ZO 4� positive net absorption. Bulk warehouse space Center from Bristol Group contributed an additional 392,714 SF. Office First Industrial acquired the Former showroom recorded a positive 62,515 SF for Tennant Building in Maple Grove the year. Hines REIT purchased the 9- building high tech office /showroom First The lowest vacant product classification Industrial portfolio remains office warehouse, which climbed n`3 from 7.6% to 8.1 Bulk warehouse vacancy Employment continues to be a major issue for dropped slightly from 18.0% to 17.6% while the Twin Cities industrial market. The num- �'y office showroom remained steady at 12.0 bet of Twin Cities manufacturing jobs has r y dipped below 200,000 jobs for the first time The asking net rents for warehouse rose across in over 15 years. the board in 2007. Office warehouse average is $4.80, up 5% from 2006. Office showroom There is currently much uncertainty in the a space is $5.03, up .10% and bulk warehouse market from unsettling news regarding the rent is $3.97, up 1 9 /6 from a year ago. economy, money supply, cost of money, and restrictions of money available. As a result, There were a significant number of invest many users, which make up a bulk of the ment sales throughout the industrial market industrial real estate market, are taking a in 2007. These sales include: "wait and see" attitude, ergo delaying criti- m cal real estate discussions as long as possible. F a i:. Dakota County Dakota County market is 14,300,688 SF OFFICEISHOWROOM OFFICEiWAREHOUSE BULK `NAREKf1US� ir► size and had minimal absorption of 8,389 SF fo 2007. Vacancy in the submarket rose �.slightly from 13.1% to 13.2% with the addi- tion of Airlake South Creek Business Park to sc ot► 7 $4,77, a tlt� office warehouse classification- Dakota $4 _72 $4.5 $457 55 34 County vacancy in single tenant user build- 0 18 3.3 xk s $4.40 0. '1 4.24 4 $4 33 eN R.c r,$ K Bulk warehouse buildings in Dakota County ositive absor t>on for the year of t?°rt P P Y S3 84 84 I7, JQ4,SF along with 21,922 SF of posit >ve k i absorption for office showroom. Conversely? Ah, office warehouse space had negative absorp e�� n of 95,637 SF. o 2 0 03 Source: Mr Industri V a i Absor End of Sub A Peri Buildings Area (SF) (SF) Vacancy Rate Vacancy (SF) i S �IF.i 4#75 k' a k 2. .rtr ssxlTwz t b t tl! 0 rrt3zQz r" a., w xrax t+Wwa'r m.xco o-+e$^mv ix .�i.. ...a§f.w :wi• +.m3f! 4 `Yec.7�A` x 90 5 MINNEA POLISIST PAUL I NDUSTRIAL 112 Vacancy rates in office warehouse remained MiMeapOliS single tenant user buildings was 4.3% at the somewhat strong, rising from 8.5% to 10.1 end of 2007. Office showroom vacancies dipped from 14.49% The Minneapolis market consists of 12,802,578 to 13.7% and bulk warehouse was down from SF of multi tenant space. The submarket expo- The office warehouse market had 447,391 SF 1.6 "'o to 19.3 rienced 39b,7 7 6 SF of absorption for the year of positive absorption. Office showroom added but vacancy grew from 5.8% to 7.1% due to another 1,699 SF. Bulk warehouse had nega- Interstate Partners purchased the South St. the former tilacv'i warehouse building being tive 52,314 SF of absorption, continuing the Paul stockyards and plans to demolish the added to the multi tenant universe after being trend of the past five years in this submarket. existing buildings in April to begin construe- purchased by J.J. Taylor Distributing, who will tion of a new 320,000 SF office warehouse occupy 285,000 SF of the building. Vacancy in Vacancies in office warehouse buildings rose complex. from 4 :9 %o to 6.0 Bulk warehouse also rose to 15.6 up from 11.5% a year earlier. Office showroom space declined from 11.0% to 10.7 Twill CF1d &S t ATONAL t8666 Northwest The Northwest market sector contains t7ftUlt3' 28,555,592 SF of multi- tenant space. The sub- market reported positive absorption for the year of 13,271 SF. Vacancy rose slightly from a t WIWI 9.1% to 9.6 Single tenant user buildings had a vacancy of 3.9%. Both bulk warehouse and office showroom had positive absorption for the year with 56,452 SF and 43,162 SF respectiv Office warehouse space had negative absorption of 86,343 SF. 2000 1 1 20 03 2004 2005 1 0 Vacancy dipped to 9.9 down from 10.9% Source: Doarment of Empioymou and Ezarw" u: Deeelopmznc a year ago for the office showroom space. Bulk warehouse space went up from 15.2% to 16.8% and office warehouse rose from 6.7% to 7.2 The Northwest market saw a lot of speculative new construction in 2007. Three new devel- opments were completed: Opus' 104,000 SF Park West Business Center in Brooklyn Park, First Industrial's 170,000 SF Interstate North Distribution Center in Brooklyn Park, and Duke's 153,000 SF Gateway North Business Center I in Otsego. Add to that AMB's 147,000 SF Rogers Distribution Center in Rogers which will be finished in January of 2008 and Ryan Companies' 32,000 SF 610 Business Center II in Coon Rapids in early 2008. This is more spec construction than the N market has seen in the past few years, but is by �F1vEtascics ^SrFia if.7aac no means creating an overbuilt market. soft. W cc s f Q4 2006 106 7,426,884 629,702 7.7% 59,963 8.5 Dakota County Q2 70i7 106 7,426,884 625,799 7 -7% 3,903 50,398 8.4% Q4 '_007 107 7,455,884 754,339 9.3% 99,540 63,191 10.1% Q4 2006 107 10,484,813 510,373 4.3% 60,711 4.9% Minneapolis Q2 2007 107 10,484,813 515,410 4.2% -5,037 77,405 4.9% Q4 20 108 11,088,825 666,994 5.3% 452,428 78,907 6.0% Q4 2006 236 18,065,597 1,207,184 5.8% 156,790 6.7% Northwest Q2 2007 236 18,065,597 1,189,306 5.5% 17,878 187,934 6.6% Q4 2007 236 18,065,597 1,293 6.2% 104,221 175,175 7.2% Q4 2006 262 19,441,609 1,867,458 9.1% 91,584 9.6% St. Paul /Northeast Q22007 262 11,44I,609, 1 ,24$1 $5,79fl I07,016,;.,.. Q4 2007 263 19,486,009 1 685,218 8.2% 312 82,880 8.6 Q4 2006 16 1,290,943 80,190 -0 6 2 °la, Scott County Q2 2007 16 1,290,943 43,367 3.4% 36,823 0 3.4% Q4 2007 17 1,315,943. ,69,567:_ 5.3% 1,200 0 5.3 °,6 Q4 2006 210 14,605,562 1,133,474 1.6% 16,625 7 8% Southwest Q2 200 211 14, ;677,66 1270 >24 28,967 Q4 2007 212 14,773,833 1;345,883 9.0% 20,525 23,550 9.1% 32 L7Q,249 1 44 6 4 8 15,5546' Washiltgton County Q2 2007 33 1,877 223 192,981 9.5% 5,439 15,55+ iQ 3% Source: Colliers NN W Q4 2006 15 3;593,037 :,?77,76 20.4% 42,143 Dakota County Q2 2007 15 3,598,037 794,836 20.9% 47,068 42,143 22.1% Q42007 15- 3;592: 645,664: i82 99,172 42,143. 13% Q4 2006 7 1,255,000 144,021 5.9% 70,000 11.5% Minneapolis Q2 2007 7 1;255,000 14Z,241 7 5.8% 1,780 70,000 1f Q4 2007 7 1,255,000 196,335 10,1% 54,094 70,000 15.6% Q4 2006 38f743,838_` a13,1$1_ 14.4% 44.200 15;7% Northwest Q22007 38 5,743,838 941,198 15.6% 68,017 44,200 16.4% Q4 2007 39 5,974,050 996,942:, 16.1%-: 124,469 44,200 16.89 Q4 2006 22 6,589,967 1,007,145 13.8% 96,840 15.3% 2, St. Pau! /Northeast Q: _007 22 6,589,967 973,454 13.3% 33,691 96,840 14.8% Q4 2007 23 6,769,967 957,640 12.7% 195,814 96,840 14 .1% Q4 2006 14 2,183,163 510,550 23.4% 0 23.4% Scott County Q2 2007 14 2,183,163 482,823 20.6% 27,727 32,300 22.1% Q4 2007 14 2,183;163 578;520 22.6 -95,697, 85,225 26.5% Q4 2006 22 2,981,913 778;703 26.1% 0 26.1% Southwest Q2 2007 22 Zt9$1,9L3 -22.8% 100.239 0 22`,89& Q42007 22 2,981,913 633,766 21.3% 44,698 0 21.3% Q4 2006 4 505:044';�. 4.7% 0 4,7% Washington County Q2 2007 4 505,044 23,520 41% 0 0 4.7% 0 Q4 2007 4 SD5044 23 SIB: 4.7% 0 0 4.7% Source: Colliers a �r e..w,s .,.„.=7�+ u�r• �`i ...w. Y.7' �?k ..�sFn�z JANUARY 1 ii: UL INDUSTRIAL MINNEAPOLIS/ST. PA There continues to be a stron demand for YAKCI€L��Y- 2}_32' clear space or high ceilings. Most of AasoaPTIoti the deals completed in 2007 that were over 18% X0,000 SF were in buildings that offered 24' s clear or higher. Also, a majority of the deals completed during the year were either small (under 30,000 SF) or large (over 60,000 SF). There was little activity in the mid range. t2X In 2008, the Northwest market will continue to have dwindling vacancy. Activity will re 1 main strong, but the deals will take longer to 3 p com lete due to economic uncertainty, fewer s x f i quality options for tenants, or the right oppon tunny not being available. Deals will also be for shorter terms, two and three years in term, compared to the five and seven year deals that were common just a few years ago. Soutre: Couiers Stated In R Tl Market Sector ffice Industrial RE Taxes Op Expenses Min Max 0 Min Max N n x Bufk Warehvctse ih ��e >•s� s s .gat c Office /ShowrQO m Nim fi+vese Office/Warehouse St ftullw biTherim s MINNEA POL&ST LJ: J St. Paul /Nor theast Bulk warehouse accounted for 229,505 SF of Internet Broadcastin, Systems moved into absorption and office warehouse added an River Bend Business Center in St. Paul, taking The iargest submarket un the m Cities in other 226,640 SF. Office showroom space had 7 2,000 SF. They also began construction of a dustrial mulri tenant market is the St. Paul/' negative absorption of 10,373 SF. new 120,000 building in the same business Northeast market at 29.399 582 SF. This sub- parka In addition, construction was completed market reported 445,722 SF of positive abs(rp- Vacancy in the office warehouse market fell for Industrial Equities' Fridley Interstate Rail rion for the year and saw vacancy fall from to 8.6 down from 9.6% a year ago. Bulk Distribution building, which added 180,000 10.9% to 10.1 The single tenant vacancy warehouse vacancy fell from 15.3% to 14.1 SF to the market. rate is 6.5 Office showroom rose up slightly from 10.1% a year ago to 10.4°0. Selecte I n d ustria l S a l e T ransact i o ns Pr roperty Nar, W 7, City, State Price PSF Year Built Ek}3lk4ac nneTa a; S_Zi 'Suellsng e +tea 1 101 6 MAW a Y -.t stsue Busia �arE z r:lra p��7 #fintt a h 8 .41 �tieet Tor LIA "Pit �9 r 12424lrow' Cir Adt aCv n e 'a it z [9�$ L}iarsinif I aka Etcssd�� ctiv'iry Quality Tech Rc id fu ll- i' S,n a�su a taJF BtU &J6ticf�dtfter k s, c �'k* ASK. a x r �"untrre Atuinsst �"xntcrt A� W �z �suF3 iJL tl� iF lwi[IF�[14i `a 'ash �mut �y_ "o w r ~.'9•.r°i^ z 3.� x MINNEA IN DUSTRIAL 00: Pr o j ects IndustrW -a Under There are also some spec developments cur- City Developer sr3tus (SFY� rently under construction in the St. Paul Northeast market. One worth noting is the Anoka County Blaine Preserve, a Moen Leuer 100,000 SF SSc6Avenue 1a2 8usic�essCenur '{}f7Q�,�� development in Blaine. Btaine teserue $ttsiness 1'aric: Tt�Ut70Q 1#taitio''s� f FicdIeyTneezgcate 1 I7trlutte fl Eniva Corporation purchased a 26 acre site enter r from IMI Cornelius which included a 435,000 t excng[axt PteserveBes3ttess Pack 1k4�4t3ar� s SF building. Eniva began redevelopment of the Phase site and could sell off 10 to 12 acres for other sQiCemzl. developments. Dakota C ounty, The St. Paul /Northeast market will continue 1€+Occ11 3 to have decreasing vacancy in 2008. There 35/I3 Crosstns w,, will continue to be a good velocity of activity t r s Bitsm WA; in the submarket, but the actual amount of ,HruigeP0,uc FusmcsascecliI (Qt uiFtiSt deals completed will be lower. There is much W skittishness surrounding the election year, which will determine the short-term future for businesses. Scott County ti af r Scott County is the second smallest submarket 499, at 3, 106 SF. There was negative absorption Faverw«;d @uan l'ar ll e for the market of 32,347 SF. Vacancy for the submarket rose from 17.0% to 18.5 Single 14o Nidg Brasane Fie> 1c ^13 a tenant vacancy in Scott County is 12.9 �sness Center'I Office warehouse absorption was 35,623 SF ear and dropped the vacancy from 6.2% to 5.3 r' Bulk warehouse had negative absorption of. arvtt �r 67,970 SF and saw vacancy climb from 23.4% to 26.5 Eagle Creek Commerce Park lI in Savage came online Q4. !nilea(JOj1S. n. Southwest The Southwest market sector is the third larg NOCtEISaSt est submarket with 24,740,751 SF. There was positive absorption of 106,904 SF in 2007. Vacancy rose from 11.5% to 11.9 Single a tenant "vacancy for the Southwest market is 9.3 Sill Northwest a -rx A Bulk warehouse and office showroom both contributed positive absorption of 144,937 SF 3 and 6,105 SF respectively. Office warehouse had negative absorption of 44,138 SF for the year. Vacancy in the bulk warehouse market All dropped from 26.1% to 21.3 Office show- Z. MINNEA POLIS/ST 00• Industrial Projects —Planned Under Construction (continued) C Ity Developer status Washington County The Washington County market is the small- Scott County est submarket in the Twin Cities at 2,733,172 SF. The market accounted for 4,696 SF of Deans Lake .ContracrorShvwroam 55,1J011 Shakiigee y: c Shy nandoah Business Park 80000 Shakopee LtureofPmp rti s- absorption in 2007: Vacancy in the market SCOTT Total ,00U rose from 4.7% to 7.9% due to the addition of The Oaks Tech Center IV, a 98,000 SF new Southwest development in Oakdale. Single tenant user buildings had a vacancy of 6.2 2550 Ualptn Cogrt Arboretum Business.paik IV There was no absorption in the bulk warehouse Highvv* &En lerliauIe�atci a or office showroom space for the submarket. West Creek Corpora €e Center o Vacanc y remained at 4,7 for bulk warehouse EST fotaf- __w SO -L A7V and 0.0% for office showroom. Office ware- .r house space had 4,696 SF of absorption and Washington County A .vacancy rose from 5.6% to 10.3 Looking Ahead Gomez€ B4tsi Corneil Businessdesnter x x; The Twin Cities industrial market will con- r ate• tinue to be the strongest performing real estate type in 2008. The money concerns will con- tinue to keep firms looking at short term deals and getting by with less until the economy Buikiin �s. stabilizes. Spec development will continue to w V� th a t .�S i the northern markets th occur e specially n have more affordable land options available. Asking rates are expected to increase moder- �C3nt ately in 2008- There are currently several new projects in the planning phase. Declining land r prices may stimulate development and build- 777777 7 S.0 to suit activity. q Activity will remain high, but deals will take room went u from 13 -0 ,o to 13.9 /o and office former General Motors arts distribution build longer to close. Shorter term renewals will P P g warehouse went from 7.8% to 9.1 ing at 7600 Metro Boulevard in Edina. Film become commonplace, two to three years, in- Tec has two other buildings in Edina totaling stead of the standard five years of a year ago. There were several large transactions in the 390,000 SE Southwest in 2007. One of the biggest stories k SIGNIFICANT TKANSACTIOn would have to be Hines REIT purchasing nine Donaldson Company in Bloomington ran high tech office skowrom a buildings from out of space at their existing facility and in First Industrial for $86 million. Five of the September of this year signed a lease for 37,500 buildings are located in the Southwest market. SF of space in the former Deere 6c Co. building w This was Hines' first purchase of this property in Bloomington. type in the Twin Cities market and adds diver- sitj to their existing portfolio. Stewart Lawrence Group in Hopkins purchased the Atlas Cold Storage site in Bloomington for. Film Tec Corporation, a division of Dow $6.5 million. Stewart Lawrence is planning a Chemical Company, signed a lease in long -term redevelopment project on the 17 acre November to lease 255,000 SF of space at the site. SbAi MW SF J41ea:iei �At AM —lop, Slowing Sales Takes Wind Out of Sails The Twin Cities retail market had a shaky year franchisors, and in many cases, smaller strip in 2007. The year started off strong, but pulled center space. back from midyear on. The overall market size is 67,002,929 square feet (SF) and absorption After many years of expanding the Twin Cities for the market came in at 562,135 SF for the further and further out, encompassing third x T� year. The vacancy rate for the multi tenant and fourth ring suburbs, it appears that the pQ 'ZQ48 retail market fell from 6.0% at the end of retail market has reached its outer perimeter, 2006 to 5.7% at the end of 2007. Despite the at least for now. As a result, developers will numbers, leasing continues to be even more have to look within the current markets for new or redevelopment opportunities. fi i difficult. p pP NET ABSORlMON r The retail market became more challenging Another buzzword that is still floating around OI+EStiUGTtCUi r through 2007 largely due to the slumping hous- is transit oriented development. While there n Y ing market. The residential slump has hit the is currently only one light rail line in service, REWAL RATE tt retail market in two different ways. The first the metro is looking forward to the first 40 is in retail sales. With less disposable income mile stretch of the Northstar "heavy'rail, a available, consumers are spending less. which will reach Big Lake in 2009. There is also a tot of discussion surrounding the Many franchise owners purchase their first Central Corridor which will link downtown franchise by borrowing against their current Minneapolis and St. Paul. These discussions assets, primarily their home. With the housing are still preliminary as that line is not expected slump in affect, there are fewer people willing to be ready until 2014, however zoning and and /or able to take out an additional mort planning processes have begun. x .a gage to fund these ventures. Thus, it affects AZ �r Anoka Count y The Anoka County market is 8,414,054 SF Vacancy rates in community centers fell to x in size. In 2007 the market recorded positive 1.9 °'0, down from the 3.1% at the beginning absorption of 86,850 SF and vacancy in the of the year. Neighborhood center vacancies market dropped from 5.2% to 4.5 lowered from 7.3% to 5.8 Regional centers rose slightly, from 5.0% to 5.8% for the year. Neighborhood centers contributed most to the submarket's absorption, reporting 73,263 SE Anoka County is one of the markets that is Community centers contributed an additional suffering from being considered "too far out." l i COM TURWX 33,321 SF of positive absorption. Regional cen- This was evident by not one, but two examples tens did not fare as well with a negative 19,734 SF. in the market. The first was Ramsey's Ramsey Town Center. There were plans for a new shop- ping center with many other amenities to help Commerciaf Rid Estate oil m >rt M RREARC the area flourish. However, the developer could at the end of 2006 to 4.6% and there was Cedarvale Mall. The plans include incorpo- not pull everything together. 15,961 SF of negative absorption. rating existing businesses, retail, and housing' into a "Main Street" theme. Another example is in Lino- Lakes, where a Regional centers and community centers both new Kohl's and a new Target opened in recent provided positive absorption for the market Minneapolis years. Their draw was not strong enough to im- with 9,731 SF and 3,368 SF respectively. mediatly bring in enough retailers due to the Neighborhood centers reported a negative The Minneapolis retail market contains area being deemed too green. The center is now 29,060 SF for 2007. 3,986,521 SF. In 2007 there was 149,832 SF almost full, but took much longer to lease than of absorption and vacancy fell from 9.4% to anticipated. Large and mid -box expansion ef- Vacancy rates in community centers in Dakota 5.7 forts have dwindled. Density and rooftops has County fell from 1.6% to 1.5 Regional cen to be "just right" in order for them to make a ters also experienced a drop from 1.8% to The Minneapolis numbers can be split into move. 1.4 Neighborhood centers did have an in- the CBD and the non -CBD. The CBD regis- crease in vacancy, rising from 7.6% to 8.3 tered positive absorption this year of 72,448 Both of these developments had banked on new SF and the non -CBD had 77,384 SF. Vacancy housing developments that were projected in Doran Development and Pratt Homes are in the CBD dropped from 18.1% to 12.8%0 the area. Due to the housing market struggles, looking to develop the Village at Cedar Grove and in the non -CBD from 6.6% to 2.7 Ramsey Town Center did not happen. As a re- in Eagan, located at the corner of Highway sult, the retailers are left struggling in a market 77 and Highway 13, the site of the former that doesn't have enough residential density to support them. Not all the news is bad though. Can the plus side, there is a new Herberger's going into &M DOWNTOWN NEIGHSORHOOD REGiC�M�Ft Northtown Mall, in Blaine. This is the first new C.6NTEFFS` R ETAIL CENTERS CWTE RS Herberger's to open in over a decade and could r �z be a boost to the mall, which has struggled hold- ing on to anchors over the past five years. Looking ahead to 2008, there are several infill' development sites that can attract the needed retailers. Union Square, at the intersection x 7w'i Highway 169 and Main Street in Anoka, is one Ep site that has been targered as a redevelopment mark site. There continues to be strong demand in the market, but the major concern is cost of 6.5% 6.9% development. 1 Dakota County The Dakota County submarket is made up of 8,546,847 SF of multi- tenant retail space. Vacancy in the market rose slightly from 4.4% 20 03 Q4 2004 2005 s'< t t Q4 200 Source: Colliers *+...tY 'N "5� Y• T..:. 4: +1 �l 3g��J3 6 ir 3�= LIS/ST PAUL RETAIL JANUARY 2008 i The health of downtown retail continues to of 161,066 SF and vacancy rose from 4.7°16 to erties being redeveloped into mixed -use hour- be a topic of focus for Minneapolis. It is such 6.9" ing, office, and retail. a concern that the Minneapolis Downtown Council has hired a fulltime staff person to fo- All product types experienced negative absorp- Northwest cus solely on retail. One opportunity lies in in- tion. Regional centers performed the worst creasing street-level retail occupancy. The many with 105,672 SF of negative absorption, fol- The Northwest market sector contains new hotels downtown may serve as a driver for lowed by community centers with 52,868 SF 9,572,675 SF. The absorption for the year for this effort. and finally neighborhood centers with 2,466 the market was 239,783 SF. Vacancy dropped SF. from 9.3% to 6.8%. As always, there are shifting tenants in the down- town market. Some important ones to note are All product classifications recorded positive Brooks Brothers returning downtown after a 15 absorption for 2007. Community centers led year absence, and joining Brooks Brothers in the way with 141,463 SF, followed by neigh- City Center is a new restaurant Fogo De Chao, borhood centers with 69,107 SF and finally a Brazilian Steakhouse. The restaurant was their regional centers with 29,213 SF. first in the Twin Cities. Vacancy in the community centers plunged At Gaviidae the list of new tenants include: from 6.6% down to 2.8 Both neighborhood Kuhlman's, StyledLife, Romeo Juliet, Len and regional centers dipped below the 10% Druskin Man, and Drama. Also added for the mark with neighborhood going from 11.0% to holiday season was Twice the Gift, a Pohlad 9.2% and regional centers from 11.1% down Foundation store that allows not-for-profits to to 9.6 sell their gifts, or you can purchase a gift card to help these organizations. As this concept takes Mapls RiCP Conti ;layer Mike aid a Ce tar, r Ryan Companies recently completed a Super off, it could become more than just a seasonal SO P Target and Home Depot at The Grove in Sizes 26,4Q0 SF PfSF i224 a tenant =d Maple Grove. Both of those stores are doing well, but most of the small adjacent space is Some large tenants of note could affect down- Neighborhood vacancy rates remained steady still empty. The area has been a large attractor town retailing as well. Saks Fifth Avenue has at 6.0 Regional center vacancy rates climbed of national tenants, but seems to have finally 0 0 five years left on its current lease and is consid- from 2.Si6 to 6.7 /o and community center reached its saturation point ering its options, which could include leaving rates jumped from 5.6% to 8.2%. downtown. Also, Neiman Marcus has recently This coming year will see a big slowdown in extended its lease, albeit a short term lease, while The big story for 2007 in the Northeast is the activity in this submarket. The deals had been it determines its own interest in remaining in continued revamping of Rosedale Mall. There chugging along in 2007, up until May, then the market. Best Buy is currently looking for were several new tenants to move in at this they hit a wall with funding. As a result, new space to open its first downtown store. regional malt. The list includes:' Cache and deals have entered a wait and see mode that an expanded Victoria's Secret inside the mall; may last well into 2008. Minneapolis will soon be getting a new grocery California Pizza Kitchen, Potbelly Sandwich store downtown. The Whole Foods project at Works, Lucy, Ann Taylor Loft, Chipotle, and Scott County Hennepin and Washington is going through DSW Shoes outside on the plaza. with apartments above it. Borders and Williams The Scott County retail market is one of the Sonoma are closing their stores downtown. Crate Manley Development is developing a new smaller sectors, coming in at 2,088,975 SF. Barrel is vacating, but the space has already midsized retail center in front of a new Super The submarket experienced negative absorp been leased by Target Commercial Interiors. Wal -Mart in Vadnais Heights at the southwest tion of 82,413 SF, causing vacancies to rise corner of 35E and County Road E. Spaces will from 4.3% to 8.3 Northeast Minneapolis has the potential to be include junior box and small shop retail another Uptown. New housing and new stores Community centers performed the worst keep the momentum going. Looking ahead to 2008, the Northeast market with a negative 65,786 SF of absorption. is another area that is considered ripe for re- Neighborhood centers had negative absorp Northeast development. There are many properties that tion of 10,273 SF and regional centers were a could be available for conversion to a higher negative 6,354 SF. The Northeast market sector is 7,373,080 SF. and better use, like Roseville industrial prop This market experienced negative absorption 00: 11, 111111 Ilk III I r Anoka County Q4' -005 11 2,770,665 62,411 2,708,254 2.3% Community Centers Q4-'006 11 2,770,665 84,839 2,685,826 3.1% 22,428 Q4 2007 11 2,770,665 51,518 2,719,147 1.9% 33,321 Q4 2005 36 3,072,629 210,923 2,861,706 6.9% Neighborhood Centers Q4 2066 36 3,072,629 224,289 2,848,340 7.3% 13,366 Q4 2007 37 3,103,041 181,438 2,921,603 5.8% 2 73,63 Q4 2005 3 2,540,348 298,000 2,242,348 11.7%o Regional Centers Q4 2006 3 2, 540,348 128,044 2,412,304 5.0% 169,956 Q4 2007 3 2,540,348 147,718 2,392,570 5.8% 19,734 Q4 2005 50 8,383,642 571,334 7,812,308 6.8% Totals Q4 2006 50 8,383,642 1 437,1 72; 7,946,470 5.2 134,162 Q4 2007 51 8,414,054 380,734 8,033,320 4.5% 86,850 Dakota County Q4 2005 11 2,466,896 67,925 2,398,971 2.8% Community Centers Q42006 It 2,466,896 ,40,387,. ;2,426,509 1.6% Q4 2007 11 2,466,896 37,019 2,429,877 1.5% 3,368 042005 64 3,906 9ST 18,$57 3,724,094 4.7% Neighborhood Centers Q4 2006 64 3,906,951 295,915 3,611,036 7.6% 113,058 4 2007 b4 3,906,951 324;975 a 3;581,976 8:3% Q4 2005 4 2,173,000 31,134 2,141,866 1.4% Regional Centers Q+;906, 4 2,173,000 34,678.;.- 2,133,322 1.8 °6 r 4'k Q4 2007 4 2,173,000 29,947 2,143,053 1.4% 9,731 Q4200 5 19 8,546,W ,281 8,264,931 3.3% Totals Q4 2006 79 8,546,847 375,980 8,170,867 4.4% a 94,064 Q4, 2007 79`, 8,546,847 391,941 8,154,906 4.6% 261, 4 x S3.5uaA 2 Minneapolis Q4 2005 1 252,438 0 252,938 0.0% Community Centers Q4 2006 1 252,938 0 252,938 0.0% 0 Q4 2007 1 252,938 0 252,938 0.0% 0 Q4 2005 13 1,359,746 244,938 1,114,808 18.0% CBD Q42006 13 1,359,746 246,273 1,113,473 18.1% 1,335 Q4 2007 13 1,359,746 173,825 1,185,921 12.8% 72,448 Q4 2,005 33 1,966,409 137,807 1,828,602 7.0% Neighborhood Centers Q4 2006 33 1,966,409 129,591 1,836,818 6.6% 8,216 Q4 2007 33 1,966,409 52,207 1,914,202 2.7% 77,384 Q4 2005 1 407,428 0 407,428 0.0% 0 Regional Centers Q4 2006 1 407,428 0 407,428 0.0% Q Q4 2007 1 407,428 0 407,428 0.0% 0 Q4 2005 48 3,986,521 382,745 3,603,776 9.6% Totals Q4 2006 48 3,986,521 375,864 3,610,657 9.4% 6,881 Q4 2007 48 3,986,521 226,032 3,760,489 5.7% 149,832 Northeast Q4 2005 8 2,014,018 120,535 1,893,483 6.0% Community Centers Q4 2006 8 2,014,018 113,071 1,900,947 5.6% 7,464 Q4 2007 8 2,014,418 165,939 1,848,079 8.2°x6 52,868 Q4 2005 42 2,858,952 155,395 3,703,557 5.4% Neighborhood Centers Q4 2006 42 2,858,952 170,381 2,688,571 6.0% 14,986 Q4 2007 42 2,858,952 172,847 2,686,105 6.0% -2,466 sou L "Ii MINNEAPOLISIST. PAUL RETAIL JANUARY 1 2008 v For the most part, restaurant business in St. developed. The new hotspot will be along the Paul is stable. However, this past year there Highway 212 extension. The hard corners were three prominent closings which included: along this new road are seeing new develop- Fhima's, Margaux, and A Rebours. The new ments pop up. The road should be complete Lowry Theater opened up on Fifth Street. in the fall of 2008, at which time it will then become the new Highway 212. There is much pent up demand by retailers for space on Grand Avenue. Unfortunately The opportunities for retail in 2008 will be for the retailers, there is currently no space to along the new traffic flow that comes from be had. Consider that the few spaces that are the new highway. The road will open up traf- available have been met with resistance when fic to the ever expanding Southwest market. a national retailer wants to move in. This was A national developer is reportedly planning a noun Square setter priiraPa� otobat tn,KSCO�: most recently seen in the case where Noodles lifestyle center development in Chanhassen to ntv �asrsrukiCe+de"ttmlc> Co. tried to open a store on Grand and open in the coming years. was opposed by both the City Council and the Grand Avenue Neighborhood Association, Washington County Vacancies in the community centers jumped which are trying to preserve the locally based from 0.4% to 7.9 Rates in regional centers and unique retail experience. There is 4,785,609 SF of retail in the went up from 1.2% to 2.5 Neighborhood Washington County market. Absorption for centers rose from 11.7% to 13.1 In 2008, St. Paul retail expects to continue its the market was 38,687 SF in 2007. Vacancy slow and steady pace of absorption. There is fell from 6.0% to 5.2 St. Paul anticipation for a new restaurant to open at the Lowry sometime during the year. Neighborhood centers reported 43,354 SF of The St. Paul retail market is made up of absorption for the year and community centers 2,760,901 SF of space. The market had posi- There is promising retail potential on added another 5,238 SF. Regional centers had tive absorption of 30,769 SF and vacancy in the site of the Ford Assembly Plant in negative absorption of 9,905 SF. the market fell from 5.9% down to 4.7 Highland Park, but it will be several years before this site is redeveloped. Vacancy rates fell in neighborhood centers Community centers led the way with 22,188 from 11.2% to 8.4 9 /6. Community centers went SF and neighborhood centers contributed down slightly from 3.6% to 3.4% and regional another 8,851 SF. Regional centers remained Southwest centers rose from 3.2% to 4.0°x6. unchanged. The Southwest market sector is the larg- est retail submarket in the Twin Cities with The old Cottage View Drive -In site is being Vacancy in the community centers plunged 12,190,285 SF. The market experienced- replaced by a new PariPassu Companies de- from 3.1% to 0.2 Neighborhood centers 232,143 SF of positive absorption for the year. velopment. This development is scheduled to dipped down to 2.9 down from the 3.5% Vacancies rose from 6.8% to 7.6% open in 2010. at the beginning of the year. Regional centers remained unchanged at 17.6 Community centers were the strong perform There was a new Target that opened in ers for the Southwest market accounting for Woodbury, but the area in part is over re- 242,914 SF of absorption. Neighborhood cen- tailed. Despite this fact, developers are still NEW DEVELOPMENT ters accounted for an additional 19,021 SF of pushing for new retail in "this area where they absorption, while regional centers had nega- can achieve the density that makes sense. tive absorption of 29,792 SF. There continues to be major bridge work done Vacancy in the community centers rose from in Washington County. In the spring and sum m 2.0% to 7.8% due to Cedar Point Commons mer of 2008 MNDOT will be doing bridge coming online in 2007. Neighborhood center repair work on the Highway 61 Mississippi vacancies fell from 4.9% to 4.4 Regional River bridge. The Wakota Bridge on Interstate center vacancies rose from 8.8% to 9.3%. 494 over the Mississippi River continues to be under construction and the expansion is Eden Prairie is a hot area for new develop- scheduled to be complete in 2010, finally. ment, but is generally considered to be 95% z Y. K i Northeast tcontinued> Q4 2005 3 2,500,110 53,347 2,446,763 2.1% Regional Centers Q4 2C06 3 2,500,110 62,805 2,437,305 25% Q4 2007 3 2,500,110 168,477 2,331,633 6.7% -105,672 Q4 2005 53 7,373,080 329,277 7,043,803 4.5% Totals Q4 2006 53 7,373,080 346,257 7,026,823 4.7% 46,980 Q4 2007 53 7,373,080 507;263 6,865,817 6.9% 161,006 Northwest Q4 20Q5 1Z 3,766,146 283;454 3,483,292 7.5 °6 Community Centers Q4 2006 12 3,766,746 247,516 3,519,230 6.6% 35, 938 Q42007 12 3 106,95.3_ 3,660,693 2,8%' (41463 1 Q4 2005 51 3,765,560 324,203 3,441,357 8.6% Neighborhood Centers Q42006 51 3,765;560 414,885 3,350,675 11.0% -94682 Q4 2007 51 3,765,560 345,778 3,419,782 9.2% 69 107 Q4 2005 3 2 040,369 380,978, 1,654,391 18.7 Regional Centers Q4 2006 3 2,040,369 226,036 1,814,333 11.1 154 ,942 a,. Q4 2 OZ 3 104013'69 I9C�,823 1,843,546 9 :696 Q4 2005 66 9,572,675 988 635 8,584,040 10.3% TO 9;57267 ?.$x4... 8684123$ 9.3% OUNEW Q4 2007 66 9,572,675 648,654 8,924,021 6.8% Scott County Q4 2005 4 880,481 3,645 876,836 0.4% Community Centers Q42006 4 88048 3645 876,836 0.4% Q4 2007 4 880,481 69,431 811,050 7.9% 65,786 693 319 6'19 $9,5 2.0% k A 'Nei hborho6d Centers Q4 2006 8 693,319 80,794 612,525 11.7% 6 6,97 0 ...�9.7 6112.2,52 13.1% 12 Q4 2005 1 515,175 12,614 502,561 2.4% w Regional Centers Q400 I 515175., 66$ 508,907 la% 6346 Q4 2007 1 515,175 12,622 502,553 2.5% -6,354 Q4 2045 13 2,088,975 :30;1783 2,058, &92 1.4 ;Y Totals Q4 2006 13 2,088,975 90,707 1,998,268 4.3% 60,624 Q4.7007 13 2,088,975_ 173,120 1,915,855 8.3 82,413: St. Paul Q7A05`. 3 756,484 15,004 741.484 2.0 Community Centers Q4 2006 3 756,484 23,364 733,120 3.1% 836+ (142007 1 3 756,484 i ",176 755,308 0.2% Q4 2005 26 1,517,221 43,503 1,473,718 2.9% Neighborhood Centers Q4 2006 26 1,517,'_21 52,838 1,464,383 3.5% 9,335 Q4 2007 26 1,517,221 44,257 1,472,964 2.9% 8,58 Q4 2005 1 487,196 85,608 401,588 17.6% Regional Centers Q4 2006 1 487,196 85,608 401,588 17.6% 0 Q4 2007 487 85,608 401,588 17-6% Q4 2005 30 2,760 9 01 144,111 2,616,790 5.2% Totals Q4 2006 3Q 2, 16 S1Q 2,599,091 -5.9% Q4 2007 30 2,760,901 131,041 2,629,860 4.7% 30,769 Source: CoMe(s TR 1•�..- •s 00: West Selected Sh The West market sector is comprised of 7,283,982 SF of retail space. This submarket experienced Property Name� City, State Year Built Price/SF 43,451 SF of positive absorption, dropping va- can y 2.8, own from 34,o y g c to d a year a o Calhoun re N_ r ;.ter_. s. a Iyfx{tneapolis, MNe. w#` Pine Grove Marketplace C Grove MN 2006 $2 40 Regional malls contributed the most absorption Magte Ridgy Ctr_q, v „lisle Gmve by absorbing 41,760 SF of space. Community cen- Lino Lakes Commercial Ctr C ircl e Pines MN 200 $216 tens contributed 7,165 SF, while neighborhood Wayzata,V'44p Shop pes W 64 =t� 2 0 centers had negative absorption of 5,474 SF. Har Mar Mall Roseville MN 19W $ZOL C °ce Civet. Vacancy in the community centers fell from a Oakdal Village Oakdale MN X005 17� minimal 0.6% to an outstanding 0.1 /o. Regional P w t 0 0 Country Village Shopping Ctr lvf[nnet�nka, bft�f r"'fr33 centers cut their vacancy from 5.8 /o to 3.0 /o and neighborhood centers nudged upwards a hair t3take enCtt wy� a .r Northtown Village Gaon Rapids MN. from 3.6% to 3.7 <-s�'{.,r„} .r mss:. a.. �pv4'tt "°a'� ^vzx StadiamVtllaga Mfunea oTis MIFF Lg(77° ,_RL One way to describe the West market is that it 5 �t- has filled up nicely. CSM recently put in a new Unroersicy Litw .w xaaeap� 1 k Lowe's near the Plymouth Theater. L xi yt� r Presbyterian Homes is redeveloping a former re tail project in Wayzata that is being converted to senior housing. The plans also call for 140,000 WERAGE RENTAL RATES BY CENTER TYPE SF of retail and a hotel. M, wr In 2008 Plymouth will be an area of high de- ak tt 4TS 4 ��xES mand for retailers. The low vacancy and positive ZU i absorption will be a major draw. Duke is looking to build an 18 acre Lifestyle Center at Interstate 3 Yt 4 s' 394 and Highway 100. StGNIFICANT x ,H TRANSACTI 7 tt 1 >r ^k► Rr.MI LOW HIGH LOW ._rh 141dw- LOW Source: Minnesota Shuppmg Center Association t: s a• 1!: a Southwest Q4 2005 7 1392,380 30,911 1,361,969 2.2% Community Centers Q4 2006 7 7 13,92,380 28,190 1,363.690 2.0% Q4 2007 8 1,742,880 135,276 1,607,604 7.8% 242,914 Q4 2005 53 3,731,376 141,816 3,589,560 3.8 °fo Neighborhood Centers Q4 2006 53 3,731,376 184,257 3,547,119 4.9% 42,441 Q4 2007 53 3,731,376 165,236 3,166,140 4.476 k01 Q4 2005 5 6,716,029 244,468 6,471,561 3.6% Regional Centers Q42006. 6.716,029 593,618 6,122,41E _.345=. Q4 2007 5 6,716,029 623,410 6,092 619 93% 29 792 Q4: ZOOS 11,8485 417,195. 11,423,09Q Totals Q4 2006 65 11 840,285 806,065 11034 220 &8% -388,070 Q4,40 11,? '0 Washington County Q 2 4 005 1 X55 B20 Community Centers Q4 2006 8 1945 7_02 70,690 1,875,012 3 6% 126,182 04 2005 21 1561,192 185,760 1375 432 11.9% Neighborhood Centers_ Q4 2007 21 1,5611192 131,478 1,429,714 6.4% X 354 m� Reg�on�� Cen>+eers Q�4 2006 1278 n5 41 113 t �z bfl2 3 2 �a q Q4 2005 30 4,595;727 233,863 36T 8`6� 51% .f'" Q4 2007 31 4,785,609 247,948 4;537,601 5.2 West Q4 2005 7 1„591,045 0 1591,045" O.0% 7tr Community Centers. Q4 2Q07 7 1591,045 1,765 1 589 280 O 1% 71fr gg Nl ighborhood Centers Q4 2006 60 +,212,992 150,481 4,062,011 3 6% 39041 "'y'k. Y Sxu: .v..,., v _:dam "iw •11 +SSW u -.ry ae... Q42005 2 1479,945 66,363 1413,582 4.5% Regional Centers�. _.1,47994. 4 Z007 2 1479,945 44,363 1,435 582 3.0% 41 s �C1fa{S 42006 69 7,283,982 246,034 7,037 3.4% 10351 ..z... ,..a,.^rac.: ,fir.; 4... _.:tiiF3`" ..,.:t,wb: ._a•svx:.8" iia...,...mw.'A.(�,�T.�.:.<r@ d:�.:•u5r.� w Metropolitan Totals t 7. 7QT 7� Coixrmni ty CetlterS Q4 2006 72 17,837,855 620,632 17,217 X23 3.5% 160 73 I8 X33;855- 633 629 17,554,226 35% Q4 2005 13 1,482,238 261,126 1,221 112 17.6% CBD Q41l0Fr 't3 .1;39!746 244,938 1114,8Q$_ _ID9& Q4 2047 13 1359 746 244,938 1,114 808 18.0% 0 .1..27,! _t. Paw.�2k Neigh�Orhoot C-Onto -f Q4 2006 394 27,286,601 1,878,763 25,4-07,838 6.9% 292,653 Q4 2005 25 20,138„315 1,213,625 18,924 690 6.0% Regional Centers 4ZOE)7 25 20,138;315 1360,0_46 16,778269 68% 4 911753 Totals Q4 2006 504 66,622,517 4,013,626 62,608,891 6.6% 294 504 Q4 ?Afl7 _...9,2,90431 63,098 57 5 X96 3. 8 urc2: l.ot tens r MINNEAPOU Retail a 1 Planne U C ansvuc ti o rr 13 ilding Size (SF) Looking Ahead There are still many new retail develop Anoka County a ments in the proposed and planned stages. Andover, Mark etplace tQO Many will not move past that status in 2008. Best Buy Outlot 6 oQa $lain i�IA y Developments that do occur will be closer to the core of the city and not as far out. Blaine Retail3 Big box stores Like Wal -mart and Target will start to consider capital expenses more than Y 6 93rd Ave �QO, Btatte market share. This is driven by the shifting economic times, as well as a saturation of the market by retailers. F Landlords wilt be motivated to get creative WW u} 5,�, with their leases in 2008 by offering free rent or other incentives. This will be a better al- ;4 ternative to letting the space go dark and try �aCOt3 CtYU to fill it with new tenants in the economic climate. Tennants are pushing back on rent increases, citing the high real estate tax assess- ments being passed through to them on the z newer centers. Minneapolis r SIGNIFICANrTRANSACTION r ,lake Str>zee azui Atdrxch Avetsue �5 C�QQ pC} c Pen Crossen ZQ E14'Atteat i# 5uee'CC1� Northeast I egacy S6oppes ofL(aplewacui X9,Ot�Q r -XnS SF hummd to Odiw R••aar t 4 "v 3F K 1 P 2008 i J:- r Northwest Broadway Market 22,000 Monticello Steiner Development P Brooklyn Park Redevelopment 300,000 Brooklyn Park Beard Group P E Ridge Center u 100,000 E1kRtver WelshCompantes Fox Run 30,000 Maple Grove Kraus Anderson P LaBeaux Station 40,000 Albertville N/.a Clydesdale Marketplace 20,000 Medina Ryan Companies U/C National Market Center Commons 30,000 Blaine Continental U/C NorthBrook Village 33,000 Brooklyn Center Steiner Development P Oxbow Commons I50,000 Brooklyn Park Ramsay Corporation Park Place Promenade Phase I 90,000 Brooklyn Park H.J. Development U/C Par f ace Promenade Phase II 400,000: Brooklyn Park SolomonReal Estate Groin Shoppes of Pymouth Creek 250,000 Plymouth CSM Corporation U/C Sr- Michael Towne Centre 125,000 St. Michael Moen Leuer The Fountains of Arbor Lakes 728,000 Maple Grove Opus Corporation U/C The Grgve_ 2,500,000 Maple Grove` Ryan Companies Union Crosing 380,000 Monticello Ryan Companies U /C N�RlHWESTTotal R 4 06d. Scott County Sciuth $xt e Grcissn 'P ase lI it 157,1700 W�?P a Slcope� sxnl ..•,s, SCOTT Total 157,000 Southwest 50th France 22,000 Edina Haughland Companies LSeat Lakes x Ma 3 ee ��V- a France Ave Redevelopment 65,000 Bloomington Scott Cooper P' Fraaee s e Theater "Redevel0 1TL w$ A y£ P Ed ;na Stattbach r Mall of America Expansion 870,000 Bloomin Ghermezian Brothers P Thy Point 26,000:__ B1oQuiingtort Welsh Companies Y .1 Village on the Ponds 50,000 Chanhassen Lotus Development P Village on the Ponds Phase II 50,000 Chanhassen Lotus Development R P_ SOUTHWEST Total 1,393,000 Washington County Cottage View Plaza 660,000 Cottage Grove PariPassu Companies P Oak Park Commons 200,000 Oak Park Heights C$14 Corporation Oakdale Marketplace Phase I 150,000 Oakdale Hempel Properties U/C Oakdale Marketplace Phase IT 125,000'" Oakdale Hempel P` Otsego Waterfront 30,000 Oak Park Heights LandCor, Inc. 5247 U/C Wedgewood Village 61,000 Mahtomedi Capital Growth Woodbury Marketplace Phase III 75,000 Woodbury Hawkins Company U/C !czodbury:SuperTarget 400,000 Woodbury- JMW Development, LLC. 1 n ^aeYka WASHINGTON Total 1,701,000 West Hi 55 Northwest Boulevard 22,000 Plymouth CSM Corporation P Stcine Ba y 22 000 _F C7ranq Hempel Properties WEST Total 44,000 Grand Total: 1 2,273,000' saU74ce: x a Notwithstanding the usual challenges of devel- It is often the case in today's economic environ- Twin Cities community does not view itself as a opment with construction costs, city councils, ment that any conversation about commercial real strong gateway city for foreign travelers. With the and lender requirements, a hotel owner has to estate quickly turns to the turmoil in the credit Northwest Airlines hub, the Mall of America, and wrap their thinking around the fact that a hotel markets. So far, the hospitality lending markets our general perception as a safe community, the involves several hundred lease transactions per have continued to proceed, although with higher Twin Cities is well positioned to take advantage night. Ultimately, hotel operators have to focus costs and much more risk analysis. The credit tur- of the Euro's, Yen and other foreign currencies their resources on everything that motivates a cus- moil has removed dollars from the leisure travel that will appear. The LRT, and its connecting of tomer to make a "yes" decision in about 45 sec- segment and this is impacting some areas of the the airport, mall and downtown core, is a familiar onds. This is not as easy as it may seem: However, country with significantly lower occupancies. and comfortable device for travelers from Europe when it comes to the "yes" factor, the Twin Cities Florida and California are good examples. This and Asia. To foreign travelers, it makes Minnesota is changing in a dramatic way. has not been witnessed in Minnesota to any large accessible and modern. The LRT will be the rail degree yet. It does not appear, yet, that the higher that brings those Euros and Yen downtown. In 2007 the Twin Cities saw total hotel revenue cost of transportation fuels has severely reduced increase by 7% to $836,000,000. Occupancy, travel in Minnesota. For that matter it may help In 2008, we foresee continued growth in upscale however, did not follow this trend and came in this area as people will spend their dollars closer and luxury markets. We advise that hoteliers fo- at 67.5% through November, which represents a to home rather than further away. cus on marketing in foreign markets and service gain of only one half of one percent over 2006. to foreign customers. We recommend aggressive This occurred while the number of room nights The final item, which will be of the greatest im- attention to quality as the expectations of the available over the course of the year increased portance, is the effect of the devalued dollar. The traveling public continues to rise. by roughly 265,000. Digging deeper we see that Average Daily Rate, increased only $4.75 ,the to $98.80, which is a 30% decrease in growth compared to the previous two years. Revenue per Selected Hotel Sale Transactions Available Room or RevPar increased almost $4. This is equal to the gain in 2006. Year Property Name City, State $/Unit Units Minneapolis and St. Paul are witnessing the larg- est lodging expansion in their history. With the `r t a 'opening of several new hotels in 2007 and the w Hampton lnn Bloomington, MN $53,192 ;130fii'. rr scheduled opening of even more in 2008, the n c- ,r Y Cities will have more new rooms on the MinneapoliiMarriottSouthwest Hopkins, MN $137;850 321 Twin market than ever before. More importantly, the u quality and rate class of these new rooms is going Super 8 Motel Roseville, MN $24,230 180 I48L` Lip, and demonstrates a significant increase in the Source: Colliers 'willingness of the customer to spend more. HOTELTRENGS 0 ADR REVPAR OCCUPANCY Not only is there an expansion into new upscale $100 hex products, there is also a significant upgrade un- derway of existing hotels. With several major $80 properties changing ownership, large renovation $60 64% projects have begun that will significantly upgrade $40 .62% ,the quality of supply. S20 6 0 2001 2002 2003 2004 200S 2006 2007 Source: Smith Travel Research f l t, {'t l b .+i.l Idl Li «�}'IIf��l� The 2007 Twin Cities apartment market con- will remain steady with small rental rate in- tinued its decrease in vacancies for the third creases. Condo owners looking to lease their straight year. Overall vacancies are at 3.6 properties are offering reduced rents, lease -to- down from 4.0% one year ago and 5.6% two own opportunities, and no association fees; years ago. Two driving factors for the lower as a result, the condo market will have some vacancy rates are the continued housing strug- impact on occupancy and rent increases pri- gles and lack of new construction. marily on CBD properties. The current all time record of vacant houses and condos on '"2�OQ"f Why haven't we seen much new construction? the market is decreasing home values, which There are several reasons. To support new stick in turn reduces the gap between mortgage fiV frame construction, typically a developer will payments and rental payments. This could VACANCYAATE s need to achieve rents in the $1.50 /sf range, begin to impact suburban multifamily rental ETi�651RPTt ©N and closer to $2.25/sf for mid or high rise proj- increases in 2008. ects. Rents in our market haven't increased CQNS't'RU1QN enough to justify new construction, except Even though apartment market fundamentals in urban infill locations such as Uptown or are healthy, pricing and deal volume have been RENTAL RATS �0 along transit oriented districts. In addition, affected by the debt markets. The activity level a� the lack of available suburban apartment nationally is down by 19 the lowest level sites has frustrated developers eager to meet since February of 2005, and the credit crunch the rental needs in those communities, many has made financing more difficult and more which have vacancy rates in the 2 to 3/o rang- expensive. Credit restrictions have also made es. Municipalities have favored "for sale or financing difficult for land acquisitions and z mixed use developments verses "rental hous- new developments may be hindered going for ing which inspires neighborhood opposition ward. The increasing concerns of a possible to high density development and hampers the recession may cause developers to delay proj- entitlement process. ects. Land then may be heading for a more significant price reduction. With stabilized local occupancy and little planned new construction, occupancy rates Multifamily Projects —Plann Under D eveloper Property Name City, State Number of Units COMERS TURIZ s T�ebfuraLii a4Tyn'LaTce Stan tiil 7 fiusason� Commercial Real Estate Servues z Kenyon Qloods T.atievilk, MN 7S tone r a� uFFay w 7 Y Selected Apa rment S Tr Through year end 2007, cap rates for apart- Year openy Narrie� city, State $JUnit Units Built ments remained stable because of the lack of investment grade multifamily product on t t he tica�o t otgtwnM }nnP� market. Newer properties average at 6.0% BryanE Iwneapois cap, 1990's vintage averaged 6.7% and pre Foutkkwtrtfi 1980 projects move in the 7 to 7.25% range. Sytttp[iony Place4ltnrteapolts MI+I The Tttrt f .CJ! f Btoomtn eon Glen town home Many of the active buyers in 2007 include the gittateagolts,t 1¢� Fc birti6kT Aeaes` f fol lowing names Sherman Associates, Ted X q Bigos, Stuart Corp, Lang Nelson, Invesco �gttfders Senior Ltvtngeai �ak:lvt: aan'hatcts and IRET. Investors are increasingly weigh 'a a in r laeement cost in addition to a more Parkas Apaslt3tleatS:` �z u g traditional cap rate approach when analyzing �3umtnrt ree 'r x a isitions. ea volume potential acquisitions. picks up r in 2008, we expect to see cap rates increase Lemay Lake 25 to 50 basis points in our market. With the r dollar at all -time lows, we are beginning to see 5 3 Ram�$tves r changes in the profile of buyers for US com- mercial real estate. Cash buyers are gaining s He market share and negotiating leverage. These and other factors are continuing to drive de- mand for Multi family properties. Parksiwrt Estattes MM Internattonal "Sli$age Csare-at afi GsatewagxaeS3zd NEW DEVELOPMENT CAP F Sale Prices Rates by Prope Ty K Camerata Developer. Camerata LLC y St. Louis Park, MN Size. 220 Units NATIONAL AVERAGE MARKET AVERAGE 02 03 04 t Source- R,aJ t.apital.Anal ttcs s.. r. V Appearances by taxpavers with an appointment Abraham Lizeth Montemayor 5307 Knox Avenue N. PID 02- 118 -21 -44 -0066 Randy Patricia Snodgrass 4741 Twin Lake Avenue N. PID 10-118-21-32-0043 i William Kenny 7036 Willow Lane PID 25- 119 -21 -44 -0023 Evelyn Pallas 6006 Ewing Avenue N. PID 03- 118 -21 -12 -0022 Mr. Mrs. Abraham Montemavor 1 5307 Knox Avenue N. An interior review was completed by the Assessor's office on April 9, 2008 and an appraisal report has been included. Mr. Montemayor has not provided any market information regarding the valuation of his property. Mr. Montemayor mentioned the sale of a neighborhood property across the street from the subject, at 5310 Knox Avenue N., for $45,500. This sale was reviewed by the Assessor's office, and Hennepin County and found to be a non -open market transaction. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 1. A. Owners statement of estimated market classification and O ed t value or classi presentation of factual information regarding the property. B. Questions addressed to the owner regarding the market value or classification. 2. A. Assessor's statement of value or classification and presentation of factual information regarding the property. B. Questions addressed to the Assessor. 3. Action b the Local Board of Appeal and Equalization Y PP q Local Board of Appeal may select one of the following: A. Make no change and sustain the 2008 estimated market value or classification. B. Reduce the 2008 estimated market value. C. Increase the 2008 estimated market value. Mr. Mrs. Randv Snodgrass 4741 Twin Lake Ave N. An interior review was completed by the Assessor's office on April 14, 2008 and an appraisal report has been included. Mr. Mrs. Snodgrass have not provided any market information regarding the valuation of his property If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 1. A. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. B. Questions addressed to the owner regarding the market value or classification. 2. A. Assessor's statement of value or classification and p resentation of factual information regarding the property. B. Questions addressed to the Assessor. 3. Action by the Local Board of Appeal and Equalization Local Board of Appeal may select one of the following: A. Make no change and sustain the 2008 estimated market value or classification. B. Reduce the 2008 estimated market value. C. Increase the 2008 estimated market value. Mr. William Kennev 17036 Willow Lane An interior review was completed by the Assessor's office on April 18, 2008 and an appraisal report has been included. Mr. Kenny has not provided any market information regarding the valuation of his property If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 1. A. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. B. Questions addressed to the owner regarding the market value or classification. 2. A. Assessors statement of value or classification and presentation of factual information regarding the property. B. Questions addressed to the Assessor. 3. Action by the Local Board of Appeal and Equalization Local Board of Appeal may select one of the following: A. Make no change and sustain the 2008 estimated market value or classification. B. Reduce the 2008 estimated market value. C. Increase the 2008 estimated market value. Ms. Evelvn Pallas 6006 Ewina Avenue N. f An interior review was completed by the Assessor's office on April 21, 2008 and an appraisal report has been included. Ms. Pallas provided three market analysis packets for the property located at 6006 Ewing Avenue N., which have been included for your review. Ms. Pallas returned her appeal application along with market information by April 18, 2008. The market information submitted by Ms. Pallas with the appeal application included a market analysis from Gail Zewers, dated April 17, 2008 and additional copies of MLS sales data. The market analysis included a total of four sales that were not considered open market transactions from the sale study period. All four sales were outside of the ratio study period, and three of the sales were considered bank/forced sales, which are not considered open market. Additional MLS sale information was submitted by Ms. Pallas and included six open market sales with a cash equivalent sale price range of to $179,000. However, the sale at 6636 Dupont Ave N, originally sold 11/1/06 for $175,000 as included in her data, but resold 1/22/07 for $225,000. A third market analysis was submitted by Evelyn Pallas, again by Gail Zewers, on April 28, 2008. Of the four sales submitted only one sale was during the sales study period, 6237 Bryant Ave N., with a cash equivalent sale price of $166,000 per CRV. The remaining three sales occurred after the study period. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 1. A. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. B. Questions addressed to the owner regarding the market value or classification. 2. A. Assessor's statement of value or classification and presentation of factual information regarding the property. B. Questions addressed to the Assessor. 3. Action by the Local Board of Appeal and Equalization Local Board of Appeal may select one of the following: A. Make no change and sustain the 2008 estimated market value or classification. B. Reduce the 2008 estimated market value. C. Increase the 2008 estimated market value. Appearances by taxpavers without an appointment The following format is recommended for each walk -in appeal. Please state owner(s) name and address. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Questions addressed to the owner. Assessor's statement of estimated market value or classification and presentation of factual information regarding the property. Questions addressed to the Assessor. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: Refer the appeal t h A f interior review of the property pp o the Assessor's office or an p p y and Assessor's recommendation at a Local Board reconvene meeting within 20 days. Make no change and sustain the 2008 estimated market value or classification. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. Consideration of written appeals The following format is recommended for each written appeal. Please state owner(s) name and address. Review Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Assessor's statement of value or classification and presentation of factual information regarding the property. Questions addressed to the Assessor The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: Refer the appeal to the Assessors office for an interior review of the property and Assessor's recommendation at a Local Board reconvene meeting within 20 days. Make no change and sustain the 2008 estimated market value or classification. If the owner is not satisfied with the outcome of the Local Board of Appeal the may t o tc pp y y appeal to the County Board of Appeal and Equalization. Taxuavers with written appeals David Trepanier 5801 Knox Avenue N. PID 02- 118 -21 -14 -0020 Country Inn Suites 2550 Freeway Blvd. PID 35- 119 -21 -24 -0008 Brookdale Corporate Center I BCC Associates, LLC 6300 Shingle Creek Parkway PID 35- 119 -21 -43 -0007 Brookdale Corporate Center II BCC Associates, LLC 6200 Shingle Creek Parkway PID 35- 119 -21 -43 -0008 Oak City Brooklyn Center Grill, LLC 2590 Freeway Blvd PID 35- 119 -21 -24 -0007 Franz Engineering Franz Family Properties, LLC 2781 Freeway Blvd. PID 35- 119 -21 -23 -0086 Mr. David Trepanier 5801 Knox Ave N. An interior review was completed on 3/27/2008, and a copy of the appraisal report has been included.. A copy of the Mr. Trepanier provided an appraisal report dated 2/22/2008. The front cover and scope of the appraisal appraisal had been removed to indicate the purpose of appraisal. All comparable sales included in the appraisal were sold by the bank during the foreclosure process and do not meet definitions of open market, arms length transactions. There was no information provided in the appraisal regarding inclusion /exclusion of the subject or comparable properties in the vapor study area. The appraisal indicated a value of $150,000, but was not considered as it was not representative of open market transactions. Mr. Trepanier has requested that his appeal be read before the board as he is currently out of state. A th copy of the documentation provided to the public for the Logan and 57 Vapor Study and an information sheet on wells was included in the report to address Mr. Trepanier's additional concerns. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. t 1 A. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2 A. Assessor's statement of value or classification and presentation of factual information regarding the property. B. Questions addressed to the Assessor. 3. Action by the Local Board of Appeal and Equalization Local Board of Appeal select one of the following: A. Make no a or change and sustain the 2008 estimated market value u classification. B. Reduce the 2008 estimated market value. G. Increase the 2008 estimated market value. r Country Inn Suites Mr. Joel Mevers 2550 Freewav Blvd. Mr. Meyers is an employee of The Meers Group, representing Country Inn Suites in a valuation appeal. Mr. Meyers has been working with the Assessor's office since 2007 regarding the valuation of the Country Inn Suites. The Meers Group is located in Monmouth Beach, New Jersey. With the permission of Mr. Meyers, an interior review was completed on 4/15/2008, with Ms. Sharon Friedli- Welter, General Manager of the Country Inn Suites. An appraisal report has been included with this report, in addition to copies of correspondence with Mr. Meyers. Due to the confidential nature of net rentable area, income and expense data, the information was reviewed and analyzed by the City Assessor, but not included in the report. Market information has been used in all reports as data privacy protects this information. Mr. Meyers is unable to attend the meeting, but he has submitted the appeal application, appeal letter, market information and income and expense information. Country Inn Suites has consented to disclosure of the income information provided to the city with this appeal, and has requested that the information be distributed to the board on Mr. Meyers behalf. A letter of authorization has been included in this packet that gives The Meers Group the authority to file an assessment appeal on the owners' behalf. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 1. A. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2 A. Assessor's statement of value or classification and presentation of factual information, regarding the property. B. Questions addressed to the Assessor. 3. Action by the Local Board of Appeal and Equalizabon Local Board of Appeal select one of the following: A. Make no change and sustain the 2008 estimated market value or classification. B. Reduce the 2008 estimated market value. C. Increase the 2008 estimated market value. Brookdale Coroorate Center I Mr. Stewart Stender 6300 Shinale Creek Pkwv Mr. Stender is an employee of The Stewart Lawrence Group, representing BCC Associates LLC in a valuation appeal, Mr. Stender contacted the Assessor's office by phone on April 22, 2008 regarding the 2008 valuation of the Brookdale Corporate Center I office building. Mr. Stender was informed that appeal information applications were to be completed by April 18, 2008, to be placed on the agenda. Mr. Stender was advised to appear before the board or submit a 9 Pp written appeal. The Assessor's office received a faxed appeal letter and application that has been included with this packet. Mr. Stender has requested that the appeal letter be read at the Local Board of Appeal and Equalization but referred to the County Board of Appeal and Equalization. A review of the property by the City Assessor has not been completed. As of this date, Mr. Stender has not provided market comparables or income information on this property. A brief appraisal report has been included for this property. Due to the confidential nature of net rentable area, any reference to net rentable area or actual income and expense has been removed for this report. General office market income and expense data has been used in the appraiser's report, as data privacy protects the actual information from being included in the report. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 1. A. Read the Owner(s) request to continue the appeal of the estimated market value or classification to the County Board of Appeal and Equalization. 2 A. Assessor's statement of value or classification and p resentation of factual information regarding the property. B. Questions addressed to the Assessor. 3. Action b the Local Board of Appeal and Equalization Y PP q Local Board of Appeal select one of the following: A. Make no change and sustain the 2008 estimated market value or classification. Recommendation for property owner to continue to the County Board of Appeal and Equalization. B. Reduce the 2008 estimated market value. C. Increase the 2008 estimated market value. Brookdale Corporate Center 11 Mr. Stewart Stender 6200 Shingle Creek Pkwv t Mr. Stender is an employee of The Stewart Lawrence Group, representing BCC Associates, LLC in a valuation appeal. Mr. Stender contacted the Assessor's office by phone on April 22, 2008 regarding the 2008 valuation of the Brookdale Corporate Center II office building. Mr. Stender was informed that appeal information applications were to be completed by April 18, 2008, to be placed on the agenda. Mr. Stender was advised to appear before the board or submit a written appeal. The Assessor's office received a faxed appeal letter and application that has been included with this packet. Mr. Stender has requested that the appeal letter be read at the Local Board of Appeal and Equalization but referred to the County Board of Appeal and Equalization. t A review of the property by the City Assessor has not been completed. As of this date, Mr. Stender has not provided market comparables or income information on this property. A brief appraisal report has been included for this property. Due to the confidential nature of net rentable area, any reference to net rentable area or actual income and expense has been removed for this report. General office market income and expense data has been used in the appraiser's report, as data privacy protects the actual information from being included in the report. if the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 1 1. A. Read the Owner(s) request to continue the appeal of the estimated market value or classification to the County Board of Appeal and Equalization. 