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2005 05-02 CCP Board of Appeal & Equalization
Form No. A.F. 4 Notice to Clerk of Meeting of Board of Review Equalization OFFICE OF COUNTY ASSESSOR TO THE CLERK OF THE City OF Brooklyn Center HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN, That the Second 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 Ninth day of February 20 05 County Assessor U Hennepin County, Minnesota HC200 (1102) Clerk's Notice to Post and Publish HC 1163 (1/02) ASSESSMENT NOTICE NOTICE IS HEREBY GIVEN, That the Local Board of Appeal And Equalization of the City of Brno rp in Hennepin County, Minn.,will meet at the office of the 0-i V Clerk, in said Citv at 7 o'clock P M., on %ada. the 2nd day of May 2005 for the purpose of reviewing and correcting the assessment of said r; r for the year 20�5-. All persons considering themselves aggrieved by said assessment or who wish to complain that the property of another is assessed too low, are hereby notified to appear at said meeting and show cause for having such assessment corrected. No complaint that another person is assessed too low will be acted upon until the person so assessed, or his agent, shall have been notified of such complaint. Dated this 11th day of Febru 20 05 �2 rnd Clerk of the city of Brooklyn Center CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2005 Assessment Walk -In APPLICATION FOR APPEAL to be placed on the Agenda for the Local Board of Appeal and Equalization May 2, 2005, 7:00 P.M. Name(s) 4- Daytime Contact Number: Property Address .060 15 f A/. e- Property Identification Number 34 J/ 9- Z Od v y 2005 Estimated Market Value 3 7 3 C aC 2005 Limited Market Value 7 5 2005 Taxable Market Value 2 4 7. 5'd What is the reason for your 2005 assessment appeal? ;1110 .0 P1 AIV 410044— f jLX or jo- f o Ir.t r �d�G �L 1iGd /Y.s ,4 C it ,��1'6.I d gyp► w�. a ,�i -f �S Q�1'!' l{s.s roc S e d �'�e t'fs, ai'Le i/".r r� o 4 r_1 eu, eLrrSi� l►le, When did you purchase your home? Date of Purchase 2,000 Purchase Price 4 1 Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated costa L vocf Aid W et s Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? Yes r No If so, what-was the determination of value? 3 561, Please provide any documentation supporting your claim of overvaluation or erroneous classification. In order to appeal your valuation an appointment to view the properly will be required. Marc PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 36- 119 -21 -41 -0004 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front:. 100 Back: 90 6408 1/_ WILLOW LA N 55430+ Right: 408 Left: 420 Ownerl: PAULSON TODD R Owner3: Owner2: PAULSON JENNIFER L Owner4: Zoning: R1 Prim /sec: Yr.blt: 1958 Area: 39727 Acres: 1.00 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: 95 Depth: 414 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 184000 199600 383600 2975 H RL 10.0 2004: 184000 181000 365000 2552 H RL 100 2003: 99000 176300 275300 2187 H RL 100 Legal Description: NO LOT AND BLOCK GIVEN UNPLATTED 36 119 21 COM AT A PT DIS 536 FT SLY PAR WITH THE CTR LINE OF W RIVER ROAD FROM A PT IN THE N LINE OF GOVT LOT 3 DIST 542 5/10 FT E ALONG SAME FROM ..MORE LEGAL TVne PID or ADDRESS: Dress ENTER: or F1. F2. F8 i PROPERTY DATA SYSTEM LIMITED MARKET VALUE INQUIRY CURR 318 NEXT PID 36- 119 -21 -41 -0004 ASSESSMENT YEAR 2005 SUB -REC 01 HOUSE# 6408 F/A 1/_ STREET WILLOW LA N UNIT CALCULATE LMV (Y /N) PROPERTY TYPE RL HMSTD CODE H PART CONST GR /OS /EX REL HMSTD IND CONTIG IND MARKET LAND VALUE 184000 MARKET BUILDING VALUE 199600 MACHINERY VALUE i TOTAL MARKET VALUE 383600 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 297500 QUALIFYING IMPROVEMENT AMOUNT MARKET VALUE SUBJECT TO TAXATION 297500 TAXABLE MARKET VALUE TAX CAPACITY 2975 Make chanaes: Dress ENTER:. or F1. F2. F4. F5. F8 E CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2005 Assessment Walk -!n .APPLICATION FOR APPEAL to be placed on the Agenda for the Local Board of Appeal and Equalization May 2, 2005, 7:00 P.M. Names a lv Daytime Contact Number. 743- 73 6 o 0 o Property Address U Property Identification Number 2005 Estimated Market Value z3 0 o Z I n 2005 Limited Market Value i c c) 2005 Taxable Market Value r a o c) What is the reason for your 2005 assessment appeal? Z) P �L, M P 0 U )013 A, A4 J_�,4, Q `4 r -A, V v When did you purchase your home? Date of Purchase Ci cy Purchase Price 4 Ate_ �c?r, Have ou changed our ro Y e since the purchase? maintenance upgrades, Y es 9 property �Y p (maintenance, remodeling r structural e 9 damage) Please li 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 or No If so, what -was the determination of value? Please provide any documentation supporting your claim of overvaluation or erroneous classification. In order to appeal your valuation an appointment to view the property will be required. Marc PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 03- 118 -21 -42 -0028 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 166 Back: 563.7 1/_ BROOKLYN BLVD 55429+ Right: Left: Ownerl: KLINKNER MARK D Owner3: Owner2: Owner4: Zoning: C1 Prim /sec: Yr.blt: 1980 Area: 46613 Acres: 1.07 Sch.Dst: 281 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: 262 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 280000 542100 822100 15692 C 0 2004: 256500 417300 673800 12726 C 0 2003: 245000 520800 765800 14566 C 0 Legal Description: LOT 1 BLOCK 1 LAWYERS ADDITION Tvoe PID or ADDRESS: oress ENTER: or Fl. F2. F8 S 73, goo �ek,� o� d.1, Sao ��.�C.�i A z. ,j�.LGtru 10 0 r X 3 a Ll 'A om in coca cr sL t \ja 2 t t Si fSl a b. Ci"` ,k% "Fs >'4.•..�. ..�C• �.,`'E..,C:�:,' 3 6 :1»'5.x+.., �t��'�,,�. ,e€.`t c ms s_ i A a z s 4 r Jam. �X. �`C �f+-'� '���'t +"'3 i J+" �tq q g, 1 i E Ae.! °_P ,,,J N 1 «�wi a 4 'yam'_: i �T.a ��.'I_ "_ILdti�r\..�61�eq ry 'r p t GA. t A j 4 t n t tt> e ci �t��t�9i o�t1�;13� tom• V b 3 R y� J]..�M.b. Ra Fl �t.c+ .._�..'1...@*,,+✓1 ci6 2 t t to i� d 1 �'��•SE.,.I Ue.�.e �-c��. �F ,l� 3 7 J l j Cr• <j'tt .tM.r. -u• ,(1'l Q o^�.c -e� ,t�.,�y ;Gc 'etc_ NoIE: GANNUi BE A CCE11 1'El1 AlfflUd1 Hup erl Uperating uaia UNLESS COMPLETELY Vv FILLED OUT Date Price Loans i 5 !�90 Purpose l ar:'i. V• ..Q Equity s l 6� 4 s 4:z. D Name Location �`h3 FINANCING Type of Property 7 P" tr `?1 Existing Balance Payment N Pymt/Yr. Interest Due/ AssessedtAppralsed Values lot G Land i 2nd i improvement i 3rd i Personal Property i Potential Total i 1 00 let b5' :30 G .3 7f% Adjusted Basis as of 2nd >F I 2 3 Comments 1 SC14EDULED RENTAL INCOME 1 ne> 19(. 8 t� try, •a1 t;.-, 2 Less: Vacancy and Credit Loom Q 'SLID 19p) 34- :X I 3 EFFECTIVE RENTAL INCOME 4� 4 I Plus: Other Income 6 GROSS OPERATING INCOME I 1'�6 r l4:zc, I 6 Less: Operating Expenses I 7 Accounting and Legal 8 I Advertising, Licenses and Permits q g I Property insurance I 1 1 (sue 10 I Property Management I/ 11 I Payroll- Resident Management I I 12 Other I I I 13 I Taxes- Worker's Compensation I I I 14 Personal Property Taxes 15 I Real Estate Taxes (28 I5o5 16 I Repairs and Maintenance 17 I Services- Elevator I I 16 I Janitorial I9 lawn Q S ry I 20 Pool 21 I Rubbish I 1 1 771 22 Other 3 7 S upplies 24 Utilities- Electricity I t5 Gas and Oil .6 I Sewer and Water I I I j I5y7 t7 I Telephone 28 Other I I `fib r Miscellaneous f�,tia`a a c [33 1 J 31 TOTAL OPERATIPENSES I I 14 32 I NET OPERATING INCOME I S 2?_; 33 I Lose: Annual Debt Service yo ELF 34 CA SH FLOW BEFORE TAXES I 1 74 UTIONAL ASSOCIATION OF REALTORSs MvsfooW In eooparatlon with Ns d 111&1 the The atmements and figures prssannd V REALTORS NATIONAL MARVIAINO U herein, while not guaranteed. are "cured 1975. .'}7PF9g1 horn .Dare. r.8 tvaltaw wtMrttattve. Prepared by KLINKNER RENTAL Profit Loss by Class 4anuery through December 2004 3637 $ROOKLYM 8LW 814.10 moo 2,066.42 1553,087.99 155,868.51 0.00 5,980.00 1 1,171-30 30 0.00 i 908.77 26,379.28 28.379.26 0.00 3,716.37 8,200.00 4.800.00 j 0:00 579.28 4.500.E 395.00 4,895.00 f 4,58$.40 135.00 699.57 i 5.422.97 152.00 3.961.29 U KLINKNER RENTAL 2003 12:22 PM Profit Loss by Class 01113105 January through December 2004 663713ROOKLYN BLVD 2,142.03 1,721.98 0.00 3,864.01 28,505.68 1 28,505.68 0 8,087.87 15,210,14. 0.00 772,55 1,557.49 73 17.540.18 76 124,143.94 .61 31,824.57. Al 31,824.6 i i i i 2.25 PM KLINKNER RENTAL 2003 01„9104 Profit Loss by Class Accrual Basis January through December 2003 5637 BROOKLYN BLVD Ordinary Income/Expense Income Fee Income RENTAL INCOME 173,375.1 Total Fee Income 173,375.14 Total Income 173,375.14 Expense ADVERTISING 31.95 Bank Service Charges 548.50 CONTRACTED SERVICES 5,520.00 Equipment Rental 234.25 Insurance Liability insurance 4,627.73 Total Insurance 4,627.73 Interest Expense 30,137.81 LATE FEES 0.00 LAWN SNOW MAINTENANCE 6,528.30 Licenses and Permits 104.00 MAINTENANCE FEES 6,900.00 Management Fees 5,600.00 Payroll Expenses 25.40 Postage and Delivery 3,446.54 Professional Fees Accounting 8,500.00 FINDERS FEE 750.00 Legal Fees 562.50 Total Professional Fees 9,812.50 Repairs Building Repairs 12,700.58 MAINTENANCEIUPKEEP 1,102.41 Total Repairs 13,802.99 Security SERVICE BACKGROUND CHECKS 0.00 Security SERVICE Other 4,29635 Total Security SERVICE 4,296.35 Supplies Office 4,097.94 Total Supplies 4,097.94 Page 1 2 PM y KLINKNER RENTAL 2603 01119104 Profit boss by Class Accrual Basis January through December 2003 5637 BROOKLYN BLVD Taxes Property 21.359.07 Total Taxes 21,359.07 Telephone 7,495.57 Utilities Gas and Electric 13,014.47 SANITATION 854.97 Water 2.077.32 Total Utilities 15,946.76 Total Expense 140,515. Net Ordinary income 32.859.48 Other Income/Expense Other Expense Other Expenses Total Other Expense 0`00 Net Other Income Net income 32,859.48 Page 2 TWIN CITI l��?r?•i. raj �r ?.W CB RICHARD ELLIS INVESTMENT PROPERTIES' i= ii PRIVATE CLIENT GROUP NEWSLETTER t ST QUARTER 200 WHO'S YOUR SWAMI$ 2004 Real Estate Value C,aitts Bob Burke, Senior Managing Director 1'tF f "Fundamental Shift,' "A Permanent New Pricing Structure for Real Estate," 'The Weight of Capital Demand for Real Estate Will Not 309ir Change." I start to get worried when I hear the market try to justify 25X• record cap rates and unprecedented demand in the marketplace as a permanent shift. We heard some of this some jargon in the "new 20% paradigm' technology stock run up in the late 90's. As Disraeli said, "Beware of the man of one book," or in this case, one 15 opinion. Am I suggesting that the current real estate market is equivalent to 10% the tech wreck or that we ore on the verge of a significant 59b downturn? Absolutely not. However, cycles have been a natural phenomenon of the real estate market for as long as most of us can 0% remember and i don't see anything to change that trend. MunFhousing 01fk:e Retell Industrial Real estate investors have always tended to travel in a herd. In sowG: aalcapuiMArAWleerwai Street Joulml some cycles where we have had rapid change in economic conditions or a dysfunctional real estate finance market, the herd regional, and local level becomes of paramount important shifts have been rapid with the herd running quickly in the opposite Historic demand and downwardly moving cap rates have coust direction. My belief is that there is a strong sense of a change in investors to, in many cases, overlook these key metrics the market. There is a growing, articulated perception that we've underwriting over the post several years. This will change. Loc reached a peak in valuations, both in the private equity market and market advice again becomes extremely important. in the institutional market. As a recent example, Colpers, the Transparency of capital. Both buyers and sellers of commercial re largest pension fund in the U.S., sold $6.5 billion in real estate citing a "frothy" market. The herd is clearly moving but will move estate need to quickly and efficiently view capital markets across tl more slowly and more cautiously than in the past. All indications United States. In particular, full exposure to motivated base becomes much more im in o moderated or transition of this time are that the shift in demand and pricing will be moderate. environment. The Private Client Group, throul; www.pcgiisfings.com and our national shared investor databos What factors will be important to watch over the next 18 monthst shows that between 40% and 50% of the inquiries on our lists assets come from outside that particular state. As we know, mo Over the past several years, p rivate equity has clearly driven value. demand, and in particular more motivated demand, equates to Institutional capital has followed reluctantly as high net worth greater sales price and a more surety of close. individuals, T.I.C. funds, etc., have made use of favorable financing to drive cop rates to new lows. As interest rates continue A recent example is cited by our Northwest Team: The team listed to migrate upward, i believe we will see a movement to a more property that had been marketed locally by a competitor for a for traditional bifurcation of Institutional and private capitol period of time. After receiving 13 offers, none of which were fro the Northwest, through exposure from the Hydra database, the ass The private equity investor is not going awayl The average was acquired by on out-of-state investor who had not invested in ti allocation of high net worth individuals in real estate is 15 percent, Northwest for over 10 years. Identifying the most motivated capit according to the World Wealth Report. Private investors have made at the time, we exceeded both the seller's price expectations or a permanent decision to make commercial real estate port of their timetable. Capital transparency, speed to market, and deep buy investment portfolios, treated with the some or more respect as penetration will become more and more important in this market stocks and bonds. Additionally, I believe we will see a new class of maximize value. "Catch the market trends as they develop not whe private investors from Asia enter the U.S. market. This fact is they are reported," brought home by the fad that Asia has 1.8 million high net worth individuals representing 25% of the world's total (and growing). The CB Richard Ellis Private Client Group advantage- Value Stabilization. There has been a lot of focus in the last Maximum pricing through dramatically enhanced buyer demands several years on cap rates. in fact, most appreciation has come Speed to market via standardized electronic distribution through cap rate movement and very little through rent growth. As thousands of qualified and targeted investors, cop rates stabilize, and in some cases moderate, investors will need to focus on rent growth as the primary way to maintain and drive Enhanced certainty through effective buyer qualification throui value. our network's knowledge and experience with private investors, So what's important for the remainder of 2005$ Accountability through transparent prospect activity repporting Six months ago, we advised our clients if they were planning to owners, real time at any time, credibility guaranteed by CB Rich, sell anytime in the next five years, now may be the appropriate Ellis reputation for professionalism and quality, time. We still believe this. Many investors who hove deemed -Unique access to notional 1031 exchange investors. themselves "market timers" have come to us to bring their assets to market in the first quarter of this year. Again, clearly a perception It all combines to empower our people and our clients with tt that we are at a market peak. information they need to anticipate market opportunities, set: M arket research is of utmost Importance. If valuations are to be competitive advantages, and execute the best possible real esta po strategies for our clients. sustained by rental growth, market research at the national, CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2005 Assessment Walk-in APPLICATION FOR APPEAL to be placed on the Agenda for the Local Board of Appeal and Equalization May 2, 2005, 7:00 P.M. Name(s) 1 �-�-C f—' Daytime Contact Number: 7 63 Property'Address �<w W Cow/ L Property Identification Number 36 1 M d 2005 Estimated Market Value S 2 2005 Limited Market Value�S 2005 Taxable Market Value T What is the reason for your 2005 assessment appeal? Vf lift, O:F t 0., pri lc-s+ P ar W015 cw-WD Ic �G.� (�4 Vti�C�4 t�yt�c ✓N I GY /`��t7� L�el /�i Gc?'+ -t� f�CL I i r�.l, pe.�" o v- `(n jai f ✓1 e�►-r f Ccs When did you purchase your home? "�Gr{'� Date of Purchase-:ftc,• -a v 4 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 or No If so, what-was the determination of value? Please provide any documentation supporting your claim of overvaluation or erroneous classification. In order to appeal your valuation an appointment to view the property will be required. Marc PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 36- 119 -21 -14 -0005 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 75 Back: 6500 1/_ WILLOW LA N 55430+ Right: Left: .Ownerl: HILDRETH ROBERT J Owner3: Owner2: Owner4: Zoning: R1 'Prim /sec: Yr.blt: 1980 Area: 20250 Acres .46 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: 202 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 160000 166400 326400 2659 RL 0 2004: 160000 109900 269900 2313 RL 0 2003: 99000 170900 269900 2012 H RL 100 Legal Description: LOT 5 BLOCK 1 WILLOW BLUFF Tvoe PID or ADDRESS: oress ENTER: or F1. F2, F8 PROPERTY DATA SYSTEM LIMITED MARKET VALUE INQUIRY CURR 318 NEXT PID 36- 119 -21 -14 -0005 ASSESSMENT YEAR 2005 SUB -REC 01 HOUSE# 6500 F/A 1/_ STREET WILLOW LA N UNIT CALCULATE LMV (Y /N) PROPERTY TYPE RL HMSTD CODE PART CONST GR /OS /EX REL HMSTD IND CONTIG IND MARKET LAND VALUE 160000 MARKET BUILDING VALUE 166400 MACHINERY VALUE TOTAL MARKET VALUE 326400 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 265900 QUALIFYING IMPROVEMENT AMOUNT MARKET VALUE SUBJECT TO TAXATION 265900 TAXABLE MARKET VALUE TAX CAPACITY 2659 Make chanaes: press ENTER: or Fi. F2� F4, F5, F8 CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2005 Assessment Walk -In APPLICATION FOR APPEAL to be placed on the Agenda for the Local Board of Appeal and Equalization May 2, 2005, 7:00 P.M. Name(s) 1X�n Daytime Contact Number: Property Address It YU- (3e,11 Property Identification Number b t i IS- 31 4?, Of o� 2005 Estimated Market Value S 2005 Limited Market Value 3 ,�L b 2005 Taxable Market Value 06 r G`n Wh ii the reason for your 2005 assessment appeal? F% 1 h W�e- '.[.i A/ f� i 0ra �"'C VRIV t7 L��n�a,�� r When did you purchase your home? Date of Purchase ZvD2, Purchase Price 7, I Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. Z i Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? I Yes or No If so, what -was the determination of value? Please provide any documentation supporting your claim of overvaluation or erroneous classification. In order to appeal your valuation an appointment to view the property will be required. Marc PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 01- 118 -21 -43 -0108 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 80 Back: 80 501 1/_ BELLVUE LA 55430+ Right: 152 Left: 152 Ownerl: HANSON HILDRETH ZOE M Owner3: Owner2: HILDRETH BRETT Owner4: Zoning: R2 Prim /sec: Yr.blt: 1999 Area: 12160 Acres: .28 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 51400 299800 351200 3201 R 0 2004: 41400 253600 295000 2784 R 0 2003: 31400 263600 295000 2421 H R 100 Legal Description: LOT 5 BLOCK 2 BELLVUE LA ADDN Tvoe PID or ADDRESS: press ENTER: or F1. F2, F8 PROPERTY DATA SYSTEM LIMITED MARKET VALUE INQUIRY CURB 318 NEXT -PID 01- 118 -21 -43 -0108 ASSESSMENT YEAR 2005 SUB -REC 01 HOUSE# 501 F/A 1/_ STREET BELLVUE LA UNIT CALCULATE LMV (Y /N) PROPERTY TYPE R HMSTD CODE PART CONST GR /OS /EX REL HMSTD IND CONTIG IND MARKET LAND VALUE 51400 MARKET BUILDING VALUE 299800 MACHINERY VALUE TOTAL MARKET VALUE 351200 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 320100 QUALIFYING IMPROVEMENT AMOUNT MARKET VALUE SUBJECT TO TAXATION 320100 I TAXABLE MARKET VALUE TAX CAPACITY 3201 Make chanaes: oress ENTER: or Fl. F2, F4. F5. F8 2005 Brooklyn Center Board of Appeal and Equalization Meetinq_Agienda: 1. Meeting called to order, roll call. (7:00pm) 2. The Assessor's Report 3. Questions regarding the assessment report. 4. The statement of the purpose of the Local Board of Appeal and Equalization and a review of the board's duties. 5. Questions regarding the local board duties. 6. Appearances by taxpayers with appointments. Refer to attached appeals. William Kim Kennv. 7036 Willow Lane N. An interior review was completed on 4/13/2005 and an appraisal report has been included. If the owner is not satisfiedwith the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner regarding the market value or classification. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. Action by the Local Board of Appeal and Equalization Local Board of Appeal selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. Darrvl Diane Sannes. 7006 Willow Lane N. An interior review was completed on 4/15/2005 and an appraisal report has been included. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. Steahen Cooper Lisa McNauahton. 6632 West River Road Mr. Cooper declined an interior review prior to the meeting of the board. An appraisal packet has been prepared. The local board may not make an individual estimated market value adiustment chance that would benefit the orooerty in cases where the owner has not permitted the assessor to inspect the nroaerty and the interior review of the interior of anv buildinas or structures. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Refer the appeal back 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. 2. Make no change and sustain the 2005 estimated market value or classification. Georae Van Wet. Twin Lake Manor Aoartments. 3413 3305 53' Ave N.. A review of the complex was completed on 4/13/2005 and an additional review of ncome and expense data was completed on 4/18/2005, an appraisal report has been included. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. 7. Appearances by tax�a rers without an appointment The following format is recommended for each walk -in appeal. 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. A. 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. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. 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. 2. Make no change and sustain the 2005 estimated market value or classification. 8. Consideration of written anneals Deloitte Tax LLP. Extended Stav America. 2701 Freewav Blvd. An interior review was completed on 4/20/2005 and an appraisal report has been included. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following motions: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value 3. Increase the 2005 estimated market value. Deloitte Tax LLP. La Quinta. 6415 James Circle N. An interior review was completed on 4/27/2005 and an appraisal report has been t included. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. Deloitte Tax LLP. Holidav Inn Select. 2200 FreewaM Blvd. An interior review has not been completed as Deloitte Tax LLP, contacted the t Assessor's office after the April 15 deadline. An appraisal report has been included. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: 1. 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. 2. Make no change and sustain the 2005 estimated market value or classification. Brooklvn Center Leased Housinq Assoc. Center Point Apartments. 2802 Northwav Drive An interior review was completed on 4/14/2005 and an appraisal report has been included. 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 A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. I� Guenther Roth. G.R.R. Co.'s PBC Medical Office Blda. 6120 Brooklyn Blvd. An interior review was completed on 4/04/2005 and an appraisal report has been included. 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 A. 1. Owners statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1 Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. fie. Blvd Property Appeal Was Resolved Prior To Board An iRteF raempleted on 411512005 and an appFa FepeFt has 1 f t C-MAfRP-F jr, not satisfied wkh the eutGeme of the LeGal Bewd of Appea they may appeal to the Gounty BeaFd of Appeal and Equal a D 'I Owner /c.\ statement of a 4imated market valu er elesc•ifirsatien and nrecentatmen of fa6t al infermatinn regarding the nrnneFty L 2 Q �ecfi addre e t7 tit.� own .F. �rar.�ir9flS- uvcrrcS� C cv 4 ns eccor'S statement of value er ele ifiee }ion and nrecentatinn of fart gel 2. Q ue st"a s a dd re s sed te- the -Assesse G. The LoGal gewd of Appea and Equal Gens the appeal and Sele eRe of the follow 1 Make no r.hdnge— and -susta the 20005 est i mated maFk value OF 2-- R the 7006 estimated e 3. IRGFesethe -2095 esmated maFket values t e9 h �s r rcrn Wa Brown Property Appeal Was Resolved Prior To Board An rempleted on 411612005 and an appraisal FepeFt has nGluded. may-appeal to the Gounty BeaFd of Appeal and Equalization A 4 nU /MeF statement of estimated FnaFket va OF c4assifiGatinn and presentation of faGtual infwmatinn reGGrrlinn the nrnnedy 2 Q uestion s addFes ed to the Gainer �acvcrvn v'revvrccr.�cvcv-cn�- �rrrcr. infoFmGtiGn regardin the nrGneI 7 Q e sc tir�ns Grldms ed tG the A c eSSGr �vea�trvrrs�aervr�.rsev crr� eo.avr. G. The LeGal gewd of Appeal and Equalization rensidem the appeal and se!eGts one of the following: 7 Make no G h G nne and s 5. the 700 estimated market va OF trF�fit 7 Red uGe the 7005 estimated market value Q l nGrea a the 2005 estimated market value v- Vrccry �n�a- z�w-cvrn�-racca- mc�nccc -rt Stephen 14x.4 unty Federal Credit I In"con 61610 Summit Property Appeal Was Resolved Prior To Board +�slded: appeal to- thea- Ge-unty 13eard of Appeal and Equalization. A '1 /turner s stat value nr nlesne +inn and cr'�.rrr���� t ca �aTU si fi C.� r�o�u�moucro�rrcr C. The LeGal Bewd of Appeal and Equalization wnsidws the appeal and se!eGts '1 ti 1►4 -a no aRge and 205. est value nr mz rrv s��^ttxf�}-LiYI: 0 cvw�c�rn -rracc� m ar rcc t vr slass Gn. '1 Red one the 7005 es tima ted market value 3. II RGFeaasethe 2005 es aFket �ie �c St ephen Hart Property Appeal Was Resolved Prior To Board included- if the ewner is not rafisfied w the eutr--came of the LeGal Bewd of Appeal they May app al to the GouRty Board of Appeal and F A 1 QN %F(s statement of es timated market value OF GlassifiGatinn and Q 1 Au. eu±c nr' s tatement of va OF ala ifinatien and presentation e,f 7 Queuati dds ens aFe ed to he Assesses 'OL'ari.�c�v'rr� t c.� cv m�.TCa.fGV�v�r. C The 1 eGal Qeard of Anneal and Equalization aensideru± the anneal and c eleGtS 1 Make no Ghange and sustain the 7005 estimated market value of IS CS n- a#i9A. 2 Deduune the 2005 estimated market value 3 Ine.reas a the 7005 estimated market value 9. Adjourn I City of Brooklyn Center A Millennium Community To: Mayor Kragness and uncil Members Carmody, Lasman, Niesen, and O'Connor From: Michael J. McCaule City Manager Date: April 28, 2005 Re: Board of Appeal and Equalization Attached are the materials for Monday's Board of Appeal and Equalization meeting. The Assessor will provide an overview of the process. The overview materials are taken from State Department of Revenue training manual. When the City Council sits as the Board of Appeal and Equalization, it is acting as a reviewing body and not as the City Council (legislative). The only issue before the Board of Appeal and Equalization is the market value of individual properties. Last year there was some confusion regarding land values and the value of improvements. While these may be separately stated in some documents, the only issue before the Board of Appeal and Equalization is the total value assigned and the property's classification. Classification is generally not an issue since this relates to whether the property is classified as residential (homestead or non homestead), commercial, or industrial. 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 L THIS .PROPERTY APPEAL WAS RESOLVED. PRIOR TO THE BOARD. Stephen Hartti •o Brookdale Car Wash* 5500 Brooldyn Blvd. A'Posal and pose B. and pmsenta�on of y e.::� S ....a t ip#®aaa al regarding the pwPorty. -id- to the Ammessor G. The slass11sa�ioa. THIS PROPERTY APPEAL WAS Stephen Hart. RESOLVED PRIOR TO THE BOARD. Earle Brown Tower T 610 Farts Brown Dr. f'r n. e� ma" vWl Wcation sin id- F iess em gtmf�mm or &4,nsmwm;auo 4 50 _41-4.0,eFe the appeal and se" one of the lb-lowng! THIS PROPERTY APPEAL WAS RESOLVED PRIOR TO THE BOARD Stenhen Hart, City Countv Federal Credit Union. 6160 Summit Dr. 4 ineluded if the ow. te. is not satisfied wM the euteeme of the Weal Bewd of Appeal theymay appeal to the Geunty Bewd-ef Appeal and riclWizefien. A.. 1. Gwl;er(s)st le or classification and- 1 one -Aftb6- #e4eV{ in: --C1 SS1ffsa2t oar ice the 2005 .estimated madcpt uai, e. 3. nGrease the 200-5 a-st-im-2ted ma" valu THIS PROPERTY APPEAL WAS RESOLVED PRIOR TO THE BOARD Ste ohen HarL Brookview Plaza Shomina Center. 5951 Earle Brown Dr. An hftrie Nas eempleted en 415-1-20- -0-5 2-nd- al repo has beeA eal -theymay appeal to the County BeaFd of Appeal and Equalmatien. A. c a 2. Quo 2-d-eiressed to the o=er- and presse-mWipm .C. The Lesal BeaFd of Appeal and Equalization commodam the appeal and maws I Make no ehange and sustain the 20-05 e-s-ti-m-a-ted -madcetwalue or ml2rmmifir_�Mtlam 2. Reduee the 2006 estimated mark-e-t- va- 9. Adjourn 1 1 1 C TY OF BROOKLYN CENTER 2005 LOCAL BOARD OF APPEAL AND EQUAL ZAT ON MAY 2 MEN EMME 1 1 1 1 1 .u■ 1 1 1 1 1 1 1 May 2, 2005 1 Letter of Transmittal 1 2005 Local Board of Appeal and Equalization 1 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 1 appeals. 1 The 2005 Local Board of Appeal and Equalization is scheduled to begin at 7:00 p.m. on Monday, May 2, 2005. In addition to the valuation notices mailed to all individual property owners on March 25, 2005, 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 1 regarding the 2005 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, 2005 assessment for taxes payable in 2006. 1 Respectfully submitted, 1 Nancy J. Wojcik, S.A.M.A. City Assessor 1 2005 Brooklyn Center Bo Equalization n and of Appeal and c�ual�zat n o 1 Meetin Ag enda: 1. Meeting called to order, roll call. (7:00pm) 2. The Assessor's Report 3. Questions regarding the assessment report. 4. The statement of the purpose of the Local Board of Appeal and Equalization and a review of the board's duties. 5. Questions regarding the local board duties. 6. Appearances by taxpayers with appointments. Refer to attached appeals. William Kim Kennv. 7036 Willow Lane N. An interior review was completed on 4/13/2005 and an appraisal report has been included. 1 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner regarding the market value or classification. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. Action by the Local Board of Appeal and Equalization Local Board of Appeal selects one of the following: pP o g 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. Darrvl Diane Sannes. 7006 Willow Lane N. An interior review was completed on 4/15/2005 and an appraisal report has been included. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessors statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. Steuhen Cooper Lisa McNauahton. 6632 West River Road 4 Mr. Cooper declined an interior review prior to the meeting of the board. An appraisal packet has been prepared. The local board may not make an individual estimated market value adjustment chanae that would benefit the oroaerty in cases where the owner has not permitted the assessor to inspect the orooerty and the interior review of the interior of anv buildings or structures. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. uestion Q s addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects pp q pp one of the following: 1. Refer the appeal back to the Assessor's office for an interior review t of the property and Assessor's recommendation at a Local Board reconvene meeting within 20 days. 2. Make no change and sustain the 2005 estimated market value or classification. George Van Wet. Twin take Manor Auartments. 3413 3305 53 Ave N.. A review of the complex was completed on 4/13/2005 and an additional review of ncome and expense data was completed on 4/18/2005, an appraisal report has been included. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. 7. Appearances by taxga rers without an appointment The following format is recommended for each walk -in appeal. 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. A. 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. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. 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. 2. Make no change and sustain the 2005 estimated market value or classification. Deloitte Tax LLP. La Quinta. 6415 James Circle N. An interior review was completed on 4/27/2005 and an appraisal report has been included. 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 A. 1. Owner statement of estimated market value or classification assification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. 8. Consideration of written appeals Deloitte Tax LLP. Extended Stav America. 2701 Freewav Blvd. An interior review was completed on 4/20/2005 and an appraisal report has been included. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessors statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following motions: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value 3. Increase the 2005 estimated market value. 1 Deloitte Tax LLP. Holiday Inn Select. 2200 Freeway Blvd. An interior review has not been completed as Deloitte Tax LLP contacted the P Assessor's office after the April 15 deadline. An appraisal report has been included. 1 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. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. 1 1 B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 1 2. Questions addressed to the Assessor. 1 C. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: 1 1. Refer the appeal to the Assessor's office for an interior review of the property and Assessor's recommendation at a Local Board 1 reconvene meeting within 20 days. 2. Make no change and sustain the 2005 estimated market value or classification. 1 i 1 1 i 1 Brooklvn Center Leased Housinq Assoc. Center Point Apartments. 2802 Northwav Drive 1 An interior review was completed on 4/14/2005 and an appraisal report has been 1 included. 1 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. 1. Owners statement f O e t o estimated market value or classification and presentation of factual information regarding the property. 1 2. Questions addressed to the owner. 1 1 B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. i 2. Questions addressed to the Assessor. 1 C. The Local Board of Appeal and Equalization considers the appeal and makes 1 one of the following motions: 1. Make no change and sustain the 2005 estimated market value or 1 classification. o. 1 2. Reduce the 2005 estimated market value. i 3. Increase the 2005 estimated market value. 1 1 1 Guenther Roth. G.R.R. Co.'s PBC Medical Office Bldq. 6120 Brooklvn Blvd. z An interior review was completed on 4/04/2005 and an appraisal report has bee' n included. 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 A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. Stephen Hart. Brookdale Car Wash, 5500 Brooklyn Blvd. An interior review was completed on 4/1512005 and an appraisal report has been included. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. 1 C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. i Stephen Hart. Earle Brown Tower. 6120 Earle Brown Dr. An interior review was completed on 4/15/2005 and an appraisal report has been i included. 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. A. 'I Owner(s) statement of estimated market value or classification and presentation of factual information regarding ttie property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. Steohen Hart. City County Federal Credit Union. 6160 Summit Dr. An interior review was completed on 4/15/2005 and an appraisal report has been included. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1. Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. Stephen Hart. Brookview Plaza Shounina Center. 5951 Earle Brown Dr. An interior review was completed on 4/15/2005 and an appraisal report has been included. 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. A. 1. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. 2. Questions addressed to the owner. B. 1. Assessor's statement of value or classification and presentation of factual information regarding the property. 2. Questions addressed to the Assessor. C. The Local Board of Appeal and Equalization considers the appeal and selects one of the following: 1 Make no change and sustain the 2005 estimated market value or classification. 2. Reduce the 2005 estimated market value. 3. Increase the 2005 estimated market value. 9. Adjourn Purpose of the Local Board of ADD @al and Eaualization The purpose of the Local Board of Appeal and Equalization is to provide a fair and s 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 2005 assessment; which affects taxes payable in 2006. 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 (2005). Taxes or prior year assessments are not within the jurisdiction 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. 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 sale shall transaction. The rice obtained at a orced In estimating and determining suc h value, the price f assessor shall not adopt a lower or different not be considered. standard of value because the same is to serve as a basis of taxation, nor shall the assessor adopt Many professional appraiser /assessor organizations as a criterion o value the rice or which such have a more detailed definition of market value. The f P f elements of these definitions can be used to clarify the property would sell at a forced sale, or in the aggregate with all the property in the town or statutory definition. district,- but the assessor shall value each article The definition of market value usually implies the or description ofproperty by itself, and at such consummation of a sale as of a specific date under the sum or price as the assessor believes the same to 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 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 Y P sold unaffected b special financin g market is called the estimated market value (EMV). amounts and/or terns, services, fees, costs or credits This value is determined on the assessment date, incurred in the transaction. January 2 of each year. In other words, market value is the price that would There are also two other types of market value used for property tax p urposes: limited market value and tend to prevail under typical, normal competitive open p lrerh' P� p tYP P P market conditions. taxable market value. The EMV for the current assessment ear is the only value property Y Y P P rtY owners may appeal to the local board. 1 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 (before local board) If the for 2005 If the for 2005 EMV $145,800 $160,800 local board local board decreases $150,800 increases $170,800 LMV $118,000 $135,700 the value by $135,700 the value by $135,700 TM $10,000 $10,000 V $118,000 $135,700 $135,700 $135,700 Classification 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 a statutorily- 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 determining 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 Limits of Authority for the Local Board of Appeal and Equalization 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, than none of the changes of the local board of review will be allowed. 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 2004 assessment for the taxes payable in 2005. Homeowner's that received their 2005 tax statement in March, 2005, are not able to appeal the 2004 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 2005 meeting is scheduled for May 2, 2005. 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 22, 2005. 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. Review Procedures 2005 Assessment Informal 1. Discuss assessment procedures and the valuation methodologies employed by N 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 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 Equalization The 2005 County Board of Appeal and Equalization will be held beginning June 13, 2005. Taxpayers wishing to appear must have appealed to their local board of review and must register with the county board prior to June 6, 2005, 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 2005 assessment is May 2, 2005, due to the deadline of April 30, 2005, falling on the weekend. 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 an abatement application. However, in most cases the assessor's office is able to inform the property owner prior to application if approval is likely. 2004 Reinspection Program for the 2005 Assessment During the summer of 2004 our office conducted re- inspections for the 2005 assessment of the residential properties located East of Highway 100, but South of 57 Avenue and properties West of Highway 100, but South of 61 Avenue. In addition to all single family homes located in the review area, all condominiums were also reviewed. The summer inspection area involved the review of 1,921 residential parcels. All parcels were inspected from the exterior and the assessor's office inspected the interior of 66% or 1,270 homes, who responded to tags and advance notification. The interior inspection percentage is down slightly from previous years due to the elimination of a second mailing to remind the owners to set an appointment. This was done as a cost saving measure starting in the summer of 2003. The re- inspection process began in mid May, and was essentially completed by the end of September. The re- inspections were performed by City Assessor, Nancy Wojcik, Appraiser, Jill Brenna, Appraiser Technician, Karen Casto, and Assessment Data Collector, Rhonda Thielen. Following the review of the scheduled quintile, our focus switched to the residential properties with new improvements, condominiums, commercial /industrial and apartment properties. All permit review inspections were completed by Appraiser I, Jill Brenna, Appraiser Technician, Karen Casto and commercial inspections by Nancy Wojcik, City Assessor. The review of new improvements added an additional 1,000 properties to the inspection total. Approximately 600 of these properties required exterior inspections, and approximately 400 required interior inspections. We estimate that the total number of residential properties reviewed in 2004 was approximately 2,921. VALUATION NOTICES March. 2005 c Commonly Asked Questions What is this notice I received in the mail? This notice is your 2005 assessed value for taxes payable in 2006. It is intended to show you the estimated market value, limited market value and taxable market value of your house for taxes payable in 2006. 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 you from Hennepin County approximately November, 2005 estimating the 2006 taxes. The Truth in Taxation notice will also contain meeting dates of any taxation meetings. Actual tax statements reflecting the 2005 assessment will be mailed in March, 2006. 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 my 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 2005 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 2005 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 chancre 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 taxable value, or (2) 33% of the difference between the current year's market value and the previous year's taxable value, whichever is greater, excluding improvements. Y Is my property still considered a homestead property? Your current homestead status for the 2005 assessment for taxes payable in 2006 is displayed in the upper right hand corner under the property classification. Any partial percentage homesteads will be reflected on the notice. Can I appeal the valuation of myropert rte? You should d 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. r What can do as a senior citizen with a limited income if I 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 2004 valuation for taxes navab/e in 2005? No. The previous year's valuation has already been finalized. Your 2005 tax statement that you received in March is based on your 2004 valuation. Questions regarding that value would have had to have been addressed at the time you received that valuation notice, or at the 2004 Local Board of Appeal and Equalization. What will my 2006 taxes be with this change? The tax rates have not been determined for the 2006 taxes. We will have a better idea of estimating taxes when the legislature adjourns. You will receive a Truth in Taxation notice in November, 2005 that will give you an estimate of the 2006 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. 2005 Assessment Tax Capacity Payable in 2006 Property Type Breakdown Apartments 9° /o Commercial 25% Residential 58% iiiii■� Industrial 8% Farm 0% Apartments Commercial M Industrial Farm Residential COMPARISON OF THE BROOKLYN CENTER ASSESSED VALUE BY PROPERTY TYPE 2002 to 2006 TAX PAYABLE YEARS PERCENTAGE TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE PROPERTY TOTAL PAY 2002 OF PAY 2002 2003 OF PAY 2003 2004 OF PAY 2004 2005 OF PAY 2005 2006 OF PAY 2006 TYPE VALUATION VALUE VALUATION VALUE VALUATION VALUE VALUATION VALUE VALUATION VALUE APARTMENT $142,100,200 9.54% $150,619,300 9.01% $162,976,100 9.01% $172,816,000 8.89% $179,621,000 8.73% COMMERCIAL $285,707,400 19.19% $285,831,300 17.10% $305,091,000 16.86% $300,974,200 15.47% $307,458,200 14.95% INDUSTRIAL $90,199,500 6.06% $103,857,300 6.21% $89,208,900 4.93% $93,462,000 4.81% $101,157,500 4.92% RESIDENTIAL $970,702,600 65.19% $1,130,851,900 67.65% $1,251,467,200 69.18% $1,377,358,800 70.82% $1,468,518,600 71.38% FARM $360,000 0.02% $367,000 0.02% $367,000 0.02% $385,000 0.02% $435,000 0.02% TOTALS $1,489,069,700 $1,671,526,800 $1,809,110,200 $1,944,996,000 $2,057,190,300 NOTE: Payable 2006 valuation totals are based on values as of March 2, 2005. Residential taxable market value total for 2005 pay 2006 was $1,394,633,200. More than 69% of all residential properties in Brooklyn Center will have taxable value that is lower than the estimated market value for the taxes payable in 2006. Approximately $1,019,600 of the taxable market value is excluded from taxation due to the "This Old House" qualifying improvement exclusions. Prepared by Brooklyn Center Assessor's Office 04/27/2005 COMPARISON OF THE BROOKLYN CENTER PROPERTY TAX BASE BY PROPERTY TYPE 2003 TO 2006 TAX YEARS TAX TAX TAX TAX TAX TAX TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE CAPACITY CAPACITY TOTAL PAY PERCENTAGE CAPACITY CAPACITY TOTAL PAY PERCENTAGE CAPACITY CAPACITY PROPERTY 2003 TAX OF 2003 TAX 2004 TAX OF 2004 TAX CHANGE CHANGE 2005 TAX OF 2005 TAX CHANGE CHANGE 2006 TAX OF 2006 TAX CHANGE CHANGE TYPE CAPACITY BASE CAPACITY BASE (Dollars) (Percent) CAPACITY BASE (Dollars) (Percent) CAPACITY BASE (Dollars) (Percent) APARTMENT $2,220,776 11.54% $2,457,114 11.85% $236,338 10.64% $2,159,448 9.78% ($297,666) 12.11% $2,243,472 9.26% $84,024 3.89% COMMERCIAL $5,605,027 29.13% $5,987,883 28.89% $382,856 6.83% $5,906,451 26.75% ($81,432) -1.36% $6,036,725 24.92% $130,274 2.21% INDUSTRIAL $2,040,414 10.60% $1,747,631 8.43% ($292,783) 14.35% $1,833,408 8.30% $85,777 4.91% $1,988,650 8.21% $155,242 8.47% RESIDENTIAL $9,373,104 48.71% $10,532,558 50.81% $1,159,454 12.37% $12,177,307 55.15% $1,644,749 15.62% $13,953,600 57.60% $1,776,493 14.59% FARM $3,431 0.02% $3,670 0.02% $239 6.97% $3,850 0.02% $180 4.90% $4,350 0.02% $500 12.99% TOTALS $19,242,752 $211,728,858 $1,486,104 7.72% $22,080,464 $1,351,608 6.52% $24,226,997 $2,146,533 9.72% NOTE: Payable 2006 tax capacity totals are based on values as of March 2, 2005, Adjustments for changes to state classification rates by the 2003 legislature are not reflected in these totals. i I Prepared by Brooklyn Center Assessor's Office oart7noo5 f CITY OF BROOKLYN CENTER Tax Rates Across Schools TAX RATES PAYABLE 2005 (applied th 2004 assessment) Juriscictions sd 11 sd 279 sd 281 sd 0286 County 44.172 44.172 44.172 44.172 City 50.487 50.487 50.487 50.487 School 21.492 24.336 29.989 36.159 Watershed 0 0 0 0 Sewer 0 0 0 0 Metro 3.304 3.304 3.304 3.304 Other 5.314 5.314 5.314 5.314 Total Extension Rate 124.769 127.613 133.266 139.436 Total (County, Metro Other) 52.79 52.79 52.79 52.79 HRA Levy 1.236 1.236 1.236 1.236 City with HRA 51.723 51.723 51.723 51.723 Total of "Other Special Taxing Districts" excluding the HRA 7.382 7.382 7.382 7.382 Total Extension Rate- all 124.769 127.613 133.266 139.436 City Market Value Rate 0.04220 0.04220 0.04220 0.04220 School Dist Market Value Rate 0.14480 0.15980 0.15040 0.09611 Solid Waste Taxable Market Value 0.01595 0.01595 0.01595 0.01595 Total Market Value Based Rate 0.20295 0.21795 0.20855 0.15426 G: \TNT 2005\[Tax Rates Across Schools.xls]Final Rates Payable 2005 2005 CITY OF BROOKLYN CENTER PROPOSED RESIDENTIAL TAXES INCLUDES METRO OTHER TAXING DISTRICTS APPROVED SCHOOL DIST REFERENDUMS HOMESTEAD TAXES 11 Anoka Hennepin 279 Osseo 281 Robbinsdale 286 Brooklyn Center Market Value 2004 Tax 2005 Tax 2004 Tax I 2005 Tax 2004 Tax 1 2005 Tax 2004 Tax 2005 Tax $40,000 $507 $420 $551 $440 $508 $456 $586 $459 $45,000 $571 $473 $619 $495 $572 $514 $660 $516 Y $50,000 $634 025 $688 $550 $636 $571 $733 $574 $55,000 $698 $578 $757 $606 $699 $628 $806 $631 $60,000 $761 $630 $826 $661 $763 $685 $880 $688 $61,000 $774 $641 $840 $672 $775 $696 $894 $700 $62,000 $786 $651 $853 $683 $788 $708 $909 $711 $63,000 $799 $662 $867 $694 $801 $719 $924 $723 $64,000 $812 $672 $881 $705 $814 $730 $938 $734 $65,000 $825 $683 $895 $716 $826 $742 $953 $746 $66,000 $837 $693 $908 $727 $839 $753 $968 $757 $67,000 $850 $704 $922 $738 $852 $765 $982 $769 $68,000 $863 $714 $936 $749 $864 $776 $997 $780 $69,000 $875 $725 $950 $760 $877 $787 $1,012 $792 $70,000 $888 $735 $964 $771 $890 $799 $1,026 $803 $70,000 $774 $735 $811 $771 $882 $799 $908 $803 $75,000 $829 $788 $869 $826 $945 $856 $973 $860 $80,000 $900 $860 $942 $900 $1,024 $933 $1,054 $937 $85,000 $975 $937 $1,020 $980 $1,107 $1,014 $1,139 $1,019 $86,500 $998 $960 $1,044 $1,004 $1,132 $1,039 $1,164 $1,044 $87,500 $1,013 $975 $1,059 $1,020 $1,148 $1,055 $1,181 $1,060 $88,500 $1,039 $991 $1,086 $1,036 $1,176 $1,071 $1,210 $1,076 $89,500 $1,055 $1,006 $1,103 $1,051 $1,194 $1,088 $1,227 $1,093 $90,500 $1,071 $1,021 $1,119 $1,067 $1,211 $1,104 $1,245 $1,109 $91,500 $1,087 $1,037 $1,136 $1,083 $1,229 $1,120 $1,263 $1,126 $92,500 $1,103 $1,052 $1,152 $1,099 $1,246 $1,136 $1,281 $1,142 $93,500 $1,119 $1,068 $1,168 $1,115 $1,264 $1,153 $1,299 $1,158 $94,500 $1,135 $1,083 $1,185 $1,131 $1,281 $1,169 $1,317 $1,175 $95,500 $1,151 $1,098 $1,201 $1,147 $1,299 $1,185 $1,335 $1,191 $96,500 $1,167 $1,114 $1,218 $1,163 $1,316 $1,202 $1,353 $1,207 $97,500 $1,183 $1,129 $1,234 $1,179 $1,334 $1,218 $1,370 $1,224 $98,500 $1,199 $1,145 $1,251 $1,195 $1,351 $1,234 $1,388 $1,240 $99,500 $1,215 $1,160 $1,267 $1,211 $1,369 $1,251 $1,406 $1,257 $100,000 $1,223 $1,168 $1,276 $1,219 $1,377 $1,259 $1,415 $1,265 $105,000 $1,303 $1,245 $1,358 $1,298 $1,465 $1,340 $1,504 $1,347 $110,000 $1,382 $1,322 $1,440 $1,378 $1,552 $1,422 $1,594 $1,428 $115,000 $1,462 $1,399 $1,523 $1,457 $1,640 $1,503 $1,683 $1,510 $120,000 $1,542 $1,476 $1,605 $1,537 $1,727 $1,585 $1,773 $1,592 $125,000 $1,622 $1,553 $1,688 $1,616 $1,815 $1,667 $1,862 $1,674 $128,400 $1,676 $1,605 $1,744 $1,670 $1,874 $1,722 $1,923 $1,730 $130,000 $1,701 $1,630 $1,770 $1,696 $1,902 $1,748 $1,951 $1,756 $135,000 $1,781 $1,707 $1,852 $1,775 $1,990 $1,830 $2,041 $1,838 $140,000 $1,861 $1,784 $1,935 $1,855 $2,077 $1,911 $2,130 $1,920 $145,000 $1,941 $1,861 $2,017 $1,934 $2,165 $1,993 $2,219 $2,001 $149,600 $2,014 $1,932 $2,093 $2,008 $2,245 $2,068 $2,302 $2,077 $150,000 $2,021 $1,938 $2,100 $2,014 $2,252 $2,074 $2,309 $2,083 $155,000 $2,100 $2,015 $2,182 $2,094 $2,340 $2,156 $2,398 $2,165 $160,000 $2,180 $2,092 $2,264 $2,173 $2,427 $2,238 $2,488 $2,247 $165,000 $1,421 $2,169 $1,533 $2,253 $1,425 $2,319 $2,577 $2,329 $170,000 $2,340 $2,246 $2,429 $2,332 $2,602 $2,401 $2,666 $2,411 $175,000 $2,419 $2,323 $2,512 $2,412 $2,690 $2,482 $2,756 $2,493 $180,000 $2,499 $2,400 $2,594 $2,491 $2,777 $2,564 $2,845 $2,574 $185,000 $2,579 $2,477 $2,676 $2,571 $2,865 $2,645 $2,934 $2,656 $190,000 $2,659 $2,554 $2,759 $2,650 $2,952 $2,727 $3,024 $2,738 $195,000 $2,738 $2,631 $2,841 $2,730 $3,040 $2,808 $3,113 $2,820 $200,000 $2,818 $2,708 $2,924 $2,809 $3,127 $2,890 $3,203 $2,902 $210,000 $2,978 $2,862 $3,088 $2,969 $3,302 $3,053 $3,381 $3,066 $220,000 $3,137 $3,016 $3,253 $3,126 $3,477 $3,216 $3,560 $3,229 $230,000 $3,297 $3,170 $3,418 $3,287 $3,652 $3,379 $3,739 $3,393 $240,000 $3,456 $3,324 $3,583 $3,446 $3,827 $3,542 $3,918 $3,557 $250,000 $3,616 $3,478 $3,748 $3,605 $4,002 $3,706 $4,096 $3,720 $260,000 $3,775 $3,632 $3,912 $3,764 $4,177 $3,869 $4,275 $3,884 $270,000 $3,935 $3,786 $4,077 $3,923 $4,352 $4,032 $4,454 $4,048 $280,000 $4,094 $3,940 $4,242 $4,082 $4,527 $4,195 $4,633 $4,212 290, 000 $4, 254 $4, 094 $4,407 $4,241 $4,702 $4,358 $4,811 $4,375 $300,000 $4,413 $4,248 $4,572 $4,400 $4,877 $4,521 $4,990 $4,539 $350,000 $5,211 $5,018 $5,396 $5,196 $5,752 $5,337 $5,884 $5,357 $400,000 $6,009 $5,788 $6,220 $5,991 $6,627 $6,152 $6,778 $6,176 $425,000 $6,408 $6,173 $6,632 $6,389 $7,064 $6,560 $7,224 $6,585 $450,000 $6,806 $6,558 $7,044 $6,787 $7,501 $6,968 $7,671 $6,995 $475,000 $7,205 $6,943 $7,456 $7,185 $7,939 $7,376 $8,118 $7,404 $500,000 $7,604 $7,328 $7,868 $7,582 $8,376 $7,784 $8,565 $7,813 Brooklyn Center Homestead Tax History ..:AS.ES .....1....: Ass........ ll axC t.!1 a ue:: ::.:5 #2$b.. siYtes ea 1 _a�lge: XaCliaa�ge::::: Paya .Taxeai::;:2:::'>:.;:x�k:•::`,. 1975 8.5% $28,675 20.74% 1976 $542 16.94% 1976 6.3% $30,965 7.99% 1977 $556 2.67 1977 7.0% $33,130 6.99% 1978 $686 23.24% 1978 9.1 $37,400 12.89% 1979 $661 3.60% 1979 11.5% $44,900 20.05% 1980 $611 -7.59% 1980 11.4% $52,900 17.82% 1981 $437 28.41% 1981 12.3% $55,800 5.48% 1982 $368 15.91% 1982 9.9% $59,700 6.99% 1983 $431 17.11% 1983 2.2% $61,800 3.52% 1984 $496 15.23% 1984 3.6 $61,800 0.00% 1985 $580 16.85% 1985 3.8% $61,600 -0.32% 1986 $530 -8.57% 1986 1.3% o 0 3 /0 2 1 4 4.50 0 6 700 1.79 987 55 /o 1987 3.0% $65,700 4.78% 1988 $575 3.71% 1988 5.0% $68,900 4.87% 1989 $651 13.36% 1989 4.1% $70,600 2.47% 1990 $817 25.37% 1990 4.1% $71,300 0.99% 1991 $805 1.43% 1991 2.7% $71,000 -0.42% 1992 $868 7.84% 1992 3.5% $70,900 -0.14% 1993 $909 4.75% 1993 3.1% $72,000 1.55% 1994 $939 3.27% 1994 3.2% $72,000 0.00% 1995 $1,000 6.46% 1995 2.6% $72,800 1.11% 1996 $1,044 4.44% 1996 2.8% $77,700 6.73% 1997 $1,175 12.52% 1997 3.0% $80,000 2.96% 1998 $1,201 2.21% 1998 2.3% $83,700 4.63% 1999 $1,270 5.75% 0 0 0 1999 1.6 /o $90,100 7.65 /0 2000 $1,243 -2.13 /o 2000 2.7% $105,600 17.20% 2001 $1,541 23.97% 2001 3.4% $119,300 12.97% 2002 $1,700 10.32% 2002 2.8% $136,100 14.08% 2003 $2,168 27.53% t 2003 1.2% $152,000 11.68% 2004 $2,182 0.65% 2004 2.1% $164,100 7.96% 2005 $2,228 2.11% 2005 2.7% $176,400 7.50% 2006 N/A N/A iiiifEi'i:`ii.;:�i`'ii ;i.ipip; i;iji :':`(i''''' i:EiEl "•Eiii 0 0::.. :::83:2:. fe 2.� �8 20 Year Total 61.0% 110.0% is'a 146.6% 20 Yr. Annualized 3.0% 5.5 21?SrA0il€iii�Xl���i I 7.3% 1 :Ye 0. atofia1.: 0:..�....: ##:::$'f.�#. /o... L...,.:. a ...3 r. 'ofi .:.:..1........................ 5 Year Total 12.2% I I 54.2% `4af I 40.6% 5 Yr. Annualized 2.4% I 10.8% 5 Yr. Annualized I 8.1% The stated change in the CPI is for the year preceeding the stated assessment year. G`eOVJiU�Zm.'ryHIwwSC.xi;.. ry weay 04/27/20059:34 PM CHANGES MADE TO 2005 ASSESSMENT 1 CITY OF BROOKLYN CENTER OVERALL Prepared by the Brooklyn Center Assessor's Office VALUE CHANGE City Wide All (Includes all property types) 5.8% (Excluding new construction) 5.0% City Wide Resid. (Single Family Detached Only) 6.6% Excluding new construction) 6.1% Commercial (excluding new construction) 2.1% Industrial (excluding new construction) 4.4 Apartments (excluding new construction) 3.2% 1 Condominiums (excluding new construction) 10.5% Co-ops (excluding new construction) 0.3 Townhouses (Excluding new construction) 6.9 4.3 Double Bungalows (Excluding new construction) 7.5 Residential Neighborhoods #50 River Influence 8.1% (excluding new construction) 7.8 #51 North West 4.7% (excluding new construction) 4.4 #52 North East 4.5% (excluding new construction) 4.0% #53 West Central 4.7 (excluding new construction) 4.3% #54 South East 9.6% (excluding new construction) 9.0 #55 South West 11.4% (excluding new construction) 11.0% #56 Waterfront 6.1% Includes River and Lake Properties) P erties (excluding new construction) 5.2% i:\BOAR— 1[2005 MLS SALES .XLS]OS Change City of Brooklyn Center 1997 THRU 2006 GROWTH IN RESIDENTIAL ASSESSED VALUE AND TAX CAPACITY AVERAGE SINGLE FAMILY VALUE AND TAX CAPACITY TAX YEARS 1997 THRU 2006 Median Value Percentage Tax Capacity Percentage Change Change Single Family Residential $77,700 NIA $834.00 NIA Payable 1997 Single gle Family Residential .$80,000 2.96% ;842.50 1.02% Payable 1998 Single Family Residential ;84,000 6.00% $903.00 7.18% Payable 1999 Single Family Residential $90,100 7.26% $992,66 9.93% Payable 2000 Single Family Residential Payable 2001 ;105,600 17.20% ;1,248.40 25.76% Single Family Residential $119,300 12.97% ;1,193.00 4.44% Payable 2002 Single Family Residential $140,200 17.52% $1,402.00 17.52 Payable 2003 Single Family Residential $152,000 8.42% $1,520.00 8.42% Payable 2004 Single Family Residential $164,100 7.96 ;1,641.00 7.96 Payable 2005 Single Family Residential ;176,400 7.50% $1,764.00 7.50 Payable 2006 Current state law limits the growth in taxable value to an 15% increase from the previous years taxable value, or 33% of the difference, whichever is greater, excluding improvements. QN30M01200MMMW auE A$)awwapdq O 2712W5 2004 vs 2005 ASSESSED VALUATION CHANGES FOR BROOKLYN CENTER SINGLE FAMILY RESIDENTIAL PROPERTIES FOR TAXES PAYABLE FROM 2005 TO 2006 EXCLUDING IMPROVEMENTS PERCENTAGE OF PERCENTAGE OF CHANGE NUMBER OF PARCELS RESIDENTIAL PARCELS -99% TO -35 1 0.01 34% TO -20 2 0.03% -19% TO -10% 2 0.03% o 0 0 -9 /o TO -1 /0 17 0.2 /o NO CHANGE 17 0.2% +1% TO +5% 5,018 68.9% +6% TO +10% 1,076 14.8% +11 TO +20% 1,021 14.0% +21 TO +30% 98 1.3% +31 TO +40% 24 0.3% +41% TO +50% 3 0.0% +51 and Over 5 0.1% TOTAL 7,284 100.0% Parcels with increasing alues 24 99.5% g 7, 5 Parcels with an increase of more than 10% 1,151 15.8% Parcels with an increase of more than 20% 130 1.8% Parcels with declining values 22 0.3% Note: Approximately 64% of all residential properties in Brooklyn Center will have a taxable market value that is less than the assessed market value for the 2005 assessment for taxes payable in 2006. c:XSOARDU SgZW MLS SALES.XLSpaos so-AftalM 04127/2005 RESIDENTIAL NEIGHBORHOODS 2005 ASSESSMENT AVG. LOT VALUE 50 RIVER ENCE INFI.0 51_NORTH'kfVEST WWWWRAMM -z�_ 53 WEST CENTRAL. Ef w 52 NORTHEAST r w r IF s i r 54 SOUTHEAST 55 SOUTTHWEST 56 LAKE FRONT r RID 56 RIVE RONT 3 This map prepared by the assessing division for illustrative purposes only. Average values exclude vacant land and misc. 1/27/05 JB RESIDENTIAL SALE INFORMATION FROM REALTORS MLS SYSTEM CITY OF BROOKLYN CENTER, MN 4 YEAR NUMBER OF AVERAGE /o MEDIAN SALE CHANGE SALES SALE PRICE /o CHANGE PRICE 1998 344 $98,679 11.35% $97,900 10.12% 1999 323 $115,439 16.98% $120,500 23.08% 2000 118 $128,456 13.47% $143,948 30.86% 2001 452 $142,706 11.09% $144,900 0.66% 2002 444 $157,313 10.24% $157,600 8.76% 2003 567 $169,248 7.59% $169,900 7.80% 2004 558 $183,300 8.30% $183,500 8.00% 2005 85 $192,358 13.65% $191,000 12.42% MLS data collected has changed starting with the 2001 assessment. MLS data now inclu townhomes and condominiums. 2005 Data collected from 1/1/05 to 04/26/05, from Brookly Average January 2001 assessed value of residential homes in Brooklyn Center is 135,098 Average January 2002 assessed value of residential homes in Brooklyn Center is $140,540 Average January 2003 assessed value of residential homes in Brooklyn Center is $153,700 Average January 2004 assessed value of residential homes in Brooklyn Center is $165,789 Average January 2005 assessed value of residential homes in Brooklyn Center is $178,200 GIBOARD12 OW2005 MLS SALES .XLS]MLS Sale 2003 04/27/2005 i *Mn t W The Minneapolis Area Association of REALTORS® has BE"Q L published monthly and annual housing sales reports since i 96o. The scope and detail of reports have expanded overtime as „.a home sales have grown throughout the region and computer technology has provided us with more reporting options. L Early reports only included property sales in Minneapolis and western suburbs. Some previous reports combined all sales I together in a category called "all property types." Even today, the I I t report does not distinguish between existing home sales and new construction reported toM LS. During most ofthe 199osthis report included only single family 104l: z..t�.rr,?•. SAS.., um x<' detached homes. Beginning in the year 2000, single family has been defined as single family detached, condominiums, townhouses and twin houses and the report only includes sales reported from the 13 county metropolitan area. a f, r This information is published on our website at' www.mplsrealtor.com. t i y MINNEAPOLIS AREA Association of REALTORS® 5750 UNCOLN DRIVE P. 952- 933-9020 wuw.mpisreaitor.com MINNEAPOLIS, MN 5543 E 543 a5 3 a. 3 9 021 2004 HOME SALES A REPORTED BY MLS PARTICIPANTS (Single Pamily.nnd Condo/Town-home) DISTRICT TOTAL BEDROOMS DOLLAR AVERAGE MEDIAN NUMBER &NAME SALES 1 2 3 4+ VOLUME PRICE PRICE Division III Minneapolis 300 Mpis- Calhoun Isles 670 190 198 158 120 $247,598,524 $370,656 $258,958 301 Mpls- Camden 796 28 215 454 99 $126,655,101 $159,716 $157,000 302 Mpls- Central 539 206 277 35 5 $168,454,607 $314,868 $267,000 303 Mpls- Longfellow 424 17 158 192 56 $91,122,383 $214,911 $199,900 304 Mpls- Nokomis 1,070 49 332 539 149 $239,182,021 $223,953 $210,000 305 Mpls -North 465 10 85 228 140 $77,689,445 $167,074 $149,900 306 Mpls- Northeast 529 22 162 285 60 $105,437,659 $200,452 $195,650 307 Mpis- Phillips 108 1 20 50 36 $18,210,915 $168,620 $167,750 308 Mpls- Powderhorn 406 30 113 191 71 $73,209,742 $180,765 $182,300 309 Mpls- Southwest 1,041 57 247 538 196 $327,555,648 $314,957 $268,750 310 Mpis- University 188 30 86 40 30 $44,502,000 $237,979 $235,000 Suburban and other areas 340 Buffalo 451 2 123 200 126 $100,523,831 $222,891 $204,000 341 Wright County (Except Buffalo) 2,092 62 612 833 584 $460,232,007 $219,996 $197,300 342 Hutchinson 298 2 72 151 73 $46,231,142 $155,138 $142,200 343 Mcleod County 288 2 72 137 77 $46,238,315 $161,672 $142,638 360 Robbinsdale 295 4 56 199 36 $56,293,089 $190,824 $189,900 361 Crystal 428 3 84 278 63 $81,037,844 $189,784 $186,500 362 New Hope 283 10 33 138 101 $59,378,716 $2 9,819 $216,900 363 Brooklyn Center 558 4 109 311 134 $102,291,738 $183,319 $183,450 364 Brooklyn Park 1,531 20 312 558 641 $348,998,130 $228,103 $215,050 365 Maple Grove /Osseo 1,483 10 450 510 513 $390,832,039 $263,719 $224,900 366 Champlin 484 0 92 206 186 $115,548,629 $239,231 $217,500 367 Hennepin -North 249 2 39 92 116 $68,405,518 $275,829 $249,250 368 Hennepin- Northwest 273 2 26 99 144 $132,338,085 $486,537 $343,000 370 Sibley County 95 0 25 41 29 $13,025,290 $137,108 $135,000 373 Golden Valley 370 3 85 171 111 $105,998,609 $287,259 $249,000 374 Plymouth 1,231 32 384 344 465 $381,655,706 $310,289 $273,750 378 Richfield 547 16 130 317 84 $115,632,881 $211,395 $210,000 379 Bloomington -East 396 33 106 187 70 $77,989,356 $197,441 $205,000 380 Bloomington -West 850 39 203 341 266 $220,350,399 $259,541 $234,900 381 Lake Minnetonka 1,018 25 153 371 467 $595,024,061 $585,078 $400,000 385 Edina 909 61 235 285 324 $364,502,512 $402,321 $322,250 386 Hopkins 296 45 117 96 38 $54,300,634 $183,448 $176,450 387 Minnetonka 847 50 225 299 271 $26,781,671 $338,985 $280,000 391 Saint Louis Park 974 101 290 472 108 $224,037,023 $230,017 $215,000 392 Eden Prairie 1,344 21 386 393 543 $468,576,651 $348 $281,200 394 Carver County 651 0 128 287 236 $163,551,690 $251,231 $221,000 396 Chanhassen 476 2 140 114 220 $168,409,161 $353,801 $284,250 397 Chaska 510 7 120 187 196 $138,576,266 $273,326 $233,600 398 Victoria 111 0 8 38 65 $40,641,977 $369,473 $347,500 Division II 600 West St. Paul 298 8 82 152 56 $59,398,226 $199,323 $189,900 602 South St. Paul 353 10 122 169 52 $62,933,496 $178,282 $180,000 604 Mendota /Lilydale /Mendota Heights 135 2 28 43 61 $49,157,843 $366,850 $317,550 605 Sunfish Lake 10 0 0 1 9 $9,333,121 $933,312 $807,500 608 Inver Grove Heights 458 2 175 154 127 $115,657,601 $252,528 $208,250 610 Eagan 1,355 38 400 468 449 $331,094,905 $244,712 $223,700 612 Burnsville 1,103 28 372 354 349 $252,971,417 $229,557 $221,500 614 Apple Valley 1,219 17 461 375 366 $279,459,448 $229,441 $208,450 616 Rosemount 463 1 120 200 142 $115,283,557 $249,532 $226,000 617 Hastings 432 3 123 174 132 $98,921,877 $229,517 $204,412 618 Eastern Dakota County 15 0 1 9 5 $4,042,600 $269,507 $259,900 624 Farmington 642 2 166 226 248 $152,983,401 $238,664 $221,100 626 Lakeville 1,080 6 149 367 557 $324,411,556 $300,381 $267,500 628 Southern Dakota County 38 0 3 20 15 $10,107,941 $265,998 $243,450 630 Northfield 356 4 95 135 122 $86,188,900 $242,104 $219,950 632 Rice County 418 5 71 221 120 $79,780,241 $191,320 $171,900 640 Shakopee 830 7 268 297 258 $201,069,841 $242,545 $205,900 642 Prior Lake 608 8 121 243 236 $198,307,851 $326,702 $274,000 644 Savage 574 8 92 190 284 $161,174,649 $280,792 $259,000 646 Jordan 101 1 16 43 41 $26,239,084 $259,793 $229,500 1 648 New Prague 379 4 86 154 135 $94,910,243 $250,423 $224,900 650 Belle Plaine 185 0 41 96 48 $41,468,034 $224,152 $209,000 658 Lesueur County 281 3 73 135 68 $44,877,198 $159,705 $146,000 660 Goodhue County 479 4 133 211 130 $88,762,064 $185,307 $164,900 Division 1 702 Falcon Hhts /Lauderdale /Rsevilie 527 35 133 241 118 $124,529,416 $236,748 $229,000 705 Lino Lakes /Hugo /Centerville 574 0 116 240 218 $159,474,189 $277,830 $250,000 706 North Central Surburban 376 14 127 126 109 $110,506,879 $293,901 $224,900 707 Ham Lake 233 3 21 78 128 $82,218,193 $352,868 $343,400 708 White Bear Area 797 16 183 335 263 $232,917,779 $292,243 $235,000 709 Forest Lake Area 578 10 135 246 187 $153,703,781 $266,384 $244,900 710 Northeast Anoka County 85 0 15 41 29 $23,850,308 $280,592 $272,269 711 Southern Chisago County 791 10 212 374 194 $182,452,148 $230,952 $204,989 712 Maplewood /North St. Paul 661 13 154 295 199 $154,314,845 $233,457 $206,000 713 Bethel 251 6 49 110 86 $60,726,965 $241,940 $229,900 714 SP- Phalen 441 11 102 235 92 $74,788,255 $169,588 $168,000 716 SP- Hillcrest /Hazel Prk /Dytons Blff 800 17 190 462 131 $133,494,154 $166,868 $168,000 720 SP- Southeast St. Paul 153 1 24 81 47 $34,146,630 $223,181 $200,747 721 Lakeland/Afton/Denmark 113 0 16 49 48 $46,226,195 $409,081 $335,000 722 Nwprt /St. Paul Prk /Cottage Grove 799 6 122 363 308 $179,085,202 $224,418 $212,000 725 Pine Springs /Lake Elmo /Oakdale 588 6 177 227 178 $145,946,288 $248,208 $217,698 726 Woodbury 1,347 8 457 351 529 $399,307,604 $296,442 $269,900 727 Stillwater /Bayport 588 6 107 244 231 $200,880,911 $341,634 $279,900 728 Riverview /Cherokee 176 3 61 85 27 $30,323,026 $172,290 $167,400 738 Home Croft /W 7Th 145 7 31 74 32 $25,377,905 $175,020 $174,500 740 Crocus Hill 315 71 109 57 75 $97,205,726 $308,590 $230,000 (Continued on page 6) wuL .wm ywuum,ew�. ,.,f]i,W,Wr" Wi I mIIII I iAwli Alil" I 2 2004 Residential Activity Report February 2005 Includes Hennepin, Carver, McLeod, Sibley [and some D III areas in Wright] counties and the district changes made in 1995. 340 Buffalo 367 Hennepin County North 366 4 364 365 341 368 Wright r Hennepin County NW 363 361 374 362 0 Plymouth 360 301 306 5 373 305 Golden Valley 302 310 391 300 307 303 U 381 o Lake Minnetonka St. Louis Park 308 387 386 309 304 M 396 385 M 398 Ric Chanhassen Edina R Airport chfield 392 379 Eden Prairie �Bloomingto 380 East Bloomington 394 Carver County Chaska West Suburban and other areas 380 Bloomington West 7 381 Lake Minnetonka 340 Buffalo 385 Edina 341 Wright County 386 Hopkins 342 Hutchinson 387 Minnetonka 343 McLeod County 391 St. Louis Park 360 Robbinsdale 392 Eden Prairie Minneapolis 361 Crystal 394 Carver County 362 New Hope 300 Calhoun Isles 363 Brooklyn Center 396 Chanhassen 301 Camden 364 Brooklyn Park 397 Chaska 370 Sibley County 302 Central 365 Maple Grove /Osseo 398 Victoria 303 Longfellow 366 Champlin 304 Nokomis 367 Hennepin Co North 305 North 368 Hennepin C. NW 306 Northeast 370 Sibley County 307 Phillips 373 Golden Valley 308 Powderhom 374 Plymouth 309 Southwest 378 Richfield 310 University 379 Bloomington East 12 200 Residenti Activity Report February 2005 ©M Minneapolis Area Association of R E ALTORS O RE FACTORS rr rr ar r rr r r r rr rr r� �r r� rr rr rr rr r rr CITY OF BROOKLYN CENTER 2004 TOWNHOME SALE ANALYSIS 2005 ASSESSMENT SALES FROM OCTOBER, 2003 TO SEPTEMBER, 2004 NBHD TOWNHOME COMPLEX of Units SALES AVG. SALE PRICE 100 Evergreen Estates 8 3 $137,333 105 Rosemary Terrace 10 1 $144,900 110 Humboldt Square 8 0 No Sales 115 Riverwood 21 2 $146,500 120 Brookwood 32 1 $132,400 125 Northbrook Est. 8 1 $167,900 130 Madsen Floral 28 5 $162,520 140 Moorwood 36 0 No Sales 150 -152 Hi -Crest 60 7 $142,457 160 Earle Brown Farm Estates 100 6 $140,416 170 -172 Earle Brown Farm Townhomes 20 2 $175,500 180 Creek Villas 103 8 $158,429 190 -194 Mallard Creek 206 18 $149,739 195 Beard Ave 4 0 No Sales 196 Riverwood Estates Townhomes 21 4 $211,200 197 France Ave 4 0 No Sales 198 Tanami 2nd Addn- Bristol Village 21 0 No Sales Totals 690 58 TOWNHOME SALES BY STYLE SALES TOWNHOME STYLE AVG. MKT VALUE AVG. SALE PRICE 5 Rambler $136,640 $142,129 23 Split Entry/ Split Foyer $152,817 $153,134 5 Split Level $160,440 $162,520 0 1 112 Expansion $0 $0 21 Two Story $140,357 $146,234 Rambler average does not include new construction sales from Riverwood Est. TH's G: \BOARD\2005 \[THSALES 05ASMT.XLS]Townhomes Sales 2004 Growth Analysis of Townhome Neighborhoods 2005 Assessment Nbad Townhome Complex Percent of Growth 100 Everqreen Estates 5.6% 105 Rosemary Terrace 5.9% 110 Humboldt Square 5.7% 115 Riverwood 4.9% 120 Brookwood 1.5% 125 Northbrook Estates 6.9% j 130 Madsen Floral 6.0% 140 Moorwood 6.1% 150-152 Hi -Crest 2.8% 160 Earle Brown Farm Estates 2.7% 170 -172 Earle Brown Farm Townhomes 5.8% 180 Creek Villas 2.8% 190-194 Mallard Creek 4.8% 195 Beard Avenue Condo's 4.1% 196 Riverwood Estates 2.8% 197 France Ave 0.5% 198 Tanami 2nd Addn Bristol Villaqe N/A Townhomes in Brooklyn Center saw an average increase of 4.2% in the 2005 assessment for taxes payable in 2006, excluding new construction. 