2 A. Assessor's statement of value or classification and presentation of factual information regarding the property. B. Questions addressed to the Assessor. 3. Action b the Local Board of Appeal and Equalization Y PP Local Board of Appeal select one of the following: A. Make no change and sustain the 2008 estimated market value or classification. Recommendation for property owner to continue to the County Board of Appeal and Equalization. B. Reduce the 2008 estimated market value. C. Increase the 2008 estimated market value. Brooklvn Center Grill. LLC Oak Citv 2590 Freewav Blvd. Mr. Dorsey, of Leonard, Street and Dienard, contacted our office by letter on April 10, 2008 regarding the 2008 valuation of the Oak City restaurant. The property is currently under appeal for the taxes payable in 2008, and Mr. Dorsey would like a review of the 2008 estimated market value based on the actual long term lease recently signed by Brooklyn Center Grill, LLC. With the permission of Mr. Dorsey, an interior review was completed on 4/18/2008, with Mr. Dan Gelb, of Plaza I, Inc., and one of the representatives for Brooklyn Center Grill, LLC.Suites. An appraisal report has been included with this report. Due to the confidential nature of net rentable area, income and expense data, and lease information, the information was reviewed and analyzed by the City Assessor, but not included in the report. Market information has been used in all reports, as data privacy protects the actual information from being included in this report. Mr. Gelb is requesting the appeal be read before the Local Board of Appeal and Equalization, as he is unable to attend the meeting. A copy of the appeal application and request for review has been included in this report. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 1 A. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2 A. Assessor's statement of value or classification and p resentation of factual information regarding the property. B. Questions addressed to the Assessor. i 3. Action by the Local Board of Appeal and Equalization Local Board of Appeal select one of the following: A. Make no change and sustain the 2008 estimated market value or classification. Recommendation for property owner to continue to the County Board of Appeal and Equalization. B. Reduce the 2008 estimated market value. C. Increase the 2008 estimated market value. I I Franz Emineerina —Allen Franz 2781 Freewav Blvd. Mr. Franz is representing the Franz Family Properties, LLC, in a valuation appeal of 2781 Freeway Blvd. Mr. Franz contacted the Assessor's office on April 29, 2008 regarding the 2008 valuation of the Franz Engineering property. Mr. Franz requested a copy of the appeal application be faxed to him, as he is temporarily out of state. The fax information was requested by Mr. Franz to be sent to three different fax numbers as we were having difficulty getting a faxed document sent to the numbers he had given. The final fax was sent to a copy business and we received a receipt confirming delivery. Mr. Franz submitted a letter and application for appeal on April 30, 2008. The letter references a value of $2,070,000 which is the 2007 assessment. Mr. Franz can only appeal the 2008 estimated market value of $2,190,000, which represents a 5.7% increase in Mr. Franz's market value, not a 20.7% increase as stated in the letter. Mr. Franz indicated that he would be returning on May 6, 2008 and could provide an interior review of the property and income and expense data at that time. Mr. Franz was informed that the application or an appeal letter must be returned prior to the meeting of the Local Board of Appeal and Equalization on May 5, 2008, in order for his appeal to be heard A review of the property, market comparables and income and expense information has not been completed by the City Assessor. A brief appraisal report has been included for this property. Due to the confidential nature of net rentable area, any reference to net rentable area or actual income and expense has been removed for this report. General warehouse /office market income and expense data has been used in the appraiser's report, as data privacy protects the actual information from being included in the report. A copy of our facsimile receipt has included with this report. i As Mr. Franz is unable to attend the meeting, he has requested that his appeal application be read before the Local Board of Appeal and Equalization If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 1. A. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2 A. Assessor's statement of value or classification and presentation of factual information regarding the property. B. Questions addressed to the Assessor. 3. Action by the Local Board of Appeal and Equalization Local Board of Appeal select one of the following: A. Make no change and sustain the 2008 estimated market value or classification. B. Reduce the 2008 estimated market value. C. Increase the 2008 estimated market value. Set the date of the Local Board of Appeal and Equalization reconvene meeting. The Local Board of Appeal and Equalization must reconvene by May 25, 2008, if a reconvene is necessary. s; May 2008 ]une i �x P d 9' M T W T S M T 14t T F S 4 5 6 7 8` YU 8 9 10 11 33 19 z 11 i2 i 14 fr Y? 22 -.ib 17 10 21 28 27 28 29' 2J3 24 26 Sunday Monday Tuesday Wednesday Thursday Friday Saturday Apr 27 28 29 130 May 1 2 3 f 10:00am Bid Opening M 6:30pm Planning Com N s Q 4 5 6 17 8 9 10 10:00am ARM Comm 0 fa ro I 11 12 13 114 15 16 17 6:00pm BC City Coun 11:00am Community E 2:00pm EBHC Water 6:00pm City Council P 6:30pm Planning Com 18 19 20 121 22 23 24 2:30pm City GIS Usei N r-1 T f0 25 26 27 128 29 30 31 6:00pm BC City Coun 11:00am Community E 6:30pm Planning Com 6:00pm City Council f Ln N rO BC- RES- Council Chambers 1 4/29/2008 5:59 PM I 04/16/2008 17:26 5052125959 ABRAHAM MONTEMAYOR PAGE 01101 J CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2008 Assessment APPLICATION FOR APPEAL March 17, 2008 through April 18, 2008 You must return this aoolication by Aoril 18. 2008 to be placed on the Agenda for the Local Board of Appeal and Equalization May 5, 2008, 7.00 P.M. Name (s) Afla6m Daytime Contact Number. Property Address 5 3 03 l 3d 7 X(9YAO� Property Identification Number 2008 Estimated Market Value p tr a 55? 5 So✓' Z q:; 7 l What is the reason for your 2008 assessment appeal? rvalke Av SE 5e �Or r iCc n4�'� When did you purchase y our home? Date of Purchase r0o05 Purchase Price�P-3 Have you changed your property since the purchase? (maintenance, upgrades, i remodeling or structural damage) Please list a brief description below with an estimated cost. ye p f l i S U nc Cc' I1 �(n? �j'r �'!?f, t,.�rE i 2 7 '7 r 7�n �`7� u �J Grp n-�'7 J Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes or o If so, what was the determination of value? Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required. Review Of Ave 5303-530 Kno 44 0066 2118 21 For Abraham Niontem Board of Appeal and Eq 2008 r i A 1 jai 4F.. ZQ City of Brooklyn Center A Millennium Community TO: 2008 Brooklyn Center Local Board of Appeal and Equalization Y pp q RE: Abraham Montemayor 5303 -5307 Knox Ave N. Brooklyn Center, MN 55430 Mr. Montemayor contacted our office on April 8, 2008, regarding his 2008 valuation notice. His concern was the combined valuation of his two homes located at 5303 and 5307 Knox Ave N. (single PID). Mr. Montemayor felt the 2008 estimated market value of $243,700 did not represent what his property would sell for if marketed. He was directed to schedule an interior review with an appraiser and have a market analysis completed by a local realtor. To date, the assessor's office has not received any market information from Mr. Montemayor. An Appraiser from the Assessor's office reviewed the Montemayor properties on April 9, 2008 and made changes to the physical characteristics. A significant change was the demolition of the original detached garage on the parcel. This change represented a value reduction of $6,000 to the total market value of the property. This reduction would bring the market value to $237,700 for the 2008 assessment. Mr. Montemayor was called April 1 with an offer to reduce the 2008 estimated market value to $237,700 Mr. 0, 2008 ce Montemayor declined this offer, and indicated his intention to continue his appeal before the Local Board of Appeal and Equalization. The subject property has two single family homes located on a double sized lot. The lot is considered oversized for the neighborhood area. Due to the complexity of this property having two structures on a single lot, there were no identical comparable sales available. Two sales comparable grids have been enclosed addressing both 5303 Knox and 5307 Knox as individual single family homes. The original home, addressed as 5303 Knox has been compared to similar rambler homes as it is currently occupied and considered g in average condition. These rambler sales were adjusted for the removal of the site value, to address the value of the structure only. The reduction amount for the lot value was based on a recent residential lot sale in Brooklyn Center from the sales ratio study period. The sale documentation has been included in this packet. The indicated range of value for the original structure, reduced by lot value, is $54,400 to $79,200. The assessor's office has a value of $59,000 for this structure. The newly constructed home at 5307 Knox is considered partially complete. The sales comparable grid for this property compares two story homes from Brooklyn Center. The value f this home complete is 238 500 which falls in the indicated ran of assessed o as co p 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 www.cityofbrookl�Wcenter.org value of $223,000 to $276,400. This value minus the lot value of $73,500 indicates a completed structure value of $165,000. The structure value has been calculated at $105,200, to indicate a partially completed value. Mr. Montemayor's building permit for the single family home indicated a valuation estimate of $160,000. The planning commission and city council indicated that the original structure was to be demolished. As of January 2, 2008, only the garage has been razed, and the valuation must include all existing real property. The estimated market value is based on the value of both existing structures and lot as of January 2, 2008. The total estimated market value of the subject property includes the oversized lot at $73,500, the original home of $59,000 and the partially completed home of $105,200, for a total of $237,700. It is staff's recommendation to reduce the 2008 estimated market value of $243,700 to $237,700 for taxes payable in 2009. Respectfully, Nancy k, SAMA City Assessor SUBJECT PROPERTY 5303 5307 Knox Ave N Abraham Montemayor PID# 0211821 440066 C C r Land Characteristics Land Area 11,759 sq. ft. 2008 Land Value $73,500 2008 Building Value $170,200 Both Structures TOTAL 2008 EMV $243,700 Building Characteristics Listed Separately Hennepin County Property Map Print Page 1 of 1 Hennepin County Property Map Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and Is not responsible for any misuse or misrepresentation of this information or its derivatives. F 5322,: a 5322 5319 10 a 5316 (74� o a CD Ln L0 5315 Ix A 4 I I 9 5311 3 5310 CD (73) j j° (67) Ln i 5316 5310 8 2 X 72 `Ln I a o LID Lc' I 5306 I I 5307 (66) I lj a 1 a a (71) j Ln 5300 19 119 5300 i l I 53RD AVE N c I 1 I 5254 LOT 1 5259 00 l Selected Parcel Data Date Printed: 4 /22/2008 11:53:33 AM Parcel ID: 02- 118 -21 -44 -0066 Current Parcel Date: 4/11/2008 Owner Name: ABRAHAM LIZETH MONTEMAYOR Parcel Address: 5307 KNOX AVE N BROOKLYN CENTER MN 55430 4 Property Type: RESIDENTIAL Sale Price: $134,200.00 r Homestead: HOMESTEAD Sale Date: 06/2005 Sale Code: OTHER SEE CERT Area (sgft): 11759 I i I Area (acres): 0.27 i A -T -B: TORRENS Market Total: $245,200.00 E I Tax Total: $3,331.40 t i i� hnp:// gis. co. hennepin.mn.us/HCProper 0211821440066 4/22/2008 1 GIS Pro perty Data Br ooklyn i i• t .gam Property ID House# Street Name Unit I 1 Multi- Address record(s) on file Today's date: 4r2t2008 7 Photo(s) on file Release: 1.04 -01 K f 02118 -21 -44-00 EE; Address: 1 f5307 Knox Ave ti Logg on user: JBRENN, 1 1 1 Sketch(es) on file (Assessina Jill Brenna fFDS.�' Single PID 1 Parcel Search 2 Clear f 3 Print 4 View Photos Assessor Comments on file Special Assessment Comments on file Parcel Status: P.GTI4'E I Parcel Administration Values Administration o Values Information 5ave D Clear Delete New Sub TOH MLMV Homestead Update Last Appraised Year Up& Assessment Year: 1 2008 Version: j r�. Current: Initial Assessment LMV Update x Tax Capacities Update TOH Update PID: 02- 118 -21 -44 -0066 Subrecord: R Type: 1 of 1 Pro T e: R Residential v _J Last Appr Year. 2004 Sales Administration Property Characteristics Prim /Sec CD: I v P/S PID: Coop CD: v I Coop PID: and Inspections Exempt Deferred Information I Miscellaneous Information Homestead Information Residential Commercial /Industrial Code: v I W. Notice Sent Partial Const Hmst CD Pct Owner: 1100 Multi Family Type: v I I Ag Use r EMV f Mid Year Hmst Hmst Rtn: Field Card Print U LAMA Year: r 10 Acre Contig Ind r Rel Hmst Hmst FTP: N v 1 Special Assessments r 320 Acre IF Proj Nbr r Hmst CRV Filed Reports and Inquiries District: Neighborhood: 10054 r Min Assess System Reports Property I Last Sale: 6/29/2005 $134,200 System Reports Assessn Market Values 24 Value History Records Local Reports Land: 73,500 Improve Amt: Year j Sub Ver i La Bldg Total Mkt Imp Amt. Ad -Hoc Query 1 1 73,500 170 243 ,700 0 LOGIS Map Bldg: 170,200 LMV: !t 2007 1 i 1 70,000 175,200 245,200. 52,600 Public Property y Summar y Mach: TOH: Non Public Property Sumr 2006 1 1 68,800 124,400 193,2 51,7 Database Utilities Total: 243,700 Taxable Mkt: 243,700 2005 1 1 53 000 88,500 141,500 0 2004 1 1 37,300 8 0,600 117,900 0 Tax Capacity 2003 1 1 27,300 78,300 10 0 Tax Capacity: 2 q37 2002 1 1 27 ,700 64,000 91,700 0 F_ Do Not Calc Tax Capacit _2_001 �1 26,100 56 83,000 0 j Trial Market Values 2000 1 1 22,900 31,900 54,800 0 4,80 Land: I 73,500 Total: 248,700 1999 1 1 21,500 31 ,900 53,400 0 Bldg: 175,200 1998 1 1 21,000 32,400 53,400 0 7 �97�� I. 1 -)q ann A record(s) on f ile Today's date: 4122)200 Knox Ave N 1 Sketch(es) on file (Assessina Jill Eitenna (PDSP Address: 15307 A_�sessor comiTients on file 2 Clear 3 Print 4 View Photos I p c _qatus: AC�TIVE Single PID 1 Parcel Search Special Assessment Commerks Uri I ile Parcel Administration CAmA inquiry �Lj Values Administration Manual Assessment ManualLand Values Information Sessiment Year: 20030 Homestead Update As Last Appraised Year L, Building I Land I Summary I—\ TOH Update Total GBA� 2320 Agei 12 Zoning: JR2 Sales Administration -I p Characteristics $49.08 Field Card Print Adjusted T otal: $131,376 CAMA tio Doom 7� CAMA Inquiry $31,152 G a(age: $6,S52 Dormers: so Pa Market Value Resider Additive Amount. Walkout'. $0 Air Cond: $5,000 D ecks: Market Value Commer $900 pools Market Value MuIfi,Fa Patios: $0 porches: Rate Tables Land so Rate Tables Resider Baths: $14,500 Fireplaces: $3,00o Fin.Bsmt: Kitchen: $0 CAMA Land Total Cost: $162,528 j Special Assessments -0.3 Influences 0.0 ,-:i, Reports and Inquiries Adjustments X 4& S Reports PrOP Functional X 0.0 Economic 0.0 System R epolts Asse CAMA Bldg. Mkt. Value: $165,000 Local Reports e: $162,000' Ad-Hoe Query BuildingValu Land Mkt Value: $73,500 LOGIS Map Flat Values: $3,000 Total M kt. Value: $238,500 Public Property Summ City of Brooklyn Center PID: 02 -118 -21-44 -0066 Property Type: R Residential Residential Field Card Property Address: 5307 Knox Ave N Zoning: R2 Printed: 4/29/2008 Lot Block: 000/004 Dwelling Type: Single Family Assessment Year: 2008 Addition: Humbolt Addition Owner(s): Abraham Montemayor Version: I District: Lizeth Montemayor Model: Neighborhood: 0054 DOE ,x= Pool 1st Baths /Quality) ''I: Total Rooms Dimensions Zoning: R2 Partial Connt Pool 1 Area: Spa: Interior: Length Width Sq Ft Area Rating: Average Model: Quality: Dix: Trim: Bedrooms: 7 20 3; 700 Site Rating: Good Dwelling Type: Single Family Pool 2 Area: Full: Floor: Baths: 3 16 1 i 240 Land Quality: A01 -Land Adjacent Property: Equal Quality: 3/4: Avg. Clear. Height: Family: 2 0 0 0 Contamination: View: Equal Amenities 1/2: 1 Average of Fireplaces: Living: 1 0 0 0 Flood Plain Map Ref: Arch. /Appeal: Average 1st Room Count Fplc. Quality: Dining: 1 0 0 0 PUD Ref: Quality: A04 Bedrooms: 2 3rd Baths /Quality) Kitchen: 1 0 0 0 Allowable Units: Shape: L- Shaped Baths: 1 Spa: Other: 0 0 0 0 Excess Land S Ft Style: Two Story (q n' Family: l Dlx: Total: 12 Zoning Variance: N Construction: Wood Frame Livin g Frontage: 100 Exterior Walls: Vinyl Dining: Full: g 3/4: Left Side: 119 Exterior Trim: Kitchen: 1 1 /2 Rear Side: 100 Roof Type: Gable Area (SgFt): 940 Other: Date: 06/29/2005 Right Side: 119 Roof Cover: Shingles Type: Regular Total Rooms: 6 3rd Room Count Price: $134,200 Effective Width: Window Type 1. Double Hung Finished Bedrooms: Code: 00 Effective Depth: Window Type 2: Quality: Baths: Desc Good Sale Effective Water: 0 Air Conditioning: Central of Fireplaces: Interior: Shectrock Other: Property Area(SgFt): 11,759 Dormer Length: Fplc.Quality: Trim: Hardwood Total Rooms: Last Insp ecti on Acreage: Dormer Quality: Avg. Clear. Height: Floor: Carpet Appraiser 1D: 21 Park: Patio Doors: Elec. Svc: Standard Avg. Clear. Height: Appraisal Date: 04/09/2008 of Fireplaces: Res. Cond: Excellent Reason: Appeal Park Quality: Htg. Svc: Forced air, gas fired P PP On Lake: x ut W.O. Type: Fplc. Quality: Int. Layout: Standard Result: Interior 5. g.t W.O. uali Manual Assess: N Lake Quality: Placement Attached Q ty 2nd Raths /Quality) Actual Age: 2005 On River. River ualit of Cars: 2 Spa Effective Age: 2006 Q y Dlx: Appraiser ID: Landscape Quality: Average Floor Area: 440 Basement Baths /Qual.) Renovated Age: Condition Very Good Spa: Full: 2 Average Functional P 3/4: o Appraisal Date: s� R,, Exterior Walls Vinyl Dlx: Economic /o A 1/2 Full: Building Areas Reason: Alley 2nd Room Count Curbs Placement. 3/4: Unfin. 1st GBA: Gas of Cars: 1/2: BCdrUUnIS. 4 Unfin. 2nd GBA: Result: Paved Street Floor Area: Basement Room Count Baths: 2 Unfin. 3rd GBA: Condition: Other: Sewer Available C Bedrooms: I Unfin. GBA: Left Tag: Yes/ No W t Exerior Walls: Total Rooms: 4 Sidewalk Baths: 1 s Floor Area: 940 Family l 2nd Floor Area: 1,380 1 oil well! so= Water Available Z Y Kitchen: 3rd Floor Area: Value: 3,000 Glazed Area: Desc: EGRESS ROUGH IN BATH Quality: Other: Total GBA: 2,320 Screened Area: Total Rooms: 2 Quality: 1st Floor Comments In}iutfit Open Area: 90 Kitchen Rating: Standard CERAMIC FLOOR IN BATH, GRAVITY FUEL OIL FURN SMALL BUT FUNCTIONAL KITCHEN BSMT Quality: Very Good Interior: Sheetrock UNDER ALL/THESE NOTES FOR 5303 KNOX -ORIG HOME ON PARCEL, 2005PERM/NEW 2 STORY Trim: Hardwood HOME ON PARCEL. NO DIVISION YET FOR 07ASMT -CITY LETTING THEM LIVE IN OLD HOME Patio I Area: Floor: Carpet WHILE BLDGING NEW HOME. F =2 DBL EGRESS BSMT R/I. PLANS SHOW BSMT KITCHEN. MBR Quality: Avg. Clear. Height: W /WIC FULL BATH. NEW HOME 25% COMPLETE/06ASMT. 50%COMPL 07ASMT. 08ASMT Patio 2 Area: of Fireplaces: 1 SPOKE TO OWNER 10/17/07 =NO PROGRESS RETAIN MANUAL W/NO IMP FOR 08ASMT. AFTER Quality: Fplc. Quality: Very Good REVIEW 4/08 PROPERTY IS NOW 60 COMPLETE. REVIEW FALL08 Deck 1 Area: Quality: Deck 2 Area: Quality: City of Brooklyn ('enter PID: 02- 118 -21 -44 -0066 Property Type: R Residential Residential Field Card Property Address: 5307 Knox Ave N Zoning: R2 Printed: 4/22/2008 Lot Block: 000/004 Dwelling Type: Single Family Assessment fear: 2008 Addition: Humbok Addition Owner(s): Abraham Montemayor Version: I District: Lizeth Montemayor Model: Neighborhood: 0054 5303 KtIOX 31' 31' 4 ORIGIIIAL HOME Oil PARCEL 4. r°v First Floor Basement 664 4' 664 n 31' 31 ZIP 1J 9 35' 35' 35' Basement First Floor 940 940 5307 KIIOX Second Floor to 20' 20' M 1380 l7 N e} CO r r Garage N 15' IT 440 15' r OPN PCH io 90 20' 20' Sketch by Apex Pw! ENT GRID 5301 IV— ENTIAL MPARABLE ADJUST PAR Brooklyn 1 21 440066 SALES CO T OF PID# 02 ESID COMP. #4 NAME APPRAISAL OF ADDRES -COMP. #3 Eme rson Ave N PID 590 COMP• #2 boldt Ave N 01 118 21 22 0009 723 Hum 7 to 2008 an��altY e COMP. 1 2 0052 N 25 119 21 3 ,era0e ara'"tn f,om zoo 6033 Girard Ave SOBJE 01 118 21 22 0079 381851stAve4 I I Apraham MontemaYOr 0009 6307 Knox Ave 10 118 21 24 N NAME 0066 F •I 118 21 44 ADDRESS pt of 02 I.� u4• PID_... 69,90ALE PRIr $($$,D97) p S Financina Adjustment $238, $261,803 S310 pri Finanwl 0 000) jAaivated ProPenY PhotosreP" $220, $232, ($3,500) SALE GATE 00 Oct-07 gale Price t $22020 ,>33 $220,000 ($2 1,700) (268.300: djl.Imdtor 0) -06 71me1 $215,600 LOCATION AEA ($20, j210 .300 average B PROP A sAIE PRICE 200) 9,9 sq' f<• y TYLE ndn0 Adluatmsnt (17, 600 average Finn JanA7 5199, 25tOrY SIZE is Grade t.1 Safe Price awn 10,E sq ft 831 600 Rim count I OR (Adluated for Ffnanul iM 1, g I6 I 001 ABDV 1, �$MrY f $36,000 6885 ft, 10 51 6ERGR p BATHS SALE DATE average 1y;f30 R r 1 314 baths YEA BUI 600 s 2 St orms_ 1all R 914 2 1 Sate Price g,196 sq It _I� 836 400 $6,0 00 2003 QU f AI for Time average s rt g I S a g Ad usted 2 Story 1,692 q 1 tu11 1 112 b the A 42,1100 769 sq. rt• ver.10 f Average 2000 F1RT PLAC C 11 OCATH)M 11, tort $37,800 $4,00 1g68 0 [[NEA i -vto AREA 2 S 1,664 sgft 813 1 lull 1 314 baths Average I Average 52,000 GF A f CAC 51,600 f3SMT R f STYLE 2,320 sq• 1016 $8,60 1964 -1 balk 0 840 SO. FT FINIRMSI 6 SlTF let.) Average) Average 52,000 GFAI CAC $1,600 1616.6001 AGE gcan Above 1 112 baths 1812 0 832 SQ. FT taom count I BR i 2 toll 1 AvaratfM 16,400 T6% 12 131 4BAT (3 pp BATH$ 2006 %ver w- ;Z+ GFA 1 CAC 560_ q CAR ATTACHED A,MENITES ABOVE G e I Unf• +Wished g 912 So F1 1314 BATH REMODEL YEAR BUILT Average GFA CAC ISS,�O* L CAR ATTACHED )TIIER _I ICONp 1 1 s1 I FT. 70%1210 Nat Adjustr QUALITY MrA GF A I CAC SQ• 518,1 FIREPLACES gb0 SQ. FT. tS18,100) y CAR GETACHED HEAT I AIR C_ go 131 314 BATH ($q,000) $30,200 8SMT Y. °101 0 3 CAR ATTACHED 276 400 0 1 2 CAR ATTACHE $33,80 240 500 1 FINIRMSI I GARAGE l #cars) I S z4,soo A $233,300 MENITIES REMODELING $223 000 home _address (OTHER t0 $276 4 d f one sto at time o Net Adjustment er oc-UP"' u ctu own of 5307 Knox is stu S only $238,500 a 223 d th 00��— or i gin al in comp lete str re Ag COMPLE ciliation: ,Value Ran�..,.� 07 Knox, ane e interior finish Knox as a comp Indicated Va ►u only ton Reean� in ZOa na da ress 53 a liaTh,s g T s the value for 530 ValUa a begun cried a P r d show story et0 co mplete, complete I an unfinished 2 and the exteri G or is s uare foot lot with b oth Knox was consideree� set, O me at Sublect p pem Is an t 7 h char cast areho 9 hed 5 n a gas fireplace has b it I r nneMENTS ono8 assessor SALES COMPARABLE MAP Subject: 5307 Knox Ave N 4 Q C Pl ar.:t a c 4+•y h 152 y 4 7 411t nAr Z tr 73tc3 Ave M +F Camp z 152 Fric 7 fu,trN" e d 4 Pabra+r a z x c +.s.v 2S2 J v- 7301 1J0� 09�t Ave N A� N AHth Ave, N veN fifth Ave N Z A J} ID '>tn Ave N N 52 Q z QA z qq S r z N m Z 6 M A— N Brooklyn Center u Z Uyrd{.!n di z, §F C i z z C Ai m P.tr C P t A. k N t Mac m J E Park z z o p z 9 z 57th N T 30th Ave N 10 r z 6 Ave N c, u: w. ;100 N Subiect Z 41 N N t s7: U Qnd Camp vs p, ►r 1 �u s,at Ave A w 4 N N 51:gt A z z w z i 49111 Ave N 1.149M A ve h z 1 moat N 41Mt Ave M.Crow", ti yi +fie r,- Z N 471h Ave 2 141 Virtual Earth" v a Co P a..t 0 W NAvTM z 40th Ave N g �I r0 A1�D Comp #1 3818 51 Ave N Comp #2 6033 Girard Ave N Comp #3 7234 Humboldt Ave N Comp #4 5900 Emerson Ave N RESIDENTIAL cyALES C�Mp ABLE l+v PART OF COM AID# 02 Ave N 1 ADORE ss APPRAISA 5432 DUP °nt P COMP• #2 01 118 21 34 0111 P• #1 Av 532 Kn a nnuanv $°r° CQM b4 006 o p+th Iwm 2007 to 2 02118 21 a verae• a` g(}gJECS ►.o9an Ave N 502118 2 73 pbroh9`n ylonA eaN r 6303 Knox 1 N AME 0066 1 pt at 02118 21 M P1D n R i 5169,'0 Finmwine p��tme`+t sale Price y t ost pdi r Fc once) ed y138, 00 500 t $2, 000) I SALE °A P o�,ty PhotoO�aPh 500 Sale Price S1is50 NOy 06 s164, so tL N f Tim•1 5 147 ,500 Y Jun•O7 OPERTr AREA F'R $130,600, Slmilsr t$T'6' sTYt.E.� (56,900) J 9,1- b1 R PRICE M y•07 d. gpLE a spier ft.." t V R A� e tment I Similar $66, $2,600 R Coy nti 8 Financing pdi $1 40,600 sale Price y It" b It l ABO aRn� s ted io, F, 6p00) nan� ^l 614 W 41 1$2A?�} YEAR BU t peia• t$ 6 RamDie` t$y,200. D ATE Aria 4UAL1'r'rICONO SALE S 6,150 s R' 748 s9 4 12 184 p FIREPL Sale price RaMt ($6,700) $4 1 py a HEAT f AIR C. Ad usted for Tlme 11759 g 1 Full A 0 $4,00 T LOCATION _ReRtl 776 sag b 12 pp01 1660 C =1 10p BSM T 11. A BSM S PROP�AREA g 6 p 12 1 p111t Av erage i "Ver 6 1C 684 s it ($6,400) FiNIR STYLE AGE #oarsl 584 sa GtsM 1961 yeTa Das S N 10 $8,80 t$4,0 AM NITIES sRE ls1•lsR 3I4B A LA 000 72 —r REMODELING Ro Dew' 1940 p 94» 1 peovE t A 6 fA I CAC $1700 Ay 10 t 0 OTHER ustm p ent R BtIN T A 1t t 0 Net Ad'} U IT`IICON C Oil l Wlod°Vi TTB S $5'800 l$ 76,600 ACES bra Fu+i g S py, 210 t54, T RC' 1CSTD r �l 8 1 $7�,Z S I ,,SOT �O t� structure O Y FlN GARAGE Structure OnIY praEMn G $54,406 40. ?here isla Id arce 19 REMOG gtructoie OnIY0 e °n this l, bui OTNAd1 ettt 2 $54,40 t�� on °m rid. Fo P uTP a s been demoashed �a uE Not ustm nal h g59 ,00Only n: Valu? Rangy uli ed TO ert phis comPar ached garage h ted V alue g iro Lure ReCOnCiliatio 0 t0 50 toot 1otNO D D io Indira OE ValUati in a area °i er Structure is f IN we in the 314 bath. n v+ up dated Ceram ome Located t is unfinished. hetk when. and ambler h of tha 1,inets In -'ossment SALES COMPARABLE MAP Subject: 5303 Knox Ave N z Ave N EIM g amp 541 Avo 14 Ave N amp sub+ec? K d N 52nd Ave t Virtual Earth'm m? low cw"ftfth a scot mym Comp #1 5316 Logan Ave N Comp #2 5322 Knox Ave N Comp #3 5432 Dupont Ave N MINNESOTA• REVENUE PE20 Auditor•use °nly Certificate of Real Estate Value Names of buyers (last, first, MI). f— Address 6 R U.O Si v� X Tea Daytime phone t I r (7 13 >553 -191 1 l J ,t G..i t.:. 1 1�. 1/ -5. f l;c. a c k t o r Dt r 1V J 7 ,7 7 3 Names of sellers (last, first MI) New address Daytime phone C Street address rural roue of property purchased Ci or tovfriship unty I L t..� f 1. T i r t 1. Date of deeO or contract L�gal description of property urchased (lot block and at) or attach 3 copies of the legal description f 1 7 Financial arrangements 2. Total purchase price Was persona property included in purchase price (e.g., furniture, inventory, equipment)? c: Yes N0 If yes, list property and g 3. Down payment current (not replacement) value at right, and enter, e total In Box 5 below. Use back of form if needed. 4. Points or prepaid interest paid by seller 5. Current value of personal property a 6. Type of acquisition (check all that apply) Buyer and seller are relatives or related businesses Contract paid off or resold Property received in trade Buyer or seller is religious or charitable organization Name added or removed from deed Purchase agreement signed over two years ago Buyer or seller is unit of government Property condemned or foreclosed upon Buyer purchased partial interest only Property received as gift or inheritance 7: ype of property tragslerred (check all that apply) land only J Land and buildings Construction of new building after Jan. 1 of year of sale 8. Planned -uge of property (check one) X Residential: single family Agricultural. Number of acres: (attach Schedule PE20A). Residential: duplex, triplex Apartment (residential, four or more units). Number of units: (attach Schedule PE20A). Cabin or recreational (noncommercial) Commercial industrial. Type of business: (attach Schedule PE20A). Other. Describe (attach Schedule PE20A). 8a. Will this property be the buyer's principal residence? Yes XNo o Method of financing (complete only if seller- financed, including contracts-for-deed and assumed mortgages) Assumed Contract Mortgage or contract- for -deed Monthly payment Interest rate Number of Date of any lump mortgage for deed amount at purchase (principal interest) now in effect payments sum (balloon) payments 9. 10. Sign here. I declare under penalty of law that the information on this form is true, correct and complete to the best of my knowledge and belief. Print name Signature Date Daytime phone GaA.w� y r� Counties: Complete this section. C t'+ Yr Bit 50 t r,, i 6t' r �1 to T� g i Land Bid r d, y Primary property ID number lAcres I Tillatiie CER I CRP RIM I eed I Yr I Land Bldg lot J• J I I Secondary parcel ID number Good for study Yes No If no, give reason /code b C. I X IHC ST IAdic I Adls I Use Tillable EMV 1 Apt I FM I d• GA I c 11 1 MV 2 I MV 10 Are there more parcels? El Yes No c Put additional ID numbers on back of form. Z N ICc CT I PT I Date I T M S COUNTY COPY 6 3 2 3 5 3 Hennepin County Property Iftp Print Page 1 of 1 Hennepin County Property Map Tax Year: 2007 contain discrepancies that can only be disclosed by an accurate survey performed by a licensed The data contained on this page is derived from a compilation of records and maps and may land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only.': Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this Information or its derivatives. 190 5000 5000 5001 SOTH "E H 3 (�l 200 I 1 4948 k7 1 ;4 n. 4953 (2 9) :)O 4950 g. 4944 2 ,3 4945 Z 4944 2i�i i f i i 493& z 4938 3 4937 200 4928 4929 s r. 4 ;'Z 4928 s MAN�OR 49212000 —ArV -%n AQI'> H selectedParcel Data Date Printed 1119/2007 izs4:46 PM Parcel ID: 10- 118 -21 -14 -0030 Current Parcel Date: 11/08/2007 Owner Name: R VAN NURDEN D VAN NURDEN Parcel Address: 4945 ZENITH AVE N, BROOKLYN CENTER, MN 55429 Property Type: VACANT LAND -RES Sale Price: ;78,000.00 =(acr es): N- HOMESTEAD Sale Date: 08J2007 963 Sale Code: VACANT LAND .34 is A-T- Market Total: $57,800.00 Tax Total: $1,165.06 http:// gis. co. heiinepin. mn. us /HCPropertyMap /Locator.aspx ?PID= 1011821140030 11/9/2007 PERMIT City of Brooklyn Center Permit Type: Building 6301 Shingle Creek Parkway Permit Number: BCO27750 Brooklyn Center, MN 55430 Date Issued: 07/27/2005 763 -569 -3300 www.ci.brooklyn-center.mn.us Site Address: 5307 KNOX AVE N Lot: 000 Block: 004 Addition: HUMBOLT ADDITION PID: 02- 118 -21 -44 -0066 Use: Description: Sub Type: Residential Single Family Construction Type: V -13 Work Type: New Description: New SFD Census Code: 101- 1- Single Family Detach Occupancy: R -3 Zoning: R2 Square Feet: 0 Comments: Replaces home addressed 5303 Knox Fee Summary: Descrintion Amount Revenue Code Valuation: 160,000.00 Building Permit Fee $1,423.55 10100 -4222 Plan Review Residential $462.65 10100 -4222 Surcharge Based on Valuation $80.00 10100 -2355 Total: $1,966.20 Contractor: Owner: Applicant Lizeth Montemayer 5303 Knox Ave N Brooklyn Center MN 55430 (210) 489 -0984 I hereby make application for a permit for the work herein specified and acknowledge that all information is correct. I agree to comply with all applicable codes, city ordinances and rulings of the Building Official Applicant/Permitee: Signature Issued By: Signature f Bro °ujyn enter 1 vial City o earth Re5 U1ts Per m �t S COO-DO 1,000 it SeaCC Tr�� Pecm ,8'a1� ilia �Rp'F1A 09!2'11 1 g00 140 LCl`IOx M pem° TENT SFD 5303 P,VE N 1401` Dem°lisl>(1"1 AYOR 0912611995 4311411996 Residenti ove •021749 Building 1 Single Stcuctuc OO}' Family F es° pFFI 5303 pVEN Replace TEAR' Resi ia RERO ,(,o05552 Building 1 Single Fami 2 permil record(S) found I did not receive 2007 tax notice to dispute. Assessor quick to add value to property for new construction but fails to remove non existing garage. Taxed on a non existing garage for 2 years and am still being assessed for next year. Torn down 08/2005. I was offered $6000 off my valuation as a compromise and for my overall acceptance. I respectfully declined. Assessor claims secondary structure has characteristics of being fmished. Not the case. Other structure has only passed rough framing inspection. Currently it has incomplete electrical rough in, incomplete plumbing, incomplete HVAC, has temporary gas line to furnace only. Without a certificate of occupancy, regardless of my intent, it is only an "other structure" not a home. January 20061 was assessed $51,700 payable 2007 for the improvement. It was framed and had a completed roof. January 2007 I was assessed an additional $52,600. At his point, windows were installed and it was sided. Windows and siding do not cost $52,600. Again, I did not receive notice to dispute. January 2008, basement floor had been poured and basement framing almost complete. In general, my property would only interest investors with construction background, not typical home buyers; which adds to depreciation not appreciation. Investors look for properties they can quickly fix up and sell for profit. With current market, foreclosures and distressed properties are better buys and require less commitment. As an investor, he /she is required to get a construction loan which is more difficult to acquire and higher down payment. Because of liability issues, my incomplete electrical and plumbing rough in work may have to be removed and redone by a licensed professional. Professionals do not want to finish incomplete work. My existing house is currently worth about $50,000 (yes it's distressed). Comparables by assessor show houses with partially completed basements and 1 -2 car garages. My existing house does not have any of these. The comparables that I showed her were disregarded, assumed to be foreclosures or distressed properties (not the case) and stated to be outside of study period. However, her own comparable is also outside of study period (double standard). Market Evaluation by licensed realtor shows my house and other structure worth about "$150k or less with cash terms" There is almost a $100,000 difference between your assessor ($243,700) and the professional realtor ($150,000 or less). Study period 10/01/2006- 09/30/2007 excludes partially constructed sales yet my part of my property is partially constructed. ✓ter City of Brooklyn Center A .Millennium Community To: City of Brooklyn Center Resident(s) From: Nancy Wojcik, SAMA City Assessor Date: March 17, 2008 Re: 2008 Estimated Market Value Classification Concerns Enclosed are materials to assist you with your appeal concerns. The information sheet provided by the Minnesota Department of Revenue guides you through the preparation of a property appeal. If you have a market analysis completed by a Real Estate Agent please request that they use open market transactions when reviewing comparable homes. Should you decide to continue with an appeal, please complete the enclosed application form and return to the Assessor's office by ADO 18, 2008. The 2008 estimated market value is the value placed on your property based on the physical characteristics of your home on January 2, 2008. The valuation of your property involves a study of sales from the previous years study period as stated by the Minnesota Department of Revenue. This studyperiod includes gpen market ¢Mnsactions from October 1. 2006 Lhrouah Seotember 30, Foreclosures, bank sales, short sates, related party sales, partially constructed, sales under duress, and sales that are not reflective of a typical market, may not be used in the analysis of market values, as they are not considered open market transactions. It is important to understand that the Assessor's office is aware of the current buyer activity and market sale prices, Some of the issues affecting the market today are natural and expected occurrences after years of growth, low interest rates and sub- prime financing. Sale price information reported by the media, Minneapolis Association of Realtors (MLS) and other real estate sources may include all transactions including foreclosed and non -open market transactions. If you are appealing the estimated market value of a property, an interior review by the Assessor's office will be necessary. Interior reviews take approximately 20 -30 minutes to complete. Please try to schedule your interior review with an Appraiser prior to the April 18, 2008 deadline. If you have questions regarding the appeal process please contact the Assessor's office at (763) 869 -3310. 6341 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 wwwxityo /broukipncen ter .urg Gmail home http: /mail.google.com/ mail ?ui= 2 &ik= 1360eO4l6f& view =pt &search =inbox &th =l l9a195199... Abraham Montemayor <amontemayor10 @gmail.com> tai n,GcH��lc BETA home 1 message John Anderson johnanderson @twinoaksrealty.com> Wed, Apr 30, 2008 at 6:04 PM To: amontemayor10 @gmail.com Abram I appreciated the opportunity to meet with you and discuss your home. I do think the whole package will have to be priced $150k or less with cash terms. The smaller house has very little value and it is questionable whether it makes sense to move. I am going to email you a couple of new homes in Otsego similar situations but better area on the market. There are properties similar to yours but I think in present market and location you would need to be priced less than these. Contact me with questions or whether you would like me to try and market it. Thanks John Quote of the week: "You cannot live a perfect day without doing something for someone who will never be able to repay you." —John Wooden John W Anderson, ABR, CRB, CRS, E -PRO, GRI i "2007, 06, 05, 04, 03 Super Real Estate Agent" Mpls -St Paul Magazine Twin Oaks Realty, Inc. 1 of 2 05/03/2008 4 :10 PN4 hrtPalmail.google.con>Ima�u u■ Gmail home olis Minnes ota 55422 MinneaP oaksrealty.comf7 /www.tw com <h� e co t wincit c o /www y <h twinoak realt ma ilto:�Oh nanderson@ 53 5-1q"11 office: ?63` pffi 6658 Toll Free: 800397` Mobile: 612-309_5402 I 05/031200g 4.1 Gmail similar situation homes http: /mail.google.com/ mail ?ui= 2 &ik= 136OeO416f &view =pt &search inbox &th= 11gal%ace... GL--,j4j i Abraham Montemayor <amontemayor10 @gmai1.com> by( ;OO (C BETA similar situation homes 1 message John Anderson johnanderson @twinoaksrealty.com> Wed, Apr 30, 2008 at 6:06 PM Reply -To: John Anderson johnanderson @twinoaksrealty.com> To: amontemayor10 @g mail. corn John Anderson, ABR, CRB, CRS, E -Pro, GRI Twin Oaks Realty, Inc. Office: 763- 535 -1471 Mobile: 612 309 -5402 Click the following URL to see the listings: http: /matrix. northstarmis.com/ Matrix /Public /Email.asnx ?ID= 4663144538 I 1 of 1 05/03/2008 4:15 PM MATRIX http: /matrix.northstarmis.com/ Matrix /Public/Email.aspx ?ID= 46631445'8 Courtesy of John Anderson, 763- 535 -1471 Result 1 of 2. Previous I Next 1 [1] 2 1 Bottom Customer Full Display, Single Family Residential, MLS 3535055 6352 Martin Avenue NE Otsego, MN 55330 Status: Active List Price: $154,400 Original List Price: $154,400 i MapP 6352 Martin Av Elk River y 02008 Mimsoft Copp (2007 NAYi ana joreie onas, in. More photos are available for this Drooertv. Map Page: 47 Map Coord: B1 SuDDlements are available for this Drooertv. Directions: Total Bed /Bath: 3/3 Garage: 3 Year Built: 2007 Cty Rd 37 to N on Maciver, R on Marlowe, R on 64th, R on Martin Ave. (Click icon for Virtual Earth Map) I MLS Area: 341 Wright County TAX INFORMATION (Except Buffalo) Property ID: 118218002050 Style: (SF) Two Stories Tax Year: 2008 Const Status: Under Construc /Spec Tax Amt: $300 Homes Assess Bal: $81 Foundation Size: 910 Tax w /assess: $380 AbvGrdFinSgFt: 1,852 Assess Pend: Yes BelGrdFinSgFt: Homestead: No Total Fin SgFt: 1,852 Acres: 0 ISN Lot Size: 0 1 of 3 05/03/2008 4:12 PM netiY., �TItIX ertY at o e9 Preserve 3rd Addit Genera Prop Inforn' Lot 5, six 2 legal Descriptio Wright Common Wa11: M° aver, -3400 County: Elk River 763 2 728 -Elk R postal City' school District' lexlDevJSub: FrequencY' Comp Assoc Fee Restrict Coots; ion: Lot Description'. e on ss Associati pcceibilitY' W °n Assoc Fee Includes' City Single This horn Pl are u mbing Frontage' Residential- city lot* e iectrica s t a lled. Road dCYlmuar °Om on furnace is In zoning' main floor a is read, for niets installed. Remarks 3 BA, Z'Sto►11 been Sh jumbing R ores, no 3 BR, as e public Remarks' completedr It needs p hed in. Forced Air roug Dimen Heat: Natur Gas Level 6X None eat 11 Fuel' connected water Ce In for mation other Rooms Main pir Cond' City C onnected $tCuCtu Dimen L Water: I Level 14Xi3 Se wer Sewer Room Main 12x1 3 3141 0 o Garage Living IZm in Bath Main 1(41 Dining Rm 12 Total: 3 oth Full: Z 1 /2' 1 Family Rm 13x pool: Main 19x11 Kitchen Upper 13x11 Bedroom 1 upper Bath Bedroom 2 13X11 er Level Upper ough Yn, upp B edroom 3 2 Bath, R Bedroom 4 pull Master, t4aln ploor 11 iI Room D Kitchen Bath Room Desc' Dining Room char'. Fireplace Characteristics' r family No ne rn Pump Fireplaces: No o -Tiled, Full, Su mp Appliances: Drain Meta Pitched Basem Brick /Sto hingle Exterior Age 8 Years or Less, Asphalt 5 Fencing' Gravel Roof: Attached Garage' Drivewa, Amenities -Unit' 3 BR on one Level parking Char' special search: coitstruCtiZ�2Z_01 -0.1 Lot pr ice, 051 price Range' 4: t4eW Date: H'g 0312008 Complet Low price Range, Mo d e l Hours op Model Locaani Agent? No owner is i MATRIX http: /matrix.northstannls.com/ Matrix Public /Email.aspx ?c= AAEAAAD *AQAAAAA... Customer Full Display, Single Family Residential, MLS 3535169 12366 63rd Avenue NE Otsego, MN 55330 Status: Active List Price: $154,400 Original List Price: $154,400 Mleioselt• MapPoint• II 12366 63rd Ave Sk River Mitwoft Up 4 O7 0091Ep,ona)ortele anas jne. More Dhotos are available for this orooerty, Map Page: 47 Map Coord: 61 SunDlements are available for this oroaertv, Directions: Total Bed /Bath: 3/3 Garage: 3 Year Built: 2007 Cty Rd 37 to N on Maciver, R on Marlowe, R on 64th, R on Martin to 63rd Ave. NE. (Click icon for Virtual Earth Map) MLS Area: 341 Wright County TAX INFORMATION (Except Buffalo) Property ID: 118218002080 Style: (SF) Two Stories Tax Year: 2008 Const Status: Under Construc /Spec Tax Amt: $300 Homes Assess Bal: $81 Foundation Size: 910 Tax w /assess: $380 AbvGrdFinSgFt: 1,852 Assess Pend: Yes BeIGrdFinSgFt: Homestead: No Total Fin SgFt: 1,852 Acres: 0 Lot Size: 11OX10OX12OX91 General Property Information Legal Description: Lot 8, Block 2 Otsego, Preserve 3rd Addition County: Wright Postal City: Elk River 04 Q School District: 728 Elk River, 763 241 -3400 Complex /Dev /Sub: Common Wall: No 2 of 4 05/03/2008 4:14 FM http /lmatrix.northstarmis.co atrt MATRIX Restrictlons /Covts: Corner Lot ASSOC Fee Frequency: Lot Description: Association Fee: Assoc Fee includes: City Accessibility: None Road Frontage: Residential- Single Zoning: fete mudroom This home is NO needs In, it is still w main floor laundry! iumbing are roughed needs H2O htr• Remarks 30R, 3BA, 2 -story for millwork•The elctrical p public Remarks: sheetrocked &ready fixtures cabinets. Tub /shower surround installed. Furnace is Installe Level Dimen Heat: Forced Air Structure Informatio s pn Other Room Main 6x11 Fuel; Natural Gas ne I Level Laundry Air Cond. None acte Main 1 4x13 City Water Conn Room Living Rm 12x12 Water: City Sewer Connected Dining Rm Main Bathrooms Sewer: Family Rm 3/4: 0 1/4:0 Garage: 3 Kitchen Main 13x12 Total 3 2: 1 Oth Prkg: Bedroom 1 Upper 19x11 Full: 2 1 13x11 pool, Bedroom 2 Upper Bedroom 3 I Bedroom 4 Rough 2n, upper Level Bath Bath Description: Main Floor 1/2 Bath, Dining Room Dn' Kitchen /Dining Room Family Room Char: Fireplace Characteristics: Fireplaces: 0 None Full, Sump pump Appliances: Drain Tiled, Egress Wind °ws, Basement: Brick /Stone, Metal /vinyl Exterior: halt Shingles, pitched Fencing: A g Years or Less, Asp Roof: Amenities -unit: Attached Garage Parking Char: 3BR on One Level Special Search: NeW Con struCtiZ222 -01 -01 Lot Price: Completion Date: High Price Range: Low Price Range Model Hours op en: Model Location: owner is an Agent?: NO Previous, I Next I 1 C21 I TOO at 11 per page. t� Y 11 05/03!2008 4:141 Display: 1 Customer Fu httpatma�•nOrthstarm MATRIX it Residential, N1LS 8445$53 Single Fam Y 554 0 "2622 s9,90o IaY MN original List price: Customer Full DisP grp0kly n Cent 50,0001 AVen N r Sol Price i Poi n 5903 EmerSpn List Price: 59 1 900 Status °I �'z' 1 I 62 k F ti on !igO3.;Emers I 6 62 1 o nAJorkleAtl� s,ina. 02000 a� ;o� c.�; fryap Coord' Map page' 92 West on Sar ions• 5 xit ro�erty Direction irect 49th/ 3rd st e North to home this o do Cam den Ave are available for guilt: 1949 Virtual Barth Ma P� More o3hotos 1 Year for Total Bed/83 th: 2J 1 Garage' I* (Click icon TAX INFOp-M 182 2200.E property 1D 2007 363- Brooklyn C anter Sax Year: $2,07 301 e story t4pLS Camden Area' 'Tax Am $s9 ndarY Area: s1) on Bal: Seco Own ®d Tax wlas$ess: $2,670 Style previously Pend: Unknown Const status: 672 Assess No Sae. $26 Homestea Foundation Ft. AbvGrdFins Ft: Be1GrdFin 826 Total On Sa 0,220 Acres' 73Xi Lot Size: 02/06/2008 off Close Date: p Market Date: Projected 4 :1 Date Closed', ()5/031V08 General property Information http: /matrix.northstarmis,com/ Matrix Public /DisplayITQPopup.aspx ?iid =1 &did= 83 &param§... MATRIX Legal Description: ANDREW ROCKS ADDN ANDREW ROCKS ADDN LOT 007 BLK 002 County: Hennepin Postal City: Brooklyn Center School District: 286 Brooklyn Center, 763 -S61 -2120 Common Wall: No Complex /Dev /Sub: Restrictions /Covts: Lot Description: Corner Lot Association Fee: Assoc Fee Frequency: Assoc Fee Includes: Road Frontage: City Zoning: Residential Single Accessibility: None Remarks Public Remarks: and breezeway. Could be very with te tons f someone would take he time to update Sod AS garage cute IS. Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 13X17 Fuel: Natural Gas Dining Rm Bathrooms Air Cond: None Family Rm Lower 13X20 Total: 1 3/4: 0 1/4: 0 Water: City Water Connected Kitchen Main 10X10 Full: 1 1/2: 0 Sewer: City Sewer Connected Bedroom 1 Main 10X10 Garage: 1 Bedroom 2 Main 10X09 Oth Prkg: Bedroom 3 Pool: Bedroom 4 Bath Description: Main Floor Full Bath Dining Room Desc: Eat In Kitchen Family Room Char: Fireplaces: 0 Fireplace Characteristics: Appliances: Basement: Full Exterior: Wood Fencing: Roof: Asphalt Shingles Amenities -Unit: Parking Char: Attached Garage Special Search: Main Floor Bedroom Owner is an Agent No 05/03/2008 4:17 PM 2 of 2 MATRIX http: /matrix.northstarmis.com/ Matrix Public /DisplayITQPopup.aspx ?iid =53 &did 574 &parn... J MLS #:3445853 MLS #:3445853 FROM k p i w tY I MLS #:3445853 MLS #:3445853 i 1 of 2 05/03/2008 4:17 PM htoimahiX• AX YRA 345 ily entialE MS 11 Display, Single Fam Resid MN 5530 $891 n Centers Original list Price er Fu anus N I gr0o wly Custom$ Sold PricegNjapp 5310 Kno% Av List Price: $68 ,0 0 t so ld Sta tus I -6 -1.. �531Q Kno av r n i 5isi�A ,t- .-r �pAfpYStlQhUe4.�g' g I zla�a�a; �1 o3aM.croso� 92 Map Goord: Map Page 14W 100 TO r y TH) EAST OF Direction ro art BA SS LK RD (ST TO HOr4e e availabl fay e this Ko10X, SO E arth Map) 1 Year Built: 19 Virtual E Mare hotos_ are Total Bed /Bat Garage (Glick icon for TAX INFORMATION 1 44 Properly ID 2 0p8 ncenter -fax Year: $1442 okly t'. 3 63- one Start Tax A� MLS Area: Bat: $1,461 Style, Previously Owned Assess Tax w Unkno const Status: 572 Assess Pend: Yes Foundation Size 657 Ft: Homestead Ab '4GrdFinS Ft. Be1GrdFinSg 657 Total Fin Sq Ft 0.1 Acres: 50X Lot Size: 0212912p08 Off Market Date: Projected Close Date' 03 /21 12008 Closed: p5103J20Bg Date ion at Ge neral Property LOT 9 ROCK 3 NUM80`DT ADD Legal Description' Hennepin GountY t J MATRIX http: /matrix.northstannls.com/ Matrix/ Public /DisplayITQPopup.aspx ?iid =1 &did= 83&param4... Postal City: Brooklyn Center School District: 286 Brooklyn Center, 763 -561 -2120 Complex /Dev /Sub: Common Wall: No Restrictions /Covts: Lot Description: Tree Coverage Medium Association Fee: Assoc Fee Frequency: Assoc Fee Includes: Road Frontage: City Zoning: Residential- Single Accessibility: None Remarks Public Remarks: SUPER TREED AND FENCED YARD. HOME IS NEED OF HANDYMAN, UPDATES, REPAIRS AND ATTENTION. SOLID STRUCTURE. TWO BEDROOMS. SUN PORCH ON FRONT. DETACHED ONE CAR GARAGE. BEING SOLD AS IS. QUICK POSSESSION IS POSSIBLE. Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Gravity Living Rm Main 12X12 Porch Main 17X5 Fuel: Oil Dining Rm Air Cond: Window Family Rm Bathrooms Water: City Water In Street, Kitchen Main 12X9 Total: 1 3/4: 0 1/4: 0 -Well Bedroom 1 Main 9X9 Full: 1 1/2: 0 Sewer: City Sewer Connected Bedroom 2 Main 9X8 Garage: 1 Bedroom 3 0th Prkg: Bedroom 4 Pool: Bath Description: Main Floor Full Bath Dining Room Desc: Eat In Kitchen Family Room Char: Fireplaces: 0 Fireplace Characteristics: Appliances: Range, Refrigerator, Washer Basement: Full Exterior: Shakes Fencing: Chain Link, Full Roof: Asphalt Shingles, Pitched Amenities -Unit: Kitchen Window, Porch, Washer /Dryer Hookup Parking Char: Detached Garage, Driveway Gravel Special Search: Main Floor�Bedroom Owner is an Agent No 2 of 2 05/03/2008 4:18 PM. a y 11 Mr mil i U PJ OFTlI bLarivi LOZ7.cum a F r INIO r rMLS.cc►rn Cirt�� t� r`14tt1 f0tlr 1, OGIS Property Data System City of Brooklyn Center <Files on BC Server -C: 1Prograrn f ilesV op.i-.%P[)S cs Property K) Houser Street Name Unit 1 Muti- Address record(s) on fib Tood x: i JXA1K 3 Phato(s) on file 02- 118.21.44-006 Address: 1530T 1 Sketch(es) on tic Logged on Leer: +IA 1 Parcel Such 2 Char 3 Print 4 Vow Photos Assessor s on fie fAsses�n -.M Brenn* fPDSJP 4 Special Assessment Comments on file Parcel Stab ACNE i Parcel Administration, ,Vak*s Administration1 Values Information Save Clear D61ete Newer Tot, IftlMV Homestead Update Last Apposed Year Upd+ NeroaYear Assessment Year: 2006 Va:iorx f j Ctnent Z LW Update Tax Capacities Update Sates Adrrrrnstration PID 02118.21.44 DOGS Subrecord: I of 1 Prop Type. R ResideMral 4 v Last Appr Year 2004 i 6 Characteristics Prim/Sec CD v PIS PID: Coop CD y Coop PiD Exempt Deferred Information Miscellaneous Information r Homestead Information► Land Inspections r M i Resrder�tral i v t Notice Sent P Partial Carat P Hlnat CQ Pd Owner: 100 Commercial Industrial MuIWFan* T v I A9l1,se r EMV r Mid Yew Hmst Hmst Rtn •r Reid Card Print Year r 1OAcre f­ Corho Intl r Rel Hmst Hmst FTP' L. v L) CAMA Cj SpaaatAss awmts r 320 Acre IF Proi Nbr: r Hmst CRV Filed Reports andfr4LM" District: F Neigborhood IM r MinAmss Last Sate: 6/2!#!2005 4134200 System Reports Property f /t System Reports Assessn Market Values 24 Value History Records I e Local Reports Land 68.800 Improve 51,700 1 Year! Sub' Ver Land BId� _Total Mkt Imp Ant Ad Hoc query 2008 1 1 73-W 1702M 243.700 0 �e LOGIS Map 91dg 124.400 LMV: 165,300 'e 52.6 245 2007 1 1 70,000 175 Public Property Summary ,200 .200 00 Mach: TOH: Non-Pubk Property Sumr Database Utilities E 2006 1 1 t 53,000 88.500 141500 0 1 WO I _...._r_ M., i 2004 1 1 37,3W 3.. 90 60 01 11 7,900 0 Tax Caps* 2003 1 1 27.300 79300 106,£00 0 t_. Do Not Calc Tax Capacity Tax Capacity: 1.663 2002 f 1 1 27.700 64,000 91.700 00 2001 1 l �1 26,100, 56.900 83.t 0 Trial Marks Valuer 2000 1 1 22.900 31.900 54.900 0 Lair 60,000 Totek 148500 1999 1 i 21500 31,900 53,400 0 8 k# 88.500 1998 1 1 21 AM i 32.400 53400 0 I t 1 f Lc18tn t. �l#� 49R w 1,061S Property Data Sr. tern City o f 13ro C en t er Fil cs on Property 0) House* Sheet Name tit 1 Mu&Address recorcKs) on fk TodWs :1.04 OiK 008 3 Phato(s) on fle 1' :02-118-21-44-M J Address 5307 v 1 1 Skelch(es) on fie Logged on tow. BRB*K Assesses '""art' on five tAssessino A Brame P e tPDS 1 Parcel Search 2 Clear 3 Print d View Photos A" Assesment Commends on tie parcel Status; ACTIVE t ParcelAdministration k3 Values Administration Vakres Information Save Clear X Delete Near Sub TOH Ift I.MY Homestead Update Now Year O7 Last Appraised Year Upd4 Assessment Year. 11 2007 2,00 f eusion. i Currenk Q LMV Update Tax Capacities Update TOH PID: !02.1 Sutxecark j I of 1 Prop Type: R Residential 4 Las! App; Year. 12004 Sales AdnwYS estoon PID. Coop PID A Propedy Characteristics Prim/Sec CD: v i /S Land Inspections Exempt Deferred Information Miscellaneous Infoation Homestead Information Residential Code: j v R Notice Sent P PafW Cast P Hmst CD Pet Owner: 1100 Commercial Industrial �1 Multifamily Type! v r Ag Use r' EMV r Mid Year HrrKt Hmst Rtrr Field Cad Print Yes: 10Acro f Cordg Ind I Hmst FTP Rel Horst N CAMA 32o Ace f Hmst CRV Filed i,,;) Special Assessments IF Proj Nbr. Repot: and lrxµries District Neighbahaod 10054 f Min Assess Last Sal 6/2912005 $134,200 1 System Repels Property Market Values 24 Value History Records System Reports Assessn I Local Reports Land 70.000 ImptaveArrk 55,600 Yelx ;Sub Vet Land,:.,. III Total Mkt Imp A t �t Ad-Hoe Query 2008 1 1 73 00 1711,200 243.700 0 LOGIS Map Bldg 175200 LMV: 242.600 !G Public Property Summary Mach: TOW 2006 1 1 1 68 800 1 124.400 193.200 51.700 Non•P Property Surrx 1_ 80 6 117,900 0 �J Database Utixties Tax Caoacily 2003 1 1 27300 78 0 f" Do Not Cal Tax Capacity Tax Capacity: 2,426 2002 1 1 27.700 64, 0' 91,700 x 0 2001:1 1 2'6,100 56900 83. 0 TriafMarketVaiwes 2000 1 1 22900 31,900 Lan j 72.900 Total: 1 197,300 1999 1 1 21,500 31.900 53,4001 ._w. 8 124,400 1998 1 1 21 A00 32.400 5310(1 0 A 297 --J Urot 1 Mt 1- Address record(s) on fib Today`s deter 404M Property ID Houses Street Name WAI -Address on Release: 1 114,01 02118-21-44- �i Address: 5307 c +x s 'Y 1 Sketches) on fie (Asses JM ere" (PDSR rrOmmerfts On }ib SNe PID 1 Parcel Search 2 Clear 3 Pint 4y'iew Photos I S�cW sessmer�t Go tl oewts on fie Parcel Status: ACTIVE E: Parcel Adrrriv*ation !4 Pa cal lnfomation Assessor CommerAs Save Q !Clear (?able New Sub TON IMV _v..- Parcel DOfirkrirg initial Assessm�ert Temporary PID Updat Asse:rament Year. 2008 i Cunnt Y� Pr*ct Update As:essa Irwuiry SubesrArct 1 eef 1 Prop Type: R Residential v LastAptx Year: 12004 0 Taxpeyed nq* PID: 02.116.21 -44 -0066 x Values Admirristtelion Coop Coop CD: r PI D: 1 Valdes information PrimlSec CD: v PIS PID: Homestead Update Miscellaneous Iriformation Homestead Irifor low Last ApptafaedYem L Exempt Deferred Infexmation F R Notice Sent W Partial Const NO HoW CD Pet Owner: 11 00 4` LMV Update Code: v Hmst Rtrr v► Tax Capaclies Updab Ag Use F EMV r Midyear Hmst TOH Update Type: SabsAe}nxrxstraRan r F' 10 Acre Coat Ind r Rel Hmst Hmst FTPL N Year. Safes Irdormation r 320Acra r Hmst CRY Filed Sales Ratio: IF Prq Nbr: Cw4mables Wormab District N6001hooed 10054 F" Min Assess Last Sale: 8129!2005 $134.200 MnMax Coles MarkesR Values 24 Value History Records PricelTimeAefjustmen Total Mkt 1 AK I Weight Parameters Lana 1 73.500 improve Amt ;Year Sub Vat Land l w Comparables Batch U Propedty Cheractreratica B ldp 170.200 LMV: 2007 1 io 000 175 2E10 2452W' 52,600 Y_ Land Mack I TOW 20061 1 1 513 6001 124.4001 193200 51,7 Inspections 2005 1 1 53 000 _98.� 1 _z 141,50(1 -_Q es RW"at 2004 Y 1 1 37,300 80.600 i 117.900 0 CorrxnemW Induatne 2003 1 i 300' 7$300 105.800 0 cit4r TaxCapa v._ 27 Mule Famiy y 1 1 27 700 64000! 91,700 0 Field Card Print F Do Not Cale Tax Capacity Taxes 1 2437 i 2001 1 1 26100 56.9W 83,OOD r 0 F` LAMA Trial MatketValuea 2000 1 1 F 2233 319001 5400 0 CAMA ingt*y Market Vakee Resider Land 73.900 Totak 248,700, 1999 1 1 219A0 21 0 Market Vakee Cornmer 1998 1 1 21.000 32.400. 53,400 0 Bkfpr 175 200 t MmkrAV Ob. rA�r+Mrr4i•Fn ter» 432 1.x._. 1.9.8E t ?i1 Report Name: City of Br Center Printed: 4/8/2008 Sales Comps Details Page: Sales Comps Details Subiect Como, COM ComO PID 0211821440066 0111821220009 2511921320052 0111821220079 Address 5307 Knox Ave N 5900 Emerson Ave N 7234 Humboldt Ave N 6033 Girard Ave N Weight 192 155 154 Neighborhood 0054 0054 0052 0054 District I Sale Price S 134,200 S269,900 $238,000 $220,000 Sale Date 06129;2005 1011 i2007 1013012006 )0/2512006 Year Version 2008 200811 2007 2007/1 Price Per Sq. Ft. S57.84 5159.89 5148.75 $138.19 Dwelling Type Single Family Single Family Single Family Single Family Style Two Story Two Story Two Story Two Story Property Area 11.900 9,986 10.530 12.730 Actual Age 2005 2003 1968 1954 Effective Age 2006 2006 1990 1975 Quality Class A04 A04 A04 B05 Ist Floor Arcs 940 840 832 1 Total GBA 2,320 1.688 1.600 1,592 Basement Area 940 840 768 912 Basement Finished %j 75% 75% 70% 1 st Floor Clear Ht Total Bedrooms 7 5 4 3 Total Bathrooms 3 4 3 2 Garage 1 Floor Area 440 480 440 440 Garage 1# of Cars 2 2 2 2 Garage 1 Placement Attached Attached Attached Detached Walkout Type Air Conditioning Central Central Central Central Pool Area -Total Fireplaces 1 Deck Area -Total 444 Porches 90 108 256 Dormer Length River Lake Intluenees Thru Street C.ho►rac,�tr� s�ic.s 5 how 5 u 6 j eck a S �hi sN �fr�e+`.hrre„ lg City of Brooklyn Center, Minnesota 6301 Shingle Creek Parkway Brooklyn Center, MN 55430 -2199 (763) 569 -3310 FAX: (763) 569 -3337 TDD: MN Relay 711 2008 Notice of Valuation and Classification For taxes payable In 2009 This is NOT a bill Property Identification Number: 02- 118-21 -44 -0066 Property Location: 5307 Knox Ave N Abraham Montemayor Lizeth Montemayor 5303 Knox Ave N Brooklyn Center MN 55430 The values indicated are for the January 2, 2008 Assessment for taxes payable in 2009. The prior year data has been included for comparison purposes. Assessment Year 2007 Assessment Year 2008 #For Taxes Pavable in 2008) (For Taxes Pavable in ;009), Property Classification: RESIDENTIAL RESIDENTIAL HOMESTEAD HOMESTEAD Estimated Market Value: $245,200 $243,700 Limtted %larket Value $242,600 Value of New Improvements: $52,600 This Old House Exclusion: Taxable Market Value: $242.600 $243.700 i Est. Market Value Deferred: Amealinta the Value or Classification of Your Property Appeal Option 1 Call Local Assessor If you believe the 2008 estimated market value and/or classification of this property has been determined incorrectly, you have the right to make an appeal. Inquiries concerning valuation or property class should first be d irected tg�rour�ssessors Office. This is an important first step of the appeals process. Many times questions and concerns can be addressed informally, prior to the Local Board meetings. You should contact the Brooklyn Center Assessors Office at (763) $69 -3310. Appeal Option 2 Boards of Appeal and Equalization i p #1 C ityytf B rookivn CentqLftard of Appeal and Eg ualizatioU if you believe your value or classification is Incorrect, you may bring your case to the Local Board of Appeal and Equalization. You may appear in person, by letter, or be represented by an authorized agent. Please call your Assessor's Office first, an application is necessary. It is required that you first attend the Local Board prior to attending the County Board of Appeal. The Board convenes at 7:00 PM, on Monday, May 5, 2008, in the Council Chambers, City Hall, 6309 Shingle Creek Parkway, Brooklyn Center, MN 55430. 11yarj yvish to n1de an appeal before the local board. an application is re gui[ed na later thAp FridayApril 18. 2008. p„ ft Hep County„Boafr_gj„ 2peal an Equalization The County Board of Appeal and Equalization begins on June 16. 2008, at the Hennepin County Government Center, 300 South Sixth S, MN 55487. Application is required no later than June 4.2008. lgjW pear before the C Qoardyou n;ust have appeared before the Cltv of Brook/vn Center Board of Appeal and Eaualizatlon. Phone: (812) 348 -7050. [TTY (612) 348 -3461 Teletype] Appeal Option 3 Minnesota Tax Court For information on the Tax Court, contact: Minnesota Tax Court, 25 Reverend Martin Luther King Jr. Blvd.. Room 245, St. Paul, MN 55115 Phone: 651 296-2806 [TTY Relay (800) 627 -3529 Teletype] Web site: www.taxcourt.state.mn us Small Claims Division You may take your case directly to the Small Claims Division of Tax Court if: The assessor's estimated market value of your property is less than $300,000; or The entire parcel is classified as a residential homestead (1 a or 1 b) and the parcel contains no more than one dwelling unit: or The entire property is classified as an agricultural homestead (2a or 1 b); or You are appealing the denial of a current year application for homestead classification of your property. Regular Division Regardless of your property type or the nature of your claim, you always have the option to file directly with the Regular Division of Tax Court. You have until April 30, 2009, to file an appeal with the Small Claims Division or the Regular Division of Tax Court for your 2008 valuation and classification. 2P MINNESOTA- REVENUE www.taxes.state.mn.us My House is Worth What Property Tax Fact Sheet X Why doesn't the assessor's value reflect the 3. There is no "correct" price for real estate —but sale price of my property? rather a range of prices. The ultimate sale price of a particular property depends on 1. There is a lag between the time of the assessment and its unique characteristics as well as the complex when the sale takes place. motivations and preferences of the seller and potential buyers. If that weren't the case, Realtors and sellers would An appraisal is an estimate of property value based on never have to reduce listing prices, offers from multiple historical data at a set point in time January 2 of each year buyers would all be identical, and professional appraisals and the market can change dramatically by the time the would all arrive at the same value. In reality, list prices property is sold. often misjudge the market, offers are negotiable and can For example, consider a property valued at 180,000 as of vary widely, and appraised values may be disputed. January 2, 2007. This assessment is based on home sales that occurred between October 2005 and September 2006. 4. No two parcels of property are identical However, the property may sell for 5230,000 in August 2007. Does this mean the estimated value is incorrect? Not Estimating the precise value of a property that is based on necessarily. It could signal an upturn in the housing market dozens, if not hundreds, of characteristics is very difficult. between September 2006 and August 2007, raising the sale Even nearly identical properties (e.g. adjacent townhotnes price of the home. or condominiums) often sell for different amounts. 5. Real estate markets are highly localized and always changing. Sale prices of different types of properties can vary widely. This lag time often results in a dramatic difference between Currently, farrriland and recreational properties are rising in actual sale prices and the estimated market values for the" value and sales are strong, but residential sales arc stable or current year. slightly declining in several areas. Some neighborhoods are declining at a much faster rate than other areas, which may be stable or slightly increasing in value. 2. Properties can change over time. While values can fluctuate on an annual basis due to sales 6. Fewer sales mean more challenges for assessors. of similar properties, Minnesota law requires that properties In many markets and for many types of property, there are only be inspected once every five years, unless new few sales of comparable properties. This can make construction or demolition takes place. Between those accurate market assessments more difficult but the assessor inspections, properties may be unproved without the owner must still use his -'her professional judgment and knowledge obtaining a building permit or they may deteriorate if to estimate market values on an annual basis. This may neglected These changes can be difficult for assessors, mean looking at sales that take place outside the study time who see only the exterior of the home, to consider in their frame or in a neighboring city or township. annual c mivations Property Tax Division Mail Station 3340 St Paul. MN 55 146-3340 This fact street is intended io help you become tnot familiar with Minnesota tax laws and your rights and responsibilities under the laws. Nothing in this fact sheet supersedes, alias, or othcwise changes any provisions of the tax law, adminimtive rules, court decisions, or revenue notices. Ahernative fomtats available upon rtegtusL Revesea 108 Minnesota Revenue 1 08 em`+ l uctu Total ots ck porch antral Qe �dxm �65,0� Alf Are o Area 2 6srr1 N 0 ar 1.aca�o 140 Finish 1 cash Equiv. esmt Are petache Total Sale price Age C 64 6b h total the Sate qat 169,5 Sty 1940 6 poet 17 ertY tral Oe gdrm_ oaths 111 5ubl rop �arobler t. 181200 Gen a ect p Area 1 7 153. Are 2 61 121. r r t Alf 0 1 5303 Kno 0 as+ cars 0 0 2 1 Add 9(2712007 ��,ter� MW h $ouE fast 1 2 5/ Yes 17 51W 2007 Gar l�abon 0 2 1 6 1 �jnlsh N° Rambler Sales es,nt Area 70°4 Attached 1 0 0 ara ble P8e G 14 Yes 594 Oetathed 2 yes Coup 0 ached I Stre Wa'm Ra tiler 1 14 728 72 0 8 a ath�d 1 OuP °nt Ave N 1t Rambler 1938 764 778 5046 65. 5432 Rambler Rambler 1951 718 Bryant Ave N ,rage 5 1 2p0 n or g 5 00 5 5s� g structure value v a lue °n 53 Knox 7733�� 07 5 20 2008 partial structure 20081and value TEO MOka VALUE jOTAi-2008 E5T1MA I i a y 3 r D ti y F x. i w A 1 i xfi 4' s M1 1 +i» c i ry�4,y. Ial r K q t x ti pt f e �W r g, -,P IP o l law Ij Y p f ti F e r L t J r' s 1 t x IF P t r .x E x fi is y 4 ar 7 q 2 S 4 4 �i CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2008 Assessment APPLICATION FOR APPEAL March 17, 2008 through April 18, 2008 You must return this application by April 18. 2008 to be placed on the Agenda for the Local Board of Appeal and Equalization May 5, 2008, 7:00 P.M. Name(s) 0 a-+v�Q r i c e cv {'t 0'1 r"a'S -S Daytime Contact Number: 6 6 Z- 3 a, ,ri b S I!w> Property Address Ei t I Q C�i� k S it C�Jt�S Property Identification Number a 1 2008 Estimated Market Value 51876 a g 5 J les essoc re&cb$o� 3 What is the reason for your 2008 assessment appeal? e" v"`l'jo- When did you purchase your home? Date of Purchase qq t Purchase Price -0 ,50, oo0 Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. -ac O Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? (Ye3 or No If so, what was the determination of value? Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required. I I I Review Of 4741 Twin Lake Ave PID #10 118 2132 0043 For Randy Snodgrass 2008 Board of Appeal and Equalization R "9 City of Brooklyn Center A Millennium Community TO: 2008 Brooklyn Center Local Board of Appeal and Equalization RE: Randy Patricia Snodgrass 4741 Twin Lake Ave Brooklyn Center, MN 55429 Mrs. Snodgrass contacted the Assessor's office on April 4 2008 regarding the 2008 valuation notice. Her concern was the valuation of the home located at 4741 Twin Lake Ave. She felt the 2008 estimated market value of $222,300 did not represent what this property would sell for in the market. She was directed to schedule an interior review with an appraiser and have a market analysis completed by a local realtor. To date, the assessor's office has not received any market information from Randy or Patricia Snodgrass. An appraiser from the Assessor's office completed a physical review of the property on April 14 2008 and made several changes to the characteristics. These changes represented a value reduction of $3,800 to the property. This reduction would bring the estimated market value to $218,500 for the 2008 assessment. Mr. Snodgrass was called April 14 2008 with an offer to reduce the 2008 estimated market value from $222,300 to $218,500. Mr. Snodgrass declined this offer, and indicated his intention to continue his appeal. In reviewing sales of comparable properties, The reduced 2008 estimated market value on this property of $218,500 falls within the indicated range of adjusted sales. The enclosed grid indicates a value range for the subject of $217,500 to $224,400. In addition, a Twin Lake Ave sale from July, 2006 has been included for your information. This sale had included a structure, but the structure was razed, and the sale is representative of lake lot values on Middle Twin Lake. It is staff's recommendation to reduce the 2008 estimated market value of $222,300 to $218,500 for taxes payable in 2009. Respectfully, G� Nanc SAMA City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 www.cityofbrooklj•ncenter.org SUBJECT PROPERTY 4741 Twin Lake Ave Rand Snodgrass Y 9 PID# 10 118 21 32 0043 I !r g K I Land Characteristics Land Area 7,957 sq. ft. Lake Frontage 56 ft. 2008 Land Value $177,700 2008 Building Value 44.600 TOTAL 2008 EMV $222,300 Building Characteristics Style: Rambler 560 sq. ft. Main Level Room Count: 4 1 1 Full Bath Below Grade Room Count: 0 0/ 0 Bath Garage: None Fireplace: None Porches /Decks /Misc.: Deck Central Air Conditioning: None Hennepin County Property Map Print Page 1 of 1 Hennepin County Property Map Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. i I 1 17.2 7 475 4758 4748 (45) 0-1 A s 4747 4740 a 4 t rn rn N �rJ (44) w ,p LU 3 116.56 4741 0 4734 YP x g 12 N M z �g -4 �`k�} 21 t 4729 a (42) 1 3 115 4718 4725 C n )i (41) 14 116.43 r S89 0 51'23 "E y 'I 4708 M Selected Parcel Data Date Printed: 4/21/2008 1:30:49 PM Parcel ID: 10- 118 -21 -32 -0043 Current Parcel Date: 4/11/2008 Owner Name: R P P A SNODGRASS Parcel Address: 4741 TWIN LAKE AVE N, BROOKLYN CENTER, MN 55429 Property Type: RESIDENTIAL LAK Sale Price: $160,000.00 Homestead: HOMESTEAD Sale Date: 09/1996 Area (sqft): 7957 Sale Code: Area (acres): 0.18 A -T -B: ABSTRACT Market Total: $220,600.00 Tax Total: $2,955.26 http:// gis. co. hennepin. mn. us/ HCPropertyMap /Locator.aspx ?PID= 1011821320043 4/21/2008 liv LOGIS Property Data System City of Brooklyn Center <Files on BC Server:- cCAProgram FilesU-ogis%PDS cs:- Property ID House# Street Narne Unit 2 F'tioto(s) on file Today's date: 4 21)2008 1 Sketch(es) on file Release: 1.04.01 K il 0 118 21 32 004 Address 14741 T win Lake Ave i Logged on user: JBRENNA i Pssessina -Jill Brenna fPDS)P Single PID 1 Parcel Search 2 Clear I 3 Prink 4 View Photos Parcel Status: ACTIVE Parcel Information �j o Informatio Parcel Assessor Comments Parcel Divisioning 61 Save D Clear Delete New Sub 11 TOH gQ LMV Temporary PID Updat Initial Assessment Project Update Assessment Year: 2008 Version. -I Current: Assessor Inquiry Taxpayer Inquiry El Values Administration PID: 110-118-21-32-00431 Subrecord: f r 1 H of 1 Prop Type: RL Residential Lakeshor v Last Appr Year: 12005 O Values Information Homestead Update Prim /Sec CD: I v P1S PID: Coop CD: v I Coop PID: Last Appraised Year L LMV Update Exempt Deferred Information Miscellaneous Information Homestead Information Tax Capacities Updab TOH Update Code: v I W Notice Sent f Partial Const Hmst CD Pct Owner: 1100 r Sales Administration Type: v l f Ag Use f EMV r Mid Year Hrrist Hmst Rtn: I v Sales Information Year: f 10 Acre f Contig Ind Rel Hrr�st Hmst FTP: I N Sales Ratios Comparables Informati F 320Acre IF Proi Nbr. Hmst CRV Filed MinMax_Codes District: ``TL Neighborhood: 10056 hAinAssess 1 F Last Sale: 9.111996 $55,000 Pricef T ime Adjustmen Weight Parameters Market Values I I 24 Value History Records U Comparables Batch I 177 700 p Land Bldg Total Mkt Imo Amt. Land: Im roveAmk: Year ;Sub' Ver Property Characteristics 1 j 1 j 177,700 44,600 222,300 0 Bldg: 44,600 LMV: Land 1 I 2007 1 1 I 155,000 6 5,600 220,600 0 Inspections p i Mach: TOH; i 2006 1 1 143,900 66,200 210,100 0 Residential Commercial Industrie Total: 222,300 Taxable Mkt: 222,300 2005 1 1 123,90 71,900 195,800 0 Multi- Family 2004 I 1 1 123,900 70,300 19 _0 Field Card Print I Tax Capacity 2003 1 1 85,000 69,200 154,200. 0 CAMA 2002 1 1 59, 50,800 110 ,000 0 f Do Not Cale Tax Capacity Tax Capacity: 2,223 CAMA I nquiry 2001 1( 1 j 59,200 I 50,900 110,100 0 Market Value Resider Trial Market Values I 2000 1 j 1 j 5 3,900 1 26,200 80,10 Market Value 0 rner �s Land: 162,700 Total 228,300 1999 1 1 50,800 26,200 77,000 Ll Market Value Multi -Fa L C� RarF TahIFC I and v! Bldg: 65,600 1998 1 1 47,800 28,900 76,700 0 1 97 1 1 A inn 7d 5nn (I F 4 LOGIS Property Datd System City of Brooklyn Center cHles on OC Server 3- cCAPrograrnFitesVLogis DS Property ID House# Street Name Unit 1 2 Photo(s) on file Today's date: 4123 2008 1 Sketch(es) on file Release: 1 .04.02A 10 18 1 32 0043 Address: 4741 Twi Lake A ve Logged on user: JBRENNA (Assessina Jill Brenna (PDSaP Single PID 1 Parcel Search 2 Clear 3 Print 4 View Photos Parcel Status: ACTIVE Taxpayer Inquiry CAMA Inquiry A Values Administration Values Information Homestead Update Assessment Year: 2008 Manual Assessment Manual Land: Last Appraised Year L LMV Update Building Land Summary S Tax Capacities Updat, Dwelling Type: Single Family Quality: B08 Style: One Level/Rambl TOH Update L) Sales Administration Total GBA: 560 Age: 128 Zoning: IR2 #:J Property Characteristics Land Basic Rate: $68.00 Inspections Adjusted Rate: i $70.04 Ext. Wall is 0.0 Shape is 3.0 Residential I Commercial Industrie Adj. Rate GBA: $39,222 Add Basement: 1 $1,200 80 SgFt Co) 1$15.00 a Multi- Family Ded. Unf.GBA: I $0 0 SgFt 1$30.00 Field Card Print CAMA Adjusted Total: $40,422 CAMA Inquiry Market Value Resider, Additive Amount: $8,420 Garage: $0 Dormers: $0 Patio Doors: j $1,000 Market Value Commer Market Value Multi Fa Walkout: $0 Air Cond. $0 Decks. $1,920 Rate Tables Land Patios: $0 Porches. $Q Pools: $0 Rate Tables Resider Baths: $:5,500 Fireplaces: $0 Fin.Bsmt: $0 LAMA Land p CAMA Residential Total Cost: $48,842 Kitchen: $0 Special Assessments Search Adjustments X -8.5 Depreciation a: -8.5 Influences 0.0 Master Information Comments Functional 0.0 Economic X 0.0 Reports and Inquiries, System Reports Prop Building Value: $44,600 LAMA Bldg. Mkt. Value: $44,600 �s System Reports AssE Local Reports Flat Values: $0 Land Mkt. Value: $177,700 Ad -Hoc Query Total Mkt. Value: $2� 22,300 alit I of ic; man AM 1 GIS Property D ata System City of 1 N Broo Property ID House# Street Name Unit 2 Photo(s) on file Today's date: 40 X2008 1 Sketch(es) on file Release: 1 .04.01 K Il 10. 118 0043 Address: 4741 (_I winl_ake,Ave Logged on user: JBRENNA i.___..._..__— L __-J l fAssessina Jill Brerma fPDSfP Single PID 1 Parcel Search 2 Clear 3 Print 4 View Photos Parcel �'tatus: ACTIVE Parcel Administration A Parcel Information Assessor Comments Parcel Divisioning Assessment Year: 2008 Manual Assessment Manuall-and= Temporary PID Updat guildin Project Update 9 Land Summary Assessor Inquiry Dwelling Type: ]Single Family Quality: IC10 Style: 10ne Level/Rambler Taxpayer Inquiry EJ Values Administration Total GBA: 560 Age: 133 Zoning: JR2 Values Information Homestead Update Basic Rate: $66.20 Last Appraised Year L Adjusted Rate: $68.18 Ext. Wall o: 0.0 Shape 3.0 LMV Update Tax Capacities Updat, Adj. Rate' GBA: $38,180 Add Basement: I $1,200 80 SgFt J$15.00 TOH Update Ded. Unf.GBA: $0 0 SgFt J$30.00 !J S ales Administration Sales Information Adjusted Total: $39,380 Sales Ratios Comparables Informati Additive Amount: $6,920 Garage: $0 Dormers: $0 Patio Doors: $1,000 MinMax_Codes Price /T ime Adjustmen Walkout: $0 Air Cond: $0 Decks: $1,920 Weight Parameters Patios: so Porches: $0 Pools: $:0 Comparables Batch U Property Characteristics Baths: $4,000 Fireplaces: $0 Fin.Bsmt: g:0 Iz Land Total Cost: $46,300 Kitchen: $0 Inspections Residential Adjustments 11.7 Depreciation is 11.7 InflUences *X 0.0 E Cornrnercial I I ndustrie Multi- Family Functional 0.0 Econornic 0.0 Field Card Print CAMA Building Value: $40,800 C.O.O. Bldg. Mkt. Value: $40,800 LAMA Inquiry Market Value Resider Flat Values: $0 Land Mkt. Valu $177,70 Market Value Commer Total Mkt. Value: $218,500 Market Value M lti -Fa v I City of Brooklyn Center PID: 10- 118 -21 -32 -0043 Property Type: RL Residential Lakeshore Residential Field Card Property Address: 4741 Twin Lake Ave Zoning: R2 Printed: 4/21/2008 Lot Block: 003/004 Dwelling Type: Single Family Assessment Year: 2008 Addition: Lakebreeze Addition Hennepin County, Owner(s): Randy &Patricia Snodgrass Version: I District: TL Model: Neighborhood: 0056 rd Floor Total Rooms Dimensions Zoning: R2 Partial Const Pool l Area: Spa: Interior: Length Width Sq Ft Area Rating: Excellent Model: Quality: Dix: Trim: Bedrooms: 1 24 20 480 Site Rating: Very Good Dwelling Type: Single Family Pool 2 Area: Full: 1 Fair Floor: Baths: l 8 10 80 Land Quality: A01 -Land Adjacent Property: Positive Quality: 3/4: Avg. Clear. Height: Family: 0 0 0 0 Contamination: View: Positive_; 1/2: of Fireplaces: Amenities Living: 1 0 0 0 Flood Plain Map Ref: Arch. /Appeal: Average Ist Room Count Fplc Quality Dining: 0 0 0 0 PUD Ref: Quality: CIO Bedrooms: 1 3rd Baths /Quality) Kitchen: 1 0 0 0 Allowable Units: Shape: L- Shaped Baths: t S Ocher. 0 0 0 0 Excess Land (SgFt): Style: One Level/Rambler Family: Dix: Total: 3 "Zoning Variance: N Construction: Wood Frame Living: I Full: Frontage: 56 Exterior Walls: Masonite Dining: 3/4: Left Side: 122 Exterior Trim: Kitchen: 1 Rear Side: 56 Roof Type: Gable Area (SgFt): 80 Other 1/2 r/ Date: 09/01/1996 Right Side: 122 Roof Cover: Shingles Type: Regular Total Rooms: 3 3rd d Room Count Price: $55,000 Effective Width: Window Type 1: Casement Finished Bedroom,: Code: 99 Effective Depth: 122 Window Type 2: Gliders Quality: Baths. Desc: Conversion -X Sales Effective Water: 0 Air Conditioning: No X of Fireplaces: Interior: Other: Trim: Total Rooms: last Inspection' Property Area (SgFt): 6,832 Dormer Length: Fplc. Quality: Acreage: Dormer Quality: Avg. Clear. Height: Floor: Appraiser ID. 21 Park: Patio Doors: 1 Elec. Svc: Standard Avg. Clear. Height: Appraisal Date: 04/14/2008 Park Quality: Htg. Svc: Hot water, electric of Fireplaces: Res. Cond: Average Reason: Appeal On Lake: AVERAGE W.O. Type: Fplc. Quality Int. Layout: Standard Result: Interior Garage #1 Manual Assess: N Lake Quality: Very Good W.O. Quality: 2nd Baths /Quality) On River: Placement: Actual Age: 1942 River Quality: of Cars: Spa Effective Age: 1975 Floor Area: Basement Baths /Qua1. Dlx: Renovated Age: Appraiser ID: Landscape Quality: Average Condition: Full: Functional Spa: 3/4: o Appraisal Date: Exterior Walls: Dix: Economic /o A Full: 1/2 Gas 2nd Rom Count o Building Areas Reason: g P Irregular Shape Placement: 3/4: Unfin. Ist GBA: Paved Street of Cars: I/2: Bedrooms: Unfin. 2nd GBA: Result: Sewer Available Floor Area: Basement Room Count Baths: Unfin. 3rd GBA: Water Available Condition: Bedrooms: Other: Unfin. GBA: Left Tag: Yes/ No Exterior Walls: Baths: Total Rooms: 1st Floor Area: 560 Family: 2nd Floor Area: Glazed lazed Area: Kitchen: Total loor Area: 560 Desce. Quality: Screened Area: Total Rooms: uali Int1t F N Open Area: Comments �s Quality: Kitchen Rating. Standard METAL SHED =N.V NEW CERAMIC FLOOR IN KTCH. MANY NEWER WINDOWS PATI O DOOR TO Interior: Paneling LAKESIDE. BSMT UNDER ENTRY AREA. EXT IN FAIR COND 08, PEELING SOFFITS GABLES, Patio Trim: Painted EVIDENCE OF SOME ROTTING IN VALLEY'S. SMALL BATH IN FAIR COND. LR WALLED INTO TWO Patio I Area: Floor: Carpet ROOMS, MAKING DR LR. (LR USED AS BR). Quality: Avg. Clear. Height: Patio 2 Area: of Fireplaces: Quality: Fplc. Quality: Deck 1 Area: 240 Quality: Average Deck 2 Area: Quality: City of Brooklyn Center PID: 10- 118 -21 -32 -0043 Property Type: RL Residential Lakeshore Residential Field Card Property Address: 4741 Twin Lake Ave Zoning: R2 Printed: 4/21/2008 Lot Block: 003/004 Dwelling Type: Single Family Assessment Year: 2008 Addition: Lakebreeze Addition Hennepin County, Owner(s): Randy &Patricia Snodgrass Version: 1 District: TL Model: Neighborhood: 0056 deck 24 240' 24' 24' First Floor 560' 0 0 t N N g' 6 1 Basement ao 10 10' 10' Sketch by Apex IV- GUMPARAtdLE AUJw I J SALES Cot #2 470 Twin Lake Ave pit) �1pENT {SA OF 020 APPRA 10 118 21 32 4725 Twlri Lake Ave .a COMP. #1 10 118 0041 1 Y 21 32 2007 to 2DD8 ann a owin r,om ke Ave a ve,asa e` SUBJE 4825 Twm La Randy Snodgrass 1 p 118 21 32 0050 ake Ave sd NAME 4741 TWinL ADDRESS 10 118 2A 32 00 F E PRICE IPID t $417 0�anome AaWstme^t Sale Price nce1 368,000 tAdi^sted lot F IN 5417,000 I',OPBM1Y PhetoO,aph 1538,900} SALE DAiE $220,000 5368,000) Qct 06 Aa �Pa (b4, $378,100 q E a,AS10� R 52200001_ (5C 07 SM 1 53000) 5363,1 81n+ r Fr Was a166- SALE PRICE oct-0� e• t° Tv Noar'd erode pd}usime^t %217,000 RarrJt (533,300) S t Pinang ^9 glptllar Lak, Fronk Sale Price ancel 7A186QR,66R 126yRR811 gATt uslod ro, Pm 000 mblar 5,10 000) Y�R l SWL ,0001 ND S Front $b (%44 ICD SALE DATE Stir lAko 1SPa� 128Sth %50,000) CLAIJTr 1 R 6 t 8 1 s1r1>•" 4.621 ,y8126ara+aaa Sale Price Ra dr (52,0001 FIREPLtf Vary Fu11 SuMN 1 ;Z�OOQI T 1 A1RC IAdlusted for Time) 7 s4a 1 0R 1 wp, 1 T 1 LOCATION T 7.16 RatIK 6'r0 SAR i s 11 SNQ hyor 1 SoPor lam— Ow OFA 1 CAG (s17.20Q) ON g�TE i FRO. 1 R ISO wis $Ty LE 8110 a4R Ali 1 pN11 0 1 1, %2 ti 1828 pfA I CAC 96% 131314 1 t58rp0 NRIEs 1, 1 g�E i f.1 AO- Grade 1 Fu8 gl�lar 1 slrnw 000 ft 0) .1 (%1000 LING Room Comd 1 SR i�2 280 a4 %4s8 car r A OO"" DE 0 %7 000) w W,j rlkoul f, C- BAT11a For I Avao9d 3FA Ballt (i 0,000) OTNER 0 CarTU (%153,700) a Net AdlUstmo ^1 YEAR BUIL 10 1cDND n 0A PLACES 11W� 678 3t48� %$'0001 1 n FIRE 48 16.4121 4 F x6v1R ,1 2 car Dsta ���p�k 6SMT 1010 B N RMSISA D GARAGE 1*6'r'I AMENS REµDDEL1NG Q t0 $2 24 4()U• he site_ O1a1 A a1 g ilt a Range $218,40 218,5 ambler home t e a tO t t�eatelY ju s t ValLle Reconciliation- Yalu V from $222 300 t0 roPem is a 194t R tyle and s1zaller with apPro Indic valuation endation Reduce EM ofi similar lake lots.rope Iy- P lthou9 hdiCormParable S1 is sm ReCOmrn to m an area ks of the subleC of frontage MO Unt of adlustm eac en A lake fron tthin 2 bloc .0 lots with 56 ..nth t h e least a SALES COMPARABLE MAP Subject: 4741 Twin Lake Ave Comp 1 Y <Land Sale 1 a 3 3T 6 fi t iketme3Ztt Avr3 N -J x D a I Subject 0 Comp Y z r Camp 3 YY LAeSide Ave N l oo vds MKPO50�'C� Virtual Earth'" ,p iao� rMaASO�t ca►pornoh zoos n�vrK1 A u�o Comp #1 4825 Twin Lake Ave Comp #2 4725 Twin Lake Ave Comp #3 4701 Twin Lake Ave Comp Land Safe #1 4821 Twin Lake Ave COMPARABLE LAND SALE Land Comparable 1 4821 Twin Lake Ave PID# 10 118 21 320049 F i O. WIL I Land Characteristics Land Area: approx 11,088 sq. ft. Frontage: 77 feet Sold: July, 2006 Sale Price: $269,250 Building Demolished 2007 Lot split to accommodate two twinhomes Original Sale Price $269,250 Estimated cost to demo 16.000 Total Estimated cost of lot $285,250 u4 MINNESOTA- REVENUE PE20 Audit r'use nly Certificate of Real Estate Value' Names of buyers (last, first, MI) Address L.,� r Daytime phone i f f` �s i Names of sellers (last, first MI) Neyv address 1 Daytime phone jl ti C itE. f ult?3' o G. C. Street address or rural route of property purchased City or township County C'•r''y' f'.0nr.,� H am; z 1. Datg of deed or contract Legal description of property purchased (lot, block and plat) or attach 3 copies of the legal description _E�j S f�l/ n�-'`f f r` ^^-tl:EaL�•e: t t I. t-- k.:*'--- tt�--. i- f r''�--- errr ir,,m. 1 =..--r, is I t �U L�� y^: fiJ 'S�7C'i= 7•^ .�{A$.�.L'e'S'L .4.Y:3 Financial arrangements 2. T urc se price Was per N n?) property included in purchase price (e.g., furniture, inventory, equipment)? r (r Yes No if yes, list property and 3. Down payrhent current (not replacement) value at right, and enter total in Box 5 below. Use back of form if needed. 4. Poln or prepdid interest paid by seller 5. Current value personal property t� of 1,1! 6. Type of acquisition (check all that apply) Buyer and seller are relatives or related businesses Contract paid off or resold Property received in trade Buyer or seller is religious or charitable organization Name added or removed from deed Purchase agreement signed over two years ago Buyer or seller is unit of government Property condemned or foreclosed upon Buyer purchased partial interest only Property received as gift or inheritance 7. Type of property tra sferred (check all that apply) Land only Land and buildings Construction of new building after Jan. 1 of year of sale 8. Planned use of property (check one) Residential: single family Agricultural. Number of acres: (attach Schedule PE20A). Residential: duplex, triplex Apartment (residential, four or more units). Number of units: (attach Schedule PE20A). Cabin or recreational (noncommercial) Commercial industrial. Type of business: (attach Schedule PE20A). Other. Describe' (attach Schedule PE20A). 8a. Will this property be the buyer's principal residence? Yes XNO Method of financing (complete only if seller financed, including,do for deed and assumed mortgages) Assumed Contract Mortgage or contract- fordeed Monthly payment Interest rate Number of Date of any lump mortgage for deed amount at purchase (principal interest) now.in effect payments sum (balloon) payments 9. 1o. Sign here. 1 declare under penalty of law that the information on thi for i t correct an d complete to the best of my knowledge and belief. Print name Signature Oate Daytime phone Counties: Complete this section. Co F C Yr Bit SD Yr Land Bldg Tot I❑ T 4 i P I I I I mary property ID number p I Acres Tillable ICER CRP RIM Use Deed Yr -I Land Bldg Tot I Ssxondary parcel Inumber rt c Good for study Yes No If no, give reason /co b, 0 d a o X HC ST Adjc Adjs Use Tillable EMV Apt IM d• 0 a GA C 1 MV lyj�►��l Z I 12 MV iD I .Put add tlonaleD nu i111 N I f form. s co CT PT Date I T M IS x N COUNTY COPY 2 9405 3' File No: 723496 (smk) EXHIBIT `A' That part of Lot 4, lying North of the South 8 feet thereof and the South 1/2 of Lot 5, all in Block 5, Lakebreeze Addition, Hennepin County, Minnesota A.P.M. Initiais: Page 1 of 1 printdetailsjsp Page 2 of 2 Classifications: Property Type RESIDENTIAL Homestead Status NON HOMESTEAD Relative Homestead Agricultural F0 2 L Exempt Status v Single Family Home 3 altor.com Page 1 of 1 crack to Search Results 4 Prev 23 of 209 Listings Next Map Directions r 4746 Lakeview Ave N Brooklyn Center, MN 55429 1,066 Sq. Ft. MLS ID# 3481782 y Estimated Payment: Send to a RF,ALTOR.@ $584 Per Month" Send to a ,Friend Ch nae .ASSUm�� Check Local Mo Rates Save_ thi,Li�ti_!rg Single Family Property, Area: Brooklyn Park, County: Hennepin, Year Built: 1960, Single story, Basement V It u� This listing is brokered by: RE /MAX Results Office (952)829 -2900 Free Express trpaede ce select Rifts for Gverenteed Mothers Day Amwl r SHOP NOW! Property Features Single Family Property Status: Active 3 total bedroom(s) Basement Area: Brooklyn Park 1 total bath(s) 3 car garage County: Hennepin Approximately 1066 sq. ft. Exterior features: Detached garage Year Built: 1960 Single story Approximate lot is 112x120 Style: One Story School District: Minneapolis �ttp /realestate.msn.realtor. com/ search/ listingdetail.aspx ?gate-msn&pg =3 &source= a2mszh 1 tO42&zp... 5/4/2008 .ittp://wwwl6.co.hennepin.mn.us/pins/printdetails.jsp?pld=101 1821320027 5/4/2008 printdetails jsp Page l of 1 t Parcel Data for Taxes Payable 2008 Property ID: 09- 118 -21 -41 -0070 Address:. 4924 QUAIL AVE N Municipality: CRYSTAL School Dist: 281 Construction year: 1935 Watershed: 8 Approx. Parcel Size: 49.19 X 168.6 Sewer Dist: owner Name: TRACY BERGMAN Taxpayer Name TRACY BERGMAN Address: 4924 QUAIL AVE N CRYSTAL MN 55429 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value and are not warranted to represent arms- length transactions. Sale Date: March, 2007 Sale Price: $247,500 Transaction Type: Warranty Deed Tax Parcel Description Addition Name: TWIN LAKE SHORES Lot: 001 Block: 006 Metes Bounds: Abstract or Torrens: TORRENS Value and Tax Summary for Taxes Payable 2008 Values Established by Assessor as of January 2, 2007 Estimated Market Value: $248,000 Limited Market Value: $248,000 Taxable Market Value: $247,200 Total Improvement Amount: Total Net Tax: $2,937.55 Total Special Assessments: Solid Waste Fee: $39.15 Total Tax: $2,976.70 Property Information Detail for Taxes Payable 2008 Values Established by Assessor as of January 2, 2007 Values: Land Market $120,000 Building Market $128,000 Machinery Market Total Market: $248,000 Land Limited $120,000 Building Limited $128,000 Total Limited: $248,000 Qualifying Improvements $800 Classifications: Property Type RESIDENTIAL LAKE SHORE Homestead Status HOMESTEAD Relative Homestead Agricultural Exempt Status http: /wwwl6.co.hennepin.mn.us /pins /printdetails jsp ?pid 0911821410070 5/5/2008 printdetails jsp Page 1 of 2 Parcel Data for Taxes Payable 2007 The data listed below reflects information from December 31st of the payable year referenced above. Any adjustments made after that date will NOT be reflected. Property ID: 09- 118 -21 -41 -0070 Address: 4924 QUAIL AVE N Municipality: CRYSTAL School Dist: 281 Construction year: 1935 Watershed: 8 Approx. Parcel Size: 49.19 X 168.6 Sewer Dist: Owner Name: TRACY BERGMAN Taxpayer Name TRACY BERGMAN Address: 4924 QUAIL AVE N CRYSTAL MN 55429 Most Current Sales Information Sales'prices are reported as listed on the Certificate of Real Estate Value and are not warranted to represent arms- length transactions. Sale Date: March, 2007 Sale Price: $247,500 Transaction Type:- Warranty Deed Tax Parcel Description Addition Name: TWIN LAKE SHORES Lot: 001 Block: 006 Metes Bounds: Abstract or Torrens: TORRENS Value and Tax Summary for Taxes Payable 2007 Values Established by Assessor as of January 2, 2006 Estimated Market Value: $248,000 Limited Market Value: $246,500 Taxable Market Value: $245,700 Total Improvement Amount: Total Net Tax: $2,990.65 Total Special Assessments: Solid Waste Fee: $38.59 Total Tax: $3,029.24 Property Information Detail for Taxes Payable 2007 Values Established by Assessor as of January 2, 2006 Values: Land Market $120,000 Building Market $128,000 Machinery Market Total Market: $248,000 Land Limited $119,300 Building Limited $127,200 Total Limited: $246,500 Qualifying Improvements $800 Classifications: RESIDENTIAL LAKE http /wwwl 6.co.hennepin.mn.us /pins /printdetails .jsp ?pid 0911821410070 &year =2007 5/5/2008 printdetails jsp Page 2 of 2 Property Type SHORE Homestead Status HOMESTEAD Relative Homestead Agricultural Exempt Status http://wwwl6.eo.hennepin.mn.us/pins/printdetails.jsp?pid=0911821410070&year=2007 5/5/2008 SO L 5/2/2008 Property Full Report, Single Family Residential, MLS#: 3311980 4924 Quail Avenue N, Crystal, MN 55429 Status: Sold s2od M*41 List Price: $249,900 Bawd me N L i —510 •A ie N cm alk -A e N 4924 'Quail Ave Original List Price: $249,900 Cartier Map Page: 91 Map Coord: E2 g Directions: HWY 100 to 81 Cty R d 81 e �p9 North to 49th Ave East to "r in 471A ANA road /Quail Ave Left/North to home on ��a s s 1B0 aoodn S right r r e:ooc c.� esooa woy.rwrrs.ua TAX INFORMATION MLS Area: 361 Crystal Year Built: 1935 Property ID: H0911821410070 Style: (SF) One Story Bedrooms: 3 Tax Year: 2006 Const Status: Previously Owned Total Baths: 2 Tax Amt: $2,641 Foundation Size: 936 Garage: 2 Assess Bat: $0 Above Ground Finished SgFt: 936 Acres: 0.19 Tax w /assess: $2,641 Below Ground Finished SgFt: 870 Lot Size: 169x50 Assess Pend: No Total Finished SgFt 1,806 Fire Homestead: Yes List Date: 1/9/07 Received By MLS: 119/07 Days On Market: 14 Off Market Date: 0112312007 Selling Agent: Tracy L. Bergman Projected Close Date: 3/12107 Selling Office: RE/MAX Associates Plus, Inc. Date Closed: 3/12107 General Property Information Legal Description: Twin Lake Shores Lot 1 Block 006 County: Hennepin School District: 281 Robbinsdale, 763 -504 -8000 Complex/Dev /Sub: Common Wall: No Restrictions /Covts: Lot Description: City Bus (w /in 6 blks), Tree Coverage Medium Road Frontage: City, Curbs Zoning: Residential- Single Accessibility: None Lake/Waterfront: Lake Front, Lake View Lake Name: Twin Lake Remarks Agent Remarks: City owns Lake Front from green divider to Lake. Tons of new items -See public remarks! Lower level has non conform 3rd bedroom! Hurryl Public Remarks: Own home on Twin Lakel Incl newer windows,doors,roof,2 car gar,siding „soffits, kit cubrds,gas fp,firing,bath remodel.Coved ceilings,arched doorways,textured walls,wood firslcharacter charm galore! Huge family room. None conform 3rd br LL. Hurryl Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 13x13 Deck Lower 18x10 Fuel Natural Gas Dining Rm Main 13x06 Utility Room Main 19x17 Air Cnd: Central Family Rm Lower 33x13 Water: City Water Connected Kitchen Main 13x11 Sewer: City Sewer 'Connected Bedroom 1 Main 14x12 Garage Stalls: 2 Bedroom 2 Main 12x12 Garage Stall Bedroom 3 Lower 11x10 Bathrooms: Total: 2 Full: 1 Other Parking: 2 Bedroom 4 3/4:1 1/2: 0 1/4: 0 Pool: None Bath Description: 314 Basement, Main Floor Full Bath Information Deemed Reliable But Not Guaranteed. C 2008 Regional MLS of Minn., Inc. All Rights Reserved. Page 1 of 2 MATRIX Pa 1 of 2 1 y MLS# :3311980 MLS# :3311980 View of Minneapolis Skyline and Lake from yard- Evening Northern view from 19x17 Deck! Mature trees- feels like moonlit views are incredible! you are up at the Cabin! rem Now fi u MLS #:3311980 MLS #:3311980 Cozy livingroom features Large Picture window ovrlooking Lvgrm /Dr features charming caved ceilings, arched Twin Lake, wood firs, cozy gas fireplace. entryways, textured walls- Just a darling home! Y i r t� a�s�:• %ELI£ M LS 3311980 MLS 3311980 Huge Lwr Lvl features non conform 3rd br, bathroom, Kitchen features new cabinetry- tons of storage, pantry, 19x17 laundry, 6 panel doors and Huge Family Rm. microwave, gas stove, new sink, newer flooring. http: /matrix. northstarmis. comI Matrix /PublicIDisplayITQPopup. aspx ?iid =53 &did 574 &-params 51212008 MATRIX Page 2 of 2 4 0 1 .r d. y i, 4L MLS #:3311980 MLS #:3311980 This Master bedroom has 3 windows, ceiling fan,wood firs, Close up of this charming fireplace that really heats up the 14x12 In size! entire home! Also features built Ins to the right and left and a mantle that spans the entire wall. a M #•3311980 1l ML S#:3311980 80 9 Backyard view Lake view on opposite side- Notice the new Garage built from ground up in 1998 with new foundation, 2 roof and the siding too. Sidewalk is paver patio blocks- skylights, ceiling fan, rafters and oversized with 2 openers flower boxes for those spring /summer flowers. Handymans dream!! I http: /matrix. northstarmis. comIMatrixl Public /DisplayITQPopup. aspx ?iid= 53&did= 574 &params 51212408 5/2/2008 Property Full Report, Single Family Residential, MLS 3311980 4924 Quail Avenue N, Crystal, MN 55429 Dining Room Desc: Family Room Char: 2 or More, Family Room, Lower Level, Main Level Fireplaces: 1 Fireplace Characteristics: Gas Burning, Living Room Appliances: Dryer, Microwave, Range, Refrigerator, Washer Basement: Daylight/Lookout Windows, Finished (Livable), Full Exterior: Wood Fencing: None Roof: Age 8 Years or Less, Asphalt Shingles Amenities -Unit: Balcony, Deck, Hardwood Floors, Multiple Phone Lines, Natural Woodwork, Patio, Porch, Skylight, Washer /Dryer Hookup Parking Char: Detached Garage, Driveway Concrete, Garage Door Opener Special Search: Main Floor Bedroom Second Unit: Easily Divided Financial CooDeratino Broker Comoensation Buyer Broker Comp: 2.70% Sub -Agent Comp: 2.70% Facilitator Comp: 2.70% Variable Rate: List Type: Exclusive N yp a Right To Sell Sale Mortaaae Information Sale Financial Terms: Conventional Sale Loan Amount: $198,000 Seller Contribution: $4,500 Owner is an Agent No Sellers Terms: Cash, Conventional, DVA, FHA Existing Fin: Conventional Listing Agent: Tracy L. Bergman 763 464 -4284 Listing Office: RE/MAX Associates Plus, Inc. Appt Phone: 763 416 -8054 Office Phone: 763 -416 -8080 This Report Prepared By: Wayne E King 763- 535 -1471 i Information Deemed Reliable But Not Guaranteed. 2008 Regional MLS of Minn., Inc. All Rights Reserved. Page 2 of 2 O'Neill Construction, LLC License No.: 20323187 9495 Jandel Court Hanover, MN 55341 Proposal for Construction 4741 Twin Lake Avenue, Brooklyn Center Item (Supplied by (Description IEstimated Cost 1. Excavating /,grading IKevitt Excavating IIncludes back fill I $14,685.00 ORION 3. Flat work (Fine Line Foundations I $4,800.00 4. Poured foundation (Fine Line Foundations 19' poured w a ll, includes drain tile I $8,500.00 5. Foundation bracing IO'Neill Construction I I $550.00 6. Water proofing j Dam It Up I Mar -flex I $990.00 7. Sill plate (O'Neill Construction Double sill plate $1,406.00 8. Enerpv Walls IO'Neill Construction 12x4 insulated interior framed I $2,664.00 9. Driveway {Superior Paving jAsphalt $1,200.00 10. Sewer /septic system IKevitt Excavating (Does not include to main I $2,800.00 11. Building permit (City of Brooklyn Center 1City of Brooklyn Center $3,600.00 12. House modules (Dynamic Homes Ilncludes delivery, set and crane I $134,478.00 13. Heating /air (KB Mechanical IHVAC, AC, HRV, gas lines to fireplace, range and dryer I $9,075.00 14. Plumbing IStewart Plumbing Ilncludes basement rough in I $7,200.00 15. Shower door (O'Neill Construction (Allowance $500.00 16. Electrical IElectrical Visions (Allowance I $3,000.00 17. Dumpster fees (O'Neill Construction I I $1,500.00 18. Hardwood flooring (Aura Hardwood Flooring (Allowance for Oak #1; 1125 so ft 4) $9.50/ft 1 $10,687.50 19. Tile flooring IArrogoni (Allowance for bathrooms, laundry; 365 so ft a@ $15/ft I $5,475.00 20. Carpet (Carpet City (Allowance for 1030 so ft c@ $3.00/ft $3,090.00 21. Sod (Vista Landscaping (Allowance for 500 so yards I $1,500.00 22. Survey ILot Surveys ISurvev and stake lot I $750.00 Finish all module connections, drywall, trim, roofing, stairs 23. On -site work O'Neill Construction to basement, formica countertops in laundry room $15,120.00 Includes patio door and one double window to match 1st 24. Lower level frame/windows O'Neill Construction floor $4,500.00 25. Countertops IStone Source 176 so ft a@ $75/ft i $5,700.00 26. Gutters /downspouts (Waterworks Guttering (Allowance I $1,200.00 5/4/2008 "Exhibit A" Trintdetails jsp Page I of I k Parcel Data for Taxes Payable 2008 Property ID: 09- 118 -21 -41 -0070 Address: 4924 QUAIL AVE N Municipality: CRYSTAL School Dist: 281 Construction year: 1935 Watershed: 8 Approx. Parcel Size: 49.19 X 168.6 Sewer Dist: Owner Name: TRACY BERGMAN Taxpayer Name TRACY BERGMAN Address: 4924 QUAIL AVE N CRYSTAL MN 55429 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value and are not warranted to represent arms length transactions. Sale Date: March, 2007 Sale Price: $247,500 Transaction Type: Warranty Deed Tax Parcel Description Addition Name: TWIN LAKE SHORES Lot: 001 Block: 006 Metes Bounds: Abstract or Torrens: TORRENS Value and Tax Summary for Taxes Payable 2008 Values Established by Assessor as of 3anuary 2, 2007 Estimated Market Value: $248,000 Limited Market Value: $248,000 Taxable Market Value: $247,200 Total Improvement Amount: Total Net Tax: $2,937.55 Total Special Assessments: Solid Waste Fee: $39.15 Total Tax: $2,976.70 Property Information Detail for Taxes Payable 2008 Values Established by Assessor as of 3anuary 2, 2007 Values: Land Market $120,000 Building Market $128,000 Machinery Market Total Market: $248,000 Land Limited $120,000 Building Limited $128,000 Total Limited: $248,000 Qualifying Improvements $800 Classifications: Property Type RESIDENTIAL LAKE SHORE Homestead Status HOMESTEAD Relative Homestead Agricultural Exempt Status http: /wwwl6.co.hennepuz.mn.us /plus /printdeta1ls.Jsp pId- 0911821410070 5/5/2008 printdetails jsp Page 1 of 2 Parcel Data for Taxes Payable 2007 The data listed below reflects information from December 31st of the payable year referenced above. Any adjustments made after that date will NOT be reflected. Property ID: 09- 118 -21 -41 -0070 Address: 4924 QUAIL AVE N Municipality: CRYSTAL School Dist: 281 Construction year: 1935 Watershed: 8 Approx. Parcel Size: 49.19 X 168.6 Sewer Dist: Owner Name: TRACY BERGMAN Taxpayer Name TRACY BERGMAN Address: 4924 QUAIL AVE N CRYSTAL MN 55429 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value and are not warranted to represent arms- length transactions. Sale Date: March, 2007 Sale Price: $247,500 Transaction Type: Warranty Deed Tax Parcel Description Addition Name: TWIN LAKE SHORES Lot: 001 Block: 006 Metes Bounds: Abstract or Torrens: TORRENS Value and Tax Summary for Taxes Payable 2007 Values Established by Assessor as of January 2, 2006 Estimated Market Value: $248,000 Limited Market Value: $246,500 Taxable Market Value: $245,700 Total Improvement Amount: Total Net Tax: $2,990.65 Total Special Assessments: Solid Waste Fee: $38.59 Total Tax: $3,029.24 Property Information Detail for Taxes Payable 2007 Values Established by Assessor as of January 2, 2006 Values: Land Market $120,000 Building Market $128,000 Machinery Market Total Market: $248,000 Land Limited $119,300 Building Limited $127,200 Total Limited: $246,500 Qualifying Improvements $800 Classifications: RESIDENTIAL LAKE http: /wwwl6.co.hennepin.mn.us /pins /printdetails jsp ?pid 0911821410070 &year =2007 5/5/2008 SO 5/2/2008 Property Full Report, Single Family Residential, MLS 3311980 4924 Quail Avenue N, Crystal, MN 55429 M IS Status: Sold sa�aAve,N List Price: $249,900 V 51st Ave N Cw al. Ave N 4924 :Quail Ave Original List Price: $249,900 u: Center Map Page: 91 Map Coord: E2 ro North 49th Ave East 1 to r in 81 rt 17d} road /Quail Ave Left/North to home on right TAX INFORMATION MLS Area: 361 Crystal Year Built: 1935 Property ID: H0911821410070 Style: (SF) One Story Bedrooms: 3 Tax Year: 2006 Const Status: Previously Owned Total Baths: 2 Tax Amt: $2,641 Foundation Size: 936 Garage: 2 Assess Bal: $0 Above Ground Finished SgFt: 936 Acres: 0.19 Tax w /assess: $2,641 Below Ground Finished SgFt: 870 Lot Size: 169x50 Assess Pend: No Total Finished SgFt: 1,806 Fire Homestead: Yes List Date: 1/9/07 Received By MLS: 1/9107 Days On Market: 14 Off Market Date: 01/23/2007 Selling Agent: Tracy L. Bergman Projected Close Date: 3/12/07 Selling Office: RE/MAX Associates Plus, Inc. Date Closed: 3/12107 General Property Information Legal Description: Twin Lake Shores Lot 1 Block 006 County: Hennepin School District: 281 Robbinsdale, 763 504 -8000 Complex/Dev /Sub: Common Wall: No Restrictions /Coots: Lot Description: City Bus (w/in 6 blks), Tree Coverage Medium Road Frontage: City, Curbs Zoning: Residential- Single Accessibility: None Lake/Waterfront: Lake Front, Lake View Lake Name: Twin Lake Remarks Agent Remarks: City owns Lake Front from green divider to Lake. Tons of new items -See public remarks! Lower level has non conform 3rd bedrooml Hurryl Public Remarks: Own home on Twin Lake! Incl newer windows,doors,roof,2 car gar,siding „soffits,kit cubrds,gas fp,flring,bath remodel.Coved ceilings,arched doorways,textured walls,wood flrsicharacter charm galore! Huge family room. None conform 3rd br LL. Hurry! Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 13x13 Deck Lower 18x10 Fuel: Natural Gas Dining Rm Main 13x06 Utility Room Main 19x17 Air Cnd: Central Family Rm Lower 33x13 Water: City Water Connected Kitchen Main 13x11 Sewer: City Sewer Connected Bedroom 1 Main 14x12 Garage Stalls: 2 Bedroom 2 Main 12x12 Garage Stall Bedroom 3 Lower 11x10 Bathrooms: Total: 2 Full: 1 Other Parking: 2 Bedroom 4 3/4:1 1/2: 0 1/4: 0 Pool: None Bath Description: 314 Basement, Main Floor Full Bath Information Deemed Reliable But Not Guaranteed. 2008 Regional MLS of Minn., Inc. All Rights Reserved. Page 1 of 2 MATRIX Page 1 of 2 a :f s A 0i1 VIII lf•i,....: t MLS #:3311980 MLS #:3311980 View of Minneapolis Skyline and Lake from yard- Evening Northern view from 19x17 Deck! Mature trees- feels like moonlit views are incredible! you are up at the Cabin! 4 S S s Div f l rvCJIMh MLS #:3311980 {Vyt MLS #:3311980 Cozy livingroom features Large Picture window ovrlooking Lvgrm /Dr features charming coved ceilings, arched Twin Lake, wood firs, cozy gas fireplace. entryways, textured walls- Just a darling home! s I r l i MLS# :3311980 MLS# :3311980 Huge Lwr Lvl features non conform 3rd br, bathroom, Kitchen features new cabinetry- tons of storage, pantry, 19x17 laundry, 6 panel doors and Huge Family Rm. microwave, gas stove, new sink, newer flooring. http: /matrix. northstarmis. com/ Matrix /PublicIDisplaylTQPopup. aspx ?iid =53 &did 574 &-params 51212008 MATRIX Page 2 oj ME i M MLS #:3311980 MLS #:3311980 od firs Close u of this charming fireplace that really heats up the windows, ceiling fan ,wood 9 This Master bedroom has 3 w g P 14x12 In size! entire home! Also features built ins to the right and left and a mantle that spans the entire wall. i�r y't1 wnlsj -VVet: r r k f MLS# :3311980 MLS #:3311980 Backyard view Lake view on opposite side- Notice the new Garage built from ground up in 1998 with new foundation, 2 roof and the siding too. Sidewalk is paver patio blocks- skylights, ceiling fan, rafters and oversized with 2 openers- flower boxes for those spring /summer flowers. Handyman dream!I h matrix.northstarmis.com/Matrix/ Public /DisplayITQPopup .aspx ?iid= 53&did= 574&params 51212008 5/212008 Property Full Report, Single Family Residential, MLS#: 3311980 4924 Quail Avenue N, Crystal, MN 55429 Dining Room Desc: Family Room Char: 2 or More, Family Room, Lower Level, Main Level Fireplaces: 1 Fireplace Characteristics: Gas Burning, Living Room Appliances: Dryer, Microwave, Range, Refrigerator, Washer Basement: Daylight/Lookout Windows, Finished (Livable), Full Exterior: Wood Fencing: None Roof: Age 8 Years or Less, Asphalt Shingles Amenities -Unit: Balcony, Deck, Hardwood Floors, Multiple Phone Lines, Natural Woodwork, Patio, Porch, Skylight, Washer /Dryer Hookup Parking Char: Detached Garage, Driveway Concrete, Garage Door Opener Special Search: Main Floor Bedroom Second Unit: Easily Divided Financial C000eratina Broker Compensation Buyer Broker Comp: 2.70% Sub -Agent Comp: 2.70% Facilitator Comp: 2.70% Variable Rate: N List Type: Exclusive Right To Sell Sale Mortgage Information Sale Financial Terms: Conventional Sale Loan Amount: $198,000 Seller Contribution: $4,500 Owner is an Agent No Sellers Terms: Cash, Conventional, DVA, FHA Existing Fin: Conventional Listing Agent: Tracy L. Bergman 763 464 -4284 Listing Office: RE/MAX Associates Plus, Inc. Appt Phone: 763 416 -8054 Office Phone: 763 -416 -8080 This Report Prepared By: Wayne E King 763 535 -1471 Information Deemed Reliable But Not Guaranteed. 2008 Regional MLS of Minn., Inc. All Rights Reserved. Page 2 of 2 O'Neill Construction, LLC License No.: 20323187 9495 Jandel Court Hanover, MN 55341 Proposal for Construction 4741 'Twin Lake Avenue, Brooklyn Center Item (Supplied by (Description (Estimated Cost 1. Excavatinq/grading Kevitt Excavatinq Includes back fill $14,685.00 2r 3. Flat work JFine Line Foundations $4,800.00 4. Poured foundation (Fine Line Foundations 19' poured well, includes drain the $8,500.00 5. Foundation bracing O'Neill Construction 1 $550.00 6. Water proofing IDam It Up (Mar -flex $990.00 7. Sill plate (O'Neill Construction JDouble sill plate $1,406.00 8. Energy Walls (O'Neill Construction 12x4 insulated interior framed $2,664.00 9. Driveway (Superior Paving jAsphalt $1,200.00 10. Sewer /septic system IKevitt Excavatinq IDoes not include to main $2,800.00 11. Buildinq permit City of Brooklyn Center JCitv of Brooklyn Center $3,600.00 12. House modules Dynamic Homes lincludes delivery, set and crane $134,478.00 13. Heatinq /air (KB Mechanical JHVAC, AC, HRV, qas lines to fireplace, range and dryer $9,075.00 14. Plumbinq Stewart Plumbing lincludes basement rouqh in $7,200.00 15. Shower door JO'Neill Construction JAIlowance $500.00 16. Electrical I Electrical Visions lAllowance $3,000.00 17. Dumpster fees O'Neill Construction $1,500.00 18. Hardwood flooring lAura Hardwood Flooring lAllowance for Oak #1; 1125 sq ft a@ $9.50 /ft $10,687.50 19. Tile flooring lArrogoni lAllowance for bathrooms, laundry; 365 sq ft u@ $15/ft $5,475.00 20. Carpet JCarpet City JAIlowance for 1030 sq ft a@ $3.00 /ft $3,090.00 21. Sod lVista Landscaping JAIlowance for 500 sq yards $1,500.00 22. Survey I Lot Surveys ISurvev and stake lot $750.00 Finish all module connections, drywall, trim, roofing, stairs 23. On -site work O'Neill Construction to basement, formica countertops in laundry room $15,120.00 Includes patio door and one double window to match 1st 24. Lower level frame/windows O'Neill Construction floor $4,500.00 25. Countertops IStone Source 176 sq ft ar7. $75/ft $5,700.00 126. Gutters /downspouts Waterworks Guttering lAllowance $1,200.00 1 5/4/2008 "Exhibit A" g�,F A¢I�{ 6,�- ti 3 �c ,y r. ra re ,'3 y,' d �ez1 •r `,DQ Not, �S da �.la Atflr lt all 4� :...ert; ten*.:. ...v.- ti a •f t e f e C Lam. �V1.� i l— ._.1... 1• lima.. 1 11. r r 1'^ r .i3 ys�5. *i N.,. .•mama. mama. y mama mama m ti ;w mama: ;:l;; t. Of t, hit a e' 3 e.e. �4 i f F i f� ay �ti i r t Jam mer, d S 14 t u R Property Tax Comparison for Randy Patricia Snodgrass 4741 Twin Lake Avenue A I B I C D E 1 F. I G H I 1 J I K I L I M 2007 2007 2007 2006 2006 Property Year Approx. Parcel Estimated 2007 Total Land Building Estimated 2006 Total 2006 Land Building 1 Comp Property ID Address Built Size Market Value Net Tax Market Market Market Value Net Tax Market Market 2 Jcalculalion sum =F -J /F I sum =G -K /G sum =H -L/H sum =I -M /I 31 4 1 10- 118 -21 -32 -0043 1 4741 11942) 56.29X 140 I $220,600 I $2,461.86 1 $155,0001 $65,600 1 $210,100 1 $2,140.87 1 $143,900 $66,200 Increase 2006 to 5 la 2007 5% 13% 7% -1% 6 7 8 1 2 10- 118 -21 -32 -0044 4747 1950 56.29 X 135 $401,500 I $4,402.70 $155,000 1$246,500 $382,200 $3,613.58 $143,900 $238,300 Increase 2006 to 9 2a 2007 5% 18% 7% 3% 10 11 Total Value of 4741 12 3 +4747 112.58 X 135 $622,100 $6,865 $310,000 $312,100 $592,300 $5,754 $287,800 $304,500 Increase 2006 to 13 3a 2007 5% 16% 7% 2% 14 Homestead rate 2 properties: 0.010966 $622,100 $6,865.00 15 16 17 lComparlson Property: 181 4 1 Homestead I I 1 I I I 30,00 1 48,200 1 I I $25,000 1 $55,600 191 INon- Homestead/Rental I 1 1 I I 150,00 1 $240,800 1 I 1 $125,000 1 $263,400 20 10- 118 -21 -32 -0048 4809 119611 120.58 X 130 1 469,000 x,216.18 1$180,000 J $289,000 1 $469,000 1 $7,361.79 1 $150,000 1 $319,000 Increase 2006 to 21 4a 2007 0% -2 17% -10% 22 If 4809 was fully homesteaded, taxes would be: 0.010966 $469,000 $5,142.88 23 ZW 25 Supporting Comparisons and Documentation 26 1. Land property values seem to be arbitrarily determined, i.e., 4809 Twin Lake Avenue 2006 and 2007 land property values had no net change (see line 21). 27 2. Lakeshore land value is usually calculated on a per foot lake footage, i.e., 4741 Twin Lake Avenue land market per foot value $2,754 .............4809 Twin Lake Avenue has $1,493 per foot (p. 1) 28 3. Projected increase to $222,300 payable in 2009 for 4741 Twin Lake Avenue is unreasonable. 29 4. Neighborhood home sale prices are decreasing, i.e. 4746 Lakeview listing price $124,900 (2007 Est. Mkt. Val. $187,700) 30 5. Comparable real estate by our agent, Wayne King, Twin Oaks, indicates 4741 is lesser property than 4924 Quail, Crystal, with a sold price of $247,500, i.e., Land Market is $120,000 31 building with 1,806 sq. feet and new double garage compared to 4741 with 560 sq. ft. and no garage. 32 6. Real estate agent, Wayne King, estimates sale of 4741 Twin Lake Avenue $175,00 $195,000, i.e., home is ready for tear down (1942 built) and banks are usually unwilling to make loans on land value. 33 7. Demo cost by Kevitt Excavation is $7,850. 34 35 Randy Patricia Snodgrass 4741 Twin Lake Avenue Brooklyn Center, MN 55429 763- 504 -9680 Page 2 04/18/2008 12:13 7635600977 PRIMARY MORTGAGE PAGE 01 CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2008 Assessment APPLICATION FOR APPEAL March 17 2008 through April 18, 2008 You must return this aiqolication by April 18. 2008 to be placed on the. Agenda for the Local Board of Appeal and Equalization May 5, 2008, 7:00 P.M. Name(s) t Daytime Contact Number: 7 6 4 5 O 07)7>4 Property Address 6 w Property Identification Number 2008 Estimated Market Value :3 What is the reason for your 2008 assessment appeal? ilk auc,4 Valve &4. E S4-i w-,a�e When did you purchasq your home? Date of Purchase 7 Purchase Price /01000 Have you changed your property since the purchase?. (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate a ent co within the last ear? or No g A es Y If so, what was the determination of value? 2 a Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required. Review O 7 Willow La P 1#25 11 PID#25 119 2144 II For Willia Kenny 2008 Board of Appeal and Equalization O NS �y d ti:. City of Brooklyn Center ZL A Millennium Community TO: 2008 Brooklyn Center Local Board of Appeal and Equalization RE: William Kenny 7036 Willow La Brooklyn Center, MN 55430 Mr. Kenny left a message for the Assessor's office April 14 2008 requesting an application packet for the 2008 Local Board of Appeal and Equalization. A packet was mailed to Mr. Kenny April 15 and he faxed back his completed application the afternoon of April 18 2008. Mr. Kenny's completed application stated his concern that he felt the taxable market value and the estimated market value are higher than the property is worth. To date, the Assessor's office has not received any market information from Mr. Kenny. An appraiser from the Assessor's office reviewed Mr. Kenny's property on April 18 1n 2008. No changes were made to the property characteristics. Mr. Kenny was mailed a letter from the Assessor's office stating that the 2008 estimated market value would be sustained at $360,400. In reviewing sales of comparable properties, Mr. Kenny's 2008 estimated market value of $360,400 falls within the indicated range of adjusted sales. The enclosed grid indicates a value range for the subject of $347,700 to $378,300. In addition, we have included a Brooklyn Center 2 -story sale located on the Mississippi River, as well as a listing of all waterfront sales during the 2008 assessment ratio period as supplemental information. It is staff's recommendation to sustain the 2008 estimated market value of $360,400 for taxes payable in 2009. Respectfully, Nancy jcik, SAMA City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 www.cityofbrooklyitcenter.org SUBJECT PROPERTY 7036 Willow La William Kenny PID# 25- 119 -21 -44 -0023 t 4 i t Land Characteristics Land Area 23,791 sq. ft. River Frontage 30.25 ft. Irregularly Shaped 2008 Land Value $175,000 2008 Building Value 185.400 TOTAL 2008 EMV $360,400 Building Characteristics Style: Rambler 1,616 sq. ft. Main Level Room Count: 5 3 1 Spa 1 Full Bath Below Grade Room Count: 2 1 1 Bath Garage: 2 Car Attached 2 Car Detached Fireplace: 2 Porches /Decks /Misc.: Glazed Porch Deck Central Air Conditioning: CAC Hennepin County Property Map Print Page 1 of 1 Hennepin County Property Map Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed i land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. I► 7112 I 't y `ti (19} ti� W 4 �'4 7125 w t' zros 1 1, (20) s� S 712 tit li, 7113~4 7119 7109 4ti t4 J li 7110 4 l 7118 7105 7101 (22) (23} I 4 f (29) 7112 �l �Jf 7100 I (14) 7106` G211 r .s 7041 r�' (22} s i 7035 a 7036 loft h 5S r Ow l i I 22584 W EST 1 S v j u AUD S UBD NO 309 7029` A PART OF LOT 10 f OLD 7032 7008 7023 21022 FAST 6937 ,p� N 1 18474 Selected Parcel Data Date Printed: 4/21/2008 12:20:16 PM Parcel ID: 25- 119 -21 -44 -0023 Current Parcel Date: 4/11/2008 Owner Name: W R KENNY K A KENNY 9 Parcel Address: 7036 WILLOW LA N BROOKLYN CENTER, MN 55430 ii Property Type: RESIDENTIAL LAK Sale Price: $109,000.00 Homestead: HOMESTEAD Sale Date: 12/1997 Area (sgft): 24560 Sale Code: 1 i Area (acres): 0.56 A -T -B: ABSTRACT Market Total: $374,700.00 Tax Total: $5,536.06 3 http: /gis.co. hennepin. mn. us/ HCPropertyMap /Locator.aspx ?PID= 2511921440023 4/21/2008 Property ID House# Street t +lame Unit it 6 Photo(s) on file Today's date: 4124 ft0 08 25 119 21 44 0023 ?sttcr�r t tl Ae Address: 17036 1 Sketches) on file Release: 1.04.01 t4 Assessor Corrunerrts on file Logged on user: JBREhJNA Single PID 1 Parcel Search 3 Clear l Print 4 View Photos (Assessing Jill Brenna i PDSP Parcel Status: ACTIVE Parcel Administration n i a Vatues Informdtio Parcel Information Assessor Comments Save C Clear Delete Parcel Divisioning New Sub TGH LMV Temporary PID Updot Assessment Year: 2008 J Version:" Current. Initial Assessment Project Update Assessor Inquiry Taxpayer Inquiry PID: 125. 119 21.44.0023 Subrecord: 1 of 1 Pro T e: Values Administration P yp AL Residential Lakeshor v i Last Appr Year: 120CIB Values Information Prim /Sec CD: v 1 P/S PID: Coop CD: v Coop PID: Homestead Update Last Appraised Year L Exempt /Deferred Information I Miscellaneous Information j Homestead Information LMV Update Tax Capacities Updat Code: v W Notice Sent Partial Const Hrnst CD Pct Owner: 100 TOH Update Type: L v I Ag Use r EMV r Mid Year Hrnst Hmst Rtn: Y i !--A Sales Administration Year: 10 Acre F Conti Sales Inforrnation g Ind r Rel Wrist Hrnst FTP: tt Sales Ratios r 320 Acre r Min Assess Wrist CRV Filed 1 Compa(ables Informati District: )MS Neighborhood: 0056 IF Proj Nbr. MinMax_Codes Last Sale: 12/1(1997 $109,000 Price /Time Adjustmen Market Values Weight Parameters l 24 Value History Records Land: 175,000 I mprove An Comparables Batch U Year I Sub: Ver Land Bldg Total Mkt Imp A mt. j Property Characteristics Bldg: 185,400 I-MV: 1 1 175,000 185,400 360, 400 0 Land 2007 1 1 160,000 214,700 374,700 Mach: r: 0 t- TOH: Inspections 2006 1 1 150 ,000 219,600 369,600: 0 Residential Total: Taxable Mkt: r 360,400 360,400 j 2005 1 1 130,000 165,500 295,500 0 Commercial Industrie 2004 1 1 130 000 184,900 318,90 t a �a y T a:•, Capacity M ulti -Fami 1 I 1 8 0,000 161-1,900 240,900 Field Card Print --l- 2003 1 0 Do Not Calc Tax Capacity Tax Capacity: 3,604 2002 1 1 i 1 52,800 142 900 19 5, ?OU 0 j CAMA CAMA Inquiry i 1 ,800 118,100 170,9 i 0 Tnal Market Values 2001 1 -52 Market Value Resider t '000 1 1 4ti,U1 105,400 153,400 p Land: j 168,000 Market Value Cornmer Total: 382,700 1999 1 1 45,200 y7,3a0 142,500 0 1998 1 1 45,000 87,200 132,200 2,800 6A,= �rt;Fr V�,6 iP Multi Fa Bldg: 214,7010 C' I LOGIS Property Data System City of Brooktyn Center <Files on BC Server:- <CAProgrdrn FitesU-ogis1PDS cs� Property ID House# Street Name Unit 6 Photo(s) on file Today's date: 40 X2008 7036 02'5119.21 -44 -0023 I Address Willow La t: 1 Sketch(es) on file Release: 1 .04.01 K J 4 l_..._-- -J 1 Assessor Comments on file Logged on user: JBRENNA fAssessinra Jill Erenna fPDDP Single PID 1 Parcel Search 2 Clear I 3 Print 4 View Photos Parcel Status: ACTIVE Parcel Administration i. Parcel Information 9rr CAMA Inquiry Assessor Comments ParcelDiwisioning Assessment Year. 2008 Manual Assessment Manuall-and: Temporary PID Updat Project Update Building Land Summary Assessor Inquiry Dwelling Type: Single Famil Taxpayer Inquiry y Quality: 404 Style: (One LevelfRambler =i IZJ Values Administration TotalGBA: 1616 Age: 118 Zoning: (R1 Values Information Homestead Update Basic Rate: $51.42 Last Appraised Year L Adjusted Rate: $57.07 Ext. Wall 8.0 Shape 3.0 LMV Update Tax Capacities Updab Adj. Rate GBA: $92,225 Add Basement $24,240 1 1616 SgFt 1$15.00 TOH Update Ded. Unf.GBA: $0 0 SgFt 1$30.00 1 Sales Administration Sales Information Adjusted Total: $116,465 Sales Ratios Comparables Informati Additive Amount: $74,905 Garage: $14,138 Dormers: $0 Patio Doors: $:0 MinMax_Codes Price /TirneA.djustmen Walkout: $0 AirCond: $4,040 Decks: $2:400 Weight Parameters Patios: $0 Porches: $3,720 Pools: $0 Comparables Batch U J Property Characteristics Baths: $:22,499 Fireplaces: $5,000 Fin.Bsmt: $23,108 Land Total Cost: $191,370 Kitchen: $:0 Inspections Residential Adjustments 3.9 Depreciation -3.9 Influences 0.0 Corrirnercial a Industriz Multi Family Functional 0.0 Economic 0.0 Field Card Print CAMA Building Value: $183 900 CAMA Bldg. Mkt. Value: $185,400 CAMA Inquiry Market Value Resider Flat Values: $1,500 Land Mkt. Val $175,000 Market Value Commer Total Mkt. Value: $360,400 h,ln rkFt VFh,P M lti F, s o 1=1111111 1 City of Brooklyn Center PID: 25- 119 -21 -44 -0023 Property Type: RL Residential Lakeshore Residential Field Card Property Address: 7036 Willow La N Zoning: RI Printed: 4/21/2008 Lot Block: 006/004 Dwelling Type: Single Family Assessment Year: 2008 Addition: North River Estates Owner(s): William R Kenny Version: I District: MS Model: Neighborhood: 0056 Pool 1st Baths (#/Qualiou ooh Total Rooms Dimensions Zoning: R1 Partial Const Pool I Area: Spa: I Excellent Interior: Length Width Sq Ft Area Rating: Excellent Model: Quality: Dix: Trim: Bedrooms: 4 32 42 1344 Site Rating: Very Good Dwelling Type: Single Family Pool 2 Area: Full: I Excellent Floor: Baths: 3 17 16 272 Land Quality: A01 -Land Adjacent Property: Positive Quality: 3/4: Avg. Clear. Height: Family: 1 0 0 0 Contamination: View: Positive k i l le w I„ ,a d i 1/2: of Fireplaces: Living: I 0 0 0 Flood Plain Map Ref: Arch. /Appeal: Very Good Fplc. Quality. Dining: 0 0 0 0 PUDRef: Quality: A04 Bedrooms: 3 3rd Baths /Quality) Kitchen: 1 0 0 0 Allowable Units: Shape: Irregular Baths: 2 Other: 0 0 0 0 Excess Land (SgFt): Style: One Level/Rambler Spa: Family: Dix: Total: 7 Zoning Variance: N Construction: Masonry Walls Living: I Full: Frontage: Exterior Walls: Brick Dining: 3/4: Left Side: 141 Exterior Trim: Kitchen: I Rear Side: Roof Type: Hip Area(SgFt): 1,616 Other: 1/2 Date: 12/01/1997 Right Side: Roof Cover: Shingles Type: Regular Total Rooms: 5 3rd Room Count Price: $109,000 Effective Width: Window Type 1: Double Hung Finished 65 i Bcdrooms: Code: 99 Effective Depth: Window Type 2: Casement Quality: Very Good Baths: Desc: Conversion -X Sales Effective Water: 0 Air Conditioning: Central of Fireplaces: 1 Interior: Other: Property Area (SgFt): 23,791 Dormer Length: Fplc. Quality: Average Trim: Total Rooms: Acreage: Dormer Quality: Avg. Clear. Height: Floor: Appraiser ID: 21 Park: Patio Doors: Elec. Svc: Standard Avg. Clear. Height: Appraisal Date: 04/18/2008 Park Quality: Htg. Svc: Hot water, gas fired of Fireplaces: Res. Cond: Good Reason: Appeal Quality: Type: F O On Lake: W. ualit Ic. Int. Layout: Standard Result: Interior P Garage #1 Manual Assess: N Lake Quality: W.O. Quality: 2nd Baths /Quality) WIN O n River: IRREGULAR Placement. Attached Actual Age: 1958 River Quality: Very Good of Cars: 2 Spa Effective Age: 1990 tY rY Appraiser ID: Landscape Quality: Average Floor Area: 420 Basement Baths /Qual.) Dix: Renovated Age: PP Condition Excellent S pa: Full: Functional Appraisal Date: Attributes Exterior Walls Brick Dix: 3 4 Economic /o: r 1/2 MORONISM Gas Full: 2nd Room Count Reason: Irre ular Shape Placement. Detached 3/4: 1 Average Unfin. Ist GBA: g P of Cars: 2 1/2: Bedioorns. Unfin. 2nd GBA: Result: Paved Street Baths: Sewer Available Floor Area: 400 Basement Room Count Unfin. 3rd GBA: Condition: Very Good Bedrooms: i Other: Unfin. GBA: Left Tag: Yes/ No Exterior Walls Vin I Total Rooms: Y Baths: 1 Ist Floor Area: 1,616 t, Family: I 2nd Floor Area: Glazed Area. 120 Kitchen: 3rd Floor Area: Value: 1,500 Quality: Very Good Other: Total GBA: 1,616 Desc: EGRESS (2) Screened Area: Total Rooms: 2 Quality: 1st Floor Cotnrnents Inlluenees Open Area: Kitchen Ruing. Very Good F BURNHAM. bsmt fin ceil tile, pressboard t &g paneling "/wet bar EGRESS =VG QUAL REROOF 98. Quality Interior: Plaster racetrack ceil brick walls in Ir. 2 EGRESS =f(one dbl) in bsmt br usd as office w /ct fir. huge mstr bth w /dbl Patio" Trim: Hardwood snk/cmr shwr /wic /all ct. bsmt 3/4 bath all ct/shower inoperable. large eat in kitch/orig cabs newer Patio I Area: Floor: Carpet counter/bksplsh. ALL newer windows. mfsf vinyl siding on addn only. 10/06 Neighbor added wood privacy Quality: Avg. Clear. Height: fence from garage back to river. LAND TAKEN FROM CO RECORDS. VG GEN'L COND Patio 2 Area: of Fireplaces: 1 Quality: Fplc. Quality: Very Good Deck I Area: 300 Quality: Average Deck 2 Area: Quality: �1 xaYkf �4 �oxaKS ,OZ I' N a bo�e0 i ,Z� .OL rr r pltr "fix: 9t9 J ,6b i ;Po ogaoQA`�! a N 9500 ;la!ats!n 80' SW ;uop!PPd gpOZt! I to'1 oag7 PARAj3LE ADJU51rrr. uu rv" a TIAL SALES CAM PID# 25- 119-21 14 -002 N SA #3 p. ADDRESS RESIDE COM lers Dr Brooklyn Pk P,o APPRAISAL OF 10800 Zieg In Pk 03 119 21 12 00 COMP. #2 N Brookiy 7720 MiSS1881Ppi2 4009 COMP #1 i La .Brooklyn Pk 2,4119 n rssissipp cool to :ooa ann 7918 M 1 41 0048 aver owtntrom Coon Red 24 119 2 Prop<OT Photo SUBJECT i Blvd ENN 86 Missessipp W ILLIAM K Y 45 04 30 24 11 0003 7036 WILLOW LAN NAME 26 119 21 44 0023 ,4`. ADDRESS oID $474,444 SALE PRICE -r Financing A dj u stment 5365,000 Spa eaPted or FCwncel 1 5388,044 5474.000. AL DATE PrePeNV Pno,o 543,900) SE $365, pCC 06 Sala p$ 365,00() $330, (514,6001 $42000 (Adlusked {IN-rimel $388, Jun-07 ($i6otio) LOCATION NT AGE ($12,900) $350,4 AWVF.DAM 0 $330,000 ju1,07 leer- PRIC ($13,200) $375, SI 17.ew a° R ee SALE E MILAR ($36, BLER (s1,10Q) E i` f,1 AW- Gn FlnancinO Adiustme Jun•0 SOFT +�T FRONTAGE_— Rim Caunl BR $316,800 SIMILAR (536, .�LER 1��7 SF 1412 ABOVE GRD BATNS Sale Price I n s $SAW $4,000 t�diusted for F 100 FT FRONTAGE A YR BLT t EFf AGE so FT A,364 1612 1 Fl►LL 1 31 is36,0001 53 ,1 &4 RAMBLER -J SALE DATE SIMILAR 8 j9641 199E OUAKpi- ACNDITIO ;ale Price L SO FT 100 FT fRDNT AGE 2 AIR 1,600 SF 1 61 T FULL BATH SIMILAR %FIREPLACE ted fOf 7in+s1 gELOY�I 0106 F TAOE RAMB NEAT pdjus $7,9 fT ii.26FT 00 $ems 1966 1 1 990 BSMT LOCATION 2 NTAGR 3 »1 BLER 82 SF —1� GFA 1 CAC 161 1 FU�TH S R 13 $4,000 2 FULL BSMT FlN. ROOMS SITE 1I FR 18661 i $6,700k K 2 arel STYLE r 1,518 SF 161 '3 BATH SVAILAR (AF p I CAC $8,000 AF NTEES 1 FULL 3 1314 1980 $27,0 f 2,� FULL 8D! 7 8 1 314 BATH gpTH NW j %014E 1 TTACH WOW 1972 ED $10,000 R r 1 SPAS<1 FULL SIMILAR 2 A H G R RE MODELING 2 $2 000 FULL 01 1 010 $g 000 DECK (5 6,00 0, —vs 196811880 /6$1 �pCHED 10,00 E LEp KITG EN 1$6. QOt OTNE ,p Q apT1Le yERY G� G FA f NONE 2 CAR A REMOD 47,800)�Net i pd u stmont 41, BLT f EFF A� 2 76 213!4 BATH $BAS DECK wALKC�T OUA1.11 Y1COND f FULL pTTACHEO W HDS +1 ?2% HyVICAC $vo0o 2CAR_ RMDLQB THaMARVN r<FIREPLACES 36,000 000 SHOP $6, $3 78,300 n e FULL 0! 101 7.66 °b 26 soo d;cated Va HEAT 1 AIR C• $12,000. p $6.0 s ►AS I 2 GAR ATTACHED '7 'LOO 86 %12 j S14 BATH NONE $6 $37 w 62Mb ($19,80D11 BSMT BSMT b FII�jR 2 CAR AT= CAR OFT NONE BATHS poRCH IOEC $30,9 GE #cars GtAxED n EG RESS 7614 $355, ,J 360 400 EB SPA Of W e j(1 EM 0�... 0.25 feet of $347,700 Sust e a lot w ith 3 ba th REMODELING mg(td3tion Irre9ulady shag OTHER roPerty has an o leve as a 1 347 700 to 378.300• Reco� ect p ment, finished o Cpon R dams Si m ilar Net Adiusimenl the street. Subj ith base Blow the is 360 400. to E cross addition W Value Ran h quality h °mesa a 16x1 one story and 3 are all rotated b ect prope $360 ,400 rty Valu CIIIation. and hlg include ber 1,2. et Value for subj indicate d the r iverfront ect Property omparables num Estimated pAa 4 Valuation.,° stom homes along to subj 001200 C 200 cu good condition_ �p dates strutted In 2 u erlo d area r location. very goo with in very 9 con ition was ble er 5 fot's s P River in a ualtty and detac ed 9 h ara number r its ��csioP average q Gao's. A _.de to tom SALES COMPARABLE MAP Subject: 7036 Willow La t Ave NE Pamw Dr go 47 i x Norfidaie z I x 1134h Ave NE yo Q• lAissrss�Pat �Poie� Coon Rapidso Cro ark 1Champiin Hyy oak Para a til 'r gtIM Ave N 'A� a West Coat 1C Q Ii 41h Ave Q RaR� Thoffvpw^ Riverview Trtrrtrs National Coon sports 101 98th Ave NE Center x Ole pN Rapids I Dam I Riona► a P t i N oak Pa 431 no A{rporc sore A 1T Out A" N Grove Park a 9 97th Ave N Nortltwwn i► LadcB� .u. 45 93dAwN® mmNVI 1 N I epdpg Lake Park gmrwoid Ad n $J HYNrisw Rd r a Brooklyn Par N 1c $6,Ave a�no ..7� {.'.3 z 83rd Ave N "'QUM t- 252 BtstA+n _Aw NE A 1`72 14 �iQMPW N ,F�•Park.`•� 1 N 44 nro Are N :Subject oft Ave N i 81st Ave NE s as Maderrrrtd a 4P :r �p `1 a l a <O .1w N•, 86eh Aw N u A C rs 1 Microwft' 63rd Ave N Lt TM 152 W virtu Earth Q Qrr P s3no Ave HE Comp #1 8456 Mississippi Blvd CR Comp #2 7918 Mississippi La BP Comp #3 7720 Mississippi La BP Comp #4 10800 Zieglers Dr BP COMPARABLE SALES PHOTOS 6620 Willow La PID# 36 119 21 13 0021 a=ir Land Characteristics Land Area: 18,580 sq. ft. Flood Plain Frontage: 106 feet Flood Plain Sold: November, 2006 Sale Price: $430,000 Building Characteristics Style: 2 Story Above Grade Room Count 2,656 SF. 7 3 Spa, Full Bath Below Grade Room Count: 1 1 Bath Garage: 2 Car Attached Fireplace: 2 Porches /Decks /Misc.: Deck page: 1 Cent City of BrooMY n l sis S Rat Ana y CA EQUIV Baia Report Na sales Ratio Analysis SSESSMEN Assessment Year: 2008 SAES S FOR 2008 p'� from, td v s. Ratio* F� 14131/200 CENTER ATER _0.7 00 1 t 129/20 version-. 1 NNA (3) R���YN t3� Rank, -3. 3.. 