2405 SPRING`ALL RESIDENTIAL It R+& RLI`RATIO! .S`y`6DY, 03/03/05 MUNICIPALITY #SALES MEDIAN MEAN COD MUNICIPALITY #SALES MEDIAN MEAN COD B LOOMINGTON 904 4.25% 95.7% 96.7% 6.3 MEDINA 47 3.48% 95.3 96.9% 5.1 �ROOKLYN CENTER 520 7.13% 96.4% 97.0% 4.9 MINNEAPOLIS BROOKLYN PARK 980 6.30% 94.9% 95.4% 5.1 MINNETONKA 500 3.87% 97.0% 96.7% 6.6 �HAMPLIN 361 5.63% 97.1% 97.3% 5.6 MINNETONKA BEACH 12 5.26% 96.1% 98.3% 4.9 �ORCORAN 44 2.83% 96.4% 96.0% 6.1 MINNETRISTA 70 3.96% 96.9% 98.3% 5.4 CRYSTAL 417 5.70% 95.9% 96.6% 6.3 MOUND 188 5.70% 95.5% 95.0% 6.6 D AYTON 44 3.43% 97.7% 99.9% 8.3 NEW HOPE 248 5.46% 95.9% 96.9% 5.4 �EEPHAVEN 44 3,15% 96.1% 98.2% 7.4 ORONO 135 4.63% 94.9% 95.8% 10.4 EDEN PRAIRIE 658 5.28% 96.2% 96.0% 5.7 OSSEO 35 5.80% 96.0% 97.4% 6.7 �DINA 624 4.98% 95.6% 95.0°/0 7.6 PLYMOUTH 699 4.59°A 95.1% 95.1% 6.3 U CELSIOR 25 5.22 95.5% 97.5 10.4 RICHFIELD 531 5.40% 95.8% 96.6% 5.6 GOLDEN VALLEY 289 4.60% 95.5% 95.6% 8.1 ROBBINSDALE 302 7.03% 95.3% 96.6% 2.7 �REENFIELD 26 3.46% 95.6% 98.2% 7.3 ROCKFORD 2 4.44% 95.5% 95.5% 0.3 f REENWOOD 12 4.15% 95.1% 96.2% 5.5 ROGERS 78 4.44% 95.6% 95.8% 5.6 HANOVER 4 2.61% 97.5% 98.2 3.4 STANTHONY 61 3.53% 95.6% 97.5% 7.8 t ASSAN 25 3.21% 95.6% 94.0% 6.3 ST BONIFACIUS 40 6.02% 95.4% 95.7% 4.2 �OPKINS 123 5.24% 95.6% 96.1% 7.6 ST LOUIS PARK 708 6.15% 95.9% 96.8% 7.0 INDEPENDENCE 36 3.26% 96.0°/4 95.6 5.7 SHOREWOOD 101 4.45% 95.7 95.9% 6.3 T ONG LAKE 20 3.91% 95.4% 95.4% 1.9 SPRING PARK 7 3.50% 95.7% 97.4 5.6 ORETTO 9 4.84% 96.0% 96.2% 6.3 TONKA BAY 26 4.26% 97.5% 97.3% 7.1 MAPLE GROVE 733 5.22% 96.1% 96.5% 5.2 WAYZATA 49 5.57% 96.0% 97.1% 7.1 t APLE PLAIN 24 4.70°4 97.8% 98.4% 4.7 WOODLAND 10 5.29oA 94.9% 94.4% 3.6 EDICINE LAKE 4 3.31% 101.210 97.4% 15.9 SUBURBAN HENNEPIN 9,775 95.8 96.3% 6.1 *PROPERTY TYPES: B,BJ,D,DJ,P,R,RL ALL HENNEPIN "2005 EMV 10 -2003 THRU 9 -2004 SALES F OTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES r� �RO�:TR� /2005 RESIDENTIAL STATISTICS SALES:520/7292 7.1% CONDO STATISTICS SALES:10 /234 4.3% APTS =A,HL DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD COM= C,GC,NP 2005 96.4% 97.0% 4.9 2005 98.8% 99.4% 2.1 FARM= BF,F,FF,FP 2004 90.7% 90.8% 5.5 2004 89.2% 88.7% 3.7 LAND= LA,LC,LI,LL,LR RES= B,BJ,D,DJ,P,R,RL INFERRED RATIOS SALES GROWTH: 6.9 INFERRED RATIOS SALES GROWTH: 12 OTHER= CHANGED PROP TYPE SAMPLE GROWTH: 6.0% PROP TYPE GROWTH: 6.1% SAMPLE GROWTH: 11.6 PROP TYPE GROWTH: F 5% X MEDIAN: 96.1 X MEDIAN: 96.2% X MEDIAN: 99.5 X MEDIAN: 95 0% X MEAN: 96.2% X MEAN: 96.3% X MEAN: 99.0% X MEAN: 94.5% COM /IND STATISTICS SALES:6 /200 3.0% RES ON LAKE STATISTICS SALES:3 /108 2.8% TOWNHOUSE STATISTICS SALES:54 /653 8.3% DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEAN COD DIRECT RATIOS MEDIAN MEAN COD 2005 98.5% 98.2% 1.3 2005 1 0 102.6% 2.4 V 2005 97.7% 98.0% 4.4 2004 96.3% 97.5% 6.0 2004 101.3% 98.5% 9.3 2004 92.8% 93.5% 4.8 INFERRED RATIOS SALES GROWTH: 2.9% INFERRED RATIOS SALES GROWTH: 5.5% INFERRED RATIOS SALES GROWTH: 4.9% SAMPLE GROWTH: 2.2% PROP TYPE GROWTH: 2.0% SAMPLE GROWTH: 6.0% PROP TYPE GROWTH: SAMPLE GROWTH: 4.9% PROP TYPE GROWTH: 4.0 MEDIAN: 98.4% X MEDIAN: 98.2% X MEDIAN: 107.4% X MEDIAN: 1&..4% X MEDIAN: 97.3% X MEDIAN: 96.5% MEAN: 99.6% X MEAN: 99.4% _X MEAN: 104.4% X MEAN: 103.4% X MEAN: 98.1% X MEAN: 97.3% kPARTMENT STATISTICS SALES:6 /97 6.2% RES OFF LAKE STATISTICS SALES:51717119 7.3% DB, TP STATISTICS SALES:3 /57 5.3% )IRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD 2005 100.4% 101.1% 4.7 2005 96.4% 97.0% 4.8 2005 95.7% 97.8% 2.8 2004 93.6% 94.1% 4.8 2004 90.7% 90.7% 5.4 2004 87.7% 89.0% 3.3 VFERRED RATIOS SALES GROWTH: 7.0 INFERRED RATIOS SALES GROWTH: 6.9% INFERRED RATIOS SALES GROWTH: 10.0% ;AMPLE GROWTH: 7.9% PROP TYPE GROWTH: 3.3% SAMPLE GROWTH: 6.2% PROP TYPE GROWTH: 6.1 SAMPLE GROWTH: 6.2% PROP TYPE GROWTH: 7.5 0 d" MEDIAN: 101.0% X MEDIAN: 96.7% X MEDIAN: 96.3% X MEDIAN: 96.3% X MEDIAN: 93.1% X MEDIAN: 94.3% _MEAN: 101.5% X MEAN: 97.2% _X MEAN: 96.3% X MEAN: 96.3% X MEAN: 94.5% X MEAN: 95.7% STRATIFICATION(SINGLE FAMILY HOMES) MEDIAN RZ STATISTICS SALES:0 /0 0.0% BY EMV BY PRICE DIRECT RATIOS MEDIAN MEAN COD 2005 0.0% 0.0% 0.0 235 UNDER 175K 95.5% 156 UNDER 175K 99.9% 2004 0.0% 0.0% 0.0 293 175 -250K 97.1% 370 175 -250K 95.2% 5 250 -350K 106.5% 7 250 -350K 98.8% INFERRED RATIOS SALES GROWTH: 0.0% 1 350 -500K 99.0% 1 350 -500K 99.0% 0 500 -700K 0.0% 0 500 -700K 0.0% SAMPLE GROWTH: 0.0 PROP TYPE GROWTH: 0.0% 0 70OK -1MIL 0.0% 0 70OK -1MIL 0.0% X MEDIAN: 0.0% X MEDIAN: 0.0% 0 OVER 1MIL 0.0% 0 OVER 1MIL 0.0% XMEAN: 0.0% XMEAN: 0.0% -Residential 2005Values.'.'.'.'.' r• Residen Target t 96. Values Number Median USED 01 104105 Average Averse Average Ratio Ratios Ratios Ratios �i 1 g B I B 8 %Ratios Area Target 96.5 11 of Sales Ratio C O.D., Chan a Laaa vatoe E.M.V. Sale Pnce Range Under 85%: Under 85% i Over 106% Over 106 City (All Residential) City (SF 50 -56) 544 96.5 5.1 6.1% 52,032 $180,328_ 1 $185,836 0.74 50 _9 82.2 -131.8 4 .19 4/04 9/04 (SF 50 -56 326 95.2 4.4 SI81,867 90 22_ 82.2 -116.9 4 1.23% 1 15 4.60 oa 0 0.00% Citywide (SF/TH /DB) 602 96 6 5.0 o a $178,135 $183,334 82.2-131.8 4 0.66 59 9.80% N 50 6 95.3 3.3 7.9% 58,888 $211,633 $223,750 88.9-100.9 0 0.00 N51 86 96.9 5.1 4.4% 51,975. $179, $185,693 82.2 -122.4 2 2.33% 9 10.47 N 52 72 96.6 5.0 4.0 51,3 $1 $191,593 84.6 -121.7 1 1.39% 7 9.72 N 53 181 95,3 4.4 4.3% 51,306: $177,993 $186,694 84.9 -120.2 0.55% 7 3 87 N 54 146 97.7 5.8 8.9% S 47,625 $172,945_ $175,630 85.6 -131.8 0 0.00% 19 13.01 N 55 50 973 4.9 11.0% 50,102 $187,930_ $189,855 85.2 -120.6 0 0.00% 7 14.00% N56 (RL's) 3 102.6 1.3 5.4% 148,510 $366,833 1 $3 53,833 102.4 -106.5 0 0.00% 1 33.33 QaUCIass 01 0 QaUCIass 02 QaUCIass 03 QaUCIass 04 2 105.4 2.6 1 376,450 359, 102.6 -108.2 1 50.00 QaUCIass 05 14 98.1 6.2 230,529 232,521 89.1 -120.6 0 0.00% 3 21.43% QaUCIass 06 134 97.6 4.9 193,666 197,238 85.9 -120.2 0 0 14 _10.45% QaUCIass 07 383 96.0 5.0 173 S 180,138 82.2 -131.8 4 1.04% 29 7.5 QaUClass 08 0 96.1 5.6 153 158 88 85.6 -107.4 _0_ 0.00 2 20 00 Q aUClass 10 0 1 3 122' 1 100.00% Q aUCIass 09 1 1 122.1 t34 00 110 ,000 1 QaUCIass 11 0 QaUClass 12 0 Sale Price under $100,000 3 122.1 9.8 Sale 120,000' 95.8 -131.8 0.00% 2 66.67% Sale Pnce $125A OOlto1$150,000 U0_ 22 107.1 5.6 1 154,464 1 142,852 97.5 -130.2 0 0.00% 13 59.09 Sale Price $150,001 to $175,000 144 98.9 4.5 167,260 168,217 85.2-1 0 0.0 0 0 17 11.81 Sale Price $175,007 to $200,000 286 95.4 4.1 S 180, 187,799 84.5 -120.6 1 0.35% j 13 4.55% Sale Price $2 to $225,000 72 915 5.3 198,590 210,722 82.2 -109.6 3 4.17% 4 5.56 $2 Sale Price 25,001 to $250,000 9 93,0 4.0 218,056 233,731 85.1 -98.3 0 0.00% 0 0.00 Sale Price $250,001 to $275,000 4 93.3 2.6 240,700 257,000 89.2 -98.8 _0 0.00% 0 0.00 Sale Price $275,001 to 1300,000 1 108.2 317,000 293,000 108_,_2 1 l00 00 Sale Price $300,001 UP 3 102.6 1.3 366,833 353,833 102.4 -106.5 0.00% 1 33.33 EMV under $100,000 i EMV $100,001 to $125,000 1 119, -0 0.00 12,00 50 95.8 1 EMV $125,001 to$150,000 _14 00.4 1 1 7.4 143,457 144,110 85.2 -122.1 0.00% 4 2 EMV $150,001 to $175,000 223 95,1 4.5 166,627 174,190 84. -131.8 2 0.90 12 5.38% EMV $175,001 to $200,000 244 96.7 4.9 184,34 190,170 82.2 -130.2 2 0.82% 20 8.20% EMV $200,001 to $225,000 46 99.9 5.5 208,7 $2 08,776 88.9 -116.9 0 0.00 7 15.22% EMV $225,001 to $250,000 12 102.2 8.1 234,492 229,004 1 89.2 -120.6 0 0.00% 4 33.33% EMV $250 ,001 to $275,000 EMV $275,001 to $300,000 2 50 00 Rambler 380 96.3 5.1 $178,481 /0 EMV $300,001 UP 4 104.5 2.2 S 354,375 338,625 102.4-108.2 0.00 $184,325 84.5 -131.8 2 0. /o 34 8.95 /o Split Entry 40 1 96.4 6.6 $197,165 1 $203,173 82.2 -121.7 1 2.50 5 12.50 Split Level 39 97.1 4.1 $183,587 $18 8,877 84.9 -111.2 j _1 2.56% 1 2.56% 11/4 Exp. 67 96.6 4.3 $169,603 $174,308 86.4 11 0_.00/ 1 6 8%% 11 /2 Exp. 6 95.8 6.8 $193,917 $195,35 92.1 -114,7 0 0.00% 2 33 13/4 Exp. 2 97.0 0.1 $193,950 $199,900 96.9 -97.1 2 Story 10 98.2 5.8 $231,440 $230,735 89.1 -116.5 0 0.00% 2 20.00 Highway/Freeway (2 ]9 97 influences 1 4.9 'I I $181,089 $182,350 87.2-113.0 0 0.00% 4 21.05% Apartments -.04) 14 95'1 4.1 5168,214 $17 8,413 86.5-104.5 0 0.00% 0 000 CCommercial/Industrial 01 1 6 97.8 3.9 $170, $174,283 91. -107.0 0.00% 1 16.67 T_ hru Street -.02) 56 95.8 4.6 $175,504 $182,990 84.5 -115.8 1 1.79% 4 7.14% Airport 03 $1 79,749 98,7 -100.9 0,00% 0 0,00% Park +,03) 33 98.9 3 4 12.12% .9 5191,997 $192,044 89.0.114.7 0.00 rP Railroad 0 4 2 99 1 .1 $179,350_ All Townhouses (709) 54 97.7 4.5 4.2 23,932 $147,180 $150,301 86.5.115.1 0 0.00% 7 12.96% RAMBLERS 5 95.9 2.7 $136,640 $142 91. -101.9 0.00/ 0.00% SE/SP 23 99.3 5 $152,817 $153,134 8 6.5 -115.1 0 0,00% 6 2609/ SPLIT LEVEL 5 98.1 1.1 $160,440 $162,5201 97.1 -100.6 0.00% 000/ 11/2 Exp 2 STORY 21 96.2 4.5 $140,357 $146,234 873 -108.3 0.00% 1 4.76% Condominiums 10 98.8 2.2 10.5 1 15,000 $113,180 $113,818 95.2. 107.1 1 10.00% $288,875 $288,_975 94.9 -108.7 1 25.00 15 mouth Double's 4 99.3 5.3 9.3 1. S 59,888 identiaM.6.02004 Res Ratios05asmt.XLSIPrelim 2004 Asnu 4/15/2005 COMMERCIAL AND INDUSTRIAL ANALYSIS 2004 VS. 2005 2004 2005 New Change Change Type of Property EMV Totals EMV Totals Construction Excluding Improv. Including Improv. s Auto Gas Station $10,626,500 $11,930,400 $800,000 4.7 12.3% Auto Dealers $25,121,000 $25,924,400 $0 3.2% 3.2% Banks $6,169,400 $6,671,900 $0 8.1% 8.1% Bowling $1,400,000 $1,424,000 $0 1.7% 1,7% Day Care $688,000 $704,000 $0 2.3% 2.3% Fast -Food $3,966,700 $4,003,700 $0 0.9% 0.9 Greenhouse Farm $794,100 $883,900 $0 11.3% 11.3% Health Club $4,742,800 $4,775,000 $0 0.7% 0.7% Hotel Motel $29,730,100 $25,999,500 $0 12.5% 12.5 Medical Office $10,328,200 $10,958,500 $0 6.1% 6.1% Office Large $28,753,100 $29,930,000 $850,000 1.1% 4.1% Office Small $11,637,700 $12,680,900 $0 9.0 9.0 Office Condominiums $2,027,700 $2,118,000 $0 4.5% 4.5% Restaurant $12,908,800 $12,278,500 $25,000 -5.1% 4.9% Retail (IncludesMall Anchors) $65,612,900 $69,029,900 $11000,000 3.7% 5.2% t Shopping Center In -Line Mall/Parking $65,066,400 $66,969,400 $0 2.9% 2.9% Theater $11,500,000 $11,755.000 $0 2.2% 2.2% Vacant Land $5,096,700 $5,412,500 $0 6.2% 6.2% Commercial Total $296,170,100 $303,449,500 $2,675,000 1.6% 2.5% Industrial North $58,747,400 $64,579,000 $2,450,000 5.8% 9.9 Industrial South $34,576,800 $36,767,000 $1,000,0110 3.4% 6.3% Industrial Total $93,324,200 $101,346,000 $3,450,000 4.9% 8.6% Total C 1 Assessment $389,494,300 $404,795,500 $6,125,000 2.4% 3.9 GASPREDSHTNAssessor12005daW005 GrowthALS12005 C I 04/15/2005 APARTMENT ANALYSIS 2005 VS. 2004 Change 2005 Average 2004 Average 2005 EMV Totals 2004 EMV Totals New Construction Excluding Improv. Average EMV EMV Per Unit EMV Per Unit 4 -5 Units $7,833,000 $7,057,000 $0 11.0% $391,650 $97,900 $88,200 6 -8 Units $2,497,000 $2,246,100 $75,000 7.8% $499,400 $73,400 $66,100 10 -12 Units $8,324,000 $8,126,000 $0 2.4% $640,308 $57,400 $56,000 18 -36 Units $13,735,000 $13,002,600 $0 5.6% $1,526,111 $58,200 $55,100 48 -75 Units $30,824,000 $28,645,000 $45,000 7.4% $3,424,900 $59,500 $55,300 76+ $116,418,000 $113,665,900 $700,000 2.4% $7,276,125 $50,400 $49,200 Total Apartment Asmt $179,631,000 $172,742,600 $820,000 3.5% $66,133 $61,650 Mu ti- fami Housing Market 1 Sees Fierce Comp etition All of the sectors in this study had lower year -end Look for the metro -wide vacancy rate to drop below vacancy rates than a year ago, and apartment sales 7% in 2005. Apartments have been and will continue frequently involved a bidding frenzy by buyers of to be a sought after property type. Investors need Aggressive concessions available properties. These factors would normally to be cautious as yields have been very compressed indicate an improving landlord's market, but the Fundamentals will slowly improve in 2005 and the long ere offered in 2704, opposite has actually been the case. Low interest rates, term outlook is very good. rampant condominium developments/conversions apartment owners and the softness of job growth have all eroded tenant demand. The reduction in demand along with high_ struggled to retain concessions has lowered rates of return for apartment owners,_ Ind attract tenants in E The Twin Cities housing market has undergone a a fiercely competitive multi -year boom in the development of new houses T and condominiums. Renters are attracted to home larket- ownership with mortgage payments competitive with OR monthly rents. This is the main reason why apartments with high rents have experienced the most significant III_ vacancy levels in recent years. 3 Aggressive concessions were offered in 2004, as apartment owners struggled to retain and attract tenants in a fiercely competitive market. Moving expenses, leniency on pets, free plasma TVs, and free swum rents up to three months are some examples of the x incentives offered. While physical vacancies have been trending downward, the pinch has been felt in the economic vacancy, which is a measure of the impact upon rates of return created by a combination of physical vacancy and concessions offered by apartment_ owners. As a result of these market pressures, apartment owners are eagerly anticipating stronger employment growth, improving demographic demand, and a rise in interest rates to increase the pool of renters and slow =Y the exodus of high -end tenants into the housing market. CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION a 2005 Assessment APPLICATION FOR APPEAL March 25, 2005 through April 15, 2005 You must return %this anolication by April 15.2005 to be placed on the Agenda for the Locai Board of Appeal and-Equalization Meiy 2, 2005, 7:00 P.M. Names) Daytime Contact Dumber: 7fo SCa -U 3 3 Property Address te,l L. w Property Identification Number 2 5 la. 2005 Estimated Market Value` t r et �3 5 7 5�') z 2005 Limited Market Value 5 2005 Taxable Market Value -�2 tog (C)Cb What is the reason, for your 2005 assessment appeal? \&-jue i5 WQ+ r k,�ow N se l( 35 7. 5'00 Mt N 6r R- w�Y k4o V v� i s o P, �c U' U I COWAPAL e �I�? S DA- dwe.S NO� s Ov` �Jw O When did you purchase your home? Date of Purchase Purchase Pn e Q 00 .\11.11". •IVI VTMV I I"IWL.. VJ fl Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a birief•description below with an estimated cost. let Have you had a recent appraisal for. refinancing, purchase or a market analysis by a real estate agent completed within the last.year? Ye or No if so, what was the determination of value? 4b Please. bring all- documentation supporting your, claim of overvaluation or erroneous classification -.with you to the Local Board of Appeal and Equalization. We will need. to make an appointment to view your property with you. Mara Jill Brenna From: Primary Mortgage [prim- mtg @comcast.net] Sent: Thursday, April 14, 2005 10:01 AM To: Jill Brenna Subject: Fw: Your Home Evaluation Jill; will fax this Market Analysis as well. Thank you for your consideration in looking at the house lowering you value yesterday. Thank you, Bill Kenny 7036 Willow Lane Ph #763 -560 -0334 Original Message From: Tom and Melissa Janzen To: Bill Kennv Sent: Wednesday, April 13, 2005 12:13 PM Subject: Your Home Evaluation This evaluabonvias prepamd by... personal Home Mark Ev'al Created for Bill Kenny 7036 Willow Lane Brooklyn Center,MN 55430 JA EE Thank you for your inquiry to HouseValues. Your information was Tom and Melissa 7anzen forwarded to me for completion of your free market evaluation. Edina Realty Below you will find the market evaluation and the estimated (763) 494 -8196 selling price for your home. This range is determined by several factors. All evaluations take into consideration square footage, e 7 number of bedrooms, geographic area and other similar homes iw n�iirlus�i n�' that have sold and closed in the last six months. Other factors Email Tom and Melissa may include view, school district, number of bathrooms, age of 7anzen home and current number of competitive listings. Visit Tom and Melissa The historical sales data is based on information provided by the )anzen's website local Multiple Listing Service and includes only sales that were completed through the MLS. This is not an appraisal, only an estimate of the current market value of your home. Comparable Homes Near You 7948 Mississippi 1216 Banfill Contact Sold Price:$350,000 Sold Price :$294,000 Housevalues.com Listed Price:$359,900 Listed Price:$299,900 04/29/2005 Disclaimer Bedrooms:4 8edrooms:4 Bathrooms:2 Bathrooms:3 A r Square Footage: 1987 Square Footage:3029 Year Built: 1960 Year Built: 1954 Comments:closed 7/27/04 Comments:closed 9/29/04 8132 sunkist 6704 w river rd Sold Price:$248,785 Sold Price:$318,500 Listed Price:$250,000 Listed Price:$324,900 Bedrooms:4 Bedrooms:4 Bathrooms :3 Bathrooms:2 Square Footage:2022 Square Footage:2184 Year Built: 1966 Year Built: 1956 Comments:closed 2/27/04 Comments:closed 8/6/04 Based on my knowledge of your area, my estimate of your home's current market value is: Low of $275,000 to a High of $285,000 Thank you, Tom and Melissa ]anzen 763- 494 -8196 melissajanzen @edinarealty.com When it is time to sell, I would appreciate an opportunity to interview for the job of marketing your home. Please call if I can answer any questions or to learn more about my services. Thanks for the opportunity to introduce myself. ALL RIGHTS RESERVED Copyright Q 2005 HouseValues, Inc. and /or its licensors. I 04/29/2005 r. t Jw f r 1 m °�r�f J r T, 14 Wo o var r r rte a City of Brooklyn Center A Millennium Community TO: 2005 Brooklyn Center Board of Appeal and Equalization RE: William and Kim Kenny 7036 Willow Lane PID 25- 119 -21-44 -0023 Mr. Kenny contacted our office regarding the 2005 valuation notice. His concern was the valuation of his riverfront property. He felt that the valuation did not represent what his property would sell for on the market. Mr. Kenny was directed to schedule an interior review with an appraiser and have a market analysis completed by a local realtor. We received a market analysis completed for Mr. Kenny by Edina Realty on April 14 2005. An appraiser from the Assessor's office reviewed Mr. Kenny's property on April 13th, 2005 and made several changes to the characteristics. These changes represented a valuation reduction of $13,500 to the property. Mr. Kenny was contacted by phone with an offer to lower his 2005 estimated market value to $344,000. Mr. Kenny declined this offer and instead requested an application to the 2005 Board of Appeal In reviewing sales of comparable riverfront properties, Mr. Kenny's 2005 estimated market value of $357,500 falls within the indicated range of adjusted sales. The enclosed grid indicates a value range for the subject of $335,900 to $421,500. It is staffs recommendation to sustain the 2005 estimated market value of $357,500 for taxes payable in 2006. Mr. Kenny's taxable market value will remain at $269,600. Respectfully, Nancy ojcik, SA LA 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 7036 Willow La William Kenny PlD# 25- 119 -21-44 -0023 Land Characteristics Land Area 23,731 sq. ft. River Frontage 30.25 ft. Irregularly Shaped 2005 Land Value $130,000 2005 Building Value 227.500 TOTAL 2005 EMV $357,500 Building Characteristics Style: Rambler 1,516 sq. ft. Main Level Room Count: 5 3 1 Spa I Full Bath Below Grade Room Count: 2 11 /1 Bath Garage: 2 Car Attached 2 Car Detached Fireplace: 2 Porches /Decks /Mise.: Glazed Porch/ Deck Central Air Conditioning: CAC s A i, R r s t 44 Hennepin County., MN Click on maJp to view in or ination Oil adjoini.ng propemes ?G't' jll iio�vll t;) 7f ljJ pt;l'ty Idrf:SS., 'i:lliie r v tax lilt p ZOOM LEVEL Imo PAN i 7 �ml, �iml 11 r Last update: 4/5/2005 at 9:00 AM READ IMPORTANT DISCLAIMER INFORMATION BELOW Property ID tprc)x nate !io- ..t n x l i f t'.r. rc Y _ri.metor. 25- 119 -21-44 -0023 836 ft. 23,791 sq.ft. 0.546 acres Property dress 7036 WILLOW LA N BROOKLYN CENTER, MN 5543.0 Click on Property Information Button below to view main tax information page for the property you have selected i. 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. Please report any map discrepancies to Bob Moulder (Hennepin County Survey Division) at (612) 348 -2618 or via e-mail at Bob.Moulder @co.hennepin.mn.us The quality of the display may be influenced by your screen size and resolution setting and is best viewed at 800x600 screen resolution. This application requires Internet Explorer 3.02 or Netscape 2.01 or later version for proper operation. Copyright 2004 Hennepin County PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 25- 119 -21 -44 -0023 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 7036 1/_ WILLOW LA N 55430+ Right: Left: 141 Ownerl: KENNY WILLIAM R Owner3: Owner2: Owner4: Zoning: R1 Prim /sec:. Yr.blt: 1958 Area: 20600 Acres: .00 Sch.Dst: 11 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 130000 227500 357500 2696 H RL 100 2004: 130000 188900 318900 2294 H RL 100 2003: 80000 160900 240900 1987 H RL 100 Legal Description: LOT 6 BLOCK 4 NORTH RIVER ESTATES Tvoe PID or ADDRESS: oress ENTER: or F1. F2, F8 PROPERTY DATA SYSTEM LIMITED MARKET VALUE INQUIRY CURR 318 NEXT_ PID 25- 119 -21 -44 -0023 ASSESSMENT YEAR 2005 SUB -REC 01 HOUSE# 7036 F/A 1/_ STREET WILLOW LA N UNIT CALCULATE LMV (Y /N) PROPERTY TYPE RL HMSTD CODE H PART CONST GR /OS /EX REL HMSTD IND CONTIG IND MARKET LAND VALUE 130000 MARKET BUILDING VALUE 227500 MACHINERY VALUE TOTAL MARKET VALUE 357500 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 275800 QUALIFYING IMPROVEMENT AMOUNT 6200 MARKET VALUE SUBJECT TO TAXATION 269600 TAXABLE MARKET VALUE TAX CAPACITY 2696 Make chanoes: oress ENTER: or F1. F2. F4, F5. F8 PROPERTY DATA SYSTEM COMPUTER AIDED APPRAISAL INQUIRY 04107/05 CURR 436 PROPERTY ID: 25- 119 -21 -44 -0023 YEAR: 2005 NEXT ADDRESS 7036 WILLOW LA N CLASS: A04 DT: SF STYLE ONE LEVEL MANUAL: NO GBA 1616 (SQ.FT.) AGE: 30 YRS ZONED: R1 BASIC RATE 98.13 ADJ. RATE $107.94 EXT. WALL: 8.0% SHAPE: 2.0% ADJ.RATE *GBA: 174431 ADD BSMT 19392 1616 SgFt $12.00 Rate ADJUSTED TOT: 193823 DED UNF.GBA: SgFt $65.00 Rate ADDITIVE AMT: 65056 GARAGE 15449 DORMERS: PAT.DOORS: WALKOUT: AIRCOND: 1939 DECKS 3000 PATIOS PORCHES: 4200 POOLS TOTAL COST 258879 BATHS 19500 FIREPLC: 4000 FIN.BSMT.: 16968 ADJUSTMENTS 87.5% DEPRECIATION: 90.5% INFLUENCES: FUNCTIONAL -3% ECONOMIC BLDG VALUE 226500 BLDG MARKET VALUE 227500 FLAT CHGS 1000 LAND MARKET VALUE': 130000 TOTAL MARKET VALUE: 357500 Tvne PTn Pr Pis _LATER: or F1, F2. FR R PROPERTY DATA SYSTEM RESIDENTIAL CHARACTERISTICS PART1 04/25/05 CURR 209 PROPERTY ID Address NEXT 25- 119 -21 -44 -0023 7036 1/ WILLOW LA N ZONING R1 MODEL: DWELLING TYPE SF v AREA RATING 1 SITE RATING 1 ADJ PROP INFL 2 VIEW 2 ARCH /APPEAL 2 QUALITY B05 SHAPE 2 STYLE 1 DORMER LENGTH DORMER QUAL CONSTRUCTION 1 MAIN EXT WALL 2 TRIM EXT WALL ROOF TYPE 2 ROOF COVER 1 WINDOW TYPE1 2 WINDOW TYPE2 1 PATIO DOORS WALKOUT AIR COND 1 DECK AREA 300 DECK QUAL 3 PATIO AREA PATIO QUAL GLAZED AREA 120 GLAZED QUAL 2 SCREEN AREA SCREEN QUAL OPEN AREA OPEN QUAL GAR1 AREA 420 GAR1 EXT WALL 2 GAR1 CARS 2 GAR1 COND 2 GAR1 PLACEMENT 1 GAR2 AREA 400 GAR2 EXT WALL 8 GAR2 CARS 2 GAR2 COND 2 GAR2 PLACEMNT 2 POOL AREA POOL QUAL BSMT AREA 1616 BSMT TYPE BSMT FINISH% 065 BSMT QUAL 3 BSMT BATH SPA BSMT BATH DLX BSMT BATH FULL BSMT BATH 3/4 1 BSMT BATH 1/2 BSMT BATH QL 3 BSMT FPLC NBR 1 BSMT FPLC QUAL 3 NO BSMT FPLC ELECT SVC 1 HEATING 11 BSMT TOT RMS 2 BSMT BEDROOMS 1 BSMT FAM ROOMS 1 BSMT KITCHENS BSMT OTH RMS Make chanaes: press ENTER: or anv val,i.d function kev PROPERTY DATA SYSTEM RESIDENTIAL CHARACTERISTICS PART2 04/25/05 CURR 209 PROPERTY ID NEXT 25- 119 -21 -44 -0023 MANUAL CONDITION 2 1st KIT QUAL 2 1st INTERIOR 1 1st TRIM 1 1st FLOOR 2 1st BATH SPA 1 1st BATH DLX 1st BATH FULL 1 1st BATH 3/4 1st BATH 1/2 1st BATH QUAL 1 1st FPLC NBR 1 1st FPLC QUAL 2 NO 1st FPLC 1ST TOT ROOMS 5 1st BEDROOMS 3 1st FAM ROOMS 1st LIV RMS 1 1st DINE ROOMS 1st KITCHENS 1 1st OTH ROOMS 2nd INTERIOR 2nd TRIM 2nd FLOOR 2nd BATH SPA 2nd BATH DLX 2nd BATH FULL' 2nd BATH 3/4 2nd BATH 1/2 2nd BATH QUAL 2nd FPLC NBR 0 2nd FPLC QUAL NO 2nd FPLC 1 2nd TOT ROOMS 2nd BEDROOMS 2nd OTH ROOMS INT. LAYOUT 1 ACT YR BLT 1958 EFF YR BLT 1980 FUNCTIONAL ECONOMIC TOT BEDROOMS 04 TOT FAM ROOMS 1 TOT LIV ROOMS 1 TOT DIN ROOMS 0 TOT KITCHENS 1 TOT OTH ROOMS 0 TOT BATHROOMS 3 TOTAL ROOMS 7 1st FL UNF AREA 2nd FL UNF AREA TOTAL UNF GBA DIM1 32.Ox 42.0= 1344.0 DIM2 17.Ox 16.0= 272.0 DIM3 x DIM4 x DIM5 x DIM6 x DIM7 x 1st FL AREA 1616 2nd FL AREA TOTAL GBA 1616 PART /COMP INT. INSP 1 FLAT CHARGE ADD: 1000 SUBTRACT: Make chanaes: press ENTER: or anV valid function kev PROPERTY DATA SYSTEM RESIDENTIAL CHARACTERISTICS PART3 04/25/05 CURR 209 NEXT PROPERTY ID 25- 119 -21 -44 -0023 N 0 T E S Line 1: F= BURNHAM bsmt wet bar Line 2: REROOF 98 coved ceil Line 3: 2 EGRESS =f in bsmt br usd Line 4: as office w/ct flr. 1 ear Line 5: ess is dbl. huae mstr bth Line 6: w /dbl snk /crnr shwr /ct. Line 7: bsmt 3/4 ba /shower inooer Line 8: able. eat in kitch /oria Line 9: cond. newer windows Line10: mfsf on addn only Make chances: cress ENTER: or anv valid function kev PROPERTY DATA SYSTEM LAND CHARACTERISTICS UPDATE PART 1 CURR 210 PROPERTY ID NEXT '25- 119 -21 -44 -0023 7036 1/ WILLOW LA N Zoning: R1 Area Rating 1 Site Rating: 1 Appraiser: 21 Appr Date: 04/13/2005 Interior.Insp. Y Permit Date: 0598 Last Int. Insp. Date: 04/13/2005 Frontage: Left: 141 Rear: Right: Eff Width: Eff Depth: Sgft: 20600 Acres: Irreg Shape: Y On Lake: Lake Rating: Landscape: 3 Paved Street: 1 Curbs: Sidewalk: Sewer Avail: 1 Water Avail: 1 Gas: 1 Buried Elec: Alley: On River: 1 River Rating: 2 Wooded: Influences: NON- RESIDENTIAL Allow Units: Trackage: Soil Correct: Tvoe PID: cress ENTER: or anv valid function kev RESIDENTIAL SALES COMPARABLE ADJUSTMENT GRID APPRAISAL OF 7036 Willow La N Brooklyn Center PI D# 25- 119 -21-4 -0023 7%averaae growth from 2004 to 2005 annuaOY SUBJECT COMP. #1 COMP. #2 COMP. 43 COMP. #4 NAME WILLIAM KENNY 6704 W RIVER RD 8402 MISSISSIPPI BLVD 169 HARTMAN CIR 6230 RIVERVIEW TERRACE NAME ADDRESS 7036 WILL LA N BROOKLYN CENTER COON RAPIDS FRIDLEY FRIDLEY ADDRESS PID 25119 21 440023 36119 2112 0018 04 30 2411 0032 15 302412 0055 1830 2443 0016 Fro SALE PRICE $318,500 $339,900 $376,000 $450,000 SALE PRICE FhtsnohV Ad)uatment Financing Adjuatmard Sale Price $318,500 $339,900 $376,000 $450,000 Sale Price ;Adjusted for Finance) (Adjusted for Finance) SALE DATE Aug-04 $7,400' Nov-04 $2,000 Oct-04 $4,400 Au9-04 $10,500 SALE DATE f Sale Price $325,900 $341,900 $380,400 $460,600 Sate Price E (Adiusted for Time) (Adjusted for Thos) f l ILOCATION I VERY GOOD I SIMILAR I I SIMILAR I I SIMILAR I SIMILAR I ILOCATION ISITE I FRONTAGE 123.791 S.FJ 30.25 FRONT 1 40.483 S.FJAPX 90 FRT I (53&060 APX 25,200 S.FJAPX 100 FRT 1 ($36.000)1 APX 13000 &FJAPX 100 FRT I ($33.000)1 APX 25.200 S.FJAPX 100 FRT I ($35.WO)ILOT SU STYLE RAMBLER RAMBLER I I RAMBLER I I RAMBLER I RAMBLER I I STYLE S ZE (s.1) Above Gradn 1,618 S.F.1513 1,124 S.FJ 8 3 $20,000 1,220 S.FJ 512 $18 1,530 S.FJ 813 53,000 1,220 S.FJ 5 12 $111,011 (s f.) Above Graft Aeon, count I OR I Room Count l OR ABOVE BRO BATHS I 1 SPA 51 FULL BATH I 1 FULL BATH I :10.000 I 1 FULL BATH 1 $16.0961 1 FULL BATH 1 $10.0001 1 FULL BATH I $10.000 ABOVE GRO BATHS YEAR BUILT 1 1958 1 1956 1 1 1953 1 1 1957 1 1 1973 I YEAR BOS.T QUALITY/COND I ABOVE AVERAGE I INFERIOR I sb.666 I INFERIOR I $&000 INFERIOR 1 $9.0001 SIMILAR I J(wA)TYXONOrnON FIREPLACES 1 2 I 3 I 1sl, 2 1 1 2 1 1 2 I6FMPLACES HEAT AIR C. I HW/CAC 1 GFA/CAC I I HIN I NO CAC 1 $2.600 1 GFA CAC I I GFA 1 CAC I IHEAT I AIR C. BSMT I FULL I FULL I I FULL I 1 FULL I I FULLNVALKOUT I (518,000) BSMT a 9(o rIN niMS I 60%12 314 BATH 5096 1 1 1 112 BATH I I 30%111 RR BATH $6,0001 5096 1211 FULL BATH I 75%13 FULL BATH ($6,000) B6M FIN. ROOMS GARAGE (#cars) I 2 CAR ATT12 CAR DET 1 2 CAR ATT I scml 1 CAR ATT I $12.0601 2 CAR ATT 1 $8.000 2 CAR ATT $0.000 IOARAGE (Banc) IGLAZED PORCH DECK I GLAZED PORCH I I GLAZED PORCH I I DECK. PATIO I s10.000 DECK, SAUNA I $8.000 IAMENTIES j REMODELING ISPA BATH OR ADDN W/2 EGRESS 1 General Updates I I I I I REMODELED I 025,00011REMOOELMG OTHER I BELOW DAM I BELOW DAM I I BELOW DAM I I BELOW DAM I I BELOW DAM I I OYNER NetAdjustmeM I I $10.000 $21,500 I $4,000 I ($39,000)I Not AdjustnMA Indicated Valuel I $335,900 I $363,400 I $384,400 I $421,500 �hWkand Yalue E.._• of $357 5 IValuatfOn .,RecOnciliation..., Value„ Rance 5335 54 ®1 X500. Recommendation Sustain MV COMMENTS: Subject property Is located along the Mississippi River in a very good area with custom homes along the riverfront, and high quality homes across the street. Subject property has an Irregularly shaped lot with 30.25 feet of river frontage. Property is situated sideways on the lot. Home is of above average quality and in very good condition. 2005 Estimated Market Value $357,500. 2005 Limited Market Value $276,800. 2005 Taxable Market Value $269,600. G1BOAR012MMI Grid 0&XLS KENNY GRID 04/21/2005 COMPARABLE SALES PHOTOS Comparable 1 6704 West River Rd Brooklyn Center PlD# 36 119 21 12 0018 3 r a Land Characteristics Land Area: 40,483 sq. ft. River Frontage: Approximately 90 ft.: Permanent Frontage Easement Sold: August, 2004 Sale Price: $318,600 Building Characteristics Stale: Rambler 1,124 sq. ft. Main Level Room Count: 6 l 311 Full Bath Below Grade Room Count: 1 Bath Garage: 2 Car Attached Fireplace: 3 Parches /Decks /Misc: Glazed Porch Central Air Conditioning: CAC COMPARABLE SALES PHOTOS Comparable 2 8402 Mississippi Blvd Coon Rapids PID# 04 30 241'1 0032 n s u t Rg s 4 F, Land Characteristics Land Area: Approximately 25,200 sq. ft. Riven Frontage: Approximately 100 ft. Sold: November, 2004 Sale Price: $339,900 Building Characteristics Style: Rambler 1,220 sq. ft. Main Level Room Count: 5 2 1 Full Bath Below Grade Room Count: 1 Rough In For Bath Garage: 1 Car Attached Fireplace: 2 Porches /Decks /Misc.: Glazed Porch Central Air Conditioning: None COMPARABLE SALES PHOTOS Comparable 3 169 Hartman Circle Fridley PlD# 15 30 2412 0055 s Y Land Characteristics Land Area: Approximately 13,000 sq. ft. River Frontage Approximately 100 ft. Sold: October, 2004 Sale Price: $376,000 Building Characteristics Style: Rambler 1,530 sq. ft. Main Level Room Count: 6131 'I Full Bath Below Grade Room Count: 211 Full Bath Garage: 2 Car Attached Fireplace: 2 Porches /Decks /Misc.: Deck and Patio Central Air Conditioning: CAC COMPARABLE SALES PHOTOS Comparable 4 6230 Riverview Terrace Fridley PlD# 15 30 24 43 0416 y r. f Land Characteristics Land Area. Approximately 20,254 sq. ft. River Frontage: Approximately 79 ft. View of Island Sold: August, 2004 Sale Prue: $450,004 Building Characteristics Style: Rambler Main Level Room count: 4 12 /1 Full 1 Bath Below Grade Room count: Walkout l 3 2 1 Full Bath Garage: 2 Car Attached Fireplace: 2 Porches /DecksiMisc.: Beck and Sauna Welcome Nancy Woicik s t Wednesday, April 20, '4005 Horne Isearchl My Matrix Finance Roster Tax Open House History Nome Base Help Logout l Map Size WW fl5tfr 132 �:4 map n Sa, Coon Rap[ 92r i ii T 8402 Mississippi r r J*W Ave `prime 89re i1 to Parts a Bf Ave 1� fte -ft rf f ,Uil WW 4 Ave Et harm e N PW 6rookhki Pa's 81st +Ave q f IT 77th c a. 4V 262 r s kd Dr f IL69 Nc t trt C1 z WA i va it trr F iss ic; St Ave N ENK P~ rny-trr 72nd 6236 Riverview Or L P[c Subject t N- rn Cer�r 7 W �6 04 R ver tM 6A AiVe aascap +rr.�c. F Legend Click Zooms In r Click Recenters Ma Construction Cost Estimate This is an estimate for a single family residence built under competitive conditions in or near Minneapolis, Minnesota in April 2005. This estimate includes a foundation as required for normal soil conditions, excavation for foundation and piers on a prepared building pad, floor, wall, interior and exterior finishes, roof cover, interior partitions, doors, windows, trim, electric wiring and fixtures, rough and finish plumbing, built -in appliances, supervision, design fees, permits, utility hook -ups, the contractor's markup, overhead and profit. Highly decorative, starkly original or exceptionally well- appointed residences will cost more. Add the cost of the land, government- mandated site development fees and the cost of bringing utility lines to the site. Number Of Corners 6 Total living area 1616 Foundation quality class 2 Exterior walls quality class (wood or light metal) 2 Exterior finish quality class 2 Windows doors quality class 2 Roofing, soffit, fascia quality class 2 Interior finish quality class 2 Flooring quality class 2 Bathroom quality class 1 Kitchen quality class 2 Plumbing quality class 2 Finished basement area 1050 Unfinished basement area 566 Attached garage, unfinished interior, area 420 Detached garage, area 400 Porch area, finished ceiling 120 Circulating hot and cold water system True 1 story 6 base masonry fireplace, decorative 1 Typical Cost Breakdown Item Material Labor Equipment Total Excavation 0 2,137 548 2,685 Foundation, Piers, Flatwork 4,550 7,240 1,115 12,905 Rough Hardware 444 708 110 1,262 Masonry Frame 15,173 21,146 1,174 37,493 Insulation 2,755 1,906 0 4,661 Exterior Finish 7,833 4,732 577 13,142 Exterior Trim 531 845 131 1,507 Doors 1,345 1,141 0 2,486 Windows 2,316 1,593 0 3,909 Finish Hardware 224 190 0 414 Garage Door 635 262 0 897 Roofing, Flashing, Fascia 6,152 5,220 0 11,372 Finish Carpentry 817 4,161 0 4,978 Interior Wall Finish 3,919 6,123 0 10,042 Painting 2,342 5,531 0 7,873 Wiring 2,378 4,541 0 6,919 Lighting Fixtures 1,783 567 0 2,350 Flooring 1,751 2,514 0 4,265 Carpeting 3,485 1,257 0 4,742 Bath Accessories 943 588 0 1,531 Shower Tub Enclosure 602 511 0 1,113 Countertops 1,667 1,413 0 3,080 Cabinets 5,480 1,743 0 7,223 Built In Appliances 2,666 377 0 3,043 Plumbing Rough -in and Connection 2,502 6,147 361 9,010 Plumbing Fixtures 5,083 1,629 0 6,712 Heating and Cooling Systems 7,621 11,431 0 19,052 Fireplace and Chimney 1,403 2,105 0 3,508 Subtotal Direct Job Costs 86,400 97,758 4,016 188,174 Final Cleanup 0 756 0 756 Insurance 5,289 0 0 5,289 Permits Utilities 3,211 0 0 3,211 Plans Specs 756 0 0 756 Subtotal Indirect Job Costs 9,256 756 0 10,012 Contractor Markup 23,613 0 0 23,613 Total Cost 119,269 98,514 4,016 221,799 CITY OF BROOKLYN CENTER y LOCAL BOARD OF APPEAL AND EQUALIZATION 2005 Assessment APPLICATION FOR APPEAL March 25, 2005 through April 15, 2005 You must return this application by April 15, 2005 to be placed on the Agenda for the Local Board of.Appeal and Equalization May 2, 2005, 7:00 P.M. Names) r `1 Daytime Contact Number: Property Address Property Identification Number 6 S 2005 Estimated Market Value �Y (YuO 2005 Limited Market Value 2005 Taxable Market Value What is the reason for your 2005 assessment appeal? 4v s; a t�1 0' Y l7 v l nn.,9..zi When did you purchase our home? Date of Purchase �Z ..Purchase Price /Cr'6,1 p f i Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. r 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 with you to the Local Board of Appeal and Equalization. In order to appeal your valuation an appointment to view the property will be required. I Marc Review Of 7006 Willow La PID# 25 -119- 2144 -0005 For Darryl Sannes Diane Sanne 2005 Board of Appeal and Equalization t z City of Brooklyn Center A Millennium Community TO: 2005 Brooklyn Center Board of Appeal and Equalization RE: Darryl and Diane Sannes 7006 Willow Lane P I D# 25- 119 -21 -44 -0005 Ms. Sannes contacted our office April 13 2005 regarding the 2005 valuation notice. She requested an application for the Board, and scheduled an appointment with an appraiser to review her property. Ms. Sannes was informed that she should also have a market analysis completed by a local realtor and forwarded to us sometime before April 28 for inclusion with the packets to be presented to the board. To date, assessing staff has not received any supporting documentation from Ms. Sannes. An appraiser from the Assessor's office reviewed the Sannes property on April 15 2005. No changes to property characteristics were noted and Ms. Sannes was informed her 2005 estimated market value of $394,400 would be sustained. In reviewing sales of comparable riverfront properties, Ms. Sannes' 2005 estimated market value of $394,400 falls within the indicated range of value after adjustments. The enclosed grid indicates a value range of $364,900 to $445,500. It is staffs recommendation to sustain the 2005 estimated market value of $394,400 for taxes payable in 2006. This value is also the taxable value of the property. 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 www.cityolbrooklyncenterorg SUBJECT PROPERTY 7006 Willow La Darryl Diana Sannes PlD# 25 419 2144 0005 Land Characteristics Land Area 18,613 sq.. ft. River Frontage 88.87 ft. View of Island 2005 Land Value $165,000 2005 Bldg. Value 229,400 TOTAL 2005 EMV $394,400 Building Characteristics Style: split Entry 1,488 sq. ft. Main Level Room Count: 5 2 1.75 Below Grade Room Count: 412 .75 Garage: 2 Car Attached Fireplace: 4_(2 double sided fireplaces) Porches /Decks /Misc. 160 s.f. Deck Wet bar in FR Central Air Conditioning: CAC SUBJECT PROPERTY PHOTOS 7006 Willow Lane PID# 25 119 2144 00€ 5 �z SUBJECT PROPERTY VIEW SUBJECT PROPERTY INTERIOR PHOTOS 7006 Willow Lane PlD# 25 119 2144 0005 a im T A Hennepin Chanty, MN n i n D -L�. i wNA' i{';'I(`.