00 I,3serName� J BRE 1 7 3.7 0.71 M 90.0 2 3.7 315,500 97.4 0 430,0 DJAI 47 in fake Ave LaN 39 418, 0 423,500 10-11g- -32 -0200 MS 0056 6620 willow 36 119 2 1 13 0021 Values Arithmetic Average M Local Report LS Hennepin County, MN Data by Codes for 0 Total Change in of Asking Price Price Change on Market List Price) 55428 $187,700 1.16% 67 1 1.52% 88 96.6% 55429 $168,700 14.10% I 59 29.76% 95 I 97.6% 55430 I $142,700 -20.81 31 53.73% 86 I 96.6% 55431 $253,200 3.40% 34 5.56% 50 I 97.5% 55435 $268,800 13,71% I 19 34.48% I 104 96.3% 55436 $524,900 2.65% 43 13.16% 95 95.1% 55437 $247,800 4.62% 38 39.68% I 95 97.5 55438 $300,200 4.34% 51 18,60% I 67 I 95.0% 55439 I $389,200 26.43% I 24 41.18% 66 I 94.2% 55441 I $339,000 11.55% 38 2.56% 62 I 96,5% 55442 $318,500 9.53% 29 35.56% 76 95,9% 55443 I $259,700 10.79% I 86 23.89% 94 972% 55444 186 800 -11.68 0 0 I 38 -25.49 /o 76 I 96,5 /o 55445 I $190,300 22.52% I 30 I 36,17% 86 I 97.9% 55446 $375,400 1.10% 65 10.96% 69 96,2% 55447 $330,900 11.75% I 44 25.42% 76 I 95.9% 55454 $160,000 29.24% 2 1 0.00% 112 89.4% OTHER $339,600 29.57% I 4 42.86% 93 I 91,7% Change of current quarter compared to the same quarter to year ago. 13 /1 a7. pdE r n 1,7 t District I Total Total Change I Average Average Change I Median Median Change I Sales Sales Change Name I Sales 08 Sales 07 1 Price 08 Price 07 I Price 08 Price 07 1 Volume 08 Volume 07 lAfton 1 11 31 66:67 %1 $335,0001 $616,6661 45.68 %1 $335,0001 $625,0001 46.40 %1 $335,0001 $1,850,0001 81.89% ]Ainsworth 1 01 01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.09% (Albertville 1 101 51 100.00 %1 $239,4611 $262,0711 8.63 %1 $239,4721 $220,0001 8.85 $2,394,6171 $1,310,3551 82.7546 (Albion Center 1 01 01 0,00 %1 $Ol $01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00 °G (Albion Twp 1 11 01 0.00 $201,5001 $01 0.00 $201,5001 $01 0.00 %1 $201,5001 $01 0.00% (Albright 1 01 01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00°.61 $01 $01 0.00% IAlmelund 1 01 01 0.00 %1 $o1 $01 0.00 %1 $01 $01 0.00°.61 $01 $01 0.00% Amador Twp 01 01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00 %1 $01 $01 0 Andover 161 191 15.79 %1 $256,8741 $285,3571 9.98 %1 $246,0001 $280,0001 12.14 %1 $4,109,9941 $5,421,7901 24.19% Annandale 1 51 81 37.50 %j $191,2851 $265,1031 27.85 %1 $160,0001 $167,7501 -4.62%1 $956,4271 $2.120,8261 54.90% Anoka 1 51 81 37.50 %1 $229,0801 $197,7751 15.83 %1 $175,0001 $199,1501 12.13%1 $1,145,4001 $1,582,2001 27.61% Apple Valley 1 331 541 38.89 %1 $260,3901 $225,3081 15.57 %1 $220,0001 $212,1001 3.72 %1 $8,592,8781 $12,166,6801 29.37% Arden Hills 1 31 51 40.00 %1 $307,3331 $301,5001 1.93 %1 $195,0001 $233,0001 16.31 %1 $922,0001 $1,507,5001 38.84% Athens Twp 1 01 01 0.o0 %l $01 $01 0.00 %1 $Ol $01 0.00 %1 $01 $01 0.00% Baldwin I 11 41 75.00 %1 $193,0001 $140,2251 37.64%1 $193,0001 $130,0001 48.46 %1 $193,0001 $560,9001 65.59% Baldwin Twp I 01 01 0.00 %1 $01 $01 0.00 %1 $Ol $01 0.00 %1 $01 $01 0.00% Basswood Grove 1 01 01 0.00 %1 $Ol $01 0.00 %1 $01 $01 0.00 %1 $Ol $01 0.00% Bayport l 01 3 100.00 %j. $0j $285,1331 100.00 %1 $01 $325,0001 100.00 %1 $01 $855,4001 100.00% Baytown Twp 1 01 2� 100.00 %1 $01 $879,0001 100.00 %1 $Ol $879,0001 100.00°.61 $01 $1,758,0001 100.00% IBeardman 1 01 01 0.00 %l $ol $01 0.00 $01 $01 0.00 %1 $01 $01 0.00% IBecker l 101 41 150.00 %1 $190,4851 $254,3751 25.12 %1 $186,9501 $256,2501 27.04°.61 $1,904,8591 $1,017,5001 87.21% IBecker Twp I 01 of 0.o0 %l $Ol $ol 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00% ]Belle Creek I 01 01 0.00 %1 $01 $ol o.o* $01 $01 0.00 %1 $01 $01 0.00% Belle Creek Twp l 01 01 0.00 %l $01 $01 0.00 %1 $01 $01 0.00 %I $01 $01 0.00% Belle Plains l 51 31 66.67 %1 $209,5601 $215,3981 2.71 %1 $195,0001 $220,0001 11.36 %1 $1,047,8001 $646,1951 62.15% Belle Plains Two I of 01 0.00 %1 $ol $01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00% Bellechester I 0, 01 0.00 %l $01 $Ol 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00% Belmond I of of o.00 %l $o1 $ol 0.00 %1 $01 $01 0.00%1 $01 $01 0.00% IBelvidere Twp I 01 01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00% (Benton Twp 1 01 01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00% Bethel l 11 11 0.00 %1 $175,0001 $165,0001 6.06 %1 $175,0001 $165,0001 6.06 %1 $175,0001 $165,0001 6.06% Bettendorf I 01 01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00%1 $01 $01 0.00% Big Lake I 111 141 21.43°.61 $149,8631 $213,1781 29.70 %1 $158,0001 $199,2501 20.70 %1 $1,648,5001 $2,984,5001 44.76% Big Lake Twp I 01 11 100.00°.61 $01 $267,9001 100.00 %1 $0, $267,9001 100.00 %1 $01 $267,9001 100.00% Birchwood Village 1 of 01 0.00 $01 $01 0.00 %1 $ol $01 0.00 %1 $Ol $41 0.00% Blaine 1 471 491 4.08%1 $254,6361 $285,3941 10.78 %1 $209,0001 $228,0001 8.33 %1 $11,967,9071 $13,984,3241 14.42% Blakeley 1 01 01 0.00 %1 $01 $011 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00% Blakeley Twp I 01 01 0.00 %1 $01 $01 0.00 %1 $0+ $01 0.00 %1 $01 $01 0.00% Blomford 1 01 01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00%1 $01 $01 0.00% Bloomington I 481 441 9.09°.61 $214,6801 $249,4371 13.93%1 $198,9501 $230,7501 13.78°.61 $10,304,6791 $10,975,2601 -6.11% Blue Grass I 01 of 0.00 %1 $01 $01 0.00%1 $ol $01 0.00%1 $01 $01 0.00% IBlue Hill Twp l 01 01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00°.61 $01 $01 0.00% Bodum 01 01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00 %1 $01 $01 0.00% Bradford I of 01 0.00 %1 $01 $01 0.00 %1 sol $01 0.00 %1 $01 $01 0.00% Bradford Twp I 01 01 0.00 $01 $01 0.00 $01 $01 0.00 %1 $01 $01 0.00% Graham I 31 101 70.00 %1 $121,6661 $142,6151 14.69 %1 $123,0001 $146,6751 16.14 %1 $365,0001 $1,426,1501 74.41% Branch 1 01 01 0.00 %1 $01 $01 0.00 %1 $Ol $01 0.00 %1 $01 $01 0.00% IBridgewater Twp I 01 01 0.00 %1 $01 $Ol 0.00 %I $01 $01 0.00 %1 $01 $01 0.00% (Brighton 1 01 01 0.00 %1 $01 $01 0.00 %1 $01 $01 .0.00 %1 $01 $01 0.00% ]Brooklyn Center 1 71 211 66.67 %1 $128,1141 $175,7331 27:10 %1 $128,0001 $164,9001 22.38%1 $896,8001 $3,690,4101 75.70% Brooklyn Park 1 571 621 8.06 %1 $206,4991 $235,9301 12.47 %1 $195,3501 $213,7001 -8.59 %1 $11,770,4541 $14,627,6971 19.53% Buffalo l 131 141 7.14°.61 $190,6561 $236,5781 19.41 %1 $169,0001 $209,5001 19.33 %1 $2,478,5381 $3,312,1001 25.17% I I STATE OF MINNESOTA TAX COURT FOURTH JUDICIAL DISTRICT COUNTY OF HENNEPIN SMALL CLAIMS DIVISION William R. Kenny, NOTICE OF SMALL CLAIMS DECISION Petitioner, vs. File No. 27 -CV -06 -00153 County of Hennepin, Dated: February 15, 2007 Respondent. TO: William R. Kenny, Petitioner pro se, 7036 Willow Lane, Brooklyn Center, MN 55430 John J. March, Assistant Hennepin County Attorney, Civil Division, A -2000 Government Center, Minneapolis MN 55487 Pursuant to hearing held on February 12 13, 2007, at the Hennepin County District Court facilities, the above matter has been decided and judgment shall be entered with respect to that property identified as PID 25 119 21 44 0023 as follows: 1. The assessor's estimated market value for the subject property shall be decreased on the books and records of Hennepin County as of January 2, 2005, for taxes payable in year 2006 to 295, 500. 2. Real estate taxes due and payable in 2006 shall be recomputed accordingly, and any amounts overpaid by Petitioner shall be refunded. IT IS SO ORDERED. LET JUDGMENT BE ENTERED ACCORDINGLY. P E AT Y TAX $TATE� pif;ce VAOUrs s:oo to 430 uNTY Zp p? PR CQ cou Treasurer ENN� PIN NenneP'n t G ent Center H A.6o0 Govern 487 55 -00 60 p T �Xp,YE R G0P rr t inneapo"S, M 3p11 612-348 WW W.hennePln•us HONEST E AD ftOMESTEAD/ 6, rly Classle 6,200 ,gent ProPe 0 369, 600 K�t4 NY tie I,ITS ExotuDEn VEME 357 5 p 3 05:3 00 Y A 1MPR0 i,, ,,,fusions' 26 470 0 3+ 825 j0 y I MB R ro vement slExP arkei value' I W I L l I W 4 R OW t p N 5 5 3 Q_ 13 42 New ►mP Es Taxable Markel value -70-s6 Q-70-s6 M 57 tax re I GTR ,0 BROOKLYN eiund 3:4 29.0 1 9 ible for a proPe� ES AND ARE NOT EUGIBIE• 8 :382 .42 5 ,147 •87 e it you are Brig 9 8.00 form M1PRto se OWE DEiIN�UENt TAX tPR 4 814 •41 00 OX is CHE CKED, Y OU on schedule 1 of form M 13 4.00 Use this sor °Uns on file by Augus ou t t5. If 8 eclat property retutn State .00 '10 tax ntforthe educed dits tax 3,42 Use this am K is R ed cre KENNY K A KENNY 2- Your PTOp bete eaed c twn by state reduce Y our Prop of tax so our P 15g 5 rope to to reduce y 4 R 3. grope tY inneso d y the 82 state 1 aid by the state of M' its Pal anMinnesota b 25. 4. Aid P a rrcunurtl d' credits 1 513 .17 A Homestead d 9 tt+e state of t- 15 id aids and 14 TV! 21 4 0012 Tax a 3 5• B Othar Credits pai a fte r reduct1°r by state p I 119 r<Y 1 .188 .18 2 5 r Sewer TIF 6. Your Prope Dol Go .00 School rNate rshed Where Your ProPe Tax Do 45 Q 564 57 6.63 43 b9 79 •14 Q 11 County 31 43 7. A. rrw B. Regional Rail Autho 1 7 4 .02 43 ress N S. Or Town p0 7.75 7036 WILLOW EA 9 S�aGeneralTax S Sc hool 0issrict' 00 EST ATE 10 roved Levies .00 on )RTH R1VER A. Voter APP vies.........._ 1pq.26 6 her Local Le eCitl Taxing Districts MehoPo1ltan SP Districts Ot -,02 49 l 3, 825.70 Block y1. A- B. Other Special Taxing 47 96 3.424 p l 06 C. lncremerrt 41-95 pisP yoan plo. O •fiscal a nry ;ode °ved Reterenda Levies S e gal Asse Voter Po and SP Peas 12 Nomscl�ol Tax ore Waste agement Fee 13 resat Prope Assessment dl' Solid Man t c Count oitected rirrcrp at r l ens P 4 7 Q• 6 A. Special Assessor 1 9 3 6 e. Special Interest a. L pERTY TAX AND SPECIAL ASSESSMENTS t r 15 YOUR TOTAL PRO N�y��plN CGUS�TY R 1 936 g3 pQYpj G �Q z William Kenny 7036 Willow Lane PID #25- 119 -21 -44 omparative rke ,A� -allysrs Minimums and Maximums May 02, 2008 This page summarizes key fields of the listings In this analysis. The listings in this analysis can be summarized as follows. Priced between $150,000 and $379,900 2 to 4 Bedrooms 2.00 Bathrooms 1,540 to 2,928 Square Feet $94 to $153 per Square Foot Built between 1956 and 1964 44 to 52 years old 3111 Buiman A Comparative Market Analysis 763- 786 -0600 ornparative `t ,AnaAy'si�s 4. May 02, 2008 Summary of Comparable Listings This page summarizes the comparable listings contained in this market analysis. Pending Listings Address Price Bds Sth TFSF /Sq FSize Built Style Off Market DOM S= 115 Glen Creek Road $229,900 3 2 2180 $105 1,492 1956 ONEST 04/21/2008 77 Averages: $229,900 3.0 2.0 2180 $105 1,492 1956 77 Sold Listings Address Price Bds Bth TFSF /Sq FSize Built Style Sold Date DOM S= 4725 Twin Lake Avenue $368,000 4 2 2486 $148 1,446 1964 SPEBI 10/26/2007 69 2151 Long Lake Road $261,000 3 2 2928 $89 1,664 1961 ONEST 03/12/2008 166 1021 Rice Creek Terrace $134,000 2 2 1540 t87 1.540 1962 ONEST 03/11/2008 13 Averages: $254,333 3.0 2.0 2318 $108 1,550 1962 83 Median of Comparable Listings: $245,450 Average of Comparable Listings: $248,225 On Average, the 'Sold' status comparable listings sold in 82.67 days for $254,333 3111 Bulman A Comparative Market Analysis 763 -786 -0600 om aratle M' r ta,y�sx�s CMA Comparab[es Report Ma 02, 2008 This page outlines the subject property versus comparables properties. 'CZ ,4 i RRI PRO 0 W Subject Property Comparable Property Details Comparable Property Details MLS 3493806 3421042 Status: Pending Sold Address: 115 Glen Creek Rd NE 4725 Twin Lake Ave SchDist: Fridley Robbinsdale Map: 78D2 92A2 LstPrc: $229,900 $379,900 SldPrc: $368,000 OffMrkt: 04/21/2008 10/11/2007 DtClsd: 10/26/2007 DOM: 77 69 Bedrms: 3 4 Bthrms: 2 2 Style: (SF) One Story (SF) Split Entry (BI- Level) TotSgft: 2180 2486 AbvSgft: 1,492 1,446 BlwSgft: 688 1,040 GrgStls: 2 1 PrkCher: Attached Garage, Garage Door Attached Garage, Driveway Opener Concrete, Tuckunder Yr Built: 1956 1964 Lk /Wt. Creek Lake Front lot Sze 210x195xg0x210 56.29x135 Acres: 0.61 0.00 Fdtn Sz: 1,492 1,446 Ext. Metal /vinyl Brick /Stone, Wood Roof: Age 8 Years or Less, Asphalt Shingles Age Over 8 Years, Asphalt Shingles, Sha #Fplcs: 2 0: Bsmt: Drain Tiled, Finished (Livable), Finished (Livable) Full, Sump Pump Amenit: Deck, Hardwood Floors, Kitchen Hardwood Floors, Kitchen Window, Natural Woodwork, Window, Natural Woodwork, A Comparative Market Analysis Jill Butman Agent Phone: 763- 786 -0600 om araty I M rket a's i S p CMA Comparabies Report Ma 02, 2008 This page outlines the subject property versus comparables properties. Y a; t t Subject Property Comparable Property Details Comparable Property Details MLS 3426558 3489614 Status Sold Sold Address: 2151 Long Lake Rd 1021 Rice Creek Ter NE SchDist. Mounds View Fridley Map: 7983 78E3 LstPrc: $274,900 $150,000 SidPrc: $261,000 $134,000 OffMrkt: 01/28/2008 02/06/2008 DtClsd: 03/12/2008 03/11/2008 DOM: 166 13 Bedrms: 3 2 Bthrms 2 2 Style: (SF) One Story (SF) One Story TotSgft: 2928 1540 AbvSgft: 1,664 1,540 BiwSgft 1,264 0 GrgStls: 2 2 PrkChar. Attached Garage, Driveway Attached Garage, Driveway Concrete, Garage Door Opener, Concrete Yr Built: 1961 1962 Lk /Wt: Lake View Creek Lot Sz: 90x150 S90x138x110x200 Acres: 0.32 0.31 Fdtn Sz: 1,664 1,540 Ext: Brick/Stone, Cement Board Brick /Stone, Stucco Roof: Age 8 Years or Less, Pitched Age Over 8 Years, Asphalt Shingles, Pitc #Fpics: 2 2 Bsmt: Daylight/Lookout Windows, Daylight/Lookout Windows, Finished (Livable), Full, Walkout Egress Windows, Full, Walkout Amenit: Hardwood. Floors, Kitchen Hardwood Floors, Kitchen Window, Patio, Porch, Security Window, Patio, Washer /Dryer A Comparative Market Analysis 3111 Bulman Agent Phone: 763 786 -0600 om ra lv�e rk t An si b N' Table Summary of Comparable Solds May 02, 2008 This page summarizes the comparable sold listings in this market analysis. Sold Listings Change Change Address list Price Sale Price List Price to List Price to Sold Date DOM Said Prim Said Pricy 4725 Twin Lake Avenue $379,900 $368,000 11 3.13 10/26/2007 69 2151 Long Lake Road $274,900 $261,000 13,900 -5.06 03/12/2008 166 1021 Rice Creek Terrace $150,000 $134,000 16,000 -10.67 03/11/2008 13 Average $268,267 $254,333 13,933 -6.29 83 Median $274,900 $261,000 $13,900 -5.06 69 Minimum $150,000 $134,000 16,000 -10.67 13 Maximum $379,900 $368,000 11,900 -3.13 166 3111 Bulman A Comparative Market Analysis 763-786 -0600 Omp "t A .,w. List Price a nd Sale Price Friday, May 2, 2008 This graph illustrates the list price, along with sale price in Sold listings. Price Graph 400K 350K 300K 250K r List Prices v 200K sum of .0 0 SingleFamily.SalesClosePries 4. 150K 100K 50K OK z CP 4 4 lt� P MLS# A Comparative Market Analysis 763- 786 -0600 f .omparativee rk t Anialysi's Number of Days On Market May 02, 2008 This graph illustrates the number of days on market for the listings in this analysis. Days On Market 180 160 140 0 i 120 R 100 0 E DOM 80 M 0 60 40 20 0 4 MLS# Jill Bulman A Comparative Market Analysis 763- 786 -0600 CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2008 Assessment APPLICATION FOR APPEAL March 17, 2008 through April 18, 2008 You must return this application by April 18. 2008 to be placed on the Agenda for the Local Board of Appeal and Equalization May 5, 2008, 7:00 P.M. Name(s) �v� fia /l qS Daytime Contact Number: (os1 Property Address 4� 4 d,6 1 G 1114E 66 Property Identification Number 2008 Estimated Market Value ;7, What is the reason for your 2008 assessment appeal? 61di.7 q G{/Wou� 1 iy44¢ry 9a if� /oar.� /'S I b 04- �jn fiLe� �q s q db 7 I xw 41 oo /9- 7%r_ yQ� J at" When did you purchase your home? r be Ord Date of Purchas�,ch/ 900 3 Purchase Price /yI da�r h r -f <50 i�c /Q x/ /hQ e,, A6q `f o �f Ags 7 b 'Have y02 changed your property since the purchase? (maintenance, upgrades, ror� remodeling or structural damage) Please list a brief description below with an estimated cost. sow e g h r1 n /sh Ila Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? or No If so, what was the determination of value? Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required. t Review Of 6006 Ewing Ave N. PID 03- 118 -21 -12 -0022 For Evelyn Pallas 2008 Local Board of Appeal and Equalization m City of Brooklyn Center A Millennium Community TO: 2008 Brooklyn Center Local Board of Appeal and Equalization RE: Evelyn Pallas 6006 Ewing Avenue North Brooklyn Center, MN 55429 Ms. Pallas contacted our office regarding the 2008 valuation notice. Her concern was the valuation of her home located at 6006 Ewing Avenue North. She felt that the 2008 estimated market value of $173,900 was too high. Ms. Pallas was sent an appeal information packet and a list of comparable homes that had sold in the ratio study period. Ms. Pallas returned her appeal application along with market information by April 18, 2008. The market information submitted by Ms. Pallas with the appeal application included a market analysis from Gail Zewers, dated April 17, 2008 and additional copies of MLS sales data. The market analysis included a total of four sales that were not considered open market transactions from the sale study period. All four sales were outside of the ratio study period, and three of the sales were considered bank /forced sales, which are not considered open market. The additional MLS sale information included six open market sales with a cash equivalent sale price range of $165,000 to $179,000. However, the sale at 6636 Dupont Ave N. originally sold 11/1/06 for $175,000 but resold 1/22/07 for $225,000. A second market analysis was submitted by Evelyn Pallas, again by Gail Zewers, on April 28, 2008. Of the four sales submitted only one sale was during the sales study period, 6237 Bryant Ave N., with a cash equivalent sale price of $166,000 per CRV. The remaining three sales occurred after the study period. An appraiser from the Assessor's office reviewed Ms. Pallas' property on April 21, 2008 and made adjustments to the physical characteristics of the property. These changes represented a valuation reduction of $4,900 to the property. Ms. Pallas was contacted by phone with an offer to reduce her 2008 estimated market value to $169,000. Ms. Pallas declined this offer and indicated her intention to appeal her 2008 estimated market value to the Local Board of Appeal and Equalization. It is staff's recommendation to reduce the 2008 estimated market value of $173,900 to $169,000 for taxes payable in 2009. This reduction reflects the most current property characteristic information and falls within the indicated sale price range of $165,400 to $178,000 on the enclosed sales grid. In addition, a listing of comparable sales that was mailed to Ms. Pallas with the original appeal application form has been included for your information. Respectfully, U l f V r Nancy Wojcik, SAMA City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 www.cityofbrooklyncenter.org SUBJECT PROPERTY 6006 Ewing Avenue North Evelyn Pallas PID# 03 118 21 120022 y Land Characteristics Land Area 10,010 sq. ft. 2008 Land Value $61,700 2008 Building Value $112,200 TOTAL 2008 EMV $173,900 Building Characteristics Style: Rambler 1,000 sq. ft. Main Level Room Count: 5 3 1 Full Bath Below Grade Room Count: 0 0 0 Bath Garage: 2 Car Attached Fireplace: 2 Porches /Decks /Misc.: Glazed Porch Central Air Conditioning: CAC Hennepin County Property Map Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or Its derivatives. II 60-9 I 6013 II II 6012 6013 I I I I I I 4 5 i 6007 t� 6006 en Y 6001 II SI 6000 5001 i ADMIRAL LA Selected Parcel Data Date Printed: 4/28/2008 1:32:01 PM Parcel ID: 03- 118 -21 -12 -0022 Current Parcel Date: 4/11/2008 Owner Name: EVELYN A PALLAS Parcel Address: 6006 EWING AVE N BROOKLYN CENTER, MN 55429 Property Type: RESIDENTIAL Sale Price: $163,500.00 Homestead: HOMESTEAD Sale Date: 07/2003 Area (sgft): 9763 Sale Code: WARRANTY DEED Area (acres): 0.22 A -T -B: TORRENS Market Total: $192,800.00 Tax Total: $2,446.00 f it i �r Ti Property ID House# Street Name Unit 2 Photo(s) on file Today's date: 04t28t2008 1 Sketch(es) on file Release. 1 04.02A J1 03. 11 21 12 0 022 Address: 6006 L: r i t Logged on user: KCASTO fAssessina Karen Casto (PDS 17 of 22 Parcel Status: ACTIVE i Parcel Search 2 C lear 3 Print 4 View Photos �L Parcel Administration n r Parcel Information r Assessor Comments Save D clear Delete New Sub TOH LMI+ Parcel Divisirning Temporary PID Llpdat 2008 g y, Initial Assessment Assessment Year: Version: Current: t Project Update Assessor Inquiry Taxpayer Inquiry PID. 03-118-21-12-0022 SUbrecord: 1 of 1 Pro Typ Values Administration l p p ER- Resi Last Appr Year. 2006 Values Information Prim/Sec CD: v PIS PI D: Coop CD: Coop PID: Hennepin County Trar t� Homestead Update Exempt 7 Deferred Information Miscellaneous Information Homestead Information Last Appraised Year L� LMV Update Code: v Notice Sent Partial Const Hmst CD Pct Owner 100 t Tax Capacities Llpdat Type: v F Ag Use I EM'V MidYear Hmst Hmst Rtn: 'A Sales Administration t� Sales Information Year: 10 Acre S_.'. Contig Ind Rel Hmst Hmst FTP: N Sales Ratios 320 Acre IF Proj Nbr: F Hwist CRV Filed t Comparables Informati District: Neighborhood: 0053 Min Assess t,linMax_Codes Last Sale:07I01I2C103 $16:3,500 t t Price/T ime Adjustmen Market Values 24 -Value H istory R ecords Weight Pararnekers ew,•._ Land: 61,700 Ir prove Amt: Year :_ub Ver Land Bldg Total Mkt ImpArrit. t Comparables Batch U r 1 1 61,700 j 112,200 173,900 j 0 Property Characteristics Bldg: 3 112,200 LM4 2007 1 1 578001 135,000 192 ,,$00 0 t� Land fVlachc i TGH: i X106 j 1 1 56,3001 135,9001 192,200 0 p Ins e Residential ial Total: 173,900 Taxable Mkt: 173,900 2005 1 1 51 3 00 110,600 161,900 0 I I Commercial I I ndustri� 2004 1 1 41,300 113,700 1 5,0001 0 Multi- Family Tax C:apacit;' 2003 1 1 31,3001 113,700 145,000 0 Field Card Print L Not 2002 1 1 27 109,500 137,000 0 Do ot Calc. Tax Capacity Tax apauty: 1,739 CAMA 2001 1 1 27.000 88,600 115,600 0 CAMA Inquiry Trial f 1 ark:.et Values 2000 1 1 23,300 76,000 99,3001 0 Market Value Resider Land: 6LI,60U Total: 195,600 1999 1 1 22,000 66,700 8$,700 0 t� Market Value Cornmer t Bldg: 135J1OC I .1998 1 1 I 22,0001 60,7001 $2,7001 1,700 i Pa r. 1 GIS Property I. of Brooklyn on r les\LogisTD S Property ID House# Street Narne Unit 2 Photo(s) on file Today's date: 04P.&2008 1 Sketch(es) on file Release: 1 .04 02,x. 3 i A L. 6006 F in-gA f _..-_-s Logged on user: KCASTO fAssessina Karen Casto fPDS 17 of 22 1 Parcel Searc 2 Clear 3 Print 4 View Photo Parcel Status: ACTIVE Parcel Administration h Parcel Information 0 r Inquiry Assessor Comments Parcel Divisioning Assessment Year: 2(108 _r`l Manual Assessment F_ ManualLandr k Temporaryy PI Updat Project Update Building Land unnrnary Assessor Inquiry Dk+tellir g Type: Sin le Famil Oualit B0 i One Level /Rambler Taxpayer Inquiry 9 y y 607 Style: Values Administration Total GBA: F 1000 Age: 28 Zoning: R1 Values Information Basic Rate: 73.00 Hennepin County Trar r Homestead Update Adjusted Rate: $75.19 Ext. Wall Shape i Last Appraised Year L I P 3.0 LMV Update Adj. Rate' GBA: $75,190 Add Basement $15,000 1000 SgFt $15.00 Tax Capacities Updat' Ded. Unf.GBA: $0 F d SgFt $30.00 Sales Administration Sales I nformation Adjusted Total: $90,190 Sales Ratios Com arables Informati P Additive Amount: F $32,530 Garage: $5,632 Dormers: $0 Patin Doors: F $1,000 hlinMax_Codes Price ?T irne Adjuskmen 'Walkout: $0 Air Cond: $2,500 D ecks: $0 Weight Parameters Patios: $0 Porches: $4,898 Pools: $0 Comparables Batch U Property Characteristics $7 Baths: $7,500 Fireplaces: $4,000 Fin.Bsmt: ,000 Land Total Cost $122,720 Inspections Kitchen: $0 Residential Adjustments 8.5 Depreciation f -8.5 Influences 0. CI Commercial i IndustriE Multi- Family Functional 0.0 Economic 0.0 Field Card Print CAMA B wilding Value: $112,200 CAh•1.4 Inquiry CA,M.4 Bldg. Mkt Value: $112,200 Market Value Resider Flat Values: $0 Land Mkt. Value: $F1,700 Market Value Cornmer w M Ark P4Valiir, tyiiilti -Fa Total hAkt. Value: $173,900 City of Brooklyn Center PID: 03- 118 -21 -12 -0022 Property Type: R Residential Residential Field Card Property Address: 6006 Ewing Ave N Zoning: RI Printed: 04/28/2008 Lot Block: 008/001 Dwelling Type: Single Family Assessment Year: 2008 Addition: Pearson's Northport 3rd Addition Owner(s): Evelyn A Pallas Version: 1 District: Model: Neighborhood: 0053 -w� Pool 1st Baths #1Qua1i �C� �[o'or Total Rooms Dimensions Zoning: RI Partial Const( Pool I Area: Spa: Interior: Length Width Sq Ft Area Rating: Very Good Model: Quality: Dix: Trim: Bedrooms: 3 25 40 1000 Site Rating: Good Dwelling Type: Single Family Pool 2 Area: Full: 1 Average Floor. Baths: 1 0 0 0 Land Quality: AOI -Land Adjacent Property: Equal Quality: 3/4: Avg. Clear. Height: Family: 0 0 0 0 Contamination: View: Equal 1 /2 of Fireplaces: Flood Plain Ma Ref: Arch./Appeal: eal: Avera a Amenities Y: p Living: I 0 0 0 P PP g 1st Rooi Fplc. Quality: Dining: 0 0 0 0 PUDRef: Quality: B07 Bedrooms: 3 3rd Baths (4/Quality) Kitchen: 1 0 0 0 Allowable Units: Shape: L- Shaped Baths: l Other: 0 0 0 0 Excess Land (SgFt): Style: One Level/Rambler Spa: Family: Dix: Total: 5 Zoning Variance: N Construction: Wood Frame Living: 1 Frontage: Exterior Walls: Wood Full: Left Side: Exterior Trim: Brick Dining: 3/4: Kitchen: 1 1/2: Rear Side: Roof Type: Gable Area (SgFt): 1,000 Other: Date: 07/01/2003 Ri ht Side: Roof Cover: Shingles Type: Regular 3rd Room Count' g g R g Total Rooms: 5 Price: $163,500 Effective Width: 77 Window Type 1: Gliders Finished 50 Bedrooms: Code: 99 Effective Depth: 130 Window Type 2: Quality: Substandard IMMMI NNINE Baths: Desc: Conversion -X Sales Effective Water: 0 Air Conditioning: Central of Fireplaces: 1 Interior: Other: EMIME Property Area (SgFt): 10,010 Dormer Length: Fplc. Quality: Average Trim: Total Rooms: Acreage: Dormer Quality: Avg. Clear. Height: Floor: Appraiser ID: 18 Park: Patio Doors: I Elec. Svc: Standard Avg. Clear. Height: Appraisal Date: 04 /21/2008 Park Quality: Htg. Svc: Forced air, gas fired of Fireplaces: Res. Cond: Average Reason: Appeal On Lake: W.O. T Fplc. Quality: Int. Layout: Standard Result: Interior Lake Quality: W.O. Quality: 2nd Baths /Quality) Manual Assess: N On River: Placement: Attached Actual Age: 1956 River Quality: of Cars: 2 D x: Effective Age: 1980 Appraiser [D: Landscape Quality: Average Floor Area: 352 Basement Baths /Qual.) Renovated Age: Condition: Average S pa: Full: Functional Appraisal Date: Exterior Walls: Wood Dix: 3/4 Economic °S, Full: 1/2. Buildin Areas 3/4: g Reason: 2nd Room Count Placement: Unfin. 1 st GBA: of Cars: 1/2: Bedrooms: Unfin. 2nd GBA: Result: Gas Floor Area: Basement Room Count Baths: Unfin. 3rd GBA: Condition: Bedrooms Other. Unfin. GBA: Left Tae: Yes No Exterior Walls: Total Rooms: Paved Street Baths: 1st Floor Area: 1,000 Flat Value Sewer Available Porch Family: 2nd Floor Area: Glazed Area: 158 Kitchen: 3rd Floor Area: Value: Water Available Quality: Average Other: Total GBA: 1,000 Dcsc: Screened Area: Total Rooms: Q ualit y cF Comment$ Open Area: Kitchen Rating: Standard I LENNOX NEW FURNACE. reroof 7/99. EAT IN GALLEY KITCIE ORIG WINDOWS NO Quality: Interior: Sheetrock WRAP.4 /2008 Value Appeal. Interior of home is in average condition. Bsmt. area has no ceiling or floor finish Trim: Hardwood but is framed and has some sheetrock. Kitchen has original cabinets. Exterior siding shows some deferred maint. Patio 1 Area: Floor: Wood Quality: Avg. Clear. Height: Patio 2 Area: of Fireplaces: l Quality: Fplc. Quality: Average MINEINININNINEW Deck I Area: Quality: Deck 2 Area: Quality: City of Brooklyn Center PID: 03- 118 -21 -12 -0022 Property Type: R Residential Residential Field Card Property Address: 6006 Ewing Ave N Zoning: RI Printed: 04/28/2008 Lot Block: 008/001 Dwelling Type: Single Family Assessment Year: 2008 Addition: Pearson's Northport 3rd Addition Owner(s): Evelyn A Pallas Version: 1 District: Model: Neighborhood: 0053 I 16' z b Porch 40' r a Garage ra s 7 N First Floor 5' 16' 40' 40' N Basement Sono' i 40' Sketch by Apex N— ENT GRID _s= ADJUSTM 6 e ooklyn Center #3 n r7022 CgMP. COM NANE NTIAL SALES PID 03 118 -2 12 5212 63rd I've N RESIDE cc #2 AooRESs Quail Ave N 33-119-2 -0123 APPRAISAL OF pie �rom x0°' fox 4MY #1 6213 1 44- 0028 a verage gr t h CT 5112 65th Ave N 33- 119 S UBJE 1 9 21.13.0 Evelyn Pallas 33 8005 Ewing Ave N t ,I 4 ADDRESS 03-118- 21.12A022 OL 75,Of)0 SALE PRIGE 1 an9 Adt ustmo $186,000 gale Price (Adiusted for F'mance) a. $156,90M 0 $17) SALE DATE Rw, O 1 (2 $186,00 i -Ocol Sale Price 04,4 I miustedfo $155,8 08 $17 3,000 a pµ SALE PRICE FinawingAdjustment J $171,600 Lor sret+9 sale Price 9 e y, t1. sTyLE fAdi t �t or Fina++cel $155, average st o*'� Room SIZE l Awo LE DATE 10,125 Sq. ft Rd1t1 sR a Rambler YVE E p A oao_ en1?+�_ 9 R 1008t4." Sale I p R BR p average Rambler tGt6i3 10.010 9q (Adjusted for Time) ft 980 54• 1958 f]VaJCYIGOµ LOCATION rnblet F SITEtFROµTAGf8f3 9581 9 a Yerallonerage a ',O H7fpNR� P1 orsd�a°0i° 1000 195 a gj —j�pae 9 $4 GFA1None 83MT WGA• HS a¢E tx.e 1 Al 1 tub cnunf 6R 1988 aVera9� $4, GFAtCAC sQ• 4000) BSMT %FINIRM aVeta9�aYera9e N9 GARAGE mare) ABOVE of 6ATHe AC S3 s43t. �eht314 bath YEAR BUILT.— 2 GFNC �,'j,200) AN1EN`nE QV AtITYiCON, 950 s4 7 °Milo bads V Z REMODELI (3FAtCAC $2,540 Noe q FIREPLA 1 0004 tt 2 car d $3000 OTHER 25'1>1NO bs1ll ent HEAT I AIR C— None t deRaf µet Adlus asMT 60°klNo b 2� $yam 1 BATHS 2 CA cached 14 a ggM7 %F g amed $1M PO GARAGE Oa $9,60 $176, RE M ODEL►N�-- G. $165,400 QTHER 400 to $178 ,000• N 1 u ,�,ent 165 000• nddion, built 1n Value Range $165,400 to $169 ramble' In averag no onciliation. Ce EMV from ramb mentarea rasno I'lndicated Value to redo ertY Is a 1,000 square foot the sub Valuation lotion Subject prop all original cabinets. Base me p ReCOm Kitchen has ara9e After reviewing St s of similar horns n t aVera9e condition car attached g $4,900. It Is s n area home and a timated two market value by j venue Noah he interior of the the 2 u. ty 00 8 es located at 600 E`"' Ari 21, 2008. lazed Porch of av 0red q es The subject P ro arty as cA p trock. The a has area. This adlustme aYable in 2009. roPertY is m feted on P horn one g �ICOMMENTS. i of this p p has some shee norch rid the basement 169,000 for taxes p er nr review �.o ri and t a 90o to P ,94 gLE M AP SALES C subject.. 6 006 Ewing Ave N T 6fit 68th Ave o twwa Ln brie xaN w� LM Bf park Pat* Ave Ave ,5 p Wlnd` Ln q 7 c Ave N y PBU� z 64Z Avs N Ullarllri of ett pa m at Ln Jo)te LA 15� aw* r p Come 1 62M Ave N Z Us 62M Ava z m N A Q Vds Mac parrs v000� 4o f f TM vitt� 9 Comp #1 -3.3.265 th Ave N #2 6213 Quail Ave N Comp 5212 63 `d Ave N Com #3 Bsmt Central Deck Porch Total Total, 1/2/2008 Estimated Market Subject Property Style Age GBA Bsmt Area Finish Gar Location Cars Air Area Area Bdrm Baths Value 6006 Ewing Ave N Rambler 1956 1,000 1000 50% Attached 2 Central 0 158 3 1 $173,900 Brooklyn Center, MN 55429 Comparable Rambler Sales Nbad #53 West Central Open Market Transactions Bsmt Central Deck Porch Total Total Cash Equiv. Street Name Style Age GBA Bsmt Area Finish Gar Location Cars Air Area Area Bdrm Baths Sale Date Sale Price 4318 65th Ave N Rambler 1959 1000 1000 75% Attached 2 Yes 180 0 3 2 01/31/2007 208,550 4618 65th Ave N Rambler 1958 1000 1000 50% Detached 2 Yes 0 0 3 1 02/20/2007 192,000 5948 Admiral La Rambler 1956 1000 1000 80% Attached 1 Yes 0 0 4 2 04/26/2007 189,900 5837 Admiral La Rambler 1956 1000 1000 50% Detached 2 No 196 0 2 2 09/28/2007 197,581 3218 63rd Ave N Rambler 1958 1004 993 60% Detached 2 No 0 0 3 2 11/15/2006 175,000 5206 63rd Ave N Rambler 1958 1008 1000 75% Detached 2 Yes 0 0 2 2 04/11/2007 191,000 6345 Quail Ave N Rambler 1958 1008 1000 50% Detached 2 Yes 0 0 3 1 09/19/2007 180,000 3007 Quarles Rd Rambler 1960 1013 1013 75% Attached 2 Yes 256 0 3 1 04/27/2007 190,000 $200 Brooklyn Blvd Rambler 1955 1024 1008 75% Attached 1 Yes 0 0 5 2 10/26/2006 200,000 J325 Brooklyn Blvd Rambler 1955 1034 1034 50% Attached 1 Yes 0 0 3 1 06/04/2007 211,000 4309 64th Ave N Rambler 1957 1037 1037 75% Detached 2 No 0 0 3 2 10/18/2006 225,000 6012 Admiral PI Rambler 1955 1040 1040 50% Attached 2 Yes 0 180 3 2 11/29/2006 250,000 3001 66th Ave N Rambler 1959 1046 1025 75% Attached 1 Yes 150 0 3 2 11/10/2006 201,000 3212 65th Ave N Rambler 1959 1046 1025 50% Attached 1 Yes 296 0 3 1 04/23/2007 175,500 3219 64th Ave N Rambler 1959 1046 1025 50% Attached 1 Yes 336 0 3 1 05/02/2007 177,413 6412 Lee Ave N Rambler 1958 1052 1040 50% Attached 1 Yes 0 0 3 1 12/19/2006 199,900 3013 Ohenry Rd Rambler 1959 1056 1056 75% Detached 1 Yes 360 0 4 2 12/15/2006 220,000 4101 Janet La Rambler 1955 1056 1056 75% Detached 2 Yes 0 0 5 2 03/06/2007 237,010 6213 Xerxes Ave N Rambler 1958 1056 1056 50% Attached 2 No 144 0 3 1 04/12/2007 169,653 3813 Janet La Rambler 1955 1056 1056 75% Detached 2 Yes 0 240 3 2 05/30/2007 187,000 6532 Ewing Ave N Rambler 1953 1060 900 75% Attached 1 Yes 325 168 2 2 07/27/2007 179,000 5307 63rd Ave N Rambler 1959 1065 1056 50% Attached 1 No 168 0 3 1 03/23/2007 165,000 6300 Lee Ave N Rambler 1958 1068 948 50% Attached 2 Yes 0 0 3 2 12/27/2006 183,330 3000 64th Ave N Rambler 1959 1072 1056 75% Detached 2 Yes 0 0 3 2 04/26/2007 184,000 w Gail Zewers Real Estate Masters April 17, 2008 Evelyn Pallas 3001 Sandy Hook Dr Roseville, MN 55113 Dear Evelyn Pallas Upon your request, a market analysis has been performed on your property 6006 Ewing Avenue N in Brooklyn Center. The analysis consisted of comparing your property to four other houses that have recently sold_ Your property is similar in size and style to properties located at 6734 France Ave N, Brooklyn Center, flit 55429 6126 June Ave N, Brooklyn Center, MN 55429 7113 Halifax Ave N. Brooklyn Center, MN 55429 3113 64th Ave N. Brooklyn Center, MN 55429 In general these homes are in better overall condition, cordain more updatesha pr+ovements, are situated on a larger or improved lot, and have a larger fioundation svA and more finished square feet. Comparison #1 Property. 6734 France Ave N Year Built 1974 Sale Price: 139,900 Sale Dales 4111108 Finished Sq. Feet on main feud: 1040 Total Finished Sq Feet 9440 {significanriy larger} Additional value relative io your property Additional bathroorn 3 car garage Finished bower level Nicely landscaped yard with gazebo fountain 18 years newer Reduced value relative to youx property: No fireplace i Comparison #2 Property: 6126 June Ave N Year Built 1956 Sale price: 156,000 Sale Date: 12/14/07 Finished Sq. Feet on main levet 1320 Total Finished Sq Feet 2,120 (dramatically Narger) Additional value relative to your property: Additional bathroom Finished lower level Eat in kitchen, in addition to a formal dining room 3 Fireplaces Updates: New maint free siding, new roof All new kitchen appliances,newer furnace, and central air Upgrades Beautiful oak floors, newly pointed throughout Reduced value relative to your property: None Comparison X3 Property. 7113 Halifax Ave N Year Built 1958 Sale Price: 160.000 Sale Date: 1131108 Finished Sq. Feet on main level: 996 Total`Finished Sq Feet 1626 (significantly larger) Additional value relative to your property. Additional bathroom Huge 3 car garage A beautifully finished bwer level Nicely landscaped yard with a screen porch Updates: kitchen, vinyl siding, newly finished hardwood floors Upgrades: ceramic tile, spa tub wfrtaifran marble Fenced in yard Reduced value relative to your property No fiirMiace Comparison ii14 Party: 3113 64th Ave N Year Built 1959 Sale Price: 150,000 Sale Date: 2/06/08 Finished Sq. Feet on main level: 1202 Total Finished Sq Feet 1969 (dramatically larger) Additional value relative to your properly: Additional bathroom Finished lower level Maintenance free siding Much larger, well kept lot Updates: exterior siding Upgrades: beautiful wood flooring, Wooden built-in's throughout Reduced value relative to your property: None The basic fundamentals of your house at 6006 Ewing Ave. N.are sirllar to the cornparison properties: however, it does not compare favorable. The interior of the house contains virtually no updates or upgrades_ The siding, windows, and kitchen cabinets are original and kitchen floor is in poor condition. The exterior of the house does not fair any better. The exterior siding, driveway, and and garage are all in poor condition. Unfortunately, I believe you overpaid for the property in 2003 when purchased for $163,500. l belieare your property is at the low end of the price spectrurn of the comparison properties t D due its overall condition and lack of updates and upgrades. The estirrieted market value of your property is $148 Detailed property listings used for this comparison have been included for your review. If you have any questions, please feel free to call me at 612 747 -8062. Sincerely, Gail Z.ewers Real Estate Masters i Courtesy of Gait Zewers Result 1 of 1. re.viOUS I Next 1 [1] 1 Bottom Mdeso 1 6006 Ewing Avenue N, Brooklyn Center, MN 55429 -2516 List #:2145397 Status:Sold Price:$163500 Style: (SF) One Story Beds:3 Baths:1 Garage:2 Total Fin Sgft:1,000 Year Built: 1956 Previous I Nex' I I Top_ Display: Customer Thumbnail at 10 per page. Information Deemed Reliable But Not Guaranteed. Copyright (c) 2007 Regional Multiple Listing Service of Minnesota., Inc. All Rights Reserved. i Customer Full Display, Single Family Residential, MLS 3502556 6734 France Avenue N Brooklyn Center, MN 55429 -1884 Status: Sold List Price: $139,900 Sold Price: $139,900 Original List Price: $139,900 1(ila0I'i inr Urban Ave f bglh 1i s 6734 France A s filllaf 100k1yn Center 33 w 33 V hn, fi5th-i4Ved1 162 d5EhUst11_„ I :®1005 YpCpsMteq 82007 Kff*QjvAArttie nays ine. Mom ph4�9 r vai la. We -fQ-r t4"_r.QPerty., Map Page: 78 Map Coord: A4 5upalemepts are available for this property. Directions: Total Bed /Bath: 3/2 Garage: 3 Year Built: 1974 I -694 to Brooklyn Blvd. North to 69th ave. East to France, South to home 4) (Click Icon for Virtual Earth Map) MLS Area: 363 Brooklyn Center TAX INFORMATION Secondary Area: 710 Northeast Anoka G Property ID: 3411921120076 Style: (SF) One Story Tax Year: 2007 Const Status: Previously Owned Tax Amt: $2,588 Foundation Size: 1,040 Assess Bal: $314 AbvGrdFinSgFt: 1,040 Tax w /assess: $2,922 BeIGrdF!nSgFt: 400 Assess Pend: Unknown Total Fin SgFt: 1,440 Homestead: Yes Acres: 0.260 Lot Size: 91X134 11261 Sf Off Market Date: 03/05/2008 Projected Close Date: 03/27/2008 Date Closed: 04/11/2008 General Property Information Legal Description: Lot 4 and th esouth 18 feet of lot 5 west view addn County: Hennepin Postal City: Brooklyn Center School District: 279 Osseo, 763- 391 -7000 Complex /Dev /Sub: Common Wall: No Restrictions/Covts: Lot Description: Tree Coverage Light Association Fee: Assoc Fee Frequency: Assoc Fee Includes: Road Frontage: City, Curbs, No Outlet /Dead End, Unpaved Streets Zoning: Residential Single Accessibility: None Remarks Public Remarks: Terrific rambler with large living spaces, finished lower level, main floor laundry, gazebo and huge backyard workshop. Check out the private backyard and fountain. Walk to Culvers! Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 18x12 Den Lower 10x09 Fuel: Natural Gas Dining Rm Main 11x11. Gazebo Main 18x12 Air Cond: None Family Rm Lower 17x11 Laundry Main 06x04 Water: City Water Connected Kitchen Main 17x11 Sewer: City Sewer Connected Bedroom 1 Main 12x11 Bathrooms Garage: 3 Bedroom 2 Main 11x11 Total: 2 3/4: 1 1/4: 0 Garage Stall 0 Bedroom 3 Lower 12x12 Full: 1 1/2: 0 Oth Prkg: 0 Bedroom 4 Pool: None Bath Description: 3/4 Basement, Main Floor Full Bath Dining Room Desc: Breakfast Area, Informal Dining Room Family Room Char: Fireplaces: 0 Fireplace Characteristics: Appliances: None Basement: Daylight/ Lookout Windows, Egress Windows, Finished (Livable), Full Exterior: Metal /Vinyl Fencing: Privacy, Wood Roof: Asphalt Shingles Amenities -Unit: Kitchen Window, Other, Washer /Dryer Hookup Parking Char: Attached Garage, Detached Garage, Driveway Concrete Special Search: All Living Facilities on One Level, Main Floor Bedroom, Main Floor Laundry Owner is an Agent No Customer Full Display, Single Family Residential, MLS 3450299 6126 June Avenue N, Brooklyn Center, MN 55429 Status: Sold List Price: $164,900 Sold Price: $156,000 Original List Price: $169,900 6 lh ry e n 'M;ipPQif%r, z H15126 ]une Aver r 62nd -Ave jfsi" C _BroOkynyecrter .sistKvt rysial z EVE ru T B2Oo7eak »sacc«p�xoaxert�a.xa�errdewu me Morephotos are @vailable for_this_properky,_ Map Page: 92 Map Coord: Al Directions: Total Bed /Bath: 3/2 Garage: 2 Year Built: 1956 63rd Ave To June -South To Home 40 (Click Icon for Virtual Earth Map) MLS Area: 363 Brooklyn Center TAX INFORMATION Style: (SF) One Story Property ID: 3411221.3400.0....1.. Const Status: Previously Owned Tax Year: 2007 Foundation Size: 1,320 Tax Amt: $2,556 AbvGrdFinSgFt: 1,320 Assess Bal: BelGrdFinSgFt: 800 Tax w /assess: $2,556 Total Fin SgFt: 2,120 Assess Pend: Unknown Acres: 0 Homestead: Yes Lot Size: 140X80X142X75 Off Market Date: 11/19/2007 Projected Close Date: 12/14/2007 Date Closed: 12/14/2007 General Property Information Legal Description: Lot I. Block 1 Wangstads Brooklyn Terrace County: Hennepin Postal City: Brooklyn Center School District: 279 Osseo, 763 391 -7000 Complex /Dev /Sub: Common Wall: No Restrictions /COvts: Lot Description: Corner Lot Association Fee: Assoc Fee Frequency: Assoc Fee Includes: Road Frontage: City, Paved Streets Zoning: Residential Single Accessibility: None Remarks Public Remarks: BEST BUY IN BROOKLYN CENTER UPDATED FURNACE, CENT.AIR MAINT. FREE SIDING NEW ROOF -NEWLY PLISHED OAK FLOORS NEW INTERIOR PAINT- -FIRST FLOOR FAM. RM— FORMAL DINING PLUS EAT -IN KIT- -NEW KIT APPL -LL FINISHED W/ BDRM OFFICE 3/4 BATH FAM RM W /F.P Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 24x12 Amusement Room Lower 22x11 Natural Gas Dining Rm Main 12x11 Office Lower 14x8 Ale Fuel: l: Central Family Rm Main 21x12 Water: City Water Connected Kitchen Main 17x8 Bathrooms Sewer: City Sewer Connected Bedroom 1 Main 15x11 Total: 2 3/4: 1 1/4: 0 Garage: 2 Bedroom 2 Main 12x10 Full: 1 1/2: 0 Oth Prkg: Bedroom 3 Lower 16x10 Bedroom 4 Pool: Bath Description: 3/4 Basement, Main Floor Full Bath Dining Room Desc: Eat In Kitchen, Separate /Formal Dining Room Family Room Char: Lower Level, Main Level Fireplaces: 3 Fireplace Characteristics: Amusement Room, Family Room, Gas Burning, Living Room, Wood Burning Appliances: Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer, Water Softener Owned Basement: Egress Windows, Finished (Livable), Full Exterior: Metal /Vinyl Fencing: Roof: Age 8 Years or Less, Asphalt Shingles, Pitched Amenities -Unit: Patio Parking Char: Attached Garage, Driveway Concrete, Garage Door Opener Special Search: Main Floor Bedroom Owner is an Agent No Property Full Display, Single Family Residential, MLS 3462772 7113 Halifax Avenue N Brooklyn Center, MN 55429 Status: Sold List Price: $160,000 Sold Price: $160,000 Original List Price: $160,000 Setter Cont: i $1oUkl)lRl 73rd A4e -fi 7113 Halifax Ai t 152 �elttBf, i ;c s yay •AW N i, 130 i" 69tis �rM f1 R fix+ °�2067MiMi3eRGq 91006YM91EQ.aMJKhNNpz ao. ��T� f' Mort ghptgs arq, yad�ble. for this properly Map Page: 78 Map Coord: E4 Sunalements ire availpble for this arooerty Directions: _..l 694 to Brooklyn Blvd, North to 69th, East Total Bed /Bath: 3/ 2 Garage: 3 Year Built: 1958 to Halifax and North to Home (Click icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 2711921310076 Style: (SF) One Story Tax Year: 2007 Const Status: Previously Owned Tax Amt: $2,644 Foundation Size: 996 Assess Bat: AbvGrdFinSgFt: 996 Tax w /assess: $2,644 BeiGfdFinSQFt: 630 Assess Pend: No Total Fin SgFt: 1,626 Homestead: No Acres: 0.200 Lot Size: 7Sx134x130x7S List Date: 11/06/2007 Received By MLS: 11/06/2007 Days On Market: 73 Off Market Date: 01/18/2008 Selling Agent: LXri G e ;14_r.. Projected Close Date: 01/31/2008 Selling Office: RE /MAX Results Date Closed: 01131/2008 General Property Information Legal Description: Lot 12, Block 1, North Brook Manor County: Hennepin Postal City: Brooklyn Center School District: 279 Osseo, 763 391 -7000 Compiex/Dev /Sub: Common Wall: No Restrictions /Covts: Lot Description: Tree Coverage Medium Road Frontage: City Zoning: Residential- Single Accessibility: None Remarks Agent Remarks: Read supplements B/F calling- Must be signed by both the buyer's agt the buyer submitted along w/ offer. Since condition is subjective, show to determine condition. Contact co -fist agt Ross 612 490 -1434 w ?'s. Buyer /Buyer agt to verify msmnts. Public Remarks: This fine home has it all! Excellent 3 OR 2ba home w/ newly finished hdwd firs, excellent galley kitchen, huge 3+ garage (33x26), privacy fenced yard, Lower Ivl w/ den, Fam Rm, 3/4 bath, spa w/ Italian marble and good storage. No dissappointment here, structure Information oom Level Dimen Other Rooms Level Dimen Heat: Forced Air ving Rm Main 21x12 Screened Porch Main 13x11 Fuel: Natural Gas ning Rm Den Main 11x11 Air Cond: Central mily Rm Lower 24x10 „.._.r. Water: City Water Connected :then Main 15x08 Bathrooms Sewer: City Sewer Connected droom 1 Main 11x10 Total: 2 3/4: 1 1/4: O Garage: 3 iroom 2 Main 13x10 Full: 1 1/2: 0 Oth Prkg: iroom 3 Main 10x10 Pool: None troom 4 i Description: 3/4 Basement, Main Floor Full Bath )g Room Desc: Eat In Kitchen, Living /Dining Roam ily Room Char: Lower Level laces: 0 Fireplace Characteristics: antes: Cooktop, Dishwasher, Range, Water Softener Owned vent: Full br: Metal /Vinyl 1g: Wood Age Over 8 Years, Asphalt Shingles ties -Unit: Hardwood Floors, Hot Tub, Kitchen Window, Natural Woodwork, Porch, Tiled Floors 3 Char: Detached Garage Search: 3 OR on One Level Ciaf Property Full Display, Single Family Residential, MLS 3465721 3113 64th Avenue N Brooklyn Center, MN 55429 Status: Sold List Price: $170,900 Sold Price: $150,000 Original List Price: $177,900 Seller Cont: e M Point': *3 ai I lu�i irrii hV I� P s N 466lh�Ade II 152 H 3113 64th Aver t$Mr Ave -N _Brooklyn Cbnder, `64th -Me N 63rd .152_1... 63rii Ave N, '022007 MiM$420.4 020051YVEO i /erkk Mqt, Map Page: 78 Map Coord: A4 J M ore -ph otos are._availab!e for this pro..perty. Directions: Total Bed /Bath: 3/ 2 Garage: 2 Year Built: 1959 Brooklyn Blvd to 63rd, East to Beard, North to 64th, East to 3113 40 (Click icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 3411921410040 Style: (SF) One Story Tax Year: 2006 Const Status: Previously Owned Tax Amt: $2,158 Foundation Size: 1,202 Assess Bal: AbvGrdFinSgFt: 1,202 Tax w /assess: $2,158 BelGrdFinSgFt: 767 Assess Pend: Unknown Total Fin SgFt: 1,969 Homestead: Yes Acres: 0.430 Lot Size: 75x226x126x169 List Date: 11/13/2007 Received By MLS: 11/13/2007 Days On Market: 55 Off Market Date: 01/07/2008 Selling Agent: Cholwg_Hi?DSuhf! Projected Close Date: 01/25/2008 Selling Office: PCH Realt LLC Date Closed: 02/08/2008 General Property Information Legal Description: Garden City 4th addn Lot 7 Block 2 County: Hennepin Postal City: Brooklyn Center School District; 279 Osseo, 763- 391 -7000 Complex/Dev /Sub: Garden City Common Wall: No Restrictions /Covts: Lot Description: Road Frontage: Zoning: Residential Single Accessibility: None Remarks Agent Remarks: Cutie! Lots of character throughout! Built -ins, beautiful wood flooring, gas fireplace, formal dining, lots of garage space! Maint -free exterior. Public Remarks: Cute! Lots of character throughout! Built -ins, beautiful wood flooring, gas fireplace, formal dining, lots of garage space! Maint -free exterior. Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 18x12 Den Basement11x11 Fuel: Natural Gas Dining Rm Main 13x9 Den Basement 13x11 Air Cond: Central Family Rm Main 14x11 Amusement Room Basement24x11 Water: City Water Connected Kitchen Main 12x9 Sewer: City Sewer Connected Bedroom 1 Main 13x11 Bathrooms Garage: 2 Bedroom 2 Main 10x10 Total: 2 314: 1 1/4: 0 Oth Prkg: Bedroom 3 Main 12x10 Full: 1 1/2: 0 Pool: Bedroom 4 Bath Description: 3/4 Basement, Main Floor Full Bath Dining Room Desc: Separate /Formal Dining Room Family Room Char: Lower Level, Main Level Fireplaces: 1 Fireplace Characteristics: Family Room, Gas Burning Appliances: Basement: Finished (Livable) Exterior: Metal /Vinyl Fencing: Roof: Asphalt Shingles Amenities -Unit: Hardwood Floors, Natural Woodwork Parking Char: Attached Garage, Detached Garage Financial Cooperating Broker Compensation Buyer Broker Comp: 3.0000 Sub -Agent Comp: 0 No Facilitator Comp: 0 Variable Rate: N List Type: Exclusive Right To Sell Sale Mortgage Information Sale Financial Terms: Conventional Sale Loan Amount: $142,500 Seller Contribution: Existing Financing: Free and Clear Owner is an Agent No Contact Information Listing Agent: Kimberiv A. Henderson 612- 619 -9807 Appointments: 763- 416 -7550 Listing Office: nker_@u.rn_.at Office Phone: 763- 420 -6300 MLS 3465721 Address: 3113 64th Avenue N Brooklyn Center, MN 55429 Previous I Next 11 12 [13] 14 15 16 17 1 Tom Display: Property /Agent Full at t ''F' per page. Information Deemed Reliable But Not Guaranteed. Copyright (c) 2007 Regional Multiple Listing Service of Minnesota., Inc. All Rights Reserved. Property Full Display, Single Family Residential, MLS 3279153 /f 5307 63rd Avenue N Brooklyn Center, MN 55429 -2333 Status: Sold List Price: $171,900 Sold Price: $170,000 Original List Price: $174,900 Seller Cont: $5,000 a- 66th AVe fF thr, y a i6 NNricheAer Ln Brmiclim Ceraet x 5307 63rd Aver BrwlMyn Park, rd Ave :M d w Air z f 7. ip02 66- Q NAforj*[l, S lAt. �T More photos are available for this orooerty. Map Page: 91 Map Coord: el Directions: Total Bed /Bath: 4/1 Garage: 1 Year Built: 1959 63rd to 5307 63rd Avenue North (Click icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 3311921430048 Style: (SF) One Story Tax Year: 2006 Const Status: Previously Owned Tax Amt: $2,046 Foundation Size: 960 Assess Bal: AbvGrdFinSgFt: 960 Tax w /assess: $2,046 BeIGrdFlnSgFt: 960 Assess Pend: No Total Fin SgFt: 1,920 Homestead: Yes Acres: 0 Lot Size: 135X75 List Date: 10/08/2006 Received By MLS: 10/08/2006 Days On Market: 158 Off Market Date: 03/15/2007 Selling Agent: Ppter_Vi. Bohlmann Projected Close Date: 03/23/2007 Selling Office: RE /MAX Action West Date Closed: 03/23/2007 General Property Information Legal Description: legally to conform to address County: Hennepin Postal City: Brooklyn Center School District: 286 Brooklyn Center, 763 -561 -2120 Complex /Dev /Sub: Common Wall: No Restrictions /Covts: Lot Description: Road Frontage: Zoning: Residential Single Accessibility: None Remarks Agent Remarks: Shows well, very clean, quick puss available, no egress in lower bed /den, buyers agent to verify mesurements. Seller willing to give snowblower and mower, write in PA. Contact Co- Listing agent for all questions and offers. Public Remarks: Price reduced!! Well maintained, priced to sell quick, wood floors under carpet. Roof 5 years old. New paint 3 beds on one level. Lower party room, large shop, and laundry room. Bed /Den in lower level. Huge fenced yard with shed. Motivated seller. Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 18x14 Laundry Lower 18X9 Fuel: Natural Gas Dining Rm Main 10x9 Storage Room Lower 13X8 Air Cond: Window Family Rm Lower 23x13 Work Shop Lower 21X11 Water: City Water Connected Kitchen Main 12x11 Sewer: City Sewer Connected Bedroom 1 Main 12x10 Bathrooms Garage: 1 Bedroom 2 Main 11X10 Total: 1 3/4: 0 1/4: 0 0th Prkg: Bedroom 3 Main 1OX9 Full: 1 1/2: 0 Pool: Bedroom 4 Lower 13X10 Bath Description: Main Floor Full Bath Dining Room Desc: Eat In Kitchen, Separate /Formal Dining Room Family Room Char: Fireplaces: 2 Fireplace Characteristics: Family Room, Living Room Appliances: Cooktop, Dishwasher, Dryer, Freezer, Microwave, Range, Refrigerator, Wall Oven, Washer, Water Softener Owned Basement: Finished (Livable), Full Exterior; Wood Fencing: Wire Roof: Amenities -Unit: Deck, Hardwood Floors, Patio Parking Char: Attached Garage Special Search: 3 BR on One Level, Main Floor Bedroom Financial Cooperating Broker Compensation Buyer Broker Comp: 2.70% Sub -Agent Comp: 0.00% Facilitator Comp: 0.00% Variable Rate: N List Type: Exclusive Right To Sell Sale Mortgage Information Sale Financial Terms: DVA Sale Loan Amount: $170,000 Seller Contribution: $5,000 Financial Remarks: Sellers Terms: Existing Financing: Owner is an Agent No Contact Information Listing Agent: Chad D_Anderson 612 -7$9 -9200 Appointments: 612 -598 -0466 Co -List Agt: Brent.W. Rebischke 612. -759 92..0...0. Listing Office: Country Inn. Inc Office Phone: 952 -224 -2405 MLS 3279153 Address: 5307 63rd Avenue N Brooklyn Center, MN 55429 Property Full Display, Single Family Residential, MLS 3238107 6636 Dupont Avenue N Brooklyn Center, MN 55430 1808 Status: Sold List Price: $175,000 Sold Price: $175,000 Original List Pricer $180,000 Seller Cont: $5,000 .59th Ave i 67th 6636 Dupont At Am Brooklyn CPJILBI' s Ffeeway' BIB;, 65Ni �ve�N' t f�a C� 64th Aue N eM t k �<,R a R ;e;> a x. OOT���GInt6RO061iMVkP uF .kk 4@ :kk r 7R More ohotos are available for this orooerty. Map Page: 78 Map Coord: c4 Directions: Total Bed /Bath: 3/ 1 Garage: 2 Year Built: 1970 694 to 252 N to 66th eve 1 to dupont eve R to home on R (Click Icon for virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 36119..2124004..4.. Style: (SF) One Story Tax Year: 2006 Const Status: Previously Owned Tax Amt: $2,079 Foundation Size: 1,040 Assess Bal: AbvGrdFinSgFt: 1,040 Tax w /assess: $2,079 BelGrdFinSgFt: Assess Pend: No Total Fin SgFt: 1,040 Homestead: Yes Acres: 0.230 Lot Size: 76x131 List Date: 07/20/2006 Received By MLS: 07/20/2006 Days On Market: 48 Off Market Date: 10/09/2006 Projected Close Date: 10/20/2006 Selling Agent: Sun s et t Barbieri S Date Closed: 11/01/2006 Selling Office: uns Realty General Property Information Legal Description: lot 31 block 1 haleks 5th addition County: Hennepin Postal City: Brooklyn Center School District: 11- Anoka /Hennepin, 763 -506 -1000 Complex/Dev /Sub: Common Wall: No Restrictions /Covts: Lot Description: Road Frontage: city Zoning: Residential- Single Accessibility: None Remarks Agent Remarks: Buyers financing fell through, our loss can be your gain. ERA 1 year home warranty included! Oversize attached garage added in 1982 20x26 Public Remarks: Great home for starter, investment,or retirement this rambler has much to offer. Updates includemew roof in 05,fresh exterior paint new a /c,new furnace new garage service door. H/W firs in much of main fir and nice fenced in back yard. A must see! Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 13 x 19 Fuel: Natural Gas Dining Rm Main 8 x 9 Air Cond: Central Family Rm Bathrooms 1 Water: City Water Connected Kitchen Main 8 x Total: 1 3/4: 0 1/4: 0 Sewer: City Sewer Connected Bedroom 1 Main 10 x 12 Full: 1 1/2: 0 Garage: 2 Bedroom 2 Main 10 x 12 0th Prkg: Bedroom 3 Main 9 x 10 Pool: Bedroom 4 Bath Description: Main Floor Full Bath Dining Room Desc: Breakfast Area Family Room Char: Fireplaces: 0 Fireplace Characteristics: Appliances: Dryer, Range, Refrigerator, Washer, Water Softener Owned Basement: Daylight/ Lookout Windows, Full Exterior: Fiber Board, Wood Fencing: Roof: Age 8 Years or Less, Asphalt Shingles Amenities -Unit: Hardwood Floors Parking Char: Attached Garage, Driveway Asphalt, Garage Door Opener Special Search: 3 OR on One Level Financial Cooperating Broker Compensation Buyer Broker Comp: 2.70% Sub -Agent Comp: 0.00 Facilitator Comp: 2.70 Variable Rate: Y List Type: Exclusive Right To Sell Sale Mortgage Information Sale Financial Terms: Conventional Sale Loan Amount: $175,000 Seller Contribution: $5,000 Financial Remarks: Era 1 Year Home Warranty Included! Sellers Terms: Cash, Conventional, FHA Existing Financing: Conventional Owner Is an Agent No Contact Information Listing Agent: Daniel Schultz 651 -246 -2796 Appointments: 651- 464 -7070 j Listing Office: ERA Mupke. Company Office Phone: 651- 464 -7070 MLS 3238107 Address: 6636 Dupont Avenue N Brooklyn Center, MN 55430 6�2 Property Full Display, Single Family Residential, MLS 3327860 6213 Xerxes Avenue N Brooklyn Center, MN 55430 2047 Status: Sold List Price: $174,900 Sold Price: $174,900 Original List Price: $179,000 Seller Cont: i 52 Y 631h Axe 11.. m f 3rd Ave V 6213 Xerxes A� 62nd Ale.jy Ra Gerdes"'fQr Park l' 152 Brooldyn Cenlet fi 61st Ave N c +s 6M Ave N 2 t ®2007.MiMSOr GIp ®2006 W6EQ,NdprTek- gtlx,Mey More photos are available for this proprtv. Map Page: 92 Map Coord: 82 Directions: Total Bed /Bath: 3/ 1 Garage: 2 Year Built: 1958 63rd East to Xerxes South to (Click Icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 3411921440041 Style: (SF) One Story Tax Year: 2006 Const Status: Previously Owned Tax Amt: $2,073 Foundation Size: 1,056 Assess Bal: $723 AbvGrdFinSgFt: 1,056 Tax w /assess: $2,797 BelGrdFinSgFt: 468 Assess Pend: Unknown Total Fin SgFt: 1,524 Homestead: Yes Acres: 0.240 Lot Size: 127x90x129x75 List Date: 02/12/2007 Received By MLS: 02/12/2007 Days On Market: 49 Off Market Date: 04/01/2007 Projected Close Date: 04/12/2007 Selling Agent: Christine Sav Date Closed: 04 /12/2007 Selling Office: Coldwell Banker B urnet General Property Information Legal Description: Garden City 3rd Addition Lot 001, block 003 County: Hennepin Postal City: Brooklyn Center School District: 279 Osseo, 763 -391 -7000 Complex/Dev /Sub: Garden City 3rd Addition Common Wall: No Restrictions /Covts Lot Description: Road Frontage: City Zoning: Residential Single Accessibility: None Remarks Agent Remarks. Motivated om�/ /S Seller. Can close ciuck! Public Remarks: Very clean. Priced to sell. Buyer can pick a fridge dishwasher. BRAND NEW FURNACE 07' Hardwood floors through -out, freshly painted walls ceilings. New ceramic the in shower. Huge kitchen open layout, basement family room w /more space to finish Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 14x19 Office Lower 16x12 Fuel: Natural Gas Dining Rm Main 11x09 Air Cond: Central Family Rm. Lower 20x12 Water: CityWater Connected Kitchen Main 15x10 Bathrooms Sewer: City Sewer Connected Bedroom 1 Main 13x11 Total: 1 3/4: 0 1/4: 0 Garage: 2 Bedroom 2 Main 13x10 Full: 1 1/2: O Oth Prkg: Bedroom 3 Main 10x10 Pool: Bedroom 4 Bath Description: Main Floor Full Bath Dining Room Desc: Eat In Kitchen, Informal Dining Room Family Room Char: Family Room, Lower Level Fireplaces: 0 Fireplace Characteristics: Appliances: Dishwasher, Range, Refrigerator Basement: Full Exterior: Metal /Vinyl Fencing: Partial Roof: Amenities -Unit: Deck, Hardwood Floors, Natural Woodwork Parking Char: Attached Garage Special Search: 3 OR on One Level, Main Floor Bedroom Financial Cooperating Broker Compensation Buyer Broker Comp: 3.00% Sub -Agent Comp: 3.00% Facilitator Comp: 0.00% Variable Rate: N List Type: Exclusive Right To Sell Sale Mortgage Information e Sale Financial Terms: Conventional Sale Loan Amount: $1,312 Seller Contribution: Financial Remarks: Sellers Terms: Conventional, DVA, FHA Existing Financing: Owner is an Agent No Contact information Listing Agent: Nick Lavendecker 763 228 -1072 Appointments: 763- 753 -8765 Listing Office: Cgngraxion_Raalty Office Phone: 763- 753 -8765 MLS 3327860 Address: 6213 Xerxes Avenue N Brooklyn Center, MN 55430 ill Property Full Display, Single Family Residential, MLS 3239538 5012 71st Avenue N Brooklyn Center, MN 55429-1270 Status: Sold List Price: $179,900 Sold Price: $177,000 Original List Price: $205,000 Seller Cont: $5,250 Brooklyn Park tNoodbine UY, h 5012 71st Aver 69th Ave 14: 68th Ar Map Page: 77 Map Coord: E4 Total Bed/Bath: 3/ 2 Garage: 2 Year Built: 1959 Directions: 69th Ave to Quail-North to 71st, West to home. (Click Icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 2811921440071 Style: (SF) One Story Tax Year: 2006 Const Status: Previously Owned Tax Amt: $2,301 Foundation Size: 1,040 Assess Bal: AbvGrdFinSqFt: 1,040 Tax w/assess: $2,301 BeIGrdFlnSqFt: 589 Assess Pend: No Total Fin SqFt: 1,629 Homestead: Yes Acres: 0 Lot Size: 78x135 List Date: 07/23/2006 Received By MLS: 07/23/2006 Days On Market: 82 Off Market Date: 10/13/2006 Selling Agent: 3aime A. Brito Projected Close Date: 10/30/2006 Selling Office: C Idwell Banker Burnet Date Closed: 10/30/2006 General Property Information Legal Description: Lot 3, Blk 4 Millers Willow Lane 2nd Adden County: Hennepin Postal City: Brooklyn Center School District: 279 Osseo, 763-391-7000 Complex/Dev/Sub: Millers Willow Lane Common Wall: No Restrictions/Covts• Lot Description: City Bus (w/in 6 bilks), Tree Coverage Medium Road Frontage: City, Curbs, Paved Streets Zoning: Residential-Single Accessibility: None Remarks Public Remarks: Conventiently located walkout rambler w/3 main fir bedrooms, new roof in 'O5, maintenance free siding, fenced backyard, 2 car garage, circuit breakers, gas fplc, central air. Apple trees, rasberry bushes, garden area. Home needs some cosmetic updates. Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 23x13 Deck Main 25x11 Fuel: Natural Gas Dining Rm Den Main 12x10 Air Cond: Central Family Rm Lower 23xI1 Informal Dining RoomMain 12x07 Water: City Water Connected Kitchen Main 09X08 Sewer: City Sewer Connected Bedroom I Main 13x11 Bathrooms Garage: 2 Bedroom 2 Main 1IX10 Total: 2 3/4: 1 1/4: 0 0th Prkg: Bedroom 3 Lower 18x12 Full: 1 1/2: 0 Pool: Bedroom 4 Bath Description: 3/4 Basement, Main Floor Full Bath Dining Room Desc: Informal Dining Room Family Room Char: Lower Level Fireplaces: I Fireplace Characteristics: Family Room, Gas Burning Appliances: Cooktop, Dishwasher, Disposal, Dryer, Microwave, Refrigerator, Wall Oven, Washer, Water Softener Owned Basement: Daylight/ Lookout Windows, Finished (Livable), Full, Walkout Exterior: Metal/Vinyl Fencing: Chain Link Roof: Age 8 Years or Less, Asphalt Shingles, Pitched Amenities-Unit: Deck, Kitchen Window Parking Char: Attached Garage, Driveway Asphalt, Garage Door Opener Special Search: Main Floor Bedroom Financial Cooperating Broker Compensation Buyer Broker Comp: 2.70% Sub-Agent Comp: 0.00% Facilitator Comp: 2.70% Variable Rate: N List Type: Exclusive Right To Sell Sale Mortgage Information Sale Financial Terms: Conventional Sale Loan Amount: $176,000 Seller Contribution: $5,250 Financial Remarks: Sellers Terms: Cash, Conventional, DVA, FHA Existing Financing: Conventional Owner is an Agent No Contact Information Listing Agent: pavid_] Rutledge 651 25.5 1.6..32. Appointments: 651 -255 -1507 Listing Office: 9" ie Realtv Office Phone: 651 638 -1919 MLS 3239538 Address: 5012 71st Avenue N Brooklyn Center, MN 55429 r Property Full Display, Single Family Residential, MLS 3212043 5318 Newton Avenue N, Brooklyn Center, .MN 55430 3029 Status: Sold List Price: $179,500 Sold Price: $179,500 Original List Price: $207,900 Seller Cont: $5,385 mapp 6%th Ave N, fr6n'� Brookyrn Cehter` 57 5318 Newton 53rd Ave N :N 531 S�ql' Abe •N ��d Ave N s +a= 1 1} 8 Webber �ac.,a;.�_� airk I 1 92007MieNteRCNp 62006 Nib1EV NM /erhkyNps kro More nhotos are availahle for this orooerty. Map Page: 92 Map Coord: B2 Directions: Total Bed /Bath: 3/ 2 Garage: 2 Year Built: 1958 BASS LK RD, EAST OF HWY 100 TO LOGAN AVE, SOUTH TO 53RD, WEST TO NEWTON (Click icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 0211821430012 Style: (SF) One Story Tax Year: 2006 Const Status: Previously Owned Tax Amt: $2,364 Foundation Size: 1,066 Assess Bal: $652 AbvGrdFinSgFt: 1,066 Tax w /assess: $3,045 Be1GrdFinSgFt: 700 Assess Pend: Unknown Total Fin SgFt: 1,766 Homestead: Yes Acres: 0.200 Lot Size: 66X134 List Date: 06/02/2006 Received By MLS: 06 /02/2006 Days On Market: 117 Off Market Date: 10/05/2006 Selling Agent: Pahola Civsdale Projected Close Date: 10/27/2006 Selling Office: RE /MAX Casas- Homes__Realty, Inc. Date Closed: 10/23/2006 General Property Information Legal Description: LOT 4 BLOCK i H3ELVIK ADDN County: Hennepin Postal City: Brooklyn Center School District: 286 Brooklyn Center, 763- 561 -2120 Complex/Dev /Sub: Common Wall: No Restrictions /Covts: Lot Description: City Bus (w /in 6 bilks), Tree Coverage Light Road Frontage: City Zoning: Residential Single Accessibility: None Remarks OMW /s h Agent Remarks: LOTS OF SPACE IN THIS HOME. THREE BEDROOMS ON MAIN LEVEL. LARGE KITCHEN UP PLUS 2ND KITCHEN IN LOWER LEVEL. LARGE FAMILY ROOM. MAINTENANCE FREE D EXTERIOR. ALL APPLIANCES INCLUDED. CONVENIENT LOCATION CLOSE TO SHOPPING, &017 7 f 0- n PARKS, GOLF COURSE. Public Remarks: LOTS OF SPACE IN THIS HOME. THREE BEDROOMS ON MAIN LEVEL. LARGE KITCHEN UP PLUS 2ND KITCHEN IN LOWER LEVEL. LARGE FAMILY ROOM DOWN. MAINTENANCE FREE EXTERIOR. ALL APPLIANCES INCLUDED. CONVENIENT LOCATION CLOSE TO SHOPPING, PARKS, GOLF COURSE. Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 21X13 Second Kitchen Lower 12X12 Fuel: Natural Gas Dining Rm Lower 13X12 Air Cond: Central Family Rm Lower 27X12 Water: City Water Connected Kitchen Main 17X9 B throoms Sewer: City Sewer Connected Bedroom 1 Main 13X10 To 2 3/4: 1 1/4: 0 Garage: 2 Bedroom 2 Main 13X9 Full: 1 1/2: 0 Oth Prkg: Bedroom 3 Main 12X9 Pool: Bedroom 4 Bath Description: 3/4 Basement, Main Floor Full Bath Dining Room Desc: Eat In Kitchen, Separate /Formal Dining Room Family Room Char: Lower Level Fireplaces: 1 Fireplace Characteristics: Amusement Room, Gas Burning Appliances: Cooktop, Dishwasher, Dryer, Exhaust Fan /Hood, Range, Refrigerator, Wall Oven, Washer, Water Softener Owned Basement: Finished (Livable), Full Exterior: Metal /Vinyl Fencing: Roof: Asphalt Shingles, Pitched Amenities -Unit: Hardwood Floors, Kitchen Window, Natural Woodwork, Washer /Dryer Hookup Parking Char: Detached Garage, Driveway Asphalt, Garage Door Opener Special Search: 3 SR on One Level, Main Floor Bedroom Financial Cooperating Broker Compensation Buyer Broker Comp: 2.70% Sub -Agent Comp: 2.70 Facilitator Comp: 2.70 Variable Rate: y List Type: Exdusive Right To Sell Sale Mortgage Information Sale Financial Terms: Conventional Sale Loan Amount: $179,500 Seller Contribution: $5,385 Financial Remarks: Sellers Terms: Conventional, OVA, FHA Existing Financing: Owner is an Agent No Contact Information Listing Agent: John W Anderson 763- 535 -1471 Appointments: 763- 535 -1471 Co- LlstAgt: Wallace_.E..An_d..er;gn._763- 5...3.5 -_1471 Listing Office: Twin Oaks Realtv. Inc Office Phone: 763 -535 -1471 MLS 3212043 Address: 5318 Newton Avenue N Brooklyn Center, MN 55430 Property Full Display, Single Family Residential, MLS 3397598 7/ 1 700 6532 Ewing Avenue N, Brooklyn Center, MN 55429-1851 Status: Sold List Price: $179,900 Sold Price: $186,000 original List Price: $179,900 Seller Cont: $7,000 6% Ave Mapft trw Jit Ir 9 A�t ae m 1 l1iW6532 -Ewihg Aw 66th Ave N Lz 66t ZZ Wwhester 0 6%h Ave N .Brooklyn Center 65th A �PeeS 63rdlm:N- 63rd Ave N a gni I ftOOZ, MM5"P!9 02006 W1EQ,urprxk�ws fee Map Page: 78 Map Coord: A4 plorhotps -forthis..prop rty, I Directions: Brooklyn Blvd to 65th Ave, East to Ewing, Total Bed/Bath: 3/ 2 Garage: I Year Built: 1953 No to home on right (Click Icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 3411921130041 Secondary Area: 364 Brooklyn Park Tax Year: 2007 Style: (SF) One Story Tax Amt: $2,550 Const Status: Previously Owned Assess Bal: Foundation Size: 1,100 Tax w/assess: $2,581 AbvGrdF!nSqFt: 1,100 Assess Pend: Unknown BelGrdFlnSqFt: 900 Homestead; Yes Total Fin SqFt: 2,000 Acres: 0.250 Lot Size: 75xI35 List Date: 06/19/2007 Received By MLS: 06/19/2007 Days On Market: 22 Off Market Date: 07/11/2007 Selling Agent: James C, Peterson Projected Close Date: 07/27/2007 Selling Office: Eagle Realtv Date Closed: 07/27/2007 General Property Information Legal Description: Lot 8 Block 8 Brooklane County: Hennepin Postal City: Brooklyn Center School District: 279 Osseo, 763-391-7000 Complex/Dev/Sub: Brooklane Common Wall: No Restrictions/Covts: Lot Description: City Bus (w/in 6 blks), Tree Coverage Medium Road Frontage: City, Paved Streets Zoning: Residential-Single Accessibility: None Remarks Public Remarks: Sharp 3+ bedroom, 2 bath rambler on quiet street. Maintenance free siding trim, 3 season porch, 1st fir family room, updated appliances, fence, free standing gas W' fireplace in family room, 2nd family room down, new roof, newer carpet, updated windows,WOW 7h /Z Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 16x12 Amusement Room Lower 19X9 Fuel: Natural Gas Dining Rm Family Room Lower 21x10 Air Cond: Central Family Rm Main 15X10 Porch Main 14x11 Water: City Water Connected Kitchen Main 13x9 Sewer: City Sewer Connected Bedroom 1 Main 13x10 Bathrooms Garage: I Bedroom 2 Main 12x9 Total: 2 3/4: 0 1/4: 0 Oth Prkg: 4 Bedroom 3 Main 11X9 Full: 1 1/2: 1 Pool: Bedroom 4 Bath Description: 1/2 Basement, Main Floor Full Bath Dining Room Desc: Informal Dining Room, Separate/Formal Dining Room Family Room Char: Lower Level, Main Level Fireplaces: I Fireplace Characteristics: Family Room, Gas Burning Appliances: Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer Basement: Finished (Livable), Full Exterior. Metal/Vinyl Fencing: Chain Link, Full Roof: Age 8 Years or Less, Asphalt Shingles Amenities-Unit: Deck, Hardwood Floors, Kitchen Window, Natural Woodwork, Patio, Porch Parking Char: Attached Garage, Driveway Concrete, Garage Door Opener Special Search: 3 SR on One Level, Main Floor Bedroom Financial Cooperating Broker Compensation Buyer Broker Comp: 2.7% Sub-Agent Comp: 0 Facilitator Comp: 2.7 Variable Rate: N List Type: Exclusive Right To Sell Sale Mortgage Information Sale Financial Terms: Conventional Sale Loan Amount: $186,000 Seller Contribution; $7,000 Financial Remarks: Sellers Terms: Cash, Conventional Existing Financing: Conventional Owner is an Agent No Contact Information Listing Agent. Job fl_F..olsOrl, 7¢.3 591 -6Q.53 Appointments: 763 -591 -6035 Listing Office: RE /MAX Results Office Phone: 763 -591 -6000 MLS 3397598 Address: 6532 Ewing Avenue N Brooklyn Center, MN 55429 P. 1 6514862 1,0> Apr 28 08 03:30p Gaertner2ewer6 OIL) 333 q .,o c a �1- Y Q Apr 28 08 03:31 p Gaertner/Zewers 6514862930 p•2 Gail Zewers Real Estate Masters April 26, 2008 Evelyn Pallas 3001 Sandy Hook Dr Roseville, MN 55113 Dear Evelyn Pallas: Upon your request, a market analysis has been perfiormed on your property at 6006 Ewing Avenue N in Brooklyn Center. The analysis consisted of comparing your property to four other houses that have recently sold, and I have been informed, by the reactors for these properties, that these were NOT BANK OWNED. Your property is similar in size and style to properties located at: 1 3212 Quarles Road Brooklyn Center, MN 55429 -2252 List #:3417528 Status:Sold Price:$150,000 Style: (SF) One Story ."4@ Beds :3 Baths :2 Garage:1 Total Fin Sgft:1,2 00 Year Built: 1.960 2 5542 Lilac Drive N Brooklyn Center, MN 55430 List #:3419789 Status:Sold Price :$166,000 Style:(SF) One Story Beds:3 Baths:2 Garage:2 Total Fin Sgft:1,738 Year Built:1956 3 2800 Ohenry Road, Brooklyn Center, MN 55430 ti List #:3403503 Status:Sold Price:$158,013 Style:(SF) One Story Beds:3 Baths:2 Garage:2 Total Fin Sgft:1,392 Year Built: 1957 4 6237 Bryant Avenue N Brooklyn Center, MN 55430 -2216 Vst #:3408100 Status:Sold Price:$165,000 Style: (SF) One Story Beds:3 Baths:2 Garage:2 Total Fin Sgft:1,536 Year Buift:1954 In general these homes are all in better overall condition, contain many updates and improvements, they are situated on larger and, or improved lots, and have more finished square feet. All of these homes show great pride in ownership, and have been very well maintained, i i Apr 28 08 03:31 p Gaertner/Zewers 6514862930 p•3 April 26, 2008 Gornparison #1 Property. 3212 Quarles Rd Year Built: 1960 Sold Price: $150,000 Sale Date: 2107108 Foundation size: 1200 Total Finished Sq Feet: 1364 (larger) Additional value relative to your property: Additional bathroom Maintenance free exterior Newer roof mechaNcals, including water softener Newly finished hardwood floors throughout Security system Eat in kitchenlsep from formal dining room Finished lower level Nicely landscaped yard with a patio and a porch Quiet tree lined street Reduced value relative to your property: 1 car garage Comparison #2 Property: 2800 CVHenry Rd Year Built: 1957 Sold Price: $158,000 Sale Date: 03128/08 Foundation size: 1040 Total Finished Sq Feet: 1392 (larger) Additional value relative to your property: Additional bathroom Sparkling clean, very open feet, with vaulted ceilings Finished lower level, includes newer built in bar and updated g/. bath Eat in kitchen, in addition to a formal dining room Large well kept private yard that has been re- seeded New maintenance free siding New roof (complete tear off) New garage door and new driveway New fumace, new water heater, water softener 2 newly remodeled baths, including ceramic file in both Updated kitchen and several updates throughout the home Reduced value relative to your property: None Apr 28 08 03:31p Gaertner2ewers 6514862930 p• April 26, 2008 Comparison #3 Property: 6237 Bryant Ave, N Year Built 1954 Soli Price. $165,000 Sale Date: 09126/07 Foundation size: 975 Total Finished Sq Feet: 1536 (significantly larger) Additional value relative to your property: Additional bathroom Security system Eat in kitchen, and a sep/dining room Beautiful natural woodwork throughout home A nicely finished lower level, incl. 112 bath Lower level has an egress window for a possible 4 bedroom. Huge, very nicely landscaped yard, Incl. new deck Several updates throughout home, including kitchen, newly finished hardwood floors baths Reduced value relative to your property. No fireplace Comparison #4 Property: 5542 Lilac Dr, N Year Built: 1956 Sold Price: $166,000 Sale Date: 11/30/07 Foundation size: 1040 Total Finished Sq Feet: 1738(dramatically larger) Additional value relative to your property. Additional bathroom Finished lower level, ind, a nonconforming bedroom and a bath Much larger, well kept lot Updated kitchen with all newer appliances Updated bathrooms, newer living room carpet Newer ceiling fans in all bed rooms Upgrades: new high eff_furnaoe, new circuit breakers, updated attic insulation New roof and water heater in 2004 New GDO in 2000 Reduced value relative to your property: No fireplace I Apr 28 08 03:32p Gaertner2ewers 6514862930 p• April 26, 2008 CONCLUSION: The basic fundamentals of your house at 6006 Ewing Ave. N. are similar to the comparison properties; however, it does not compare favorable. The interior of the house contains virtually no updates or upgrades. The siding, windows, and kitchen cabinets are original and kitchen floor is in poor condition. The exterior of the house does not fair any better. The exterior siding, driveway, and and garage are all in poor condition. Unfortunately, I believe you overpaid for the property in 2003 when purchased for $163,500. 1 believe your property is at the bottom of the price spectrum of the comparison properties to due its overall condition and lack of updates and upgrades. The estimated market value of your property is $148,900. Detailed property listings used for this comparison have been included for your review. It you have any questions, please feel free to call me at 612 747 -8062 Sincerely, Gall Zewers Real Estate Masters Oki 51/ u✓ 1 a T t' 4N k Fw�,,,�` 'Y. a✓�� 's t��� d�. MW 3, hx r, s vc p I i y fi �gpy; ���4'. „fi mom t �r „f o q s i gq 4 P F 4(May 05 2008 3:38PM LakeCalhounProfessionalBu 6128273564 p.2 LrMITED WARRANTY DEED Form No. 15 -M Minneanta Uniform Conveyancing Blanks (1 5147) Individuals) to Individual(s) No delinquent takes and trrtnsfer entered; Certificate of Real Estate Value filed not required. Certificate of Real 1 T N. Estate Value No. (Date) County Auditor AA by: Deputy DEED TAX DUE: 1 .7 0 Date: N O O E rK75 E X— 3 (reserved for recording data) FOR VALUABLE CONSIDERATION, T imn tby 4khult? a_nd B etba Pallas hi ish nd a nd wife (nmw aa.) Grantor, conveys and quitclaims to Evelyn A. Pallas Grantee, real property in HengsWn County, Minnesota, described as follows: Lot 8, Block 1, Pearson's Northport 3rd Addition Total consideration for this transfer is less than $500. together with all hereditaments and appurtenances. This Deed conveys after acquired title. Grantor warrants that Grantor has not done or suffered anything to encumber the property, EXCEPT: r}rAntPP infPl'PQ} as a•Pnlnr nndPr rnnfra F •tam Check box if applicable: The Seller certifies that the seller does not know of any wells on the described real property. A well disclosure certificate accompanies this document. 0 1 am familiar with the property described in this instrument and I certify that the status and number of wells on the described real property have not changed since the last previously filed well disclosure certificate. Affix Deed Tax Stamp Here �,f�Lta„ ct.QQ,allr7 STATE OF MINNESOTA ss. COUNTY OF n This instrument was acknowledged before me on 1 (Dar) by Timothv Schultz. husband of Bethanv Pallas NOTARIAL STAMP OR SEAL (OR OTHER TITLig OR RANK) 9 ADAM S. LARSON i Notary Public 1Ainnesota MvCvr. gm Eons Janwj31.2010 L_SIGNATURE OF NOTARY PU18tICORO7IM8 OF ICIAL Check here if part or all of the land is Registered (Totrens) Obe THIS INSTRUMENT WAS DRAFTED BY (NAME ADDRESS):' Douglas Turbak Tax Statements for the real property described in this instrument Arornev at Law should be sent to (include name and address of Grantee): 4820 Park Commons Dr., #132 St. Louis Park, M 55416 Evelyn A. Pallas 3001 Sandy Hook Dr. Roseville, MN 55113 May 05 2008 3:38PM LakeCalhounProfessionalHu 6128273564 p.3 STATE OF MINNESOTA SS. COL OF x.M4W& --4 i This instrument was acknowledged before me on t>1 t -vvvx� q 2006 by Bethany Pallas, wife of Timothy Schultz. a it Stamp: DEMNA S. BUESING Notary Public t" Notary Public Mirmesote p�n,rrJaWnEKpm.Mn31.2011 f Ma8 05 2008 3:38PM LakeCalhounProfessionalHu 6128273564 p.4 I Doc No 4331764 11/2912005 03:00 PM Certified filed and or recorded on above date: Office of the Registrar of Titles Hennepin County, Minnesota Michael H. Cunniff, Registrar of Titles TranslD 272806 Deputy 3 New cert Cert Fees 11100872 $1.50 AF $10.50 STATEFEE $34.00 TDOCFEE $0.00 TSUR $5.00 CONSFEE $51.00 Total w' }y DATE DATE AMOUNT P &1 PRINCIPAL INTEREST ESCROW ESCROW LOAN DUE PAID PAYMENT BALANCE BALANCE 12/3/2005 1/13/2006 $400.00 $400.00 $163.75 $236.25 138,655.04 12/3/2005 1/28/2006 $100.00 $1478 $85.22 $614.71 138,640.26 1/312006 1/28/2006 $400.00 $400.00 $0.00 $400.00 1/3/2006 2/3/2006 $400.00 $400.00 $164.57 $235.43 $0.00 $814.71 138,475.69 1/3/2006 2/10/2006 $200.00 $14.78 $185.22 $999.93 $138,460.91 2/3/2006 2/10/2006 $200.00 $200.00 $200.00 2/3/2006 3/6/2006 $614.78 $614.78 $180.17 $434.61 $138,280.74 3/3/2006 3/6/2006 $1,297.22 $814.78 $180.99 $633.79 $482.44 $1,482.37 $138,099.75 4/3/2006 3/29/2006 $400.00 $400.00 $400.00 4/3/2006 4/7/2006 $400.00 $400.00 $167.04 $232.96 $137,932.71 4/3/2006 516/2006 $265.00 $14.78 $14.78 $250.22 $1,664.19 $137,917.93 5/312006 516/2006 $385.00 $385.00 $385.00 Prop Taxes 5/5/2006 $1,162.57 $501.62 5/3/2006 6/9/2006 $300.00 $300.00 $52.88 $247.12 $137,865.05 5/3/2006 6117/2006 $390.00 $129.78 $129.78 $261.13 $762.75 $137,735.27 6/3/2006 6/17/2006 $390.00 $310.00 $310.00 6/3/2006 6117/2006 $500.00 $500.00 $178.71 $321.29 $137,556.56 Elec bill 6/28/2006 $212.00 Pd. By Ev Prop Insurance 7/5/2006 $398.00 $364.75 $137,556.56 Reim Ev 8/1/2006 $53.89 Pd. By Beth 8/11/2006 929.94 4.78 $4.78 $125.16 $489.91 $137,551.78 Cash to Beth 8/15/2006 -90.33 $90.33 $399.58 Reim Ev 9/17/2006 $158.11 Pd. By Tim Prop Taxes 10/15/2006 $1,162.57 $76299 $138,314.77 7/3/2006 Int. due $630.45 $138,945.22 8/3/2006 int. due $630.45 $139,575.67 9/3/2006 Int. due $630.45 $140,206.12 10/3/2006 int. due $630.45 $140,836.57 A+ drop box 10/10/2006 $141,163.07 $326.50 Pd. By Ev Water bill $141,413.01 $249.94 Pd. By Ev 2 yr. late fees $40.74 mo. $142,390.77 $977.76 I CONTRACT FOR DEED DATE: July 3rd 2003 THIS CONTRACT FOR DEED is made on the above date by: Charles E. Pallas and Evelyn A. Pallas husband and wife SELLER, (whether one or more) AND Timothy Schultz and Bethany Pallas husband and wife as JOINT TENANTS PURCHASER(s). SELLER AND PURCHASERS AGREE TO THE FOLLOWING TERMS: 1. PROPERTY DESCRIPTION: Seller hereby sells, and Purchasers hereby buy, real property in— Hennepin Comity, Minnesota, described as follows= Lot 8, Block 1, Pearson's Northport 3rd Addition Hennepin County, Minnesota together with all hereditaments and appurtenances belonging thereto (the PROPERTY). Type Tale: Torrens Ctf PIN 03.118-21. MOM Property Address: 6W6 Ewing Ave. N, Brooklyn Center, MN 55429 2. TITLE: Setter warrants that title to the Property is, on the dime of this contract, subject only to the following exceptions: (a) Covenants, conditions, restrictions, declarations and easements of record, if any, (b) Reservations of minerals or mineral rights by the State of Minnesota, if any; (c) Building, zoning and subdivision laws and regulaiion's, (d) The lien of real estate taxes and installments of special assessments which are payable by Purchasers pursuant to paragraph 5 of this contract, and (e) The following liens or encumbrances: Norte 3. Upon full pi4a formance of this A e SELLER agrees to do the following: (a) Execute, acknowledge and deliver to Purchasers ca WARRANTY deed in recordable Page Z form, conveying marketable title to the Property to Purchasers, subject to the fallowing: (i) Those exceptions referred to in paragraph 2(a),(b),(c) and (d) above; (ii) Liens, encumbrances, adverse claims or other matters which Purchasers have created, suffered or permitted to accrue after the date of this contract, and (iii) The following liens or encumbrances: None (b) Deliver to Purchasers, the abstract of title, with no further updating, or, if title is registered, the owner's duplicate certificate of title. 4. PURCHASE PRICE: Purchasers shall pay to Seller, at such place as is designated from time to time, the sum of: dollars 163,500.00 as and for the purchase price for the property, payable as follows: 4a) 20,000.00 CASH paid and hereby acknowledged; and 4b) By ASSUMING and agreeing to pay that certain: N/A 40 143,500.00 THE BALANCE, payable as follows: of Installments: 59 Payable: Monthly Due Day Of Installments: 3rd day of each month Starting On: August 3, 2003 Installment Amount: 814.78 or more at option of Purchaser Interest Rate: 5.5009'o per annum based on a 360 day year Starting Date: July 3, 2003 BALLOON (FINAL) PAYMENT: The balance remaining, if any, together with any unpaid interest or other sums due under this contract, if not sooner paid, shall be due and payable in full no later than: July 3, 2008 1 WARNING:. Purchaser is ADVISED, to start several months in advance of the balloon date above to arrange for any financing needed to timely pay the balloon payment. 4d) LATE FEE: t Purchasers shall pay a LATE FEE for ANY payments due on this contract, that are RECEIVED by the SELLER after 4 P.M. on the DUE DATE EACH INSTALLMENT. Late Fee amount: 5% of the payment not timely made or or 40.74 which ever is greater. TIME OF RECEIPT by the Seller is CRITICALI Purchaser is advised to allow sufficient mail time PRIOR TO payment dates or the balloon date or hand deliver any payment to avoid a late fee. Any late fee due but not paid shall constitute an immediate default. 4e) ESCROW FOR TAXES INSURANCE: During the term of this contract, Purchaser will escrow for real estate taxes and hazard at k^,, n1n,-Pi4 into oarrnw fihe Clan of H ENNEPIN COUNTY 2006 PROPERTY TAX STATEMENT Hennepin County Treasurer Office Hours 8:00 to 4:30 Monday Friday A -600 Government t".entex Minneapolis, MN 55487 -0060 Taxpayer or Agent 612 348 -3011 www.hennepirl MAXPAY fz rt tt, TIMOTHY SCHULTZ BETHANY PALLAS PropertyCiassies) HOMESTEAD/ HOMESTEAD 6006 EWING AVE N BROOKLYN CTR MN 55429 -2516 New ImprovementstExpired Exclusions' 0 0 Estimated Market Value 155,000 161,900 Owner Taxable Market Value 147,700 161,900 1_ Use this amount on Form M-1PR to see 8 you are al le for a property tax refund. 2 ,117 53 E V E L Y N A PA L L AS File by August 15. IF BOX IS CHECKED, YOU OWE DELINQUENTTAXES AND ARE NOT ELIGIBLE. 2. Use this amount for the special property tax refund on schedule 1 of Form M -1 PR. 2,013.75 Your Property Tax and How it Is Reduced by the State 4,177.78 4,538.94 3. Property tax before reduction by slate paid aids and credits 1,925.03 1,994.41 4. Aid paid by the state of Minnesota to reduce your property tax 239.00 227.00 03 12 0022 6. A Homestead and agricultural credits pant by the state of Minnesota to reduce your property tax .00 .0 0 Monk School Watershed Sewer TIF B. Otter Credits paid by the state of Minnesota 2,013.75 2 ,117.53 22 281 6. Your Property Tax after reduction by state-paid aids and credits WhercYotirPropertyTaz Dollars Oo Property Address 7, A. County 573.19 589.34 6006 FWTNG AVE N B. Regional RedAuthaify �M. 8.25 8.03 A 8. City Or Tow 655.14 674.38 PEARSONS NORTHPORT 3RD ADDN 9. State General Tax .00 .00 tO.School oistridt Lot Block A Voter Approved Levies 225.02 243.11 008 0 01 B. Other Local Levies 386.23 430.04 11.A. Metropolitan Special Taxing Districts 42.87 42.01 1hg Cotes Loan No. B. O ther Special Taxing Districts 60.73 67.89 C. Tax lncrament .00 .0 0 D. Fiscal Disparity .00 .0 0 EL 12. Non School Voter Approved Referenda Levies 62.32 62.68 13.Total Property Tax Beare Fees and Special Assessments 2,013.75 2,117.53 County Collected Solid Waste Management Fee 23.55 25.66 1,162.57 14. A Special Assessment Principal 166.84) S. Special Assessment Interest 15.15 o 1 16 2.5 7 15 -YOUR TOTAL. PROPERTYTAX AND SPECIAL ASSESSMENTS 2,037. 2 325. MAKE CHECK PAYABLE TO HENNEPIN COUNTY TREASURER 4 r Y 11Avenue t4 Gail Zewers Real Estate Masters April 26, 2008 Evelyn Pallas 3001 Sandy Hook Dr Roseville, MN 55113 Dear Evelyn Pallas: Upon your request, a market analysis has been periorrned on your property at 6006 Ewing Avenue N in Brooklyn Center. The analysis consisted of comparing your property to five other houses that have recently sold. Your property is similar in size and style loo properties located at 5224 Winchester Ln, Brooklyn Center, MN 55429 6331 Girard Ave N, Brooklyn Center, MN 55429 2006 71' Ave N, Brooklyn Center, MN 55429 6024 Dupont Ave N, Brooklyn Center, MN 55429 6237 Bryant Ave N, Brooklyn Center, MN 55429 In general these homes are all in better overall condition, contain many updates and improvements. They are situated on larger and/or improved k>is, and an, have more finished square feet. AN of these homes show great pride in ownership, and have been very well maintained. Two of the homes above have 30 feet or less foundation size (that is not always exact either) with the amount being so minor, and the fad that both of those homes have much more finished square feet, and in my professional opinion, are in MINT condition when compared tea your property, I'm song to say, I am stiff unable too raise the value of your home when I do my addions and deductions for such. Comparison #1 Property: 5224 Winchester Ln Year Built 1958 Sold Price: $163,900 Sale Date: 10112/06 Foundation size: 1040 (larger) Total Finished Sq Feet 1640 (significantly larger) Additional value relative loo your property: Additional bedroom Many updates and upgrades to include: Newer maintenance free exterior in 2004 Newer kitchen appliances, water softener Newly finished hardwood floors throughout in 2006 Newer electrical box, new driveway in 2003 Finished lower level with two non conforming moms Currently used for a study and exercise room Nicely landscaped yard with mature trees and Newer patio Reduced value relative th your property: No fireplace April 26,2W8 Comparison #2 Property: 6331 Girard Ave N Year Built: 1957 Sold Price: $175,000 Sale Date: 03130/07 Foundation size: 1040 (larger) Total Finished Sq Feet: 1190 (larger) Additional value relative to your properly: Additional bathroom Informal dining room an add anal formal dining room, New siding, new deck, new furnace, new central air, new windows 24 x 20 garage w/ new ekx i* Huge great landscaped Yard (9975 sq. ft) with a 200 sq It patio and a new large deck Many more updates through out the home Reduced value relative to your property: No fireplace Comparison #3 Property: 2006 71' Ave N Year Built 1961 Sold Price: $173,000 Sale Date: 03/30/07 Foundation Size: 1264 (larger) Total Finished Sq Feet 1828 (dramatically larger) Additional value relative to your property: Additional bathroom Many updates and upgrades New roof New carpet, new paint throught out most electrical updated Full finished basement Very dean home, shows great pride in ownership Home is on a large well maintained corner lot Reduced value reiative to your property. No fireplace April 26, 2008 Comparison X14 Property: 6024 Dupont Ave N Year Built 1955 Sold Price: $167,000 Sale Date. 04105W Foundation size: 970 Total Finished Sq Feet 1525(significantly lard Additional value tetanus io your property: *Seller has provided a home inspection *Updated roof *Updated. Central Air *New front door *Beautifully refinished hardwood floors on main level (Includes 3 bedrooms and living room) *Freshly painted exterior *New vinyl in entry way, kitchen, and bathroom *New Custom painting upstairs and down *Newly enameled Kitchen cabinetry and woodwork throughout *New Countertops, double sink, and faucet m Kitchen *New toilet and sink in bathroom *New lights and fixtures brushed nickel *Brand new family room professionally sprayed and sheet rocked *New plush carpeting in family mom *New recessed lighting m lower level *New tiled dry bar with chairs Reduced value relative b your property: 30 feet smatter foundation size 1 car g I i April 26, 2008 Comparison #5 Property: 6237 Bryant Ave, N Year Built 1954 Sold Price: $165,000 Sale Date: 09/26/07 Foundation size: 975 Total Finished Sq Feet 1536 (significantly larger) Additional value relative to your property: Additional bathroom Security system Eat in kitchen, and a sepldining room Beautiful natural woodwork throughout home A nioely finished lower level, kid. 112 bath Lower level has an egress window for a possible 0 bedroom Huge nk>ely landscaped yard incl. new deck Several updates throughout the home including Ktchen, newly finished hardwood floors, &baths Reduced value relative to your property: No fireplace, 25 feet less of a foundation size April 26, 2008 Conclusion: The basic fundamentals of your house at 6006 Ewing Ave. N. are similar to the comparison properties; however, it does not compare favorable. The interior of the house contains virtually no updates or upgrades. The siding, windows, and kitchen cabinets are original and kitchen boor is in poor condition. The exterior of the house does not fair any better. The exterior siding, driveway, and and garage are all in poor condition. Unfortunately, I believe you overpaid for the property in 2003 when purchased for $163,500. 1 believe your properly is at the bottom of the price spectrum of the comparison properties to due its overall condition and Nick of updates and upgrades. The estimated market value of you properly is $159,000 This market value price is for the time frame from Oct 2006 through Sept 2007. Detailed property listings used for this comparison have been included for your review. If you have any questions, please feel free lo call me at 612 747 -8062. Sincerely, Gail Zewers Real Estate Masters MATRIX Page 1 of 2 Property Full Display, Single Family Residential, MLS 3241774 5224 Winchester Lane, Brooklyn Center, MN 55429 -1643 Status: Sold List Price: $174,900 :?Ict iit:,r: 5153,U0o Original List Price: $174,900 Seller Cont: e r tr'2th Ave ti 139' Mappoi lt` i qtr Avr N 2 Ar- 5224 Winct "ti s Brooklyn Center Brooklyn Park z r� f m l wr was Paul Dr S Ek•xwr Lri a a 63rd Ave N E,4ipf Ln r :iqu WrA:'R. np ?;iµ,1 w4iER. iAd tw 7N!iB1,lrtt more for-this, property. Map Page: 78 Map Coord: A4 Directions: Total Bed /Bath: 4/ 1 Garage: 2 Year Built: 1958 694 to Cty 81 S to 63rd E to Unity N to Winchester Ln E to home on the right. (Click icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 3311921130019 Style: (SF) One Story Tax Year: 2005 Const Status: Previously Owned Tax Amt: $1,778 Foundation Size: 1,040 Assess Bal: AbvGrdFinSgFt: 1,040 Tax w /assess: $1,778 Be1GrdFinSgFt: 600 Assess Pend: No Total Fin SgFt: 1,640 Homestead: Yes Acres: 0.220 Lot Size: 80 x 118 List Date: 07/27/2006 Received By MLS: 07/27/2006 Days On Market: S3 Off Market Date: 09/18/2006 Selling Agent: Christopher P. Brown Projected Close Date: 09/28/2006 p Date Closed: 10/12/2006 Selling Office: ZpRealty,.Inc General Property Information Legal Description: Donnays Brooklyn Gardens 3rd Addition Lot 21 Blk 3 County: Hennepin Postal City: Brooklyn Center School District: 279 Osseo, 763 391 -7000 Complex/Dev /Sub: Common Wall: No Restrictions /Covts: Lot Description: City Bus (w /in 6 bilks), Tree Coverage Medium Road Frontage: City Zoning: Residential Sfngle Accessibility: None Remarks Agent Remarks: E -Z TO SHOW, GREAT BUY FOR THE PRICE. NEWER SIDING 04, KITCHEN FLOOR 02, REFINISH HWF. 06, DRIVEWAY 03, NEWER FRIGE STOVE, NEWER ELECTRICAL BOX 02. NICE BACK YARD. TWO ROOMS IN BASEMENT NOT CONFORMING. Public Remarks: E -Z TO SHOW, GREAT BUY FOR THE PRICE. NEWER SIDING 04, KITCHEN FLOOR 02, REFINISH HWF. 06, DRIVEWAY 03, NEWER FRIGE STOVE, NEWER ELECTRICAL BOX 02. NICE BACK YARD. TWO ROOMS IN BASEMENT NOT CONFORMING. Structure Information Room Level Dimen Other Rooms Level Oilmen Heat: Forced Air Living Rm Main 13x21 Patio Main 10x20 Fuel: Natural Gas Dining Rm Main 12x8 Air Cond: Wall Family Rm Water: City Water Connected Kitchen Main 16x7 Bathrooms Sewer: City Sewer Connected Bedroom 1 Main 9x11 Total: 1 3/4• O 1/4: O Garage: 2 Bedroom 2 Main 11x14 Full 1 1/2: 0 Oth Prkg: Bedroom 3 Lower 12x12 Pool: Bedroom 4 Basement 12x13 Bath Description: Main Floor Full Bath Dining Room Desc: Eat In Kitchen Family Room Char: Fireplaces: 0 Fireplace Characteristics: Appliances: Dryer, Exhaust Fan /Hood, Range, Refrigerator, Washer, Water Softener Owned Basement: Daylight /Lookout Windows, Full Exterior: Other, Shakes Fencing: Chain Link Roof: Asphalt Shingles Amenities -Unit: Hardwood Floors, Local Area Network, Washer /Dryer Hookup Parking Char: Detached Garage, Garage Door Opener htt /matrier nnrthetarmle ­_9;;A 1 A.A7 A— I^740 P,....« CIA /'1nn0 MATRIX Page 2 of 2 Financial Cooperating Broker Compensation Buyer Broker Comp: 3.00% Sub -Agent Comp: 0.00% Facilitator Comp: 0.00% Variable Rate: N List Type: Exclusive Right To Sell Sale Mortgage Information Sale Financial Terms: Conventional Sale Loan Amount: $130,400 Seller Contribution: Sellers Terms: Cash, Conventional, FHA Owner is an Agent No Contact Information Listing Agent: Rod4tfo_A._Truji 612- 384 -7493 Appointments: 612 -728 -5448 Listing Office: RE/MAX CasaV -Hnrn s Realf,.Inc Office Phone: 612- 728 -5448 MLS 3241774 Address: 5224 Winchester Lane, Brooklyn Center, MN 55429 i httn-/ /matrix nnrthctnrmlc R A; ,4_n7SOR. e in /IAAQ MATRIX Page 1 of 2 I Property Full Display., Single Family Residential, MLS 3260112 6331 Girard Avenue N, Brooklyn Center, MN SS430 -1833 Status: Sold List Price: $182,000 Soid !'re(, $17;,f)OO Original List Price: $199,900 Seller Cont: ;5,280 MapPont' y freeway 8Wd 65th Ave N H 6331 Girard Avk 64th Ave N w 0 o•n "s5C rnd 36 L eF Bl Odkiyn- 62M Ave N Cewet yy� w 610 Age N ii •a��nr,Miero =n ��:pt�- maffv.�nu;«rr.r�ae�s.�nc More photos are available for thIs�ropgrty_ Map Page: 78 Map Coord: c4 Directions: Total Bed /Bath: 3/2 Garage: 2 Year Built: 1957 194 494 split take 94 to Shingle Creek Prkwy N to Freeway Blvd W to Girard Ave N, S to Home (Click icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 3_6:11921320064 Style: (SF) One Story Tax Year: 2006 Const Status: Previously Owned Tax Amt: $2,256 Foundation Size: 1,040 Assess Bal: AbvGrdFinSgFt: 1,040 Tax Wassess: $2,256 BelGrdFinSgFt: 150 Assess Pend: Unknown Total Fin SgFt: 1,190 Homestead: Yes Acres: 0.250 Lot Size: Irregular List Date: 08 /29/2006 Received By MLS: 08/30/2006 Days On Market: 183 Off Market Date: 02/28/2007 Selling Agent: Ryan-S Close Date: 04/30/2007 Selling Office: Date Closed: 03/30/2007 Real 2000, Inc General Property Information Legal Description: Grandview Manor lot 3 block3 County: Hennepin Postal City: Brooklyn Center School District: 286 Brooklyn Center, 763- 561 -2120 Complex/Dev /Sub: grandview Manor Common Wall: No Restrictions /Covts Lot Description: Road Frontage: Zoning: Residential Single Accessibility: Other Remarks Agent Remarks: 4 different entries on this one story. Large treated deck in back for entaertatnment. New Siding, Deck, Furnace, A /C, Windows. 200 Sqft of Patio. 24x20 garage w/ Electricity. Matured trees, landscaping 9975 Sqft Lawn. Public Remarks: 4 different entries on this one story. Large treated deck in back for entertainment. New Siding, Deck, Furnace, A /C, Windows. 200 Sqft of Patio. 24x20 garage w/ Electricity: Matured trees, landscaping Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 12x14 Deck Main 45x17 Fuel: Natural Gas Dining Rm Main 11x10 Patio Main 8x15 Air Cond: Central Family Rm Main 8x10 Water: City Water Connected Kitchen Main 8x12 Bedroom athrooms Sewer: City ewer Connected ty oom 1 Main 12x13 Total: 2 3/4: 0 1/4: 1 Garage: 2 Bedroom 2 Main 10x11 Full: i i/2: 0 Oth Prkg: Bedroom 3 Basement 10x13 Pool: Bedroom 4 Bath Description: Main Floor Full Bath Dining Room Desc: Informal Dining Room, Separate /Formal Dining Room Family Room Char: Main Level Fireplaces: 0 Fireplace Characteristics: Appliances: Basement: Full Exterior: Fiber Board, Wood Fencing: Roof: Asphalt Shingles Amenities -Unit: Deck, Patio httn: /matrix -north starmis_co [Matri �Sa m x/Pnhlin/T�icnlaviT(1Pnnnn acr.v9 ;rl 1 r,1A0nn4 d R r,�r MATRIX Page 2 of 2 Parking Char: Detached Garage, Driveway Asphalt Financial Cooperating Broker Compensation Buyer Broker Comp: 2.70% Sub -Agent Comp: 0.00% Facilitator Comp: 0.00% Variable Rate: y List Type: Exclusive Right To Sell Sale Mortgage Information Sale Financial Terms: Conventional Sale Loan Amount: $175,000 Seller Contribution: $5,280 Owner is an Agent No Contact Information Listing Agent: T__revorJ-. Link_763 -;71 -7663 Appointments: 763 271 -7653 Listing Office: Assist 2 Sell Link vngr Nome Office Phone: 763- 271 -7653 MLS 3260112 Address: 6331 Girard Avenue N Brooklyn Center, MN 55430 htto: /matrix.northstarmis_com/ Matrix /Piihiie./T)icnlnvITOPnniin aQ„v9;;,J_1 R„J;.1_A'7co P.k_,. AZ 1A i1) nn0 MATRIX Page 1 of 2 Property Full Display, Single Family Residential, MLS 3312907 2006 71st Avenue N, Brooklyn Center, MN 55430 Status: Sold List Price: $179,900 SOW F 1 1 173,000 Original List Price: $184,900 Seller Cont: Palmer Lake z Eneironmem� MapPoint' Area Brooklyn Park krx 73rd Ave N 2006 71st Aver at d.mtr Lake Troth Ave N Ir,mg Ln N z N &ooklyn CeMet 1 gxroaracner, ,,q�rrnr�:<rwarto.ma;e.xuaus.inw M ore ohgtos are available for this Rrope_rtys Map Page: 78 Map Coord: 63 Directions: Total Bed /Bath: 3/ 2 Garage: 2 Year Built: 1961 252 TO HUMBOLDT, RT ON 73RD, LEFT ON MORGAN, RT ON 71ST AVE. N. HOME LOCATED ON CORNER. (Click icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 2611921420044 Style: (SF) One Story Tax Year: 2006 Const Status: Previously Owned Tax Amt: $2,272 Foundation Size: 1,264 Assess Bal: AbvGrdFinSgFt 1,264 Tax w /assess: $2,272 BelGrdFinSgFt: 564 Assess Pend: No Total Fin SgFt: 1,828 Homestead: No Acres: 0.250 Lot Size: 127X90 List Date: 01/11/2007 Received By MLS: 01/11/2007 Days On Market: 36 Off Market Date: 02/16/2007 t: Selling Agent: Projected Close Date: 03/30/2007 Ka chao L0 Date Closed: 03/30/2007 Selling Office: Edina Realty, Inc. General Property Information Legal Description: HIPPS EAST PALMER LAKE ADDN LOT 010, BILK 005 County: Hennepin Postal City: Brooklyn Center School District: 11 Anoka /Hennepin, 763 506 -1000 Complez/Dev /Sub: HIPPS EAST PALMER LAKE ADDN Common Wall: No Restrictions /Covts: Lot Description: Corner Lot Road Frontage: City Zoning: Residential- Single Accessibility: None Remarks Agent Remarks: BRING ALL OFFERS! QUICK SALEI QUICK CLOSING POSSIBLE. ALL MEASUREMENTS ARE APROXIMATE. AGENTS TO VERIFY. SELLER IS A LICENSED REAL ESTATE AGENT. Public Remarks: Complete face lift! This spacious rambler is located just 1/2 block from Palmer Park. Large corner k*, new roof, updated electrical, fresh paint throughout, new carpet in lower level... Super Clean! Move in ready. Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 20X14 FAML2 Lower 13X12 Fuel: Natural Gas Dining Rm Main 12X7 Office Lower 16X8 Air Cond: Central Family Rm Main 20X12 Play Room Lower 15X12 Water: City Water Connected Kitchen Main 10X5 Sewer: City Sewer Connected Bedroom 1 Main 11X9 Bathrooms Garage: 2 Bedroom 2 Main 11X13 Total: 2 3/4: 1 1/4: 0 Oth Prkg: Bedroom 3 Main 11X9 Full: 1 1/2: 0 Pool: None Bedroom 4 Bath Description: 3/4 Basement, Main Floor Full Bath Dining Room Desc: Informal Dining Room Family Room Char: Lower Level, Main Level Fireplaces: 0 Fireplace Characteristics: Appliances: Exhaust Fan /Hood, Range Basement: Full Exterior: Stucco Fencing: None Roof: Age 8 Years or Less Amenities -Unit: Patio Parking Char: Attached Garage httn:H matrix_ north-,to rmlccnm[ M. gtrix lPiihlic /T)ic„IavTT(lPnniiin nQn%r9iir1 -1 RrAirl— d7 AZ 1A i1) nno MATRIX Page 2 of 2 Special Search: 3 OR on One Level Financial Cooperating Broker Compensation Buyer Broker Comp: 2.70% Sub -Agent Comp: 2.70% Facilitator Comp: 1.00% Variable Rate: N List Type: Exclusive Right To Sell Sale Mortgage IM\ tion Sale Financial Terms: Conventional Sale Loan Amount: $173,000 Seiler Contribution: Sellers Terms: Cash, Conventional, OVA, FHA Existing Financing: Conventional Owner is an Agent No Contact Information Listing Agent: Debor Hanuman 6.12- 709 608.3_ Appointments: 763 315 -5550 Listing Office: Edina_Realty�Inc, Office Phone: 763- 315 -5500 MLS 3312907 Address: 2006 71st Avenue N, Brooklyn Center, MN 55430 httn: /matrix north-,tarmis_com Matrix /Piihiie../T)icnla acr%v? ;ri -1 R �a;a_n7rQ9, c 1n 1110111110 MATRIX Page 1 of 2 Property. Full Display, Single Family Residential, MLS 3318566 6024 Dupont Avenue N, Brooklyn Center, MN 55430 -2750 Status: Sold List Price: $169,900 S c! =s i 1 ,1.6 7 000 Original List Price: $179,900 Seller Cont: o+h Ave N u oe,xs MapPo!nt' 35" Vol 6 Y j i W 6024 Dupont A% y tN s Brooklyn Center +rraata 1♦ 5ath Ave N x 513th Ave N zriMUS �.b_s+tr k6 fn _M_ore photos are available for his.proQerty. Map Page: 92 Map Coord: C3 Directions Supplements available forthis proPe_ty. HWY 100 -57TH AVE- E- DUPONT -NORTH Total Bed /Bath: 3/ 1 Garage: 1 Year Built: 1955 TO HOME ON RIGHT (Click icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: Q11 "21210049 Style: (SF) One Story Tax Year: 2006 Const Status: Previously Owned Tax Amt: $1,960 Foundation Size: 970 Assess Bal: AbvGrdFinSgFt: 970 Tax w /assess: $1,984 BeIGrdFinSgFt: 555 Assess Pend: No Total Fin SgFt: 1,525 Homestead: Yes Acres: 0.230 Lot Size: 75X135 List Date: 01/24/2007 Received By MLS: 01/24/2007 Days On Market: 50 Off Market Date: 03/15/2007 Selling Agent: 3a Sh,�ba� Projected Close Date: 04/05/2007 Date Closed: 04/05/2007 Selling Office: Pru l�enfial MetrowW- 1teAlty General Property Information Legal Description: HALEWS 2ND ADDN L4, 81 TORRENS County: Hennepin Postal City: Brooklyn Center School District: 286 Brooklyn Center, 763 -561 -2120 Complex/Dev /Sub: Common Wall: No Restrictions/Covts Lot Description: City Bus (w /in 6 blks) Road Frontage: City Zoning: Residential Single Accessibility: None Remarks Agent Remarks: SHOW THIS CREAM PUFF -NOWT BEST DEAL IN B.CLI BRING ALL OFFERS, EXTREMELY MOTIVATED SELLER. EXTENSIVE LIST OF UPDATES -SEE SUPPS /PICS OR WWW.FOYHOMES.COM IMMEDIATE OCCUPANCY POSSIBLE. SHOW SELL! Public Remarks: EXTREMELY GOOD VALUE. EXTENSIVE LIST OF UPDATES: ROOF, A/c, REFIN HRDWD FLRS, CUSTOM PAINT UP DOWN. NEW VINYL, CARPETING. FINISHED BSMT! SEE SUPPLEMENTAL INFO PICS. COMPLETE MAKEOVERI Structure Information Room Level Dimen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 18X11 Bar /Wet Bar Room Lower 6X6 Fuel: Natural Gas Dining Rm Main 8X8 Air Cond: Central Family Rm Lower 3SX16 Water: City Water Connected Kitchen Main 13X9 Bathrooms Sewer: City Sewer Connected Bedroom 1 Main 13X10 Total 1 3/4: 0 1/4: 0 Garage: 1 Bedroom 2 Main 10X10 Full: 1 1/2: 0 Oth Prkg: 2 Bedroom 3 Main 11X9 Pool: Bedroom 4 Bath Description: Main Floor Full Bath Dining Room Desc: Eat In Kitchen, Informal Dining Room, Living /Dining Room Family Room Char: Family Room, Lower Level Fireplaces: 0 Fireplace Characteristics: Appliances: Refrigerator Basement: Finished (Livable), Full Exterior: Brick /Stone, Stucco Fencing: Roof: Age 8 Years or Less, Asphalt Shingles Amenities -Unit: Hardwood Floors, Kitchen Window, Washer /Dryer Hookup Parking Char: Attached Garage, Driveway Asphalt, Garage Door Opener li ftn•//ma4riv nnrfhatarrnly _Q A. a— A'7<n9,_.« C /A /'lnl1Q MATRIX Page 2 of 2 Special Search: 3 OR on One Level, Main Floor Bedroom Financial Cooperating Broker Compensation Buyer Broker Comp: 2.7000% Sub-Agent Comp: 2.7000% Facilitator Comp: 2.7000' Variable Rate: N List Type: Exclusive Right To Sell Sale Mortgage Information Sale Financial Terms: Conventional Sale Loan Amount: $167,000 Seller Contribution: Sellers Terms: Adj. Rate /Gr Payment, Cash, Conventional, OVA, FHA Existing Financing: Conventional Owner is an Agent No Contact Information Listing Agent: Day" Foy Foy 612- 990 -6000 Appointments: 763- 416 -2451 Listing Office: Counselor Realty I nc Office Phone: 763 420 -7080 MLS 3318566 Address: 6024 Dupont Avenue N, Brooklyn Center, MN 55430 httr�• /matriv nnrthetarmlc �nm/ AiTatriv/ TT '„hlin/Tlio.�ln..TTl1D..r.,,,. ��..v7:;.a -1 A..7;r1— A'7Gl)P....,,. C /A/'111n0 MATRIX Page 1 of 2 Property Full Display, Single Family Residential, MLS 3408100 6237 Bryant Avenue N Brooklyn Center, MN 55430 2216 Status: Sold List Price: $169,900 p %1ti5 -?00 Original List Price: $184,900 Seller Cont: $3,000 VIP MapPDint' 65th Aw- N 2 252..- 64ih Ave N �A a ;6237 .Bryant Avi Brookyn Center y 52 R 6111 Ave N a hCkh Ave N 2k y' z Mo photo are available for this Q ro e Map Page: 92 Map Coord: Ci Directions: Total Bed /Bath: 3/ 2 Garage: 2 Year Built: 1954 Hwy 100 to 57th east to Bryant Ave north to home (Click icon for Virtual Earth Map) TAX INFORMATION MLS Area: 363 Brooklyn Center Property ID: 3611921340Q Secondary Area: 364 Brooklyn Park Tax Year: 2007 Style: (SF) One Story Tax Amt: $2,082 Const Status: Previously Owned Assess Sal: $26 Foundation Size: 975 Tax w /assess: $2,108 AbvGrdFinSgFt: 975 Assess Pend: No Be1GrdFinSgFt: 561 Homestead: Yes Total Fin SgFt: 1,536 Acres: 0.230 Lot Size: 0 List Date: 07/10/2007 Received By MLS: 07/10/2007 Days On Market: 50 Off Market Date: 08 /29/2007 Selling Agent: Cli�_Kiper� Protected Close Date: 09/26/2007 Date Closed: 09/26/2007 Selling Office: Re/Max Real Es t PPrroperti" General Property Information Legal Description: 3 R Murphey Addn Lot 002 Block 002 County: Hennepin Postal City: School District: 286 Brooklyn Center, 763 -561 -2120 Complex/Dev /Sub: Common Wall: No Restrictions /Coots: Lot Description: Tree C. je Medium Road Frontage: City Zoning: Residential Single Accessibility: None Remarks Agent Remarks: WELCOME HOME! COME SEE THIS WELL CARED FOR RAMBLER IN THE HEART OF BROOKLYN CENTER, PRIDE IN OWNERSHIP SPEAKS FOR ITSELF TRULY A MUST SEE! Public Remarks: WELCOME HOME! COME SEE THIS WELL CARED FOR RAMBLER IN THE HEART OF BROOKLYN CENTER, PRIDE IN OWNERSHIP SPEAKS FOR ITSELF TRULY A MUST SEEI Structure Information Room Level D!men Other Rooms Level Dimen Heat: Forced Air Living Rm Main 19x13 Office Lower 13x11 Fuel: Natural Gas Dining Rm Main 10x10 Air Cond: Central Family Rm Lower 38x11 Water: City Water Connected Kitchen Main 12x11 Bathrooms Sewer: City Sewer Connected Bedroom 1 Main 14x12 Total: 2 3/4: 0 1/4: 0 Garage: 2 Bedroom 2 Main 12x8 Full: 1 1/2: i Oth Prkg: Bedroom 3 Main 10x10 Pool: Bedroom 4 Bath Description: Dining Room Desc: Eat In Kitchen, Informal Dining Room, Living /Dining Room Family Room Char: Lower Level Fireplaces: 0 Fireplace Characteristics: Appliances: Cooktop, Dishwasher, Dryer, Freezer, Range, Refrigerator, Washer Basement: Egress Windows, Full Exterior: Wood Fencing: Roof: Amenities -Unit: Deck, Hardwood Floors, Natural Woodwork, Security System Parking Char: Detached Garage Special Search: 3 OR on One Level, Main Floor Bedroom httn /matrix nnrthetarmlc aenv9;;d =l Ryd;rl- 47G0Rr"av c /a ')nnQ MATRIX Page 2 of 2 Financial Cooperating Broker Compensation Buyer Broker Comp: 2.7000 Sub -Agent Comp: 0 Facilitator Comp: 0 Variable Rate: N List Type: Exclusive Right To Sell Sale Mortgage Information Sale Financial Terms: Other Sale Loan Amount: 9 Seller Contribution: $3,000 Sellers Terms: Cash, Conventional, DVA, FHA Existing Financing: Conventional Owner is an Agent No Contact Information Listing Agent: Scott M. Hutchi_n_son_f12 -3 —069; Appointments: 952- 435 -4257 Co -List Agt Sean Sov_is 95 -4 59 -5969 Listing Office: C21Qyvgil Bankgr Bin Office Phone: 952 435 -3030 MLS 3408300 Address: 6237 Bryant Avenue N, Brooklyn Center, MN 55430 httn•/ /matrix nnrthetnrmlc r- nm/Mntr;Y Piihlir/TlicnlavTTOPnr„n acrvv %;,1 1 RTr1ir1— d7G0R­, q1A /)Anu CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2008 Assessment APPLICATION FOR APPEAL March 17, 2008 through April 18, 2008 You must return this application by April 18. 2008 to be placed on the Agenda for the Local Board of Appeal and Equalization May 5, 2008, 7:00 P.M. Name(s) b,9 v i Z i a P A r Daytime Contact Number: l' `l Property Address ��D I Al Property Identification Number �1 a 2008 Estimated Market Value What is the reason for your 2008 assessment appeal? �N� G i v v oo e,.5Ai e U �C� 1 //a �.ve G d Q V a A CA a N c1 P1 /AJ P.l NUAid ZO ^JF- When did you purchase your home? Date of Purchase A i3O 4 7 Purchase Pricel4 l I O o Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. /GA)iF 6x ,4s X C e a l C, 1 e Q v h/ o N M 2 1 w 164 -60 So�►le Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes or No If so, what was the determination of value? a W -r' L --a k rA L of Fr G-e Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In ,order to appeal your valuation an appointment to view the property will be required. �iro e av� y 4 A 6a- �e 10 l 4 4,. +J David Pat Trepanier 439 Birchwood Courts Birchwood MN 55110 -1805 651- 426 -9336 26 March 08 City of Brooklyn Assessor Sub j: 5801 Knox Ave N. Abatement Attached is a copy of a recent appraisal as discussed, please note that the value is $150,000. Note that there is no mention of the city and county pollution problem with the above property. You must be aware of the dramatic value reduction such a factor wi I I cause. I cannot attend Board of appeals and once again ask you to forward to me any necessary forms. If I do not receive the form, I ask that this letter and appraisal be sent to the board for review in place of the formal application. Also send me any forms necessary to go to the small claims division of tax court. David Trepa ALL -AREA APPRAISALS, INC. Uniform Residential Appraisal Report File No. 0801090 The purpose of this summary appraisal report is to provide the lendericlient with an accurate, and adequately supported, opinion of the market value of the subject prpt soy. Properly Address 5801 Knox Ave N. city Brooklyn Center state MN zro code 55430 Borrower Trepanier Owner of Public Record Same County Hennepin Least Description N 72 6 /10 Ft Of S 102 6/10 Ft Of E 165 Ft Of W 314 3/10 Ft Assessor's Parcel 0211821140020 Tax Year 2007 R.E. Taxes S 2.535.58 Neighborhood Name NA Mao Reference 92 -B 1 Census Tract 0710.16 Occumd 1 X IOwner 1 1Te nant I IVacaM Soecial Assessments S See Taxes i SPUD HOA I 1par year per M o nth Property Rights Appraised IX IFee SimDle I ILe a s ehol i I !Other(describe) r Asdanment Type I (Purchase Transaction I iRefinance Transaction IX (Other (describel Lender/Client Address Is the subject property currenfiv offered for sale or has it been offered for sale in the twelve months orior to the effective date of this aontaisal? I IYes I X I No Report data source(s) used, offering price(s), and date(s). NA I U did U did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. NA Contract Price S Refi Date of Contract Is the orooertv sa er the owner of public record? I I Yes I INo Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? U Yea W No If Yes, repot the total dollar amount and describe the items to be paid. NA NA Note: Race and the racial comoosltion of the neighborhood are not aoaralsal factors. Neighborhood Characteristics I OrwUnit Mousing Trends I Om4,k t Housing I Present Land Usn !L Location I I Urban I X i Subutban I I Rural f Property Values increasing I i Stable I X I Declining I PRICE AGE I One -Unit 7010 BuIt- Uo [X_10ver 75% 1 -75% 1 1Under 25% I Demand suooly Shotooe IX IIn Balance i IOver Suo ly $(000) Q 1 2-4 Unit 1 Growth I 1Rapid IX (Stable 17 Slow I Marketing Time I (Under 3 mths 3.6 mtha Over t3 mtha I 115 Low 5 Multi- FamitY 10'10 Neighborhood Boundaries The neighborhood boundaries can be described as 1 -694 to the north. i 250+ Hich 80+ Commercial 5 f6 Hwy 1 -94 to the east, 53rd Ave N to the south and Brookivn Blvd. to the west. I 150 Prod. 45 1 Other Vac 5 Neighborhood Description The subject's neiahborhood is orimariiv sinale famiiv homes with multi family dwellings intersoersed. Knox Ave N. is a Guite residential street. The subiect is located next to an apartment comolex and HWV 100 is a major traffic artery within view and hearina distance and offers access to sh000ino, schools emolovment centers freeways and recreation. Market conditions (including support for the above conclusions) Property values have been decreasing. Demand for the area is average. Improvemef its do conform to the surrounding homes. The neighborhood has no aooarent adverse factors affectina the subject's marketability Dimensions .23 Acre Area 9880 Sa.Ft. Shoos Rectana_ ular view Residential Specific Zonina Classification R1 Zonino Descriotion Residential Zonino Compliance iXil.eaal I ILeaal Nanconkxmino ((3randta Use) I INo Zoning I Illieoal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? UYes UNo ff No, describe. Utilities Public Other Idescribel Public Other Idescribs) Off -site imorovements —TYOe Public R ivate iJedricity IXI I i Water 1 X I I I Street Asohalt 1 X I I Gas 1 X I I I Sanitary Sewer I X i L I Alley No FEMA SDeciai Flood Hazard Area I IYes IX INo FEMA Flood Zone See FEMA Mao Limiting Conditions FEMA Mao Date Attached Are the utilities and off -site improvements tvo {cal for the market area? IXI Yes I INo If No. describe. Are there any adverse site conditions or external fact ors (easements, encroachments, environmental conditions, land uses, etc.)? U Yes IXI No If Yes, describe. GENERAL DESCRIPTION I FOUNn_AT*N I EXTERIOR DESCRIPTION materiaialwndition I INTERIOR moerialafr n.iitlon it Stoles 1 iXlone i lone with Accessory Unit i 1 X IFug Basemen t I ]Partial SBasement I Foundation Walla Concrete /Aver I Floors Crot,Hdwd/%GJ Exterior Wags Brick,Wood /Avg i Walls DW /Avg Type i X i Det. I W t. i Det./End Undl Basement Area 1200 so. ft. I Roof surfs. Asoh. Sh. /Avo I Trim/Finish Stained /Av LXJ Existing Proposed I_IUnder Const. IB I a Finish 50 I Gutters A Downsoouts Metal /Avo_ I Bath Floor Tile /Avq I Design (Style) 1 Story ti Outaida EntMExit I Sumv Pumw_ i Window Type DH /Ava_ I Bath wainscot Tile /Avq Year Built 1955 I Evidence of I IInrRRtation I Storm Saahllnsulated Yes I Car Storage I (None Effective Aoe (Yrs) 30 Yrs 11 IDamoness 1 Settlement I Screens Yes I I 10riveway of Cars Attic ILINone i Heatino�FWA iI IHWBB L„IRadiantl Amenities II IIWoodStove(s) i Drivewav Surface Asphalt IDroo Stair I Stairs II )Other Fuel Gas iMFireolace(s) I IFence X Geraoe of Cars 3 (Floor I X iScuttle I Caogno IX ICentral Air Conditionino )Patio/Deck 1 (Porch CS of Cars (Finished �--y Heated individual 1(Other LIE2�91 y Other i_i Det. Brgt_in Appliances 1XIRatiaerator X Range /Oven IXIDishwasher I (Disposal nMicrowave IXiWasher(Drver 1 lOther (describa) Finished area above grade contains: 5 Rooms 2 Bedrooms 1 Batws) 1,216 Square Feet of Gross Livina Area Above trade Additional features (special energy efficient items, etc.). .Subject has typical enerGV efficient it -ems. Describe the condition of the property (including needed repairs, doterAxation, renovations, remodeling etc.). No repairs were needed at time of appraisal. Quality Of construction and condition aooeared to be average and could use some uodatina Are there any physical deficiencies or adverse conditions that affect the Iivabg{ty, soundness, or structural integrity of the property? U Yes LX,� No If Yea, describe. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? XTYes UNo if No, describe. Ra"s Mac Form 70 March 2005 PfWucW u*4 ACI sormwe, 805.28!.8727 v .KWmb.aan Farad! Mae Fo m 1004'4sd12005 Pape r d8 100.: 030935 ,t ALL -AREA APPRAISALS, INC. Uniform Residential Appraisal Report File No. 0801090 There are comparable properties cwrrentiv offered for sale in the subiect neighborhood ranoino in price from to There are 8 comparable sales in the subiect neighborhood within the )ast twelve months ranoino in sale price from 130 -000 to s 175.000 FEATURE I SUBJECT I COMPARABLE SALE NO. 1 1 COMPARABLE SALE NO.2 i COMPARABLE SALE NO.3 5801 Knox Ave N. 5900 Colfax Ave N. 5843 Vincent Ave N. 5714 Fremont Ave N. Address Brooklvn Center Brooklyn Center Brookivn Center Brooklyn Center Proximitv to Subiect 1 1.25 Mile 1.33 Mile 1.25 Mlle Sale Price Is Refi 1 1479001 Is 149.5001 Is 1513.400 Sale Price/Gross Liv. Area Is 0.00 so. ft. IS 131,35 so. R. Is 127.13 w. ftJ Is 186.79 sci. R.1 Data Sources) I County Records I MLS I MLS I MLS Verification Source(s) I Inspection 122 DOM 16 DOM 164 DOM VALUE ADJUSTMENTS I DESCRIPTION DESCRIPTION 1 a s Ad4atmm«rt 1 DESCRIPTION 1 +r s Aauaaa.at I DESCRIPTION I a) s Aa rat Sale or Financing NA 0 0 $2,300 Seller Pd -2,300 Concessions NA Conv Conv Conv Date of Sale/Time Refi 111/6/07 I 110/5/07 I 17/20/07 1 Location Suburban I Suburban 1 1 Suburban I I Suburban 1 Leasehold/Fee Simple 1 Fee Simole 1 Fee Simole 1. 1 Fee Simple I I Fee SimDle I Site 19880 So.Ft. 110454 So. Ft. 1 110200 So. Ft. 1 19720 So. Ft. I View I Residential 1 Res I 1 Res I 1 Res 1 Design (style) 11 Story 11 Story 1 11 Story I 11 Story 1 Quality of construction I Ave 1 Ave I 1 Average i 1 Ave l Actual Aga 153 Years 152 Yrs I 152 Yrs i 156 Yrs 1 Condition I Ava I Avq I, I Avo 1 1I Ava 1 Above Grade Total IBdras] Baer I Total IBdrms.1 Bathe 1 I Total IBdma. Bags 1 I Total IBdrar.l Baths Room Count 51 21 11 51 21 1 1 61 3 1.51 1.0001 51 21 1 i Gross Livino Area I 1..216 w. fl. 1 1 126 so. it. +1 -8001 1 -176 sa. ft-1 I 848 so. ft. l 7.400 Basement Finished Full Full Full Full Rooms Below Grade 2 Rms 3 Rms /1 Bath -4000 2 Rms /1 Bath -2,000 3 Rms /1 Bath -4, D00 Functional Utility Averaae I Average I I Averaoe 1 I Ave 1 Heating/Coofing FWA C /Air I FA -CA 1 I FA -CA I I FA -CA I Ener v Efficient items 1 Averaoe 1 Averao_ e 1 I Averao_ e 1 1 Ava 1 Garage/Caroort 13 Car Garage 11 Car Garaae. 1 +4,00012 Car Garage 1 +2.00012 Car Garage +2,000 Porch/Pstio /Deck I None I Patio 1 -1 000 I None I I Patio 1 -1,000 Fireplace 1 None 12 F /Ps 1 -3 000 I None I I None I Fence 1None INone 1 None I (None I I i 1 I 1 Net Adjustment (Totaq I 17+ IX 1- Is 21001 1 1+ R1 Is 1,0001 1X I+ F Is 2.100 Adjusted Sale Price Net Adj. 1.5a/o% Net Adj. 0.7 a /a% Net Adj. 1.3% of Comoarables Gross Adi. 9.3% 145 700 Grass Ad. 3.3 148,500 Gross Adt.10.5 160.500 I U did U did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research I. ]did did not reveal any ahx sales or transfers of the sub!ect wooerly for the three years ortor to the effective date of this appraisal. Data wurce(sl Countv Records My research I Idid IX Idid not reveal any orior sales or transfers of the com_arable sales for the year o for to the date of sale of the comparable sale. Date sourca(si Countv Records Reoort the results of the research and anaivsis of the prior sale or transfer history of the subiect orooertv and comparable sales (reoort additional prior sales on cape 3). ITEM I SUBJECT 1 COMPARABLE SALE NO. 1 COMPARABLE SALE NO.2 I COMPARABLE SALE NO. .1 Date of Prior Sale/Transfer NA I NA 1 NA INA Price of Prior Sale/Transfer I NA I NA 1 NA 1 NA Data SourWsl I Tax Records I Tax Records I Tax Records Tax Records Effective Date of Data Sources) 12-22-08 12 -22 -08 12 -22 -08 12 -22.08 Analysis of prior sale or transfer history of the subject property and comparable sales The subject has not been listed or sold within the bast 36 months. None of the comoarables have been listed or sold within the oast 12 months other than as stated above. Summary of sales comparison Approach. After an extensive search to find the most meaningful sales to utilize in this aooraisal report, these refire the three best comparable sales found. All are very close in oroximitv to the subiect. Sales or financing concession adjustments on sale #3 reflect what the seller oaids were. GLA was adiusted for using $20 oer so.ft. Room counts below grade were made usir $2,000, per room, All other adiustments should be self exolanatorv. Indicated Value by Sales Comparison Aoorosch 150,000 Indicated Value by: sales Comoarison Aeoroach S 150,000 Cost Aairoach Iii devsiow& S 0 income Apmoach (If devetooed) s NA The sales comparison approach best reflects the actions of the tvoical buyer The number for the cost aooroach reoresents the va"J of the land only. This appraisal is made W "as is,° ❑subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basin of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or rap&: This appraisal is being made "As Is This is a summary appraisal resort. No liability is assumed for the structural or mechanical elements of the orooertv, Based on a complete visual inspection of the Interior and exterior areas of the subject property, defined *cape of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that Is the subject of this report Is s 150,000 as of 2/22/2008 which Is the date of Ins oection and the effective date of this a34raisai. Free Mac Farm 70 March 2005 Produced wing ACI lo%Nam.400371.e ww. 727 wadw6b wm Femda Mae Farm 1004 March EN Pegs 2 d 0 toe 9't o93oss ALL AREA APPRAISAL 4 S ALL -AREA APPRAISALS, INC. Uniform Residential Appraisal Report File No. 0801090 C0 3T APPROACH TO VALUE (not requWed by Fenn)* Mae) Provide adequate information for the lender/client to reolicate the below coat figures and calculations. it Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) Not Reouired ESTIMATED I IREPRODUCTION OR I REPLACEMENT COST NEW I OPINION OF SITE VALUE NA Source of cost data Dwellinn 1,216 So. Ft. f 0 Quality rating from cost service Effective date of cost data I BSmt: 1200 So.Ft. Sq. Ft. 9 t Comments on Cost Aooroach (gross living area calculations, deoredatton, etc._) I Garanetcarocrt 770 Sa. Ft. 0, 0 NOT REQUIRED I Total Estimate of Cost -New 0 I Less Physical I Functional I External I Deoreciation I I O> Deoreclated Cost of Imcrovements 0 I 'Aads" Value of Site lmrxovements Estimated Remainino Economic Life (HUD and VA only_) 50 Years I INDICATED VALUE BY COST APPROACH 0 INCOME APPROACH TO VALUE (not required by Fannie Mae) Estimated Monthly Market Rent NA X Gross Rent MuHivller NA =s NA Indicated Value by Income Aooroach Summary of Income Approach (including support for market rent and GRM) NOT REQUIRED Site value was added. PROJECT INFORMATION FOR PUP* (If applicable) t Is the developerlbuikfer in control of the Homeowners' Assocation (HOA1? I IYea No Unit Noe(s) I Detached Attached Provide the following information for PUDs ONLY if the deveiooertbuilder is in control of the HOA and the subject orooerty is an attached dweilina unit. Legal name of orolect Total number of Phases Total number of units Total number of units sold Total number of units rented Total number of units !or sale Data sources) Was the project created by the conversion of an existing buildings) into a PUD? I I Yes I IN, If Yes, date of conversion. Does the orolect contain any multi dweilina units? I )Yes I INo Data source(a) Are the units, common elements, and recreation facilities complete? U Yea U No N No, describe the status of completion. Are the common elements leased to or by the Homeowners' Association? U Yes U No If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Fam 70 March 2005 Produced u*v ACI edlwan,10023/.e727 awwadwAmm Famle Mae Form 1001 r/ech 2005 Page '3 d a 10D,,_9303305 ALL -AREA APPRAISALS, INC. Uniform Residential Appraisal Report File No. o$olosC This report form is designed to report an appraisal of a one -unit property or a one -unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from rit least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender /client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender /ciient DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions' granted by anyone associated with the sale. 'Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readi.y identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not alrea& involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Spec: sl Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence :)f hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineerin ar testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property wilt be performed in a professional manner. Freddie Mae Form 70 March 2005 Pmdwced ueing ACI so8were, 800.234.8727 w .acbvab,e0m Farads Mae Form 1001 Mreth 2006 Page 4 d 6 1004_01093006 ALL -AREA APPRAISALS, INC. Uniform Residential Appraisal Report nie No. 080109c APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this: appraisal report. 2. 1 performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. i identified and reported the physical'deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. 1 performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. 1 developed my opinion of the market value of the real property that is the subject of this report based on the sales compadw n approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. l further certify that 1 considered the cost and income approaches to value but did not develop them, unless othen indicated in this report. 5. 1 researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sa:E of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. 1 researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. 1 selected and used comparable sales that are locationaliy, physically, and functionally the most similar to the subject property. 8. 1 have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. 1 have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. 1 verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. 1 have knowledge and experience in appraising this type of property in this market area. 12. 1 am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. 1 obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that f believe to be true and correct. 14. 1 have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I hav3 noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the Inspection of the subject prof arty or that I became aware of during the research involved in performing this appraisal, i have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. l have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. 1 stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. 1 have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and /or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners ar occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and /or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. 1 personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. if I relied 'in significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisa report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change `o any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility fc,r it. 20. 1 identified the lenderlclient in this appraisal report who is the individual, organization, or agent for the organization that ord, jr-3d and will receive this appraisal report. frafte Mac Form 70 March 2065 Prodmad rukp PGI software, 800.234.8717 w .ad"b. Wm Forage Moo Fpm 104 Mitch 20M Pepe 5 of 8 1004 U.: 033006 t ALL -AREA APPRAISALS, INC. Uniform Residential Appraisal Report Rle No. 080109c 21. The lender /client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed of distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. 1 am aware that any disclosure or distribution of this appraisal report by me or the lender /client may be subject to certain ia and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another tender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appra'3111 report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. 1 directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. 