•S'iili ?t!JTi oil adjoirl.1I "Iti propel -ti'; Ci(�ti:'1`l r °t° t t'1V iiCldrE:SS, value 1310 1 1 zoaM t_tvEL cb 184.74 .5± Ott J OUT A 20 175.73 m 1 PAM 160.03 W&T Cl i3± 1 03 J h"l �1Q.2B Lj 81fEli DDN _209.85 "SE� TH Last update: 4/5/2005 at 9:00 AM READ INIPOR`i'ANT DISCLAIMER INFORMATION BELOW 25 -119 -21-44 -0005 631 ft. 18,613 sq.ft. 0.427 -acres Property Addrass 7006 WILLOW LA N BROOKLYN CENTER, NN 55430 Click on Property Information Button below to view main ,,aN ',i?torrnuticin pii for tiff' property you (lave Selected I J r r a 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. Please report any map discrepancies to Bob Moulder (Hennepin County Survey Division) at (612) 348 -2618 or via e-mail at Bob.Moulder @co.hennepin.mn.us The quality of the display may be influenced by your screen size and resolution setting and is best viewed at 800x600 screen resolution. This application requires Internet Explorer 3.02 or Netscape 2.01 or later version for proper operation. Copyright 2004 Hennepin County PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 25- 119 -21 -44 -0005 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 89 Back: 7006 1/_ WILLOW LA N 55430+ Right: Left: Ownerl: SANNES DARRYL G Owner3: Owner2: SANNES DIANE K Owner4: Zoning: R1 Prim /sec: Yr.blt: 1967 Area: 18700 Acres: .00 Sch.Dst: 11 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: 85 Depth: 220 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 165000 229400 394400 3944 H RL 100 2004: 165000 214500 379500 3623 H RL 100 2003: 99000 212600 311600 3116 H RL 100 Legal Description: LOT 1 BLOCK 1 BRANDON ADDITION Tvoe PID or ADDRESS: Dress ENTER: or F1. F2, F8 PROPERTY DATA SYSTEM LIMITED MARKET VALUE INQUIRY CURR 318 NEXT PID 25- 119 -21 -44 -0005 ASSESSMENT YEAR 2005 SUB -REC 01 HOUSE# 7006 F/A 1/_ STREET WILLOW LA N UNIT CALCULATE LMV (Y /N) PROPERTY TYPE RL HMSTD CODE H PART CONST GR /OS /EX REL HMSTD IND CONTIG IND MARKET LAND VALUE 165000 MARKET BUILDING VALUE 229400 MACHINERY VALUE TOTAL MARKET VALUE 394400 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 394400 QUALIFYING IMPROVEMENT AMOUNT MARKET VALUE SUBJECT TO TAXATION 394400 TAXABLE MARKET VALUE TAX CAPACITY 3944 Make chanaes Dress ENTER: or F1. F2. F4. F5. F8 i PROPERTY DATA SYSTEM COMPUTER AIDED APPRAISAL INQUIRY 04/25/05 CURR 436 NEXT PROPERTY ID: 25- 119 -21 -44 -0005 YEAR: 2005 ADDRESS 7006 WILLOW LA N CLASS: A02 DT: SF STYLE SE SF MANUAL: NO GBA 1488 (SQ.FT.) AGE: 22 YRS ZONED: R1 BASIC RATE 97.81 ADJ. RATE $101.72 EXT. WALL: SHAPE: 4.0% ADJ.RATE *GBA: 151359 ADD BSMT 16992 1416 SgFt $12.00 Rate DED UNF.GBA: SgFt $65.00 Rate ADJUSTED TOT: 168351 ADDITIVE AMT: 74485 GARAGE 10606 DORMERS: PAT.DOORS: 1000 WALKOUT: AIRCOND: 1785 DECKS 1920 PATIOS PORCHES: POOLS BATHS 18500 FIREPLC: 12000 FIN.BSMT.: 28674 TOTAL COST 242836 ADJUSTMENTS 94.5% DEPRECIATION: 94.5% INFLUENCES: FUNCTIONAL ECONOMIC BLDG VALUE 229400 BLDG MARKET VALUE 229400 FLAT CHGS LAND MARKET VALUE 165000 TOTAL MARKET VALUE: 394400 Tvoe PID. Press ENTER: or F1. F2. F8 PROPERTY DATA SYSTEM RESIDENTIAL CHARACTERISTICS PART1 04/25/05 CURR 209 PROPERTY ID Address NEXT 25- 119 -21 -44- 0005 7006 1/ WILLOW LA N ZONING R1 MODEL: DWELLING TYPE SF AREA RATING 1 SITE RATING 1 ADJ PROP INFL 2 VIEW 2 ARCH /APPEAL 1 QUALITY A02 SHAPE 4 STYLE 2 DORMER LENGTH DORMER QUAL CONSTRUCTION 1 MAIN EXT WALL 4 TRIM EXT WALL 1 ROOF TYPE 1 ROOF COVER 2 WINDOW TYPE1 1 WINDOW TYPE2 3 PATIO DOORS 1 WALKOUT AIR COND 1 DECK AREA 160 DECK QUAL 2 PATIO AREA PATIO QUAL GLAZED AREA GLAZED QUAL SCREEN AREA SCREEN QUAL OPEN AREA OPEN QUAL GAR1 AREA 660 GAR1 EXT WALL 4 GAR1 CARS 2 GAR1 COND 3 GAR1 PLACEMENT 1 GAR2 AREA GAR2 EXT WALL GAR2 CARS GAR2 COND GAR2 PLACEMNT POOL AREA POOL QUAL BSMT AREA 1416 BSMT TYPE BSMT FINISH% 075 BSMT QUAL 2 BSMT BATH SPA BSMT BATH DLX 'BSMT BATH FULL BSMT BATH 3/4 1 BSMT BATH 1/2 BSMT BATH QL `2 aBSMT FPLC NBR 2 BSMT FPLC QUAL 2 NO BSMT FPLC ELECT SVC 1 •HEATING 21 BSMT TOT RMS 4 BSMT BEDROOMS 2 BSMT FAM ROOMS T. BSMT KITCHENS BSMT 0TH RMS 1 Make chanaes: Dress ENTER: or anv valid function kev PROPERTY DATA SYSTEM RESIDENTIAL CHARACTERISTICS PART2 04/25/05 CURR 209 PROPERTY ID NEXT 25- 119 -21 -44 -0005 MANUAL CONDITION 1 1st KIT QUAL 1 1st INTERIOR 2 1st TRIM' 1 1st FLOOR 1 1st BATH SPA 1st BATH DLX 1st BATH FULL 1 1st BATH 3/4 1 1st BATH 1/2 1st BATH QUAL 2 1St FPLC NBR 2 1st FPLC QUAL 2 NO 1st FPLC 1ST TOT ROOMS -5 1st BEDROOMS 2 1st FAM ROOMS 1st LIV RMS 1 1st DINE ROOMS 1._ 1st KITCHENS 1 1st 0TH ROOMS 2nd INTERIOR 2nd TRIM 2nd FLOOR 2nd BATH SPA 2nd BATH DLX 2nd BATH FULL 2nd BATH 3/4 2nd BATH 1/2 2nd BATH QUAL 2nd FPLC NBR 0`'" 2nd '`FPLC QUAL NO 2nd FPLC 1 2nd TOT ROOMS 2nd BEDROOMS 2n& OTH ROOMS INT. LAYOUT 1 11 ACT YR BLT 1967 EFF YR BLT '1983 `'FUNCTIONAL ECONOMIC TOT BEDROOMS 04 TOT FAM ROOMS T-' TOT LIV ROOMS 1 TOT DIN ROOMS 1 TOT KITCHENS 1 TOT 0TH ROOMS 1 TOT BATHROOMS 3 TOTAL ROOMS 9 1st FL UNF AREA 2nd FL UNF AREA TOTAL UNF GBA DIM1 44.Ox 30,0= 1320.0 DIM2 8'.Ox 12.0= 96.0 DIMS 2.Ox 16.0= 32.0 DIM4 2.Ox 20.0= 40.0 DIM5 x DIM6 x DIM7 x 1st FL AREA 1488 2nd FL AREA TOTAL GBA 1488 PART /COMP INT. INSP 1 FLAT CHARGE ADD: SUBTRACT: Make chanaes: Dress ENTER: or anv valid function kev PROPERTY DATA SYSTEM RESIDENTIAL CHARACTERISTICS PART3 04/25/05 CURR 209 NEXT PROPERTY ID 25- 119 -21 -44 -0005 N O T E S Line 1: F= brvant new 03& ac Line 2: TUB. NO SHOWER. reroof 02 Line 3: FULL ON MAIN FLR Line 4: custom finish thruout/ Line 5: paneled ceilinas /hwf /dbl Line 6: fireplaces /ct all baths Line 7: kitchen counter /downstair Line 8: s fr has wetbar. /lr is Line 9: raised. Line10: VALUE APPEAL 04ASMT JB Make chanaes: oress ENTER: or any °•valid function kev PROPERTY.DATA SYSTEM LAND CHARACTERISTICS UPDATE PART 1 CURR 210 PROPERTY ID NEXT 25- 119 -21 -44 -0005 7006 1/ WILLOW LA N Zoning: R1 Area Rating: 1 Site Rating: 1 Appraiser: 21 Appr Date: 04/15/2005 Interior Insp. Y Permit Date: 0010 Last Inti Insp. Date: 04/15/2005 Frontage: 89 Left: Rear: Right: Eff Width: 85 Eff Depth: 220 Sqft: 18700 Acres: Irreg Shape: N On Lake: Lake Rating: Landscape: 3 Paved Street: 1 Curbs: Sidewalk: Sewer Avail: 1 Water Avail: 1 Gas: 1 Buried Elec: Alley: On River: 1 River Rating: '2 Wooded: Influences: NON- RESIDENTIAL Allow Units: Trackage: Soil Correct: Tvoe PID: oress ENTER: or anv valid' function kev RESIDENTIAL SALES COMPARABLE ADJUSTMENT GRID APPRAISAL OF 7006 Willow La N Brooklyn Center PID# 25- 119 -21-44 -0005 7%awaae OfaWlb tram IM to 2005 annually SUBJECT COMP. #1 COMP. #2 COMP. #3 COMP. tY4 NAME oARRYL s DIANE: SANNE6 6704 W RIVER RD 8402 MISSISSIPPI BLVD 169 HARTMAN CIR 6230 RIVERVIEW TERRACE NAME ADDRESS 7006 WILLOW LAN BROOKLYN CENTER COON RAPIDS FRIDLEY FRIDLEY ADDRESS PID 26119 2144 0005 36119 2112 0018 0430 24110032 16 30 2412 0066 15 30 24 43 0016 PID SALE PRICE $318,500 $339,900 $376,000 $450,000 SALE PRICE Financing Adjustment Financing Adjustment Sale Price $318,500 $339,900 $376,000 $450,000 Sale Price (Adjusted for Finance) (AdjuttW for Finance( SALE DATE Aug-04 $7,400 Nov-04 $2,000 OCt -04 $4,400 Aug -04 $10,500 SALE DATE Sale Price $325,900 $341,900 $380,400 $460,500 Sale Price IAdim"d For TIme1 (Adjusted far Time) LOCATION VERY GOOD I SIMILAR I I SIMILAR I SIMILAR I I SIMILAR I ILOCATION SITE FRONTAGE 18.816 S.FJAPX 89 FRT I 40,486 S.F. /APX 90 1' 1 APX 25,200 S.F /APX 100 FRT I I APX 1300 S.FJ APX 100 FRT I I APX 20.25a S.FJAPX 76 FRT ILOT SIZE STYLE SPLIT ENTRY I RAMBLER I RAMBLER I I RAMBLER 1 RAMBLER I IeTVLE SIZE (11.1.) Above Gnat 1488 S.F. 1 512 1,124 S.FJ 613 $14,000 1220 S.F. 15 12 $10,000 1,530 S.F. M 13 ($1,600) 1,176 S.FJ 412 $13,000 SIZE (t f.) Abort oracle m C R000unt I OR Roan Count I SR ABOVE GRD BATHS 1 FULL 1314 BATH 1 FULL BATH I $5.8081 1 FULL BATH I $6,0001 1 FULL BATH 1 $5,0001 1 FULL 11/2 BATH I ABOVE GRID BATHS YEAR BUILT 1967 1 1966 I 1 1963 I 1 1957 1 1 1973 I (YEAR BUILT OUAUTYICOND ABOVE AVERAGE I INFERIOR I $5,000 I INFERIOR I $8.000 I INFERIOR 1 $8,0001 SIMILAR I IGuALmmommON N FIREPLACES 4 (2 DBL) I 6 I $1,000 2 $2.0001 2 1 $2,0001 2 1 $2,00010 FIREPLACES HEAT I AIR C. GFAICAC I OFAICAC I HW /NOCAC I $6,000I GFAICAC I I GFAICAC I (HEATIAIRC. BSMT FULLIPARTIALLY ABV ORD FULUBELOW GRADE I $15,000 FUL.USELOW GRADE 1 $16.001 FULUBELOW GRADE 1 $16.0901 FULUWALKOUT I IBSMT FINIRMSISATHS 76% 141314 BATH 50% 1 11112 BATH I $5.0001 30%111 RA FOR BATH I $8,000 I WS I V 1 FULL BATH I $5.000 76 %1311 FULL BATH I ISSMT FIN A RMS I BATHS' GARAGE Wears) 2 CAR ATT I 2 CAR ATT I I 1 CAR ATT 1 $4.000 I 2 CAR ATT I 2 CAR ATTACHED I IGARAGE tsnanl AMENITIES DECK, CUSTOM CEILING%WETBAR, I GLAZED PORCH I ($10,000)1 GLAZED PORCH 1 ($10.00011 DECK, PATIO I. I DECK, SAUNA I ($5,000IIAMENTNES REMODELING DECK FURNACE REPLACED I GENERAL UPDATES I I I I I I REMODELED I ($25,090)IREMODE.INO OTHER VIEW OF ISLANDIBELOW DAM I BELOW DAM I I BELOW DAM I I BELOW DAM 1 1 VIEW OF ISLANDIBELOW DAM' I IOTNER Net Adjustment $39,000 $48,0001 $34,600 ($15,000) Net Adjustment Indicated Value $364,900 $389,900 I $414,900 I $445,500 IimUeaba Valm Valuation Reconciliation: Value Rana@ 5364.900 to 5445.500. Sustain EMV of 5394.400 COMMENTS: Subject property is located along the Mississippi River in a neighborhood of custom homes. Property has 88.87 feet of river frontage with a view of the island. Across the street, the neighborhood is very good with many upper bracket homes. Subject is a split entry home of above average quality and finish in excellent condition. It contains many custom elements including 2 double sided fireplaces, and custom ceilings. 2005 Estimated Market Value $394,400. 2005 Limited Taxable Market Value, $394,400. 31BOARD1200S"ANNES Grid 05ALSISANNES GRID CORRECT ORDER 04/21/2005 COMPARABLE SALES PHOTOS Comparable 1 6704 {Test River Rd Brooklyn Center PID# 36 119 2112 0018 f G .r Land Characteristics Lard Area: 40,483 sq. ft. Diver Frontage Approximately 90 ft. Permanent Frontage Easement Sold: August, 2004 Sale Price: $318,500 Building Characteristics Style: Rambler 1,124 sq. ft. Main level Room Count: 613 /1 Full Bath Below Grade Room Count: 1 Bath Garage: 2 Car Attached Fireplace: 3 Porches /Decks /Mist: Glazed Porch Central Air Conditioning: CAC COMPARABLE SALES PHOTOS Comparable 84 02 Mississippi Blvd Coon Rapids PlD# 04 30 2411,€ 032 II t Laid Characteristics Land Area: Approximately 25,204 sq. ft, River Frontage: Approximately 100 ft. Sold: November, 2004 Sale Price: $339,900 Building Characteristics Style: Rambler 1,220 sq. ft. Main Level Doom Count: 51211 Full Bath Below Grade Room Count: 1 i Rough In For Bath Garage: 1 Car Attached Fireplace: 2 Porches /Decks /Misc.: Glazed Parch Central Air Conditioning: None COMPARABLE SALES PHOTOS Comparable 169 Hartman Circle Fridley PlD# 15 30 24 12 0055 u s Land Characteristics Land Area: Approximately 13,000 sq. fit, Riven Frontage: Approximately 100 ft. Sold: October, 2004 Sale Price: $376,000 Building Characteristics Style: Rambler 1,530 sq. ft. Main Level Room Count: f 1311 Full Bath Below Grade Room count: 2 1 Full Bath Garage: 2 Car Attached Fireplace: 2 Porches /Decks /Misc.: Deck and Patio Central Air conditioning: CAC COMPARABLE SALES PHOTOS Comparable 4 6230 Riverview Terrace Fridley PlD# 15 30 24 43 0016 Land Characteristics Land Area: Approximately 20,254 sq. ft. River Frontage: Approximately 79 ft. View of Island Sold: August, 2004 Sale Price: $450,000 Building Characteristics Style: Rambler Main Level Room Count: 41211 Full 1 l2 Bath Below Grade Room Count: Walkout/ 3 12 1 1 Full Bath Garage: 2 Car Attached Fireplace: 2 Porches /Decks /Misc.: Deck and Sauna d Welcome "tar Cy q1c ;k wqk Wednesday, April 20, 20005 z Home earc*�4 My Matrix Finance Raster P Tax Open House ry History Hume Base Help Logout I Map Size $�h Ave lam, S10 7 9 F Cclatt lids 92nd Ave B 8402 Mississippi rn S, sw�� =.mfr P Z '81st A le Lake Park O 2` I •79th .79th Ao ls Am Ave N l t th Ave 85ttr Ave R 34th A i E L��__ l e g" I$ Pesr5' Broolon Park Q6 `°z =_262' 8 l E eft E ff n 169 Hartman tc�tt z l r v 6h F ern Arai t Atre LL A r Lis r- Lake t k' t 72nd N 623[I tti4tet'Viet+�,_ ti s wit Ave Gelder 6704 River tit tit t lip Legend 0 Click z ooms In Click Recenters lea: Construction Cost Estimate This is an estimate for a single family residence built under competitive conditions in or near Minneapolis, Minnesota in April 2005. This estimate includes a foundation as required for normal soil conditions, excavation for foundation and piers on a prepared building pad, floor, wall, interior and exterior finishes, roof cover, interior partitions, doors, windows, trim, electric wiring and fixtures, rough and finish plumbing, built -in appliances, supervision, design fees, permits, utility hook -ups, the contractor's markup, overhead and profit. Highly decorative, starkly original or exceptionally well- appointed residences will cost more. Add the cost of the land, government- mandated site development fees and the cost of bringing utility lines to the site. Number Of Corners 8 Total living area 1488 Foundation quality class 1 Exterior walls quality class (wood or light metal) 1 Exterior finish quality class 1 Windows doors quality class._ 1 Roofing, soffit, fascia quality class 1 Interior finish quality class 1 Flooring quality class 1 Bathroom quality class 1 Kitchen quality class 1 Plumbing quality class 1 Balcony area, wood frame 160 Finished basement area 1416 Attached garage, unfinished interior, area 660 Forced air central ducated heating and cooling True 1 story 6 base masonry fireplace, decorative 1 1 story 8 base masonry fireplace, raised hearth 3 Typical Cost Breakdown Item Material Labor Equipment Total Excavation 0 2,113 542 2,655 Foundation, Piers, Flatwork 4,499 7,159 1,103 12,761 Rough Hardware 439 700 109 1,248 Rough Carpentry 14,549 21,726 0 36,275 Insulation 2,724 1,884 0 4 Exterior Finish 7,745 4,679 570 12,994 Exterior Trim 525 835 129 1,489 Doors 1,330 1,129 0 2,459 Windows 2,290 1,575 0 3,865 Finish Hardware 222 188 0 410 Garage Door 628 259 0 887 Roofing, Flashing, Fascia 6,083 5,161 0 11,244 Finish Carpentry 807 4,114 0 4,921 Interior Wall Finish 3,875 6,054 0 9,929 Painting 2,315 5,469 0 7,784 Wiring 2,351 4,490 0 6,841 Lighting Fixtures 1,763 561 0 2,324 Flooring 1,732 2,486 0 4,218 Carpeting 3,446 1,243 0 4,689 Bath Accessories 854 532 0 1,386 Shower Tub Enclosure 545 462 0 1,007 Countertops 1,648 1,397 0 3,045 Cabinets 5,418 1,724 0 7,142 Built In Appliances 2,636 372 0 3,008 Plumbing Rough -in and Connection 2,474 6,078 357 8,909 Plumbing Fixtures 5,026 1,611 0 6,637 Heating and Cooling Systems 3,200 4,801 0 8,001 Fireplace and Chimney 7,278 10,918 0 18,196 Subtotal Direct Job Costs 86,402 99,720 2,810 188,932 Final Cleanup 0 746 0 746 Insurance 5,222 0 0 5,222 Permits Utilities 3,171 0 0 3,171 Plans Specs 746 0 0 746 Subtotal Indirect Job Costs 9,139 746 0 9,885 Contractor Markup 23,314 0 0 23,314 Total Cost 118,855 100,466 2,810 222,131 FAX �ra 33X �3SR4 A RrLC'D APR 1 5 2005 CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2005 Assessment APPLICATION FOR APPEAL March 25, 2005 through April 15,2005 You must return this anulication by Amil 15.2005 to be placed on the Agenda for the Local Board of Appeal and Equalization May 2, 2005, 7:00 P.M. Name(s) Stephen Cooner and Lisa McNauehton Daytime Contact Number. (612) 338 -3533 Property Address 6632 West River Road Property Identification Number 36 119 21 13 0004 2005 Estimated Market Value 8 ©v 2005 Limited Market Value S40:5.200.0 Y3 9, 8'd U 2005 Taxable Market Value y3y, 8C1C7 What is the reason for your 2005 assessment appeal? The City, using eminent domain, took a permanent easement over our land. The City then removed all trees, flowering bushes, shrubs, plant life, decks, stairs and any other items on or near the river bank and dumped hundreds of tons of rock on the bank. This completely destroyed the sand beach that we previously enjoyed as well as the natural landscape, which provided bird and animal habitat. This also caused a significant loss of privacy. It also cut -off access to the-river. We are now separated from the river by the wall of loose rock. The City also removed several other mature trees from our property, which had provided privacy for our yard from the street and neighbors. The City claimed the damage done to our property was about $16,000.00. We contested this. A hearing was held and the three court appointed commissioners, who heard two days of testimony, concluded the damage was approximately $90,000.00. This conclusion was based on testimony from a realtor, two appraisers, city officials, DNR representatives, landowners, various market comparisons, and other data presented by both sides. The City did not appeal and thus, this determination is binding on the City for all purposes. Prior to this hearing, at the time of last year's property tax increase, we contested the portion that had to do with the land. The City Appraiser's office indicated in that the matter was already being contested and was set for a hearing, we should both await the hearing outcome and that number would be used for the taxes increase or decrease. We agreed to this. Our next door neighbor, who had experienced similar harm, contested the City's figure with the County and obtained a substantial reduction from the County Appraiser. When the hearing tY pP g panel subsequentl p q y concluded that the property had lost approximately $90,000.00 in value as a result of the City's action, I called the City Assessor. I was told it was too late to change last year's tax, only an abatement could be used. I assumed that the City, as agreed, would thus, reduce the taxable value of the land by $90,000.00 on this year's tax. They did not, but, instead used the same approximate value they had used last year that had been rejected by the District Court Commissioners, who determined the loss of value to the property was approximately $90,000.00, not $17,000.00. I called the City Appraiser's Office, assuming this was an oversight, but, was told it was intentional. Despite losing at the hearing, I was told the City was again using its discredited number as the basis for the loss in property value. I was also told, "You didn't expect us to pay you that money and reduce your taxes." I reminded them that was not only our agreement, but, the determination of the loss in value of the land was binding on the City and based on ample evidence. I was told the City would do nothing, so I am filing this Appeal. I also contest the dramatic increase in value to the structure. Other houses that have actually sold on this section of West River Road have not experienced the hypothesized dramatic market value the City claims. This number is not supported by actual in market value. When did you purchase your home? Date of Purchase November of 1994 Purchase Price $135.500.00 Have you changed your property since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. Several improvements of significance since initiallv uurchased. none in 2004. Have you had a recent appraisal for refinancing, purc or a market analysis by a real estate agent completed within the last year? rno If so, what was the determination of value? In 2004 there was a fully contested hearing. in which it was determined the land had lost $90,000.00 in value due to the Citv's actions. Please bring all documentation supporting your claim of overvaluation or erroneous classification with you to the Local Board of Appeal and Equalization. We will need to make an appointment to view your property with you. Respectful submitted, Stephen W. C oper N r a of Brooklyn Center A Millennium Community April 19, 2004 y Mr. Steven Cooper 6632 West River Rd Brooklyn Center, MN 55430 RE: 2004 Valuation Dear Mr. Cooper. Thank you for your cooperation during my inspection of your property on April 12, 2004. As mentioned in our phone conversation, I have determined a reduction in your 2004 estimated market value from $482,700 to $444,900. Your 2004 taxable market value will remain at $380,200. An amended value notice has been included for your records. Brooklyn Center will wait to adjust your lot values until the condemnation proceedings currently working their way through the court system are finalized. At that point, we will review findings to arrive upon an equitable value for all the lots affected by the corps of engineers project. It is typical in condemnation proceedings to appeal the abatement process after condemnation hearings are complete. Lot va ues for uation 2004 assessment can be changed via abatement through December 31, 2005. We will contact all parties involved as soon as we are able to proceed with the abatement application process. Should you wish to continue your appeal, your petition rights are still open with the Local Board of Appeal and Equalization. Should you wish to make an appearance with the board on Monday, May 3rd, please call our office to schedule yourself on the agenda as soon as possible. If you have any further questions regarding you property please contact our office at 763- 569 -3310 for further assistance. Sincerely, Jill Brenna, CMA Nancy y jcik, SAMA City Assessor 6301 Shingle Creek Parkway Brooklyn Center, MN 55430 -2199 Recreation and Community Center Phone TDD Number City Hall TDD Number (763) 569 -3300 (763) 569 -3400 FAX (763) 569 -3494 FAX (763) 569 -3434 wwru cityoArook lyncent er. org 1 I ILI Int W43 I!' i I i til ism S T +F City of Brooklyn Center A Millennium Community TO: 2005 Brooklyn Center Board of Appeal and Equalization RE: Steven Cooper and Lisa McNaughton 6632 West River Road PID 36- 119 -21 -13 -0004 Mr. Cooper contacted our office on April 11, 2005 regarding the 2005 valuation notice. His concern was the valuation of his land, based on a court proceeding regarding p 9 9 9 an eminent domain acquisition that took a permanent easement on their river frontage. .Mr. Cooper indicates that the city removed all trees, flowering shrubs, bushes, plant life, deck, stairs and other items on or near the riverbank, and also dumped hundreds of tons of rock on the riverbank. His contention is that the riverbank has been destroyed along with his ability to use it, and his privacy. In previous conversations with Mr. Cooper, the Assessor's office indicated that an adjustment would be made regarding all properties included in this area, when condemnation proceedings were completed. The 2005 valuation included an equitable adjustment for seven properties involved in the river project. Mr. Cooper has been informed that the Local Board of Appeal and Equalization addresses estimated market value only, and not the separation of land and building. Mr. Cooper was informed that if he disagreed with the 2005 estimated market value that we would need to set up an interior review to complete a new appraisal of the property. Mr. Cooper declined, and chose to address the Local Board of Review on May 2, 2005. A sales grid identifying properties that have sold on the river, located both above and below the dam, in Brooklyn Center and surrounding communities is included for informational purposes. These sales include large lot size and square footage of the structure similar to Mr. Cooper's. The sales include properties with both easements and negative influences. As Mr. Cooper has declined an interior review it is staffs recommendation to sustain the 2005 estimated market value of $459,800 for taxes payable in 2006. Mr. Cooper's taxable market value will remain at $434,800. Respectfully, GZ./ Nancy W cik, SA 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.cityofbrooklyncenterorg SUBJECT PROPERTY 6932 West River Rd Steven Cooper PIM 36 119 2113 0004 y- Land Characteristics Land Area 55,465 sq. ft. River Frontage Approximately 121 ft, Permanent Frontage Easement 2045 Land Value $190,440 2005 Building Value 269,800 TOTAL 2405 EMV $459,800 Building Characteristics Style: Lofted 2 Story 3,050 sq. ft. Above Grade Roam Count: 8 13 1 spa,1 full, &'1Z math Below Grade Room Count: 4 10 0 Garage: 2 Car Detached Fireplace: 2 PorcheslDeckslMisc.: 2 Rear Decks glazed Porch on Riverbank Central Air Conditioning: CAC s s s f A' f a .g s s WIN f 7W NZ Mm NO BRW la Hennepin County Map Server Page 1 of 1 H enne pi n County, MN Click on map to view information on adjoining properties Scroll down to see property address, value tax info ZOOM LEVEL PAN a 8 Last update: 415!2005 at 9:00 AM READ IMPORTANT DISCLAIMER INFORMATION BELOW Property ID Ap��ro:x::s_in.ai.:e Approximate Prop rty Rkzwr.•i ester Property A-tea 36- 119 -21 -13 -0004 1,151 ft. 55,465 sq.ft. =1.273 acres Property Address 6632 WEST RIVER RD BROOKLYN CENTER, MN 55430 Click on Property Information Button below to view main tax information page for the property you have selected 11.1271"Aff-M -2V 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. Please report any map discrepancies to Bob Moulder (Hennepin County Survey Division) at (612) 348 -2618 or via e-mail at Bob. Moulder@co.hennepin_mn.us The quality of the display may be influenced by your screen size and resolution setting and is best viewed at 800x600 screen resolution. This application requires Internet Explorer 3.02 or Netsca .2.01 or later version for proper operation. pp e q p p p p p Copyright 4 2004 Hennepin County PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 36- 119 -21 -13 -0004 Pt-Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 6632 1/_ WEST RIVER RD 55430+ Right: Left: Ownerl: COOPER STEVEN W Owner3: Owner2: MCNAUGHTON LISA K Owner4: Zoning: R1 Prim /sec: Yr.blt: 1940 Area: 55444 Acres: .00 Sch.Dst: 11 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: 121 Depth: 460 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 190000 269800 459800 4348 H RL 100 2004: 207000 237900 444900 3802 H RL 100 2003: 120000 204400 324400 2983 H RL 100 Legal Description: LOT 13 BLOCK AUDITOR'S SUBDIVISION NO. 310 HENNEPIN COUNTY, MINN SUBJECT TO ROAD Tvoe PID or ADDRESS: press ENTER: or F1- F2- F8 PROPERTY DATA SYSTEM LIMITED MARKET VALUE UPDATE CURR 118 NEXT PID 36- 119 -21 -13 -0004 ASSESSMENT YEAR 2005 SUB -REC 01 HOUSE# 6632 F/A 1/_ STREET WEST RIVER RD UNIT CALCULATE LMV (Y /N) PROPERTY TYPE RL HMSTD CODE H PART CONST GR /OS /EX REL HMSTD IND. CONTIG IND MARKET LAND VALUE 190000 MARKET BUILDING VALUE 269800 MACHINERY VALUE TOTAL MARKET VALUE 459800 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 459800 QUALIFYING IMPROVEMENT AMOUNT 25000 MARKET VALUE SUBJECT TO TAXATION 434800 TAXABLE MARKET VALUE TAX CAPACITY 4348 Make chanoes: press ENTER: or Fl. F2, F4. F5. F8 I PROPERTY DATA SYSTEM RESIDENTIAL CHARACTERISTICS PART1 04/25/05 CURR 209 PROPERTY ID Address NEXT 36- 119 -21 -13 -0004 6632 1/ WEST RIVER RD ZONING R1 MODEL: DWELLING TYPE SF AREA RATING 1 SITE RATING 1 ADJ PROP INFL 2 VIEW 3 ARCH /APPEAL 4 QUALITY A04 SHAPE 4 STYLE 7 DORMER LENGTH 8 DORMER QUAL 1 CONSTRUCTION 1 MAIN EXT WALL 8 TRIM EXT WALL ROOF TYPE 1 ROOF COVER 1 WINDOW TYPE1 2 WINDOW TYPE2 PATIO DOORS 6 WALKOUT AIR COND 1 DECK AREA 392 DECK QUAL 2 PATIO AREA PATIO QUAL GLAZED AREA GLAZED QUAL SCREEN AREA SCREEN QUAL OPEN AREA OPEN QUAL GAR1 AREA 576 GAR1 EXT WALL 8 GAR1 CARS 2 GAR1 COND 1 GAR1 PLACEMENT 2 GAR2 AREA GAR2 EXT WALL GAR2 CARS GAR2 COND GAR2 PLACEMNT POOL AREA POOL QUAL BSMT AREA 1092 BSMT TYPE BSMT FINISH% 000 BSMT QUAL BSMT BATH SPA BSMT BATH DLX BSMT BATH FULL BSMT BATH 3/4 BSMT BATH 1/2 BSMT BATH QL BSMT FPLC NBR 0 BSMT FPLC QUAL NO BSMT FPLC 1 ELECT SVC 1 HEATING 21 BSMT TOT RMS BSMT BEDROOMS BSMT FAM ROOMS BSMT KITCHENS BSMT 0TH RMS Make chanaes: press ENTER:. or anv valid function kev PROPERTY DATA SYSTEM RESIDENTIAL CHARACTERISTICS PART2 04/25/05 CURR 209 PROPERTY ID NEXT '36- 119 -21 -13 -0004 MANUAL CONDITION 2 1st KIT QUAL 2 1st INTERIOR 2 1st TRIM 1 1st FLOOR 1 1st BATH SPA 1st BATH DLX 1st BATH FULL 1st BATH 3/4 1st BATH 1/2 1 1st BATH QUAL 3 1st FPLC NBR 3 1st FPLC QUAL 2 NO 1st FPLC 1ST TOT ROOMS 4 1st BEDROOMS 1st FAM ROOMS 1 1st LIV RMS 1 1st'DINE ROOMS 1 1st KITCHENS 1 1st 0TH ROOMS 2nd INTERIOR 2 2nd'TRIM 1 2nd FLOOR 1 2nd BATH SPA 1 2nd BATH DLX 2nd'BATH FULL 1 2nd BATH 3/4 2nd BATH 1/2 2nd BATH QUAL 2 2nd FPLC NBR 0 2nd FPLC QUAL NO 2nd FPLC 1 2nd TOT ROOMS 4 2nd BEDROOMS 3 2nd 0TH ROOMS 1 INT. LAYOUT 1 ACT YR BLT 1940 EFF YR BLT 1985 FUNCTIONAL ECONOMIC TOT BEDROOMS 03 TOT FAM ROOMS 1 -TOT LIV'ROOMS 1 TOT DIN ROOMS 1 TOT KITCHENS 1 TOT OTH ROOMS 1 TOT BATHROOMS 3 TOTAL ROOMS 8 1st FL UNF AREA 2nd FL UNF AREA UNF GBA DIM1 26.Ox 30.0 780.0 DIM2 12.Ox 26.0= 312.0 `DIMS 18.Ox 18.0= 324.0 DIM4 3.Ox 10.0= 30.0 DIMS 17.Ox 34.0= 578.0 DIM6 x DIM7 x 1st FL AREA 2024 2nd FL AREA .1026 TOTAL GBA 3050 PART /COMP INT. INSP 2 FLAT CHARGE ADD: 500 SUBTRACT: Make chanoes: press ENTER: or anv valid function kev PROPERTY DATA SYSTEM RESIDENTIAL CHARACTERISTICS PART3 04/25/05 CURR 209 'NEXT PROPERTY ID 36- 119 -21 -13 -0004 N 0 T.E S Line 1: 2 FRONT 4FT DORMERS Line 2: EGRESS IN BSMT =F /NO FIN Line 3: 1ST FLR FPLS /1GAS &1WOOD Line 4: MBR W /LOFT(168SF)&DLX BAT Line 5: 03oerm /17x34 ADDN W /FLOOR Line 6: HEAT /SEP AC /6PATIO DOORS Line 7: GAS FPL. SLATE FLOOR Line 8: CALL 1st floor area Line 9: DECK 12X30 &4x8 uor flr Line10: REROOF 2002 Make chanoes: Dress ENTER: or anv valid function kev PROPERTY'IDATA SYSTEM LAND CHARACTERISTICS UPDATE PART 1 CURR 210 PROPERTY ID NEXT '36- 119 -21 -13 -0004 6632 '1/ WEST RIVER RD Zoning: R1 Area Rating: 1 :'Site Rating: 1 Appraiser: 21 Appr Date: 04/15/2005 Interior Insp. N Permit Date: 0095 Last Int. Insp. Date: 04/12/2004 Frontage: Left: Rear: Right: Eff Width: 121 Eff Depth:" 460 Sqft: 55444 Acres: Irreg Shape: N On Lake: Lake Rating: Landscape: Paved Street: 1 Curbs: 1 Sidewalk: Sewer Avail: 1 Water Avail: 1 Gas: 1 Buried Elec: Alley: On River: River Rating: Wooded: Influences: 01 NON`- RESIDENTIAL Allow Units: Trackage: Soil Correct: Tvne PID: Dress ENTER: or anv valid function kev RESIDENTIAL SALES COMPARABLE ADJUSTMENT GRID APPRAISAL OF 6632 WEST RIVER RD Brooklyn Center PID# 36- 119.21 -13 -0004 np rwd, from nN to 2005 m a SUBJECT COMP. #1 COMP. #2 COMP. #3 COMP. tf4 COMP. tX6 COMP fib NAME Steven Cooper 6704 W RIVER RD 10818 MISSISSIPPI BLVD NW 6230 RIVERVIEW TERRACE 460 RICE ST 7712 MISSISSIPPI LA SP 11215 DAKOTAH ST NW WORESS 6632wsst River Rd BROOKLYN CENTER BROOKLYN PARK FRIDLEY ANOKA BROOKLYLN PARK COON RAPIDS PIO 35119 2113 0005 36119 2112 0018 03119 21 21 0054 15 30 2443 0016 12 312512 0047 24119 21 44 0011 18 3124 11 0019 BALE Pwc $318,600 $460,000 $450,000 $660,000 $638.000 $676,000 SALE PRICE 'Ftnanoinp FINANCING ADJ ;Sale Pries $318,600 $460,000 $450,000 Imuatad forFln.nwl $560,000 $638,000 $675,000 SALE PRICE SALE DATE Aug 04 $7,400 Mar -05 Aug-04 $70,600 NOV -04 $3,000 Oct -03 $52,000 Jan-W SALE DATE Sale Price $325,900 $460,000 (Adtusted for Time) $460,600 $653.000 $690,000 $67fi SALE PRICE ADJUSTED F TIME (LOCATION I SUPERIOR I SIMILAR I SIMILAR I I INFERIOR 1 1 SIMILAR I SIMILAR I SIMILAR I ILOCATION (SITE I FRONTAGE 166,466 S.FJApx 121 FRONT I MASS S.FJAPX 00 FRT I 1 man S.FJ 123 FRT I 1 APx 20,254 S.FJ n FRT I I APX 44.741 S.FJAPX 105 FRT I ISC204 a.FJAPx IN FRT I IAPx 73,7N b.FJAPX 115 r I (SITE FRONTAGE 'STYLE I 2 +STORY I RAMBLER I I RAMBLER I I RAMBLER I I I 2 +STORY I f I 2STORY I I 28TORY I STYLE $ME la.f.) AQowe Grad. 3,060 S.FJ 613 1,124 8.FJ 616 $77,00( 1,540 S.F. 1612 $60,$8( 1,175 S.FJ 412 $74,00$8 2,311 S.F. 9 r 3 $26,00$8 4,646 S.FJ 1016 ($63,OODT. 2800 S.FJ 913 $10OO�SIZE Is f) Above Grade Room CoQW BR I I1 Room Cook I BR Above Grade Baths 1 SPA.1 FULL i 1 112 BATH 1 1 FULL BATH $18.00 2 FULL s 1 112 BATH 1 I 1 FULL 6;1 112 BATH I $5,0001 2 FULL d 1 314 BATH I I 3 FULL BATHS I 1 2 314 6: 1112 BATH I (Above Ord Baft IYr Bulk EFF AGe I 194OM985 I 1966/1980 I I 1190M980 I I 1973M985 I 1 19=980 I I 194611966 1 1 1940(1986 I (YEAR BUILTIEFF AGE I QUALITY/COND I ABOVE AVERAGE I INFERIOR I $8,0001 SIMILAR I 1 SIMILAR I I SUPERIOR I (660,000)1 SUPERIOR I I$50, SIMILAR I I OUAIJTYICONDITION i 9FIREPLACES 1 2 I 3 ($1.000)1 2 I I 2 t 1 3 I (61,000)1 3 1 1$1,000)1 31 1$11,000 FIREPLACES 1 (HEAT I AIR C. I GFA/CAC I GFAICAC I GFAINO CAC 1 $2.5001 GFA/CAC I I OFAINO CAC 1 $2,600 I GFAICAC I I GFAICAC I 114EAT 1 AIR C. BSUT I PARTIAL 1,092 S.F. 1 FULL 1,124 S.F. I I FURL WALKOUT 1640 S.F. 1 ($2 1.$80 11 FULL WALKOUT 1,176 S.F. 1 1$17.000 PARTIAL 1,120 S.F. I I FULL/WALKOUT 2.34 S.F. 1 (628.000)1 FULL 1,698 S.F. I ($8,o00 INIRMSIBATHS 0%1010 1 60 %/111/2 BATH I ($10,00011 90%18111 314 BATH I 1$22.000)1 75%131 FULL BATH I ($19.000 40%11108ATH I ($7,000)( 25 %111 314BATH I (510,000)1 30%1 21314 BATH I f$9,000ASSMT %FINIRMS/BATHS GARAGE (0cam) 2 CAR DET I 2 CAR ATT I I 1 CAR ATT a 3 CAR DET I ($5.0000 2 CAR ATT I 1 2 CAR ATT I 3 CAR ATT I Is4,000►I 2 CAR BLT IN I $GARAGE l9cara) MENITIES DECK, PORCH B RIVERBANK I PORCH I I DECK, PATIO I ($s .50011 DECK, SAUNA I (65.000)1 PORCH,PATIO i I PORCH,DECK I 1 PORCHRATIO I (AMENITIES REMODELING REMODELED I GENERAL UPDATES I I GENERAL UPDATES I I REMODELED I I FAMILY RM ADDN I I REMODELED I I REMODELED 1 REMODELING OTHER 1 BELOW DAMIEASEMENT I BELOW DAM /EASEMENT 1 I ABOVE DAM I I BELOW DAM I I ABOVE DAM I I BELOW DAM 1 I ABOVE DAM/EASEMENT OTHER Net Adjustment 000 $84, 53,500 $41,000 1 1 1 1 ($28,600)1 ($167,000) 1 ($8,000)1NET ADJUSTMENTS Indicated Value I $409,900 $463,500 I $501,500 I $523,500 I $533,000 I $569,000 I I I Valuation Reconciliation: Value Ranae $409.900 to $569.000. Sustain EMV of $459.800 COMMENTS: Subject property is located along the Mississippi River on a 1.27 acre lot with a permanent easement consisting of a strip of land with an average width of 18 feet and extending along the easterly property line of the subject property containing 2,273 s.f. No permanent building structures can be constructed within the permanent easement area. The subject property Is located In an area of large river lots with a sound wall across West River Road creating a buffer between the homes and Hwy 252. Subject property has had substantial remodeling and additions and is in very good condition. 2005 Estimated Market Value $459,800. 2005 Limited Market Value $459,800. 2005 Taxable Market Value $434,800 WSOII grid TO PLAYyVrrtW.XL.8)a COOPER 04/25/2005 COMPARABLE SALES PHOTOS Comparable 1 6704 West River Rd Brooklyn Center PlD# 36 119 2112 0018 y I I Land Characteristics Land Area: 40,483 sq. ft. River Frontage: Approximately 90 ft. Permanent ma en t Fr ontage Easement Sold: August, 2004 Sale Price: $318,500 Building Characteristics Style: Rambler 1,124 sq. ft. Main Level Room Count: 6 l 311 Full Bath Below Grade Room Count: 1 !'lx Bath Garage: 2 Car Attached Fireplace: 3 Porches /Decks /Mist: Glazed Parch Central Air Conditioning: CAC i COM PARABLE SAL PHOTOS comparable 2 10818'Mississippi Blvd NW Brooklyn Pare PlD# 03 119 21 21 0064 �4 f Land Characteristics Land Area: 46,759 sq. ft. River Frontage: Approximately 123 ft. Sold: March, 2005 Sale Price: $460,000 Building Characteristics Style:, Rambler 1, sq. ft. Main Level Room Count 512 l 2 Baths Below Grade Roam Count: Walkout 1611 I 1 Bath Garage. 1 Car Attached 3 Car Detached Fireplace: 2 Porches /Decks /Misc.: Deck and Patio COMPARABLE SALES PHOTOS Comparable 0230 Riverview Terrace Fridley PID# 15 30 24 43 0010 g a M Land Characteristics Land Area: Approximately 20,254 sq. ft! River Frontage: Approximately 79 ft. View of Island Sold: August, 2004 Sale Price: $450,000 Building Characteristics Style: Rambler 1,176 sq. ft. Alain Level Doom Count: 41211 Full 1 Bath Below Grade Room Count: Walkout 13121 1 Full Bath Garage: 2 Car Attached Fireplace: 2 Porches /Decks /Mist.: Deck and Sauna COMPARABLE SALES PHOTOS Comparable 4 450 Rice St Anoka PlD# 12 3125 12 0047 z� Lard Characteristics Land Area Approximately 44,741 sq. ft. River Frontage: Approximately 105 ft. Sold: November 2004 Bale Price: $550,004 Building Characteristics Style: 2+ Story 2,385 sq. ft. Above Grade Room Count 9 13 2 Full 1 Bath Below Grade Room Count 'I 0 0 Bath Garage: 2 Car Attached Fireplace: 3 Porches /Becks /Misc.: Parch and Patio Current improvements not reflected in sale Price. Refer to attached listing at time of sale. Property Full Display, Single Family Residential, MIS 2334125 F 450 Ri S treet Anoka, Min nesota 55303 -2128 Status: Sold List Price Sold Price: $550,000 Original List Price: *579,900 z i Pik z n�ca 4 d RlC h 3 AW O �zoosr�.s�c�a+�ar�Flx More photos. r avail 41e for this oro ems. Map Page: 49 Map Coord: C4 Directions: GEOVLSTA_ [Ve gh.E�orh d Tour Ferry st (169) to Benton' St W to Green (Click icon to add to Watched Listings) Ave S one blk to Rice left to home Total Bed /Bath: 3/ 3 Garage. 