1 accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. if this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if in paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) CJ "1 Signature Signature Name Chris Whitinq Name Company Name Ali Area Appraisals, Inc. Company Name Company Address 2584 Rice St., St. Paul, MN 55113 Company Address Telephone Number (651)766 -8090 Telephone Number Email Address allareaappraisalagwest.net Email Address Date of Signature and Report Date of Signature Effective Date of Appraisal 2/22/2008 State Certification State Certification 4003703 or State License or State License State or Other (describe) State Expiration Date of Certification or License State MN Expiration Date of Certification or License 8 -31 -09 ADDRESS OF PROPERTY APPRAISED SUBJECT PROPERTY 5801 Knox Ave N. ❑Did not inspect subject property Brooklyn Center, MN 55430 a Did inspect exterior of subject property from street Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $150,000 ❑Did inspect interior and exterior of subject property Date of Inspection LENDER/CLIENT Name COMPARABLE SALES Company Name Did not inspect exterior of comparable sales from street Company Address HDid inspect exterior of comparable sales from street Date of Inspection Email Address Fre"a Mac Farm 70 March WM Produced using ACI soflwere, 800.234.8727 www.adwab.00m PatWa Mn Farm 1004 Merch 2005 Papa B of B 1004_0'c 033005 ALL AREA APPRAISAL DIMENSION LIST ADDENDUM Borrower: Trepanier File No.: 080109c Property Address: 5801 Knox Ave N. Case No.: City: Brookivn Center State: MN Zi❑: 55430 Lender: GROSS BUILDING AREA (GBA) 1,986 GROSS LIVING AREA (GLA) 1,216 Area(s) I Area e lse of GSA Living 1,216 61.23 Level 1,216 61.23 Level 2 0 0.00 Level 3 0 0.00 Other 0 0.00 Basement 0 0.00 Garage 770 38.77 Area Measurements Area Type Measurements Factor Total Level Level Level Other Bsmh Garage 16.00 X IM X 1.00 16.00 X❑ 50.00 X 24.W x 1.00 1.200.00 X 35.44, x 22.00 x 1.00 770.00. X X X X x X X X x X x X x X x X x X x i X x X x X x X x X x i X x X x X x X x x x X x X x X x X x C3 x x X x X x X x X x X x x X X X x X x X X x x X x X x X x X x x x X x X X X x X x X X X x X x X x X x lJ X x Pft krm wa proWcO an 8r ACI Owekpmenl Rep OWas wshmn (800) 2348721 SUBJECT PROPERTY PHOTO ADDENDUM Borrower: Trepanier File No.: 080109c Property Address: 5801 Knox Ave N. Case No.: City: Brooklvn Center State: MN Zio: 55430 Lender: FRONT VIEW OF I SUBJECT PROPERTY i Appraised Date: February 22, 2008 150, Appraised Val pPr a ue: S w REAR VIEW OF O SUBJECT PROPERTY 1 r 4 a Y ]j Z; r STREET SCENE j th t rn,f� 1 E k l�y Y t S,F.tgat xtj +nk4 i. 5 V k 1�F y COMPARABLE PROPERTY PHOTO ADDENDUM Boraokr: Treoanier Fife No.: 080109c Property Address: 5801 Knox Ave N. Case No.: City: [3rookivn Center State: MN Ito: 55430 Lender, i t TM r ;i COMPARABLE SALE #1 f 5900 Colfax Ave N. Brooklyn Center fi Sale Date: 11/6/07 x Sale Price: 147,900 COMPARABLE SALE #2 a. t r 5843 Vincent Ave N. Brooklyn Center h Sale Date: 10/5/07 Sale Price: 149,500 F COMPARABLE SALE #3 4 l:• 5714 Fremont Ave N. Brooklyn Center z i Sale Date: 7/20/07 Sale Price: 158,400 I i FLOORPLAN Borrower: Trepanier File No.: 080109c Property Address: 5801 Knox Ave N. Case No.: City: Brooklvn Center State: MN Zio: 55430 i Lender: 1 35.0' 10.0' 16.0 0 24.0' Kitchen Bedroom Bedroom o o N Garage N 9%nette N Living Room 35.0' Entry Beth 50.0' Sketch by Apex IV WindowsTm AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Code Description size Totals Smakdown Subtaais GL111 First Floor 1216.00 1716.00 First Floor OAR Garage 770.00 770.00 1.0 x 16.0 16.00 24.0 x 30.0 1200.00 TOTAL LIVABLE (rounded) 1216 2 Areas Total (rounded) 1216 File No•� 080109c �pCAS10N MAP P Case No•: 5543 State: MN 1 re amer Knox Aue W Addre 580 ►rookl`rn Center e i I e i I 11 IDK ALE Cho ho yp pr, lyn a'V` j pe 09th 9 PP t t I' t 1 t •w. 1 s t +U A CR c t Come 1 1 t ze A 5900 Calfu A+► N' t 1 i o X iCutup 1 1 +Sgg3V;acsta ANN Y oaao Avii N a"eted u av� i M 61S Comp3 Mz ad►� t step GREM7,, Ca r W, ttt A I p A4E ,aYat'' ,i '1 t;' i slow .I i piF .F4.pyg Nff Pak C�j}t�Ct 'r`,aau SltgOlKao k �dtpBlOalf� I t r ±'4T zS71WAV@ u 1N pV6 j i i t i i i pot A yr+V+� GrYstat t i I �-r'`1 D imd'sa4odY� r 4M k r t c' Review Of 5801 Knox Ave N PID #02 118 2114 0020 For David Trepanier 2008 Board of Appeal and Equalization Y 2007 12 21 City of Brooklyn Center A Millennium Community TO: 2008 Brooklyn Center Local Board of Appeal and Equalization RE: David Trepanier 5801 Knox Ave N. Brooklyn Center, MN 55429 Mr. Trepanier contacted our office regarding his 2008 valuation notice on March 24, 2008, regarding his property located at 5801 Knox Ave N. Mr. Trepanier felt that the property was over valued and located within an area declared a polluted zone, which would greatly affect the value of the property. Mr. Trepanier indicated that an appraisal had been completed on the property, with an indicated value of $150,000. Mr. Trepanier was directed to contact Tom Bublitz in Community Development regarding an upcoming informational meeting on the vapor study in the Logan and 57 Avenue area. He was also directed to set up an appointment for an interior review with the current tenant of the property, as he was temporarily out of state. An appeal packet and comparable sales information was mailed to Mr. Trepanier on March 24, 2008. Mr. Trepanier submitted a letter of appeal and an appraisal report on March 28, 2008. The appraisal report was dated 2/22/2008. The appraiser's conclusion of value was based on three comparable properties, 5900 Colfax Ave N., 5843 Vincent Ave N. and 5714 Fremont Ave N., all located in Brooklyn Center. All three comparable properties were sold by the bank during the foreclosure process, and do not meet definitions of open market, arms length transactions, per the Minnesota Department of Revenue sales ratio study criteria. Two properties were also sold in "as -is" condition, and the third was listed as a short sale subject to bank approval. The appraisal makes no reference to adverse conditions, nor makes any consideration for the location of the property in relation to the Logan Soil Vapor Study. As the cover page of the appraisal was missing, I am unable to determine the scope of work for this appraisal. The appraiser checked that the appraisal assignment was not for a purchase transaction or refinance, but rather "other For purpose of appealing the 2008 valuation, the appraisal will not be considered a representation of an open market value. Therefore, the appraisal opinion of a market value of $150,000 was not considered. In regard to Mr. Trepanier's comments regarding the vapor study, information provided to the public on March 27, 2008 was included with the initial offer letter. Properties included in the Logan and 57 vapor study area are currently voluntarily being investigated for soil vapor intrusion. The investigation of properties in the study area, relative to soil vapor intrusion is underway, but as yet, no definitive information is available regarding the total extent of potential soil vapor contamination in the study area. Presently there has not been any market data to specifically show that sales in this area have declined due to the vapor intrusion information. In general, the City of Brooklyn Center has seen a decline in open market sales over the past year due to 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 wwu.cit3-of'brookl3- itcenter.org market conditions. If the MPCA information released affects sale prices in the affected neighborhood, those sales will be studied against the sales located outside the affected neighborhood for the 2009 assessment. A copy of the information mailed regarding the 57 and Logan Vapor Study has been included with this packet. Mr. Trepanier also indicated that the city had forced a well to be disconnected due to a pollution problem, and that the well must now be sealed. The assessor's office contacted Mr. Tom Bublitz, Community Development Specialist, regarding this information. Mr. Bublitz indicated that the city does not have regulatory authority to require anyone to "disconnect" a well. If you abandon a well, it should be sealed by a licensed well contractor. The Minnesota Department of Health regulates private wells in Minnesota. Mr. Bublitz indicated that he has no knowledge of the MDH or MPCA contacting this individual regarding his well. As part of the 57 and Logan investigation, they are conducting a well survey to see how many people have wells, sealed or unsealed, in this area. An informational document on wells has been included with this packet. An appraiser from the Assessor's office reviewed Mr. Trepanier's property on March 27, 2008, accompanied by the renter, with Mr. Trepanier's permission. The physical characteristics of the property were updated and an estimated market value for the 2008 assessment was re- calculated based on the changes. These changes represented a value reduction of $4,400. Mr. Trepanier was contacted by letter with an offer to reduce the 2008 assessed value from $172,000 to $167,600, for taxes payable in 2009. Mr. Trepanier contacted our office by phone in the interim and declined this offer. In reviewing sales of comparable properties, there were thirty -six rambler sales located in the South East section of the city. Of these sales, three rambler home sales were selected that were considered comparable to Mr. Trepanier's property and were located within the vapor study area. Mr. Trepanier's original 2008 estimated market value of $172,000 falls within the indicated range of adjusted sales. The enclosed grid indicates a value range for the subject property of $161,900 to $179,700. It is staff's recommendation to reduce the 2008 estimated market value of $172,000 to $167,600 for taxes payable in 2009. This reduction is reflective of the changes in property characteristics only. Res ectfull p Y Nancy Wojcik, SAMA City Assessor SUBJECT PROPERTY 5801 Knox Ave N David Trepanier PID# 0211821 140020 I 4 a� JJJVVVVNNIIII 2007 12 21 Land Characteristics Land Area 9,880 sq. ft. 2008 Land Value $60,900 2008 Building Value $111.100 TOTAL 2008 EMV $172,000 Building Characteristics Style: Rambler 1,216 sq. ft. Main Level Room Count: 5 2 1 Full Bath Below Grade Room Count: 1 0 0 Bath Garage: 3 Car Attached Fireplace: None Porches /Decks /Misc.: Freestanding Open Porch Central Air Conditioning: CAC Hennepin County Property Map Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The pen meter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its denvatives. SB1a 581] 5808 5807 5800 2 S i X 0 z Y 500 1 1' 5801 l i 58TH AVE N 1 l l z h 22 S t X t o 5733 5738 57na ii ii i� n ,i 5740 r i Selected Parcel Data Date Printed: 4/27/2008 4:26:19 PM Parcel ID: 02- 118 -21 -14 -0020 Current Parcel Date: 4/11/2008 Owner Name: D A TREPANIER P TREPANIER Parcel Address: 5801 KNOX AVE N BROOKLYN CENTER, MN 55430 Property Type: RESIDENTIAL Sale Price: $113,000.00 Homestead: NON HOMESTEAD Sale Date: 11/2001 Area (sgft): 9880 Sale Code: Area (acres): 0.23 A -T -B: TORRENS Market Total: $180,800.00 Tax Total: $2,597.52 L Hennepin County Oblique Aerials Images courtesy of: Microsoft`s Virtual Earth TM 2008 Flight Date: April 2006 Show Hide Mao Control r r e 4,.. k .scar L �S' S T �3 v x J 7 1 l P� 1 58th Ave N A J I o �I 1 GIS -Property Data of 's rr on i r& r• rl Property ID House# Street Name Unit 1 Photo(s) on file Today's date: 4t28t2008 1 Sketch(es) on file Release: 1.04.02A All 02- 118.21- 14-0020 Address: 5801 Knox Ave N Assessor Comments on file Logged on user: JBRENNA (Assessing Jill Brenna (PDS)P Single PID 1 Parcel Search 2 Clear 3 Print 4 View Photos Parcel Status: ACTIVE ±7 Parcel Administration _R I ?:j Values Administration Values Information Save t; Clear Delete -0- New Sub j& T0H Q LMV Homestead Update Initial Assessment Last Appraised Year Up& Assessment Year: i 2 008 Version: f Current: LMV Update Tax Capacities Update TOH Update PID: 102-118-21-14-00201 Subrecord: Y' 1 of 1 Pro Type: I 1 +1 S ales Administration p yp R Residential v Last Appr fear: 04 �0 -.Qj Property Characteristics Prim /Sec CD: I v I P/S PID: Coop CD: v I Coop PID +]..Q CAMA 4.0 Special Assessments Exempt l Deferred Information f:liscellaneous Information I Homestead Information f-'] Reports and Inquiries Code: I tv,; (V Notice Sent Partial Cons( Hmst CD Pct Owner: +I L1 Database Utilities Type: t l F Ag Use r EMV F_ M d Year Hmst Wrist Rtn: I 4v Year: I 10 Acre Contig Ind Rel Hmst Hmst FTP: l N v I� 320 Acre IF Proj Nbr. r Hmst CRV Filed District: i Neighborhood: 0054 Min Assess Last Sale: 11 A 12001 $113,000 Market Values 24 Value History Records Land: 60,900 ImproveAmt: Year !Sub Ver Land Bldg Total Mkt I Imp Amt LMV: R 1 1 60,900 111, 172,000 0 B ac 111,100 20 1 1 5 8,000 1 22,800 18 0, 8 0 0 _0 t Mach: TOH: 2006 1 1 54, 900 12 8,600 183,500 0 Total: 172,000 Taxable Mkt: 172,000 _2005 1_ 1 __..._.47,900 112,300 160,200 0 200 1 1 39,900 115,500 155, 0 Tax Capacity 2003 1 1 29,900 107,3 137�200� "0 r Do Not Calc Tax Capacity Tax Capacity: 1,720 2002 1 1 26,300 104,600 130,900 0 2001 1 1 24,700 88,700 113,400 0 Trial Market Values 2000 1 1 21 77,700 _9 9,300 0 Land: 60,900 Total: 183,700 1999 1 1 20, 60,80 8 1,300 0 J Bldg: 122,800 1998 1 1 20,000 58,600 78,600 0 'i 1 .997' 1 1_ 1 A Rfin P i$m 77 -5M 2.�. i 1 Today's date. F{eleaSe 1 .04.0 n s) on ged on user: JpEIJtJA file 1_og 1 Phot-� s on file «e5stnu Jill t3renna iFGS' Llrih (A 1 Shetch{e) Fnts on file atus: AC11 \+E 1 Street Nam Parcel St pssesser Comm House# iq Properly ID Address 5801 �Ynox{�veN .....�r�r;•rF'Y, 3 Print 18 21 14 0020 2 Cleat 1 Parcel S Single PID ManualLan M anual Assessment 'atcel Administration values Administratio 2 t Values Information pssessmentYear: 008 Style-. One LevellRambter Homestead Update W 606R1 Summ Quaty: Last Appraised Year 00 Buildm9 Land i ary li t21 Zoning. Single Family Age: LMV Update es Update 1) Welling Type' T ax CaP l 1216 0.0 TOH Update TotalGBA: 0.0 Shape X $67.07 1 �$15.p a Sales Administration Basic Rate: Ext.VJ a ll X 960 SgFt Propetty Characteris Land Adjusted R tics $67.07 $14,40 0 Ft 00 ate: 1 Add Basement: Sg Insp ec tions 4 4� Insp Rate' GBA: Ded. Unf.GBA: Residential Adl i al i lndustual Commerc $95,8`a7 $Cr Patio Doors: Multi Family 1 Adjusted T ota1: 2,668 $8 patmers: $0_ $1 p40 Decks'. Field Gard Print Garage: i $p $26,008 r $•0 Air Cond: $O Pools. 1 CAMA walkout. CAMA Inquiry Additive Amount. i 0 POIChes• t 1 $0 Firr.Bsmt: tAatketValue Residential Patios: Fireplaces: $C Market'J alue C k r o ro0p Kitchen: M arket V alue M ulti -F amity g aths: t Rate Tables Land 4.0 Rate Tables Residential $121,865 5.0 Intluernres% I COMA Land T otal cost: I 0•Q Depreciation E corror6ic CAMA Residential S,p 0.0 $111,1 Adjustments X. Functional CA MA bldg- d Mkt, Value: +l 8 pedal Assessments $60; Reports and Inqurne DatabaseUtiGties Land Mkt. Value: $172 $110,8 Value'. Total h4kt• Value: Building $200 FlaNalues: mw LOGIS Property Data System City of Brooklyn Center -Files on BC Server -cCAProgram Fites%I_ogis%PDS cs Property ID House# Street Name Unit 1 1 Photo(s) on file Today's date: 4i27�2008 1 Sketch(es) on file Release: 1.04.02A Knox Ave N 02 Address: 5801 Assessor Comments on file Logged on user. Nva iJCltt _.11 ____1 J C___ fAssessinu PJancv'a`Uoicik (PD Single PID 1 Parcel Search 2 Clear 3 Print 4 View Photos Parcel Status: ACTIVE Tax Capacities Updab ,df 1 0 TOH Update In Value Notice File Values Mass Update AssessmentYear. -er� 2008 Manual Assessment l Manual Land f -1 Sales Administration Sales Information Building I Land I Summary F' Sales Ratios e Quality: Style: Comparables Informati Dwelling Type: Single Family Q y: IB06 y IOr Level/Rambler MinMax_Codes Total GBA: I 1216 Age: 128 Zoning: JR1 Price /TimeAdjustmen i Weight Parameters Basic Rate: $67.07 Comparables Batch U Adjusted Rate: I $67.07 Ext. Wall o: I 0.0 Shape X 0.0 Property Characteristics Land Adj Rate GBA $81,557 Add Basement: I $14,400 960 SgFt I$15.00 i Inspections i I Ded. Unf.GBA: $0 0 SgFt I$30.00 Residential Commercial Industries Adjusted Total: $95,957 Multi-Family Field Card Print Additive Amount: $26,060 Garage: $11,120 Dormers: $0 Patio Doors: $0 Inspections Mass Add Property Mass Update Walkout: $0 Air Cond $3,040 Decks: I $0 j Residential Mass Add Patios: $0 Porches: $1,600 Pools: I $0 LAMA CAMA Inquiry Baths: $:5,500 Fireplaces: I $0 Fin.Bsrnt: $4,800 Market Value Resider Total Cost: $122,017 Kitchen: $0 k Value ar F Commer Market Value Multi -Fa Adjustments X -12.5 Depreciation -8.5 Influences I -4.0 Rate Tables Land Rate Tables Resider; Functional 0.0 Economic 0.0 LAMA Land r_ CAMA Residential Building Value: I $106,700 CAMA Bldg. Mkt, Value: I $106,700 +I Special Assessments Reports and Inquiries Flat Values: I $0 Land Mkt. Value: $60,900 System Reports -Prop Total Mkt. Value: $167,600 Ok C wof -..m R ennrts As.,zf City of Brooklyn Center PID: 02- 118 -21 -14 -0020 Property Type: R Residential Residential Field Card Property Address: 5801 Knox Ave N 'Zoning: RI Printed: 4/28/2008 Lot Block: 057/000 Dwelling Type: Single Family Assessment Year: 2008 Addition: Auditor's Subdivision No. 218 Hennepin County, Owner(s): David A Trepanier Version: I District: Model: Neighborhood: 0054 Patricia Trepanier OW Zoning: RI Partial Const Pool 1 Area: Spa: Interior: t. >j Area Rating: Very Good Model: Quality: Dix: Trim: Bedrooms: 2 40 24 Mi 960 Site Rating: Good Dwelling Type: Single Family Pool 2 Area: Full: 1 Average Floor: Baths: I 10 24 240 Land Quality: A01 -Land Adjacent Property: Negative Quality: 3/4: Avg. Clear. Height: Family: I 1 16 16 Contamination: View: Equal I 1/2: of Fireplaces: m Flood Plain Map Ref: Arch. /Appeal: Average t5, Fplc Quality: Living: 1 0 0 0 PUD Ref: Quality: B06 Dining: 1 0 0 0 Bedrooms: 2 Allowable Units: Shape: Square IM$1i9 Kitchen: 1 0 0 0 Excess Land (SgFt): Style: One Level/Rambler Baths' I S pa: Other: 1 0 0 0 Zoning Variance: N Construction: Wood Frame Family: Dix: Total: 7 Frontage: 73 Exterior Walls: Wood Living: 1 Full: Left Side: 135 Exterior Right Side: 135 Roof Cove Sh Br Dining: 1 3/4: les T e Kitchen: 1 Rear Side: 73 Roof T e: Hi Area (SgFt): 960 1/2. Ri Other: 1 Date: 11/01/2001 g g Type: Regular Total Rooms: 6 Price: $113,000 Effective Width: 73 Window Type 1: Double Hung Finished 50 Bedrooms: Code: 99 Effective Depth: 135 Window Type 2: Quality: Fair YEVI Baths: Desc: Conversion -X Sales Effective Water: 0 Air Conditioning: Central of Fireplaces: Interior: Other: Property Area (SgFt): 10,125 Dormer Length: Fplc. Quality: Trim: Total Rooms: Acreage: Dormer Quality: Avg. Clear. Height: Floor: Appraiser ID: 19 Park: Patio Doors: Elec. Svc: Standard Avg. Clear. Height: Appraisal Date: 06/23/2003 Park Quality: Ht g- Svc: Forced air, as fired of Fireplaces: Res. Cond: Good Reason: g g Conversion On Lake: W.O. Type: F Ic. Quality: Int. Layout: Standard Quality: iECi� ype. P Q ty Y Result Interior Lake uali RCi W.O. Quality: Manual Assess: N On River: Placement: Attached Actual Age: 1955 River Quality: of Cars: 3 Spa: Effective Age: 1980 Landscape Quality: Average Floor Area: 792 Dix: Renovated Age: Appraiser ID: Condition: Average Spa: Full: Functional d Exterior Walls: Wood Di 3/4: Economic Appraisal Date: 1/2. Full: a tl(1' Reason: Placement: 3/4: F. llnfin. 1st GBA: of Cars: 1/2: Bedrooms: Unfin. 2nd GBA: Result Floor Area: Baths. Unfin. 3rd GBA: Gas Other: Condition: Total Rooms: Bedrooms: Unfin. GBA: Left Tag: Yes No Paved Street Exterior Walls: Baths: 1st Floor Area: 1,216 a r Sewer Available. Family: 1 2nd Floor Area: 011iffiall gill 111111l Glazed Area: Kitchen: 3rd Floor Area: Value: Water Available Quality: Other: Total GBA: 1,216 Desc: Screened Area: Total Rooms: I Quality: Kit 1 Open Area: 200 Kitchen Rating: Very Good WRAPPED ORIG WINDS, GOOD. MFSF. GAR HAS VENT FUNC FURN/BUT IT ISN'T HOOKED UP Apartment Quality: Average Interior: Sheetrock NO INSUL. 80S UPDATES IN KITCH, RP CABS NEWER COUNTER. CT WAINSOTT SUR IN BATH, Trim: Hardwood VINYL FLR. 1 LG BR W/WIC MADE FROM 2 SMALLER BRS- REDUCED UTILITY. BSMT FIN NO Patio I Area: Floor: Carpet CEIL, INTERIOR FRAMING BLK EXT WALLS, CARPET =50 AT FAIR. LENNOX= F(07). 6 X 6 Quality: Avg. Clear. Height: METAL SHED NV. FREE STANDING OPEN PORCH. Patio 2 Area: of Fireplaces: Quality: Fplc. Quality: Deck 1 Area: Quality: Deck 2 Area: Quality: City of Brooklyn Center PID: 02- 118 -21 -14 -0020 Property Type: R Residential Residential Field Card Property- Address: 5801 Knox Ave N Zoning: RI Printed: 4/28/2008 Lot Block: 057/000 Dwelling Type: Single Family Assessment Year: 2008 Addition: Auditor's Subdivision No. 218 Hennepin County, Owner(s): David A Trepanier Version: I District: Patricia Trepanier Model: Neighborhood: 0054 4 f e l I' s.•- 36' i r 1G' I 10' 24 Gat age Fiist Flow 4 792 N 1216 N 50• 40' pC j U 200 B 1 20' i N Basement N FREESTAIIDIIIG 960 40' Sketch by Apex 1\1 A ENT t�Krl' PID# 012 '1 1 COM NAME Lt Au,►uST� COM SALE LU MNAKAI 3 ppDRESs tN ilAl- APPRAISAL OF oP. #2 5733 James A N PID COMP. #1 1900 BrookvjQlN Dr 0211$ 21 1414 00� 20�2 111ie' nuauY 0 2 118 21 42 atom y a varaoe o`o"ro 57ocrapn pavid T e 0 2 118 21 2 „1 4 pQ6 5801 Knox Ave IE 1 14 0020 s PRICE nt $173 750 p4jusrm° Fnanotn sake Price i X209 (poluiwd tot Financel y173 7 5 PloP.Ay photoasaP b t 3,500) SALE DA TE OCO 07 Sale Price 154,500) $209, Se p- 07 518, 300 ■rear.- �,17� LOCATION 5 ^,58, Dea'� 0,71400) L01 s I 5192,3 pver aCe PRICE ST SALE MayAT so FT YL inanc,nG 5151, 1 s.1.l XI Oracle F rice AveraOe 512,Qp0 slzEt Sale P Fi 1 "1 RoomEORD BR 1pdiust.a for 1Rp't 6R 'r 57 F7 A f 2 C OVE GRD B� HS SALE DATE pvvn9� (f q,8 YEAR gU 1 FULL QUALITi1COND Sale Price pvotiW 10.30 8Q 1 954 5Q FT 7 f 3 196 PLACES d for Tom) %w 8G FT RwaLEF_ r #FIRE (Adluste HEAT I AIRC• LOCATION FT 612 1 FULL A 1 00 I FRT 1 CAC 1,2168Q 1953 Good 0 T ON SITE a Gpp g5M, n IS) �5"LE '21 so 612 FULL Averag �854 pINIRMS ���q 00) GARAGE t�' SIZE t t AbeWOtaMRoo,^ FULL �tg55 G oo d (j2+� GFAICAC 1210 5 1 e f G 55 °i f Ccum 1 BR yg66 Avrrte9 1 ,35c sa OVE ORO BABA T 1 4 ppll DETACHED REl4fofl LING pWr+Oef rjOOd f 9ATK FULL 14,00 HU1LT 75 1311 �p ER /EAR�tc0Mp 93 $400 $400Q ATTACH EPLAr+E GFAiC�� $8, 2CAR FREESTANDINGSHOWER $9,400 NetAdNr 0000 FIRS 950 SQ 0.4 1 010 NEATIA�C' t RDEiAC11ED C 1 524900) �17(3ZOO B SM T 1 501 F AIR I 1 0 1 CA bstAl A TTACHED SCAR pmfwAs1aAT� 0 §10 $00 ,400 GARAGE 0- DECK i- BRS COMBINED ,NTO MBR WPM p*1ENITIES PE ON PORCH 1 $1 61 ,9()0 REMI�D� 179, ortalt a $161 +900 t0 fn 1h W alk 1n has et 3 N Value Rang to $167 ,600. aster BedrOO w'ectproperty s a 172, average M jlln9 Subj arket value is c111at1on• V from 000 g n econ a larger than Wa11s, no stimated m lndieaf@d Va1° Valua t ion R Reduc i interior 2 M e 27. 8 regardi mgndatlOn: e ain floor b�o� exterior walls (e all 3 Ck ComPa ee n9 M arc h 200 oncOn 1 vi P Ct has 2 m_uN with b .'ea' as a �,.,,tprrfntoemation m on SALES COMPARABLE MAP Subj 5801 Knox Ave N 5M Ave N r I Subject 581tiAve t1 Camp 37i Ave Camp i Y LIB r virtlw Earth 5ft Ave N i'aNF►MMmI�NIk am Comp #1 5730 James Ave N Comp #2 1900 Brookview Dr Comp #3 5733 James Ave N Bsmt Central Deck Porch Total Total Subject Property Style Age GBA Bsmt Area Finish Gar Location Cars Air Area Area Bdrm Baths 2008 emv price per sq. ft. Address 5801 Knox Ave N Rambler 1955 1216 960 50% Attached 3 Yes No No 2 1 172,000 141.45 Brooklyn Center, MN 55430 Comparable Rambler Sales Nbad #54 South Ea-t Bsmt Central Deck Porch Total Total Cash Equiv. Street Name Style Age GSA Bsmt Area Finish Gar Location Cars Air Area Area Bdrm Baths Sale Date Sale Price sale price per sq. ft. 5432 Dupont Ave N Rambler 1947 614 594 70% Attached 1 Yes 0 0 2 1 11/17/2006 169,500 276.06 5322 Knox Ave N Rambler 1940 728 72 80% Detached 1 No 174 0 2 1 6/18/2007 136,000 186.81 5729 Bryant Ave N Rambler 1938 764 288 0% Detached 2 Yes 0 0 2 1 9/27/2007 121,153 158.58 5316 Logan Ave N Rambler 1951 778 778 50% Detached 1 Yes 0 0 2 1 5/31/2007 147,500 189.59 5507 Colfax Ave N Rambler 1947 864 864 50% Detached 2 Yes 48 93 2 2 4/25/2007 195,597 226.39 5733 James Ave N Rambler 1953 874 864 55% Detached 2 Yes 0 0 2 1 9/5/2007 180,000 205.95 5431 James Ave N Rambler 1955 897 897 0% Detached 1 Yes 0 0 3 1 1/26/2007 157,000 175.03 5350 Knox Ave N Rambler 1954 912 912 50% Detached 1 No 0 0 3 1 5/30/2007 149,720 164.17 5344 Irving Ave N Rambler 1954 921 92 50% Detached 2 No 0 0 3 2 12/1/2006 170,000 184.58 5418 Irving Ave N Rambler 1955 930 930 75% Detached 2 Yes 278 0 3 2 5/18/2007 187,500 201.61 6101 Fremont Ave N Rambler 1953 960 960 50% Detached 1 Yes 0 0 3 2 11/16/2006 175,000 182.29 6024 Dupont Ave N Rambler 1955 970 960 50% Attached 1 Yes 0 0 3 1 4/5/2007 164,000 169.07 5809 Colfax Ave N Rambler 1954 971 960 90°x6 Attached 1 Yes 0 0 3 2 11/8/2006 185,000 190.53 6227 Colfax Ave N Rambler 1955 974 960 60% Detached 1 Yes 0 0 3 1 10/6/2006 193,400 198.56 6237 Bryant Ave N Rambler 1954 975 960 60% Detached 2 Yes 96 0 3 2 9/26/2007 166,000 170.26 5541 Morgan Ave N Rambler 1955 986 960 50% Attached 1 Yes 0 0 2 1 4/12/2007 165,000 167.34 5715 Dupont Ave N Rambler 1954 988 1108 60% Detached 2 Yes 0 120 2 2 4/24/2007 179,353 181.53 5307 Newton Ave N Rambler 1957 1014 1014 50% Attached 1 Yes 0 0 3 2 6/28/2007 171,900 169.53 505 61st Ave N Rambler 1954 1032 1032 0% Attached 1 Yes 0 0 1 2 10/16/2006 208,000 201.55 5300 Girard Ave N Rambler 1972 1040 1040 75% Detached 2 Yes 344 0 5 1 10/6/2006 220,000 211.54 2328 Brookview Dr Rambler 1956 1040 1040 75% Detached 2 Yes 84 168 2 2 7/17/2007 179,901 172.98 5415 Penn Ave N Rambler 1955 1050 1050 0% Attached 1 Yes 0 117 2 2 3/22/2007 164,406 156.58 5306 Queen Ave N Rambler 1956 1052 1052 50% Detached 1 Yes 0 0 3 1 10/13/2006 184,500 175.38 5318 Newton Ave N..--, Rambler 1958 1066 1066 80% Detached 2 Yes 0 0 3 2 10/23/2006 179,500 168.39 5409 Queen Ave N Rambler 1956 1085 1085 70% Attached 1 No 0 168 3 1 10/30/2006 187,650 172.95 531 Logan Ave N Rambler 1969 1086 1056 75% Detached 2 Yes 0 0 3 2 4/27/2007 215,000 197.97 5817 Colfax Ave N Rambler 1954 1100 960 70% Attached 1 Yes 0 0 4 2 9/17/2007 186,000 169.09 2331 Ericon Dr Rambler 1956 1104 960 50% Attached 2 Yes 0 0 3 2 2/15/2007 193,600 175.36 5400 Girard Ave N Rambler 1949 1142 976 0% Attached 2 Yes 0 0 2 1 8/22/2007 186,250 163.09 5350 Dupont Ave N Rambler 1972 1176 1176 80% A ttached 3 Yes 216 0 3 3 4/17/2007 228,040 193.91 5344 Knox Ave N Rambler 1954 1206 912 60% Detached 2 Yes 160 0 5 1 11/3/2006 206,000 170.81 573 James Ave N Rambler 1955 1216 960 0% Detached 1 Yes 90 0 2 2 5/23/2007 158,500 130.35 5424 Irving Ave N Rambler 1955 1248 968 60% Detached 2 Yes 0 0 4 2 8/27/2007 169,993 136.21 5930 Dupont Ave N Rambler 1954 1280 960 50% Attached 2 Yes 0 0 3 2 5/9/2007 220,000 171.88 1900 Brookview Dr Rambler 1953 1354 1354 75% Attached 2 Yes 117 0 3 2 12/19/2006 209,000 154.36 5421 4th St N Rambler 2003 1584 1584 50% Detached 2 Yes 0 0 2 2 6/29/2007 218,360 137.85 avg 181,342 17 median 179,951 174.00 MINNESOTA -9' Mnesota Pollution C Control Agency B CEWER N DEPARTMAENTOFHEALTH Dear Resident/Property Owner: The Minnesota Pollution Control Agency (MPCA), the Minnesota Department of Health (MDH), and its local partner, the city of Brooklyn Center (the City) need your help and cooperation to complete a pollution investigation in your neighborhood over the next several weeks. The City has hired an environmental consultant, Tetra Tech, to look for underground vapors that possibly could be entering homes and buildings in your neighborhood. The investigation is related to contamination associated with a historical dry cleaning operation located on the north end of the former shopping center site in your neighborhood. Some of the shallow water found underground, commonly known as ground water, near the former shopping center site is contaminated with dry cleaning- related solvents and could release vapors that can rise through the soil and seep through basement and foundation cracks and holes into indoor air. This is known as "vapor intrusion." The City, MPCA and MDH will need property owners to sign access agreements so workers can take soil vapor and air samples around and possibly in your home or building. It is important for you to know that the City's drinking water supply is not affected by the contamination from the former shopping center site, since the affected ground waxer is only 15, feet below the ground surface, and the City's municipal drinkipg water supply comes from wells in much deeper, protected aquifers. The City, MPCA and MDR also want to assure you that there is no evidence suggesting an imminent health risk from vapors to residents in your neighborhood, but the potential vapor intrusion problem needs to be checked out 'If vapor problems are identified from this investigation, remedies to your homes will be offered at no cost to the property owner. Representatives from the MPCA, MDH and the City of Brooklyn Center will hold a public meeting on March 27, 2008, to update the community on the situation: Logan &'57 th Avenue Redevelopment Site Vapor Study Informational Meeting March 27, 2008 7 p.m. Brooklyn Center Community Center, Constitutional Hall 6301 Shingle Creek Parkway Doors will open 90 minutes prior to the meeting start time, giving attendees the opportunity to speak directly with officials from the various agencies. A formal presentation will take plaice, including a question and answer session. 1 Below are some commonly asked questions about vapor intrusion issues, and further details about the additional vapor study in which we are seeking your involvement and cooperation: Why am I being asked to participate? Your property is located in an area containing homes and structures that the City would like to test for elevated levels of volatile organic compounds (VOCs). The attached figure shows the approximate boundaries of the initial area of study. VOCs are commonly used in business and industry as degreasers, dry- cleaning fluids and metal cleaners. VOCs were spilled in the area and have entered the shallow ground water and moving into air spaces in the soil as vapors. Why is this testing necessary? Ground water underneath the area is contaminated with the VOC compound called perchloroethylene (PCE). Tests also found VOC vapors in the soil in the area shown on the attached figure. The source of the contamination was a former dry cleaning facility located in the now demolished Hmong American Shopping Center. Why are we concerned about VOC vapors in indoor air:' While most people can smell high levels of some VOCs, other VOCs have no odor. At low levels there is usually no detectable odor from VOCs. Breathing low levels of VOCs for long periods of time may increase some people's risk of health problems. Even though health risks are low, officials want to make sure people's health is protected by taking steps to identify and reduce or eliminate any vapors in basements and crawl spaces. How will the sampling be done? With the owner's permission, the (city's consultant will sample a few homes to see whether contaminated soil vapors are seeping into the indoor air. The first step will be to drill a small hole in the basement or crawl space floor to collect a sub -slab vapor sample, aprocess that takes approximately one hour. The hole will be completely sealed when sampling is completed, if the homeowner agrees. Sub -slab samples can be more accurate than indoor air samples, which can be thrown off by the presence of common household products such as cleaners and paint. The sub stab sample will be collected in a canister and tested by a local laboratory. The results will be provided to the property owner within approximately 30 to 45 days. If VOCs are detected beneath my property, what will be the next steps? If the sub -slab sample results indicate elevated vapor levels, the City will double -check basements, crawl spaces, and, with the resident's permission, temporarily remove all household cleaners and paints prior to collecting a sample of the indoor air. The indoor air sample will be collected by leaving a sampling canister in the basement area for 24- hours. After 24- hours, the City's consultant will pick it up and have the collected air sample sent to a laboratory for testing. How many homes need to be sampled? The MPCA, the MDH, and the City would like to collect sub -slab samples from at least 15 homes. The number of follow -up indoor air samples will depend upon how many sub -slab sample results show elevated vapor levels. How will the results of the sampling be used? The results of the sampling will be used to identify where elevated vapor levels have been detected and which homes in the area will need the vapor intrusion problem to be corrected. 2 UVU I UUr�oo u" aawa� *-f �u�dou5 u ea!aaw'd ar�Ul eaad uoqe6 waillillillow oo� laAua7 a 10 aUa3 uo��e6�a N Qa1d ua' V �°oY9 p �uaw�ola ^JAILS x w 7 T G j f r�3lnypOg9 c F O buiddo UZY-MUN t 5 OF o�� r , i If my property is in the area that has vapor problems, how will the problem be corrected? If your home is within the area where testing shows there is a vapor problem,the cooperating agencies will take all steps necessary to correct any problems and protect the health and safety of residents. With your permission, a vapor venting system will be installed at your property at no cost to you. This system is exactly the same as that used to prevent radon from entering homes. The venting system typically consists of a vertical PVC pipe that is installed in a small opening in the basement floor and is then extended vertically through the roof.A small fan is installed within the pipe in the attic space of the home to encourage vapors to pass through the pipe and out the roof rather than to enter the home through openings in the basement. Contacts: For more information,questions or comments, you can contact these representatives: Minnesota Pollution Control Agency Karen Kromar, Project Manager, 651-297-3080,karen.kromarnuca.state.mn.us Rick Jolley, Hydrogeologist, 651-297-5573, rick.jolley @,pca.state.mn.us Minnesota Department of Health James Kelly, 651-201-4910,j ames.kelly@health.state.nm.us Tannie Eshenaur, 651-201-4873, tannie.eshenaur(a—�health.state.mn.us City of Brooklyn Center Curt Boganey,City Manager, 763-569-3300 Tom Bublitz, Community Development Specialist, 763-569-3433 3 III LOGISMap Output Page Page t-crf,I 8A11t1,.Park_ T I 11" AVE N mao 22 5631 3<7! 5731 1 + t 501 1 J *� 30b , 76.74 5513 !u4 5425 I 9K 915 to 1 •' ,�{� !1 S 4614 I sail Salo I U14 I 4619 Seto S419 e �6 5500 913 �� 155,2 I 5517 W2 5545 - SSt2 sail 55:1 5513 U) ° �' /!J 4m1 5 550/ 5507 151 550) 5501 54oa 5606 1 ' N 1 5501 `fib S60t WI 'US 3501 wm 5501 Site SSOt 55066 5501 d/TH AVE N _ ' i�S742' SH3S7N .��, 5154 $743 5742 5743 We I W 5740 -1 p Y I<�>1 u• 4717- 5732 5733. 57X 5777• l74D' 3113• 7144 573? 1736 5737 •t 5770 573' 1 577 - i721. 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Whv is well disclosure important? Is the seller liable for false disclosure? When and how do I disclose wells on my orooertv? Is a well disclosure certificate needed if one was filed for a previous transfer of the orooertv? What if there are no wells on my orooertv? How do I know if there is a well on the orooertv? What if a well is not in use? What is well sealing? What is a maintenance permit? Where can I oet more information or heir)? What is well disclosure? Well disclosure is the process by which the seller of property provides information to the buyer and the state about the location and status of all wells on the property. This process is required by state law, a portion of the Ground Water Protection Act (Minnesota Statutes, section 103I.235). The law applies to all types of wells, including wells used for drinking water, irrigation, livestock, commercial or industrial processing, heating or cooling, or monitoring. These wells include drive-point (sand:-point) wells, drilled wells, and dug wells. Why is well disclosure important? Well disclosure gives valuable information to the property buyer about the location and status "of wells including unused or "abandoned" wells on property that is sold or transferred. Unused wells provide a pathway through which contaminants at the ground surface may move down to the groundwater and contaminate nearby wells. Groundwater provides drinking water to three out of four residents in Minnesota and must be protected from contamination. Identifying and sealing unused wells is one important way to protect this valuable resource. Is the seller liable for false disclosure? Yes. A seller is liable to the buyer for reasonable attorney fees and costs related to sealing of the well if the seller knew or had reason to know but failed to disclose the existence or known status of a Well at the time of sale. The buyer has six years after the purchase of the property to bring action against the seller (Minnesota Statutes, section 103I.235). When and how do I disclose wells on my property? Before signing an agreement to sell or transfer real property the seller must disclose in writing to the buyer information about the status and location of all known wells on the property. This requirement also applies to contract- for -deed sales. Included in the WELL DISCLOSURE STATEMENT are: 1. the legal description and county; 2. a map showing the location of each well; and http: /www.health. state. mn. us /divs /eh/wells /disclosures /index.html 4/17/2008 Well Disclosure/Property Transfer Minnesota Dcpt. of Health Page 2 of,4 j 3. whether each well is in use, not in use, or sealed. A well is "in use" if the well is functioning for some purpose. A well is "not in use" if the well is not functioning or is not capable of functioning, such as when the well pump on the well is disconnected, or when the well is no longer connected to a power supply. A well is "sealed" if the well has been filled with an approved sealing material by a licensed well contractor or _a licensed well sealing contractor and the Minnesota Department of Health (MDH) has received a Well and Boring Sealing Record. At the time of closing of the sale, the information on the well disclosure statement, the name and mailing address of the buyer, and the quarter, section, township, and range OR lot, block, and addition name of the property must be provided on a WELL DISCLOSURE CERTIFICATE IPDF: 69KB/3 oaaesl. This form is also available from many realtors, county recorders, or district offices of the MDH. The seller or person authorized to act on behalf of the seller signs the certificate. In the absence of the seller's signature, the certificate is prepared and signed by the buyer or person authorized to act on behalf of the buyer. In the case of a contract- for -deed sale, the certificate is prepared and signed by the seller (grantor) or person authorized to act on behalf of the seller (grantor), when the contrast is recorded at the beginning of the contract. When the contract is recorded at the fulfillment of the contract, the certificate is prepared and signed by the buyer (grantee) or person authorized to act on behalf of the buyer (grantee). When the deed is recorded with the county recorder or registrar of titles, the buyer must provide the Well Disclosure Certificate along with a $40 fee. Contact the MDH for proper procedures for the disclosure of well(s) at the time of the sale of condominiums or state- leased land. Is a well disclosure certificate needed if one was filed for a previous transfer of the property? A new disclosure certificate is not required if the number and status of the wells has, not changed since the last- certificate was filed. However, the following statement must be included on the deed to comply with the certification requirement: "I am familiar with the property described in this instrument and I certify that the status and number of wells on the described real property have not changed since the last previously filed well disclosure certificate." This statement must be followed by the signature of the seller or buyer, or person authorized to act on behalf of the seller or buyer. What if there are no wells on my property? A well disclosure certificate is not required if there are no wells on the property. Before signing an agreement to sell or transfer real property, the seller must deliver a statement to the buyer that the seller does not know of any wells on the property. The deed_ must contain the statement: "The seller certifies that the seller does not know of any wells on the described real property." For a fulfillment of the contract- for -deed sale "grantee" is used instead of "seller" and it is followed by the signature of the grantee. This statement must be followed by the signature of the seller or buyer, or person authorized to act on behalf of the seller or buyer. For a contract- for -deed sale "grantee" is used instead of "seller" and it is followed by the signature of the grantee. How do I know if there is a well on the property? httn /www hesith ctitP mn 4/17/2008 Well Disclosure/Property Transfer Minnesota Dept. of Health Page 3 of 4 A well usually appears as a pipe or casing from 1 -1/4 to 6 inches in diameter, but may be a ring of concrete or tile up to 3 feet in diameter. The pipe may be sticking out of the ground or in a pit. A well inside a house often can be found by looking in the basement for a pipe that is sticking up from the floor. This pipe may be in a utility room or a small room adjacent to the basement. A glass block in a porch step often indicates the location of a well, which is directly beneath the block. Many older wells were buried. Pipes sticking out of a wall in the basement may lead to a buried well. The previous owner or a neighbor may have knowledge of the location of a well. In cities and towns, homes constructed prior to the installation of city water services usually have one or more wells, which are often unused and unsealed. Houses that are not connected to a city water system usually have one or more wells on the property. The city hall usually has information about when the house was built, when city water was installed, and may have information about the well itself. In rural areas, farmsteads may have additional wells located in, or adjacent to, outbuildings or livestock areas. Lake cabins usually have wells as a source of water. A licensed well contractor can provide assistance in locating wells. For further information, see the Findinq Lost Wells check list. What if a well is not in use? If a well is not in use, the property owner has three options: the well can be put back into use; the well can be sealed by a licensed well contractor, or a licensed well sealing contractor; or the property owner can apply for a maintenance oermit. -If one of these steps has not been taken at the time of property transfer, it will be the responsibility of the buyer to choose an option and follow through with it. What is well sealing? Well sealing is the process of permanently and completely filling a well with an approved sealing material, called "grout." State law requires that a well must be sealed by a licensed well contractor or a licensed well seaiino contractor (Minnesota Statutes, section 103I.301). The sealing process starts with removal of the pump, the inner pipe to the pump, and any materials or obstructions in the well. A grout "tremie" pipe is then installed to the bottom of the well and the contractor pumps in the grout, usually consisting of a special cement or a slurry of a special clay and water, In certain cases, the contractor may have to remove or perforate the well casing (s) before pumping the grout to assure a proper sealing. After sealing the well, the contractor sends a "Well and Boring Sealing Record" to the MDH and well owner. The owner of a well is not liable for contamination of groundwater from a well that occurs after the well has been sealed by a licensed well contractor or a licensed well sealing contractor. For this reason, many financial institutions and realty companies are requiring the sealing of wells that are not in use as a condition for loans and mortgages. The sealing of wells helps protect groundwater and the safety of your drinking water. If a well appears to be sealed, but a sealing record cannot be found, a licensed well contractor or a licensed well sealing contractor needs to inspect the well and verify whether it has been httn• /www health state. mn nc /tlivc /eh /wells /rlicnlncnrec /index html 4/17/7OOR Well Disclosure/Property Transfer Minnesota Dept. of Health Page 4 of. properly sealed. This procedure may involve drilling into the well to verify the integrity of the sealing material and to assure that the well was not simply plugged at the tap. If the well was not properly sealed, it must be cleaned out and sealed. For further information on sealing a well, see Sealing Unused Wells, Well Sealing Cost -Share Availabilitv, Low Interest Loans and Grants Available for Well Construction. Repair, or Sealing. What is a maintenance permit? A maintenance permit allows an unused well to remain unsealed if it is properly maintained. State law requires that a well that is not in use must be sealed unless the roe owner has a q es property rtY maintenance permit for the well (Minnesota Statutes, section 103I.301). The permit is not transferable and requires a yearly fee, of $150. The property owner does not have to apply for a maintenance permit if the well is put .back into use or if the well is sealed by a licensed contractor or a licensed well sealing contractor. A maintenance permit will not be approved by the MDH if the well is contaminated; if the well is improperly sealed, or; if the well is located, constructed, or maintained in a manner that is a safety or health hazard. Local governments (usually counties) with state- deleaated well oroarams may have additional requirements for maintenance permits and should be asked about any additional requirements. Where can I get more information or help? If you have any questions regarding Well Disclosure contact the Minnesota Department of Health, Well Management Section Central Office, at welidisclosuresCa )health.state.mn.us or by telephone at 651- 201 -4600 or 800 383 -9808. Deaf and hard -of- hearing: TTY 651 201 -5797. Updated Thursday, 06- Mar -2008 14:24:11 CST s 1.++ «•Fl......, l.o .t *L, F i:../ 01 /...otic .cn�noirsao /in ®v 1� *.r All 7i ')nnR CITY- OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2008 Assessment APPLICATION FOR APPEAL March 17, 2008 through April 18, 2008 You must return this application by April 18, 2008 to be placed on the Agenda for the Local Board of Appeal and Equalization May 5, 2008, 7:00 P.M. Name(s) HPTWN PROPERTIES TRUST- Daytime Contact Number: 7-32-571-2100 Property Address 2 550 FREEWAY RO TT.gVAR Property Identification Numbers -1� q_� 24 000s 2008 Estimated Market Value What is the reason for your 2008 assessment appeal? PROPERTY IS ASSESSED IN EXCESS OF ITS MARKET VALUE AND AT A PROPORTION OF MARKET VALUE THAN SIMILAR HOTELS IN THE IMMEDIATE VICINITY OF THE PROPERTY. When did you purchase your home? Date of Purchase 11 /o5 Purchase Price _.4., .1 oo. 000 for hotel business Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. ORDINARY MAINTENANCE AND REPAIRS AND TYPICAL HOTEL REFURBISHMENT Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes or No If so, what was the determination of value? Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required. I RECEIVED APR 16 a THE MEERS GROUP, LTD. VALUATION CONSULTANTS 37 BEACH ROAD MONMOUTH BEACH, NJ 07750 TELEPHONE: (732) 571 -3900 TELECOPIER: (732) 571 -7272 April 15, 2008 Brooklyn Center Board of Appeal and Equalization c/o Ms. Nancy Wojcik Assessor City of Brooklyn Center 6301 Shingle Creek Parkway Brooklyn Center, MN 55430 -2199 RE: 2008 Assessment Appeal 2550 Freeway Boulevard Parcel: 35- 119 -21 -24 -0008 Country Inns Suites Hotel Dear Nancy: Enclosed is completed Application for Appeal with attachments. Kindly present these to the Board at its meeting on May 5, 2008. The taxpayer consents to disclosure of the income provided the city on the property. I appreciate your courtesy and professionalism in dealing with the issues raised by the taxpayer. I would be happy to entertain any questions from the Board. They can reach me directly at 732 571 -2100 or on my cell phone at 732 859 -6918. Thank you once again for your cooperation. Very truly yo s, r Yers /jmm Encls. 9 ATTACHMENT TO APPLICATION FOR APPEAL HPTWN PROPERTIES TRUST 2550 FREEWAY BOULEVARD PARCEL NO. 35- 119 -21 -24 -0008 The property is an 84 room limited service hotel on Freeway Boulevard. The hotel is located on a three parcel subdivision created in 1997. The subdivision contemplated a hotel and two -pad restaurants served by a large parking area. One of the pads was occupied by a TGI Fridays until last summer when the restaurant closed. The other pad remains unimproved despite efforts to market it since 1997. Accordingly, the parking and grass area on this parcel on the east side of the hotel are primarily utilized by the guests and visitors to the hotel. Although the subject parcel is approximately 5.30 acres, a large portion is wetlands. As of January 2, 2007, the assessment on the land was $1,820,000, total $3,741,500. Last year, I alerted the assessor to the presence of unusable wetlands on the site. As a result, the assessor has reduced the land assessment for 2008 to $1,035,000 but has increased the improvement value substantially, in arriving at a total of $3,744,500. Therefore, despite the approximate $800,000 reduction in valuation of the land, the total assessment increased slightly for 2008. Hotels are typically bought and sold on the basis of the historical net operating income of the property and the anticipated future income. Competitive hotel sales, although relied upon sometimes by appraisers to provide ranges of unit prices in a market, are rarely given much weight in the valuation process because the purchaser is essentially buying the anticipated income of the hotel business purchased. A hotel business consists of the personal property, contracts, franchise affiliation, and reputation. It is extremely difficult to relate the price paid for a business consisting of a different hotel design, different age and condition of personalty, a different franchise affiliation, rewards program, and reputation to the .subject. In addition, since the price paid is of the business, it is difficult to reliably allocate the amount that represents the contributory value of the taxable real estate from the price implicitly paid for the other assets. The hotel business was purchased by the current owner in 2005 for a reported consideration of $4,100,000. The owner is a hotel real estate investment trust. The hotel is managed by Carlson Company; a privately held company that owns numerous hotel flags, including the Radisson and Country Inns and Suites. The property is, therefore, professionally man operated. managed and o P Y g p I have provided the assessor and attach an income proforma representing the valuation position for assessment purposes of the hotel owner and manager. It also contains the p p rP g t his oncal annual operating performance of the property since 2000. You shou ld note that the annual gross revenue in $1,892,642 in 2000 is the greatest. In addition, since acquiring the hotel in 2005, the gross revenues have declined from $1,920,447 in 2005 to $1,887,235 in 2006 to $1,733,409 in 2007. As a result, from an income standpoint, the performance of the hotel has declined since the acquisition of the property. As of the taxable valuation date of January 2, 2008, the restaurant was closed and the other pad unimproved. The closing of a TGI Friday's is a statement about the viability of the location. Another statement is the failure of the owner of the pad site to the east of the hotel to interest a restaurant operator for 1 I years to open its business there. For your consideration, we also enclose a comparative summary of the assessment of the subject relative to the assessment of the competitors in the immediate area. The summary shows that the subject's land assessment is still excessive compared on a per room basis. It also illustrates that the total assessment per room is at the high end of the assessments per room. In fact, it is greater than the superior full service Crowne Plaza Hotel. For all of the foregoing reasons, we respectfully request that the Board reduce the assessment for 2008 to the indicated value of $2,620,000 contained on the proforma valuation position. i I Reconstructed Income Statement (a) Location: Variance PKF Ratios Actual 2007 Stabilized %Total ISuite Hotels 2006 v. PKF Brooklyn Center, MN as of 1/2/08 Revenues i $80 -105 ADR Ratio 2000 2001 2002 2003 2004 2005 2006 2007 REVENUE ROOMS 1,708,181 98.54% 94.10% 4.44% 1,892,642 1,836,874 1,666,259 1,650,283 1,805,861 1,882,727 1,860,054 1,708,181 FOOD 0 0.00% 2.30% 2.30 BEVERAGE 0 0.00 050% 0.50 FOOD BEVERAGE OTHER 0 0.00% 0.00% 0.00% SUB -TOTAL F B REVENUE 0 0.00% 2.80% 2.80% TELEPHONE 3,696 0.21 0.60% 0.39 %1 23,389 18,353 12,578 10,585 6,609 9,429 765 3,696 MISC. OTHER 21,532 1.24 %j 2.501% 1.26 %'I 9,913 26,891 26,621 22,795 31,291 28,291 26,416 21,532 TOTAL REVENUES 1,733,409 100.00 %1 100.00% 0.00 %1 1,925,944 1,882,118 1,705,458 1,683,663 1,843,761 1,920,447 1,887,235 1,733,409 DEPARTMENTAL EXPENSES ROOMS 633,968 36.57% 23.30% 13.27% 491,921 487,780 469,418 484,514 565,269 622,409 629,333 633,968 TELEPHONE 10,342 0.60 0.20% 0.40 19,016 19,006 12,983 13,070 15,718 12,012 11,496 10,342 MISC. OTHER 0 0.00 2.20 -2.20% 5,629 5,681 3,778 4,130 3,643 1,235 645 0 TOTAL DEPARTMENT EXPENSES 644,310 37.17% 27.50% 9.67% 516,566 512,467 486,179 501,714 584,630 635,656 641,474 644,310 i TOTAL OPERATED DEPARTMENT INCOME 1,089,099 62.83% 72.50 -9.67% 1,409,378 1,369,651 1,219,279 1,181,949 1,259,131 1,284,791 1,245,761 1,089,099 UNDISTRIBUTED EXPENSES ADMIN GENERAL 193,385 11.16 9.40% 1.76% 151,695 124,665 132,557 162,774 181,776 118,901 171,942 193,385 FRANCHISE FEES (1) 54,082 3.12% 7.00 -3.88% 75,652 73,376 66,650 66,030 72,234 65,232 SALES MARKETING 143,552 8.28% 4.40% 3.88% 89,912 98,608 77,762 89,246 98,258 90,813 131,378 113,742 HEAT, LIGHT POWER 80,140 4.62% 6.00% 1.38% 56,423 64,836 61,939 65,207 71,399 86,202 80,140 83,967 REPAIRS MAINTENANCE 84,450 4.87% 5.40% -0.53% 71,893 81,579 75,402 92,632 96,982 87,186 84,450 113,366 TOTAL UNDISTRIBUTED EXPENSES 555,609 32.05 32.20% 0.15% 445,575 443,064 414,310 475,889 520,649 448,334 467,910 504,460 INCOME BEFORE FIXED CHARGES 533,490 30.78% 40.30 9.52% 963,803 926,587 804,969 706,060 738,482 836,457 777,851 584,639 FIXED CHARGES: BASE MANAGEMENT FEE (2) 60,669 3.50% 3.50 0.00%1 68,139 65,772 59,727 58,880 64,532 58,004 INSURANCE 32,571 1.88 %j 1.40% 0.48% 3,152 4,188 8,782 13,938 13,658 28,953 32,571 30,246 CASH FLOW BEFORE RE TAX FFE 440,249 25.40%1 35A0% 10.00% 892,512 856,627 736,460 633,242 660,292 749,500 745,280 554,393 PERSONALTY: RETURN OF ON RETURN OF PERSONALTY -FF &E RESERVE (3) 52,002 3.00%1 3.00% 0.00% 57,778 56,464 51,164 50,510 55,313 57,613 56,618 52,002 RETURN ON PERSONALTY (4) _48,510 2.80% 3.04% 0. 48,510 48,510 48,510 48,510 48,510 48,510 PRETAX NET 339,737 1 9.60% 29 ,36% -9.76%1 786,224 751,653 636,786 534,222 556,469 643,377 688,662 502,391 TAXPAYER'S POSITION Overall Cap Rate 9.50% Effective Tax Rate Estimated 3.46% Overall Rate Tax Rate 12.96% Indicated Value of Real Property 2,621,430 Rounded 2,620,000 (1) COMBINED WITH SALES /MARKETING -PKF TRENDS AVERAGE FOR SUITE HOTELS ADR'S $80.00- 105.00 (2) PER PKF TRENDS AVERAGE FOR SUITE HOTELS ADR'S $80.00- 105.00 (3) CHARGE ESTIMATED AT 3% OF GROSS REVENUES (4) REPLACEMENT COST OF $7,500 /rm x Depreciation of 30 %x Interest Rate of 1 I% (a) This reconstructed statement includes an imputed charge for management, franchise fee and a reserve for replacement of f,f e to properly account for all typical charges of hotel operations. Brooklyn Center Limited Service Hotel Assessment Summary AS OF JANUARY 2, 2008 Land Imp Total Land IMP Total Value/ Value/ Value/ Value/ Parcel No. Hotel Address Acres Rms AV AV AV Acre RM RM RM 35- 119 -21 -41 -0015 Comfort Inn 1600 James 1.09 60 420,000 $1,489,000 1,909,000 385,321 7,000 $24,817 31,817 35- 119 -21 -42 -0011 1Baymont Inn 6415 James 2.11 92 781,000 $1,469,000 2,250,000 370,142 8,489 $15,967 24,457 35- 119 -21 -13 -0021 Americlnn 2050 Freeway 1.85 81 684,000 3,028,000 3,712,000 369,730 8,444 $37,383 45,827 35- 119 -21 -23 -0088 Extd Stay Amer 2701 Freeway 2.69 104 792,600 3,035,000 3,827,600 294,647 7,621 $29,183 36,804 35- 119 -21 -23 -0087 Motel 6 2741 Freeway 2.30 121 850,000 3,180,000 4,030,000 369,565 7,025 $26,281 33,306 35- 119 -21 -42 -0006 Super 8 6445 James 2.39 102 885,000 2,500,000 3,385,000 370,293 8,676 $24,510 33,186 Average Limited Service 2,07 93 735;433 $.2,45.0;187:: 3, 185,60Q„ 359;950 7,878 $26,357 34,233 .1'IP 1.: 3 fr,.,�,,. r...a I, l i f iba i r. 2. 8 unt n 0 7 Qf�Q ..f 5 t�,e►�� w 8� U94 Q (3k 19. 8 1 32 56.;1 4. 5 �.e..i I F. _i„ .i,. F..,._ '�wr.�... .t..cIi�. 1D. «�ua n. �}�,..,.i. a�, 35- 119 -21 -13 -0012 Crowne Plaza 12200 Freeway 1 6.071 1761 2,115,000 1 5,569,000 1 7,684,000 1 348,435 1 12,017 1 $31,642 1 43,659 I s AUTHORIZATION PROPERTY OWNER: HPT TRS 11, Inc., as owner Libor Management, LLC., as agent c/o Carlson Hotels Worldwide MS 8254 701 Carlson Parkway Minnetonka, MN 55305 We hereby authorize The Meers Group, Ltd., .37 Beach Road, Monmouth Beach, New Jersey 07750, to represent us with respect to the assessment on the referenced property. Their authority includes the right to file assessment appeals to local, county and state boards, appear as our representative and receive information and data on our behalf. Property Location: 2550 Freeway Boulevard Brooklyn Center, MN Parcel Number: 35- 119 -21 -24 -0008 Title: Date: 4s z: on Country Inn Suites 2550 Freeway Boulevard Brooklyn Center, MN 55430 PID 35- 119 -21 -24 -0008 2008 Local Board of Appeal and Equalization 7L I City of Brooklyn Center A Millennium Community TO: 2008 Local Board of Appeal and Equalization RE: Country Inn Suites 2550 Freeway Blvd. Brooklyn Center, MN 55430 Mr. Joel Meyers, of The Meers Group contacted the Assessor's office regarding the 2008 estimated market value of the Country Inn Suites. Mr. Meyers expressed a concern that the 2008 valuation of $3,744,500, was incorrect. Mr. Meyers provided our office with copies of the income and expense information, an analysis of the assessment of Brooklyn Center hotels and a property site map. Mr. Meyers is requesting a 2008 estimated market value of $2,620,000 on the property, based on the proforma valuation position. On March 14, 2008 Mr. Meyers initially contacted the Assessor's office regarding the valuation and his concern with the useable land area. Mr. Meyers felt that the valuation increase did not account for the 100,320 sq. ft. of useable land of the total 231,000 sq. ft. included with the site. Mr. Meyers was told that all three approaches to valuation were used to determine the value of the property. He was provided information and an explanation for the basis of the January 2, 2008 valuation. In addition, Mr. Meyers was informed that the concerns regarding land size had been addressed in late 2007. A request was also made to provide a copy of the antenna lease, for the antenna located on the hotel site. Mr. Meyers was informed that the income from the antenna lease is not typical for a hotel, and is considered additional miscellaneous income. Mr. Meyers mailed information to our office on April 2, 2008, regarding additional concerns with the valuation. Mr. Meyers felt that the valuation did not take into consideration the significant use of the grassy area, walkway and parking of the adjacent parcel to the east of the subject. Mr. Meyers felt that the parcel at 2500 Freeway Blvd. should be aggregated with the subject in arriving at an overall value of the hotel. Mr. Meyers combined the value of 2550 Freeway Blvd, Country Inn Suites and 2500 Freeway Blvd, a vacant pad site, to determine a value per unit. However, the property located at 2500 Freeway Blvd., is owned by the Jersey Brooklyn Corp., and not the same owner as the Country Inn Suites. As a combined total value, Mr. Meyers felt that the land value was inequitable with other hotels in Brooklyn Center. Mr. Meyers also addressed the income approach to valuation of the property, the cap rate and effective tax rate used and the original purchase price of the hotel of $4,100,000. Mr. Meyers completed the appeal application on April 15, 2008, and provided a letter, analysis summary, 2007 income and expense information and assessment comparison of Brooklyn Center hotels. Mr. Meyers also stated that Country Inn and Suites consents to 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 www.cityofbrooklyncenter.org disclosure of this information at the Local Board of Appeal and Equalization. This letter and information has been included with the appeal application for your review. A property review was completed by the Assessor's office on April 18, 2008, and updated photographs were taken with the general manager. There appeared to be no physical changes to the property, and the characteristics on the property field card were verified as correct. The property appeared to be in good overall condition. Decorating and finishing appear to be the standard for the Country Inn and Suites. A brochure is included with my report. The hotel market in Brooklyn Center saw an average increase of 13% for the 2008 assessment. Our hotel market includes budget, extended stay, limited service and full service hotels. The City of Brooklyn Center 2008 value range for hotels is from $24,400 to $44,700 per unit. County -wide average daily rates in 2007 were approximately 5% greater than in 2006, and occupancy rates were approximately 68 The 2008 estimated market value of the subject property is $3,744,500 or $44,577. For commercial property valuations, the cost approach, income capitalization and market comparison approach to value are considered. In reviewing the cost approach to value, the Country Inn and Suites is currently eleven years old, therefore the cost approach carries minimal weight in the reconciliation of value. The cost approach carries more weight in newly constructed or specialty properties, rather than existing properties. Sales of comparable hotels were considered in the market approach. There are five comparable hotel sales that were selected for a sales comparison during the study period. However, the comparable property sale information included in this report includes the sale of an AmericInn in Brooklyn Center, in July, 2006, that represents the Brooklyn Center market. All sales used were verified by the local Assessor's offices and are considered open market transactions. A market approach was completed on the subject property to get a market indication of value. As some of the data used in this comparison is considered confidential, it has been removed from the enclosed grid. The indicated value of the subject property by market approach was $48,000 per unit, or $3,984,000 based on 84 units. The prior sale information on this property shows the property was purchased by the current owner November 1, 2005, for $4,100,000. The sale information reported on the Certificate of Real Estate Value was verified on December 15, 2005, by John Steiner of HPTWN Properties Trust. An amount of $307,500 was listed on the Certificate of Real Estate Value for personal property, which equates to $3,660 per room. The amount listed at that time appeared to be typical for the age and size of hotel. The cash equivalent sale price of the real estate was $3,792,500, or $45,148 per room, after deducting personal property. There was no dollar amount broken out from the sale price to indicate a franchise or business fee. The income approach reflects the markets expectations of a hotels average daily rate and occupancy. It is based on a calculation of the revenue minus expenses, and the return on and of, the personal property to arrive at a net operating income. The net operating income is divided by an overall cap rate, comprised of the current market cap rate and local effective tax rate to arrive at an indication of market value. The income approach was calculated based on the 2007 actual income and expense data provided to the Assessor's office, along with the antenna lease, and the reported income on the city lodging tax report. Due to data privacy the actual income and expense data is considered confidential and is not included in my report. The indicated value by a market derived income approach is $3,806,000, or $45,200 per unit. A market derived proforma of the hotel has been included for your review. Market derived figures were determined using local occupancy and average daily rates, and reviewed against hotel industry reviews. With the reconciliation of both the actual income and market derived approach it is my recommendation to sustain the 2008 estimated market value of $3,744,500 or $44,500 per unit. Respectfully, Cry I T l/(/ Nancy Wojcik, SAMA City Assessor i i i II AIAiA El Z I C1l �srGy UM:_L11- a iHi 71 ew w ax i 111 �i �M Zoning: PUD 1 -1 Total Land Area: 231,000 sq. ft. Useable: 100,320 sq. ft. Year Built: 1997 GBA: 47,665 sq. Ft. Total Units: 84 Report Name: Printed: 4/30/2008 PropSumm_Public City of Brooklyn Center Page: 1 Public Property Summary This information is a summary of available data and is not guaranteed to be complete or accurate. PID 35- 119 -21 -24 -0008 Buildings on File: 1 Property Name: Country Inn Suites Property Address: 2550 Freeway Blvd u Brooklyn Center, MN 55430 Multiple Address: No Lot/Block: 002/001 Addition: Fridays Addition Legal(120): Owner(s): 14PTWN Properties Trus Lot Size: 227,252 Sq.Ft. 5.12 Acres Zoning: PUD/I1 Gross Office Area Percent: Building Use: 343 Motel/100% Stories: 3 Avg Story Height: 8 Avg Clear Height: 8 Actual Year Built: 1997 Effective Year Built: 1997 Renovated Year: First Floor Area: 17,013 Gross Building Area: 47,665 Basement: No Parking: Parking- Surface Property Classification: Commercial 2008 EMV: 3,744,500 2007 EMV: 3,741,500 2006 EMV: 3,605,000 EMV /GBA: 78.56 a� f t 5L 'A il i T I s r r r 4 t^ 1 4. x k� A+ z r a n a A' y r w m I Y i S I t` i eb ,z .,.-f^ 4 .i y err.. "w'R^. V .t ayl� G of YY i r i w Hennepin County Property Map Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only., Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or Its derivatives. j r r r 6845 6601 2700 22 �'�l• 2590 r. 11 2550 k 4 2500 2701 J 2400 ERS r4 r� �a'r r� rwgr `V O f _Selected Parcel Data Date Printed: 4/27/2008 3:35:28 PM Parcel ID: 35- 119 -21 -24 -0008 Current Parcel Date: 4/11/2008 Owner Name: HPTWN PROPERTIES TRUST Parcel Address: 2550 FREEWAY BLVD, BROOKLYN CENTER, MN 55430 Property Type: COMMERCIAL -PREF Sale Price: $4,100,000.00 Homestead: NON HOMESTEAD Sale Date: 11/2005 Area (sqft): 231000 Sale Code: WARRANTY DEED Area (acres): 5.30 A -T -B: TORRENS Market Total: $3,741,500.00 Tax Total: $132,153.52 Hennepin County Property Map Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or mis tatlon of this information or its derivatives. y Y aa f, 6601 2aD0 22.e, 1 Y a' vit t t f x 2550 2500' 2701 o. w r,� r st a Selected Parcel Data Date Printed: 4/27 12008 3 :36:40 PM Parcel ID: 35- 119 -21 -24 -0008 Current Parcel Date: 4/11/2008 Owner Name: HPTWN PROPERTIES TRUST Parcel Address: 2550 FREEWAY BLVD, BROOKLYN CENTER, MN 55430 Property Type: COMMERCIAL -PREF Sale Price: $4,100,000.00 Homestead: NON HOMESTEAD Sale Date: 11/2005 Area (sgft): 231000 Sale Code: WARRANTY DEED Area (acres): 5.30 A -T -B: TORRENS Market Total: $3,741,500.00 Tax Total: $132,153.52 _PARKING SIyyI►lARY 20N'id0 pSSRILt 9 �N�pRps. l SSALI tEElg'r" OYEES PER Et1PLO S) t SSALL PER Rte' I SS ALL PER RE9 ANI I SSALL PER Z gEASS S T TS s 8 q gT ALLS 0p pL��;xxn I E Ep PARKING: �SAVG? UT AL A. `4a S iALLS P9.0v10E0 PAR•KNC• 150 51 AU ey ESi91 SEA1S 7 51AL' -S t REOt1�E0 PARKWG: 0 EMP �i AL Iti f 51 177 9R0va0 PAtvc t t25 SiAt -L REG: 250 Y0 E 10 1 AL 155 STALLS J PRO"Mo TOTAL Srft t f�i r 38% STALLS It 1 1 it f PROYDED PAOL*4• J j l J J AREA SUli1[ARY tQt AL 91,E AREA mv"OPAo yTE AREA a.B+a A eG At. V p I JOT P& ppYS 5530 SLt Rt w St1TES 3,57 NS Ogg RES p790 0.05 I J BASE AREA�A kTOEVELOPA- 0.08 9ASE AREA RAS10 1 y �.pgRYKA15 ARAA 6- r ARE j M� �l J I Report Name: Taxpayer Inquiry City Of Brooklyn C e nter Printed: 4/27/2008 Page: 1 Taxpayer Inquiry Display PID Ikuse Nhr Street Name unit Zjp Code Lt 35- 119 -21 -24 -0008 2550 Freeway Blvd 55430 L,gt Name Eftr5t Name M1 Owner Taxpa Resident HPTWN Properties Trust Y Y N Fr gnta¢e Left Side Rear Side Right Side EM Width EM Deoth PrMlU Area Acreage 7oning V5 Exempt Codg School QjA Watershed Y.r Built 361 0 0 0 0 700 227,252 5.12 PUD /I1 0286 14 0 ygW Ver #Subs Land Value Bldg _Value Mach Value let Mkt Vag T#x Ca.0 Hmstd Midvr Re) H %Own 2008 1 1 1,035,000 2,709,500 0 3,744,500 74,140 N N N C 0 N 2007 1 l 1,820,000 1,921,500 0 3,741,500 74,080 N N N C 0 N 2006 1 1 1,820,000 1,785,000 0 3,605,000 71,350 N N N C 0 N Lot: 002 Block:" 001 Addition: Fridays Addition I City of Brooklyn Center PID: 35- 119 -21 -24 -0008 Property Type: C Commercial Commercial Field Card Property Address: 2550 Freeway Blvd Zoning: PUDAI Lot Block: 002/001 Addition: Fridays Addition Owner(s): HPTWN Properties Trust Printed: 4/27/2008 District: Assessment Year: 2008 Neighborhood: 0011 Project(s): Version: I Watershed: 14 Building: 1 School District: 0286 Lan ,a�..:k F;n(}� ,.4;..,,_ a. 1s aL .:,+4 iw ''�£x ?'r'? t�r Income Information 4 Zoning: PUD/I I Name: Country Inn Suites Basement Basics Gross Income: Area Rating: Average Quality Area (SgFt): Vacancy Percent: Site Rating: Fair Partial Construction Basement Area Percent: Effective Gross Income: Land Quality: A01 -Land Bsmt. Use Code: Operating Expense: Contamination: Overall Quality: P g p Flood Plain Ma Ref: Architectural Appeal: Excellent Bsmt. Use Code Suffix: Net Income: Map Construction Quality: G Elevator(s): I Capitalization Rate: PUD Ref: oo Gross Rent Multiplier: Allowable Units: Construction Type: Wood Frame Meehanieals Rent Square Feet: Ft Excess Land S Building Condition: Excellent (g Security System: Y Zoning Variance: N Walls and Roof Electrical Service: Average tY Y Plumbing: Fron e: 361 Average 1v8at Sahs x P ",`•.x424 taS Primary Exterior Walls: Other Sprinkler Type /Percent: Yes/ 100 Left Side: Secondary Exterior Walls: Date: 11/01/2005 Rear Side Keating (Type/Percent) Roof Construction: Wood Price: $4,100,000 Right Side: Heating 16 80 g Roof Type: 1 Code: 00 Effective Width: Heating 2: Forced Air 20 Roof Cover: Asphalt Shingles Desa Good Sale Effective Depth: 700 0 Heating 3: Uae Codes T Suftii /o g Effe Water: g 0 Code 2: 343 Motel 0 Coed Cei 1 Appraiser t? Code 1: v; r •...3 Property Area S Ft 227,252 H 100 al ser ID: 11 Acreage. 