2 Year Built: 1933 TAX INFORMATION MLS Area: 769 Anoka Property ID: 123125120047 Style: (SF) More Than Two Stories Tax `tear: 2004 Const Status: Previously Owned Tax Amt: $3,889 Foundation Size: 1,120 Assess Bal: $3,400 AbvGrdFinSgFt: 2,385 Tax w /assess: $3,889 Be[GrdFinSgFt: 425 Assess Pend: Yes Total Firs SgFt: 2,810 Homestead: Yes Acres 1.000 Lot Size: 100 x 455 x 105 x 418 List Date: 10/01/2004 Received By M[S: 10/01/2004 Days On Market 20 Off Market Date: 10/20/2004 Selling Agent: a-dlnr g-Ca_mpfan Date Closed: 11/30/2004 Selling Office: Martirf_E Campion General Properly Information Legal Description: LOT 3 AUD SUB 44 SUBJECT TO 15' SEWER AND WATER EASEMENT OVER N 2S5' County: Anoka School District: 11- Anoka /Hennepin, 763- 506 -1000 Complex /Dev /Sub: Common Wail: No Restrictions /Covts: Lot Description: City Bus (w /in 6 blks), Irregular Lot, Tree Coverage Heavy Association Fee: Assoc Fee Frequency: N/A Assoc Fee Includes: N/A Road Frontage: City, Curbs, Paved Streets Zoning: Residential- Single Accessibility: None Lake/Waterfront: River Front Lake/WF Name: Mississippi Remarks Agent Remarks: A rare opportunity! Home has had 2 owners in 71 yrs. Charm character• are captured in its original design then enhanced with 1st floor fam room addition that offers 'Old world' architecture panoramic views of the Miss nestled on a premier river lot. Public Remarks: A rare opportunity! Horne has had 2 owners in 71 ym Charm character are captured in its original design then enhanced with 1st floor fare room addition that offers 'old world' architecture panoramic views of the Miss nestled on a premier river lot, Structure Information Room Level Dirnen Other Rooms Level Dimen Heat: Forced Air Living Rm Main 17x25 Office Main 10x12 Fuel: Natural Gas Dining Rm Main 14x15 Informal Dining Rm Main 8x10 Air Cond: Wall Family Rm Main 15x25 Porch Main 12x14 Mater: City Water Connected Kitchen main 11x14 Amusement Room Dower 17x25 Sewer: City Sewer Connected Bedroom 1 Upper 13x20 Garage: 2 Bedroom 2 Upper 13x13 Bathrooms Oth Prkg: Bedroom 3 Upper 11x13 Total: 3 3/4: 1 1/4: 0 Pool: Bedroom 4 Full: 2 1/2: 0 Bath Description: 3/4 Master, Main Floor Full Bath, Upper Level Bath Dining Room Desc: Eat In Kitchen, Separate /Formal Dining Rooms Family Room Char: Main Level Fireplaces: 3 Fireplace Characteristics: Family Room, Gas Burning, Living Room, Master Bedroom Appliances: Basement: Finished (Livable), Partial Exterior: Brick /Stone, Stucco, Wood Fencing: None Roof: Age Over 8 Years, Slate Amenities -Unit: Hardwood Flogs, Natural Woodwork, Patio, Security System, Tiled Floors, Washer/Dryer Hookup Parking Char: Attached Garage, Garage Door Opener 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: $440,000 Seller Contribution: 1$ Financial Remarks: Sellers Terms: Cask, Conventional, DVA, FHA Existing Financing: Free and Clear Agent is Owner No Contact Information Listing Agent: Carl Youn 763- 792-6483 Appointments: 763 -792 -6483 Listing Office: Coldwot_aanker Burnet Office Phone: 763- 754 -5400 MLS 2334126 Address: 450 Rice Street, Anoka, Minnesota 55303 -2128 Information Deemed Reliable But Not Guaranteed. Copyright Regional MLS of Minn., Inc. All Rights Reserved. Prevlq_v5 Nex3 12 3 4 5 6 7 8 [9] Top Change display to [Property FUi( Search Time: 0.16s Search Criteria: This search was narrowed to a specific set of listings. Ordered by Status, Area, List Price All information contained herein is for the exclusive use of authorized MLS subscribers; Copyright (c) 2001- 2004 Regional Multiple Listing Service of Minnesota, Inc. All Rights Reserved. For help or to submit suggestions, email atrixhelp@northstarmis.co or call 651- 251 -5456. Tarasoft MATRIX, build 1013.1 1, compiled March 25, 2005. Copyright {f 2005 Tarasoft Corporation. COMPARABLE SALES PHOTOS Comparable 7712 Mississippi Lane Brooklyn Park PID# 24 119 2144 0011 IR- r Ta Land Characteristics Land Area: 54,204 sq. ft. River Frontage. Approximately 150 ft. Sold: October, 2003 Sale Price: 638,000 Building Characteristics Styr: 2 Story 4,648 sq. ft. Above Grade Room Count: 1015 13 Full Baths Below Grade Room Count: Walkout 1 1011 Bath Garage: 3 Car Attached Fireplace: 3 Porches /Decks /Misc.: Porch and Deck COMPARABLE SALES PHOTOS Comparable 6 11215 Dakotah St NW Coon Rapids PlD# 18 3124 110019 I I a4* 3 n Land Characteristics Land Area: Approximately 73,790 sq. f. River Frontage: Approximately 115 ft. Permanent Seaver Easement see attached map Sold: January, 2005 Sale Price: $576,000 Building Characteristics Style: 2 Story 2,900 sq. ft. Above Grade boom Count: 9 l 3 l 2 and 1 Bath Below Grade Room Count: 211 11 Bath Garage: 2 Car Built In Fireplace: 3 Porches /Decks /Misc.: Porch and Patio t 'k -1 Umlis CF CITY OF Co rN T /6 IL jJ r y �y' alal .RpXM' ✓iCN'�Jl "a ELDORADO rya c r a 7 A P J� :,r.s..��^:Cxt" w ror.ar d� n j�, 1 mo oM� tn- 1� s. ,+1'at!y�q�}Se`c►� ,T in IR cy lk I t IA 11A 1 js, OVT 90 W elcome Nancy Wo;c' 7V Wednesday, April 20, 20u5 Home f My Matrix Finance Raster Tax Open House History Home Base Help Logout T Map S ize U r ap It ,r `450 Rtt;e V� T 1 SW €"t2ft, Ali 46 i s 202 i C h #3 TORM T A is 12 2 i --AIM U N -1 r e 1a£ Ave-*-- a u r r `d OlAk 32 s $1 UV A #e iIa isle •j y� Tw A 3 7712 l4ISSISSrppt i ;iO3 W ih Am ay D Ar pr Subject 67134 Rivet` V�t'tt Legend ro Click Zooms In t' Click Recenters Mai Construction Cost Estimate This is an estimate for a single family residence built under f competitive conditions in or near Minneapolis, Minnesota in April 2005. This estimate includes a foundation as required for normal soil conditions, excavation for foundation and piers on a prepared building pad, floor, wall, interior and exterior finishes, roof cover, interior partitions, doors, windows, trim, electric wiring and fixtures, rough and finish plumbing, built -in appliances, supervision, design fees, permits, utility hook -ups, the contractor's markup, overhead and profit. Highly decorative, starkly original or exceptionally well- appointed residences will cost more. Add the cost of the land, government- mandated site development fees and the cost of bringing utility lines to the site. Number Of Corners 10 Total living area 2882 Foundation quality class 2 Exterior walls quality class (wood or light metal) 2 Exterior finish quality class 2 Windows doors quality class 2 Roofing, soffit, fascia quality class 2 Interior finish quality class 1 Flooring quality class 2 Bathroom quality class 1 Kitchen quality class 1 Plumbing quality class 2 Living area above the second floor 168 Balcony area, wood frame 392 Unfinished basement area 1092 Detached garage, area 576 Forced air central ducated heating and cooling True 2 story prefab metal fireplace, brick face 1 2 story 6 base masonry fireplace, decorative 1 Single room wall furnace 1 .Typical Cost Breakdown Item Material Labor Equipment Total Excavation 0 2,636 676 3,312 Foundation, Piers, Flatwork 5,614 8,932 1,376 15,922 Rough Hardware 548 873 135 1,556 Rough Carpentry 18,152 27,107 0 45,259 Insulation 3,399 2,351 0 5,750 Exterior Finish 9,664 5,838 711 16,213 Exterior Trim 655 1,042 161 1,858 Doors 1,659 1,408 0 3,067 Windows 2,857 1,965 0 4,822 Finish Hardware 276 235 0 511 Garage Door 783 323 0 1,106 Roofing, Flashing, Fascia 7,590 6,440 0 14,030 Finish Carpentry 1,174 5,980 0 7,154 Interior Wall Finish 5,633 8,800 0 14,433 Painting 3,366 7,949 0 11,315 Wiring 3,417 6,526 0 9,943 Lighting Fixtures 2,562 815 0 3,377 Flooring 2,161 3,101 0 5,262 Carpeting 4,299 1,551 0 5,850 Bath Accessories 1,241 773 0 2,014 Shower Tub Enclosure 792 672 0 1,464 Countertops 2,395 2,031 0 4,426 Cabinets 7,876 2 X 505 0 10,381 Built In Appliances 3,832 541 0 4,373 Plumbing Rough -in and Connection 3,087 7,583 445 11,115 Plumbing Fixtures 6,270 2,009 0 8,279 Heating and Cooling Systems 5,546 8,319 0 13,865 Unit Heating and Cooling 303 454 0 757 Fireplace and Chimney 2,342 3,514 0 5,856 Subtotal Direct Job Costs 107,493 122,273 3,504 233,270 Final Cleanup 0 975 0 975 Insurance 6,828 0 0 6,828 Permits Utilities 4,145 0 0 4,145 Plans Specs 975 0 0 975 Subtotal Indirect Job Costs 11,948 975 0 12,923 Contractor Markup 30,481 0 0 30,481 Total Cost 149,922 123,248 3,504 276,674 I it Apr 06 2005 9:45 VAN VLIET REAL ESTNTE COM 858 759 7417 p.2 APR. 5.2005 1:23PM CITY BROOKLYN CENTER j ""1`10.576'-- •-P.2i2 APR 0 0 2005 I LOCAL BOARD OF APPEAL AND ECUALI TION CITY OF BROOKLYN CENTER a May 2, 2005 ?:00 P.M. i Application Form I Name -EOM VO-Al VLIF_T- Phon �S'f1 T9 Tyro Address 3 `1 13 4- 3 3 0 S f3 rL r 4V r- NV Property Identiflcation Number(S) l� ZI d- ItD-1 /4'r- L1 12 Appearance will be made: eX�_ In Person or By Letter i 2005 Eetimated Market Value 1 r L1r D U U Date of Purchase I 9 S Purchase Price 4 11 OdU Have you done any remodeling or updating since original p�rchase? (Description Cost) i __J NTH Conce 70 i I What is your estimate of the current market value? '7(1 FF t_L do/ Owner or Representatives Si n ature 9 1';C- L-� Date, a J j TWIN LAKE MANOR APARTMENTS 3305 and 3423 53 Avenue N. PID 10- 118 -21 -12 -0056 10- 118 -21 -12 -0057 Zoning: Its Land Area: 829,171 Sq. Ft. Year Built: 1967 GBA: 255,504 Sq. Ft. Units: 310 City of Brooklyn Center A Millennium Community TO: 2005 Brooklyn Center Board of Appeal and Equalization RE: George Van Vliet Twin Lake Manor Apartments 3305 and 3423 53r Ave N. PID #'s 10- 118 -21 -12 -0056 and 0057 On March 18, 2005, Mr. George Van Vliet, owner of Twin Lake Manor Apartments, contacted the Assessor's office regarding the 2005 valuation of the apartment complex. He was directed to wait for the official valuation notice that was set to mail on March 25, 2005. Following Mr. Van Vliet's receipt of the 2005 valuation notice, he contacted the Assessor's office with his concerns regarding the 2005 assessment for taxes payable in 2006. Mr. Van Vliet was directed to provide income and expense data for the year of 2004. Twin Lake Manor Apartments is a large complex of 310 units, consisting of 2 efficiency and 308 one bedroom units. The complex includes 70 detached garages. The apartment complex was constructed in 1967. The property is wood frame construction and in average condition. The property has an outdoor pool and large grounds area. Mr. Van Vliet and I discussed apartment sales, however, Mr. Van Wet does not agree with the use of market comparable sales that are available, as there are only a few available in this complex size. The comparable sale of Crossroads at Penn in Richfield, is a complex of the same age and unit mix, although larger. This sale indicates a price per unit of $38,395, with approximately 50% expenses. In reviewing Mr. Van Vliet's income and expense data, the income from rent appeared to be higher than typical market, in addition to the miscellaneous income. Mr. Van Wet indicated that he has high expenses in maintaining the property, however his expenses in the 60% range, appear much higher than the market. The information enclosed supports the 2005 estimated market value of $11,261,000 for taxes payable in 2006. This estimated market value is a per unit value of $36,325, comparable with the Richfield sale. It is my recommendation that the valuation be sustained with the opportunity for Mr. Van Vliet to continue to the County Board of Appeal. Respectfully, .....7 Nancy AMA 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.cityolbrooklyncenter.org City of Brooklyn Center A Millennium Community 3 Apd118, 2005 Mr. George Van Vliet Van Wet Properties, CCP PO Box 9780 Rancho Sante Fe, CA 92067 Re: 2005 Estimated Market Value PID 10- 118 -21 -12 -0056 AND #10- 118 -21 -12 -0057' Twin Cake Manor Apartments Dear Mr. Van Vliet This letter into inform you that an additional review of your 2004 income and expense data was completed per your request In addition to reviewing your income and expense records a review of typical market expenses and a gross rent multiplier calculation was completed to review the assessment I also spoke with commercial appraisers from both Hennepin County and the City of Brooklyn Parts regarding the apartment market and local trends. Information regarding the apartment sale in Richfield was also verified with the local appraiser that reviewed the property and verified the Certificate of Read Estate Value. He indicated that these units are in poor condition and that the complex was not sold for redevelopment, as the sale price far exceeds the value of the land. This property is much larger in size, but is representative of a predominately one bedroom complex. As we discussed the sate price per unit was $38,395. Market information indicates a vacancy rate in the 'Northwest sector of 4.8% to 6.9% and typical expenses in the 45% to 50 range. Your vacancy appears to be in line with market but miscellaneous income and expenses appear to be much higher than market, but were accounted for in the income approach. Your valuation at $11,261,000 or $36,300 per unit is reflective of the market sales and your actual income and expense data. After final review it is my recommendation that the 2005 estimated market value be sustained at $11,261,000 for taxes payable in 2006, and your case continued to the County Board of Appeal and Equalization. Your appeal request will be placed on the agenda for the Local Board of Appeal and Equalization for May 2, 2005. You may appear in person or have your concerns submitted by letter along with your application. It will be my recommendation that your appeal be continued to the County Board of Appeal and Equalization to try and resolve your 2005 estimated market value concerns as this is a complicated property and we did not agree on the valuation. 6301 Shingle Greek Parkway recreation and Community Center Phone TDD Number Brooklyn Center, MN 55430 -2199 (763) 569 -3400 City Mall TDD Number (763) 569 -3300 PAX (763) 569 -3434 FA X (763) 569 -3494 Your appeal rights are still open with the County Surd of Appeal and Equalization. The 2005 County Board of Appeal and Equalization begins on June 13, 2005, at the Hennepin County Government Center, 300 South Sixth St., Minneapolis, MN 55487. Application is required no later than June 6, 2005. You must call (6121 348 -7050 for an a000intment to aimear before the board. If after completion of the County Board of Appeal and Equalization a properly over wishes to continue the appeal process, an owner can appeal his or her case to the Minnesota State Tax Court. For information on the Tax Court, contact the Tax Court office at 25 Constitutions Avenue, Judicial Center, St. Paul, MN 55155 or by telephone at (651) 296 -2806. Thank you for your time and consideration with this matter. Sincerely, Nancy Uli cite City Assessor I EAK —Nwt Mc MM LOUI M p Output page Pale i of I Twin Lake Manor Apartments rzi X1$ MOS 39W 3M wgs U16 251$ MOO rvot 2 of 35 63AZ AVE N Umb ip f 524@ to 6 3 5415 i 1 5 I V1! SZWD AVE to r X11 5130 a &t$@ A4 5w also a} 's 56 1$i 5152 was Ut3 ISO am t 1 j T20 5110 S180 23 Si t7 its 5ttt j at EZ SSA stay n r50 scot ffirW stao 'a 5tn2. 5005 51 nT Avg N 804, b1$sAtW w S D46 Soa2 a�ax Sm sm c z A4r L DISCLAIMER The information Container! on the map is advisory. Map L_ Fo at accuracy is limited by the quality of the public reCOrdS from Whrdr it Was tur�t prepared. It is not intended as a sutfStitlft for an accurate fell survey. AERIAL PHOTOS Aerial photography is date sensitive. Feat=ures that east Municipal l sc:o in4al t presently in the County may riot be present in the phr s. Parc�at 8a httn- /1c Tie Incsic nrnlecsrcrlwth e%m wari werim�s� T crimnr►�Cwr�rinw mrs= },ravnitlt�nna=nYar nv '*t'liant�l CUOR 011}f11r PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURB 319 PROPERTY ID NEXT 10- 118 -21 -12 -0056 Pt.Con: Mt.Adr: Y HOUSE# FRACTION STREET FLAME UNIT ZIP +4 Front: Back: 3305 1/_ 53RD AVE N 55423+ Right: Left: Qwnerl: TWIN LAKES PROPE RTIES LLP Owner3: Owner2: Owner4: Zoning: R5 Prim /see: Yr.blt: 1967 Area: 381380 Acres: 8.70 Sch.Dst: 281 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 1274000 4465000 5739000 71738 A 0 2004: 1106000 4582000 5688000 71100 A 0 2003: 1106000 5390000 6496000 81200 A 0 Legal Description: LOT 1 BLOCK 1 TERRACE APARTMENTS ADDITION THAT PART OF LOT 1 LYING N OF A LINE RUNNING E PAR WITH N LINE OF SEC 10 T 118 R -21 FROM A PT IN W LINE OF SAID LOT 'I DIS 558 FT S FROM N LINE ..MORE LEGAL Tvoe PID or ADDRESS. press ENTER: or F1. F2. F8 PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURB 319 PROPERTY ID NEXT 10- 118 -21 -12 -0057 Pt.Con: Mt.Adr: Y HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 3413 1/_ 53RD AVE N 55429+ Right: Left: Ownerl: TWIN LAKES PROPS RTIES LLP Owner3: Owner2: Owner4 Zoning: R5 Prim /sec: Yr.blt: 1967 Area: 447791 Acres: 10.27 Sch.Dst: 281 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -band Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT awn 2005: 1226000 4296000 5522000 69025 A 0 2004: 1106000 4366000 5472000 68400 A 0 2003: 1106000 5144000 6250000 78125 A 0 Legal Description: LOT 1 BLOCK 1 TERRACE APARTMENTS ADDITION THAT PART OF LOT 1 LYING S OF A LINE RUNNING E PAR WITH N LINE OF SEC 10 T 118 R 21 FROM A PT IN W LINE OF SAID LOT DIS 558 FT S FROM N LINE ..MORE LEGAL Tvoe PID or ADDRESS: press ENTER: or F1. F2. F8 PROPERTY DATA SYSTEM *PUBLIC DISPLAY COMMERCIAL CHARACTERISTICS PART 1 CURB 311 PROPERTY ID BLDG NEXT 1Q- 118 -21 -12 -0056_ A ADDRESS`` 3305 1/ 53RD AVE N PROP NAME Twin Lakes Manor DIST 14 NBRHOOD 0075 FRONTAGE DEPTH AREA 381380 IRREG SHAPE NO ZONING R5 AREA RATING GOOD SITE RATING VG ALL.UNITS TRACKAGE NO SEXIER YES WATER YES STREET YES EXCESS LAND NO SOIL CORRECT NO CONSTR DUAL AVER USE CODE1 352 USE PCT1' 100 USE CODE2 USE PCT2 USE CODES USE PCT3 USE CODE4 USE PCT4: ARCH APPEAL AVER FUNC DEPR PC ECON DEPR PCT P DEPR PCT CONST YEAR 1967 EFFECT YEAR 1979 CONDITION GOOD CONST. CONC BLK EXT. WALLS WOOD ROOF STR. WOOD ROOF COVER INS ROOF HEATI TYPE HOT W HEAT1 PCT 100 HEAT2 TYPE HEAT2 PCT HEAT3 TYPE HEATS PCT FF AREA 42180 GB AREA 126540 NR AREA MEZZ AREA PERIM AREA TF'AREA 126540 AIR1 TYPE AIR2 TYPE AIR3 TYPE WALL AIR, PCT 72 BSM PCT BSM USE PLUMBING_ AVG ELECTRICAL AVG AVG /STORY 9.0 STORIES 3.0 CLEAR HGHT 8.0 ELEVATOR NONE SECURITY SYSTEM Press F1. F4. or FB PROPERTY DATA SYSTEM *PUBLIC DISPLAY COMMERCIAL CHARACTERISTICS —PART 1 CURR 311 PROPERTY ID BLDG NEXT 10- 118 -21 -12 -0057 A_ ADDRESS: 3413 1/ 53RD AVE N PROP NAME Twin Lakes Manor DIST 14 NSRHOOD 0075 FRONTAGE DEPTH AREA 447791 IRREG SHAPE NO ZONING R5 AREA RATING GOOD SITE RATING VG ALL.UNITS TRACKAGE NO SEWER YES WATER YES STREET YES EXCESS LAND NO SOIL CORRECT NO CONSTR QUAL AVER USE CODE1 352 USE PCT1 100 USE CODE2 USE PCT2 USE CODES USE PCT3 USE CODE4 USE'PCT4 ARCH APPEAL AVER FUNC DEPR PC ECON DEPR PCT P DEPR PCT CONST YEAR 1967 EFFECT YEAR 1979 CONDITION GOOD CONST. CONC BLK EXT. WALLS STUCCO ROOF STR ROOF COVER HEAT1 TYPE HEAT1 PCT HEAT2 TYPE HEAT2 PCT HEAT3 TYPE HEAT3 PCT FF AREA 42988 GB AREA '128964 NR AREA MEZZ AREA PERIM AREA TF AREA 128964 AIR1 TYPE AIR2 TYPE AIR3 TYPE WALL AIR PCT 73 BSM PCT SSM USE PLUMBING AVG ELECTRICAL AVG AVG /STORY 9.0 STORIES 3.0 CLEAR HGHT 8.0 ELEVATOR NONE SECURITY SYSTEM Press F1. F4. or F8 2005 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE 2oo4 UNIT W" UNIT PROPERTY AREAS 2005 EMV VALUES ill 2004 EMV VALUES 14 Twin Lake Manor. .Land 824,171 Land $2.500,000 58,059 Unit Land $2,212,000 S7.135 Unit Land 33053413 53rd Ave N. GBA 255,504 Building 8,761,000 sum [.'j Building $8,948,000 534.02 fn Building PID: 10-118-21-124056. 0057 Urds 310 Total $11,261,000 S44:07 [n Total $11,160,000 $43-68 [il Total A 1967 Change 0.9% ss6.3a6 Unit Change .12.4°10 s3u,0a7 Unit Change TWIN LAKE NORTH LarA 6- 51,400 Land $2,226.000 SSA64 Unit Land $2,226,000 seoss Unit Land 45004539 58TH AVE N GBA 354.912 Building $12,543,000 M34 [A Bunting $12,406,000 531.38 14 Building PID: 03- 118.21 -2225 AND 0027 Units 276 :Total $14,769,000 $41.51 {0 Total $14,632,000 s3T.6s M Total: Age 1%8 Change 0.9% 553.s1t Unit Change 1.3 0 /0 $53.014 Unit Change Center Paine tafxi 674,352 Land $2,016,000 Ss m Unit Land $2,016,000 sa.ow Unit Land 2802 NORThWAY DRNE GBA 245,313 Building $10,044.000 sd0.94 [t[ Building $10,043,000 :.S36.33 [i) Building PI0:02. 118 -21- 23-0015 Units 252 Total $12,060.000 $49.16 t4 Total $12,054,000 t4445 M Total Age 1968 Change 0.0% S4T.66T Unit Change 15.6% $47im Unit Change MELROSE GATES Lane 586,574 Land $1,745,000 sa,€ I Unit Land $1,736,000 56.600 Unit Land 6305.6547 CAMDEN AVE N GBA 220,711 Building $9,712,000 S"m 14 Building $9.721,000 s36.47 14 .Building PID: 36- 119.213i.W5 Units 217 Total $11,457,000 $41.91 M TOW $11,457.000 $44.44 M Total PFD: 36- 119.2144-0046 Age 1969 Change 0.0% 542.797 Unit Change 17.0% 540.797 Unit Change Earle Brown Terrace Land 142,098 Land 91,125,000 Se03 unit Land $980,000 $7,00 unit Land 6100 Summit Drive GBA t42,237 Building $7,280,000 551.18 [t[ Building $7.222,000 sm r7 M Building PID: 35- till-2t -44-0012 Units 140 Total $8,405,000 M.09 [!J Total $8,202,000 s47.68 J4 Total Sr. Assisted Living Age 1987 Change 2.5% i6oA36 Unit Change 1.5% ila. 6 Unit Change Carrington Drive Lar4 256,789 Land $1.025,000 s6.oce Unit Land $850,000 $6.641 Unit Land 1302 -08 691h; 69110.20 Humhoid GBA 121,160 Building $5,624,800 546.42 (1J Building $4.520,000 sarm 14 Building PIM 25419- 21 ,13L00ss ttuu 0046 units 128 Total $6,650,000 Ss4.88 [lJ Thal $6,050,000 #40.91 [I) Tofat Age 1965 Change 9.9% Ss1ss3 Unit Change 9.8% $47.2e6 Unit Change River Glen LWW 478,123 Lard $1,025.000 Same Unit Land $875,000 $7.413 Unit Land 407 70th Ave N GBA 131,848 Building $5,571.000 sa2.26 [ij Building $5,577.000 537.98 V) Building PID 25. 11921.434049 Units 128 Total $6,596,000 Sam [tj TOW $6,452,000 $44.61 19 Total Age 1971 Change 2.2% ss1,S31 Unit Change 10.4% swAos Unit Change View Pointe AParbrm is LAW 478,123 Land $980,000 $SAM Unit Land $825,000 56;762 Unit Land 6221 Shingle Creek Pkwy GBA 104,624 Building $5,137.000 s49.io [4 Building $5,286,000 s44an [,I Building PID: 35- 119 21.34.0004 Units 122 Total $6,117,000 SNA7 [A Total 96,111,000 543.11 14 Total Age 1973 Change 0.1% s5A139 Unit Change -17.9% ls0A90 Unit Change Sad 712002 $3.203.000 (AFTER ADJ) IMPROV $2;.550,000 IMPROV EARLE BROWN FARM APARTMENTS Larw 324,078 Land $965.000 58.042 Unit Land $625.000 SSAT4 Unit Land 170169TH AVE N GBA 139,044 Building $5,039.000 $1634 14 Building $5 S32.as M Building PID 35412-21-114M units 120 Total $6,004,000 543.16 14 Total $5,934,000 538.75 [8 Total Agee 1971 Change 12% limA 3 Unit Change 10.1% $OA50 Unit Change THE PINES (and 276,662 Land $825.000 Sam unit Land $675,000 se.616 Unit Land 6511 HUMBOLDT AVE N GBA 101.658 Building $3.994,000 539.29 14 Building $4,026.000 537.74 M Building PID: 35- 119.21 14.0009 Units 102 Total $4,819,000 W.40 pI Total $4,701,000 $44:.36 11 Total Age 1969 Change 2.5% $47.245 Unit Change 42% s4uss Unit Change GEORGETOWN TOWNHOMES L&10 476238 Land $740,000 $8.643 Unit Land $740,000 SsA43 Uri Land TOO 66TH AVE N GBA 165.912 Building $5,277,000 $3181 14 Building 95,149;000 531.03 [J) Building PID: 36-119 -21- 24-0047 Units 92 Total $6,017.000 s38.27 pI Total $5,889,000 MAO (j Total Townhome Styli -Age 1967 Change 22% Ses,402 Unit Change 6.5% 561.011 Und Change 041=005 2605 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE 2065 UNIT 2004 UNIT PROPERTY AREAS 2005 EMV VALUES C7 2004 €MV VALUES 1,1 WOVENNEARTS ASSISTED LIVING LAM 168,722. Land $725;000 $4.458 Unit $630,000 L7,000 Unit Land:.: 8061 EARLE BROWN OR GBA 51,736 Building $3,957,000 sm4a V] Building $4,000,000 smit 1/1 Building PIMO2- 118 21 -tt-0w7 Units 90 Total $4,682,000 580;49(4 Total $4,630,000 :$87.a8 14 Total Age 1993 Change 1.1% smoz2 Una Chan 2:4 4 /6 $51,444 Unit Change BROOKSIDE MANOR Land 293.074 Land .$720,000 sawn Una hand $618,000 ss.aet Unit Land 1300,1301,1121 67TH AVE N GBA 91.863 Building $3,688,000 W-is [I Bu ilding $3,784,000 s41:19 (4 Building PtO: 311W 19-21-224M, 045, OU6 Units 90 Total $4,408.000 S47.9 14 Total $4,402,000 fa'r. 14 Total Age 1968 Change 0.1%6 sii"Te Unit Change 0.0 $08.411 Unit Change Rivemood Apartments Lacs 244.247 Land $672,000 ssAw Unit Land $588,000 $TAM Unit Land 401.6425 %gLLOW Ln N/201.215 65th Av GBA 71,337 ..Building $3,382,000 $4TAI Building $3,406,900 ss5.2a [!J Building PID: 36. 119- 21- 424M. 06-38, OW9, 001 0. 00 11. 00 12, 00 13 Unas 84 Total $4.054.000 556.33 Total $3, 994,900 55151 (4 Total Age 1962 Change 1.5% $48.260 Unit Change 6.7 $47458 Una Change BROOKWOOD CROSSINGS I Land 169,470 Land $775,000 sa.ssa Unit Laid s5iiAw s7,6w Unit Land 6201 LILAC DRIVE NORTH GBA 144,.220. Building $4.492,000 $31.15 [11 Building $3.682,400 $26.73 (1) Building PI ©:38-119 -21- 33.0167 Units 81 TOW $5,267,000 $36.52 111 Tout S4,193AW $34.27 (R Total Age 1984 Change 8.9% $65.025 Unit Change 4.1%« $59,808 Unit Change improverner" tmprov. $700.000 EVERGREEN PARK MANOR LAI ed 203,018 Land $640,000 sa.9c. Unit Land $560,000 SIAN Unit Land 7200 CAMDEN AVE N GBA 86,552 Building $3,212,000 $37.11 yI Building $3.239,000 $37.42 (/I Building P10:25. 119 21- 12.0059 Units 80 TOW $3,852.000 s44.51 [4 Total $3,799,000 $43.89 [7 Total Age 1972 Change 1.4%4 $48,150 Unit Change 1.1%6 547,406 Unit Change TOTALS Land 612821525 Land $16,704,000 s 8.3" Unit Land $16,867,000 s 7.100 unit land and GBA 2,28 Am Building $97,713,800 s 42.77 14 Building $96..118,900 5 37.75 44 Building AVERAGES Units 2,231 Total $116,418,000 s 50:98 VI Total $11 2,985, 900 s 44.91 ul Total Exclude hnpr Change 2.4% s52182 uno Change i0.15%6 sms44 0* Change G:15PRE0SHT0ssemr%2045dfA(APT 77- $10.XL5)2005 Touft $700,000 Improvement $0 lnwmvem rTt a4_�1�6 ..:2005.[NCOME APPRt7AC 1 AtLYSIS APARTMENTS,,: Twin Lake Manor YEAR OF CONSTRUCTION: 1967 3305 -3413 53rd Ave N PID: 10-118-21-12-0056,0057 I E for Jan 04 and Fet 31U UNIT.: ECON :ACTUAL 1E3TAL In Confidential File UNITS RNIX RENT RENT ECCIN RENT 2 STUDIOS $480 $475 $960 $950 308 1 BEDROOMS $575 $550 $177,100 $169,400 0 2 BE}ROOMIS $0 $0 $0 0 3 BEDROOMS $0 $0 $0 70 GARAGES $45 $45 $3;150 $3,150 I, ECONOMIC ACTUAL MONTHLY ADJ. RENT $181,210 TOTAL ANNUAL ADJ. RENT $2,174,520 $2,082,000 TOTAL NUMBER OF UNITS 310 GROSS BUILDING AREA 255504 CAPITALIZATION PROCESS ECONOMIC ACTUAL POTENTIAL GROSS RENT (PGI) $2,174,520 $2,163,440 LESS: VACANCY COLLECTION LOSS %OFPGI 10.0% ($217;452) 5.00 ($108,172) OTHER MtSC INCOME 2.0% $43,490 6.00% $129,806 EFFECTIVE GROSS INCOME' $2,000,558 $2,185,074 LESS. ANNUAL EXPENSES OfPGI 45% ($978,534) 60% ($1,298,064) LESS; RESERVES FOR REPLACEMENT 0 10 ($0) 3°lg ($64.903) TOTAL ALLOWANCE 45% ($978,534) 63% ($1,362.967) ANNUAL: it tNOOME :$1,4Z2A24 $822,147 RETURN ON OF PERSONAL PROPERTY $29,760 $29,760 $800 !UNIT 12% NET INCOME TO REAL PROPERTY $7 Z Tax Rates (CAPITALIZATION leffective talc rate 1.87% !OVERALL RATE 6.00% EPF TAX RATE 281 1,87% TOTAL CAP RATE 7.87% i 7.87% 7.87 CAPITALIZED VALUE OF PROPERTY $12,608,000 $10,068,000 CAPITALIZED VALUE PER UNIT $40,671 $32,477 LV oer Unit BV oer Unit 2005 Land $2,500,040 $8,065 2005 Building $8,761,000 $34.29 $28,261 CORRELATED '2005 VALUE BY INCOME APPROACH $11,261,000 2005 per Unit $36.326 2005 per 1t1 $44.07 2005 assessment parcel Breakdown 10- 118 -21- 120055 158 Land Value BV EMV Sub 1 A 100.0% $1,274,000 $4.465,000 S5,739,0DO Total $1,274,000 $4,465,000 $5,739,000 10- 118 -21- 120057 152 Land Value BV EMV Sub 1 A 100.0% $1226.000 $4296.000 $5,522,000 Total 51,226,000 $4246,000 $5,522,000 Grand Total $2,500,000 $8,761,000 $11,261,000 STATEMENT OF INCOME AND EXPENSES N UMIAL Jan Fo"4 Mbar -04 Adr-04 Mawd4 Jun 04 Jul -04 Aun4�t YTO RENTAL INCOME (SR) 143;014.31 143,804.00 154,888.00 144,953.64 165,797.52 157,809.10 160,816.50 157,905.33 1§8,047.50 1S 4.2i.00 52,538,50 2,358.99 1 ?85; 7439 RENT CREDITS (SR} 8602.00 9.006.00 10.931.00 12.401.00 10.845.00 9,628.00 8,304.00 7.090.00 1.242.00 8.978.00 8,593.00 0.770.00 104.398,00 GARAGE INCOME (SR) 4.955.00 3.960:00 3.960.00 3150.00 3176.00 3130.00 4:895.00 3.894.00 3.755.00 3 875.00 1830.00 4.17020 48.750.00 LAUNDRY INCOME 2.730.00 2,993.00 3204.77 2.88325 2.400.50 2.431.78 3.81250 3.264,00 2.714.15 2.803.30 2,:178.50 2.818.75 35.035,08 TOTAL RENTAL INCOME OTHER INCOME 9,5 1521.31 159 545.00 172,&23.77 189,107.$9 162,719.02 173,691.86 177.629.00 172,153.33 171,800.25 167,885.30 185,942.00 186.123.74 2.033,957.47 Sfa:CURtTYOEPOSITS 4.280.00 8.750.00 9.750.00 4,100.00 8.315.00 7.359.00 4,200.00 8,996.50 4.080.00 8.400.00 3.129.00 8.999.00 74,328.80 APPLICATION FEES 150.00 35.00 0.00 33.00 150.00 785.00 250.00 530,00 345.00 450.00 242,00: 210 „00 3,182,00 LATE FEES 1,994.00 1,840.00 1.493.00 2.141.00 2,308.50 2,224.00 2,585.00 1,502.00 1,870.50 2,180:00 2,666.00 3.402.00 26,05340 MISC INCOME 10.65 1.71 4.72 4.42 40254 384.97 836.51 46,42 426 29 158.17 183.64 454.42 2.914. TOTAL OTHER INCOME 6,404.65 7,626.71 11,247.72 6,280.42 8,234,04 10,752.97 7 9„074.92 6,621.79 9,197.11 8,220.64 11.065.42 102.4758 TOTAL INCOME 165,926.96 167,191.71 184,071,49 170,38639 GENERAL AND ADMINISTRATIVE! 190,953.06 789,489.83 185,479.51 *81,228.25 178,331.04 177,062.47 174,162.64 177,169.16 2,135,439.43 6ECURITY DEP REFUNDS 1,059.79 313.49 601.87 1,022.14 2.115.92 1.303:83 4 ?.2.33 1,099.13 1,918.42 932.95 1,088.49 1,289.44 9 9 RESIDENTSCREENING 480.00 488.00 818.00 1,215.00 423.00 825',00 725,00 .388. M1ANAIMENT FEE 9.115.04 8.880.05 8,802.60 9.412.95 8.625.00 ,064.28 9.447,99 12 12 9 372.00 9214.87 9,t37 443{13.90 ,68 110,8 9605. 44.20 ?.2TS a4 ',S a•2 Z,089..i 0 OFFICE EXPENSE 3 NSE 521` '.,063..ra ?,089 't ,30285 3.697,85 3,686;35 5.807.43 4,153,95 4,000,69 2,935192 1,882. '1+8859 2,582.55 2,063.06 1,974.88 2,323.05 38,294.56 EVICTION EXPENSE 0.00 0.00 0.00 0,80 741.00 387.00 02,6128 S4900 1,928.00 494.00 74'1.00 1,235.00 9,,109.3,8 RCTURNED CHECKS 299.00 0.00 0,0 950.00 0.00 1.88840 094.00 11002.0 2,210.00 1,863.00 1,263.50 700.00 10,027.50 OLITSIOE SERVICES Z060,06 2,983.45 2.561.75 2,188.23 2.571.36 3.178.83 3.261.44 3,588.43 2,558,18 1.998.83 3,182.89 2,916..88 32,998,31 CARPET CARE 487.72 $31,67 22099 858:25 437.96 883.79 959.37 694.92 497.89 1 085.81 1,048.39 882 37 7,687.39 CARETAKERS ICLEANERS 4,161.OD 4,043.0 4,549.00 4.769.00 4.727,53 4,163.00 4,541.00 4,110.00 4,979,59 447040 4,318,00 3,993.00 52.64012 LAWNCARE /SNOW REMOVAL 1.348.75 3,070.28 606.0 2.820.53 2.646.53 2,648.53 2.646.53 2.646.53 2.646.53 2,646.53 0.00 HEAT GAS 19,689." 23.90190 25, 76 15,336:12 11,371.88 9,877,67 S 31 6 .00 57,50 ELECTRIC 4.18 5 444.03 2.592.9? 2.517.38 2.484.26 0,00 4.123.16 2,830.38 2.262.87 2.452.08 2.448.8 2.303.61 11,133.83 20,286,05 157,58x.42 WATERSEWERRECYCLE 0.00 0.0 19.796.99 0.00 0.00 19,443.04 0.00 2x43.23 2,1929 26,3 +310.86 611 11,830,22 1AS 473.77 79.32 3.465.1 0.00 20,067.91 79,138.1 TELEPHONE 5 272.50 291.16 21237 301.08 29.65 828,15 361.61 LICENCE I PROF. FF�3 115.81 0.00 9 2,305. 5.01 446,27 21.65 5 0.00 0 0.60 0.00 1,553.0 0.00 $.051.00 851.64 36.00 0.170 11,229.45 MSC EXPENSE 64,50 1,118.50 105.0 147.00 350.00 0.00 Moo 040 SUPPLIES 2,608.14 4.312.72 1.858.40 2,430.80 3.756.42 2.580.08 4.370;40 2,827.74 3,703. 5.552.8 4.561.10 4,372.9 42,832 REPAIRS /MAINTENANCE 3250 340.50 0.00 0.00 267.42 33240 0:00 9315 0.00 040 0.00 0.00 1.368.07 PAINT 0.00 280:22 338.78 300.64 0.00 3001.84 PAINT CONTRACTORS 308.92 1 8040 300,64 240.43 326.09 300.54 722..07 3,427.17 POOL EXPENSE .730:00 1,310.0 2, 1.150.00 1.020.00 1.93540 2,005.00 1,392.02 2',392.50 3,485.0 3,705.0 3,824,99 27,549.51 0.00 (1.00 0.00 8.00 1,000,90 OAO TAXES,40 RATE APPLICATION 0.00 0.0 $25.00 0.00 0.00 419,60 0.00 0.00 2 .03 588 4.00 3. 00 0. 00 0.00 0.0 TAXES, REAL ESTATE 19,908.61 19,998.51 17,523,80 17,623.80 17,523.80 17,523.80 17, 17,523.80 17.523.80 78,399.19 17,5'23! 040 0;00 0.00 0.00 0.00 BANK SERVICE CHARGES .80 21,548.05 2110.134 666 GLAS 59,04 6x3:80 41.77 43.38 70.73 62.08 5027 30.37 7.60 13.14 0.00 15.61 25.34 88 GARB AGE REMOVAL REP 482.90 10.00 697.88 783.10 432. GARBAGE 31800 ,.60 913 1,248.57 1,286.16 1;318,45 392.58 985.:!5 9,755.7'9 2,546.84 2,180.49 1173 40 2.054.02 2.478.41 2.07124 2,084.84 2.153.29 2,86821 2.278.57 2.508.47 2.150.89 2,183.85 27,357.12 SEWER REPAIR rMAINT 0.00 DOD 0.00 78040 0. 0.00 4.00 0. 00 UTILITY VEHICLE 0,00 0.00 0.00 0.00 u.00 00o ODO 0.00 3.00 1,639.50 0,00 7 61915 TOTAL GENERAL AND AL1M6V 62,688.47 90,83320 102.121.18 79,91144 74.904«41 94.021.84 71.916.86 54,890.08 91,993,94 132.417.49 75.300„23 to"24.112 9.073 „848,95 T SELLING EXPENSE Jan4)4 Feb-04 Mar-04 AmO4 Mav -04 Jun44 J04m Auca134 Seo-04 Octt -04 NOV-04 Llac -04 2nrw YTO SALARIES AND WAGES OFFRCE 8.990.45 8,910.46 8,910.46 8,910.40 16,720,36 14,388:29 16,247:03 14,567.88 12,27812 13,115.67 15,21582 18,909.34 157,118,05 MAINTENANCE 11,89749 11,684.14 12,383.80 12.931.68 lo,Ba9 14.897.71 13,033.16 9,68,3.29 9,300:40 11,280.83 12,931.32 1'7,166,92 147,614.32 14eALTHCARARE 47100 47 16 0 472.60 472.60 472.80 700.00 472.60 472,60 472:00 472.60 472,04 708,90 2 26..0 4327,39 1 9 ?1.10 1 3 X20.41 3 310:9? 17 8.143.80 ADVERTISING 3.07060 2.11 ?.61 3.621.25 3. TOTAL SELLING EXPENSE 24,151.18. 23,184:$1 29,967.91 25,1128110 .32,138,11 31 915 8 87.20 2:1$720 1 59 3.52 3 ?.488.2.X1 0 31,826,13 26,073.98 21.388.04 28,436.90 31.006.74 38.348,78 .15 NET OPERATING INCOME F 343.,181.18 BEFORE C AP, IMP 8 C8T SERVICE 50.168 34 8317330 50:557 43 64.949,97 d3 5a,514.39 58.514.39 81.935.52 86,264.19 55.969,o8 lTbu886 87.635.85 31,516:26 711.425 I 1TAL iMPROVEMSNTS v .r ��I TI PETING t 2.151.76 5,269.47 7,'959.52 13,802.45 12,704.99 4,022.04 2,714.82 5,115.02 4,75782 3,774,19 3,4.16 R3 2,629.08 69.Qa�.wS PLIANCES 35252 4,367,58 0.00 3,890.46 4,605.09 6,39321 3,182.41 2,654.08 6,994.70 2,236.85 7,642.24 2,006.'10 38,385.24 CONDiTIONEA 0.00 0.00 0.00 0.00 0.00 0.00 a.UO 0.00 0.00 u.tf0 0.00 0.00 0.00 KETS /DOORS 0.00 0.04 000 0.00 0.00 0.00 0.00 0.00 485.00 1.098.00 ODD 276.80 1,85$.OA OR Moo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0:00 0.00 ODO 0,00 0.00 All 0.00 0.00 0.00 0.00 OA10 0.00 0.00 00 0.00 0.00 o. O DO 0.00 0.00 PAINTING CONTRACTOR 0.00 0.00 250.00 0.00 0.00 0.04 0.00 O,t� 0.00 A O 0 7 f'!'16 2 21 0.00 298D0 t0 11 SLPPUES 343,56 0,00 ODO 2,888.48 2,258.20 1,318.99 76.01 0.00 529.09 779.60 1 ,1m 0.00 o CABINET'S 0.00 0.40 0.00 0.40 0.00 0.00 0.00 0.00 0:40 O.UO 0. 43 4.00 4.07 3.829.23 ENTRY SYSTEM 0.00 0.00 0.00 300.00 0.00 0.00 0.00 647.94 S19.72 765.47 672.03 O.0.00 0.00 w CEIv1E1 rWORK 0.00 0.00 0.00 0.00 0.00 0.00 O.OQ 0.00 0.00 0.00 ODO TOTAL CAPITAL 1MPROV9 3.493.83 8,837.03 8,209.".12 20.971.39 19.626.28 11.734.24 8.973.04 8.417.54 14 08!149 8 554.07 6 6.1"13 123,444.93 (530.00 x 310^ $9300) 43,!70.98 04,244.26 48,780.15 75,962.44 77,646.55 41,682A3 8,154:61 40,8741.34 26,812.13 693, 1100.40 NET aP R FiAr(NO INC IL0881 98,714.61 43,536.68 46,341M 'PTGAGE. PAYMENTS. (PI) 52,752.00 32.752.00 32.752.00 32.752.00 52,752.00 52,T52.00 52.752.00 52.77'2.00 52.752.00 52.752.00 52,782DQ 52,752.00 633,024,00 HET 4 pERATIN43 INC (LOSS) Q 43,5974c 92b�3{ -494 z%043:2a �/I�T'LSt.YSI�:EiT- St`JttllCG�i ?_982.5! •4 �4r404 .G6..----- �IS,T�,.47- a�1�S63t i,Y7t,46-- -2Jr2- 18.44- a1S;49�I =3: t j r 1 pi 4 i PROPERTY USE: APT Low Rise MUNICIPALITY: RICHFIELD COMPLEX NAME Crossroads at Penn COUNTY: HENNEPIN ADDRESS: 7604,7610,7740, 7720 Penn Avenue South PIN 32-028-24-44-0003 Seq t AUDITOR ID: 873616 MULTIPLE PID: Y COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Dhitt/ Effective Year Built 1968 1968 Buyer: Crossroads at Penn, L.L.C. Cost Quality/ Condition: AVERAGE FAIR Sell: Richfield Fusing Assoc I. L.P. Coast Class/ Bst Use: WO or Stvil Stud Finn Sale Data: Date of Sale: 9115/04 Roof Type Exterior Type: Flat Bridt Total Purchase Prime: $26,800,000 Terms Roof Cvr 2nd Exterior Type: Tar and Gravel Set 1 Assume Ind: Y DN PMT-$11,387,268 No. of Stories Bldg Height 3.0 9 Ft 1 $15,412,732 PMT-S55,843 INT- 7.68% PMTS-276 No. of Bags Units Each: 5 BALLOON DATE 111/2027 Bsmt Area Finished: Sot Ft Sq Ft Set 2 Assume Ind: 1st FI Area GBA: 200,550 Sq Ft 601,650 Sq Ft PMT- INT- PMTS Perimeter 8,900 Ft 3 BALLOON DATE Tot Units Avg Sz: 698 Units 590 Sq Ft Cash Equivalent Price: 6.26% $26,80().004 Tot Rums Avg Sz: Rooms Sq Ft Cash Equivalent Adj., 1BR 1,00 BA/Size: 698 Y N N N 1 590 Sq Ft LESS: Personat Properly: $0 Garage Stabs: 4 PLUS: Special Assessments: $0 SpI Assessment Verified Inc(: N Cash Equivalent of heal Estate: $26,800,000 Sale Sale Price Per Unit $38,395 Analysis: Sale. Price Per Room: Sale Price Per Sq. Ft. GBA: $44.54 Primary Heating Pod Hot Water 100% Gross Rent Multiplier. Smeary Heating Pct Income Sprinklers/ Elevators: 4 0 Data: PRIVATE DATA Parking Surface Area: Asphalt Control Entry Laundry: Yes Patio or Decks: No Lake or View: Tonal Land Area t Excess land: 1,000,658 Sq Ft P N Useable Land Area: 100,658 Sq Ft Zoning: MR -3 Muth Res. Utilities: AN Public Apt (tents: PRIVATE DATA Units P Acre Topography: 30.38 Rom Environmental Concern Ind: Includes: Heat Water Trash Location Rating Factor Other Amenities: points The Y/N text to the unit desc indicate {Stove Refrigerator}( Dishwasher) (Garbage DAspo sa"Washer &Dryer) {No. of Air Conditioners Per UmQ -(N0, of Fifepla Summary Comments: As per Bob Fob, Atwmey for Seller, sub(ect was fisted 'Fox Safe' on open Market.The subject property had been on the market for sometime. She complex consists of 5 apt. buildings. with 138 to 140 one-bedroom units In each, for a total of 168 units. each building has approximately 100,000 &F. of floor spasms on three levels. The complex also has a seperate office butting with an indoor swim pool fitness center. The grounds contain a swim pool, tennis courts volleyball couM The property has a high profile location at the intersection of Interstate 494 and Penn Ave. and across from the Best Buy corporate campus. Domir ium purchased 50% smote in the Crossroads at Penn 3/95 for $18,500,000 from Han; Ratner and Mary Wotfenson. The most recent decision to sell was driven by the estate' planning needs of Ratner and Wodanson, according to JonSegner, D ominium °s chief Financial Officer. Crossroads at Penn. LLC T. E. Offer Development a company formed by Torn Miller and Mite Gravin Page 2 PIPE 32- 028 24-44 -MO3 Seq PROPERTY USE: APT Low Rise MUNICIPALITY: BLOOMINGTON COMPLEX NAME Hampshire Hills Apts COUNTY: HENNEPIN ADDRESS: 10650 Hampshire Avenue South PIN 32-116 -21 -31 -0006 Seq 1 AUDITOR ID: 847769 MULTIPLE PID: Y COMMUNITY: NBRHOOD: s PROPERTY DESCRIPTION MARKET DATA Year Builtf Effective Year Bunt: 1986/1987 1987 Buyer: SFERS Real Estate Coperation If Cotst Quality/ Condition: AVERAGE GOOD Seller: Hampshire Apartments, L.L.C. Cans/ Class/ Bsmt tire: Parking WD or St" S Ffm Sale Data: Date of Sale: 1!7104 Roof Type Exterior Type: Hip Mood Total Purchase Price: $43,500.000 Roof Cvr 2nd Exterior T Terms Set 1 Assume Ind: DN PMT -$o No. of 3.0 Stories Bldg Height bs 9 Ft No. of Bldgs Units Each: 7 PMT- tNT- PMTS BALLOON DATE Bsmt Area Fined: 199,766 Sq Ft 0 Sq Ft Set 2 Assume Ind: 1 st R Area I GBA 199,766 Sq Ft 800,613 Sq Ft PART- INT- PMTS Perimeter. 7,320 Ft 4 BALLOON DATE Tot Unless Avg Sz: 524 units 935 Sq Ft .Cash Equivalent Prime: 0.1396 $43,507/,004 Tat Rooms/ Avg Sz: 524 Rooms 935 Sq Ft Cash Equivalent Adj: EFF 1.00 BA/Size: 29 Y Y Y N 1 0 891 Sq Ft LESS: Personal Property: $750, 1 BR 1.00 BA/Size: 191 Y Y Y N 1 0 820 Sq Ft PLUS: Special Assessments: $0 2BR 2.00 BA/Size: 344 Y Y 'Y N 1 0 1,040 Sq Ft SpI Assessment Verified Ind: N Basement Garage Stalls: 532 Cash Equivalent of Real Estate: $42.750.000 Sale Sale Price Per Unit: $81.584 Analysis: Sale Price Per Room: $81,584 Sale Price Per Sq. Ft. GBA: $53.40 Primary Heating Pct Hat /Water 100% Gross Rent Multiplier Secondary Heating 1 Pcl Income Sprinklers I Elevators: 25 7 Data: PRIVATE DATA Parking Surface Area: Asphalt 452 Control Entry Laundry: Y Yes Patin or Decks: Pabos/Ba" Lake or View. Total Land Area I Excess Land: 1,315,090 Sq Ft F N Useable Land Area: 1,315,090 Sq Ft Zoning: RM -12 PD Utility: at public ,apt Rents: PRIVATE DATA Units P Acre I Topography: 17.36 basically level Environmental Concern Ind: Includes: Heat Tram Garage Location Rating Factor Other Amenities: points The Y/N next to the unit desc indicate, (Stove Refrigerator (Dishwasher)-(Garbage DisposaQ- (VYasher&Dryer) -(No. of Air Conditioners Per Unit)-(No. of F`uepia Summary Comments: Rents are actual as of date of sale. Occupancy at time of sale was 90%. Expense information estimated. The PGRM of 7.0 is sound. The units have been remodeled and are in good condition Tenants are responsible for water electric. Heat, sewer, trash and urxierground garage are included in rent. Tian Ellsworth with RREEF stated that the $2,900,000 in bond finances obtained in 1997 was paid off and that the sale is considered to be cash equivalent. The personal property of $750.000 or $1,431.30 per unit is acceptable based on their condition and that laundry equip and offs furniture are also incktded. PUBLIC INFORMATION ACE PUBLIC INFORMATION T amoor _72"m IC I PROPERTY USE: APT Low Rise MUNICIPALITY: EDEN PRAIRIE COMPLEX NAME Broadmoor Apartments COUNTY: HENNEPIN ADDRESS: 635 Prairie Center Drive P! i4-11 S N 6- 22-32 -03t}6 eq 2 AUDITOR ID. MULTIPLE PID' Y COMMUNITY NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Builtl Effective Year Built: 1980 1983 Buyer. Castle Ridge Apartments, LLC Const Quality/ Condition: AVERAM AVERAGE Seller: K.S.C.S. Properties Const Classf Bsmt Use: WD or SWO SuA Frm storage Sale Data: Date of Sale: 10/1104 Roof Type t Exter�r Type: Mansard CedartRedwood Total Purchase Price. $13,157,130 Roof Cvr 2nd Exterior T Terms Type: Shingles/Composition les/Coinposition Br'ck Set 'I 'Assume Ind: Y DN PMT $8.0,000 No. of Stories Bldg Height: 4.0 g Ft 1 $5,157,130 PMT- INT- PMTS_ No. of Bidgs Units Each: 1 i BALLOON DATE Bsmt Area Finished: 15.824 Sq Ft 0 Sot Ft Set 2 Assume Ind: 1st FI Area GBA: 70.342 Sq Ft 240,770 Sq Ft PRAT- INT- PMTS Perimeter 2,975 Ft 4 BALLOON DATE Tot Units /Avg Sz: 221 Urns 624 Sq Ft Cash Equivalent Price: 0 $13,057,130 Tot Room/ Avg Sz: Roams Sq Ft Cash Equivalent Adj:. EFF 1.00 BA/Size: 26 Y N Y N 1 400 Sq Ft LESS: Personal Property: $100,000 1$R 1.00 BA/Size: 144 Y Y Y N 1 602 Sq Ft PLUS: Special Assessments: So 2BR 2.00 BA/Size: 51 Y Y Y N 2 801 Sq Ft SpI Assessment Verified Ind: N Detached Garage Stalls: 76 Cash Equivalent of Deal Estate: $12.957.130 Sale Sale Price Per Unit: $58.630 Analysis: Sad Price Per Roan: Sale Price Per Sq. Ft GBA: $53.82 Primary Heating Pct Wall Furnace 55% Gross Rent Multiplier: Secondary Heating Pct Hot Water 45% Income Sprinklers Elevators: 100 4 Dom: PRIVATE DATA Parking Surface Area: Asphalt 1 Control Entry Laundry: Y yes Patio or Decks: no Lake or View: Total Land Area Excess Land: 468270 Sq Ft F N Useable Land Area: Sq Ft Zoning: RM 2.5 High Density Utilffies: All Apt Rents: PRIVATE DATA Units P Acne Topography: 20.56 Environmental Concern Ind: Includes: Heat Water Trash Location Rating Factor: Other Amenities: points The YtN next to the unit desc indicate: (Stove 8 Refr at r)- (DishwasherHGarbage Disposal} Masher &Dryer){No. of Air Conditwrs Per Ur*) -(N of Firepla Summary Comments: This a complex orb constructed in 1980 as a 240 -und senior housing condominium project. There were only about 25 units that were sold in early I Ms and the rest of the units remained unfinished interior) before project stopped selling individual units and converted to rental housing from 1982 thru 1885. Thee is a conskienaEbie amount of common area witin the project as 4 was designed for senior housing and has dining and commercial kitchen along with many other indoor amenities (pool, activity rms. exercise rms small commercial shops, etc). These common amenities were little used from 1985 to 2004. New owners hope to convert back to senior rental housing in n wrt couple of years. Currently tie are 221 rental units consisting of 227 condo units(12 of the condo units were combined into 6 -apt units). The remaining 13 -condo units are individually owned and not part of 10104 sate. Page 2 PIN 14- 116 -22- 32-031 Seq 2 5 r Mtn ti fami Y Housing Sees Fierce Competition All of the sectors in this study had lower year -end Took for the metro -wide vacancy rate to drop below vacancy rates than a year ago, and apartment sales 7% in 2005. Apartments have been and will continue frequently involved a bidding frenzy by buyers of to be a sought after property type. Investors need Aggressive concessions available properties. These factors would normally to be cautious as yields have been very compressed. indicate an improving landlord's market, but the Fundamentals will slowly improve in 2005 and the long were offered in 2004, opposite has actually been the case. low interest rates, term outlook Is very good. rampant condominium developments /conversions as apartment owners and the softness of job growth have all eroded tenant demand. The reduction in demand along with high Multifamily Housing Vacancy and Rental Ra noes struggled to retain concessions has lowered rates of return for apartment owners. and attract tenants in The Twin Cities housing market has undergone a a fiercely competitive multi -year boom in the development of new houses i and condominiums. Renters are attracted to home s market. ownership with mortgage payments competitive with monthly rents. This is the main reason why apartments with high rents have experienced the most significant vacancy levels in recent years. Aggressive concessions were offered in 2004, as apartment owners struggled to retain and attract tenants in a fiercely competitive market. Moving expenses, leniency on pets, free plasma Ns, and free rents up to three months are some examples of the Incentives offered. While physical vacancies have been trending downward, the pinch has been felt in the economic vacancy, which is a measure of the impact upon rates of return created by a combination of physical vacancy and concessions offered by apartment owners. As a result of these market pressures, apartment owners are eagerly anticipating stronger employment growth, improving demographic demand, and a rise in interest rates to increase the pool of renters and slow the exodus of high -end tenants into the housing market. xe. G °IA Ma4ue*te Advwrs °ua'%15/2005 15:10 FAX 1 312 946 9297 DELOITTE I TOUCHF 2003 gH0 :(ss 0 N01lnno Y 090901:01s9 v 86Z8ZtZ :$ING s 1K3 r NUR 1u50 90 1 Wd iZ:99:Z ;00Z9i1ti !Y anaa: Zlz 3,lYd LOCAL. BOARD OF APPEAL AND EQUALIZATION CI'T'Y OF 8ROOKL,YN CENTER May 2, 2005 7:00 P.M. Application Form NamEa LaQuinta Properties Inc. Phone (214) 492 -6863 Addre$',S 6415 James Circle North Property identifcation Number(S) 35- 119 -21 -42 -0011 Appearance Will bye made: in Person or x By Letter 2005 E stirnated Market Value s2,5e0,000 Date of Purchase 2004 Purchase Price 51'666'170 Have yc.0 done any remodeling or updating since original purchase? (Description Cost) NO Concern(s) r r What is 'dour Estimate of the wrferit mar ketC va To Be Determined Owner ar Representatives SignGtture Date: 04/15/2005 ;,.,'/15/2005 15:10 FAX 1 312 946 9297 DELOITTE `TOUC4 [a 002 D Deloitte Tax LLP 200 East Randolph Street Chicago, IL 60601 -7002 USA Tel: +1 312 946 3000 Apri l 15, 2005 Fax: +1312 9d6 2600 www deloitte.corn Via Facsinn'te Nancy Wojuik City Assessor City of Brooklyn Center 118 North Clark Street, Room 320 Brooklyn Center, Minnesota 55430 -2101 Re: 2005 Real Estate Assessed Valuation Appeal La Quinta Inns, Inc. 6415 James Circle North Brook] yn Center, NI N 55430 parcel .Number: 35- 119 -21 -42 -0011 Dear Ms. N6'ojcik: This letter is accompanying the enclosed 2005 Real Estate Assessed Valuation Appeal "Appeal for the above referenced property "subject property which is owned by our client, La Quinta Inns, Inc. Enclosed is a Letter of Authorization authorizing Deloitte Tax LLP and its representat] N es to represent the subject property on behalf of La Quinta Inns, Inc- for the 2005 tax year. We are currently in the process of obtaining the 2004 Income and Expense data you requested and will forward it to your office as soon as it becomes available Thank you in advance for your cooperation and consideration of this matter. If you or your staff has any questions or requires additional information, please contact me at (312) 242 -9004 or Russell Cech at (312) 242 -9298 Respectfully submitted, J Shawn King Enclosures Mvmbcr of Deloitte Touche Tohmatsu r `;,4115/2005 15:10 FAX 1 312 946 9297 DELOI= &'TOUCHE X1004 L a Q uinta Inns Inn Suites UITER OFAUMURIZATION 6 TO WHOM IT MAY CONCERN. $aymonf Properdes LLC: H616by appoir, and authorizes Dele to Tax LLP as agent to xpteSeart all mattm to ad valovem and nom ad valorem taxes. Deloftk Tax LLP has the right to file retams, examine records, obtain all tax statements and diwws or appeal any flax assessme lh to the proper authorities. D joule T4x LLP is fartbe r avftemed to renew and rwctivo copies of any pnor years proPextY tax rattans, letters of appeal, spud all information and docUMOUtadOlt prfjsented UD taxing authorities or bm* of compdmt jurisdiction in support of airy appeal on behalf of the owner. Detoute Tux LLP is a"thonzod t4 act as agent with those aforemeafioned rights on pmperdes owned or miciftlied by the u�,Wd eu�t The rights, Pavers, and Authorization of DeloWe T ar LLP herda granted shall commence upon the ex ion of this letter of authorization and shall remain in cffeet tumdl such time as Deloitte Tax LLP +contractual abligadons Iaave legally expired or have been tmminated. PPOPER�rn 35- 119 21 42 0011 6415 James Circle forth LOCATION., Brooklyn. Center, MN 55430 (Hennipin County) NAN M TITLE: Q1� DATE: Sworn and subscribed before vae this day of Z004 MH&% HE �Ot.St;} �`�.j��2C NuUUy�l� afTaxrs My Cmiim scion exp' EM" L La Quanta Cwpotoa 909 Mdden Rtdge, me 600 WUZ Texas 7%38 o6,�„m 71e.loo.aann AGE -111_' RCS AS 72ftR190M S•5A•'12 dM fr_on►ry c4...a�.d r.....: M..,..........._�...��.- uI r Baymont Inn Suites 6415 James Circle N. PID 35- 119 -21 -42 -0011 Zoning: C -2 Land Area: 91,770 Sq. Ft. Year Built: 1980 GBA: 38,700 Sq. Ft. Units: 92 z X_ an i�' City of Brooklyn Center A Millennium Community TO: 2005 Brooklyn Center Board of Appeal and Equalization RE: Baymont Inn Suites La Quinta Properties Inc. 6415 James Circle N. P I D 35- 119 -21-42 -0011 Our office was contacted by Shawn King, Deloitte Tax LLP, regarding an appeal of the 2005 estimated market valuation of the Baymont Inn Suites on April 15, 2005. Mr King was requested to complete an appeal application form to be placed on the agenda for the local Board. Mr. King was requested to provide income and expense documentation for the Baymont Inn Suites. Mr. King was informed that the deadline to complete an appraisal review prior to the local board had expired April 15, 2005, and that he would be considered as a write in appeal Do to the late contact no interior inspection was completed for this report, as Mr. King had not set up an interior appointment with the manager. The Baymont Inn Suites was purchased September 3, 2004 by La Quinta Properties, Incorporated for $1,666,170. The Certificate of Real Estate Value recorded with the deed indicates that no personal property was recorded with this sale. The cash equivalent sale price of the real estate would remain at $1,666,170. The Certificate of Real Estate Value Supplemental Schedule indicated that the sale of the Baymont Inn Suites in Brooklyn Center was in connection with the sale of the seller's business. Upon verification of the sale with Brent Sparlly, La Quinta Properties, this property was one of a package sale including ninety -nine Baymont Inn's. Due to the lack of value allocation documentation and the inclusion of a business entity, the sale was rejected as open market, as it was not representative of a typical market sale. P typ The property is a suite style hotel currently managed as a Baymont Inn Suites. The property was constructed in 1980, and includes three stories with a g ross building area of 38,700 square feet. The property includes a lobby, breakfast area, manager apartment, and 92 rooms. The property appears in average condition. The 2005 estimated market value was held at $2,239,000 based on the recent sales transaction and a drop in the income reported on the lodging tax reports submitted to the city. The sale information enclosed indicates a range of value per room for suite style hotels from $39,300 to $63,800 per room depending on the location and franchise. The Baymont Inn Suites is currently at $24,337 per 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.cityofbrooklyncenterorg room based on income reported through December, 2004. Mr. King indicated that due to the recent purchase he was able to provide only partial income for 2004, and reconstructed the entire year, based on the income he had. It is my recommendation that the 2005 estimated market value of $2,239,000 be sustained. This value is substantiated by the income reported, current market information and overall equalization of the hotel assessment. STAFF RECOMMENDATION: 2005 Estimated market value of $2, 239,000 be sustained. Respectfully, f Nancy ojcik, S MA City Assessor LOGISMap Output Page Page 1 of 1 Baymont Inn Suites r Mrc GAPAGE CA'\"WAY —07TH AVE N— f PAiiKWAY CM 1801 6628 22 68M �Ot 8890 N 2280 8811 4800 2100 2W 2000 2490 22 ,800 23oo 2101 l FREEVYAY BWD _OSTH AVE N 6681 "8i90 64M 6025 r "40 1801 S 6.,6 66,9 16 ubject SAT 86,8 j 1800 a f3ai2 6a3 r�i 842 :z, X6618 STq 1 6606 p. eon 64M edw 8612. 57q� 22 I MTN AVEN: fta V W42 4 Y mol we@2aef,2d 4 �._sotvW2r6210W8 .SHyNGIfiCMeKPKNJYTOE916B4 J SMNGLE CREEK K PKWY To SB l94 o mo Z 4R ,taoo 1lmceme —AmN/S Cgq'v.iC1LoGiSG 202 UU SWT 8,80 812E ORN Bt20 r.: BO6N DISCLAIMER The information contained on this map is advisory. Map wd Lege F*3 nr1 FF'ig:hligtt'tasi Faa'tura accuracy Is limited by the quality of the public records from which it was prepared. It is not intended as a substitute for an accurate field survey. strut raam6as 1 ♦'Dues h�urnbsr;ir AERIAL PHOTOS Aerial photography is date sensitive. Features that exist y r Mun ir:ipa] Bo u n€ia ry presently in the County may not be present in the photos. Stre4317S Lakes 8.:Btmamm Parks 4 Pkarc:;"J Baca http:// gis. l ogis .org/servlet/com.esri.esrimap. Esrimap ?ServiceName= brooklyncenter ov &ClientVe... 04/28/2005 PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURB 319 PROPERTY ID NEXT 35- 119 -21 -42 -0011 4 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 148 Back: 6415 1/_ JAMES CIR N 55430+ Right: Left Owners: DELOITTE TAX LLP Owner3: Owner2: LA QUINTA PROPER TIES, INC. Owner4: Zoning: C2 Prim /sec: Yr.blt: 1980 Area: 91770 Acres: 2.10 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: 321 Mkt -Land Mkt =Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 720000 1519000 2239000 44030 C 0 2004: 720000 1519000 2239000 44030 C 0 2003: 720000 1860000 2580000 50850 C 0 Legal Description: LOT 1 BLOCK 1 B AND G REALTY ADDITION TVDe PID or ADDRESS: oress ENTER: or F1. F2. F8 PROPERTY DATA SYSTEM *PUBLIC DISPLAY COMMERCIAL CHARACTERISTICS PART 1 CURB 311 PROPERTY ID BLDG NEXT 35- 119 -21 -42 -0011 A_ ADDRESS; 6415 1/ JAMES CIR N PROP NAME Baymont Inn and Suites DIST 15 NBRHOOD 0011 FRONTAGE 148 DEPTH 321 AREA 91770 IRREG SHAPE YES ZONING C2 AREA RATING VG SITE RATING VG ALL.UNITS TRACKAGE NO SEWER YES WATER YES STREET YES EXCESS LAND SOIL CORRECT NO CONSTR QUAL AVER USE CODE1 343 USE PCT1 100 USE CODE2 USE PCT2 USE CODES USE PCT3 USE CODE4 USE PCT4 ARCH APPEAL AVER FUNC DEPR PC ECON DEPR PCT P DEPR PCT CONST YEAR 1980 EFFECT YEAR CONDITION AVG CONST. WOOD FR EXT. WALLS WOOD ROOF STR. WOOD ROOF COVER ASP. SHG HEAT1 TYPE HEAT1 PCT HEAT2 TYPE HEAT2 PCT HEAT3 TYPE HEAT3 PCT FF AREA 12900 GB AREA 38700 NR AREA MEZZ AREA PERIM AREA 616 TF AREA 038700 AIR1 TYPE AIR2 TYPE AIR3 TYPE WALL AIR PCT 100 BSM PCT BSM USE PLUMBING AVG ELECTRICAL AVG AVG /STORY 10.0 STORIES 3.0 CLEAR HGHT 10.0 ELEVATOR SECURITY SYSTEM Press F1. F4. or F8 HOTELS /MOTELS Brooklyn Center, Minnesota 2005 Un@ 2004 Unit LOCATION AREAS L:B Ratio 2005 EMV Values VI 2004 EMV Values In 1 Americlnn Land 74,070 1.74 Land $590,000 $7.97 [l] Land $590,000 $7.97 2050 Freeway Blvd GBA 42,612 Building $2,054,000 $48.20 [4 Building $2,054,000 $48.20 35- 119 -21.13 -0021 Rooms 83 Total $2,644,000 $62.05 In Total $2,644,000 $62.05 Age 1998 Change 0.0% $31,855 Rm Changc 41.9% $31,855 2 Days Inn Land 297,182 2.46 Land $1,950,000 $6.56 [9 Land $1,950,000 $6.56 1501 Freeway Boulevard GBA 120,856 Building $985,000 $8.15 Building $859,000 $7.11 35- 119 -21.41 -0003 Rooms 220 Total $2,935,000 $24.29 [/J Total $2,809,000 $23.24 Age 1971 Change 4.5% $13,341 Rm Chan -19.7% $13,005 Ag a 9 9 Sale 512002 $3,500,000 Hotel running Bar Evening Meals Sale 3/2001 $2,250,000 Negotla6ons of sale at $4,400,000 3 Superb Land 105,813 2.88 Land $767,100 $7.25 [/J Land $767,100 $7.25 6445 James Circle GBA 36,696 Building $1,939,900 $52.86 (/J Building $1,937,900 $52.81 35419 -21-42 -0006 Rooms 102 $2,707,000 $73.77 [9 $2,705,000 $73.71 Age 1980 Change 0.1% $26,539 Rm Change -5.1% $26,520 4 Baymont inn Land 89,882 2.32 Land $720,000 $8.01 [/J Land $720,000 $8.01 6415 James Circle North GBA 38,700 Building $1,519,000 $39.25 [/J Building $1,519,000 $39.25 35419 -21-42 -0011 Rooms 92 Total $2,239,000 $57.86 Total $2,239,000 $57.86 Age 1980 Change 0.0% $24,337 Rm Change 43.2% $22,390 Sold 9104 $1,666,170 5 Comfort Inn Land 47,761 Land $360,000 $7.54 Land $360,000 $7.54 1600 James Circle North GBA 27,504 Building $1,108,000 $40.29 [Q Building $1,040,000 $53.70 35419 -21-41 -0015 Rooms 60 Total $1,468,000 $53.37 Total $1,400,000 $66.79 Angie Converse 560 -7464 Age 1995 Change 4.9% $24,467 Rm Change 47.6 °k $30,617 Stipulated TC 6 Hilton Land 264,660 2.15 Land $1,852,600 $7.00 [/J Land $1,852,600 $7.00 2200 Freeway Blvd GBA 123,069 Building $2,197,400 $17.86 [Q Building $6,200,000 $50.38 35- 119 2143 -0012 Rooms 176 Total $4,050,000 $32.91 [/J Total $8,052,600 $65.43 Don Erickson 566 -8000 Age 1985 Change -49.7% $23,011 Rm Change 47.4% $45,753 Sold 1012004 $5,050,000 Removal of Nightclub 7 Country Inn Land 227,252 7.64 Land $1,710,000 $7.52 Land $1,477,100 $6.50 2550 Freeway Blvd. GBA 29,736 Building $1,211,000 $40.73 [/l Building $1,327,900 $44.66 35- 119 -21 -24 -0008 Rooms 85 Total $2,921,000 $98.23 Total $2,805,000 $94.33 Ray Asseml 561-0900 Age 1997 Change 4.1% $34,365 Rm Change -32.9% $33,000 8 motel Land 100,000 2.41 Land $775,000 $7.75 [/J Land $700,000 $7.00 2741 Freeway Blvd GBA 41412 Building $2,595,500 $62.68 [/J Building $2,665,500 $64.37 35419 -21 -23 -0087 Rooms 127 Total $3,370,500 $81.39 [Q Total $3,365,500 $81.27 Age 2000 Change 0.1% $26,539 Rm Change 22.3% $26,500 LW vaseft 9 Extended Stay America Land 116,913 2.57 Land $715,000 $6.12 L&-w Land $700,000 $5.99 2701 Freeway Blvd GBA 45,450 Building $2,585,000 $56.88 [/J Building $2,600,000 $57.21 35- 119 -21 -23 -0088 Rooms 104 Total $3,300,000 $72.61 [4 Total $3,300,000 $72.61 Age 1999 Change 0.0% $31,731 Rm Change 26.2 $31,731 Usable Land Is: 87,077 $8.21 N gross $5.99 10 Inn on the Farm Land 40,000 2.59 Land $265,000 $6.63 [4 Land $265,000 $6.63 6150 Summit Drive GBA 15,439 Building $100,000 $6.48 [/j Building $145,000 $9.39 35 -119 -21.44 -0009 Rooms 10 Total $365,000 $23.64 Total $410,000 $26.56 Age Change 41.0% $36,500 Rm Change 3.6% $41,000 TOTALS 1,363,533 Land $9,704,700 $7.12 [1] Land $9,381,800 $6.88 and 521,474 Building $16,294,800 $31.25 [Q Building $20,348,300 $39.86 AVERAGES Rms 1,059 Total $25,999,500 $49.86 [Q Total $29,730,100 $57.85 HOTELS /MOTELS Brooklyn Center, Minnesota 2005 Unit 2004 Unit LOCATION AREAS L:13 Ratio 2005 EMV Values In 2004 EMV Values III 1 Americinn Land 74,070 1.74 Land $590,000 $7.97 [/j Land $590,000 $7.97 2050 Freeway Blvd GBA 42,612 Building $2,054,000 $48.20 Building $2,054,000 $48.20 35419.21.13 -0021 Rooms 83 Total $2,644,000 $62.05 [4 Total $2,644,000 $62.05 Age 1998 Change 0.0% $31,855 Rm Change 41.9% $31,855 2 Days Inn Land 297,182 2.46 Land $1,950,000 $6.56 [4 Land $1,950,000 $6.56 1501 Freeway Boulevard GBA 120,856 Building $985,000 $8.15 [Il Building $859,000 $7.11 35- 119 -21-41 -0003 Rooms 220 Total $2,935,000 $24.29 [/J Total $2,809,000 $23.24 Age 1971 Change 4.5% $13,341 Rm Change 49.7% $13,005 Sale 512002 $3,500,000 Hotel running Bar Evening Meals Sale 312001 $2,250,000 Negotiations of sale at $4,400,000 3 Super 8 Land 105,813 2.88 Land $767,100 $7.25 [IJ Land $767,100 $7.25 6445 James Circle GBA 36,696 Building $1,939,900 $52.86 [/j Building $1,937,900 $52.81 35- 119 -21-42 -0006 Rooms 102 $2,707,000 $73.77 [/l $2,705,000 $73.71 Age 1980 Change 0.1% $26,539 Rm Change -5.1% $26,520 4 Baymont Inn Land 89,882 2.32 Land $720,000 $8.01 [/J Land $720,000 $8.01 6415 James Circle North GBA 38,700 Building $1,519,000 $39.25 [Q Building $1,519,000 $39.25 35419 -21.42 -0011 Rooms 92 Total $2,239,000 $57.86 [Q Total $2,239,000 $57.86 Age 1980 Change 0.0% $24,337 Rm Change 43.2 $22,390 Sold 9104 $1,666,170 1 5 Comfort Inn Land 47,761 Land $360,000 $7.54 [!j Land $360,000 $7.54 1600 James Circle North GBA 27,504 Building $1,108,000 $40.29 Building $1,040,000 $53.70 35- 119 -21-41 -0015 Rooms 60 Total $1,468,000 $53.37 [Q Total $1,400,000 $66.79 Angie Converse 560-7464 Age 1995 Change 4.9% $24,467 Rm Change 47.6% $30,617 Stipulated TC 6 Hilton Land 264,660 2.15 Land $1,852,600 $7.00 [/l Land $1,852,600 $7.00 2200 Freeway Blvd GBA 123,069 Building $2,197,400 $17.86 [/J Building $6,200,000 $50.38 35419- 2143-0012 Rooms 176 Total $4,050,000 $32.91 N Total $8,052,600 $65.43 Don Erickson 566 -8000 Age 1985 Change 49.7 $23,011 Rm Change 47.4% $45,753 Sold 1012004 $5,050,000 Removal of Nighfclub 7 Country Inn Land 227,252 7.64 Land $1,710,000 $7.52 [Il Land $1,477,100 $6.50 2550 Freeway Blvd. GBA 29,736 Building $1,211,000 $40.73 Building $1,327,900 $44.66 35419 -21- 24-0008 Rooms 85 Total $2,921,000 $98.23 [!J Total $2,805,000 $94.33 Ray Assemi561 -0900 Age 1997 Change 4.1% $34,365 Rm Change .32.9% $33,000 8 Motel Land 100,000 2.41 Land $775,000 $7.75 [9 Land $700,000 $7.00 2741 Freeway Blvd GBA 41412 Building $2,595,500 $62.68 Building $2,665,500 $64.37 35- 119 -21 -23 -0087 Rooms 127 Total $3,370,500 $81.39 [q Total $3,365,500 $81.27 Age 2000 Change 0.1% $26,539 Rm Change -22.3% $26,500 LW useabb 9 Extended Stay America Land 116,913 2.57 Land $715,000 $6.12 $.and Land $700,000 $5.99 2701 Freeway Blvd GBA 45,450 Building $2,585,000 $56.88 [IJ Building $2,600,000 $57.21 35419 -21.23 -0088 Rooms 104 Total $3,300,000 $72.61 [/J Total $3,300,000 $72.61 Age 1999 Change 0.0% $31,731 Rm Change -26.2% $31,731 Usable Land is: .87,077 $8.21 N gross $5.99 10 Inn on the Farm Land 40,000 2.59 Land $265,000 $6.63 [Q Land $265,000 $6.63 6150 Summit Drive GBA 15,439 Building $100,000 $6.48 [/J Building $145,000 $9.39 35- 119 -21-44 -0009 Rooms 10 Total $365,000 $23.64 [Q Total $410,000 $26.56 Age Change -11.0% $36,500 Rm Change 3.6% $41,000 TOTALS 1,363,533 Land $9,704,700 $7.12 [/J Land $9,381,900 $6.88 and 521,474 Building $16,294,600 $3125 [/J Building $20,348,300 $39.86 A Rms 1,059 Total $25,999,500 $49.86 [/l Total $29,730,100 $57.85 INCOME APPROACH WORKSHEET FOR 2002 ASSESSMENT HOTELS MOTELS Property Americinn Days Inn Super il La Quirlta Comfort inn Motel Six Hilton Country Inn Extended Inn on the Stay America Farm Extended Stay Wn F rnilad LimNed awlet Eeonomv LImNM MMu I.imilad Full Service LinBad Service F-1 Bad a Bldst 9 Rooms 83 220 102 92 60 127 176 a' 104 10 GOA 42,612 120,856 36,696 38,700 27,504 41,412 123,069 29,736 45,450 15,439 Room N19MS per Year 30,295 80,300 37,230 33,580 21,900 46,355 64,416 30,260 37,024 3,650 OR $71.06 $70.00 $45.00 $52.00 $40.00 $45.00 $65.00 $100.00 $55.00 $123.00 occupancy 68.00% 35.00% 50.00% 50.00% 60.00% 50.00% 50.00% 60.00% 50.00% 15.00% Indicated Annutl Room Revenues $1,248,602 $1,967,350 $837,675 $873,090 524600 $1,042,988 $2,093,520 $1,815,600 $1,018,160 $87,343 raxable 2004 Room Revenues per Lodging Tax $1,231,364 $1,220,218 $976,000 $659,400 $814,236 $1,355,691 $2,076,164 $1,843,655 $1,041,164 $34,600 Misc )$come 2.00% 3.00% 2.00% 2.00% 2.00% 2.00% 5.00% 2.00% 2.00% 2.00% Miss F t $25,482 $60,846 $17,095 $17,818 $10,727 $21,285 $110,185 $37,053 $20,779 $1,374 EGI $1274.064 52,028,196 $854770 5890.898 3536,327 31,064.273 $2.203,705 $1,852,653 $1,038,939 S68.717 Indicated RevPar $42.06 $2526 $22.96 $26.53 $24.49 $22.96 $34.30 $59.71 $27.37 $18.83 Expense redo 30.00% 44.00% 30.00% 30.00% 30.00% 30.00% 40.00% 40.00% 30.00% 24.00% ftp- (Donus) ($382,225) ($892,406) ($256,431) ($267,269) ($160,898) ($319,282) ($881,482) ($741,061) ($311,682) ($16,492) NaMllouad operating Fixed Expenses 40.00% 31100% 30.00% 30.00% 35.00% 30.00% 40.00% 40.00% 35.00% 15.00% Non- Allocated Operating and Fixed Expenses (Dollars) ($509.6341 ($709,8691 ($256,431) ($2672691 ($1877141 1$319.282) ($881,4821 ($741.0611 ($363.6291 /$10,308) NOI $382=5 $425,921 $341,908 $356,369 $187,714 $425 ,709 $440,741 $370,531 $383,829 $41,917 Na as of EGI 30.00% 21.00% 40.00% 40.00% 36.09% 40.00% 20.00% 20.00% 36.00% 61.00% Cap Rate 1100% 1100% 8.00% 8.00% 8.00% &00% 6.00% 8.00% &00% 8.00% Proposed 2004 Tex Rate 2.800% 2.800% 2.800% 2.800% 2.800% 2.800% 2.800% 2.800% 2.800% 1800% OAR Ilnduding taxes) 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% Indicated 2006 Value $3,539,000 4944,000 '"166,000 $3,500,000 $1,7340 $3,942,000 $4,080,000 $3,431,000 $3,367,000 $388 LESS -Vaxre or FIRE per Roan 55,500 $5, 000 $4,500 $4,500 $4,500 $4,500 $3,000 56,000 $3,000 $2,500 Indicated 2006 Value of Real Estate AM= $2,844.000 $2,707,000 $2,888,000 $1,408,000 $3,370,600 $3,552,000 $2,921,000 $3.056,000 $363,000 Indicated Value per Room $37,139 $12,927 $26,639 $31,370 $24,467 $26,539 $20,182 $34,365 $29,375 $36,300 Land Area 71,260 300,128 108,607 89,882 47,761 100,000 264,660 227,252 116,913 40,000 Proposed 11045 Assessed Land value $600.000 $1, 950, 000 $795,000 $720,000 $360,000 5775,000 $1,852.000 $1,710,000 11880,000 5265,000 Proposed Land Value PNN $8.42 $6.50 $7.32 $8.01 $7.54 $7.75 $7.00 $7.52 $7.53 $6.63 intlie■bd 2000 au"09value $2,482.500 $894,000 $1,912.000 $2,166,000 $1,108,000 $2,595,500 $1,700,000 $1,211,000 52,175,000 $98,000 indicated Building Value per 91 $58.26 $7.40 $52.10 $66.97 $40.29 $62.68 $13.81 $40.73 $47.86 $6.35 Ndicaled Totd Value par 01 $72.34 $23.53 $73.77 $74.67 $63.37 $81.39 $28.86 $98.23 $67.22 $23.61 Extended Inn on the Property Americinn Days Inn Super 8 La Quinta Comfort Inn Motel 6 Nikon Country Inn stay Farm Economy V I Hotel/Motel Lodging Tax Report Totals Thru Dec 04 Thru Dec 03 Percentage Chg Americ Inn $71,801 $68,214 5.26% Baymont Inn $38,432 $40,804 -5.81% Days Inn $71,785 $63,124 13.72% Comfort Inn $48,258 $39,314 22.75% Country Inn Suites $108,352 $98,973 9.48% Extended Stay America $60,147 $65,430 -8.07% Holiday Inn Select '$117,143 $149,636 21.71 Inn on the Farm $2,021 $2,435 17.00% Motel $81,048 $79,399 2.08% Super 8 $57,872 $53,937 7.30% Total $656,859 $661,266 -0.67% 43 PROPERTY USE: Hotel MUNICIPALITY: BROOKLYN CENTER CODE 332 C RC 2629 PROJECT NAME: COUNTY: HENNEPIN GBA 38700 WD ADDRESS: 6415 James Circle North PIN 35-119 -21-42 -0011 Seq 1 RATIO N COMP N AUDITOR ID: 870042 MULTIPLE PID: N COMMUNITY: NBRHOOD: s PROPERTY DESCRIPTION MARKET DAW Year Built/ Effective Year Built: 1980 1980 Buyer. La Quinta Properties, incorporated Const Quality/ Condition: AVERAGE AVERAGE Seller. Marcus Non, L.L.C. Const Class/ No. of Bldgs: wo or Steel Stud Frtn 1 Sale Data: Date of Sale: 9/3104 Exterior Type Roof Type: Wood Gable Total Purchase Price: $1,666,170 2nd Exterior Type Roof Cvr. Shingles/Composition Terms Set 1 Assume Ind: DN PMT -$0 S I First Floor Area GBA: 12,900 SF 38,700 SF Z Total Floor Area. 38,700 SF PMT- INT- PMTS- E BALLOON DATE Bldg Perim. Shape No. Rms: 616 Ft Rectangle U Mezzanine Area /Use: SF Set 2 Assume Ind: j S Bsmt Area %Fin SF 0% 0% GBA E PMT- INT- PMTS S Bsmt Use: BALLOON DATE Bsmt Fin SF 0% GBA First Floor Use: i First Floor SF 12,900 SF 33% GBA Cash Equivalent Pricer 6.26% $1,666,170 2nd+ Floor Use: Cash Equivalent Adj: 2nd+ Floor SF SF 0% GBA LESS: Personal Property: $0 j Tot Off Area: SF 0% GBA PLUS: Special Assessments: Ind: Y $0 Cash Equivalent of Real Estate: $1,666,170 Primary Heating Pct: Package Unit 100 Sale Price Per Sq. Ft. TFA: $43.05 Secondary Heating/ Pct Sale Analysis: Sale Price Per Sq. Ft. GBA: $43.05 Air Conditioning Pct Sale Price Per Sq. Ft. NRA: Sprinklers Elevators: 100 Sale Price Per Sq. Ft. Land Area: $18.16 Garage /Ramp Spaces: Sale Price Per Room: Surface Parking Space: 118 Parking Surface Type: Asphalt i Multiple Tenancy: N Income Data: PRIVATE DATA Bldg Ht /Avg Clear Ht: 12.0 FT 10.0 FT Stories: 3.0 Avg. Finished Ceiling Ht: 10.0 FT Total Land Area Topography: 91,770 SF Useable Land Area: 91,770 I Zoning I Land Def Cd: C2 F Trackage Utilities: N all Land BlgRatio Excess Land: 2.37 to One N Rent Schedule: PRIVATE DATA Environmental Concern Ind: I Other Amenities: Summary Comments: Property sale was not considered open market, no personal property listed as part of the sale price. Awaiting response from Buyer regarding purchase. Page 2 PIN 35 -119 -21-42 -0011 Seq #:1 z S' +•n w~��.�" v s "4` f err. '1'°�k mss'" a.. MINNESOTA- REVENUE PE2Q e Value i f of 1" tlo5i, fit, l Address qklm� 2m ftf t jf i 5c et addrsss r €ai rs cuff Wq*rtv �t tty W-Aftp f ty Ai 0 Up 16 in p(at Iwo Dom-m-W pro lit -Axle ..f qu mm, area aria enter 4, of pffSonaf 6 agxttt f ttla off o -or thom 00 P f €eceived as fti re'ee VP er€tly Lono aid burns 1 Constfuetian czf €1 bArk; 2 of year of sale .8. hed law a�ftfy t�k Reydent� 0 Agftu ftnit N Ca Ilm a Omo=mrcwl ss� Sete INtt�'tE�if to t� seltefrF�ri. ic�for� €rte SW hie: JAM ar rrriraEf>ation Qfr {€um is carreet mete tip cft J Piftnam DOW qw to Good t a If W, &F iX s5 Ese e_EM s1F,'TE �m lco f t EXHIBIT, Leeal Descrintiou of the Property t Lot 1, Block 1, BB and G Realty Addition, Hennepin County, Minnesota. Registered Property Certificate of Title No. 113'909 MINNESOTA 001-1689343.1 X15 James Circle North, Brooklyn Center IENES(TVENUE REQA Certificate of Real Estate Value SuplemerIa checule Comptete this f0ft for aoa rn r t, �er tat industriat or farm None Oft La 2 5 II If the sale pre r� Or 8 jd�yo i aae t pr ,froix� furniture" ditpliart srtp i f�rri t o [tore fire pq c�' machinery stalk ie l air if yes, -did you an ppti� t busaras kl, fsees, frar�ct► et, E3i t� Viler the enter tai i e f S y `after 4 rcoww a� at ye ft§�ft tit lea 2 i€_YAPta or 110r id do asp in a i Of f r p prior to sate, c tht fix. tea is arrtr#a if, krta, enter rr rear ExsFt rctaT sw Jew r e�otitrtaE rxr on if�t ar►ai Front '00 f91i 1w the p �pra _..�4,.. _partmeM p .fitter tttrr€tbr of< a qpartrnent buffdipgs kvjuded in swe per.. lft the p"&tW�M rental l that ttrrtt iii W IN O WI Ettitttttlttt3it ti l?f`rerttat W s Faft ow Mary, xriis are ta ir r% bcrsi� wi t Red Jrt ttt trtea tFi[NT tt4rtliary ttttter,j€ttttt ors of.te �r e�iect ai rs of sr f f f en tta�mtet Eta? r t t#te prope a f,.., z j All 6 Djd pretty ed�et the -Yw ow property purchased? x A E Yes w, If',yes� ti yaur far 4 =Siderdbly =price frntrt vote sieve r�ti other iar prc roes prcrft der i bt .....�i If yes, atirt. mazes ttrei:hasr tie ofi Farms -fry' pro Ao you l at the tame time? ki NO here: oh €I is fo rm is try c and com ppiew to t Sgmwpe of M ta �i� a- i Mail to your cou nty tit FE20 and your deed or con char n_rM i n Ov- PROPERTY USE: Hotel MUNICIPALITY: BROOKLYN CENTER CODE 332 RC 00 PROJECT NAME: Fortner Hilton Minneapolis North COUNTY: HENNEPIN GBA 123069 WD ADDRESS: 2200 Freeway Boulevard PIN t 35- 119 -21 -13 -0012 Seq 1 RATIO Y COMP Y AUDITOR ID: 875147 MULTIPLE PID: N COMMUNITY NBRHOOD: PROPERTY DESCRIPTIOK MARKET DATA Year BuiW Effective Year Bunt 1985 1990 Buyer. DHM Minneapolis Hotel, L.P., Const Quality/ Condition: GO GOOD Seller. Hennepin County Hotel Associates, L.L.C. Const Class/ No. of Bidgs: RF W aate Frame 1 Sale Data: Date of Sale: 10/26/04 Exterior Type Roof Type: Brick Flat Total Purchase Price: $5,050,000 2nd Exterior Type Roof Cvr. Budt Membrane Terms S First Floor Area /GBA 31,110 SF 123,069 SF Set 1 Assume Ind: DN PMT $200,000 Total Floor Area: Z 121,917 SF PMT- INT- PMTS E Bldg Perim. /Shape No. Rms: 795 Ft Rectangle 176 BALLOON DATE U Mezzanine Area /Use: 10,033 SF Set 2 Assume Ind: E Bsmt Area %Fin W SF 0% 0% GBA PMT_ INT- PMTS S Bsmt Use: BALLOON DATE Bsmt Fin SF 0% GBA First Floor Use: lobby/ballroom First Floor SF W 31,110 SF 25% GBA Cash Equivalent Price: 0% $5,050,000 2nd+ Floor Use: mig/business rooms Cash Equivalent Adj: 2nd+ Floor SF W SF 0% GBA LESS: Personal Property: $1,010,000 Tot Off Area: SF 0% GBA PLUS: Special Assessments: Ind: Y $0 Cash Equivalent of Real Estate: $4,040,000 Primary Heating Pct Warmed Cooled Air 100 Sale Price Per Sq. Ft TFA: $33.14 Secondary Heating/ Pd: Sale Analysis: Sale Price Per Sq. Ft GBA: $32.83 Air Conditioning Pct 100 Sprinklers Elevators: 100 3 Sale Price Per Sq. Ft NRA: Garage /Ramp Spaces: Sale Price Per Sq. Ft Land Area: $15.26 Surface Parking Space: Sale Price Per Room: $22,955 Parking Surface Type: Asphalt Multiple Tenancy: N Income Data: PRIVATE DATA Bldg Ht /Avg Clear Ht 12.0 FT 10.0 FT Stories: 11.0 Avg. Finished Ceiling Ht 8.0 FT Total Land Area /Topography: 264,660 SF Useable Land Area: 264,660 Zoning Land Def Cd: PUD/IA F Trackage Utilities: N all Land BlgRatio Excess Land: 2.15 to one N S PRIVATE DATA Environmental Concern Ind: Other Amenities: indoor pool, mig mhs Summary Comments: The hotel was purchased by Florida based Driftwood Hospitality which owns about 25 hotels, primarily on the east and west coasts. The hotel flag will change from "Hilton Minneapolis North" to "Holidaylnn Select". There was an appraisal done for the sellers dated 9/30/2002 in the amount of $7,000,000 of which $2,000,000 was listed as personal property. (Thars $5,000,000 RE) The subject property was widely marketed with the lowest offer coming in at $2,500,000 under the asking price of have $7,000,000 which kxhme m fh may from a appraisal). 