5.12 A/C 2: Appraisal Date: 04 /15/2008 Park: Creek Code 3: 0 A/C 3: Reason: Appeal Park Quality: Fair Result Code 4: 0 On Lake: Interior Lake Quality: Depreciation and Age Bniiding Areas On River: Functional Actual Age: 1997 First Floor Area: 17,013 River Quality: Economic Effective Age: 1997 Gross Building Area: 47,665 Appraiser ID: Landscape Quality: Physical Renovated Age: Net Rentable Area 32,958 Appraisal Date: Attributes Mezzanine Area: Curbs Garages and Parking Total Floor Area: 47,665 Reason: Gas Type Spaces Area Reffol S Buiidiag Ratios and Perimeter Irregular Shape Type 1: Parking Surface 161 70,000 Result: Paved Street Type 2: Land Building Percent: 476.8 Sewer Available Floor Area Percent: 21.0 Left Tag: Yes No 3: P Sidewalk Type Perimeter Length: Type Water Available T 4: Office Area: Type 5: Gross Office Area Percent: Value: Pools Net Office Area Percent: Desc: Number Type Comments Influences I Indoor 84 Units w/6 Handicap Accessible. Lobby area includes seating area w/FP and breakfast eating area. 1 st floor includes indoor pool/hot tub, exercise area, men and women public restroom/changing area (3/4 baths), 2 small Building Heights Manager office areas, front desk, laundry, maintenance area and small breakroom. Interior finish lobby area includes wood floors, carpeted areas, gas FP, Wood central staircase, sprayed ceilings w /recessed lighting. Floors Average Story Height: 8.0 2 -3 have ceiling tiles w /carpeting. Interior view of King Suite and Queen Suite. Cell tower located at North end of Number of Stories: 3.0 property. Hallway access from hotel to adjacent restaurant not easily accessible /or clearly marked from hotel side. Average Clearance Height: 8.0 Finished Ceiling Height: Miscellaneous: Income/Lease: Tenant: a �91h `h nb �tl 9 1 l L 1 t 65 Of r �hEl C of 1 }oo A 04 1 Cr a S� kjd! A,I J �3l r+ nOUM 100 g fi N0 t 1 fir 91 �1 1 tl j? J� f M Pnl Al r r <4O vvr� f d Sd o !1 /f 1t �Va NF RE'V'ENUE PE20 Auditor Use only Certificate of Real Estate Value V 0 9! 3 4 2 5 Daytime phone Names of buyers (Iasi. first, till) Address c/o Elizabeth Wig on,One Post OF£ice Sq- Bost.on,MA 0 2109 �17 h8 2800 HPTWN' PROPERTIES TRUST, a Maryland real estate trust Daytime phony Names or sellers (last. first, Mp NawaCIMSS CI S BIROOYMYN CENTER, IXC 1 rLSLMa. s�13e11 2 �0.�3tts° nal t ac TX Strsat addre or rural route of property ourcmaeo city oe township co FTPP'V y R1 V f Ml T1nP.�T� G M N 55A&_2 Ue nn?r'i_*'r 1. Date of dead oe contract i Legal description or property purchasea (lot, block and plat) or attach 3 copies of the legal description ion HPnne i n Fi nancial arrangements 2. Total purchase price I Was personal property included in purchase price (e g., furniture, inventory. equipment)? Yes No If yes, list property and 3. Down payment current (not replacement) value at right, and enter T, g __5A__1J0D__in I total in Box 5 oelow. use back of form if needed. 4. Points or Prepaid interest paid by Seiler! 5. Current value of personal prooerty B. Type of acquisition (check all that apply) --11 U Buyer and seller are relatives or related businesses Contract paid off or resold u property received in trade L Buyer or seller is religious or charitable organization Name added or removed from deed PufchaSe agreement signed over two years ago Buyer or sailer is unit of government property condemned or foreclosed upon Buyer ourChased partial interest only Property received as gift or inheritance 7. Type of property transferred (check all that apply) r (7 Land only Land and buildings a construction of new building after Jan. 1 of year of sale S. Planned use of property (check one) Residential; single family Agricultural. Number of acres: (attach Schedule PE20A), Residential: duplex, triplex LJ Apartment (residential. four or more units). Number of units: (attach Schedule, PE20A). Cabin or recreational (noncommercial) XM industrial. Type of business: (attach Schedule PE20A). Other. Describe: Nn `F j f'SMSCA Schedule PE ?OA), 8a. Will this property be the buyer's principal residence? Yes r ANci Method of financing (complete only if Sell eriinanced, including contracts- for -deed and assumed mortgages) Assumed Contract MW age of contract- fattleod Monthly payment Interest rate Number of Data of any lump mortgage for deed amount at purchase (principal interest) now in effect payments sum (balloon) payments 9. I� 10. L7 L] Sign here. I declare under penalty of law thar the in 2,,yyy mation 9wrIs form is true, correct and complete To the best of my knowledge and belief. PrWtAame gr* Date Daytime phone Counties: Complete t is io c27 !r /3 2- I t j Ooh Tat lr ,i y 1 r C I Pnmar Property I1) T U C G�►G� 35 z 'ACreS I IIIaDl9 ER I CRP ItYM a Oc9d Y( I L n l I the I Tot Secondary parcel iD o y Gaon for sway vas I NO if no, give reason /cpdn tea! /0� i }X IHC I3T IAd)c Adis Use nlrsnream%; Aot a. l i C }1 My 2 1 My ID I Are there mate parCala'% I Y•e:- No 9 I i I "rut additional ID nump>r: 00 [�{Ofr� Z 'Ca CT PT Date T M j$ Ynl' MINNESOTA DEPART MEM7 OF IR- EVF'• ;:2!= CC.01! 444276 dI 98b88bEZT9 8Z�9I S�BZiZL!�T ZB d9dd vIINNESOTA- REVENUE PIE20A Certificate of Real Estate Value Supplemental Schedule Complete this form for apartment, commercial/ industrial or farm sales only. Name of buyer Form PE20 (Cert. or Real c31are Value) sequence number Z i If the sale price included personal property 8 Did you lease the property from (e.g., furniture, appliances, supplies, fixtures, the seller before the purchase? Yes LyNo machinery or stock inventories) or other items If yes, did you have an option to buy? Yes No (e.g., business's goodwill, business's name, franchise, or non- compete agreement), Did the seller lease the property from enter total value of items S you after the purchase? Yes No If yes, what was the term of the lease 2 If you or the seller paid someone to do an in months appraisal of the property's value prior to sale, check this box 9 Was the sale announced and /or promoted If known, enter appraised value ..............r through realtor listings, newspaper or other publications, advertisements, brochures, 3 Commercial /Industrial properties: or other promotional or informational From the property uses on the back, ente( the mailings? [—]Yes No code that best describes the property's use: If no, how did you learn that the property w before the sale 1110 was for sale? after the sale ..............n 4 Apartment properties: Enter the number of: apar tment buildings included in sale price.. 10 If the property was rental property, were you rental units in all buildings IU)A guaranteed a minimum level of rental 5 Farm properties: income? I Yes LV No How many acres are, 11 Were you and the seller family members, irrigated business partners, bugineSS affiliates, a Enrolled in Reinvest in Minnesota (RIM) subsidiary to the other, joint owners of the enrolled in Conservation Reserve property or Stockholders of the business? Yes No Program (CRP) enrolled in Conservation Reserve 12 When the property was sold, was a Enhancement Program (CREP)? foreclosure, court judgment, order Or other legal proceeding pending in connection All properties with the property? Yes LJ No 6 Did you own property adjacent to the Property purchased? 13 In your opinion, was the property V Yes No If yes, in your opinion, did you pay a sold for a considerably different price from higher price for the property than other what you believe other similar properties potential buyers would have paid? Yes No would sell for? Yes No If yes, explain briefly 7 Does the total purchase price from line 2 of Form PE2o include other properties sold to you at the same time 7 Yes j No i Sl er I declare u pe ZY f law that the information on this form 1 naturo'uf 0uyar S true, correct and epmp lets to the best of my knowledge ana belief. Pri me Date Daytime phone i t0 your c my aUC t6T 1 1 1 "rW5 ice with Form Pao and your d ed or contract for -deed. SLOCk No. 0 000 4 01(Rty, aiO41 i CO 39Vd VI 98PBSPEZT9 8T :9T S00Z /7T /ZT i 2008 Estimated Market Value Correlation and Conclusion Property Description: The subject property is located in the City of Brooklyn Center at 2550 Freeway Blvd., between Shingle Creek Parkway and Xerxes Avenue. The subject property is located in an area of hotels, restaurants and industrial businesses. The building was constructed in 1997. It has wood frame construction, fiberglass shingles and maintenance free siding. The structure is a three story building with a gross building area of 47,665 sq. ft. The structure includes 84 rooms, two story lobby, check -in area, breakfast area, indoor pool, exercise room, guest laundry, staff laundry, mechanicals and manager's office. The lobby area includes high ceilings, wood floors, and a fireplace. The pool area includes an indoor swimming pool, spa tub and restroom area with showers. The structure has a full fire protection sprinkler system. The parking area is 70,000 sq. ft. of asphalt with a capacity for 161 cars. The original plat requested that cross access and parking agreements between the adjacent parcels be completed to accommodate the parcel borders. There is an interior connection hallway between the Country Inn and Suites and the adjacent restaurant. The property appears to be in good condition and shows no deferred maintenance. Special Conditions: The subject property was purchased by the current owner November 1, 2005, for $4,100,000. The sale information reported on the Certificate of Real Estate Value was verified on December 15, 2005, by John Steiner, Attorney for HPTWN Properties. An amount of $307,500 was listed on the Certificate of Real Estate Value which equates to $3,660 per room, which appears typical for the age and size of hotel. The cash equivalent sale price of the real estate was $3,792,500 after deducting personal property. There was no dollar figure broken out from the sale price to indicate a franchise or business fee. The subject property has a total land size of 231,000 sq. ft. with a useable land area of 100,320 sq. ft. There is a cellular tower currently located on the subject property, at the south side of the parking lot. The lease income from the cellular tower has been included in the income analysis of the hotel The Cost Approach: When the subject property is older than five years the cost approach is not given significant weight in an appraisal. The subject property is eleven years old. While the cost approach was considered, it was not used in this instance. Personal property estimates for hotels of this class indicate $6,000 to $12,000 per unit cost when new. Personal property has an economic life of approximately ten years. The subject property personal property per room has been calculated at $4,000 per room, based on the age and condition of the furnishings. The Income Approach: The income approach reflects the market's expectations of a hotel's average daily rate and occupancy. It is based on a calculation of the revenue minus expenses, and the return on and of the personal property to arrive at a net operating income. The net operating income is divided by an overall cap rate, comprised of the current market cap rate and local effective tax rate to arrive at an indication of market value. The income used for the 2008 assessment is a calculation based from the reported lodging tax to the city and income and expense information provided by the Meers Group on April 2, 2008. The 2007city lodging tax report indicated a 9% drop in lodging tax collected from 2006 to 2007. The current real estate market indicates a capitalization rate of 7 The property is located in the Brooklyn Center School District and has an effective tax rate of 2.7 Actual income and expense documentation was provided to the Assessor's office, however, due to data privacy the information is considered confidential and not included in this report. An income approach was calculated on the subject property using the 2007 income and expense data provided. A market driven pro -forma for a typical hotel of this class has been included for a market derived income approach of the property. The Market Approach: Sales of comparable hotels were considered in the market approach. There are five comparable hotel sales that were selected for a sales comparable comparison during the study period. However, the comparable property sale information included with this summary includes the sale of an Americlnn in Brooklyn Center on July, 2006, to represent the Brooklyn Center market. Based on hotel market activity in Hennepin County and a turn around in occupancy and rates, the hotel market in Brooklyn Center saw an average increase of 13% for the 2008 assessment. All sales used were verified by the local Assessor's offices and are considered open market transactions. Conclusion: The 2008 estimated market value of the subject property is $3,744,500 or $44,577 per room. Country Inn Suites 2550 Freeway Blvd. Brooklyn Center, MN PID 35- 119 -21 -24 -0008 Market Derived Income Approach Not Actual Income and E xoense Number of Rooms 84 Potential Room Nights 30,295 Market Daily Room Rate $90.00 Market Occupancy Rate 60.00% $1,635,930 Room Revenue 98.00% $1,739,500 Misc. Revenue 2.00% $35,500 Total Revenue 100.00% $1,775,000 (Effective Gross Income) Less Cost of Sales Rooms 32.00% $568,000 Food Beverage 2.00% $35,500 Other Telephone 1.00% $17,750 Total Department Expenses 35.00% $621,250 $621,250 Less Undistributed Expenses: Administrative General 10.00% $177,500 Marketing 6.00% $106,500 Operations Maintenance 5.00% $88,750 Energy 5.00% $88,750 Total Undistributed Expenses 26.00% $461,500 $461,500 Less Insurance 2.00% $35,500 Reservers for Replacement 4.00% $71,000 Total Insurance Reserves 6.00% $106,500 $90,463 Less Business Calculation Management 3.00% $53,250 Franchise Fee 3.00% $53,250 Business Value Income Reduction 6.00% $106,500 $168,849 Total Expenses 73% Less FF E Calculation Replacement Cost New $8,500 per room $714,000 Life Expectancy of FF E 10 Return of FF E 3.97 $71,400 Remaining Life (In Years) of FF E 0 Annual Return on FF E 11% Return on FF& E 0.00% $0 Net Operating Income $361,538 Capitalization Rate 7.00% Effective Tax Rate 2.50% Overall Cap Rate 9.50% Indiated 2008 Value by Income Approach $3,806,000 Indicated Value Per Room by Income Approach $45,300 Subject Comparable Hotel Sales 1/2/2008 Assessment Americlnn Motet Name: Country Inn Suites Suites Country Inn Suites Best Western Americlnn Americlnn Americinn 2050 Freeway Blvd 5653 Biship Ave 1010 Bandana Blvd W 13440 Highway 65 NE 1200 E. 78th St. 17145 Kenyon Avenue Address: 2550 Freeway Blvd Brooklyn Center Inver Grove Heights St Paul Ham Lake Richfield Lakeville Year of Construction: 1997 1997 1997 1900/1980 1994 1997 1996 Condition: Good Good Good Good Average Good Good Total Number of Units: 84 83 90 110 54 56 48 Quality: Good Good Good Good Average Average Average Indoor Pool, Breakfast Indoor Pool Breakfast Amenities: Rm, Exercise Rm Area Suites, Pool Hot Tub Indoor Pool Gross Building Area: 47665 42,612 46,049 68,822 30,376 29,627 25,452 Avg. Unit Size (GBA of Units) 560 Sq. Ft. 513 sq. ft. 512 625 Sq. Ft. 563 529 530 231,000 116,181 Land Area: 100,320 useable 80,498 84,741 69,833 162,650 46,625 100,000 useable Sale Date (Date of Deed): 11/1/2005 7/512006 8/2812007 10/12/2007 9/13/2007 2/28/2007 5/23/2007 Sale Price: $4,100,000 $4,000,000 $7,100,000 $6,450,000 $2,800,000 $4,600,000 $2,839,000 Cash Equivalent: $4,100,000 $4,000,000 $7,100,000 $6,450,000 $2,800,000 $4,600,000 $2,839,000 CE Price Per Sq. Ft.: $86.02 $93.87 $154.18 $93.72 $92.18 $155.26 $111.54 CE Price Per Unit: $48,200 $48,193 $78,889 $58,636 $51,852 $82,143 $59,146 Adjustments: Personal Prop. Per Unit Adj: $3,661 $3,751 $11,100 $3,636 $5,555 $4,464 $10,417 CE Price Unit for R.E.: $44,539 $44,442 $67,789 $55,000 $46,297 $77,679 $48,729 Appraisal Done: $4,423,000 Comments: 50% bed Carpets replaced, Buyer living Good Condition, In 4 units, no city water Personal Property well or sewer documented PROPERTY USE: Hotel MUNICIPALITY: BROOKLYN CENTER Coder 332 RC: 00 COMPLEX NAME: Country Inn Suites COUNTY: HENNEPIN GBA 47665 WD ADDRESS: 2550 Freeway Boulevard PIN 35- 119 -21 -24 -0008 Seq 1 Ratio Y Comp: Y AUDITOR ID: 913425 MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1997 1997 Buyer: HPTWN Properties Trust Const Quality/ Condition: GOOD AVERAGE Seller: CI S Brooklyn Center, L.L.C. Const Class/ No. of Bldgs: WD or steel Stud Frm 1 Sale Data: Date of Sale: 11/1/05 Exterior Type/ Roof Type: Vinyl Gable Total Purchase Price: $4,100,000 2nd Exterior Type/ Roof Cvr: Shingles /Composition SIZE USES Down Payment Amount: $4,100,000 First Floor Area/ GBA: 17,013 SF 47,665 SF Other Terms: Total Floor Area/ NRA: SF TERMS Bldg Perim./ Shape/ Units: FT 84 Mezzanine Area/ Use: SF Set Assume I nd: N Bsmt Area/ %Fin/ SF 0% 0% GBA 2 Bsmt Use: PMT- INT- PMTS Ssmt Fin/ SF 0% GBA BALLOON DATE- First Floor Use: First Floor SF/ 17,013 SF 36% GBA Cash Equivalent Price: 5.90% $4,100,000 2nd+ Floor Use: Cash Equivalent Adj: 2nd+ Floor SF/ SF 0% GBA LESS: Personal Property: $307,500 Tot Off Area: SF 0% GBA PLUS: Special Assessments: Ind:Y $0 Primary Heating/ Pct: Heat Pump 80% Cash Equivalent of Real Estate: $3,792,500 Secondary Heating/ Pct: Forced Air 20% Air Conditioning Pct: 100% Sale Analysis: Sale Price Per Sq. Ft. TFA: Sprinklers/ Elevators: 100 1 Sale Price Per Sq. Ft. GBA: $79.57 Garage/ Ramp Spaces: Sale Price Per Sq. Ft. NRA: Surface Parking Space: 161 Sale Price Per Sq. Ft. Land Area: $16.69 Parking Surface Type: Asphalt Sale Price Per Room: $45,149 Multiple Tenancy: N Income Data: Bldg Ht/ Avg Clear Ht: 10.0 FT 8.0 FT Stories: 3.0 PRIVATE DATA Avg. Finished Ceiling Ht: 8.0 FT Total Land Area/ Topography: 227,252 SF level Rent Schedule: Useable Land Area: 227,252 SF PRIVATE DATA Zoning/ Land Def Cd: PUD /Il F Trackage/ Utilities: N all Land Big Ratio/ Excess Land: 4.77 to One N Environmental Concern Ind: N Other Amenities: Summary Comments: Seller had an on going relationship with the buyer, who own numerous hotels and is a business affiliate. Buyer was closing a hotel and wanted to purchase another hotel. Personal Property is listed as $307,500. Attorney for Buyer will be contacting me regarding Appraisal. Attorney stated that hotel will continue as a Country Inn Suites but the purchase amount did not include business or franchise fee. PUBLIC *ACE *PUBLIC z a o PROPERTY USE: Hotel MUNICIPALITY: BROOKLYN CENTER Code: 332 RC: 00 COMPLEX NAME: AmericInn COUNTY: HENNEPIN GBA 42612 WD ADDRESS: 2050 Freeway Boulevard PIN 35- 119 -21 -13 -0021 Seq 1 Ratio Y Comp: Y AUDITOR ID: 936149 MULTI PID: N COMMUNITY: NBRHOOD: jPROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1997 1998 Buyer: THI Investments, L.L.C. Const Quality/ Condition: 6000 GOOD Seller: Shingle Creek Hospitality Const Gass/ No. of Bldgs: Masonry Bearing wall 1 Sale Data: Date of Sale: 7/5/06 Exterior Type/ Roof Type: wood Gable 2nd Exterior Type/ Roof Cvr: Shingles /Composition Total Purchase Price: $4,000,000 SIZE USES Down Payment Amount: $600,000 First Floor Area/ GBA: 15,102 SF 42,612 SF Other Terms: Total Floor Area/ NRA: 42,612 SF TERMS Bldg Perim./ Shape/ Units: 686 FT Rectangle 83 Set 1 Mezzanine Area/ Use: SF Assume Ind: N Bsmt Area/ %Fin/ SF 0% 0% GBA 3 $2,720,000 Bsmt Use: PMT- INT- 6.99% PMTS-240 Bsmt Fin/ SF 0% GBA BALLOON DATE First Floor Use: First Floor SF/ 15,102 SF 35% GBA Set 2 2nd+ Floor Use: Assume Ind: N 2nd+ Floor SF/ SF 0% GBA 3 $680,000 Tot Off Area: SF 0% GBA PMT- INT- 8,75% PMTS- 240 BALLOON DATE Primary Heating/ Pct: Warmed Cooled Air 90% Secondary Heating/ Pct: Forced Air 10% Cash Equivalent Price: 6.63% $4,000,000 Air Conditioning Pd: 100% Cash Equivalent Adj: Sprinklers/ Elevators: 100 2 LESS: Personal Property: $311,250 Garage/ Ramp Spaces: PLUS: Special Assessments: Ind:Y $0 Surface Parking Space: 96 Cash Equivalent of Real Estate: $3,688,750 Parking Surface Type: Asphalt Multiple Tenancy: N Sale Analysis: Sale Price Per Sq. R. TFA: $8657 Bldg Ht/ Avg Clear Ht: 9.0 FT 8.0 FT Sale Price Per Sq. Ft. GBA: $70.40 Stories: 4.0 Sale Price Per Sq. Ft. NRA: Avg. Finished Ceiling Ht: 8.0 FT Sale Price Per Sq. Ft. Land Area: $51.76 Total Land Area/ Topography: 71,260 SF Level U Sale Price Per Room: $44,443 Useable Land Area: 71,260 SF I Zoning/ Land Def Cd: PUD /I -1 F Income Data: Trackage/ Utilities: N all public PRIVATE DATA Land Big Ratio/ Excess Land: 1.67 to One N Environmental Concern Ind: N Rent Schedule: PRIVATE DATA Other Amenities: Summary Comments: Buyer stated sale was announced /open market. Buyer verified that sale price was $4,000,000. Bank appraisal for financing was $4,000,000. Personal property was over stated on CRV as 1,000,000. Buyer stated figure was given to him by seller with no documentation. 2004 appraisal documentation on hotel indicates personal property of $311,250. Personal property was corrected to indicate age /condition. PP at $3,750 per rm. Buyer stated that he put $600,000 down. The property includes pool, hot tub, sauna, breakfast area, conference rooms, exercise room, and large lobby and hospitality room w /fieldstone gas fireplace. Balconies are included with some rooms. The property includes two elevators. Buyer owned a Best Western previously. The Hotel will remain as an AmericInn. PUBLIC *ACE *PUBLIC z PROPERTY USE: Motel MUNICIPALITY: INVER GROVE HEIGHTS Code: 343 D RC: 00 COMPLEX NAME: Country Inn Suites COUNTY: DAKOTA GBA 46049 WD ADDRESS: 5653 Bishop Avenue PIN 20-14150- 032 -01 Seq 2 Ratio Y Comp: Y AUDITOR ID: 249050 MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1997 2001 2003 Buyer: Eagan Lodging Group, LLC Const Quality/ Condition: AVERAGE GOOD Seller: IGH Lodging, LLC Const Class/ No. of Bldgs WD or steel stud Frm 1 Sale Data: Date of Sale: 8/28/07 Exterior Type/ Roof Type: Steel Gable 2nd Exterior Type/ Roof Cvr: Shingles /Composition Total Purchase Price: $6,110,000 SIZE &USES Down Payment Amount: $1,350,000 First Floor Area/ GBA: 15,859 SF 46,049 SF Other Terms: none Total Floor Area/ NRA: 46,049 SF TERMS Bldg Perim./ Shape/ Units: 557 FT Rectangle 90 Set 1 Mezzanine Area/ Use: 0 SF none Assume Ind: N Bsmt Area/ %Fin 0 SF 0% GBA 9 j Bsmt Use: none PMT- INT- PMTS Bsmt Fin/ W 0 SF 0% GBA BALLOON DATE First Floor Use: Motel First Floor SF/ 15,859 SF 34% GBA Cash Equivalent Price: 6.44% $6,110,000 2nd+ Floor Use: Motel Cash Equivalent Adj: $0 2nd+ Floor SF/ 30,190 SF 66% GBA LESS: Personal Property: $0 Tot Off Area: 0 SF 0% GBA PLUS: Special Assessments: Ind:Y $0 Primary Heating/ Pct: Package Unit 80% Cash Equivalent of Real Estate: $6,110,000 Secondary Heating/ Pct: Forced Air 20% Air Conditioning Pct: 100% Sale Analysis: Sale Price Per Sq. Ft. TFA: $132.68 Sprinklers/ Elevators: 100 1 Sale Price Per Sq. Ft. GBA: $132.68 Garage/ Ramp Spaces: Sale Price Per Sq. Ft. NRA: Surface Parking Space: Sale Price Per Sq. Ft. Land Area: $72.10 Parking Surface Type: Asphalt Sale Price Per Room: $67,889 Multiple Tenancy: Y Income Data: Bldg Ht/ Avg Clear Ht: 10.0 FT 8.0 FT Stories: 3.0 PRIVATE DATA Avg. Finished Ceiling Ht: 8.0 Fl Total Land Area/ Topography: 64,741 SF Level Rent Schedule: Useable Land Area: 84,741 SF PRIVATE DATA Zoning/ Land Def Cd: Commercial F Trackage/ Utilities: N All City Land Blg Ratio/ Excess Land: 1.84 to One N Environmental Concern Ind: N Other Amenities: Pool Hot Tub Summary Comments: Listed with Molinaro Koger hotel /motel brokers. They are a national broker that deals in 100's of transactions. Buyer stated a fair transaction. Actual price was $7,100,000 for all, but FF &E and Goodwill was not included on CRV. Both buyer and seller are unrelated, knowledgeable hotel /motel investors. Last sold 2/1/2005 for $4,750,000 including FF &E. See other ACE entry for more info. CEW 4 pin #:201415003 Se4 y sacd St a w ate. sx. m �s at amt r—. p 9£ t as I 1 31 53efd,Sti£ .l �2005NY�VTE6f �2045NEOtiQKt�acfn.N�e. i PROPERTY USE: Hotel MUNICIPALITY: ST. PAUL Code: 332 B RC: 00 COMPLEX NAME: Best Western Bandana Square COUNTY: RAMSEY GBA 68822 LWD ADDRESS: 1010 Bandana Blvd W PIN 27- 29 -23 -13 -0041 Seq 1 Ratio Y Comp: Y AUDITOR ID: 364019 MULTI PID: N COMMUNITY: 0315 NBRHOOD: 10 PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1900 1980 Buyer: Pacific Lodging Const Quality/ Condition: GOOD GOOD Seller: Hotel Capital Partners, XVIII, LLC Const Class/ No. of Bidgs: Min Type Const 1 Sale Data: Date of Sale: 10/12/07 Exterior Type/ Roof Type: Brick Gable Total Purchase Price: $6,450,000 2nd Exterior Type/ Roof Cvr: Shingles /Composition SIZE &USES Down Payment Amount: $0 First Floor Area/ GBA: 38,400 SF 68,822 SF Other Terms: Cash to Seller Total Floor Area/ NRA: 68,822 SF TERMS Bldg Perim./ Shape/ Units: 784 FT Rectangle 110 No Data Available Mezzanine Area/ Use: SF Cash Equivalent Price: 6.44% $6,450,000 Bsmt Area/ %Fin/ W 0 SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $400,000 j Bsmt Fin/ SF 0% GBA PLUS: Special Assessments: Ind:N $0 First Floor Use: Hotel Cash Equivalent of Real Estate: $6,050,000 First Floor SF/ W 38,400 SF 56% GBA 2nd+ Floor Use: Hotel Sale Analysis: Sale Price Per Sq. Ft. TFA: $87.91 2nd+ Floor SF/ 30,422 SF 44% GBA Sale Price Per Sq. Ft. GBA: $87.91 Tot Off Area: SF 0% GBA Sale Price Per Sq. Ft. NRA: Primary Heating/ Pct: Hot Water 100% Sale Price Per Sq. Ft. Land Area: $86.64 Secondary Heating/ Pct: Sale Price Per Room: $55,000 Air Conditioning Pct: 100% Income Data: Sprinklers/ Elevators: 100 1 Garage/ Ramp Spaces: PRIVATE DATA Surface Parking Space: Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/ Avg Clear Ht: 18.0 FT 18.0 FT Stories: 2.0 Avg. Finished Ceiling Ht: 9.0 FT Total Land Area/ Topography: 69,833 SF Level Useable Land Area: 69,833 SF Zoning/ Land Def Cd: B -3 F Trackage/ Utilities: N All City Land Blg Ratio Excess Land: 1.01 to One N Environmental Concern Ind: Other Amenities: Summary Comments: This property was listed by a RE broker from Chicago for about 9 months prior to the sale. There were several other offers that ranged from $4.25 mil to $6.6 mil. Sale price was negotiated between the buyer and the seller. No appraisal was done prior to purchase. Though no list of personal property was attached to the CRV, the $400,000 stated by the buyer seemed reasonable to the seller. There are 110 rooms, 62 King, 39 2 -queen beds, 6 i- queen, 3 suites Pin #:272923130041 Seq #:i W r s W jC�iminC'AVe t p4t'o Cushlgy tN� �i E 3 t p qq f i S r u+•HMrr� Avai '�i� t'f. PROPERTY USE: Motel MUNICIPALITY: HAM LAKE Code: 343 D RC: 00 COMPLEX NAME: AMERICINN COUNTY: ANOKA GBA 30376 TO ADDRESS: 13440 Highway No. 65 NE PIN 32- 32 -23 -34 -0045 Seq 4 Ratio Y Comp: Y AUDITOR ID: 46203 MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1994 1994 Buyer: ALROSE PROPERTIES, LLC Const Quality/ Condition: AVERAGE AVERAGE Seller: KALPANEABEN HOSPITALITY, LLC Const Gass/ No. of Bldgs: WD or steel Stud Fm1 1 Sale Data: Date of Sale: 9/13/07 Exterior Type/ Roof Type: Wood Gable Total Purchase Price: $2,800,000 2nd Exterior Type/ Roof Cvr. Shingles /Composition SIZE USES Down Payment Amount: $0 First Floor Area/ GBA: SF 30,376 SF Other Terms Total Floor Area/ NRA: 30,376 SF TERMS Bldg Perim./ Shape/ Units: FT Rectangle 54 No Data Available Mezzanine Area/ Use: SF Cash Equivalent Price: 6.44% $2,500,000 Bsmt Area/ %Hn/ SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $300,000 Bsmt Fin SF 0% GBA PLUS: Special Assessments: Ind:N $0 First Floor Use: MOTEL Cash Equivalent of Real Estate: $2,200,000 First Floor SF/ SF 0% GBA 2nd+ Floor Use: MOTEL Sale Analysis: Sale Price Per Sq. Ft. TFA: $72.43 2nd+ Floor SF/ SF 0% GBA Sale Price Per Sq. Ft. GBA: $72.43 Tot Off Area: SF 0% GBA Sale Price Per Sq. Ft. NRA: Primary Heating/ Pct: Package Unit 100% Sale Price Per Sq. Ft. Land Area: $13.53 Secondary Heating/ Pct: Sale Price Per Room: $40,741 Air Conditioning Pct: 100% Income Data: Sprinklers/ Elevators: Garage/ Ramp Spaces: PRIVATE DATA Surface Parking Space: Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: PRIVATE DATA Bldg Ht/ Avg Gear Ht: FT FT Stories: 2.0 Avg. Finished Ceiling Ht: FT Total Land Area/ Topography: 162,650 SF Useable Land Area: SF Zoning/ Land Def Cd: COMM F Trackage/ Utilities: N NO WATER OR SEWER Land Big Ratio/ Excess Land: 5.35 to one N Environmental Concern Ind: Other Amenities: INDOOR POOL Summary Comments: SELLER INDICATED ASKING PRICE WAS $3.2MILL AND PROPERTY WAS KNOWN TO BE FOR SALE. PRICE NEG. TO $2.8 MILL. SELLER REPLACED ABOUT 50% OF BEDS AND CARPET SINCE 2005. PER ANOKA STAFF, BUYER LIVING IN 4 UNITS, 50 ROOMS AVAIL FOR LEASE PROPERTY USE: Hotel MUNICIPALITY: RICHFIELD Code: 332 RC: 00 COMPLEX NAME: AmericInn COUNTY: HENNEPIN GBA 29627 WD ADDRESS: 1200 East 78th Street PIN 35- 028 -24 -43 -0008 Seq 2 Ratio Y Comp: Y AUDITOR ID: 948552 MULTI PID: N COMMUNITY: NBRH00D: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1997 1997 Buyer: PMB Hospitality, L.L.C. Const Quality/ Condition: AVERAGE GOOD Seller: ELR Properties, L.L.C. Const Class/ No. of Bldgs. RF Concrete Frame 1 Sale Data: Date of Sale: 2/28/07 Exterior Type/ Roof Type: Wood Gable 2nd Exterior Type) Roof Cvr. Shingles /Composition Total Purchase Price: $4,350,000 SIZE &USES Down Payment Amount: $0 First Floor Area/ GBA: 11,361 SF 29,627 SF Other Terms: Total Floor Area/ NRA: 29,627 SF TERMS Bldg Perim./ Shape/ Units: 528 FT Rectangle 56 No Data Available Mezzanine Area/ Use: 0 SF Cash Equivalent Price: 6.17% $4,350,000 Bsmt Area/ %Fin/ 0 SF 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $0 Bsmt Fin 0 SF 0% GBA PLUS: Special Assessments: Ind:N $0 First Floor Use: Cash Equivalent of Real Estate: $4,350,000 First Floor SF/ 11,361 SF 38% GBA 2nd+ Floor Use: Sale Analysis: Sale Price Per Sq. Ft. TFA: $146.83 2nd+ Floor SF/ SF 0% GBA Sale Price Per Sq. Ft. GBA: $146.83 Tot Off Area: SF 0% GBA Sale Price Per Sq. Ft. NRA: Primary Heating/ Pct: Electric 85% Sale Price Per Sq. Ft. Land Area: $93.30 Secondary Heating/ Pct: Package Unit 15% Sale Price Per Room: $77,679 Air Conditioning Pct: 100% Income Data: Sprinklers/ Elevators: 100 1 Garage/ Ramp Spaces: PRIVATE DATA Surface Parking Space: Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/ Avg Gear Ht: 9.0 FT 8.0 FT Stories: 3.0 Avg. Finished Ceiling Ht: 8.0 FT Total Land Area/ Topography: 46,625 SF Flat/Level Useable Land Area: 46,625 SF Zoning/ Land Def Cd: MU -C Mult. Use Comm. F Trackage/ Utilities: N Sewer /Water Land Big Ratio/ Excess Land: 1.57 to One N Environmental Concern Ind: Other Amenities: Indoor Pool Summary Comments: Buyer feels he paid a premium of approximately $500,000 to $800,000 for the property, his motivation was developed based on a want to purchase the property before anyone else. Property was not listed, direct approach by the buyer. The seller named a price that he thought was high buyer agreed to buy for that price. Appraisal amount of $4,423,000 for the property, it is unclear if the appraisal is strictly valuing real estate or includes ff &e. FF &E is valued at $250,000 on top of real estate sale price for a total purchase price of $4,600,000.The FF &E was handled on a separate bill of sale for this transaction. s Pin #:3502824430008 Seq #:2 77r, 46 x. i f I,' 3502824430008, 1200 78TH ST E RICHFIELD y I PROPERTY USE: Motel MUNICIPALITY: LAKEVILLE Code: 343 C RC: 00 COMPLEX NAME: Americinn Lakeville COUNTY: DAKOTA GBA 25452 WD ADDRESS: 17145 Kenyon Avenue PIN 22- 18451- 010 -01 Seq 1 Ratio Y Comp: Y AUDITOR ID: 246548 MULTI PID: N COMMUNITY: NBRHOOD: 1:111:1 4(&E&jEjEZ3E3EjE PROPERTY DESCRIPTION MARKET DATA Year Built /Effective Year Built: 1996 2000 Buyer: RVP Hospitality, LLC Const Quality/ Condition: AVERAGE GOOD Seller: Wasatch Enterprises, Inc. Const Class/ No. of Bldgs: WD or steel stud Frm 1 Sale Data: Date of Sale: 5/23/07 Exterior Type/ Roof Type: Cedar /Redwood Gable Total Purchase Price: $2,839,000 2nd Exterior Type/ Roof Cvr. Shingles /Composition SIZE &USES Down Payment Amount: $2,839,000 First Floor Area/ GBA: 14,902 SF 25,452 SF Other Terms: none Total Floor Area/ NRA: 25,452 SF TERMS Bldg Perim./ Shape/ Units: 676 FT L Shape 48 Set 1 Mezzanine Area/ Use: 0 SF none Assume Ind: N Bsmt Area/ %Fin/ 0 SF 0% GBA 3 Bsmt Use: none PMT- INT- 8.00% PMTS- 240 Bsmt Fin/ 0 SF 0% GBA BALLOON DATE First Floor Use: motel First Floor SF/ 14,902 SF 59% GBA Set 2 2nd+ Floor Use: motel Assume Ind: N 2nd+ Floor SF/ 10,550 SF 41% GBA 7 PMT- INT- 7.00% PMTS-300 Tot Off Area: 0 SF 0% GBA BALLOON DATE Primary Heating/ Pct: Wall Furnace 80% Secondary Heating/ Pct: Forced Air 20% Cash Equivalent Price: 6.29% $2,839,000 Air Conditioning Pct: 100% Cash Equivalent Adj: $0 Sprinklers/ Elevators: 100 1 LESS: Personal Property: $500,000 Garage/ Ramp Spaces: PLUS: Special Assessments: Ind:Y $0 Surface Parking Space: Cash Equivalent of Real Estate: $2,339,000 Parking Surface Type: Asphalt Multiple Tenancy: Y Sale Analysis: Sale Price Per Sq. Ft. TFA: $91.90 Bldg Ht/ Avg Gear Ht: 10.0 FT 8.0 FT Sale Price Per Sq. Ft. GBA: $91.90 Stories: 2.0 Sale Price Per Sq. Ft. NRA: Avg. Finished Ceiling Ht: 8.0 FT Sale Price Per Sq. Ft. Land Area: $20.13 Total Land Area/ Topography: 116,181 SF Level Sale Price Per Room: $48,729 Useable Land Area: 100,000 SF j Zoning/ Land Def Cd: Commercial F Income Data: Trackage/ Utilities: N All city PRIVATE DATA Land Big Ratio/ Excess Land: 4.56 to One N Environmental Concern Ind: N Rent Schedule: PRIVATE DATA Other Amenities: Pool Summary Comments: Marketed through Broker Timm Assoc. Buyer felt it to be a good and fair transaction. Inspected by Americinn and given an A grade for condition. Personal property well documented and agreed to between buyer and seller in P.A. Personal property included FFE, Goodwill, Non- Compete. Pin #:221845101001 Seq #:1 rwwro�+c:�t� ''Nwx+sr��+e c p29M MWft*tI e�*M. i Map b7DSq NRVi60 a'�NxAM66 I HOTELS /MOTELS Brooklyn Center, Minnesota L:B 2008 Unit 2007 Unit LOCATION AREAS Ratio 2008 EMV Values In 2007 EMV Values 1 Americlnn Land 80,497 1.89 Land $684,000 $8.50 [/1 Land $600,000 $7.45 2050 Freeway Blvd GBA 42,612 Building $3,028,000 $71.06 [r1 Building $2,902,000 $68.10 35- 119 -21 -13 -0021 Rooms 83 Total $3,712,000 $87.11 [/1 Total $3,502,000 $82.18 [/1 Age 1998 Change 6.0% $44,723 Rm Change 25.6% $42,193 Rm Sold 712006 $4,000,000 Sale CE $3,688,750 2 Super 8 Land 104,085 2.84 Land $885,000 $8.50 [/1 Land $868,000 $8.34 [/1 6445 James Circle GBA 36,696 Building $2,500,000 $68.13 [/1 Building $1,891,000 $51.53 [/1 35- 119 -2142 -0006 Rooms 102 $3,385,000 $92.24 [/1 $2,759,000 $75.19 1/1 Age 1980 Change 22.7% $33,186 Rm Change 0.7% $27,049 Rm 3 Baymont Inn Land 91,935 2.38 Land $781,000 $8.50 [/1 Land $720,000 $7.83 [/1 6415 James Circle North GBA 38,700 Building $1,469,000 $37.96 [/1 Building $1,086,000 $28.06 [/1 35- 119 -2142 -0011 Rooms 92 Total $2,250,000 $58.14 In Total $1,806,000 $46.67 [/1 Age 1980 Change 24.6% $24,457 Rm Change 24.6% $19,630 Rm Sold 9/04 $1,666,170 Sold 12/29/05 $1,800,000 CE $1,700,000 Bank Appraisal $2,300,000 Sold 1212007 4 Comfort Inn Land 47,681 Land $420,000 $8.81 [/j Land $400,000 $8.39 1600 James Circle North GBA 27,504 Building $1,489,000 $54.14 In Building $1,372,000 $49.88 In 35- 119 2141 -0015 Rooms 60 Total $1,909,000 $69.41 In Total $1,772,000 $64.43 In Age 1995 Change 7.7% $31,817 Rm Change 16.0% $29,533 Rm 5 Crowne Plaza Land 264,528 2.15 Land $2,115,000 $8.00 v1 Land $2,000,000 $7.56 In 200 Freeway Blvd GBA 123,069 Building $5,569,000 $45.25 [r1 Building $3,940,000 $32.01 In 35- 119 -21 -13 -0012 Rooms 176 Total $7,684,000 $62.44 [/1 Total $5,940,000 $48.27 In Don Erickson 566 -8000 Age 1985 Change 29.4% $43,659 Rm Change 33.4% $33,750 Rm Sold 10/2004 $5,050,000 6 Country Inn Land 231,000 7.77 Land $1,035,000 $4.48 In Land $1,820,000 $7.88 1/1 2550 Freeway Blvd. GBA 29,736 Building $2,709,500 $91.12 In Building $1,921,500 $64.62 1/1 35- 119 -21 -24 -0008 Rooms 85 Total $3,744,500 $125.92 In Total $3,741,500 $125.82 1/1 Ray Assemi 561 -0900 Age 1997 Change 0.1% $44,053 Rm Change 3.8% $44,018 Rm Sold 11/2005 $4,100,000 Useable 100,320 Land CE Sale $3,792,500 CE Sale $3,792,500 7 Motel Land 100,016 2.42 Land $850,000 $8.50 Land $800,000 $8.00 In 2741 Freeway Blvd GBA 41412 Building $3,180,000 $76.79 [/1 Building $2,908,500 $70.23 M 35- 119 -21 -23 -0087 Rooms 127 Total $4,030,000 $97.31 [/1 Total $3,708,500 $89.55 [/1 Age 2000 Change 8.7% $31,732 Rm Change 9.6% $29,201 Rm LV/ Useable 8 Extended Stay America Land 116,970 2.57 Land $792,600 $6.78 LV/ U! Land $935,000 $7.99 Land 2701 Freeway Blvd GBA 45,450 Building $3,035,000 $66.78 [/1 Building $2,827,000 $62.20 In 35- 119 -21 -23 -0088 Rooms 104 Total $3,827,600 $84.22 In Total $3,762,000 $82.77 In Age 1999 Change 1.7% $36,804 Rm Change 14.0% $36,173 Rm Useable 87,077 Land 9 Land 40,000 2.59 Land $320,000 $8.00 [Q Land $275,000 $6.88 [/1 Inn on the Farm GBA 15,439 Building $47,000 $3.04 [Q Building $90,000 $5.83 [/J 6150 Summit Drive Rooms 10 Total $367,000 $23.77 Total $365,000 $23.64 1/1 35- 119 -21-44 -0009 Age Change 0.5% $36,700 Rm Change 0.0% $36,500 Rm Only rented as companion to hall Iweddin rental TOTALS Useable 1,076,712 Land $7,88200 $7.32 [/l Land $8,418,000 $7.82 and 400,618 Building $23,026,500 $57.48 [/1 Building $18,938,000 $47.27 AVERAGES Rms 839 Total $30,909,100 $77.15 In Total $27,356,000 $68.28 [!1 Change 13.0% $36,840 Rm Change 15.9% $32,605 Rm Gv5PRE0.5HPASaessM200BCIa�HO[el gsx�2008 Hob/ 4/30/2008 Hospitality Mark Notwithstanding the usual challenges of devel- It is often the case in today's economic environ- Twin Cities community does not view itself as a opment with construction costs, city councils, ment that any conversation about commercial real strong gateway city for foreign travelers. With the and lender requirements, a hotel owner has to estate quickly turns to the turmoil in the credit Northwest Airlines hub, the Mall of America, and wrap their thinking around the fact that a hotel markets. So far, the hospitality lending markets our general perception as a safe community, the involves several hundred lease transactions per have continued to proceed, although with higher Twin Cities is well positioned to take advantage night. Ultimately, hotel operators have to focus costs and much more risk analysis. The credit tur- of the Euro's, Yen and other foreign currencies their resources on everything that motivates a cus- moil has removed dollars from the leisure travel that will appear. The LRT, and its connecting of tomer to make a "yes" decision in about 45 sec- segment and this is impacting some areas of the the airport, mall and downtown core, is a familiar onds. This is not as easy as it may seem. However, country with significantly lower occupancies. and comfortable device for travelers from Europe when it comes to the "yes" factor, the Twin Cities Florida and California are good examples. This and Asia. To foreign travelers, it makes Minnesota is changing in a dramatic way. has not been witnessed in Minnesota to any large accessible and modern. The LRT will be the rail degree yet. It does not appear, yet, that the higher that brings those Euros and Yen downtown. In 2007 the Twin Cities saw total hotel revenue cost of transportation fuels has severely reduced increase by 7% to $836,000,000. Occupancy, travel in Minnesota. For that matter it may help In 2008, we foresee continued growth in upscale however, did not follow this trend and came in this area as people will spend their dollars closer and luxury markets. We advise that hoteliers fo- at 67.5% through November, which represents a to home rather than further away. cus on marketing in foreign markets and service gain of only one half of one percent over 2006. to foreign customers. We recommend aggressive This occurred while the number of room nights The final item, which will be of the greatest im- attention to quality as the expectations of the available over ahe course of the year increased portance, is the effect of the devalued dollar. The traveling public continues to rise. by roughly 265,000. Digging deeper we see that the Average Daily Rate, increased only $4.75 to $98.80, which is a 30% decrease in growth compared to the previous two years. Revenue per Sel Hot Transacti Available Room or RevPar increased almost $4. This is equal to the gain in 2006. Property Name Year City, State $/Unit Units Built Minneapolis and St. Paul are witnessing the larg- est lodging expansion in their history. With the r .+r $RIIRJLKA ^'A.`a i'4J. t�_� IVZ opening of several new hotels in 2007 and the Hampton Inn Bloomington, MN ;$51,192 130 scheduled opening of even more in 2008, they Twin Cities will have more new rooms on the Minneapolis Marriott Southwest Hopkins, MN $13 7 850 market than ever before. More importantly the quality and rate class of these new rooms is going Super Motel Roseville, MN $24,230 1$0 up, and demonstrates a significant increase in the Source: Colliers willingness of the customer to spend more. HOTEL TRENDS Not only is there an expansion into new upscale $loo ADR REVPAR OCCUPANCY products, there is also a significant upgrade un- derway of existing hotels. With several major $80 f properties changing ownership, large renovation $60 projects have begun that will significantly upgrade $40 w the quality of supply. $20 2001 2002 2003 2004 2005 2006 •�'200� Source: Smith Travel Research R, JAIULK-MAR Country Inn Suites By Carlson® W) Brooklyn Center (Minneapolis) �j FREEWAY BLVD MINNESOTA SH4NGLE 694 CREEK PKWY; y 494 G C4 a 94 1 3 N 100 MINNEAPOLI I DIRECTIONS: Country Inn Suites By Carlson®, Brooklyn Center is located 10 mi. north of downtown t Minneapolis. From 194 east or west; exit Shingle Creek Pkwy. north. Follow for I blk. turn left on Freeway Blvd. Follow approx. 0.5 mi., hotel is on the right; connected to I Y) C( JyRestaurant AMENITIES: Complimentary high speed Internet access in all guest rooms and public areas Complimentary continental breakfast served daily Inroom coffee maker with complimentary coffee (nroom hair dryer, iron droning board Indoor pool, whirlpool exercise facility to Connec t o �l� }y f estourant AREA ATTRACTIONS: Conveniently located off of interstate 94 Shingle Creek Parkway 10 min. north of downtown Minneapolis, including the Metrodome, the Minneapolis Convention Center, Target Center, the Historic State Theatre, the Orpheum Theatre, the Target Center and more! Earle Brown Heritage Center, 1 mi. Edinburgh USA, 4 mi. item 4 National Sports Center Schwan's Super Rink, 10 mi. The Shoppes of. Arbor Lakes, 6 mi. The outlets of Albertville, 20 mi. Mall of America IKEA, 20 mi. Mystic Lake Casino, 45 mi. 2550 Freeway Blvd. Brooklyn Center, MN 55,430 (763) 5610900 Fax (763) 566 -2921 C www. countryinns .com /brooklyncentermn BY CARLSON For reservations: 800 -456 -4000 i Xqu! 9 What's it like to be our guest? it's a family getaway, with all the comforts of home. It's feeling free {i x to borrow a book from our library, or relax in the pool. It's a breakfast s that's always free, and a friendly staff that's always ready to help. a But most of all, at every single one of our 400 worldwide locations, it's feeling like you're a guest in our home. You'll appreciate the little extras: Complimentary breakfast Free weekday morning newspaper Free local telephone calls long I distance access in -room coffee maker with free coffee, iron ironing board Curl up with a good book from our lending library See back panelfor more services amenities. Some services Et amenities are not available outside North America. f� 04/22/2008 13:59 7635693337 CITY OF BROOKLYN PAGE 04/06 CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2008 Assessment APPLICATION FOR APPEAL March 17, 2008 through April 18, 2008 You must return this aoolication by Aoril 18. 2008 to be placed on the Agenda for the Local Board of Appeal and Equalization May 5, 2008, 7:00 P.M. Name(s) Daytime Contact Number: Property Address Property Identification Number 3 H f 200 Es Marke 8 t Value What is the reason for your 2008 assessment appeal? �V !S j'y1� (lei Gas, L osr �e- i9 -a►H� �-e When did you purchase your✓�N t Date of Purchase Purchase Price Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes o No If so, what was the determination of value? Please bring ll documentation s o cl i f o vervaluation or y o u r aim o 0 9 Y erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required. i r all STEWART LAWRENCE GROUP REAL ESTATE DEVELOPMENT INVESTMENT VIA Facsimile (763) 569 -3337 April 21, 2008 Ms. Nancy Wojcik, S.A.M.A. City Assessor Cl y cf 3rookl'Vn Parr 6301 Shingle Creek Parkway Brooklyn Center, MN 55430 -2199 Re: Tax Aooeals. PID #35- 119 -21 -43 -007 6300 Shinele Creek Parkwav and PID #35- 119 -21 -43 -008 6200 Shinele Creek Parkway Dear Nancy: As we discussed, the purpose of this letter is to request that our tax appeal be "read" at the local board hearing on May 5, 2008, and then referred to the County Board of Appeal Equalization Enclosed please find the completed "Application for Appeal" forms for these two (2) properties. Please feel free to ,give me a call at (952) 835 -7110 if I missed anything or if you have any questions. SEn: orely, Stewart R. Stender c: Gary Eidson, Fabyanske, Westra, Hart Thomson, P.A. Larry Pobuda, Stewart Lawrence Group Dick Schadegg, CB Richard Ellis enclosures PH 952 -835 -7100 1 F 952 -835 -7111 8000 Norman Center Drive, Suite 1170 1 Minneapolis, MN 55437 Brookdale Corporate Center 1 6300 Shingle Creek Boulevard Brooklyn Center, MN 55430 PID 35- 119 -21 -43 -0007 2008 Local Board of Appeal and Equalization 1 F* N-; s i Zoning: C1A Land Area: 243,160 Sq. Ft. 5.58 Acres Year Built: 1982 GBA: 116,640 Sq. Ft. Stories. 6 Multi- Tenant Office Building City of Brooklyn Center A Millennium Community TO: 2008 Brooklyn Center Local Board of Appeal and Equalization I B RE' BCC CC As sociates LLC s 6200 Shingle Creek Parkway Brooklyn Center, MN 55430 Mr. Stewart Stender of Mr. Stender is an employee of The Stewart Lawrence Group, representing BCC Associates, LLC in a valuation appeal. Mr. Stender contacted the Assessor's office by phone on April 22, 2008 regarding the 2008 valuation of the Brookdale Corporate Center I office building. Mr. Stender was informed that appeal information applications were to be completed by April 18, 2008, to be placed on the agenda. Mr. Stender was advised to appear before the board or submit a written appeal. The Assessor's office received a faxed appeal letter and application that has been included with this packet. Mr. Stender has PP requested that the appeal letter be read at the Local Board of q Appeal and Equalization and referred to the County Board of Appeal and Equalization. A review of the property by the City Assessor has not been completed. As of this date, Mr. Stender has not provided market comparables or income information on this property to the city. A brief report of the property valuation and characteristics has been included for this property. Staff's recommendation is to sustain the 2008 estimate market value of $6,700,000 for the taxes payable in 2009, and refer the appeal to the County Board of Appeal and Equalization as requested. Respectfully, J� Nancy Wojcik, SAMA City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 www.cityofbrooklyncenter.org Report Name: City of Brooklyn Center Printed: 5/1/2008 PropSumm_Public Page: 1 Public Property Summary This information is a summary of available data and is not guaranteed to be complete or accurate. PID 35- 119- 21 -43- 0007` Buildings on File: 1 Property Name: Brookdale Corporate Ctr I Property Address: 6300 Shingle Creek Pkwy Brooklyn Center, MN 55430 Multiple Address: No Lot/Block: 001/002 Additi Brookdale Corporate Center ul�l� 1 p l l il��lili RI ii'V Cll Owner(s): BCC Associates LLC Lot Size: 242,965 Sq.Ft. 5.23 Acres Zoning: CIA Gross Office Area Percent: Building Use: 344 Office Bldg/100% Stories: 6 Avg Story Height: 11 Avg Clear Height: 11 Actual Year Built: 1982 Effective Year Built: 1982 Renovated Year: First Floor Area: 19,440 Gross Building Area: 116,640 Basement: No Parking: Property Classification: Commercial 2008 EMV: 6,700,000 2007 EMV: 5,600,000 2006 EMV: 5,000,000 EMV /GBA: 57.44 I I i I a 63i& 1 t s E. il�'� 1 1� I,'� 1 r� �.li I I t I� 1 i I yam{, 1 'W.. II III I �I i J ,+>,.t i s. j Hennepin County Property Map Print Page 1 of 1 Hennepin County Property Map Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of P ty 9 c cY material herein contained and is not an responsible for misuse or misrep resentation of this information or its derivatives. P Y p 7 /f �j S J g �yiy i 3 y a /f r k, fiat d1 A a f ,�va Y 1 E. r v r; d :'S'�r„ i u fj1 eh f i jl w r Selected Parcel Data Date Printed: 5/1 /2008 11:46:33 AM Parcel ID: 35- 119 -21 -43 -0007 Current Parcel Date: 4/11/2008 Owner Name: BCC ASSOCIATES LLC Parcel Address: 6300 SHINGLE CREEK PKWY, BROOKLYN CENTER, MN 55430 Property Type: COMMERCIAL -NON Sale Price: $5,000,000.00 Homestead: NON HOMESTEAD Sale Date: 0211999 Area (sgft): 243161 Sale Code: WARRANTY DEED Area (acres): 5.58 A -T -B: TORRENS Market Total: $5,600,000,00 iE 4 Tax Total: $204,625.14 http: /gis.co. hennepin. mn. us/ HCPropertyMap/Locator.aspx ?PID= 3511921430007 5/1/2008 Hennepin County Property Map Print Page 1 of 1 "Hennepin County Property Map Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. f ,i 1 tl, i pp 11 1'i'�ry i�illV ijl4 it III it V u I M" I �u I, r W' S @�ECteCI Parcel Data Date Printed: 5/1/2008 8:54:30 AM Parcel ID: 35- 119 -21 -43 -0007 Current Parcel Date: 4 /11/2008 Owner Name: BCC ASSOCIATES LLC Parcel Address: 6300 SHINGLE CREEK PKWY, BROOKLYN CENTER, MN 55430 Property Type: COMMERCIAL -NON Sale Price: $5,000,000.00 Homestead: NON HOMESTEAD Sale Date: 02/1999 Area (sqft): 243161 Sale Code: WARRANTY DEED Area (acres): 5.58 A -T -B: TORRENS Market Total: $5,600,000.00 Tax Total: $204,625.14 y l http: /gis.co. hennepin. mn. us/ HCPropertyMap/Locator.aspx ?PID= 3511921230086 5/1/2008 Report Name: Taxpayer Inquiry City Of Brooklyn Center Printed: 5/1/2008 Taxpayer Inquiry Page: 1 Display PID House Nhr Street Name Unit Zip Code +4 35- 119 -21 -43 -0007 6300 Shingle Creek Pkwy 55430 Last Name First Name MI Owner Taxpayer Resident BCC Associates LLC y y N Frontage Left Side Rear Side Right Side Eff. Width Eff. Depth Propert Area Acreage Zoning P/S Exemnt Code School Dist Watershed Yr Built 539 0 0 0 0 500 242,965 5.23 CIA 0286 14 0 Year Ver #Subs Land Value Bldg Value Mach Value Tot Mkt Value Tax Cap Hmstd Midvr Rel H P/T %Own P/C 2008 1 1 1,950,000 4,750,000 0 6,700,000 134,000 N N N C 0 N 2007 1 1 1,455,000 4,145,000 0 5,600,000 112,000 N N N C 0 N 2006 1 1 1,375,000 3,625,000 0 5,000,000 100,000 N N N C 0 N Lot: 001 Block: 002 Addition: Brookdale Corporate Center City of Brooklyn Center PID: 35- 119 -21 -43 -0007 Property Type: C Commercial Commercial Field Card Property Address: 6300 Shingle Creek Pkwy Zoning: CIA Lot Block: 001/002 Addition: Brookdale Corporate Center Owner(s): BCC Associates LLC Printed: 5/1/2008 District: Assessment Year: 2008 Neighborhood: 0011 Project(s): Version: 1 Watershed: 14 Building: 1 School District: 0286 Zoning: CIA Name: Brookdale Corporate Ctr I M oss Gr Income Area Rating: Very Good F i 1 Area (SgFt): Vacancy Percent: Site Rating: Good n Effective Gross Income: Land g o Basement Area Percent: A01 -Land Partial Construction /o) Quality: Overall Quality: Bsmt. Use Code: Operating Expense: Contamination: Net Income: Flood Plain Ma Ref: Architectural Appeal: Average Bsmt. Use Code Suffix: Capitalization Rate: PUD Ref: P Construction Quality: Good Elevator(s). 2 Gross Rent Multiplier: Construction Type: Reinforced Concrete N Ao Rent /Square Feet: Allowable Units: 0 Building Condition: Average Excess Land (SgFt): Security stem: N Zoning Variance: N ht1 o y Electrical Service: Average t3 S Y x.....k Plumbing: Average Frontage: 539 Primary Exterior Walls: Concrete Sprinkler Type Percent: Yes/ 100 Left Side: Secondary Exterior Walls: Date: 02/01/1999 o �1 Price: $5,000,000 Rear Side Roof Construction: Steel Heating 1: HVAC 100 Right Side: Roof Type: g Code: 00 Effective Width: Roof Cover: Single Ply Heating 2: Desc: Good Sale Effe Dept(: q 500 344 Office Bldg B .n £rte 100 Heating 3 o Acreage: Area S Ft 242,965 0 A/C 2: Central A Date: 07/24/2006 Effective Water: 0 PP Park: 0 A/C 3: Reason: Quintile Review Park LOakea Lake: Quality: 0 Result: Interior On River: Functional Actual Age: 1982 First Floor Area: 19,440 River uali Economic Effective Age: 1982 Gross Building Area: 116,640 Appraiser ID: Q ty: Landscape Quality: Physical Renovated Age: Net Rentable Area: 111,123 Appraisal Date: Mezzanine ea Buried Electric W "na� Total Floor Area e,�z�.., spa i ��i_ s Reason: Curbs F- ice. J Result: Gas r Irregular Shape Land Building Percent: Paved Street Floor Area Percent: Left Tag: Yes/ No Sewer Available Parking- Surface Perimeter Length: 684 Sidewalk Office Area: Water Available Gross Office Area Percent: Value: Net Office Area Percent Desc: pwg �Je 3. MW Average Story Height: 11.0 Number of Stories: 6.0 Average Clearance Height: 11.0 Finished Ceiling Height: Income/Lease: Tenant: 01 �fU ZG 4L BROOKLYN CENTER LARGE OFFICE 20,000 BUILDINGS 200BUnit 2007 Unit NUMBER Property Description AREAS 2008 EMV Values 2007 EMV Values 1 11 i 1 1 1 1 (Earle Brown Tower Land 276.548 r/1 $2,200,000 1 $7.96 1 rll I $1,800,000 $6.51 [A Built 1974 6120 Earle Brown Drive GBA 139,978 rfll $2,020,000 i $14.43 in I $1,920,000 1 $13.72 iTA 9 Stories !PID 35- 119.21 -44 -0003 NRAI 112,3471 Ujr $4,220,000 $30.15 rA $3,720,000 $26.58 [A L:B Clr Ht 11' CIA 1974 Ratio' 1.981 :1 NRA per r/7 $37.56 M I NRA per [n $33.11 I i Change in EMV 13.44% I Change in EMV 9.41% 2 Earle Brown Plaza Land 184,2581 r/1 $1,475,000 $8.01 i U1 $1,200,000 $6.46 [A Built 1972 16040 Earle Brown Drive GBA! 55,3601 r11 $785,000 $14.18 rn 1 $770,000 $13.91 [A Renov 2006 iPID 02- 118.21 -11 -0002 NRAI 50,6341 [n1 $2,260,000 $40.82 M I $1,970,000 I $35.59 M L:B 4 Stories Ratio I 3.331 :11 1 NRA per M $44.63 fn I NRA per [ill $38.91 [A Cir Ht 10' Change in EMV 9.64% I Change in EMV I 15.20% Improve $100,000 I 1 i 3 Lampi Office Bldg Land 1 134,4541 M, $1,075,000 $8.00 I fn $875.000 $6.51 14 Built 1990 ;6010 Earle Brown Dr GBA 22,431! f/l! $677,000 $30.18 fn 1 $834.100 $37.19 [A 02- 118 -21 -11 -0011 NRA I 16,866 MI. $1,752,000 $78.11 1 in $1.709.100 $76.19 [A !Sold 2/05 $2,350,000 fn I [n !(Not Open Mrkt- Disc +quar. Rent) Change In EMV 2.51 I Change in EMV 5.32% 1 I 1 5 Brookdale Corp Center I Land 242,9652 r/1 $1,950,000 $8.03 fn $1.455.000 $5.99 Built 1982 6300 Shingle Creek Parkway GBA 116.6401 rn $4,750,000 $40.72 rri I $4,145,000 $35.54 [A Ratio 2.08 :1 NRA per rn ;60.28 [n I NRA per pi i $48.01 I[A 6 Stories PID 35- 119 -21 43 -0007 NRAI 111,1512 fn $6,700,000 $57.44 fil $5,600,000 Cir Ht 11' CIA 1982 I I Change in EMV 14.60% I Change in EMV11 $50.38 i[� 14.34% Sold 2199 $4,970,000 I 1 I 6 Brookdale Corporate Center ii Land 227,661 f/1 $1,825,000 $8.02 rn $1,320,000 $6.00 [4 Built 1986 16200 Shingle Creek Parkway GBAI 116,6401 fn l $4,875,000 $41.80 fn I $4,280,000 $36.69 [A 6 Stories I PID 35- 119 -21-43 -0008 1 NRA 111,5001 fn $6,700,000 1 $57.44 in I $5,600,000 $48.01 [A I La Clr Ht 11' CB Richard Ellis Dick Shatted 952 -2781 Ratio 1.951 :1 NRA per fn $60.09 r/l I NRA per [n l $50.22 I IA CIA 1986 Change In EMV 13.90% Change in EMV 14.20% 1 ISoid 11/2000 $6,100,000 Not Open Mrkt 7 Brookdaie Corporate Center 111 Land 246,5631 rn $1.975.000 $8.01 fn $1,480,000'•, $6.00 [A Built 1986 1 6160 Summit Drive GBA 111.907 fn $6,015,000 $53.75 fn 1 $5,190,000 I $46.38 [A un I I 6 Stories PID 35- 119 -21-43 -0017 NRA 107.002 rQ I I ;7,990,000 $71.40 rn I $6,670,000 1 $59.60 in Cir Ht 9' 1 CB Richard Ellis Dick Shatted 952 -278 Ratio 2.20 :1 NRA Der M $74.67 rn NRA per Yli $62.34 [A {C1A 1986 $0 I $0 Includes City t County Credit Union Change in EMV 1 19.79% 1 Change in EMV 8.99% Sold 7/1112003 $11,900,000 (Not Open Mrkt) 1 I I I i 8 Brooklyn Crossing Land 143.259 fn 1 $1,300,000 $9.07 M $865,000 $6.04 In Built 1980 !3300 Bass Lake Road GBAI 58,338 fill $1,900,000 532.57 fn 1 $2,115,000 $36.25 11n 5 Stones 1 PID 03- 118 -21 -14 -0033 Npi 53,905 fil l $3,200,000 ;54.85 rill $2,980,000 $51.08 [A Clr Ht 10' CSM Bruce Carland 646 1717 Ratio 2.461:1 NRA per rn $59.36 rn 1 NRA per [ni $5518 (A CIA 1980 Change in EMV 7.38% I Change in EMVi 18.25% 9 IMN School of Business Land 347,814 rn $1800,000 $8.05 fn $2,000,000 $5.75 [A Built 1969 15910 Shingle Creek Parkway 1 GBA 70.813 fill 1 1 $1,210,000 $17.09 r/11 $1,590,000 $22.45 (A 2Stories IPit) 02- 118 -21 -21 -0001 NRA_ 68.000 in $4,010,000 f56.63 Uri $3,590,000 $50.70 I[A C2 1969 Sale 10198 $2,100,000. L:B Cir Ht 12' Ratio 4.91 :1 NRA Per fn $58.97 fn NRA per rn $52.79 M Improvement $0 1 Improvement $75,000 Ch anae in EMV 11.70% I Chance in EMV! 5.90% 4/30/2008 BROOKLYN CENTER LARGE OFFICE 20,000 [n BUILDINGS 20081.1nit 2007 Unit NUMBER Property Description AREAS 2008 EMV Values 2007 EMV Values 10 jHigh Tech Institute Land 144,789 [/I $1,500,000 $10.36 1 U1 $1,155,000 I $7.98 14 Built 1971 5701 Shingle Creek Parkway GBAi 65,256 Ul $2,030,000 $31.11 $2,205,000 $33.79 l[9 6Stones 02- 118 -21 -23 -0016 NRAI 50,842 U1 $3,530,000 $54.09 [QI $3,360,000 $51.49 114 L; t3 1 Cir Ht 10' Sam Cave Ratio 2.22 :1 NRA ner pi $69.43 NRA per $66.09 [4 `C2 1971 wN996 -98 renovation Improvement Cell Tower Equipment Change in EMV 5.06% Change in EMV 0.46% TOTALS 1,813,857 L $16,100,000 $8.88 pJ $12,150,000 $6.72 M TOTALS AND MEAN UNIT VALUES 734,932 B $24,262,000 $33.01 $23,049,100 $31.36 14 Total T $40,362,000 $54.92 [/J $35,199,100 $47.89 [4 Improvments $100,000 $75,000 G: ISPREDSHTW ssessort2008ciat [OFFGT20K.xlsx]2008 Office >20000 Percentage Change 14.38% Percentage Change 9.69% OFFICE BUILDINGS I 4/30/2008 04/22/2008 13:59 7635693337 CITY OF BROOKLYN PAGE 05/06 CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2008 Assessment APPLICATION FOR APPEAL March 17,'2008 through April 18, 2008 You must return this aQOlication by Aori) 18. 2008 to be placed on the Agenda for the Local Board of Appeal and Equalization May 5, 2008, 7 :00 P.M. Name(s) C c. s5o C. ��s 4. 1- C Daytime Contact Number. Property Address Sd q IL C� �•1?`b -a Property Identification Number 2008 Estimated Market Value What is the reason for your 2008 assessment appeal? When did you purchase your me �l Date of Purchase Purchase Price Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage). Please list a brief description below with an estimated cost. Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes orCN If so, -what was the determination of value? J Please bring all documentation supporting' your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required. STEWART LAWRENCE GROUP REAL ESTATE DEVELOPMENT INVESTMENT VIA Facsimile (7631 569 -3337 April 21, 2008 Ms. Nancy Wojcik, S.A.M.A. City Assessor City of Brooklyn Park 6301 Shingle Creek Parkway Brooklyn Center, MN 55430 -2199 Re: Tax Anoeals. PID #35- 119 -21 -43 -007 6300 Shinele Creek Parkwav and PID #35- 119 -21 -43 -008 6200 Shinele Creek Parkwav Dear Nancy: As we discussed, the purpose of this letter is to request that our tax appeal be "read" at the local board hearing on May 5, 2008, and then referred to the County Board of Appeal Equalization. Enclosed please find the completed "Application for Appeal" forms for these two (2) properties. Please feel free to give me a call at (952) 835 -7110 if I missed anything or if you have any questions. Sincerely, Stewart R. Stender c: Gary Eidson, Fabyanske, Westra, Hart Thomson, P.A. Larry Pobuda, Stewart Lawrence Group Dick Schadegg, CB Richard Ellis enclosures www.stewartlawrencegroup-com PH 952 -835 -7100 F 952- 835 -7111 8000 Norman Center Drive, Suite 1170 1 Minneapolis, MN 55437 Brookdale Corporate Center II 6200 Shingle Creek Boulevard Brooklyn Center, MN 55430 PID 35- 119 -21 -43 -0008 2008 Local Board of Appeal and Equalization .R Zoning: C1A Land Area 220,334 Sq. Ft. 5.06 Acres Year Built: 1986 GBA: 116,640 Sq. Ft. Stories: 6 Multi- Tenant Office Building City of Brooklyn Center A Millennium Community I TO: 2008 Brooklyn Center Local Board of Appeal and Equalization RE: BCCII BCC Associates LLC 6200 Shingle Creek Parkway Brooklyn Center, MN 55430 Mr. Stewart Stender of Mr. Stender is an employee of The Stewart Lawrence Group, representing BCC Associates, LLC in a valuation appeal. Mr. Stender contacted the Assessor's office by phone on April 22, 2008 regarding the 2008 valuation of the Brookdale Corporate Center II office building. Mr. Stender was informed that appeal information applications were to be completed by April 18, 2008, to be placed on the agenda. Mr. Stender was advised to appear before the board or submit a written appeal. The Assessor's office received a faxed appeal letter and application that has been included with this packet. Mr. Stender has requested that the appeal letter be read at the Local Board of Appeal and Equalization and referred to the County Board of Appeal and Equalization. A review of the property by the City Assessor has not been completed. As of this date, Mr. Stender has not provided market comparables or income information on this property to the city. A brief report of the property valuation and characteristics has been included for this property. Staff's recommendation is to sustain the 2008 estimate market value of $6,700,000 for the taxes payable in 2009, and refer the appeal to the County Board of Appeal and Equalization as requested. Respectfully, Nancy ojcik, SAMA City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 o www.cit brookl ncenter.or yf y g Report Name: City of Brooklyn Center Printed: 5/1/2008 PropSumm_Public Page: 1 Public Property Summary This information is a summary of available data and is not guaranteed to be complete or accurate. tl PID 9: 35- 119 -21 -43 -0008 Buildings on File: 1 Property Name: Brookdale Corporate Ctr II Property Address: 6200 Shingle Creek Pkwy Brooklyn Center, MN 55430 Multiple Address: No Lot/Block: 002/002 Addition: Brookdale Corporate Center Legal(120): Owner(s): BCC Associates LLC Lot Size: 220,334 Sq.Ft. 5.06 Acres Zoning: CIA Gross Office Area Percent: Building Use: 344 Office Bldg/88% 304 Bank/12% Stories: 6 Avg Story Height: 1 I Avg Clear Height: 11 Actual Year Built: 1986 Effective Year Built: 1986 Renovated Year: First Floor Area: 19,440 Gross Building Area: 116,640 Basement: No Parking: Parking- Surface Property Classification: Commercial 2008 EMV: 6,700,000 2007 EMV: 5,600,000 2006 EMV: 5,000,000 EMV /GBA: 57.44 I I y� i i€ f I" YOIII�l IN w l k OF iii ✓i/ ////Gd� I Hennepin County Property Map Print Page 1 of 1 Hennepin County Property Map Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. PON ,A ;kf��' zF l "m ^Irob 0/f C gp �1y i �f a i a "A M �r A y a 4izI am A-3 r y "f y 2ot� k at r N� w bf l I i Selected Parcel Data Date Printed: 5/1/2008 11:47:07 AM Parcel ID: 35- 119 -21 -43 -0008 Current Parcel Date: 4/11/2008 Owner Name: BCC ASSOCIATES LLC Parcel Address: 6200 SHINGLE CREEK PKWY, BROOKLYN CENTER, MN 55430 1 Property Type: COMMERCIAL -PREF Sale Price: $6,100,000.00 Homestead: NON HOMESTEAD Sale Date: 11/2000 Area (sgft): 220334 Sale Code: Area (acres): 5.06 A -T -B: TORRENS Market Total: $5,600,000.00 Tax Total: $202,631.12 http: /gis.co. hennepin. mn. us/ HCPropertyMap /Locator.aspx ?PID =3 511921430008 5/1/2008 Hennepin County Property Map Print Page 1 of 1 Hennepin County Property Map Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor. The perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. 