7 .I YmAw Al Tai stoat Ddpo�NA inen T q �'�iNm dAd6 .�ri�i) III Du d lf ii e 1�ia r x .p I IM..,.OAII C 1 Fi �Cti lk VNA rci JJJJJJ 1 AV elf iL 0 S Y F A 5 f r PROPERTY USE: Hotel MUNICIPALITY:ST. LOUIS PARK CODE 332 C RC 00 PROJECT NAME: Holiday Inn Mpls West COUNTY: HENNEPIN GBA 139433 WD ADDRESS: 9970 Wayzata Boulevard PIN 01- 117 -22 -12 -0186 Seq 1 RATIO Y COMP Y AUDITOR ID: 866916 MULTIPLE PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTIO1, MARKET DATA Year Built/ Effective Year Built 1986 1996 Buyer. GSH Mpls Full Service, L.L.C. Const Quality/ Condition: AVERAGE AVERAGE Seller. Boystar Ventures, L.P. Const Class/ No. of Bldgs Masonry Bearing wan 1 Sale Data: Date of Sale: 7/30/04 Exterior Type Roof Type: Brick Flat Total Purchase Price: $9,325,000 2nd Exterior Type Roof Cvr. Tar and Gravel Terms Set 1 Assume Ind: DN PMT -$0 S I First Floor Area GBA: 27,565 SF 139,433SF Z Total Floor Area: 139433 SF PMT- INT- PMTS E BALLOON DATE Bldg Perim. Shape No. Rms: Ft 196 U Mezzanine Area Use: SF Set 2 Assume Ind: S i Bsmt Area %Fin 0 SF 0% 0% GBA E PMT INT- PMTS S Bsmt Use: BALLOON DATE Bsmt Fin SF 0% GBA First Floor Use: i First Floor SF 27,565 SF 20% GBA Cash Equivalent Price: 6.48% $9,325,000 2nd+ Floor Use: Cash Equivalent Adj: i 2nd+ Floor SF SF 0% GBA LESS: Personal Property: $500,000 Tot Off Area: SF 0% GBA PLUS: Special Assessments: Ind: Y $0 Cash Equivalent of Real Estate: $8,825,000 Primary Heating Pct: Package Unit 100 Sale Price Per Sq. Ft. TFA: $63.29 Secondary Heating/ Pct: Sale Analysis: Sale Price Per Sq, Ft. GBA: $63.29 Air Conditioning Pct: 100 Sale Price Per Sq. Ft. NRA: Sprinklers Elevators: 100 2 Sale Price Per Sq. Ft. Land Area: $22.91 Garage Ramp Spaces: I Sale Price Per Room: $45,026 Surface Parking Space: 553 i Parking Surface Type: Asphalt Multiple Tenancy: Income Data: PRIVATE DATA Bldg Ht /Avg Clear Ht: 10.0 FT 8.0 FT Stories: 7.0 Avg. Finished Ceiling Ht: 8.0 FT Total Land Area Topography: 385,238 SF level Useable Land Area: 385,238 Zoning Land Def Cd: O F Trackage Utilities: N all Land BlgRatio Excess Land: 2.76 to One N Schedule: PRIVATE DATA Environmental Concern Ind: Other Amenities: Summary Comments: Confirmed sale with Russ Valentine, owner,Boystar Ventures, L.P., Cleveland -Ohio, to.CSM. $500,000 personal property, no special assess'ts, 65% occupancy at time of sale. Offered for sale through broker. Restarant -3260 sf, gift shop, bar, meeting rooms 9,800sf (550 cacpacity), swim pool, Sold 7 -16-97 for $11,515,000 (after pers. prop.) Page 2 PIN 01A17 -22 -12 -0186 Seq 1 m l „1 .rT''� iw of T T till Zzw x+ RANGE AVERAGE 2002 2003 2004 2001 2002 ;2003 2004 YTD LIMITED SERVICE OLDER $20,700 $39,300 29,600 -2.6% -9.2% 5.5% 10.7 3.5% 4 .2% 9.7% (TRAVELODGE, HOLIDAY INN EXPRESS, DAYS INN, SAYMONT INN. SUPER 8, HAMPTON INN, PARK INN SUITES) LIMITED SERVICE NEWER $35,900 $46,100 42,000 -5.0% 10.3% -5.6% -2.1% -4.3 -4.5 10.4% (FAIRFIELD INN. HOSPITALITY INN MICROTEL) FULL SERVICE OLDER $15,800 $36,600 24,200 -2.6 -7.6% -4.0 10.7% 18.6% -0.8% 16.4% (THUNDERBIRD, HOILDAY INN CENTRAL, HOLIDAY INN AIRPORT 1,. COMFORT INN, CLARION) FULL SERVICE NEWER $40,400- 900. 45,900 -8.0% 6.6% -7.8 -3.3% -6.5% -5.2% 6.5 (PRIME HOTEL FORMERLY WYNDHAM, MARRIOTT COURTYARD. HILTON GARDEN INN) CONVENTION $44,300 $53,900 48,600 1.0% -3.1 7.7% -6.2 -7.4% -6.2% 9.2% (MARRIOTT AIRPORT. HOLIDAY INN SELECT. SHERATON FORMER RADISSON. SOFITEI AIRPORT HILTON) SUITES $39,300 $63,800 57,800 -5.2% -6.7% -9.5% -5.1% -3.5 -3.2% 7.3% (EMBASSY AIRPORT. EMBASSY WEST. AMERISUITES. COUNTRY INN SUITES AT MOA) EXTENDED STAY $38,500 $58,300 52,900 -2.4% 10.0% -6.5 -9.4 -4.5% 11.1% 3.8% (HOMEWOOD SUITES, RESIDENCE INN, EXTENDED STAY AMERICA, STAYBRIDGE SUITES) L n'n J:: :1 f3' .7'::. S t,,, y, 4 r W y:,i rr ...,ft.. f .9 z•:.r. 3 r'S. :r r .r .'.;rr r j�. .n �^�TSF�,5, ,r z y. sf i •.:N :ri':'try 3£ f'• i K:. ,Y,•.;:::±,t .!'4? :Y. s "i �.rr f .•.rte ,h_ 'r {'�,..r... ,'S' �"Y i.. K x} ..�Z�II� ��.,.'.t .�r� %l� X y, rK,y Y 1. .d2':. �:rr:+rf. :.f Y H ..1: v.. rz., r I :...zs •F.•_; o.;� ;F:.>. N'......�X ..i' =r' s s;- :�.Y. 1f,.. s e''s� •i a.-[ .r... ��r,.�. xr,- r .s.. Sr.sr >v.� x.• r ?'1',k' ,i¢ rrz_ >r.- 5r,r :.•F ;;y''.r ro fi r rs ..rs -'•r 4°y. .r•, 3`_y. r�t� ?•Cf. �y r :r� a• S^ *3 rs rr.' y..,g•. r' r.ssr .c F�. •zs: s- tom' F� ^.v.:frs•' <'rFu' =5;:: ,sue .r.f3 �3 r r •rtl. .fir F` ;!k r t�� rt.,. s r. e.r •l+.F.. ;:,c f r �k.'r ff r .de rr'-r -zr.. ,s- p x ,y 'r� �r't,. .r. s f f. r, c*• .r' f. ':F' ._t,';.. C' 3 :'l ..i S. r?:r.1ir C f T+xlk rf r^ f r�%, .ss f' :s r r.f. s s v�s; x :fr..� �:yr,. x ,r �.,y :r"" 3 s ~y� i.a s. .xF. rj 7 �,r3: x >r+N. ..r ,s ir:'aR i s. z.. :.,r, it r.. rJ.r 4 r ..f' 4 isir:K ^sue r .1'�2 rr,.f u• r�. :';r, "y: r ''"?r�7y i3� :5.> .:•rx, _z.......,.,.. %r�__�:3:?;:. r:4� r .:�.rrs's.'*u•. s: r.S .:r�'._:..£�. ^t ,s=- �`�:��s� .._y f 1 w a N OTEL �KE in. Cities nREW 'G Janus -June 2044 jk The Twin Cities area lodging demand increased in each of the first two quarters of 2004 compared to the first half 4f 2003. The rate of demand increase accelerated in the second quarter over the rata experienced in the first quarter. This 6.7 percent year-to-date increase was most probably a result of the economic recovery. Area -wide demand has finally returned to the peak 2000 level. Average daily rata increased very slightly over the, jb*st half of 2003 achieving an average of $89.79. Area occupancy was up 6.1 points to 64.5 percent. RevPAR increased by 9.0 percent. Lodging demand increased in all three sectors of the Twin Cities with the greatest percentage increase +10.4 occurring in St. Paul. Minneapolis experienced a 7.1% increase while the 1.494 Corridor experienced a 5.7% incase in demand. -Average daily rate also increased (although marginally) in all sectors, no doubt as a result of increased occupancies. ]I butsapolis continues to lead the market with an average rata at $98.00 On a national level, the hotel industry/ has ratbaer+ed f from the down cycle it experienced over the last two years or so. Lodging demand now exceeds levels experienced at the peak of the last cycle, which occurred in the first quarter q f 2001. Due to increases in supply, hotel occupancies are within about 3 points o f reaching the 63% overall occupancy o f the 2001 peak. Luxury chain hotels have experienced the greatest recovery over the last 12 months and now ea; joy the highest occupancy among the various hotel categorim a Occupancy and Average Rate 3 4 $120.00 n 100.0 z O °6 d''9 $100.00 80 60.0 .0 0 06 Y a t S� so $80.00 d yh��, S �i x $60.00 v 40.0 r: $40.00 20.0 r $20.00 0.00 aid Qtr 2002 !at Qtr 2003 3ni Qtr 2003 tat Qtr 2004 4th Qfr=2 2nd Qtr 2003 40 Qtr2003 2nd Qtr 2004 Minneapolis St Paul GVA Marquette Advisors -s.'- Real Estate Counselors r REGIONAL PERFORMANCE Minneapolis Demand at R Minneapolis hotels was u 3 percent in the first quarter of 2004 and increased P to 10.6 percent in the second quarter, ending up with a six-month growth of 7.1 and a sector occupancy of 64 The average rate in this sector was equal to the same period last year. RevPAR increased by 6.3 St Paul The St. Paul sector experienced the lowest occupancy in the market during each of the first two quarters of the but experienced the greatest increase of all the sectors. At 56 the market is 5 points above the same period last year. Demand in the first six months increased by more than 10 with the largest increases occurring in January, March and April. The average rate remained virtually constant +0.3 despite the occupancy increase. RevPAR increased by nearly 11 1-494 The economic recovery has been good for this market sector, as its occupancy increased in each of the first 6 months of 2004, with double digit increases occurring in each month of the second quarter. Occupancy was up to 67 an increase of 51/2 points over the first 6 months of last year. Only a slight increase +.5 of about $.40 was realized in average rate. RevPAR d 10.2%. I e Mall f America Grand. near the airport closed in Ma increase by One hotel, the o rp rt, Y• Data Source: The data presented in this report has been provided by Smith Travel Research and is published with their permission. Market Definitions: Minneapolis consists of 27 hotels located within the central business district, the western edge of the city and the Minneapolis campus of the U of M. These hotels total 6,354 rooms St Paul consists of 13 hotels located within the central business district, the eastern edge of the city and the Midway area. These hotels total 2,437 rooms.. 1-494 consists of 61 hotels located along the 1-494 Corridor, including hotels in Eden Prairie, Bloomington and Eagan. These hotels total 10,118 rooms. ',,'t21./2005 10 :19 FAX 1 312 946 9291 DELOITTE TOUCHE 0 001 D Deloitte Tax LLP 200 E. Randolph 74th Floor Chicago, IL 60601 -7002 USA Tel: 312- 242 -9298 F= 312- 242 -8298 www.deloitte.com Fax To: OHIce/Company: Ms. Nancy "rojciic City Assessor City of Brooklyn Center Fax number, cc: (763) 569 -3494 From: Date: Russell Cech Deloitte Tax Chicago April 21, 2005 Number of pagos (including cover sheetj: To confirm receipt, or if you do not receive all Pages, please call[: 7 1 312 242 9298 Confidentiality Natice: This page and any accompanying documents contain confidential Information intended for a spedffc individual and purpose, This telecopied informatpn Is private and protected by law. If you are not the intended recipient. you are hereby notified that any disclosure, copying or distribution, or the faking of any action based on the contents of the information Is strictly prohibited. Subject: 6415 James Circle Baymont Inn Ms- Wojcik, I am faxing the 2004 income and expense statement for the above property. Additionally, I have enclosed a reconstructed 2004 year -end income expense statement. As you already know, this hotel was purchaser) as part of a bulk transaction in October of 2004. Because of this recent purchase, ibe 2004 income and expense statement contains only a partial part of 2004; therefore, I have extended the partial numbrrs to reflect a full year's income and expenses. Furthermore, I have included the 2005 budget statement. The office manager at the hotel is Chris ingall and the phone number to reach him is (763) 561 -5400. Please contact me or Shawn King at (312) 242 -9004 if you have any questions or would like to further discuss the matter_ Sincerely, t Russell Cech Enclosures Member of Doloitto Touche Tohmatsu ;7/21/2005 10:19 FAX 1 312 946 929 7 DELOITTE TOUCHE 1 002 CoNf IDENT 1A RECONSTRUCTED 2004 YEAR -END INCOME AND EXPENSE STATEMENT La Ouinta Inn3, Inc. 6415 James Circle North Brooklyn Cantor, MN a Parcel Number. 35- 119 -21 -42 -0011 NUMBER OF ROOMS 92 2DO4 Actual AVERAGE DAILY RATE 542.02 OCCUPANCY 61.31% Partial Full REVENUES Room Sale= Revenue 284,444 1,137,776 Guest.Servit;es Revenue 558 2,232 Commission Revenue 964 3.856 Other Operating Revenue 107 428 TOTAL, REVENUE 285,073 1,144,292 OPERATING EXPENSES Payroll and Related Expenses 140,831 563.324 Rooms 37,479 149,916 Operation, Maintenance Energy 35,635 142,540 General Expenses 13,733 $4,932 Rent and Line Charges 6,431 33,724 Cable 2,196 8,784 Insurance 8,717 34,868 TOTAL OPERATING EXPENSES 247,022 968,088 NET OPERATING PROFIT 39,051 156,204 CAPITALIZATION RATE 10.00% EFFECTIVE TAX RATE 3.84% LOADED CAPITALIZATION RATE 13.84% INDICATED VALUE $1,128,642 Personal Property (1 0 $112,564 INDICATED REAL ESTATE VALUE 51,015,777 VALUE PER ROOM 511,041 ASSESSOR'S OFFICE 2005 PROPOSED MARKET VALUE $2,239,000 VALUE PER ROOM $24,337 1 /21/2005 10:19 FAX 1 312 946 9291 DELOITTE TOUCHE 1@003 LA QUINTA INNS Thu Feb 03, 2005 4:33 VVE OPERATING STATEMENT Dac 31, 2D04 Page 69.1 Inn 4000 BROOKLYN CENTER ONE MONTH "73 MONTH PRIOR YTD YTD PRIOR BUDGET ACTUAL YEAR EuvGET ACTUAL YEAR 4 REVENUES: 59,838 55,366 0 ROOM BALES REV@iUE 306.244 284.444 0 314 32 0 OOEBT SERVICES REVENUE 1,444 558 0 475 0 0 co mxoexON REVIMM 2,181 964 0 0 36 0 OTR88 OPERATINO REVENUE 0 107 O GD,627 55,434 0 TOTAL REVENUES 309,069 286,073 0 OPERATING ZXP8N8E9e 28,766 29,857 D SALARIES 117,904 119,550 0 3,945 3,16D 0 PAYROLL TAJMS AND BENEFIT8 15.814 17,453 0 1,147 1,192 0 WORKERS' COMP 4.489 3,628 0 33,858 34,217 0 TOTAL PAYROLL AMD RELATED EXPENSE 138,207 140,831 0 ROOM EXPENSES: 2,904 (2,056) 0 SUPPLIES 13,201 12.85B 0 157 213 0 TRAVEL AGENCY COMMISSIONS 722 807 0 623 554 0 RESERVATION FEES 3,057 2,Ba1 0 157 I11 0 AIMLINS BOOKING CHARGES 722 457 O 3,066 (BB-1) 0 VEHICLE 12,066 0,782 0 0 117 0 GUEST RSLATYONB 0 665 0 2,357 2,755 0 BREAKFAST p COFFEE SUPPL728 EXPENSE 10,829 11,063 0 9 810 0 TOTAL ROOMS EXPENSE 40,597 37,119 0 OPERATION, MAINTENANCE k =-ROY COSTSg D 4,063 2,981 0 REPA AND MAINTENANCE 17.844 15,186 IR 563 (5B4) 0 T7ASH XMOVAL 2,170 1,330 0 5,009 6,005 0 UTILITIES 18,319 19,119 D 9,635 8,402 0 TOTAL OPERATION, MAINT b EFSRGR COS+TB 38,333 35,635 0 CSM rRAL =PEIZSZS 140 200 0 GUEST SERVICE~ 644 1,166 0 1,495 (1,7574 0 ADVERTISING 6,413 695 0 117 100 0 BAD DEBT 529 278 0 937 711 0 COLLECTION COSTS 4.544 3,681 0 79 D 0 TELEPHONE 3D4 7 0 252 0 0 DUES AND 8nE9CRxP•IION8 972 440 0 2,094 1,296 0 PURCHASED SERVICES 6,603 4,810 0 32 0 0 PROFESSIONAL FEES 122. 5 0 236 70 0 HUMAN RESOURCES 911 276 D 1/21/2005 10:19 FAX 1 312 946 9297 DELOITM TOUCHE IM 004 LA QUINT& INNS Thu Fob 03, 2005 4:33 ?M OLERATINO STATEMENT Dec 31, 2004 Pa7c 69-i Inn 4D00 BROOKLYN C`x= R ONE MONTH ONE MONTH PRIOR YTD YTD PRIOR BUDGET ACTUAL YEAR HUDGUT ACTDlwr YEAR 179 (373) 0 TRAVEL 704 512 0 793 (1,055) 0 MISCELLANEOUS 3,037 1.861 0 6,346 (800) 0 TOTAY. GXWWRAL EXPENSES 24,963 13,733 0 1,526 12,013 0 INCOME BEFORE mGMT PEES r. FIRED CHARGE 67,749 59,395 0 1,245 3.096 0 XGMT. MING, ADVT 4 ROYALTY PEES 6,114 16,531 0 PIXSG CHARGES. 0 10,415 D DEPRECIATION 0 41,660 0 1,621 901 0 RENT AND LINE CHARGES 5,579 8,431 0 536 558 0 CABLE 2,056 2,196 0 10,681 9,000 0 PROPtATY TAXER 41,067 35,999 0 914 3,074 0 INSURANCE 3,526 8,717 0 13,742 24,020 0 TOTAL PIKED CHARGES 52,238 97,OD3 0 GAIN /LOSS ON SALE /RETTREDWMT OF A98ETO 5(13,461) S(14,311) 8 0 NET INCOME 9,397 $(55,139) S 0 ...00.O »...0. »0000.. 0...6000....... ROOM 9TATI9TICS .1,496 1,353 0 RODK9 OCCOPISD 7,210 6,759 0 2.862 2,852 0 RD0X3 AVAILABLE 11,224 11,040 0 $2.45 47.44 0.00 PERCENT OCCUPIED 64.23 61.31 4 0.00 pb S 39.99 S 40.92 S 0.00 AVERAGE DAILY -RATE 8 42.67 8 42.02 0.00 S 80.98 3 19.41 9 0.00 REV2= PER ROOM 27.20 25.76 S 0.00 �Y�21!2005 10:19 FAX 1 312 946 9297 DELOITTE TOUCHE 16 005 RECONSTRUCTED 2005 YEAR BUDGET- INCOME AND EXPENSE STATEMENT La QUinta Inns, Inc. 6415 James Circle North Brooklyn Center, MN Parch Number: 35- 119 -21 -42 -0011 NUMBER OF ROOMS 92 2005 BUDGET AVERAGE DAILY RATE $45.31 OCCUPANCY 68.60% REVENUES Room Sales Revenue 1,043,731 Gurmt Services Revenue 2.706 Commission Revenue 3,915 Other Operating Revenue 792 TOTAL REVENUE 1,051,144 OPERATING EXPENSES Saleries Benefits 399,837 Ccinplimenlary Expenses 38.835 Supplies 46,3x3 Maintenance 52,655 Utilities 97,345 Advcrilsing 8,320 Security 18,756 Purchased Services 15,988 Guest Services 3,925 VBhIC18 38,280 Travel Agency 3 Bad Debt 4,384 Credit Card 14,038 Collection Costs 914 Other Expenses 30.094 Insurance 21,381 Markeiing Fees 26,093 Fie-�ervation Fees 20,875 Information System Fees 9,600 TOTAL OPERATING EXPENSES 850,703 NET OPERATING PROFIT 200,441 CAPITALIZATION RATE 10.001/0 EFFE TIVE TAX RATE 3,54 LOADED CAPITALIZATION RATE 13.84% INDICATED VALUE 51,448,273 Personal Property (10 $144,827 INDICATED REAL ESTATE VALUE $1 ,303,446 VALLIiE PER ROOM $14,168 ASSESSOR'S OFFICE 2005 PROPOSED MARKET VALUE $2,239,000 VALU17 PER ROOM 524,337 X4/21/2005 10:19 FAX 1 312 946 9297 DELOITTE TOUCHE zoos DIVISIONAL OPERATING STATEMENT PAGE I o12 PERIOD ENDING DECEMBER 31, 2005 REGION 33 INN 4000 BROOKLYN CENTETI yr -D BUD(3ET OFERATING REVENUE`: ROOM P.EV9mUE 1,043,731 LAUNDRYiVALE7 SERvIC6 344 FAX SERV ICE 46 TELEPHONE-GUEST LONG Dr.TANCE 2,316 MOVIE COMMISSIONS 2,067 VENDING COMM- SSIONS 1 TICKET SALES 0 OTHER REVENUE 792 ?OTAL OPERATING REVENUES 1.OJ1 ,tdd DIRECT EX INN MANAGER 41,02 BREAKFAST BAR ATTENOANT 8,416 HoUs9KEEPER 22,201 ROOM ATTENDANTS 62,574 LAUNDRY PERSON 16,505 HOUSEMAN 0 MAINTENANCE 25 ?b BELLMAWDRIvER 45,219 FRONT DESK SALES REP 26,613 SALES MANAGER 0 BONUVININ MANACERS 9265 BONUSIINN EMPLOYEE o CONTRACT LABOR 0 VACATION PAY 7,507 SICK PAY 2.797 FROd ECY GALARY ALLOCATION 0 TOTAL SALARIES 340,834 PIR MARGWL`4ROOM REV) 3r-w PAYROLL TAXES 31,07 07 HEALTFULiPFJLTO INSURANCE 12,529 WORKERS' COMP INSURANCE 1$6Do OTHER BENEFITS 468 TOTAL PIR TAXES BENEFITS 59.003 TOTAL SALARIES BENEFITS 399.a37 6REAKFASTICOFFEE TOTAL COMPLIwENTARY EXPENSE SUPPLIES OFFICE 4,827 SUPPLIES ROOM 15,Dtr, S UPPLIES CLEANING 4,609 SUPPLIES LINEN 15,706 SUPPLIES LAUNDRY 1,151 SUPFUE3 UNIFORMZ 721 SUPPLIES RETURN?/GII'm SUPPLIES OTHER AM TOTALSUPPUES 46243 FAM PLANT AND 9UILDING 12,209 R&M POOL AND FOOL DECKING 2.302 RBM PLJMBINGIMECHANIC,AUELECT 14,697 R &M F F Y. E 5,96D RAM TEL PHONE REFAIR 1,499 RSM EXTERIOR PAINING 21* R&M IN T ERIos s DOORS PAINTING 692 R&M LANDSCAPING 6,0D0 MAINTENANCE CONTRACTS 6.940 TOTAL A&MIMAINT CONTRACTS 62.656 UTILITIES OAS 17.,229 UTILITIES WATER 12,410 UTILITIES ELECTRICITY 40,304 TELEPHONE LONG DISTANCE 252 PHONE LINE CHARGES CABLE SERVICE 6 452 TOTAL UTILRLS 97,345 BILLBOARD ADVERTISING 0 TOTAL EILLSDARD ADVERTISING 0 LOCAUREGIONALADVERTI5ING 1,620 MANAGER COUPONS 0 CONSORTIA 3,6 AA 1 OAP PHONE DIRECTORY ADVERTISING 740 FIELD MARKETING 1.A4 TOTAL OTHER ADVERTISING B<220 SECURITY 5uivICE.' 18,706 TOTALSECURTTY SERVICE 19.756 PURCHASED SERVICES 15.598 TOTAL PURCHASED SERVICES 15 982 LAUNDRYNALET SERVICE 319 C'JEST LONG DISTANCE 7AA FAX EXPENSE 0 USA TODAY EXPENSE 21169 TOTAL GUEST 6ERVICFS .526 VEHICLE EXPENSE 29.000 ;x/21/2005 10:19 FAX 1 312 946 9297 DELOITTE TOUCHE 0 007 DIVISIONAL OPERATING STATEMENT PAGE2012 PERJOD ENDING DECEMBER 31. 2009 REGION 33 INN 4000 BROOKLYN CgNTIER Y_LD BUDGET VEHICLE LEASE 11200 TOTAL VEHICLE 3a,260 TRAVEL AGENCY COMMISSIONS 2,227 BOOKING FEES 612 TOTAL TRAVEL AGENCY 3.039 BAD DEBTS E P a,38a o TOTAL BAD DEBT CREDIT CARD DISCOUNT 14.038 TOTAL CREDIT CARD DISCOUNT 18,038 (DISH OVEW,-:JJORT 0 COLLECTION COSTS 314. BANK SERVICE CHARGES 800 TOTAL OTHER COLLECTION COSTS. 914 EMPLOYEE RELATIONS 2074 GUEST RELATIONS 2,1576 AIRLINE BOOKING FEES 2,943 DUES AND SU95ORIPTIONS O c" TRASH REMOVAL 2,878 TRANSPORTATION 4,200 MEALS C ENTERTAINMENT 954 POSTAGE 2,982 EMPLOYEE TRA(NINq &TUITION 1,340 PERSONNEL ADVERTISING 348 OTNR PROPG59tONAL CONSULTING 0 RENT EXPENSE 608 TAXES LICEN£ESIOTHFA INNS 2,448 MISGELLANEOUS 0 TOTAL OTHER EXPENSES 3000 TOTAL OTHER DIRECT EXPENEES 372,517 TOTAL DIRECT EXPENSES 772]54 INN OPERATING CONTRIBUTION 27&,390 CONTR MARGINr/.OPER REV) 28,48% PROPERTY TAX 112,514 INSURANCE 21,781 MARKETSNO FEES 26,03 RESERVATION FEE.' 20,575 INFORMATION SYSTEM FEES 9,600 NET INCOME p7,927 110OM STATISTICS ROOM. C',036 ROOM% AV AWABLE 93,550 PERCENT OCCUPIED 68.60% AVURAOE 13AEV RATE 45,31 REVENUE PER AVAIL ROOM 31,08 c APR -13 -2005 14:26 CITY OF BROOKLYN CENTER 7635693494 P.02 LOCAL BOARD OF APPEAL AND EQUALIZATION CITY OF BROOKLYN CENTER May 2, 2005 4 7:00 P.M. Application Form r Name Matthew Schirack Phone (312) 242 -9487 Address c/o Deloitte Tax LLP, 200 E. Randolph St., Chicago, IL 60601 Property Identification Number(S) 35- 119 -21 -23 -0088 Appearance will be made: In Person or x By Letter 2005 Estimated Market Value $2,993,413 Date of Purchase N/A Purchase Prig N/A Have you done any remodeling or updating since original purchase? (Description Cosh Concern(s) What is your estimate of the current market value? x.993.4 Owner or Representatives Signatu Date: 4/13/05 PAGE W2 RCVD AT 411312006 2,11.16 PM [Central Daylight Time]" SVRI4 t DNIS,2428487' CSID;7635693494 a DURATION (mm- ss),00.54 TnTAi P. OP k EXTENDED STAY AMERICA 2701 Freeway Blvd. PID 35- 119 -21 -23 -0088 Zoning: PUD I -1 Land Area: 116,913 Sq. Ft. Year Built: 1998 GBA: 45,450 Sq. Ft. Units: 104 APR 1 5 200 Deloitte, Delo tte Tax LLP 200 East Randolph Street Chicago, IL 60601 -7002 USA Tel: +1312 946 3000 Fax: +1 312 946 2600 www.deloitte.com April 13, 2005 Via Overnight Mail Nancy Wojcik Brooklyn Center City Assessor 6301 Shingle Creek Parkway Brooklyn, MN 55430 Re: 2005 Real Estate Assessment Appeal Extended Stay America 2701 Freeway Blvd. Brooklyn, MN Parcel Number: 35- 119 -21 -23 -0088 Dear Ms. Wojcik: Enclosed is the appeal form for the above referenced property as well as an additional copy of the appeal. If you or your staff has any questions regarding this matter, please contact me at (312) 242 -9135 or Matthew Schirack at (312) 242 -9487. Respect ly ubmitted y Samuel D. Jarvis Enclosures Member of Deloitte Touche Tohmatsu EXTENDED S`fAYAM E R t CA fl LETTER OF AUTHORIZATION 2005 To Whom It May Concern: Property Owner Name: BRE/ESA MN Properties LLC Hereby appoints and authorizes Deloitte Tax LLP as authorized representative on all matters pertaining to 2005 ad valorem taxes. Deloitte Tax LLP has the right to examine records, obtain copies of all tax statements, and discuss or appeal any tax assessments to the property authorities -when, in their opinion, the assessment does not represent fair market value. PROPERTY: ESA #3504 LOCATION: 2701 Freeway Blvd., Brooklvn Center. MN Dy �r k. o U Title:; Date: t h Subscribed and sworn before me this 3 day of 3 cc .AAA, 2005. Si ed:jm_'_, 0 My commission expires: 10113��t7 STATE OF COUNTY OF StudiUPLUS EXTENDED Deluxe Studios. $TAYAMERICA Crossla1Id EFFICIENCY STUDIOS. IC0k 0 11 1 1100105. Extended Stay Hotels 100 Dunbar Street Spartanburg, South Carolina 29306 864- 573 -1875 F 864 -598 -0661 City of Brooklyn Center A Millennium Community April 22, 2005 4 Deloitte Touche, LLP Attn: Matthew A. Schirack 200 East Randolph Street Chicago, IL 60601 -7002 RE: 2005 Valuation on Extended Stay America 2701 Freeway Blvd., Brooklyn Center, PID# 25- 119 -21 -23 -0088 Dear Mr. Schirack: Thank you for your time and consideration during the review of the 2005 valuation of the Extended Stay America in Brooklyn Center. After my physical review of the property on April 20, 2005, a review of the 2004 income and expense data provided and a review of the hotel market in Hennepin County and the Brooklyn Center area, it is my recommendation that the 2005 estimated market value for taxes payable in 2006 be sustained at $3,300,000. Our income and expense information are very similar, although your loaded cap rate appears higher than typical market for this area. The effective tax rate used in your calculation reflects the effective tax rate for taxes payable in 2004, and not representative of the current effective tax rate. Your appeal application and documentation will be presented to the Local Board of Appeal and Equalization on Monday, May 2, 2005 at 7:00 p.m. A formal decision by the board will be made at that time and notification will be sent to you. Your case must be heard by the Local Board of Appeal and Equalization before you can continue to the County Board of Appeal Your petition rights are also still open with the Minnesota State Tax Court. For information on the Tax Court, contact the Tax Court Office at 25 Constitution Avenue, Judicial Center, St. Paul, MN 55155. The telephone number of the Tax Court office is (651) 296 -2806. Thank you very much for your time and consideration with this matter. Sincerely, Nancy Wojcik, SAMA r ity A�an 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.cityolbrooklyncenter.org Extended Stay America 14 j o 4 WN w �q. t Lobby Entrance ^yw k ti L' 1 }51 Of" Hallway s cw jt J i Interior Room Kitchenette and Sleeping LOGISMap Output Page Page 1 of 1 Extended StaV America 8612 -1 be -1 1 88,0 ti 65W y Bair, vaRta i 7 664. 2� 6813. B80T I 8611 t_. 22 6806 901 9006 2612' at 'Y gHMK3�E CREEKPKW'f 30� 3001 2M2W 2618 BB66 j90t6 �9M2 2660 9m6 326�Or� attcor wAv RAOC W01 22 �p 6 X2698 1 10030ta �2i27 AN 3012 N, LL�� y 6 22 2618 2812 em 1 q 9mo el j 1 2.. 38 66fi0 3a2s �6640 'Obt 30t3 f 9007 ,.--•f 689D z,- rl (j �f 864th 1 Fs .6804 a 23W 8617 68191 'xJ ,ke J i 2741 2650 3100 2701 Subject wig 25W f T�-�._ s,Ot .9010 4TE 90,9'- 4 2400 108 sto6 J'soo7� y 13024 9016 srol FSR WW m •2608 2600 X12 X08 9m! 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Panfcs. http:// gis. logis. org/ servlet/ com. esri.esrimaiD.Esrimav ?ServiceName= brooklvncenter ov &ClientVe... 04/28/2005 PROPERTY DATA SYSTEM .TAXPAYER INQUIRY CUR R 3 19 PROPERTY ID NEXT 35- 119 -21 -23 -0088 Pt.Con: Mt.Adr: H y OUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 250 Back: 2701 1/_ FREEWAY BLVD 00554+ Right: Left. Owners: ESA 3504 INC Owner3: Owner2: Owner4: Zoning: PUD /I1 Prim /sec: Yr.blt: 1998 Area: 116913 Acres: 2.68 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: 430 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 715000 2585000 3300000 65250 C 0 2004: 700000 2600000 3300000 65250 C 0 2003: 700000 3771000 4471000 88670 C 0 Legal Description: LOT 3 BLOCK 1 SHINGLE CREEK 5TH ADDITION Type PID or ADDRESS: Dress ENTER: or F1. F2. F8 PROPERTY DATA SYSTEM *PUBLIC DISPLAY COMMERCIAL CHARACTERISTICS PART 1 CURR 311 PROPERTY ID BLDG NEXT 35- 119 -21 -23 -0088 A ADDRESS: 2701 11 FREEWAY BLVD PROP NAME Extended Stay America DIST 14 NBRHOOD 0011 FRONTAGE 250 DEPTH 430 AREA 116913 IRREG SHAPE vFS ZONING PUD /I1 AREA RATING VG SITE RATING VG ALL.UNITS TRACKAGE NO SEWER YES WATER YES STREET YES EXCESS LAND YES SOIL CORRECT NO CONSTR QUAL GOOD USE CODE1 343 USE PCT1 100 USE CODE2 USE PCT2 USE CODES USE PCT3 USE CODE4 USE PCT4 ARCH APPEAL VGD FUNC DEPR PC ECON DEPR PCT P DEPR PCT CONST YEAR 1998 EFFECT YEAR 1999 CONDITION GOOD CONST. WOOD FR EXT. WALLS BRICK ROOF STR. WOOD ROOF COVER ASP. SHG HEAT1 TYPE OTHER HEAT1 PCT, 74 HEAT2 TYPE PKG U HEAT2 PCT 26 HEAT3 TYPE HEAT3 PCT FF AREA 15150 GB AREA 45450 NR AREA MEZZ AREA PERIM AREA 703 TF AREA 045450 AIR1 TYPE AIR2 TYPE CENT AIR3 TYPE WALL AIR PCT 100 BSM PCT BSM USE PLUMBING AVG ELECTRICAL AVG AVG /STORY 10.0 STORIES 3.0 CLEAR HGHT 8.0 ELEVATOR 1 SECURITY SYSTEM Press F1. F4, or F8 HOTELS /MOTELS Brooklyn Center, Minnesota 2005 Unit 2004 Unit LOCATION AREAS L:B Ratio 2005 EMV Values In 2004 EMV Values In 1 AmericIrm Land 74,070 1.74 Land $590,000 $7.97 Land $590,000 $7.97 2050 Freeway Blvd GBA 42,612 Building $2,054,000 $48.20 Building $2,054,000 $48.20 35- 119 -21 -13 -0021 Rooms 83 Total $2,644,000 $62.05 [Q Total $2,644,000 $62.05 Age 1998 Change 0.0% $31,855 Rm Change -11.9% $31,855 2 Days Inn Land 297,182 2.46 Land $1,950,000 $6.56 Land $1,950,000 $6.56 1501 Freeway Boulevard GBA 120,856 Building $985,000 $8.15 [/J Building $859,000 $7.11 35- 119 -21-41 -0003 Rooms 220 Total $2,935,000 $24.29 [4 Total $2,809,000 $23.24 Age 1971 Change 4.5 $13,341 Rm Change 49.7 $13,005 Sale 5/2002 $3,500,000 Hotel running Bar Evening Meals Sale 312001 $2,250,000 Negotiations of sale at $4,400,000 3 Super 8 Land 105,813 2.88 Land $767,100 $7.25 Land $767,100 $7.25 6445 James Circle GBA 36,696 Building $1,939,900 $52.86 [Q Building $1,937,900 $52.81 35- 119 -21-42 -0006 Rooms 102 $2,707,000 $73.77 [!J $2,705,000 $73.71 Age 1980 Change 0.1% $26,539 Rm Change 5.1 $26,520 4 Baymont Inn Land 89,882 2.32 Land $720,000 $8.01 [/J Land $720,000 $8.01 6415 James Circle North GBA 38,700 Building $1,519,000 $39.25 Building $1,519,000 $39.25 35- 119 -21-42 -0011 Rooms 92 Total $2,239,000 $57.86 [Q Total $2,239,000 $57.86 Age 1980 Change 0.0% $24,337 Rm Change 13.2% $22,390 Sold 9/04 $1,666,170 5 Comfort Inn Land 47,761 Land $360,000 $7.54 [/J Land $360,000 $7.54 1600 James Circle North GBA 27,504 Building $1,108,000 $40.29 [/j Building $1,040,000 $53.70 35- 119 -21-41 -0015 Rooms 60 Total $1,468,000 $53.37 [/J Total $1,400,000 $66.79 Angie Converse 560 -7464 Age 1995 Change 4.9 $24,467 Rm Change 17.6% $30,617 Stipulated TC 6 Hilton Land 264,660 2.15 Land $1,852,600 $7.00 [/J Land $1,852,600 $7.00 2200 Freeway Blvd GBA 123,069 Building $2,197,400 $17.86 Building $6,200,000 $50.38 35- 119 -21 -13 -0012 Rooms 176 Total $4,050,000 $32.91 [/J Total $8,052,600 $65.43 Don Erickson 566 -8000 Age 1985 Change 49.7 $23,011 Rm Change 17.4 $45,753 Sold 1012004 $5,050,000 Removal of Nightclub 7 Country Inn Land 227,252 7.64 Land $1,710,000 $7.52 [Q Land $1,477,100 $6.50 2550 Freeway Blvd. GBA 29,736 Building $1,211,000 $40.73 [/J Building $1,327,900 $44.66 35- 119 -21 -24 -0008 Rooms 85 Total $2,921,000 $98.23 [/J Total $2,805,000 $94.33 Ray Assam! 561 -0900 Age 1997 Change 4.1 $34,365 Rm Change 32.9 $33,000 8 Motel Land 100,000 2.41 Land $775,000 $7.75 [lj Land $700,000 $7.00 2741 Freeway Blvd GBA 41412 Building $2,595,500 $62.68 [/j Building $2,665,500 $64.37 35- 119 -21 -23 -0087 Rooms 127 Total $3,370,500 $81.39 [/j Total $3,365,500 $81.27 Age 2000 Change 0.1%. $26,539 Rm Change 22.3 $26,500 LW Useable 9 Extended Stay America Land 116,913 2.57 Land $715,000 $6.12 Land Land $700,000 $5.99 2701 Freeway Blvd GBA 45,450 Building $2,585,000 $56.88 [1] Building $2,600,000 $57.21 35- 119 -21 -23 -0088 Rooms 104 Total $3,300,000 $72.61 [n Total $3,300,000 $72.61 Age 1999 Change 0.0 $31,731 Rm Change 26.2% $31,731 Usable Land is: 87,077 $8.21 Iv gross $5.99 10 Inn on the Farm Land 40,000 2.59 Land $265,000 $6.63 [Q Land $265,000 $6.63 6150 Summit Drive GBA 15,439 Building $100,000 $6.48 Building $145,000 $9.39 35- 119 -21-44 -0009 Rooms 10 Total $365,000 $23.64 [/J Total $410,000 $26.56 Age Change 11.0 $36,500 Rm Change 3.6 $41,000 TOTALS 1,363,533 Land $9,704,700 $7.12 Land $9,381,800 $6.88 and 521,474 Building $16,294,800 $31.25 [!J Building $20,348,300 $39.86 AVERAGES Rms 1,059 Total $25,999,500 $49.86 [4 Total $29,730,100 $57.85 Change 12.5% $24,551 Rm Change 20.8% $28,379 04/28/2005 PROPERTY USE: Hotel MUNICIPALITY: BROOKLYN CENTER CODE 332 RC 00 PROJECT NAME: Former Hilton Minneapolis North COUNTY: HENNEPIN GBA 123069 WD ADDRESS: 2200 Freeway Boulevard PIN 35- 119 -21 -13 -0012 Seq 1 RATIO Y COMP Y AUDITOR ID: 875147 MULTIPLE PID: N COMMUNITY: NBRHOOD: rim =310M PROPERTY DESCRIPTION MARKET DATA Year Built/ Effective Year Built: 1985 1990 Buyer: DHM Minneapolis Hotel, L.P. Const Quality/ Condition: GOOD GOOD Seller. Hennepin County Hotel Associates, L.L.C. Const Class/ No. of Bldgs' RF Concrete Frame 1 Sale Data: Date of Sale: 10/26/04 Exterior Type /Roof Type: Brick Flat Total Purchase Price: $5,050,000 2nd Exterior Type Roof Cvr: Built -Up Membrane Terms S First Floor Area /GBA: 31,110 SF 123,069SF Set 1 Assume Ind: DN PMT $200,000 Z Total Floor Area: 121,917 SF PMT- INT- PMTS E Bldg Perim. Shape No. Rms: 795 Ft Rectangle 176 BALLOON DATE U Mezzanine Area Use: 10,033 SF Set 2 Assume Ind: E Bsmt A %Fi W Area n E SF 0 0 /o GBA PMT_ INT- PMTS S Bsmt Use: BALLOON DATE Bsmt Fin W SF 0% GBA First Floor Use: lobby /ballroom First Floor SF 31,1108F 25% GBA Cash Equivalent Price: 0% q $5,050,000 2nd+ Floor Use: mtg/business rooms Cash Equivalent Adj: 2nd+ Floor SF W SF 0% GBA LESS: Personal Property: $1,010,000 Tot Off Area: SF 0% GBA PLUS: Special Assessments: Ind: Y $0 Cash Equivalent of Real Estate: $4,040,000 Primary Heating Pct: Warmed Cooled Air 100 Sale Price Per Sq. Ft. TFA: $33.14 Secondary Heating/ Pct: Sale Air Conditioning Pct: 100 Analysis: Sale Price Per Sq. Ft. GBA: $32.83 Sale Price Per Sq. Ft NRA: Sprinklers Elevators: 100 3 Sale Price Per Sq. Ft. Land Area: $15.26 Garage Ramp Spaces: Surface Parking Space: Sale Price Per Room: $22,955 Parking Surface Type: Asphalt Multiple Tenancy: N Income Data: PRIVATE DATA Bldg Ht /Avg Clear Ht: 12.0 FT 10.0 FT Stories: 11.0 Avg. Finished Ceiling Ht 8.0 FT Total Land Area Topography: 264,660 SF Useable Land Area: 264,660 Zoning Land Def Cd: PUD /1 -1 F Trackage Utilities: N all Land BlgRatio Excess Land: 2.15 to One N Rent Environmental Concern Ind: Schedule: PRIVATE DATA Other Amenities: indoor pod, mtg rms Summary Comments: The hotel was purchased by Florida based Driftwood Hospitality which owns about 25 hotels, primarily on the east and west coasts. The hotel flag will change from "Hilton Minneapolis North" to "Holidaylnn Select". There was an appraisal done for the sellers dated 9/30/2002 in the amount of $7,000,000 of which $2,000,000 was listed as personal property. (That's $5,000,000 RE) The subject property was widely marketed with the lowest offer coming in at $2,500,000 under the asking price of $7,000,000 (which may have come from the appraisal). Page 2 rzllj TO_ PIN 35- 119 -21 -13 -0012 Seq #:1 QPHOWD ntavncc+r, 7 ,q.'2�+fi"'--- y`�s� -,.a. 9.auo &9Y.. I I aq <n AY N r r`+T �a1n A� *e 1_< i�`wxav7`knPaYKz tN• sa= r-teh vuv ails- I P.t,wv t' 0 r a5e 4 _N' r P 'r g LL X 1 r ��W o -r 'iP• c.i.._6rn+�IdlXn i I fYi �r at.A r+� s N 1 r A I I t ,y I f Al. I i j s_. ti y'1 t' L i� PROPERTY USE: Hotel MUNICIPALITY: BROOKLYN CENTER CODE 332 C RC 26 29 PROJECT NAME: COUNTY: HENNEPIN GBA 38700 WD ADDRESS: 6415 James Circle North PIN 35-119 -21-42 -0011 Seq 1 RATIO N COMP N AUDITOR ID: 870042 MULTIPLE PID: N COMMUNITY: NBRHOOD: lifts PROPERTY DESCRIPTION MARKET DATE Year Built/ Effective Year Built: 1980 1980 Buyer: La Quinta Properties, Incorporated Const Quality/ Condition: AVERAGE AVERAGE Y Seller: Marcus Non, L.L.C. Const Class/ No. of Bldgs WD or steed stud Frm 1 Sale Data: Date of Sale: 9/3/04 Exterior Type Roof Type: Wood Gable Total Purchase Price: $1,666,170 2nd Exterior Type Roof Cvr: Shingles /Composition Terms Set 1 Assume Ind: DN PMT -$0 S I First Floor Area GBA: 12,900 SF 38,700 SF Z Total Floor Area: 38,700 SF PMT- INT- PMTS- E BALLOON DATE- Bldg Perim. Shape No. Rms 616 Ft Rectangle U Mezzanine Area Use: SF Set 2 Assume Ind: S Bsmt Area %Fin SF 0% 0% GBA E PMT- INT- PMTS S Bsmt Use: BALLOON DATE Bsmt Fin SF 0% GBA First Floor Use: First Floor SF 12,900 SF 33% GBA Cash Equivalent Price: 6.26% $1,666,170' 2nd+ Floor Use: Cash Equivalent Adj: 2nd+ Floor SF I SF 0% GBA LESS: Personal Property: $0 Tot Off Area: SF 0% GBA PLUS: Special Assessments: Ind: Y $0 Cash Equivalent of Real Estate: $1,666,170 Primary Heating Pct: Package Unit 100 Sale Price Per Sq. Ft. TFA: $43.05 Secondary Heating/ Pct: Sale Analysis: Sale Price Per Sq. Ft, GBA: $43.05 Air Conditioning Pct: Sale Price Per Sq. Ft. NRA: Sprinklers Elevators: 100 Sale Price Per Sq. Ft. Land Area: $18.16 Garage Ramp Spaces: Sale Price Per Room: Surface Parking Space: 118 Parking Surface Type: Asphalt Multiple Tenancy: N Income Data: PRIVATE DATA Bldg Ht /Avg Clear Ht: 12.0 FT 10.0 FT Stories: 3.0 Avg, Finished Ceiling Ht: 10.0 FT Total Land Area Topography: 91,770 SF Useable Land Area: 91,770 Zoning Land Def Cd: C2 F Trackage Utilities: N all Land BlgRatio Excess Land: 2.37 to One N Rent Schedule: PRIVATE DATA Environmental Concern Ind: Other Amenities: Summary Comments: Property sale was not considered open market, no personal property listed as part of the sale price. Awaiting response from Buyer regarding purchase. Page 2 PIN 35 -119 -21-42 -0011 Seq 1 r 2 fii F kkkW?y� n i. `v saj s. PROPERTY USE: Hotel MUNICIPALITY: ST. LOUIS PARK CODE 332 C RC 00 PROJECT NAME: Holiday Inn Mpis West COUNTY: HENNEPIN GBA 139433 WD ADDRESS: 9970 Wayzata Boulevard PIN 01- 117 -22 -12 -0186 Seq 1 RATIO Y COMP Y AUDITOR ID: 866916 MULTIPLE PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATR Year Built/ Effective Year Built: 1986 1996 Buyer: GSH Mpls Full Service, L.L.C. Const Quality/ Condition: AVERAGE AVERAGE Seller: Boystar Ventures, L.P. Const Class/ No. of Bidgs: Masonry Bearing wan 1 Sale Data: Date of Sale: 7/30/04 Exterior Type Roof Type: Brick Flat Total Purchase Price: $9,325,000 2nd Exterior Type Roof Cvr. Tar and