10 1:11 s s d 'I a 63 J4 4 I Selected Parcel Data Date Printed: 5/1/2008 9:12:00 AM Parcel ID: 35- 119 -21 -43 -0008 Current Parcel Date: 4/11/2008 Owner Name: BCC ASSOCIATES LLC Parcel Address: 6200 SHINGLE CREEK PKWY, BROOKLYN CENTER, MN 55430 Property Type: COMMERCIAL -PREF Sale Price: $6,100,000.00 Homestead: NON HOMESTEAD Sale Date: 11/2000 Area (sgft): 220334 Sale Code: Area (acres): 5.06 A -T -B: TORRENS Market Total: $5,600,000.00 Tax Total: $202,631.12 http /gis.co. hennepin. mn. us /HCPropertyMap/Locator.aspx ?PID= 3511921230086 5/1/2008 Report Name: Taxpayer Inquiry City Of Brooklyn Center Printed: 5/1/2008 Taxpayer Inquiry Page: 1 Displa PID House Nbr Street Name Unit Zip Code L� 35- 119 -21 -43 -0008 6200 Shingle Creek Pkwy 55430 Last Name First Name MI Owner Taxpayer Resident BCC Associates LLC y y N Frontage Left Side Rear Side Rai ht Side Eff. Width Eff. Depth Pronertv Area Acreage Zoning P/S Exemnt Code School Dist Watershed Yr Built 389 0 0 0 0 528 220,334 5.06 CIA 0286 14 0 Year Ver #Subs Land Value Bldg Value Mach Value Tot Mkt Value Tax Cap Hmstd Midvr Rel H P/T %Own P/C 2008 1 1 1,825,000 4,875,000 0 6,700,000 133,250 N N N C 0 N 2007 1 1 1,320,000 4,280,000 0 5,600,000 111,250 N N N C 0 N 2006 1 1 1,252,100 3,747,900 0 5,000,000 99,250 N N N C 0 N Lot: 002 Block: 002 Addition: Brookdale Corporate Center 'A l j� nY City of Brooklyn Center PID: 35- 119 -21 -43 -0008 Property Type: C Commercial Commercial Field Card Property Address: 6200 Shingle Creek Pkwy Zoning: CIA Lot Block: 002/002 Addition: Brookdale Corporate Center Owner(s): BCC Associates LLC Printed: 5/1/2008 District: Assessment Year: 2008 Neighborhood: 0011 Project(s): Version: 1 Watershed: 14 Building: 1 School District: 0286 ro EN an Zoning: CIA Name: Brookdale Corp Ctr II /r. Gross Income: Area Ratin Very Good' g n Area (SgFt): Vacancy Percent: Site Rating: Good o Basement Area Percent: Effective Gross Income: Land Quality: A01 -Land Partial Construction /o). Q ty� Bsmt. Use Code: Operating Expense: Overall Quality: Contamination: Net Income: Architectural Appeal: Average Bsmt. Use Code Suffix: Flood Plain Map Ref: Construction Quality: Good Elevator(s): 2 Capitalization Rate: PUD Ref: Gross Rent Multiplier: Allowable Units: Construction Type: Reinforced Concrete a/ y f Rent /Square Feet: Building Condition Average Excess Land (SgFt): Electrical Service: Average Security System: N Zoning Variance: N y W r, Plumbing: Average Frontage: 389 Primary Exterior Walls: Concrete Sprinkler Type Percent Yes 100 Left Side: Secondary Exterior Walls: 7 go g Date: 11/01/2000 Rear Side Roof Construction: Steel Price: $6,100,000 Heating 1: HVAC 100 Code: 99 Effective Width: Right Side: Roof Type: Effective Depth: 5280 f Heating 2: r 4 xNJ Heating 3: 1 Desc: Conversion -X Sales Cover: Single Ply Property Area S Ft 220,334 344 Office Bldg B 88 pp P Y A/C 1: Central 100 A (q raiser ID: 11 Acreage: 5.06 304 -Bank B 12 A/C 2: Appraisal Date: 07/24/2006 Park: 0 A/C 3: Reason: Quintile Review I Park Quality: 0 Result: Interior On Lake: y.f emu.. a• Lake Quality:. f On River: Functional Actual Age: 1986 First Floor Area: Quality: 19,440 River Economic Effective Age: 1986 Gross Building Area: 116,640 Appraiser ID: Landscape Quality: Physical Renovated Age: Net Rentable Area: 111,123 Appraisal Date: Mezzanine Area: Buried Electric �3 Total Floor Area Reason: c Curbs Land Build i. Result: Gas Parking- Surface Irregular Shape Building Percent. 188.9 Paved Street Floor Area Percent: 52.9 Left Tag: Yes/ No Sewer Available o:. Perimeter Length: 684 Office Area: INIMINIMINNESSISM Water Available Gross Office Area Percent: Value: d M `y Net Office Area Percent Desc: i, C mss.. 3 y� c�� ✓a a�2,, Cano "rte py =1161 Square Feet drive up bank window zw R Average Story Height: 11.0 Number of Stories: 6.0 Average Clearance Height: 11.0 Finished Ceiling Height: ng Income/Lease: Tenant: i i 1 1• .IaYt iq y AU J 4 OQ :EC�7 CD$�4�T �1pUR �F HMI H� h 0 0 END Gv�IC R�T� BROOKLYN CENTER LARGE OFFICE 20,000 [I] BUILDINGS 2008Unit 2007 Unit NUMBER Property Description AREAS 2008 EMV Values 2007 EMV Values I i I i 1 Earle Brown Tower Land 276,548 M $2,200,000 $7.96 $1,800,000 $6.51 In Built 1974 6120 Earle Brown Drive GBA 139,978 In $2.020.000 $14.43 rn $1,920,000 $13.72 In 9 Stories PID 35- 119 -21-44 -0003 NRA 112.347 fn $4,220,000 $30.15 [Q I $3,720,000 $26.58 1 1n L:B Clr Ht 11' CIA 1974 Ratio 1.98 :1 NRA per UI $37.56 [/1 I NRA per [/1 $33.11 In Chanae in EMV 13.44% Change in EMV 9.41% 2 Earle Brown Plaza Land 184.258 in 51.475.0 $8.01 fn $1,200,000 $6.46 [A Built 1972 j6040 Earle Brown Drive GBA 55.360 In I $785.000 $14.18 in $770,000 $13.91 In Renov 2006 PID 02- 118 -21 -11 -0002 NRA 50.634 fly $2.260.000 $40.82 ID $1,970,000 $35.59 11 L:B 4 Stories Ratio 3.331 :1 NRA per Lo $44.63 (n NRA per [/1 $38.91 In Clr Ht 10' Chan ae i n EMV 9.64% Change in EMV1 15.20% Imorove 5100.000 3 Lampi Office Blda Land 134.454 In $1.075.0 $8.00 rn $875,000 $6.51 In Built 1990 6010 Earle Brown Dr GBA 22.431 rn $677.000 $30.18 rn $834,100 $37.19 14 02- 118 -21 -11 -0011 NRA 16.866 JA $1.752.0 $78.11 rn $1,709,100 $76.19 In Sold 2105 $2,350.000 In [n [Not Open Mrkt Disc guar. Rentl C hanae in EMV 2.51% Change in EMV 5.32% i 5 Brookdale Corp Center I La 242.965 in $1.950.000 $8.03 rn $1.455.000 $5.99 In Built 1982 6300 Shinale Creek Parkwav GBA 116.640 rn $4.750.00 S4 o.72 rn $4,145,000 $35.54 In 6 Stories PID 35- 119 -21-43 -0007 NRA 111.151 In $6.700.000 $57.44 rn $5,600,000 $48.01 In L: [5 Clr Ht 11' Ra 2.08 :1 NRA per rn $60.28 rn I NRA per [/1 $50.38 I/1 CIA 1982 C hanae in EMV 14.60% Change in EMV 14.34% Sold 2199 $4,970,000 6 Brookdale Corporate Center II La 227.661 rn 51.825.000 58.02 in $1,320,000 $6.00 [/1 Built 1986 6200 Shinale Creek Parkway GB 1 16.640 M $4.875.000 $41.80 rn $4,280,000 $36.69 in 6 Stories PID 35- 119 -21- 43.0008 NR 111.500 rn $6.700.000 $57.44 in $5,600.000 $48.01 In �ts I Clr Ht 11 CS Richard Ellis Dick Shafted 952 -278 Ra 1.95 :11 I NRA per rn $60.09 rl1I NRA per Ul $50.22 In CIA 1986 Change in EMV 13.90% Change in EMV 14.20% Sold 11/2000 $6,100,000 Not Open Mrkt 7 Brookdale Corporate Center III Land 246.563 rn $1.975.000 $8.01 rn $1,480,000 $6.00 In Built 1986 6160 Summit Drive G 1 11.907 1 rn $6.015.00 $53.75 r/I $5,190,000 $46.38 In 6 Stories PID 35- 119.21 -43 -0017 NRA 107.0021 in $7.990.00 $71.40 rn $6,670,000 $59.60 In Clr Ht 9' CB Richard Ellis Dick Shafted 952 -278 Ratio 2.201 :1 NRA per rn $74.67 in I NRA per 111 $62.34 In CIA 1986 $0 I $0 Includes City t County Credit Union I i Chanae in EMV 19.79% Change in EMV 8.99% Sold 7/1112003 $11,900,000 (Not Open Mrkt) 8 Brooklyn Crossina Land 143.259 rn S1.300.000 $9.07 rn $865,000 $6.04 in Built 1980 3300 Bass Lake Road GBA 58.338 M $1,900,000 $32.57 rn $2,115,000 $36.25 in 5 Stories PID 03- 118.21 -14 -0033 5,A 53.905 rn $3.200.000 $64.85 rn $2,980,000 $51.08 I/1 Clr Ht 10' CSM Bruce Carland 646 -1717 Ratio 2.46 1:1 NRA per rn $59.36 rn I NRA per [n $55.28 in CIA 1980 I Chanae In EMV 7.38% I Change in EMV 18.25% 9 MN School of Business Land 347.814 In! 5 $8.05 in $2,000,000 $5.75 1/1 Built 1969 5910 Shingle Creek Parkwav GBA 70.813 rn S1110.000 517.09 in $1,590,000 $22.45 [A 2 Stories PID 02- 118 -21 -21 -0001 NRA 68.000 In $4.010.000 $56.63 rn $3,590,000 $50.70 In Clr Ht 12' C2 1969 Sale 10198 $2,100,000. Rao 4.91 :1 NRA per rn $58.97 In I NRA per [/1 $52.79 [Q Improvement SO I Improvement $75,000 Chanae in EMV 11.70% 1 Change in EMV 5.90% 4/30/2008 BROOKLYN CENTER LARGE OFFICE 20,000 BUILDINGS 2008Unit 2007 Unit NUMBER Property Description AREAS 2008 EMV Values 2007 EMV Values 10 High Tech Institute Land 144.789 r/1 $1.500.0 $10.36 rfl $1,155,000 $7.98 UI Built 1971 15701 Shingle Creek Parkway GBAI 65.256 r/i $2.030.000 $31.11 r/1 I $2,205,000 $33.79 11 6 Stories 102- 118 -21 -23 -0016 NRA 50,842 rfl $3.530.0 $54.09 In l $3,360,000 $51.49 L.B Clr Ht 10' Sam Cave R atio 2.22 :1 NRA per rfl $69.43 1/1 I NRA per [/1 $66.09 [Q C2 1971 w11996 -98 renovation Improvem Kell Tower Equipment Change in EMV 5.06% Change in EMV 0.46% TOTALS 1,813,867 L $16,100,000 $8.88 Ch $12,150,000 $672 [1': TOTALS AND MEAN UNIT VALUES 734,932 8 $24,262,000 $33.01 (Ij', $23,049,100 $31.36 j Total T $40,362,000 $54.92 1/1 $35,199,100 $47.89 Improvments $100,000 $75,000 G;F SPREDSHTVAssessor 12008ciauOFFGT20K,xisx]2008 Office >20000 Percentage Change 14.38% Percentage Change 9.69% OFFICE BUILDINGS 4/30/2008 14/30/2008 15:01 9529383799 PAGE 01/01 CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2008 Assessment APPLICATION FOR APPEAL March 17, 2008 through April 18, 2008 You must return this aoolication by Aoril 18. 2008 to be placed on the Agenda for the Local Board of Appeal and Equalization May 5, 2008, 7:00 P.M. Name(s) aM i e L. (x I b Daytime Contact Number, Property Address Property Identification Number 2008 Estimated Market Value Cf1rre,,*1 v Co Wh i the reason for your 2008 as appeal? L le� V JW When did you purchase your home? IVA Date of Purchase Purchase Price Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. JVo vp�IQ"��! "f'�r� r� Pf a pu�! p>r ��J'rv�'1'�►^e.- lrt�r�rar .IMJ c�'Pc Cv5 e, ic,5 A✓O valve- rc' 4�s N 4►.. Mk.,�'kivr�•��' we., c.)'i 4 ,AG look( fv -t-ye, r Con Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes or No If so, what was the determination of value? 11 c can d 9„ Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required. LEONARD 150 SOUTH FIFTH STREET SUITE 2300 STREET RECEIVED APR 1 29 MINNEAPOLIS, MINNESOTA 5 5402 AND 612- 335 -1 500 MAIN 612- 335 1657 FAX DEINARD March 4, 2008 James R. Dorsey 612- 335 -1631 james.dorsey@leonard.com BY MESSENGER Mr. Ray Shudy Office of Hennepin County Assessor A -2103 Hennepin County Government Center 300 South Sixth Street Minneapolis, MN 55487 -0213 RE: Brooklyn Center Grill, LLC v. Hennepin County 2590 Freeway Blvd., Brooklyn Center, MN (PID No. 35- 119 -2124 0007) Court File No. 27 -CV -08 -2891 (2008 Taxes Payable) Our File No. 64451.00001 Dear Ray: I have addressed this letter to you regarding the above matter because I assume you are still responsible for commercial property petitions in Brooklyn Center. If I am incorrect on that assumption, please provide this letter to whichever appraiser at the Hennepin County Assessor's Office is responsible for this matter. In anticipation of the expiration of the TGI Friday's lease on this property, the owners listed this property for sale. Unable to find a buyer, the owners entered into a long -term lease with my client, Brooklyn Center Grill, LLC, for a 15 -year term and four 5 -year options to extend. Thus, the property is tied up for up to 35 years. Except for the first six months' free rent, the initial net rent to the property owner is $5,000 per month for the initial 5 -year period of the term of the lease. I am enclosing an executed copy of the lease for your information. This was an arms- length lease with a new entity formed by my client to operate a new restaurant on the premises. Assuming an 8% cap rate (which is probably too low), the indicated market value for this property is no more than $750,000. The assessor's estimated market value for the property for taxes payable in 2008 is $2,000,000. We believe the true market value of this property is indicated by the enclosed long -term arms- length lease. On behalf of my client Brooklyn Center Grill, LLC, we would propose to settle the 2008 taxes payable for a reduction in the assessor's estimated market value to $750,000. My client tells me LAW OFFICES IN MINNEAPOLIS MANRATO ST. CLOUD WASHINGTON, D.C. A Professional Association WWW.LEONARD.COM 4347076.1 s Mr. Ray Shudy March 4, 2008 Page 2 that other restaurants in the area such as the Olive Garden and Cracker Barrell have closed and been scraped to the ground. The Coyote Grill has also closed and remains vacant. After you have had a chance to review the lease and consider the contents of this letter, please give me a call. My client and I would like to meet with you at your earliest convenience to discuss this matter and answer any questions that you may have. Thank you for your consideration of our proposal in this matter. Very truly yours, L, ARD, STREET AND DEINARD i r/dj y P.S. It was n ice seeing you at Bob Rudy's retirement party. He is a good guy and will truly be missed. J.R.D. 4347076.1 Oak City Bar Restaurant 22590 Freeway Boulevard Brooklyn Center, MN 55430 PID 35- 119 -21 -24 -0007 2008 Local Board of Appeal and Equalization y il Zoning: PUD 1 -1 Land Area: 171,066 Sq. Ft. 3.92 Acres Year Built: 1997 GBA: 6,880 Sq. Ft. Seating: 180 Dining 51 Bar Occupancy City of Brooklyn Center A Millennium Community TO: 2008 Brooklyn Center Local Board of Appeal and Equalization RE: Oak City Brooklyn Center Grill, LLC 2590 Freeway Blvd. Brooklyn Center, MN 55430 Mr. Dan Gelb, Brooklyn Center Grill, LLC, and Mr. Dorsey, of Leonard, Street and Dienard, contacted our office by letter on April 10, 2008 regarding the 2008 valuation of the Oak City restaurant. The property is currently under tax court appeal for the taxes payable in 2008, and Mr. Dorsey would like a review of the 2008 estimated market value based on the actual Long term lease recently signed by Brooklyn Center Grill, LLC. With the permission of Mr. Dorsey, an interior review was completed on 4/18/2008, with Mr. Dan Gelb, of Plaza I, Inc., and one of the representatives for Brooklyn Center Grill, LLC. There were no overall changes to the characteristics. The subject property had been listed for sale or lease, by Frank Miller of Sperry Van Ness. The sale price as of 2/14/2007 was $1,800,000. Sale information indicated that the property is located within walking distance of four large hotels and is in very good condition. An appraisal report has been included with this report. A copy the lease dated July 9, 2007, between Brooklyn Center Grill, LLC, and FRIMINN, LLC was provided to the Assessor's office. Mr. Dorsey and Mr. Gelb both indicated that this lease is a market lease, with no relationship between the tenant and landlord. Due to the confidential nature of net rentable area, income and expense data, and lease information, the lease was reviewed and analyzed by the City Assessor, but not included in the report. The lease was considered below market value by the City Assessor due to financial concessions of 6 months free rent, and below market rent. The Assessor contacted assessor's offices from adjacent communities, and Hennepin County to verify restaurant market rents. The lease term is for a total of 15 years, with four additional five year renewals. This lease is a triple net, guaranteed long term lease for base rent alone, and does not include a percentage of the restaurant sales. Typical triple net leases of restaurants of typical size are renting from $15 to $30 per square foot based on my inquiries of other assessment offices. A market based proforma has been included for a market indicated income approach, as data privacy protects the actual information from being included in this report. A copy of the appraisal report is attached. In reviewing sales of comparable properties, there were only three sales available in 2007. Of the three sales, all were comparable in size, and two were very close in age to the subject property. However, comparable number two had a guaranteed corporate income, which is not typical for the market, but is similar to the subject property as it 6301 Shingle Creek Parkway Recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3434 FAX (763) 569 -3494 www.cityofbrooklyncenter.org includes both a bar and restaurant area. Comparables number one and three both were vacant and marketed for some time. The market comparables, after adjustment, indicate a market value range of $990,000 to $1,435,000 for the subject property. The subject property tenant has a triple net lease that requires them to pay all expenses, improvements and taxes for the property, in addition to the base rent. Because the property has a guaranteed income, there is less risk to the property owner. This risk factor impacts the market capitalization rate. A typical market capitalization rate would be 7 but in this case the cap rate should be lowered due to the lowered risk factor. For ad valorem tax purposes, an overall rate is used that combines the market capitalization rate and effective tax rate. Mr. Dorsey and Mr. Gelb indicate a higher cap rate should be used for the market analysis. The Assessor's office disagrees. After calculation of the income approach based on the actual income provided, the indicated value would be $800,000. After reconciling the 2008 estimated market value, based on market information and the actual income data, it was my recommendation to reduce the 2008 estimated market value from $1,950,000 to $975,000. Mr. Gelb was contacted by phone on April 30, 2008 regarding this offer. Mr. Gelb and Mr. Dorsey declined. It is my recommendation to continue Mr. Gelb's appeal to the County Board of Appeal and Equalization. Mr. Gelb is requesting the appeal be read before the Local Board of Appeal and Equalization, as he is unable to attend the meeting. A copy of the appeal application and request for review has been included in this report. If the owner is not satisfied with the outcome of the Local Board of Appeal and equalization they may appeal to the County Board of Appeal and Equalization. Respectfully, Nancy ojcik, SAMA City Assessor I R6port Name: Printed: 5/1/2008 PropSumm_Public City Of Brooklyn Center Page: 1 Public Property Summary This information is a summary of available data and is not guaranteed to be complete or accurate. I PID 35- 119 -21 -24 -0007 �y Buildings on File: 1 y Property Name: Oak City Property Address: 2590 Freeway Blvd Brooklyn Center, MN 55430 Multiple Address: No Lot/Block: 001 /001 Addition: Fridays Addition Legal(120): Owner(s): Friminn, L.L.C. Lot Size: 171,066 Sq.Ft. 3.92 Acres Zoning: PUD/I1 Gross Office Area Percent: Building Use: 350 Restaurant/100% Stories: 1 Avg Story Height: 16 Avg Clear Height: 14 Actual Year Built: 1997 Effective Year Built: 1997 Renovated Year: First Floor Area: 6,880 Gross Building Area: 6,880 Basement: No Parking: Parking Surface Property Classification: Commercial 2008 EMV: 1,950,000 2007 EMV: 2,000,000 2006 EMV: 1,910,000 EMV /GBA: 283.43 i ��'���/'� � �e✓ �y \ iyiiii/ r� � r"N'�� �� � ��viii ,� MAN qpg �\\1 4! , Offlat F \ cz '.Y' \" v � � �`• �•� �.� *% ' `E •.�., ..�a. _ 1 fi �j �� �'„ , �,z�. .., °� � i =s; � � �i �. i ................ ...--- ..�_. ........... .......-—--------------__ ........... .......... Hennepin County Property Map - Tax Year: 2008 Hl The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed land surveyor.The perimeter and area(square footage and acres)are approximates and may contain discrepancies.The information on this page should be used for reference purposes only.1 Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. ............... ................. ................ ..................... ------------------------ ,_.......... r 5 m V_I�N,11',,, O'E'S I IW ,253 15, 2781 S l Jk �x Y Al if XA j ti ng j ............. .............. j 440 a z ........... ................ __—_---_ .............................. Selected Parcel Data Date Printed: 5/1/2008 10:54:33 AM Parcel ID:35-119-21-24-0007 Current Parcel Date:4/11/2008 Owner Name: FRIMINN LLC Parcel Address: 2590 FREEWAY BLVD,BROOKLYN CENTER,MN 55430 Property Type:COMMERCIAL-PREF Sale Price: $0.00 Homestead:NON-HOMESTEAD Sale bate: Area(sqft): 171066 Sale Code: Area(acres):3.93 A-T-B:TORRENS (� Market Total: $2,000,000.00 Tax Total:$70,045.88 -------------------------------------- Hennepin County Property Map Print Page 1 of 1 m _..-.-.. -__.............._..._.._._._._.------------------- .a Hennepin County Property Map - Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed €land surveyor.The perimeter and area(square footage and acres)are approximates and may contain discrepancies.The information on this page should be used for reference purposes only. Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. E i ii ii 2 I� 3 RR gg 1 ` Selected Parcel Data Date Printed:5/1/2008 8:49:31 AM Parcel ID: - - - - 35 119 21 24 0007 Current Parcel Date:4/11/2008 Owner Name: FRIMINN LLC Parcel Address: 2590 FREEWAY BLVD,BROOKLYN CENTER,MN 55430 i ? Property Type:COMMERCIAL-PREF Sale Price: $0.00 Homestead:NON-HOMESTEAD Sale Date: / Area(sgft): 171066 Sale Code: Area(acres): 3.93 A-T-B:TORREN S Market Total $2,000,000.00 Tax Total:#70,045.88 E� http://gis.co.hennepin.mn.us/HCPropertyMap/Locator.aspx?PID=3511921230086 5/1/2008 City of Brooklyn Center PID: 35-119-21-24-0007 Property Type: C-Commercial Commercial Field Card Property Address: 2590 Freeway Blvd Zoning: PUD/I I Lot/Block: 001/001 Addition: Fridays Addition Owner(s): Friminn,L,L.C. Printed: 5/1/2008 District: Assessment Year: 2008 Neighborhood: 0011 Project(s): Version: 1 Watershed: 14 Building: 1 School District: 0286 �. Zoning: PUD/H Name Oak City B . �` A � Gross Income: Area Rating: Very Good \ ' 2 5 Vacancy ercent: \ .. �r Area(SgFt): is y Site Rating: Good " o Basement Area Percent: Effective Gross Income: Land Quality: A01-Land Overall al Construction Qulity (/a) Q ty� Bsmt.Use Code: - Operating Expense: Contamination: Overall Quality: Architectural Appeal: Very Good Bsmt.Use Code Suffix: Net Income: Flood Plain Map Ref: Construction Quality: Excellent/Good Elevator(s): Capitalization Rate: PUD Ref: Construction Type: Steel Frame Gross Rent Multiplier: Allowable Units: a �c �% ° \�Fi i \ Rent/Square Feet: Building Condition Excellent -.,- -•-�� --OE • OVA �,. � _ q Excess Land(SgFt): Electrrcal Servicc: Above Average Security System: Y Zoning Variance: N �� '\ \ ' g \......... \. T Plumbing: Average Frontage: 246 Primary Exterior Walls: Brick Sprinkler Type/Percent: Yes/100 Left Side: Secondary Exterior Walls: i ate: 03/01/1997 Rear Side Roof Construction: Steel Heatin 1: P / Price: $485,710 g ackage Unrt 100 Right Side: Roof Type: Code: 99 Effective Width: Roof Cover Pitch&Gravel Heating 2 / Desc: Conversion-X Sales Effective Depth: 650 Heating 3 / Effective Water: 0 �I 100 i - - f�s �350-Restaurant Pro ert y Area S Ft): 171,066 ` A/C 1: Package/100 Appraiser ID: 11 Acreage: 3.92 0 A/C 2: / Appraisal Date: 04/18/2008 Park: 1e 0 A/C 3: / Reason: Appeal Park Quality: _ 0 Result: Interior On Lake: ' Lake Quality: i ` Buitdi i On River: Functional%: Actual Age: 1997 First Floor Area: 6,880 ONENNNESEEMEMM Quality: River Economic%: Effective Age: 1997 Gross Building Area: 6,880 Appraiser ID: Landscape Quality: Physical%: Renovated Age: Net Rentable Area: 6,880 Appraisal Date: �ibut i Mezzanine Area Buried Electric ���� ��� \ Total Floor Area 6,880 Reason: Curbs On- m Gas Parking-Surface 177 h' a� -\\"In Result: Irregular Shape �, , Land Building Percent: 2,486.4 Paved Street Floor Area Percent: 4.0 Left Tag: Yes/No Sewer Available Perimeter Length: O Soil Correction Office Area: Water Available s Gross Office Area Percent: Value: Net Office Area Percent: Desc: �ii, \�,. r4 i �w oil 10 E 11 WETLANDS AT REAR.USEABLE LAND AREA 123,706 SQ.FT. COMPLETE SITE 3.92 ACRES. 180 SEATS DINING,51 BAR AREA OCCUPANCY,CONTAINS 637 SF OUTDOOR PATIO AREA..INTERIOR FINISH IS CEILING TILE SPRAYED BLACK W/CARPET&WOOD FLOOR MIX. PUBLIC RESTROOMS, �. t ;3•, \.` . ,.,.,,\` ...` DRY STORAGE AND MANAGER OFFICE. AVERAGE KITCHEN AREA WITH 2 WALK-IN COOLERS. NO Average Story Height: 16.0 RENOVATIONS NEED FOR NEW TENANT 12/2007,ONLY UPDATES TO INTERIOR FURNISHINGS. Number of Stories: 1.0 EXTERIOR HALLWAY CORRIDOR TO COUNTRY INN&SUITES-NOT CLEARLY MARKED. Average Clearance Height: 14.0 Finished Ceiling Height: Incomc/Leasc: Tenant: 0-00 ?Z4 : SJ50-2 f add �.� son /p/-L'1/ Sr"1S 1"' -W LAS ( � Qh�JcJ Loh( `F ),6h 12A pop 4+ae ��� 00� h9 �at»A{ �►� 1!�1/1 1�p1o� 5 SA✓l� Lal Restaurant Sales Comparble Grid Hennepin County Restuarants from 5,000 to 8,000 sq.ft. Name: Oak City Former Dolittles Buffalo Wild Wings Sidney's Restaurant 15555 24th Ave N., 11580 Theater Drive, 15600 State Hwy#7, Address: 2590 Freeway Blvd Plymouth,MN Champlin,MN Minnetonka,MN PID#: 35-119-21-24-0007 21-118-22-22-0020 31-120-21-21-0106 21-117-22-34-0006 Year of Construction: 1997 1999 2003 1971 Effective Year: 1997 1999 2003 1992 Construction Quality/Condition Good Good Good Good Exterior: Brick Decorative Block Brick Wood First Floor Area 6,880 7,205 5,598 5,851 Gross Building Area: 6,880 7,205 5,598 5,851 Basement: None 0 0 0 #Stories: 1 1 1 1 Avera a Story Hf/Clear Ht: 16'/11' 20'/18' 16'/14' 12'/10' Useable Land Area: 123,706 57,064 51,388 63,714 L/B Ratio: 17.9 7.92 9.18 10.89 Sale Date(Date of Deed): 9/26/2007 6/15/2007 11/10/2006 Sale Price: $1,500,000 $2,870,000 $1,850,000 Case Equivalent Price: $1,500,000 $2,870,000 $1,850,000 Personal Property: $100,000 $0 $750,000 Bldg sat vacant since 1/20/2007,Property Includes corporate Property was vacant/ Additional Comments: or listed for$2.2 M income guarantee marketed 8 months Cash Equivalent of Real Estate: $1,400,000 - $2,870,000 $1,100,000 Sale Price Per S .Ft.GBA $194 $513 $188 Adjustments: Time: 1.00 1.00 1.00 Location: 0.75 0.75 0.75 Land/Bldg Ratio: 1.03 1.03 1.03 Age: 1.00 0.70 1.10 Construction Quality/Condition: 1.00 1.00 1.00 Size: L$1,092,000.00 1.02 1.02 Parking: .00 1.00 1.00 Net Adjustment: .78 0.50 0.90 Adj Sale Price $1,435,000 $990,000 Market Indicated Value Range: $990,000 to$1,436,000 PROPERTY USE: Restaurant MUNICIPALITY: PLYMOUTH Code: 350 RC:00 COMPLEX NAME: Former Doolitiles COUNTY: HENNEPIN GBA 7205 WD ADDRESS: 15555 34th Avenue North PIN#: 21-118-22-22-0020 Seq#: 1 Ratio Y Comp: Y AUDITOR ID: 963263 MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1999 1999 Buyer: NFQM,LLC Const Quality/Condition: GOOD GOOD Seller: Cliff Corporation Const Class/No.of Bldgs: Masonry Bearing wall 1 Sale Data: Date of Sale: 9/25107 Exterior Type/Roof Type: Decorative Block Flat Total Purchase Price: $1,500,000 2nd Exterior Type/Roof Cvr:, Tar and Gravel Down Payment Amount: $0 SIZE&USES First Floor Area/.GBA: SF 7,205 SF Other Terms: Total Floor Area/NRA: 7,205 SF TERMS Bldg Perim./Shape/Units: FT Rectangle No Data Available Mezzanine Area/Use: SF Cash Equivalent Price: 6.44% $1,500,000 Bsmt Area/%Fin/%: SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $100,000 Bsmt Fin/%: SF 0% GBA PLUS:Special Assessments: Ind:Y $0 First Floor Use: Restaurant Cash Equivalent of Real Estate: $1,400,000 First Floor SF/%: SF 0% GBA 2nd+Floor Use: Sale Analysis: Sale Price Per Sq.Ft.TFA: $194.31 2nd+Floor SF/%: SF 0% GBA Sale Price Per Sq.Ft.GBA: $194.31 Tot Off Area: SF 0% GBA Sale Price Per Sq.Ft.NRA: Primary Heating/Pct: Package Unit 100% Sale Price Per Sq.Ft.Land Area: $24.53 Secondary Heating/Pct: Sale Price Per Room: Air Conditioning Pct: 100% Income Data: Sprinklers/Elevators: 100 Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/Avg Gear Ht: 20.0 FT 18.0 FT #Stories: 1.0 Avg.Finished Ceiling Ht: FT Total Land Area/Topography: 57,064 SF Useable Land Area: 57,064 SF Zoning/Land Def Cd: CC-RE F Trackage/Utilities: N Land Big Ratio/Excess Land: 7.92 to One N Environmental Concern Ind: Other Amenities: Summary Comments: Former Doolittles Restaurant.Building sat vacant since 1/20/2007. Property originally listed in 2004 for$2,100,000. Pin#:2111822220020 Seq#:1 AS MA t <,z PROPERTY USE: Restaurant MUNICIPALITY: CHAMPLIN Code: 350 RC:06 COMPLEX NAME: Buffalo Wild Wings COUNTY: HENNEPIN GBA 5598 TD ADDRESS: 11580 Theater Drive PIN #: 31-120-21-21-0106 Seq#: 2 Ratio N Comp: Y AUDITOR ID: 962538 MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 2003 2003 Buyer: Peter Knoppert,Trustee of etal Const Quality/Condition: G000 GOOD Seiler: Sheldon P.Donig,Trustee of etal Const Class/No.of Bldgs: Masonry Bearing wall 1 Sale Data: Date of Sale: 6/15/07 Exterior Type/Roof Type: Brick Flat 2nd Exterior Type/Roof Cvr: Tar and Gravel Total Purchase Price: $2,870,000 SIZE&USES Down Payment Amount: $100,000 First Floor Area/GBA: 5,598 SF 5,598 SF Other Terms: Total Floor Area/NRA: 5,598 SF TERMS Bldg Perim./Shape/Units: FT No Data Available Mezzanine Area/Use: SF Cash Equivalent Price: 6.71% $2,870,000 Bsmt Area/%Fin/%: 0 SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $0 Bsmt Fin/%: SF 0% GBA PLUS: Special Assessments: Ind:Y $0 First Floor Use: Cash Equivalent of Real Estate: $2,870,000 First Floor SF/%: 5,598 SF 100% GBA 2nd+Floor Use: Sale Analysis: Sale Price Per Sq.Ft.TFA: $512.68 2nd+Floor SF/%: SF 0% GBA Sale Price Per Sq. Ft.GBA: $512.68 Tot Off Area: SF 0% GBA Sale Price Per Sq.Ft.NRA: Primary Heating/Pct: Package Unit 100% Sale Price Per Sq. Ft. Land Area: $55.85 Secondary Heating/Pct: Sale Price Per Room: Air Conditioning Pct: 100% Income Data: Sprinklers/Elevators: 100 Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: Parking Surface Type: Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/Avg Clear Ht: 16.0 FT 14.0 FT #Stones: 1.0 Avg.Finished Ceiling Ht: 14.0 FT Total Land Area/Topography: 51,388 SF Useable Land Area: 51,388 SF Zoning/Land Def Cd: PUD F Trackage/Utilities: N Land Big Ratio/Excess Land: 9.18 to one N Environmental Concern Ind: Other Amenities: Summary Comments: Buffalo Wild Wings Restaurant on hwy 169 in Champlin.Sale was marketed for$2,740,000 or 7%cap rate since early 2007.Buyer was doing a 1031 exchange and looking for a net lease property.Tenant owns equipment.Tenant is Blazin Wings Inc.Lease has a corporate income guarantee by Buffalo Wild,Wings,Inc. Long term lease.Appraisal was done but buyer did not have copy.Mortgage financed at$1,756,463.SEE ADDITIONAL COMMENTS Pin#:3112021210106 Seq#:2 z; t M�fbLbbyiyy�y � � II� � E i A.. PROPERTY USE: Restaurant MUNICIPALITY: MINNETONKA Code: 350 RC: 00 COMPLEX NAME: COUNTY: HENNEPIN GBA 5851 WD ADDRESS: 15600 State Highway Number 7 PIN#: 21-117-22-34-0006 Seq#: 2 Ratio Y Comp: Y AUDITOR ID: 941818 MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1971 1992 Buyer: Kyrenia, L.L.C. Const Quality/Condition: GOOD GOOD Seller: Tonka Capital,L.L.C. Const Class/No.of Bldgs: Masonry searing wan Sale Data: Date of Sale: 11/10/06 Exterior Type/Roof Type: wood Flat Total Purchase Price: $1,850,000 2nd Exterior Type/Roof Cvr: .Tar and Gravel Down Payment Amount: $100,000 SIZE&USES First Floor Area/GBA: 5,851 SF 5,851 SF Other Terms: Total Floor Area/NRA: SF TERMS Bldg Perim./Shape/Units: FT No Data Available Mezzanine Area/Use: SF Cash Equivalent Price: 6.17% $1,850,000 Bsmt Area/%Fin/%: SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $750,000 Bsmt Fin/%: SF 0% GBA PLUS: Special Assessments: Ind:Y $0 First Floor Use: Cash Equivalent of Real Estate: $1,100,000 First Floor SF/%: 5,851 SF 100% GBA 2nd+Floor Use: Sale Analysis: Sale Price Per Sq.Ft.TFA: 2nd+Floor SF/W SF 0% GBA Sale Price Per Sq.Ft.GBA: $188.00 Tot Off Area: SF 0% GBA Sale Price Per Sq.Ft.NRA: Primary Heating/Pct: Package Unit 100% Sale Price Per Sq.Ft.Land Area: $17.26 Secondary Heating/Pd: Sale Price Per Room: Air Conditioning Pd: 100% Income Data: Sprinklers/Elevators: 100 Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: 101 Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/Avg Clear Ht: 12.0 FT FT #Stories: 1.0 Avg.Finished Ceiling Ht: FT Total Land Area/Topography: 63,714 SF Useable Land Area: SF Zoning/Land Def Cd: B-3 F Trackage/Utilities: N Land Big Ratio/Excess Land: 10.89 to One N Environmental Concern Ind: N Other Amenities: Summary Comments: Property on the market for over 8 months,this was the best offer received.Both seller and broker state that the personal property amount is valid and includes all FFE,even the knives,forks,plates,etc.Roof in dire need of replacement.Former Sidneys will now be a Greek Restaurant. Pin#:2111722340006 Seq#:2 #1 in Commercial Real Estate Online LOOPNet: $440 billion of properties for sale. 3.4 billion..sq.ft.of properties for lease•2.2 million inembers 'l" Link directly to this listing or embed it on your website!More Details Back to Search Results _- Link http://listing.loopnet.com/1 Embed <script type="text/javascri' Restaurant-Brooklyn Center Previous Result b_ of 231 Next :> Restaurant-Brooklyn Center Lm� For more information,click to email: 2590 Freeway Boulevard Frank.Miller (718)707-2866 Brooklyn Center, MN 55430 t Sperry 'lean Ness County: Hennepin iwll ........ _.. ........ ... . ...... ................... ......................................... .... ..._......... Photos I For sale Active Options JRESOURCES Previous Image 1 of 8 Next Property Use Type: Investment FWAnalyze This! Primary Type: Retail Restaurant ':Email Listing Now on Building Size: 6,880 SF Lot Size: 3.96 Acres 1 Map/Aerial f i s a Price: $1,800,0001 ), D?njoq[aphlc> Local E a Price/SF: $261.63 �. r Year Built: 1997 19 Print Summery w Date Last Verified: 10/5/2007Pnnt ALL Property ID: 15003643 F'Gel:Financing Feadback CllCk tSl Enlarge(142 KB) Find Out More... [F this Itst�ttg far rev!aw Additional Information Property Description: FOR SALE OR LEASE AT MARKET RATE:This property is sited between a Country Inn and Suites and Extended Stay America.A Motel 6 and Americlnn are within walking distance.The property is in very good condition and is currently being operated as TGI Friday's until Autumn 2007 when they will relocate to a larger facility. Seller will carry paper. Location Description: The area has a variety of interstate related businesses along both sides of Interstate Highway 694/94 which this property fronts.Just 1 mile away is the large Brookdale regional mall. Highlights •Existing Restaurant on Interstate Highway Location •Attractive 10 Year Old Building Lo%) t- •Located Among 4 Motels •Easy Access From Interstate 694/94 •Visible to 120,000 Passing Vehicles Per Day Interested in this property? Contact the listing broker to find out more details. Contact �I Broker 2/14/2om The information above has been obtained from sources believed reliable.While we do not doubt its accuracy we have not verified it and make no guarantee,warranty or representation about it.It is your responsibility to independently confirm its accuracy and completeness.Any projections,opinions,assumptions,or estimates used are for example only and do not represent the current or future performance of the property.The value of this transaction to you depends on tax and other factors which should be evaluated by your tax,financial,and legal advisors.you and your advisors should conduct a careful,independent investigation of the property to determine.to your satisfaction the suitability of the property for your needs. I c t T Y�F o w T 13izf3uyS i Contact Us About Us Pr ULCS Site:vtao Teens Of Use Privacy Policy Ne s C NO-,wr,pliet,tnc. � MINNESOTA Department of Revenue Certificate of Real Estate Value Buyers'last nome(s),first,middle initial Address Daytime phone 22r �'-ca,ld ;8_' F i a T 1 P `i J+='., ,Li��>'v"vJl.€�!;, l7J I.1/:?�2 _ Sellers'last name(s),first,middle initial New address Daytime phone 2) 450-5400 i;_ [TRIDAY S I.TC. 7540 LBJ Freeway, Ste. ?�)(?, <aijas, Texas, 752` h 11 Street address or rural route of property purchased _ City or township County Date of deed or contract Legal description of property purchased(lot,block and.plat,or attach 3 copies of the legal description) ! .:,,- h 7 P '�`' ; Lot 1, Block 1 Frici IQ's AAd.ztiQ;j Financial arrangements was personal property such as furniture,inventory or eeqquipment included in the_purchase price?If yes, ❑yes n no descnbe below and list current(not replacement)value.'Use the back of this page if needed.) LW Total purchase��price �V Down payment $ Total personal property Points or prepaid interest paid by seller current value: . Type of acquisition (check all that apply) ❑ Buyer and seller are relatives or Transaction involved the trade of Name added to or co-owners name related businesses ❑ Property ❑ Buyer is o unit of government ❑ removed From deed(not,a sale) . ❑ Property Y is a gift or inheritance ❑ Buyer is a religious or charitable ❑ Condemnation or foreclosure ❑ d Pa rtial interest only organization transaction Buyer purchase ❑ Payoff or resale of contract ❑ Purchase agreement signed over two years ago.YYear signed: Type of property transferred (check all that. apply) Land only ❑ Land and buildings ❑ Construction of a new 6uilding after January 1 of year of sale Planned use of property (check one) ❑ Residential single-family ffyouchedconeOf"fixti boxes ryoumustc:o^pWo 6PE-2oAandathxh*ta"s °to' ex,triplex Residential duplex, Agricultural . Commercial-industrial ❑ ❑ (number of acres:) (type of business:) R e S t,I jrgT1 t/ A ❑ Cabin or recreational Apartment building (non-commercial) ❑ (number of units:) ❑ Other(describe) Will this property be-t 4,buyers principal residence? ❑yes i�no Method of financing (complete only if seller-financed, including a contract for deed or assumed mortgage) Check: Mortgage or contract for Monthly payment for Interest rate Total number Date of any lump sum Assumed Contract deed amount at purchase principal and interest now in effect of payments (balloon)payments Mortgage for Deed ❑ ❑ ❑ ❑ I declare that the information on this form js-true, correct, and complete to the best of my knowledge andrbelief. Name(print or type) 1 .. /fry Sign alu / Phone Date V Jar C 4i Bit '$D Yr Land Tot Primary properly identification# ❑T�G� L- " Si� Acres Tillable ICER CRP RIM Use peed i Yr Land Bldg Tot sad ' r, f Secondary parcel identification# D Good for study ❑yes no IF3o,give reason/code Q-Z If „ (! f 6 r r/ _ X HC ST Adje Adji Use Tilk Apt HA jV e r,P (_- / GA C l MV 2 MV ID d rMT 2 7 1997I Co CT PT Date T M S ��Ihei�t�" n 4 parcels? yes no nNfhon back. ❑ ❑ Stock No. 6000400 399777 (Rey.6/96) COUNTY COPY P` FREE PRESS REMSE CENTER Oak City Restaurant Opens in Brooklyn Center, Minn. Oak City Restaurant, a new restaurant concept, opened its first location on March 3, 2008, at 2590 Freeway Boulevard in Brooklyn Center in a renovated site that was formerly occupied by T.G.I. Fridays. March 5, 2008 (FPRC) -- Oak City Restaurant, a new restaurant concept, opened its first location on March 3, 2008, at 2590 Freeway Boulevard in Brooklyn Center in a renovated site that was formerly occupied by T.G.I. Fridays. Oak City is committed to local dining and music. "Oak City will offer diners a locally owned restaurant featuring great food made from fresh ingredients," stated owner Mike Tupa. "Our expansive menu features a variety of items, from unique appetizers and flatbread pizzas, to healthy organic salads, Certified Angus Beef burgers, and outstanding entree selections. Our goai is to provide our customers with a special dining experience along with a fun nightlife atmosphere," he added. "We'll feature a great mix of music played nightly as well as high-quality and diverse wines and creative cocktails." Oak City will present great-tasting food while providing superior service in a nostalgic, warm atmosphere. Customers will be able to reminisce and join in the fun by reading the many famous quotes, sayings and music lyrics that are incorporated into the interior design of the restaurant, completely renovated and redecorated by interior design firm Jeff Schreier &Associates. We will strive to make dining out special for our customers, whether they're celebrating a special occasion or simply enjoying a meal,"Tupa said. "We'll provide tasty food, good music and nightlife, and a special atmosphere that will allow our guests to slow down, relax and reconnect." Tupa, an accomplished restaurant owner/operator with 20 years of industry experience, has overseen every aspect of the planning for Oak City, including the building renovation, menu selection, staffing and communications. Founded in 2008, Oak City Restaurant is a casual restaurant offering great food made from fresh ingredients. A second Oak City location will open in Bloomington, Minn., in the spring of 2008. -30- For more information contact Amy Jungbauer of Oak City Restaurant (http://www.oakcitymn.com) 612-940-9659 Keywords: Oak City Restaurant You can read this press release online at: http://www.free-press-release- center.info/pr00000000000000011923.html RESTAURANTS Brooklyn Center,Minnesota /, � :. (, `�',���� '� � 7AREltSi L$}2AtiO.„.,, .,.., ,..,,.... �.� ��. .H,�h'�-� ✓ ,i,,.. �3��4�"�"?�F' 1 Que Viet LAND 28,696 12.76 Land $275,000 $9.58 $14.81 Land $230,000 6100 Brooklyn Boulevard GBA 2,249 Building $150,000 $66.70 Building $190,000 34-43-47 and 03-12-90 AGE 1972 Total $425,000 $188.97 Total $420,000 117000 Change 1.19% $14.81 EMV Land Change 3.70% 2 50's Grill LAND 48,476 9.73 Land $500,000 $10.31 $15.47 Land $420,000 5524 Brooklyn Boulevard GBA 4,980 Building $250,000 $50.20 Building $270,000 03-118-21-41-0015 AGE 1968 Total $750,000 $150.60 Total $690,000 Change 8.70% $15.47 EMV/Land Change 4.55% 3 Boulevard Bar&Grill LAND 46,390 7.99 Land $475,000 $10.24 $15.63 Land $385,000 2545 County Road 10 GBA 5,808 Building $250,000 $43.04 Building $300,000 02-118-21-31-0049 AGE 1977 Total $725,000 $124.83 Total $685,000 Change 5.84% Change -1.86% 4 IHOP LAND 43,200 10.39 Land $440,000 $10.19 $18.87 Land $355,000 5601 Xerxes Avenue North GBA 4,157 Building $375,000 $90.21 $0.00 Building $420,000 03-118-21-41-0002 AGE 2002 Total $815,000 $196.05 Total $775,000 Change 5.16% Change 0.00% 5 Perkins LAND 51,417 9.52 Land $425,000 $8.27 $11.77 Land $370,000 5915 John Martin Drive GBA 5,400 Building $180,000 $33.33 Building $180,000 02-118-21-12-0011 AGE 1972 Total $605,000 $112.04 Total $550,000 Listed For Sale$750,000 Change 10.00% Change 10.00% 6 Davanni's LAND 38,576 10.33 Land $325,000 $8.42 $15.29 Land $270,000 5937 Summit Dr. GBA 3,734 Building $265,000 $70.97 Building $300,000 02-118-21-12-0009 AGE 1981 Total $590,000 $158.01 Total $570,000 Change 3.51% Change 2.70% 7 Coyote Grille LAND 92,550 12.82 Land $795,000 $8.59 $10.48 Land $725,000 2101 Freeway Blvd. GBA 7,222 Building $175,000 $24.23 Building $200,000 35-119-21-13-0006 AGE 1981 Total $970,000 $134.31 Total $925,000 Vacant Change 4.86% Appeal Change -1.28% 8 Denny's LAND 44,431 8.32 Land $365,000 $8.21 $19.81 Land $346,000 6405 James Cir N GBA 5,338 Building $515,000 $96.48 Building $515,000 35-119-21-42-.0012 AGE 1996 Total $880,000 $164.86 Total $861,000 Change 2.21% Change 4.87% 9 Oak City LAND 172,497 25.07 Land $1,175,000 $9.50 $11.30 Land $1,175,000 2590 Freeweay Blvd GBA 6,880 Building $775,000 $112.65 Building $825,000 35-119-21-24-0007 AGE 1996 Total $1,950,000 $283.43 Total $2,000,000 Listed for Sale$1,800,000 useable land 123,706 Change -2.50% Change 4.71% New Tenant 12107 Not Open 10 Bridgeman's LAND 49,232 11.80 Land $390,000 $7.92 $11.68 Land $345,000 6201 Brooklyn Blvd. GBA 4,173 Building $185,000 $44.33 Building $205,000 34-119-21-43-0007 AGE 1964 Total $575,000 $137.79 Total $550,000 For Sale 2007$695,000 Change 4.55% Change 2.80% Includes Office Rental 14 American Legion LAND 31,500 10.45 Land $250,000 $7.94 $14.92 Land $220,000 6110 Brooklyn Blvd GBA 3,013 Building $220,000 $73.02 Building $250,000 34-119-21-43-0042 AGE 1965 Total $470,000 $155.99 Total $470,000 EFF 2001 Change 0.00% Change 2.84% r 15 Applebee's LAND 5878 1.00 Land $60,000 10.21 $161.28 Land $48,500 1400 Brookdale Center GBA 5878 Building $888,000 151.07 Building $899,500 03-118-21-41-0024 AGE 1997 Total $948,000 161.28 Total $948,000 EFF 1997 Change 0.00% Change 0.00% TOTALS LAND 652,843 Land $5,225,000 $8.00 Land $4,739,500 GBA 58,832 Building $4,728,000 $80.36 Building $4,974,500 Total $9,953,000 $169.18 Total $9,714,000 Note: Additional Misc.Restaurants within shopping centers 2.46% Change 2.62% Excluding Improvements Excluding Improv LeAnn Chin's @ Cub Shops Center House of Hui's @ Humboldt Square Scoreboard Pizza @ Humboldt Square Panera Bread @ Shingle Creek Center Vitaros Opening in 2002 @ Shingle Creek Center GISPREDSHTIAssessoA2008ciaVRestaurant.xlsx)2008 Restaurant 04/29/2003 15:05 7635693337 CITY OF ERQOKL'i'N PAGE 03; CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2008 Assessment APPLICATION FOR APPEAL March 17, 2008 through April 18, 2008 You must return this application by 61 183 2008 to be placed on the Agenda for the Local Board of Appeal and Equalization May 5, 2008, 7,00 P.WI. ,41_4 ;11 J; /� -�tj Na s me I Daytime Contact Number-9,4_&A /7 Property Address Property Identification Number ' s 2008 Estimated Market Value � �7 f�', ��'10 What is the reason for your 2008 assessment appeal? A4 Z f When did you purchase your home? Date of Purchase G°z9 Purchase Price Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. Ale 1�146 Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last ear? Yes or No a9 F Y If so, what was the determination of value? Please bring all documentation supporting your claim of overvaluation or erroneous classification to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required. 5£6-3 Z00/Z00d 139-1 LEOE-L66-6EZ Ad ' G5eTTTA TwPT I-WOH3 91:80 80,-0E-W City of Brooklyn Center 6301 Shingle Creek Parkway Brooklyn Center,Minnesota 55430 City Assessor Nancy Wojcik Dear Nancy, I bought the building and property in 2000. 1 paid$275,000.00 for the lot and $1,534,704.00 for the building at 2781 Freeway Blvd. The building has 21,038 square feet and the last two uare ears 4 000 feet has been Y � � empty. was told commercial real estate has been up in Price and I don't believe it's true. Residential property has gone down in value so you can't raise their taxes,so I feel that's why you are hitting the commercial properties so hard. I have owned commercial properties for years in Minneapolis and Spring Lake Park and have never seen an increase like thus. There is a lot of commercial property for lease and that can't be driving the property value up. The increase is$ 12,645.01 in one year at a 20.7%increase. In 2007 the estimated market value was$ I i,73 0,000.00 and the value for 2008 is $21070,000.00. I will be back in Minnesota on Ma y 6,2008. RespeedUlly submitted, Franz Family Properties,LLC President Allen J.Franz 5E6-3 ZOO/teed TZ9-1 LEOE-L66-6EZ Ali 2 @beTTTA TmI2TwPI-WOHE 91:80 80,-OE-fiO II ___ TRANSMISSION VERIFICATION REPORT TIME 04129/2008 15: 07 NAME CITY OF BROOKLYN FAX :7635693337 TEL 7635693337 SER. # BROH5J316074 DATE,TIME 04129 15:05 FAX NO./NAME 12396566733 DURATION 00:01: 40 PAGE(S) 05 RESULT OK MODE STANDARD ECM City of,Brooklyn Center 6301 Shingle Greek Parkway Brooklyn Center, I4finnesota'55430-2199 - 763/569.3300 Rx 763/569-3494 VJ •;'f" 4s:S��i�::i;,•tr,';•,,;'�jki.:i::. ,A..•''¢:,'{?. ;:f:g::31+ti?•j;:ys'�td:ai`?i$`::'.:ii:,: ..k....,,,;,ti,*}e:at,�v^:r•y.1•;„J;�::;?$'.y. ,sy„k:•;�;4?,�•,,°y`:?3:4:r�±,t�'• To: From: Company: oZ. t Department; Fay No. Z Pages: Comments: °x'l X54 ? • I,. a _ Franz Engineering 2781 Freeway Boulevard Brooklyn Center, MN 55430 PID # 35-119-21-23-0086 2008 Local Board of Appeal and Equalization 1781 ," x , Zoning: PUD / 1-1 Land Area: 99,279 sq. ft. / 2.28 Acres Year Built: 2001 GBA: 22,712 sq. ft. Owner Occupied with four additional Tenant Spaces City of Brooklyn Center A Millennium Community TO: 2008 Brooklyn Center Local Board of Appeal and Equalization RE: Franz Engineering Franz Family Properties, LLC 2781 Freeway Blvd. Brooklyn Center, MN 55430 Mr. Franz contacted the Assessor's office on April 30, 2008 regarding the 2008 estimated market value of his property located at 2781 Freeway Blvd. Mr. Franz was directed to complete an appeal application for the 2008 Local Board of Appeal and Equalization as he is temporarily out of state, and will not return until after the local board date. Mr. Franz requested that his written appeal be read, and the opportunity to work with city staff immediately upon his return May 6, 2008. The 2008 estimated market value of the property is $2,190,000 for taxes payable in 2009. Although Mr. Franz's appeal application states the 2007 estimated market value in error, I believe his intention is to appeal the 2008 estimated market value based on our phone conversation. The Assessor's office has provided documentation in this packet to identify the property to the board. As the Assessor's office has not had a chance to review the property at 2781 Freeway Blvd., it is my recommendation to contact Mr. Franz to set up a physical review of the property and 2007 income and expense data. Based on the findings of this review an appraisal report will be prepared and presented at the reconvene of the Local Board of Appeal and Equalization. Respectfully, L- ordc� Nancy Wojcik, SAMA City Assessor 6301 Shingle Creek Parkway Recreation and Community Center Phone & TDD Number Brooklyn Center, MN 55430-2199 (763) 569-3400 City Hall & TDD Number (763) 569-3300 FAX(763) 569-3434 FAX(763) 569-3494 www.cityofbrooklyncenter.org Report Name: City of Brooklyn Center Printed:4/30/2008 PropSumm_Public Page: 1 Public Property Summary This information is a summary of available data and is not guaranteed to be complete or accurate. PID#: 35-119-21-23-0086 Buildings on File: 1 Property Name: Franz Engineering i Property Address: 2781 Freeway Blvd x Brooklyn Center,MN 55430 � ; Multiple Address: No LotBlock: 001/001 Addition: Shingle Creek 5th Addition Legal(I 20): Owner(s): Franz Family Properti Lot Size: 99,279 Sq.Ft./2.28 Acres Zoning: PUD/I1 Gross Office Area Percent: Building Use: 392-Industrial Engineering Bldg/100% #Stories: 2 Avg Story Height: 18 Avg Clear Height: 10 Actual Year Built: 2001 Effective Year Built: 2001 Renovated Year: First Floor Area: 21,038 Gross Building Area: 22,712 Basement: No Parking: Property Classification: Industrial 2008 EMV: 2,190,000 2007 EMV: 2,070,000 2006 EMV: 1,730,000 EMV/GBA: 96.42 Report Name: City f Brooklyn Center Printed:4/30/2008 PropSumm_Public � y Page: 1 Public Property Summary This information is a summary of available data and is not guaranteed to be complete or accurate. PID#: 35-119-21-23-0086 Buildings on File: 1 Property Name: Franz Engineering Property Address: 2781 Freeway Blvd ; Brooklyn Center,MN 55430 - Multiple Address: No Lot/Block: 001/001 Addition: Shingle Creek 5th Addition Legal(120): Owner(s): Franz Family Properti Lot Size: 99,279 Sq.Ft./2.28 Acres Zoning: PUD/I1 Gross Office Area Percent: Building Use: 392-Industrial Engineering Bldg/100% #Stories: 2 Avg Story Height: 18 Avg Clear Height: 10 Actual Year Built: 2001 Effective Year Built: 2001 Renovated Year: First Floor Area: 21,038 Gross Building Area: 22,712 Basement: No Parking: Property Classification: Industrial 2008 EMV: 2,190,000 2007 EMV: 2,070,000 2006 EMV: 1,730,000 EMV/GBA: 96.42 .. ..._.. _ .. . �mm .� Hennepin County Property Map - Tax Year: 2008 , The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed € land surveyor.The perimeter and area(square footage and acres)are approximates and may contain discrepancies.The information on this page should be used for reference purposes only I I Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. r i€ .. _.._. .. ...._.... ..._._...._ _._..... _.... .._ .. .._ .. .. .... � ..�f+�l ��� ..�.............�....,........� ��.m_____�. 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Selected Parcel Data Date Printed:4/30/2008 2:40:44 PM Parcel ID: 35-119-21-23-0086 Current Parcel Date:4/11/2008 i Owner Name: FRANZ FAMILY PROPERTIES LLC Parcel Address: 2781 FREEWAY BLVD,BROOKLYN CENTER,MN 55430 Property Type: INDUSTRIAL-PREF Sale Price: $275,000.00 Homestead: NON-HOMESTEAD Sale Date: 06/2000 Area (sgft): 99941 Sale Code: VACANT LAND Area (acres): 2.29 dt A-T-B:TORRENS 77 Market Total:$2,070,000.00 i€ Tax Total:$72,542.28 E Hennepin County Property Map - Tax Year: 2008 The data contained on this page is derived from a compilation of records and maps and may contain discrepancies that can only be disclosed by an accurate survey performed by a licensed € j land surveyor.The perimeter and area(square footage and acres)are approximates and may contain discrepancies.The information on this page should be used for reference purposes only i Hennepin County does not guarantee the accuracy of material herein contained and is not responsible for any misuse or misrepresentation of this information or its derivatives. i .__. ._....... �_ ........ . ....._.._._'°- s if If 4 E t Selected Parcel Data Date Printed.4/30/2008 2:50.06 PM ff Parcel ID:35-119-21-23-0086 Current Parcel Date:4/11/2008 ` i Owner Name: FRANZ FAMILY PROPERTIES LLC ' € E Parcel Address: 2781 FREEWAY BLVD,BROOKLYN CENTER,MN 55430 Property Type:INDUSTRIAL-PREF Sale Price: $275,000.00 Homestead:NON-HOMESTEAD Sale Date:06/2000 Area(sgft): 99941 Sale Code:VACANT LAND i Area(acres): 2.29 A-T-B:TORRENS Market Total: $2,070,000.00 Tax Total: $72,542.28 is ai Report Name: Taxpayer Inquiry City of Brooklyn Center Printed:4/30/2008 Taxpayer Inquiry Page: 1 Display PID House Nbr Street Name unit Zip Code 441 35-119-21-23-0086 2781 Freeway Blvd 55430 Last Name First Name MI Owner Taxpayer Resident Franz Family Properties LLC Y Y Y Frontage Left Side Rear Side Right Side Eff.Width Eff.Depth Property Area Acreage Zoning PP/S Exempt Code School Dist Watershed Yr Built 340 0 0 0 0 350 99,279 2.28 PUD/I1 0286 14 2001 Year Ver #Subs Land Value Bldg Value Mach Value Tot Mkt Value Tax CaU Hmstd Midvr Re H L/-T_ % wn P/C 2008 1 1 575,000 1,615,000 0 2,190,000 43,050 N N N I 0 N 2007 1 1 398,000 1,672,000 0 2,070,000 40,650 N N N I 0 N 2006 1 1 382,500 1,347,500 0 1,730,000 33,850 N N N I 0 N Lot: 001 Block: 001 Addition: Shingle Creek 5th Addition s +c �e }C n City of Brooklyn Center PID: 35-119-211-23-0086 Property Type: I-Industrial Commercial Field Card Property Address: 2781 Freeway Blvd Zoning: PUD/11 Lot/Block: 001/001 Addition: Shingle Creek 5th Addition Owner(s): Franz Family Properties LLC Printed: 4/30/2008 District: Assessment Year: 2008 Neighborhood: 0016 Project(s): Version: 1 Watershed: 14 Building: 1 School District: 0286 ai Y Zoning: PUD/I I Name: Franz Engineering Gross Income: Area Rating: Very Good Area(SgFt): Vacancy Percent: ��:: Site Rating: Good o Basement Area Percent: Effective Gross Income: Land Quality: A01-Land Partial Construction(/o). - Operating Expense: Q h'� Bsmt.Use Code: p g P Overall Quality: Contamination: Net Income: Architectural Appeal Average Bsmt.Use Code Suffix: Flood Plain Map Ref: Capitalization Rate: Construction Quality: Good Elevator(s): 2 I UD Ref: Construction Type: Masonry Gross Rent Multiplier: �V;:• v, p Allowable Units: ; Rent/Square Feet: Budding Condition: Good Excess Land(SgFt): �,„I Electrical Service: Average Security System: Y Zoning Variance: N A��� ,a. Plumbing: Average Frontage: 340 Primary Exterior Walls: Concrete Sprinkler Type/Percent Yes/100 Left Side: Secondary Exterior Walls: ;g Date: 06/01/2000 Rear Side Roof Construction: Wood z Price: $275,000 Right Side: Roof Type: Heating 1: Package Unit/100 Code: 99 Heatin / Effective Width: Roof Cover: Asphalt Shingles g 2: Desc: Conversion-X Sales Effective Depth: 350 eati ng 3: MM ..,, Effective Water: 0 392-Industrial Engineering Bldg E 100 �' Property Area(SgFt): 99,279 , A/C 1. Package/100 Appraiser ID: NJW Acreage: 2.28 - 0 A/C 2: / Appraisal Date: 08/09/2006 Park: ` '' - 0 A/C 3: / Reason: Conversion Park Quality: _ 0 Result: Conversion On Lake: Lake Quality: On River: Functional%: Actual Age: 2001 First Floor Area: 21,038 Quality:River uali Economic%: Effective Age: 2001 Gross Building Area: 22,712 Appraiser ID: Landscape Quality: Physical%: Renovated Age: Net Rentable Area: 20,400 Appraisal Date: Att" Mezzanine Area: w,,• < Trackage Total Floor Area: Reason: No W, Result: TWA Land Building Percent: Irregular Shape Floor Area Percent: Left Tag: Yes/No Paved Street Parking-Surface Perimeter Length: 764 Sewer Available Office Area: Soil Correction Gross Office Area Percent: Value: Water Available Net Office Area Percent: Desc: A PUD restrictions prevent use as service station,convenience store or fast food.This parcel is served by the pond on (0088)ESA. Office bldg of 20,670 sq ft planned(app.00-014)Deed restriction by ESA prohibits Ext Stay Hotel. 2ND FLOOR 1674 SQ FT STE A 9281,B 5553,C 4162 Created by division 98 p 99#990056. Average Story Height: 18.0 Number of Stories: 2.0 Average Clearance Height: 10.0 Finished Ceiling Height: �" Income/Lease: Tenant: City of Brooklyn Center PID: 35-119-21-23-0086 Property Type: I-Industrial Commercial Field Card Property Address: 2781 Freeway Blvd Zoning: PUD/1l Lot/Block: 001/001 Addition: Shingle Creek 5th Addition Owner(s): Franz Family Properties LLC Printed: 4/30/2008 District: Assessment Year: 2008 Neighborhood: 0016 Project(s): Version: I Watershed: 14 Building: I School District: 0286 vr- k Wra �.F No Sketch Al 1 able I I i Cir Ht Use 2008 Unit 2008(EMV LOCATION Code Area 2008 EMV Values l LAND 2007 EMV Freeway Busisness Center II 20 Land 192,067 Land $940,000 $4.89 $22.08 Land $732,000 6707 Shingle Creek Parkway 4068 GBA 76,246 Building $3,300,000 $43.28 Building $2,808,000 PID 35-119-21-12-0013 L:B Ratio 2.52 Total $4,240,000 $55.61 Total $3,540,000 19.77% 13.46% Hiawatha Rubber 14.5 Land 170,379 Land $835,000 1 $4.90 $18.08 Land $650,000 1700-67th Ave.N. 494 GBA 76,840 Building $2,245,000 $29.22 Building $2,200,000 PID 36-119-21-11-0013 L:B Ratio 2.22 Total $3,080,000 $40.08 Total $2,850,000 8.07%1 9.62% Freeway Business Center 24 Land 329,657 Land $1,200,000 $3.64 $14.89 Land $1,200,000 2700 Freeway Blvd. 453A GBA 78,977 Building $3,710,000 $46.98 Building $2,440,000 PID 35-119-21-23-0001 L:B Ratio 4.17 Total $4,910,000 $62.17 Total $3,640,000 Sold 8/03/2007 $5,000,000($63.30[Q) Built-1982 34.89% 6.12% Improve $50,000 Freeway Commerce Center W 24 Land 120,970 Land $665,000 $5.50 $19.01 Land $466,000 1700 Freeway Blvd. 4068 GBA 46,260 Building $1,635,000 $35.34 Building $1,624,000 PID 35-119-21-14-0016 L:B Ratio 2.62 Total $2,300,000 $49.72 Total $2,090,000 Sold 11/30/06 $2,144,227 ($46.35[!J) Built-1969 10.051/0 38.46% Sandvik 24 Land 136,961 Land $750,000 $5.48 $15.92 Land $527,000 1600 Freeway Blvd 4068 GBA 40,504 Building $1,430,000 $35.31 Building, $1,523,000 PID 35-119-21-14-0017 Built-1969 L:B Ratio 3.38 Total $2,180,000 $53.82 Total 1 $2,050,000 Sold 9/9/2005 $2,150,000($53.08 1.46% %in above Improve $100,000 Shingle Creek Plaza-Spec 9 19 Land 229,038 Land $1,080,000 $4.72 Land $870,000 6801 Shingle Creek Parkway 453A GBA 85,232 Building $2,870,000 $33.67 Building $2,820,000 35-119-21-12-0008 406A L:B Ratio 2.69 Total $3,950,000 $46.34 Total $3,690,000 Built-1980 7.05% 1 19.81% St Paul Properties 22 Land 321,200 Land $1,200,000 $3.74 $12.80 Land $1,170,000 1800 Freeway Blvd. 407A GBA 102,580 Building $2,910,000 $28.37 Buildingl $2,680,000 PID 35-119-21-14-0008 L:B Ratio 3.13 Total $4,110,000 $40.07 Total $3,850,000 Built-1971 4,16% 10.32% Im rove $100,000 6840 Shingle Creek Building 22 Land 369,869 Land $1,345,000 $3.64 $12.46 Land $1,345,000 6840 Shingle Creek Parkway 406A GBA 113,412 Buiidin $3,265,000 $28.79 Building $2,765,000 PID 35-119-21-21-0003 L:B Ratio 3.26 Total $4,610,000 $40.65 Total $4,110,000 Built-1972 10.95% 4.31% Improve $50,000 James Ave Partners 19 Land 333,478 Land $1,250,000 $3.75 $11.69 Land $1,210,000 6530 James Ave.N. 494A GBA 127,053 Building $2,648,000 $20.84 Building $2,404,000 PID 35-119-21-14-000380002 L:B Ratio 2.62 Total $3,898,000 $30.68 Total $3,614,000 Built-1971 7.86% 5.30% Sold 412004$3,000,000 11106 40,250(/J vacant Bradley-1600 67th Bldg. 19 Land 366,609 Land $1,335,000 $3.64 $13.64 Land 1 $1,335,000 1600-67th Ave.N. 406A GBA 135,936 Building $3,665,000 $26.96 Building $3,525,000 PID 35-119-21-11-0012 L:B Ratio 2.70 Total $5,000,000 $36.78 Total $4,860,000 Built-1978 2.88% 10.45% 6820 Shingle Creek Building 22 Land 409,347 Land $1,500,000 $3.66 $12.90 Land $1,433,000 6820 Shingle Creek Parkway 4068 GBA 146,868 Building $3,780,000 $25.74 Building $3,817,000 PID 35-119-21-12-0002 L:B Ratio 2.79 Total $5,280,000 $35.95 Total" $5,250,000 Built-1973 0.57% 16.67% Spec#8-PALMER PLAZA 24 Land 426,891 Land $1,550,000 $3.63 $13.01 Land $1,500,000 6850,60,870 Shingle Creek Pky 406 GBA 156,506 Building $4,002,000 $25.74 Building $3,570,000 35-119-21-22-0053 453 NRA 144,728 Total $5,552,000 $35.70 GBA Total $5,070,000 Brown Coil e/officeMH L:B Ratio 2.75 9.51% NRA 6.69% Built-1979 Medtronic 16118, Land 830,658 Land $2,900,000 $3.49 $4.03 Land $2,500,000 6800 Shingle Creek Parkway 406 GBA 195,332 -Bulldlinq A $5,066,600 $25.94 Building A $5,646,600 6700 Shingle Creek Parkway 4941 GBAI 80,5511 Building B $3,350,800 $17.15 Buildin B $1,860,800 PID 35-119-21-12-0015 L:B Ratio 4.25 Total $11,317,400 $41.02 Total $10,007,400 INDUSTRIAL North of 694 BROOKLYN CENTER,MINNESOTA 2008 Assessment Clr Ht Use 2008 Unit 2008 EMV LOCATION Code Area 2008 EMVJ Values I LAND 2007 EMV Bertleson Bro's 16 Land 59,625 Land $355,000 $5.95 $20.46 Land $239,000 1801-67th Ave.N. 453E GBA 16,666 Building $865,000 $51.90 Building $721,000 PID 35-119-21-14-0005 L:B Ratio 3.58 Total $1,220,000 $73.20 Total $960,000 Built-1972 1990 Addn and 2007 remodel 16.67% 6.67% Sold 6/2007 $1,150,000 ($69 SF)prior to remodel Improvements $100,000 Qwest M10237 18 Land 78,736 Land $450,000 $5.72 $14.10 Land $315,000 1101 65th Ave N 4068 GBA 19,600 Building $660,000 $33.67 Buildingl $745,000 PID 36-119-21-32-0082 L:B Ratio 4.02 Total $1,110,000 $56.63 Total $1,060,000 Built-1960 4.72% 2.91% Franz En ineerin 10 Land 99,279 Land $575,000 $5.79 $22.06 Land $398,000 2781 Freeway Blvd 392E GBA 22,712 Building $1,615,000 $71.11 Buildin $1,672,000 PID 35-119-21-23-0086 L:B Ratio 4.37 Total $2,190,000 $96.42 Total $2,070,000 75%Office 5.80% 19.65% Built 2001 Global North 24 Land 96,372 Land $575,000 $5.97 $22.52 Land $675,000 2000 Freewa Blvd 4078 GBA 26,428 Building, $1,595,000 $60.35 Building $1,405,000 PID 35-119-21-13-0022 L:B Ratio 3.65 Total $2,170,000 $82.11 Total $1,980,000 Built 2004 9.60% 0.25% Min.Assmt Agreement$1,600,000 thru 2010 Qwest 16 Land 89,623 Land $512,000 $5.71 $15.51 Land $359,000 6540 Shingle Creek Parkway 407C GBA 27,156 Building $878,000 $32.33 Building $1,011,000 PID 35-119-21-14-0007 L:S Ratio 3.30 Total $1,390,000 $51.19 Total $1,370,000 Built-1970 1.46% 3.79% Steffens Building 18 Land 104,636 Land $590,000 $5.64 $16.17 Land $418,000 1601-67th Ave.N. 4538 GBA 34,574 Building $1,100,000 $31.82 Building $1,192,000 PID 35-119-2144.0014 L:B Ratio 3.02 Total $1,690,000 $48.88 Total $1,610,000 Built-1978 4.97% 15.83% Coachman Building 16 Land 90,570 Land $515,000 $5.69 $19.65 Land $362,000 6660 Shlqgle Creek Parkway 406A GBA 34,800 Building $1,265,000 $36.35 Building $1,208,000 PID 35-119-21-14-0006 1 L:B Ratio 2.60 Total $1,780,000 $51.15 Total $1,570,000 Built-1978 1 1 13.38% 12.140/ Holiday Station Store Commisary 24 Land 73,044 Land $415,000 $5.68 $48.33 Land $295,000 6890 Shingle Creek Parkway • WA GBA 38,025 Building $3,115,000 $81.92 Building $2,985,000 PID 35-119-21-22-0054 Built 2003 L:B Ratio 1.92 Total $3,530,000 $92.83 Total $3,280,000 Office/ Food Assembly-Cold Storage 7.62 0k 21.03% Schmitt Music 17 Land 203,119 Land $985,000 $4.85 $13.44 Land $1,700,000 2400 frepw q Blvd 407D GBA 54,124 Buildlngj $1,745,000 $32.24 Building $660,000 35-119-21-24-0004 1-Zone L:B Ratio 3.75 Total $2,730,000 $50.44 Total $2,360,000 Verify Useable Land Area Built 1974 7.20 8k 8.76% Tax Court Filing Pending for'06 stip to 2,100,000 Improvements $200,000 Sunlite Business Center 24 Land 272,354 Land $1,300,000 $4.77 $14.36 Land $1,025,000 6665 Pa" Circle 453A GBA 73,903 Building $2,610,000 $35.32 Building $2,765,000 PID 35-119-21-13-0011 L:B Ratio Total $3,910,000 $52.91 Total $3,790,000 Built 1997 3.17% 10.82% Freeway Busisness Center 111 17 Land 193,073 Land $975,000 $5.05 $24.55 Land $735,000 6701 Parkway Circle 453D GBA 74,848 Building $3,765,000 $50.30 Building $3,785,000 PID 35-119-21-12-0014 L:B Ratio Total $4,740,000 $63.33 Total $4,520,000 Built-1986 4.87% Per JA&RS 4.63% Sold 8/25/2005 $4,551,700 Freeway Busisness Center 1 14 Land 345,571 Land $1,297,000 $3.75 $13.16 Land $1,297,000 6601 Shin Is Creek Parkway 453D GBA 75,074 Building $3,249,000 $43.28 Building $2,985,000 PID 35-119-21-13-0017,0013,0009 L:B Ratio 4.60 Total $4,546,000 $60.55 Total $4,282,000 Sold 8/2512005$12,471,300 3 arcels Built-1985 6.17% 30.27 5.86% Clr Ht Use 2008 Unit 2008 EMV LOCATION Code Area 2008 EMV Values 1 LAND 2007 EMV Bldg A-built 1977 clr ht 16' Incl Mezz.- 5,291 13.09% 1 0.72% Bldg B-Built 1973 cir ht 18' Improv.Conversion of Mezz to 2nd fir,addtl mechanical area and conversion of mezz to 2nd fir Land 5,846,654 Land $25,094,000 $4.29 #DIV101 Land $22,656,000 GBA 1,932,779 Building $66,339,400 $34.32 Building $60,817,400 L:B Ratio 3.02 Total $91,433,400 $47.31 Total $83,473,400 %Growth 8.82•.Excl Improv %Growth 10.00% Improvements $600,000 Improvements $0 Weighted Mean Value GtSPREDSHTVAssessor12008ciaglNDNO694.xisx 2008 Industrial