Gravel Terms Set 1 Assume Ind: DN PMT -$0 S First Floor Area GBA: 27,565 SF 139,433SF Z Total Floor Area: 139,433 SF PMT- INT- PMTS- E BALLOON DATE Bldg Perim. Shape No. Rms: Ft 196 U Mezzanine Area Use: SF Set 2 Assume Ind: E Bsmt Area %Fin 0 SF 0% 0% GBA E PMT- INT- PMTS S Bsmt Use: BALLOON DATE Bsmt Fin SF 0% GBA First Floor Use: First Floor SF 27,565 SF 20% GBA Cash Equivalent Price: 6.48% $9,325,000 2nd+ Floor Use: Cash Equivalent Adj: 2nd+ Floor SF SF 0% GBA LESS: Personal Property: $500,000 Tot Off Area: SF 0% GBA PLUS: Special Assessments: Ind: Y $0 Cash Equivalent of Real Estate: $8,825,000 Primary Heating Pct: Package Unit 100 Sale Price Per Sq. Ft. TFA: $63.29 Secondary Heating/ Pct: Sale Analysis: Sale Price. Per Sq. Ft. GBA: $63.29 Air Conditioning Pct: 100 Sale Price Per Sq. Ft. NRA: Sprinklers Elevators: 100 2 Garage /Ramp Spaces: Sale Price Per Sq. Ft. Land Area: $22.91 Sale Price Per Room: $45,026 Surface Parking Space: 553 Parking Surface Type: Asphalt Multiple Tenancy: Income Data: PRIVATE DATA Bldg Ht /Avg Clear Ht: 10.0 FT 8.0 FT Stories: 7.0 Avg. Finished Ceiling Ht: 8.0 FT Total Land Area Topography: 385,238 SF level Useable Land Area: 385,238 Zoning Land Def Cd: O F Trackage Utilities: N all Land BlgRatio Excess Land: 2.76 to One N Rent Schedule: PRIVATE DATA Environmental Concern Ind: Other Amenities: Summary Comments: Confirmed sale with Russ Valentine, owner,Boystar Ventures, L.P., Cleveland -Ohio, to CSM. $500,000 personal property, no special assess'ts, 65% occupancy at time of sale. Offered for sale through broker. Restarant -3260 sf, gift shop, bar, meeting rooms 9,800sf (550 cacpacity), swim pool, Sold 7 -16-97 for $11,515,000 (after pers. prop.) Page 2 PIN 01- 117 -22 -12 -0186 Seq 1 3 C a 71 i 7T i7-T PS ':"2 z� °��fi+�'t,� RANGE AVERAGE 2002 2003 2004 2001 2002 2003 2004 YTD LIMITED SERVICE OLDER $20,700 $39,300 29,500 -2.6% -9.2 -5.5% 10.7% 3.5% -4 .2% 9.7% (TRAVELODGE, HOLIDAY INN EXPRESS, DAYS INN, BAYMONT INN. SUPER 8, HAMPTON INN, PARK INN SUITES) LIMITED SERVICE NEWER $35,900 $46,100 42,000 5.0% 10.3% -5.6% -2.1% 4.3% 4.5% 10.4 (FAIRFIELD INN, HOSPITALITY INN, MICROTEL) FULL SERVICE OLDER $15,800 $36,600 24,200 -2.6 7.6 4.0% 10.7% 18.6% 0.8% 16.4% (THUNDERBIRD, HOILDAY INN CENTRAL HOLIDAY INN AIRPORT II, COMFORT INN, CLARION) FULL SERVICE NEWER $40,400- 9,900 45,900 -8.0% -6.6% 7.8% 3.3% -6.5% -5.2% 6.5 (PRIME HOTEL I FORMERLY WYNDHAM, MARRIOTT COURTYARD. HILTON GARDEN INN) CONVENTION $44,300 $53,900 48,600 -1.0% -3.1% -7.7% -6.2% -7.4 -6.2% 9.2 (MARRIOTT AIRPORT, HOLIDAY INN SELECT, SHERATON FORMER RADISSON, SOFITEL, AIRPORT HILTON) SUITES $39,300 $63,800 57,800 -5.2% -6.7% -9.5% -5.1% -3.5 -3.2 7.3% (EMBASSY AIRPORT, EMBASSY WEST, AMERISUITES, COUNTRY INN SUITES AT MOA) EXTENDED STAY $38,500 $58,300 52,900 2.4% 10.0% -6.5% 9.4% 4.5% 11.1% 3.8% (HOMEWOOD SUITES, RESIDENCE INN, EXTENDED STAY AMERICA, STAY13RIDGE SUITES) Y� r �T r LY r yl u o j�� r t r 's� T r r f rte' j �,rJ #r r y diF if.0. r w ...t .....f -F 3...... '�.t £lath. i 'win Cities HOTEL REPORT -a& JL Janus June 2004 rY r�w.... The Twin Cities area teasing dsmand increased in each of the first two quarters of 2004 ;:�`;:npars to the first ha(' a; f 2003. The mate of demand increase accelerated in the second quarter over the rate experienced in the first quarters This 6.7 percent year-to-date increase wag most probably a result of the economic recovery. Area wide demand has finally returned to the peak 2000 level Average daily rate increased very slightly over the first half of 8003 achieving an average Of i$89 79. Area -wide occupancy was up 5.1 points to 64.5 percent. ReWAR increased by 9.0 percent. Lodging demand increased in all three sectors of the Twin Cities with the greatest percentage increase +10.4 occurring in 3t• Paul jWinneapolis experienced a 7-1% increase while the 1-494 Corridor experienced a 6.7% increase in demand. =.Average daily rates also increased (aithou9h murginallg in all sectors, no doubt as a result of increased occupancies. Minneapolis continues to lead the market with an average rate a}f $98.00 On a national level, the hotel industry has recovered from the down cycle it eVertenced over the last two years or so. Lodging demand now exceeds levels experienced at the peak of the last cycle, which occurred in the first quarter of 2001. Due to increases in supply, hotel occupancies are within Luau about 3 points of reaching the 63% overall occupancy af k. the 2001 pea ry chain hotels have experienced the greatest recovery over the last 12 months and now e4ft the highest occupancy among the various hotel categories. Occupancy and Average Rate $120.00 100.0 P� �p dj 80.0 'scA •�P��� •s��� •so $100.00 f o S tP S e $80.00 m Tr Cr 4 '16 $60.00 t 40.0 $40.00 qt 20.0 ta i r $20.00 r $0.00 r ^1 3rd Qtr 2002 1st Qtr 2003 3rd Qtr 200.4 1st Qtr 2004 k 4th Qtr2002 2nd Qtr 2003 4th Qtr 2003 2nd Qtr 2004 Minneapolis St. Paul GVA Marquette Advisors Real Estate Counselors REGIONAL PERFORMANCE S'Y r Minneapolis Demand at Minneapolis hotels was u 3 percent in the first quarter of 2004 and increased P R p to 10.6 percent in the second quarter, ending up with a six -month growth of 7.1 and a sector occupancy of 64 The average rate in this sector was equal to the same period last year. RevPAR increased by 6.3 St Paul The St. Paul sector experienced the lowest occupancy in the market during each of the first two quarters of the year, but experienced the greatest increase of all the sectors. At 56%, the market is 5 points above the same period last year. Demand in the first six months increased by more than 10 with the largest increases occurring in January, March and April. The average rate remained virtually constant +0.3 despite the occupancy increase. RevPAR increased by nearly 11 1-494 The economic recovery has been good for this market sector, as its occupancy increased in each of the first 6 months of 2004, with double digit increases occurring in each month of the second quarter. Occupancy was up to 67 an increase of 51/2 points over the first 6 months of last year. Only a slight increase +.5 of about $.40 was realized in average rate. RevPAR increased by 10.2 One hotel, the Mall of America Grand near the airport, closed in May. Data Source: The data presented in this report has been provided by Smith Travel Research and is published with their permission. Market Definitions: Minneapolis consists of 27 hotels located within the central business district, the western edge of the city and the Minneapolis campus of the U of M. These hotels total 6,354 rooms St. Paul consists of 13 hotels located within the central business district, the eastern edge of the city and the Midway area. These hotels total 2,437 rooms. 1-494 consists of 61 hotels located along the 1-494 Corridor, including hotels in Eden Prairie, Bloomington and Eagan. These hotels total 10,118 rooms. INCOME APPROACH WORKSHEET FOR 2002 ASSESSMENT HOTELS MOTELS Property Americhm Days Inn Super l! La Quinta Comfort Inn Motel Six Hilton Country Inn Extended Inn on the Stay America Farm Extended Stay TWO Limited Limited Budmet CE..... Limited SeMee Umited Full Service United Service Economv Bad 8 Bldst I# Rooms 83 220 102 92 60 127 176 85 104 10 IGBA 42,612 120,856 36,696 38,700 27,504 41,412 123,069 29,736 45,450 15,439 Room Nights per Year 30,295 80,300 37,230 33,580 21,900 46,355 64,416 30,260 37,024 3,650 �'.ADR $71.06 $70.00 $45.00 $52.00 $40.00 $45.00 $65.00 $100.00 $55.00 $123.00 Occupancy 58.00% 35.00% 50.00% 50.00% 60.00% 50.00% 50.00% 60.00% 50.00% 15.00% Indicated Annual Room Revenues $1,248,602 $1,967,360 $837,675 $873,080 $525,600 $1,042,988 $2,093,520 $1,815,600 $1,018,160 $67,343 Taxable 2004 Room ..Revenues per Lodging Tax $1,231,364 $1,220,218 $976,000 $659,400 $814,236 $1,365,691 $2,076,164 $1,843,655 $1,041,164 $34,600 '..Miss Income 2.00% 3.00% 2.00% 2.00% 2.00% 2.00% 5.00% 2.00% 2.00% 2.00% 111119c Revenues$ $25,482 $60,846 $17,095 $17,818 $10,727 $21,285 $110,185 $37,053 $20,779 $1,374 EGI $1,274.084 $2,028,196 $854,.770 $890,898 $536,327 $1,064,273 $2,203,705 $1,852.653 $1,038,939 $68717 Indicated Rev1par $42.06 $25.26 $22.96 $26.53 $24.49 $22.96 $34.30 $59.71 $27.37 $18.83 Departmental Expense ratio 30.00% 44.00% 30.00% 30.00% 30.00% 30.00% 40.00% 40.00% 30.00% 24.00% Departmental Expenses (Dollars) ($382,225) ($892,406) ($256,431) ($267,269) ($160,898) ($319,282) ($881,482) ($741,061) ($311,682) ($16,492) 'Non Allocated Operating R Fixed ::Expenses 40.00% 35.00% 30 .00 30.00% 35.00% 30.00% 40.00% 40.00% 35.00% 15.00% '.Non Allocated Operating and Fixed Expenses (Dollars) ($509,634) ($7098691 ($256.431) ($267.2691 ($187714) ($3192821 ($881.4821 ($741,061) ($363.629) ($10.308) NO] $382,225 $425,921 $341,908 $356,359 $187,714 $425,709 $440,741 $370,531 $363,629 $41,917 NOI as of EGI 30.00% 21.00% 40.00% 40.00% 35.00% 40.00% 20.00% 20.00% 35.00% 61.00% Cap Rate 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% ..Proposed 2044 Tax Rate 2.800% 2.800% 2.800% 2.800% 2.800% 2.800% 2.800% 2.800% 2.800% 2.800% OAR (including taxes) 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% Indicated 2005 Value $3,539,000 $3,944,000 $3,166,000 ,$3,300,000 $1,738,000 $3,94$000 $4,080,000 $3,431,000 $3,367,000 $388,000 LESS -Value of FFE per Room $5,500 $5,000 $4,500 $4,500 $4,500 $4,500 $3,000 $6,000 $3,000 $2,500 Indicated 2005 Value of Real Estate $3,08$500 $2,844,000 $2,707,000 $2,886,000 $1,468,000 $3,370,500 $3,552,000 $2,921,000 $3,055,000 $363,000 Indicated Value per Room $37,139 $12,927 $26,539 $31,370 $24,467 $26,539 $20,182 $34,365 $29,375 $36,300 Land Area 71,260 300,128 108,607 89,882 47,761 100,000 264,660 227,252 116,913 40,000 Proposed 2005 Assessed Land value $600,000 $1,950,000 $795,000 $720,000 $360,000 $775,000 $1,852,000 $1,710,000 $880,000 $265,000 :Proposed Land Value pert/! $8.42 $6.50 $7.32 $8.01 $7.54 $7.75 $7.00 $7.52 $7.53 $6.63 Indicated 2e05 Building Value $2,482,500 $894,000 $1,912,000 $2,166,000 $1,108,000 $2,595,500 $1,700,000 $1,211,000 $2,175,000 $98,000 Indicated Building Value per Ell $58.26 $7.40 $52.10 $66.97 $40.29 $62.68 $13.81 $40.73 $47.85 $6.35 Indicated Total Value per U $72.34 $23.63 $73.77 $74.57 $63.37 $81.39 $28.86 $98.23 $67.22 $23.61 Extended Inn on the Property Americlnn Days Inn Super 8 La Quinta Comfort Inn Motel 6 Hilton Country Inn Stay Farm Hotel/Motel Lodging Tax Report Totals Thru Dec 04 Thru Dec 03 Percentage Chg Americ Inn $71,801 $68,214 5.26% Baymont Inn $38,432 $40,804 5.81 °k Days Inn $71,785 $63,124 13.72 Comfort inn $48,258 $39,314 22.75% Country Inn Suites $108,352 $98,973 9.48 Extended Stay America $60,147 $65,430 8.07% Holiday Inn Select '$117 $149,636 21.71% Inn on the Farm $2,021 $2,435 17.00 Motel $81,048 $79,399 2.08% Super 8 $57,872 $53,937 7.30% Total $656,859 $661,266 -0.67% L Deloitte), Cg APR 1 V Deloitte Tax LLP 200 East Randolph Street Chicago, IL 60601 -7002 USA Tel: +1 312 946 3000 Fax: +1312 946 2600 www.deloitte.com April 12, 2005 Via Overnight Mail Brooklyn Center City Assessor 6301 Shingle Creek Parkway Brooklyn, MN 55430 Re: 2005 Real Estate Assessment Appeal Extended Stay America 2701 Freeway Blvd. Brooklyn, MN Parcel Number: 35- 119 -21 -23 -0088 Dear Brooklyn City Assessor: This letter represents our 2005 Real Estate Assessment Appeal for the above referenced property "subject property") which is owned by our client, Extended Stay America. Enclosed is a Letter of Authorization from Extended Stay America authorizing Deloitte Tax LLP and its representatives to represent the subject property for the 2005 tax year. We have also enclosed the following documents regarding the subject property: Reconstructed 2004 Year -End Income and Expense Statement; 2004 Year -End Income and Expense Statements. I. Property Background and DescriDtion The subject property is a 104 -room hotel located at 2701 Freeway Blvd. in Brooklyn, Minnesota. The subject property was built in 1998 and is considered to be in average physical condition based on its age. H. Proposed 2005 Assessment According to the Brooklyn Center City Assessor's Office, the subject property's proposed 2005 assessment and market value is $3,300,000 ($31,731 /room). We believe that the proposed 2005 assessment and market value are excessive and unwarranted for the reason set forth below. Member of Deloitte Touche Tohmatsu April 12, 2005 Brooklyn City Assessor Page 2 III. Income Capitalization Approach to Value Enclosed as Exhibit 1 is a reconstructed 2004 income and expense statement which summarizes the Income Capitalization Approach to Value for the subject property. The income and expense information used in the Income Capitalization Approach to Value is taken directly from the subject property's actual operating statement for the calendar year ending December 31, 2004, enclosed as Exhibit 2. A loaded capitalization rate of 15.06% was developed by adding the subject property's effective tax rate of 4.16% to a market derived capitalization rate of 10.90 By applying a 15.06% loaded capitalization rate to the subject property's net operating income of $500,479, a 2005 market value of $2,993,413 $28,783/room is indicated after deducting $333 g 000 for tangible personal property. IV. Su22ested 2005 Assessment Based on the Income Capitalization Approach to Value, we respectfully request that the subject property's proposed 2005 market value be reduced from $3,300,000 ($31,731 /room) to $2,993,413 ($28,783/room). Thank you in advance for your cooperation and consideration of this matter. If you or your staff has any questions regarding this matter, please contact me at (312) 242 -9487 or Sam Jarvis at (312) 242 -9135. Respectfully submitted, Matthew A. Schirack Enclosures EXHIBIT 1 RECONSTRUCTED 2004 YEAR -END INCOME AND EXPENSE STATEMENT Extended Stay America 2701 Freeway Boulevard Brooklyn Center, MN Parcel Number: 35- 119 -21 -23 -0088 NUMBER OF ROOMS 104 2004 ACTUAL AVERAGE DAILY RATE OCCUPANCY Room Revenue Phone Revenue Other Revenue Total Income 1,052,717 Controllable Operating Expenses Non- Controllable Operating Expenses Total Expenses Gross Profit Franchise and Management Fees (5% of Total Income) 52,636 Operating Income 500,479 Net Operating Income 500,479 Capitalization Rate 10.90% EffectiveTax Rate 4.16% Loaded Cap. Rate 15.06% Capitalized Market Value $3,323,413 Less Personal Property Value $330.000 INDICATED REAL ESTATE VALUE $2,993,413 VALUE PER ROOM $28,783 Assessor's 2005 Market Value $3,300,000 Value Per Room $31,731 Estimated Personal Property Value: $3,300,000 x 10% $330,000 EXHIBIT 2 3504- Minneapolis Brooklyn Site Center Available Rooms 38,064 Occupied Rooms 23,670 Occupancy 62.2 Average Daily Rate 44.36 RevPAR 27.59 REVENUES Room Revenue 1,050,095 Telecom Department Long Distance Phone Revenue 1,819 Long Distance Revenue Sharing 21 Local Phone Revenue 2,100 Facility Costs (9,990) Long Distance Expense (698) Internet Access Revenue Internet Access Expense (55) Maintenance Contract (1,897) Total Telecom Department (8,700) Other Revenue Vending Commissions 8,614 Vending Expense Vending Commissions Net 8,614 Laundry Revenue 2,240 Washer /Dryer Fum Exp Laundry Revenue Net 2,240 Soap Vending Revenue Soap Vending Expense Soap Vending Net Dry Cleaning Commission Dry Cleaning Expense Dry Cleaning Commission Net Ticket Revenues Ticket Expense Ticket Revenues Net Athletic Facility Revenue Athletic Facility Expense Athletic Facility Revenue Net Pay Per View Revenue Pay Per View Expense Pay Per View Revenue Net Pantry Revenue Pantry Expense Pantry Revenue Net Pet Fees Revenue Pet Extra Cleaning Expense Pet Revenue Net Covered Parking/Parking Lot RoA -Away Bed Rental Fax and Copier Revenue VCR Rental Revenue Meeting Room Rental Revenue Late Fees Cancel/No Show/Termination Fee Damages/Replacement Fees 142 Cleaning Fees Transportation Fees Manager's Social Evening BreakfasUMeai Vouchers Other Revenue 326 Total Other Revenue I 11,322 TOTAL REVENUES 1 1,052,717 CONTROLLABLE EXPENSES Payroll Payroll Front Desk 42,272 Payroll Guest Svc NightlLaundry 26,318 Payroll Porter /Day Laundry 111 Payroll Maintenance Engineer 23,191 Payroll Head Housekeeper se ee er Y P Payroll Housekeepers 37,705 Payroll Van Driver Security Contract Labor 1,495 Housekeeping Contract Labor PorterContract Labor Maintenance Contract Labor Front Desk Contract Labor Other Payroll 80,753 Total Payroll 211,845 As of Total Revenues 20.1% Payroll Related Management Bonus 11,058 Sales Commission Bonus 40 Front Desk Bonus Housekeeping Bonus 401k Match Group Insurance 6,911 Workers Comp Insurance 10,504 Pavroll Taxes 18,224 Total Payroll Related 46,737 Total Payroll and Payroll Related 258,582 As of Total Revenues 24.6% Room Expense Linen 2,856 Guest Unit Supplies 4,905 Eating Cooking Utensils 1,495 Cleaning Supplies 3,218 Laundry Room Supplies 1,985 Housekeeping Equipment 200 Welcome Baskets Other Housekeeping /Cleaning 649 Total Room Expense 15,308 As of Total Revenues 1.5% Maintenance Pool/Spa Maintenance Elevator Contract/Maintenance 1,725 Facilities Safety Equipment 32 Pest Control 1,092 Trash Removal 4,606 Protection Service Monitoring Alarm Monitoring Fee Snow /Ice Removal 1,881 Grounds Contract 4,766 Planting Materials/Maintenance Nonplant Supplies/Materials Irrigation System Interior Painting Carpet Cleaning Carpet Replacement Tile Flooring Window Coverings Lights/Fans/Fixtures 113 Roofs/Gutters/Flashing 1,528 Exterior /Common Painting Common Area/Amenity Repairs Signage Repairs/Maintenance 2,199 Parking Lot Repairs/Maintenance Plumbing Water Softener 1,050 HVAC 466 Electrical Fire Protection/Sprinklers 6,919 Appliances Repair /Replacement 69 Electronics Repair /Replacement 87 Room Furnishings Rep /Repl 228 Building Supplies/Hardware 354 x Tools/Equipment 267 Contract Maintenance Other Reoairs/Maintenance 618 Total Maintenance 27,999 a As of Total Revenues 2.7% Sales and Marketing Promotions Print Advertisements Brochures 329 Brand Marketing Corporate Cali Give -aways Corporate Call Business Meals Trade Shows Hospitality Gifts Other Marketing Total Sales and Marketing 329 As of Total Revenues 0.0 General and Administrative WAN Charges Cable 7,273 Admin Phone Transportation Consulting Services Legal Services/Evictions Software Llcensing/Support Uniforms/Personal Safety Equip 271 Help Wanted Ads 435 Pre- Employment/Recruitment 3,659 Relocation Walks (583) Office Supplies/Forms/Print 2,780 Office Equipment 1,300 Telephone- Cellular /Mobile 40 Pagers/Radlos/Reiated Services 1,052 Dues/Subscriptions Direct Bill Service Postage/Express Services 1,012 Business Meals/Entertainment 286 Employee Travel/Mileage 385 Employee Educationffraining fRewards/Recognit/Wkshops/Mtgs 255 PCard Administative Suspense Other General And Administrative 158 Total General and Administrative 18,324 As of Total Revenues 1.7% Commissions Travel Agent Commissions Credit Card Commissions 17,639 Total Commissions 17,639 As of Total Revenues 1.7% Cash/Credit Management Credit Card Chargebacks 146 NSF's Uncollectible 166 Direct Bill Writeoffs (3,633) Direct Bill Allowance Direct Bill Writeoffs Bankruptcy Writeoff of Folio Balances Cash (Over) Short 1,832 Credit Card (Over) Short (584) Tax Collection Shortages Other Cash/Credit Management 1,586 Total Cash/Credit Management (488) As of Total Revenues 0.0% Utilities Electricity 33,857 Gas 10,904 Water /Sewer 10,096 Total Utilities 54,857 As of Total Revenues I 5.2 0 TOTAL CONTROLLABLES 392,551 As of Total Revenues 37.3`yo Variable Controllable Expenses 40,586 GOP 660,166 GOP Margin 62.7% NON CONTROLLABLE EXPENSES Licenses /Fees/Permits/Inspections 360 Property Insurance 106,650 Real Estate Taxes 195,957 Real Estate Tax Services Special Assessments Business License Tax 40 Other Taxes/Fees Occupancy Tax Discounts 1 Prior Year Adjustments Rental Expense -Ground Lease Other Non Controllable Exoenses TOTAL NON CONTROLLABLES 303,008 As of Total Revenues 28.8% TOTAL EXPENSES 695,560 As of Total Revenues 66.1% EBITDA 357,158 Less: Management Fees of Total Rev.) 31,582 Less: Franchise Fees of Room Rev.) 42,004 Less: Reserves of Total Revenue) 52,636 Adjusted Net Income 230,937 Indicated Value 2,309,367 2,199,397 2,099p25 EBITDA Margin 33.9% EBITDA Per Available Room 9.38 XT D E N ED 42:00 STAYA M E R I C All� Nightly Rates from $42.99 Our Hotels Consistently Offer the Best Value in Lodging Today. 341 Hotels Dial -Up Dataport in every room Spacious Studio Suites Easy online reservations Fully Equipped Kitchen In Room Iron and Ironing Board 24 Hour Guest Laundromat Free Local Calls and Voice -Mail Recliner and Cable TV Dining Area with Table and Chairs Comfortable Recliner Pit l Fully Equipped Kitchen Lighted Work Desk Task Chair Computer Dataport Queen Studio Suite Double Double Studio King Studio Suite $42.99 weekly rate per night $50.99 weekly rate per night $47.99 weekly rate per night $59.99 per night $69.99 per night $65.99 per night Extended Stay America 2701 Freeway Blvd. Brooklyn Center, MN 55430 763- 549 -5571 For additional information or to make a reservation at one of our 480 Hotels: WWW.EXTENDEDSTAY.COM 1- 800 -EXT -STAY "Rates quoted are based on single occupancy. Rates and amenities differ by brand and location and are subject to change without notice. i ^4/28 14:26 FAX 4042201004 DELOIrrE TOUCHE R002 APR -26 2005 13.21 CITY OF BROOKLYN CENTER 7635693494 P.01 LOCAL BOARD OF APPEAL AND EQUALIZATION CITY OF BR CENTER BROOKLYN May 2, 2005 7:00 P.M. Application Form Name 1 Rma jo,"t citi woi+te, F&Y LtP Phon 4*-z+(4- 333 v Address Ili 1 P-cazhtriu Sfi S( A+&Lkitr 6 X303 Property Identification Number(S) a lei 7- 1 13- bol'Z Appearance will be made: In Person or By Letter 2005 Estimated Market Value 0 !�DI Date of purchase ID I of Purchase Price 4, d 5 i 600 Have you done any remodeling or updating since original purchase? (Description Cost) No Concerns) W �6er 65CA m DCF �iQlr`�► n� Q'i�.�.i�c vx�cbl.e. -fu-}uv� fhCOvv�.+� S�ea,�v►. i house., afkW 20r UeGV eVA l hcovuj I& a t�\ aw, ac. dry l ra-k and ocE u.naw IV We, $ra�- What is your estimate of the current T rke V113 R Owner or Representatives Signature -sue Date: la�D� N/2 /2005 14:26 FAX 4042201004 DUO= TOUCH R001 JIM Deloittel, Deloitte Tax LLP 2500 Cumberland Pkwy Suite 350 Atlanta, GA 30339 USA Tel: 770- 432-0666 Fax: 770 432 -0601 www.deloitte.com Fax To: Office/Company: Nancy Wojcik Brooklyn Center City Assessor Fax number. cc: 763 -569 -3494 From: Date: Amy Fingerhut April 28, 2005 Number of pages (including cover sheet): To confirm receipt, or if you do not receive all pages, please cafl: 0 4 404460 -3339 Confidentiality Notice: This page and any accompanying documents contain confidential information intended for a specific individual and purpose. This telecopied information is private and protected by law. If you are not the intended recipient, you are hereby notified that any disclosure, copying or distribution, or the taking of any action based on the contents of the information is strictly prohibited, Subject: Appeal of Holiday Inn Select Minn Nancy Please see attached. I apologize as I thought this had already been sent! Please call me if you have any questions. Thank you for all of your help. Thanks, Arny Member of Deloitte Touche Tohmatsu 4/28/2005 14:26 FAX 4042201004 DELOI'3TE TOUCHE R003 Driftwood Hospitality ''a G 7 2 1 2 AL Holidav Inn Select- Minneanotis 2200 Freeway Blvd 35- 119 -21 -13 -0012 2005 County FMV-- $4,030,000 2004 Number of Rooms 176 Room Nights Available 64,240 Room Nights Sold 52,245 81.33% Average Daily Rate $50.38 Rev /Par $40.98 Income Rooms 2,632,285 62.7% Food 1,175,036 28.0% Beverage 200,823 4.8% Telephone 35,237 0.8 I° Other Operating Sales 156,377 3.7% $4,199,758 100.0% Departmental Expenses Rooms 1,008,725 24.0% Food 861,474 20.5% Beverage 81,211 1.9% Telephone 42,495 1.0% Other Operating Expenses 57,857 1.4% $2,051,762 48.9% Unallocated Expenses Administrative General 486,401 11.6% Advertising Promotion 314,748 7.5% Repairs Maintenance 243,297 5.8% Utilities 250,919 6.0% $1,295,365 30.8% Fixed Expenses Management Fees 125,993 3.0% Equipment Rentals 6,688 0.2% Insurance 82,456 2.0% Franchise Fees 259,185 6.2% $474,322 11.3% Total Expenses $3,821,449 91.0% Income Before Taxes and Reserves 378,309 9.0% Replacement Reserve (realty personality) 209,988 5.0% Net Operating Income $168,321 4.0% Overall Capitalization Rate 11.00% Effective Tax Rate 3.88% Total Capitalization Rate 14.88% Total Property Value $1,131,192 $6,427 Value of Personal Property $100,000 Real Property Value $1,031,192 $5,859 County FMV (only Real Estate) $5,165,744 HOLIDAY INN SELECT MINNEAPOLIS STATEMENT OF OPERATIONS n� 0 0 Six Weeks Ended Fifty three Weeks Ended Ur December 30, 2004 December 30, 2004 F� HI Select Minneapolis YPD Account ill Statement of Operations Actual %/per Rm %/Per Rm Actual %/Per Rm %/per Rm [v v Available Rooms/Rev/Par 7,392 $23.83 64,240 $40.98 Rooms Sold/Occupancy 3,076 52.4% 0.0% 52,245 813% 0.0% Room Revenue /Average Rate 176,164 45.45 2,632,285 S 5038 N/A Departmental Revenua CP Rooms 176,164 47.5% N/A 2,632,285 62.7% N/A Food 138,085 37.2% N/A 1,175,036 28.0% N/A O Beverage 30,131 8.1% N/A 200,823 418% N/A t' a Telephone 1,278 0.3% N/A 35,237 0.8 N/A o Other Operating Sales 25,463 6.9% N/A 156,377 3.7% N/A a Total Revenue 371,120 100.0% N/A 4,199,758 100.0% N/A Departmental Costs Expenses Rooms 103,539 58.8% N/A 1,008,725 38.3% N/A Food 122,046 88.4% N/A 861,474 733% N/A Beverage 9,523 31.6% N/A 81,211 40.4% N/A Telephone 6,143 480.8% N/A 42,495 120.6% N/A Other Operating Expenses 5,855 23.0% N/A 57,857 37.0% N/A l C Total Departmental Fxpenses 247,105 66.6% N/A 2,051,762 48.9% N/A r O Gross Contribution 124,015 33.4% N/A 2.147,996 51.1% N/A r�~ t=1 General Unapplied Expenses General Administration 47,090 127% N/A 48b,401 11.6% N/A ft° Advertising Promotion 38,099 102% N/A 314,748 7S% N/A O Franchise Expense 13,680 3.7% N/A 259,185 9.8% N/A C Repairs Malntenarxe 29,229 7.9% N/A 243,297 5.8% N/A Utilities 33,312 9.0% N/A 250,919 6.0% N/A lrJ Total Gerteral UnappliedBxpenses 161,410 43.5% N/A 1,554,550 37.0% N/A House profit (37,8951 .10.1% N/A 593,447 14.1% NIA Other Operating Expenses Management Fees 9,203 15% NIA 17,227 0.4% N/A Equipment Rentals 3,435 0.9% N/A 6,688 0.2% N/A Insurance 5,211 1.4% N/A 82,456 2.0% N/A a Property Other Taxes 38,351 10.3% N/A 374,680 6.9% N/A Total Other Operating Expenses 56,200 15.1% NIA 481,051 11.5% N/A Not Operating Income (93095) -252% N/A 112,396 2.7% N/A s a f Other Expenses 25,163 6,8% NIA 280,394 6.7% N/A Net profit (118,758) •32.0% N/A (167,998) 4.0% N/A t�s 0 0 ,a Minneapolis HI Dec 04 BSOPe.xls Page 1 of 18 2 :19 PM4Q8f2005 HOLIDAY INN SELECT 2200 Freeway Blvd. PID 35- 119 -21 -13 -0012 Zoning: PUD 1 -1 Land Area: 264,660 Sq. Ft. Year Built: 1985 GBA: 123,069 Sq. Ft. Units: 176 x n. a "€#�a 1 a ne °s��,..'w.�?,�xw v ww. s{, o„.•wk3r• v:� City of Brooklyn Center A Millennium Community TO: 2005 Brooklyn Center Board of Appeal and Equalization RE: Holiday Inn Select 2200 Freeway Blvd. PID 35- 119 -21 -13 -0012 Our office was contacted by Amy Fingerhut, Deloitte Tax LLP, regarding an appeal of the 2005 estimated market valuation of the Holiday Inn Select on April 25, 2005. Ms. Fingerhut requested a copy of the valuation notice and was informed that she would need to complete an application form to be placed on the agenda and provide requested income and expense documentation. Ms. Fingerhut was informed that the deadline to complete appraisal review prior to the local board had expired April 15, 2005, and that she would be considered a write in appeal. No interior inspection has been completed for this report. The Holiday Inn Select was purchased October 26, 2004 by DHM Minneapolis Hotel, L.P. for $5,050,000. The Certificate of Real Estate Value recorded with the deed indicates personal property of $1,010,000. The cash equivalent sale price of the real estate, after reduction of the personal property is $4,040,000. An appraisal was completed for the seller in September, 2002, in the amount of $7,000,000 of which $2,000,000 was listed as personal property, indicated a value to the real estate of $5,000,000. The property was widely marketed and was purchased by Florida based Driftwood Hospitality which owns about 25 hotels on the east and west coasts. The lowest offer coming in was $2,500,000 under the asking price of $7,000,000, which may be directly related to the appraisal. The property is a full service hotel currently managed as a Holiday Inn Select. The property was constructed in 1985, and includes eleven stories with a gross building area of 121,917 square feet. The property includes a formal lobby, meeting rooms, ball room, breakfast area and 176 rooms. The property appears in average condition. The 2005 estimated market value was reduced based on the sale price and a drop in the income reported on the lodging tax reports submitted to the city. The sale information enclosed indicates a range of value per room for older limitedtfull service hotels from $22,900 to $45,000 per room based on the franchise and location. Hotel market information provided indicates the average room value around $26,000. 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.cityolbrooklyncenter.org It is my recommendation that the 2005 estimated market value of $4,050,000 be sustained. This value is substantiated by the lodging tax reported at the time of the assessment, the private appraisal that was completed and the recent sale. STAFF RECOMMENDATION: 2005 Estimated market value of $4,050,000 be sustained. Respectfully, Nancy Woj ik, SAM City Assessor WGISMap Output Page Page 1 of 1 Holiday Inn Select X_ 1 7002 m200770617t786- 7D1D 7025YY 7028 7025 1'81'1' 7081' 7030 709670807606703070987000 i I O 70 7 7026 m702t i W6 7026�70A6 7018 7028- �t87013n: 7013 7gt9- 7019 1T�b TDt870197018 m7018 c P I 17016 saorm_mo7, 7667. a T 0%7"ii 7 -1 0t8k.- m7012- 7012 Q'z_''y 7001 7i0007t70t70oo7oM7ooe z70pp TOOK G�17006 y' 70TH AVE d 7000 7ppp D X70602116 z 7000 7000 z 8032 1710 1 AVE N- __1111_. {6p2g"m 66, g 216760.!76042 88,12' K BDOB' 1713 1'613 1601 2- z z J �.)2t 1'9 8681' 8008 8067 m8G38-mt�I t7td 118/0 �6Dta 13� ttt2? li QeD007 �00 8026 6000�z o eW0 z IRVING LN N I t1061t00 0:' -eDID 6016 601'3 j' i I t8131601 6010 I 1 L t ,60b7"�8018�6Dt9I 8012 tt�_ .27082208 2112 60 eM76012GD0780061820 17131'706 8�1 f Y 6: G' 6000 2100 60006001006elm"W ��,7201__1 1818 1608 1)L t- 69TH AVEN 1111.. 677722 x_684948646, 22 22 632 tiara LN ,coal J ld ,si6 r�ea°° 6=6so6°°s'r+1 r�l 6640 ow ow 0 4 e6tD 19 c6896_068ad I. D 8612 0' .661 0 22 o 87TH LN 1 8600 rc� x 6618 5. 8 ti 6606 5106 L 881 !f 2762 r 000 ts� 6800 yl- T "'�S D 861'2 67796763 t-- Z 6600' 9 6grh 3000, I HUMBOLDT Ba01 8733 6726 22 I 34417�LfGfiEEK PKWY t 800 HUN�OlOT PL N 1'300 1300 (1200 ).8718 9tlaSi05, Ba01 1'700 184022ta01 $112 r 9018 68 r� n'1 lNN 67TH AVE N' �ttt2 7".111,,,_ 30121 20082419�.� 8866 i 043 a840t401 Isof 1121' <.t1 3110 RtFp: 2920 Wig, „z'°�l X61 2706 UTCOARAt3E DR91 Y 670, 4 1 2066 l 67TH AVE N 6 s9„D ht4 1I e�e,o48�y{H y Q aKVrAr ctra I j am ,so, v 2781 BBBt 6801 22 6W z 0 881'38660 ry 2741 f 2880 90 •t. 911831129t�r_. y 2701,, jj 22001 W 6311 $1'28 q h9 -J 06 VF CC 31ta 10`1- /A}� !i law a s10e .r 3Ctr7 `�A r JJII T'7 r 9026.. 39200 f A� 3006 D 2A062900' a 1 FREE WAY BLVD_ .....85TH AVEN 90tY '211 3800 7 1111 U X "o- 6 7goCg-� 93126 i ra BaTHAVE N I r 1 st2s s a I x 201'2 2800 2n2T earo taa e ns3toi -1231'3 �2�a93,2^ Ar i e e�4'i 90036 9019 65TH AVE N �4 631'3 ''�P t t -D� [92t93t2s i3 7783t0 12Dt912at0' 27M F'r;' f-- I 2• 6306 166408 &tt2 2 921'41 5100 x0f220D026t228o027t2y0p 6313 041&' (JJ 640 i g4op 28400 D t3b6 631,0 6 9006 r x2600 .1 y y lt e r� '�,�I 64THAVEN 6 fit SfWgt 901872010 ±.,AI f� Try 1 V I I�•-� 1'301 G D G 834283876332 x.6612 -F BOL7t r W m 6398 6331 6336 6wf E9966351 's a626,b 2o12aoao�,x2eoo271a too,R 1 8- DHENRY RDN� L OHENRY RD �'1"� L ArE 2 690860008930 D9267� X2010 2013 RD2D01TT '8310'Ga18y C. Da 33201'311D910790f03007 1 y .2725 BB HWY252 TD WB 194 .rap,•! NIP 9708 91'1'2 901'3 t 2Dt2200026t22E0027t227oe i pQ8906 8L. 63RD AVE N�19000 w 261a A a. 61300 f: TO Eg,694 9010 20t02W726t02W27t 6 EDF2tiEKPKWS' 5107 6286 8N1NCL ._.SHINGLE X6,13! I. 9018 001 28t8� I 606 D j CREEK PKWYTG 581114 W12 3026 63006 MASH RD '171'2 8 LW -•�V� 000 j�J 140x 906 217' 901'331123013T281D� 0' 22 14 X 22 t 30t8 9 0 0 7 8278. i 281 22 t� 2013 tt210 i r9�79,o7,.so,2ealo 9100 9 MUMFORD RD �aolx26,a2eos266o�1 szi2 t 9101 61'30 m1n X01 c,� 9118St�,1- 90136746 MS 2610 .6221 6000 r Y o �P-.Itta x 2 'as s f A h� 9of 0006aote21s621e6726 r euas, M J �92t23f0b 62ta�y Bt6D a' ,6126 s 8118 s $10�an3 6120 B�MUYr OR N W 8121 3119 31'0 68 8128 6100 6100 z-`��` 0 1 6 8 81W 9HT r J j8t0o96o661m J 3,1'2 CwD.,CI 6 =W2476 em qtr I 4 6050 22 i 6033 eo36 u 6p9p 6D3,�+ ����:�n�m, .4846 DISCLAIMER: The information contained on this map is advisory. Map L_+eg� ntJ accuracy is limited by the quality of thepublic records from which it was H ING14 t ntda!ei F4aa lure prepared. It is not intended as a substitute for an accurate field survey. 5tr� et "XLNUsea Nu:mbeam AERIAL PHOTOS Aerial photography is date sensitive. Features that exist Mu n ictaa i Bc3 u:ncla3 r;r presently in the County may not be present in the photos. La k,3�s 361 .5 irsa t-ns Pa,rk''s Parma Bas46 p n httr►•/ /trig lnaic nra /eP ryh-_t1vwn .Rri P TT Cr7 nn F-c ri man qL-- rvl nV &Client V e..._ 04/28/ZV� PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURB 319 PROPERTY ID NEXT 35- 119 -21 -13 -0012 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 2200 1/_ FREEWAY BLVD 55430+ Right: Left: Owneri: DHM MPLS HOTEL L P Owner3: Owner2: Owner4: Zoning: PUD /I1 Prim /sec: Yr.blt: 1985 Area: 264660 Acres: 6.46 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 1852600 2197400 4050000 80250 C 0 2004: 1852600 6200000 8052600 160302 C 0 2003: 1852600 3047400 4900000 97250 C 0 Legal Description: NO LOT AND BLOCK GIVEN REG. LAND SURVEY #1572 TRACT B Tvoe PID or ADDRESS: press ENTER: or F1. F2. F8 PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURR 308 PROPERTY ID Address NEXT 35- 119 -21 -13 -0012 2200 1/ FREEWAY BLVD SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 10/2004 5050000 WD INCLDS 1,010,000 PP 311996 10300000 1 GOOD SALE PER CTY 7/1985 1078000 1 PER CRV DATE 7/11 /85 Press F1. F2. F5. F8 PROPERTY DATA SYSTEM *PUBLIC DISPLAY COMMERCIAL CHARACTERISTICS PART 1 CURR 311 PROPERTY ID BLDG NEXT 35- 119 -21 -13 -0012 A ADDRESS: 2200 1/ FREEWAY BLVD PROP NAME Holiday Inn Select DIST 14 NBRHOOD 0011 FRONTAGE DEPTH AREA 264660 IRREG SHAPE .CS ZONING PUD /I1 AREA RATING SITE RATING ALL.UNITS TRACKAGE NO SEWER YES WATER YES STREET YES EXCESS LAND NO SOIL CORRECT NO CONSTR QUAL GOOD USE CODE1 332 USE PCT1 100 USE CODE2 USE PCT2 USE CODES USE PCT3 USE CODE4 USE PCT4 ARCH APPEAL AVER FUNC DEPR PC ECON DEPR PCT P DEPR PCT CONST YEAR 1985 EFFECT YEAR 1990 CONDITION GOOD CONST. REINCONC EXT. WALLS BRICK ROOF STR. STEEL ROOF COVER INS ROOF HEAT1 TYPE H C HEAT1 PCT 100 HEAT2 TYPE HEAT2 PCT HEAT3 TYPE HEAT3 PCT FF AREA 31110 GB AREA 123069 NR AREA MEZZ AREA 10033 PERIM AREA 795 TF AREA 121917 AIR1 TYPE PKG AIR2 TYPE AIR3 TYPE AIR PCT 100 BSM PCT BSM USE PLUMBING AVG ELECTRICAL AVG AVG /STORY 12.0 STORIES 11.0 CLEAR HGHT 10.0 ELEVATOR 3 SECURITY SYSTEM Press F1. F4. or F8 HOTELS /MOTELS Brooklyn Center, Minnesota 2005 Unit 2004 Unit LOCATION AREAS L:B Ratio 2005 ENV Values [a 2004 EMV Values [I] 1 Americlrm Land 74,070 1.74 Land $590,000 $7.97 [/j Land $590,000 $7.97 2050 Freeway Blvd GBA 42,612 Building $2,054,000 $48.20 Building $2,054,000 $48.20 35- 119 -21 -13 -0021 Rooms 83 Total $2,644,000 $62.05 Total $2,644,000 $62.05 Age 1998 Change 0.0% $31,855 Rm Changa 11.9% $31,855 2 Days Inn Land 297,182 2.46 Land $1,950,000 $6.56 Land $1,950,000 $6.56 1501 Freeway Boulevard GBA 120,856 Building $985,000 $8.15 [Q Building $859,000 $7.11 35- 119 -21-41 -0003 Rooms 220 Total $2,935,000 $24.29 [1] Total $2,809,000 $23.24 Age 1971 Change 4.5% $13,341 Rm Change 49.7% $13,005 Sale 5/2002 $3,500,000 Hotel running Bar Evening Meals Sale 312001 $2,250,000 Negotiations of sale at $4,400,000 3 Super 8 Land 105,813 2.88 Land $767,100 $7.25 Land $767,100 $7.25 6445 James Circle GBA 36,696 Building $1,939,900 $52.86 Building $1,937,900 $52.81 35 -119 -21-42 -0006 Rooms 102 $2,707,000 $73.77 M $2,705,000 $73.71 Age 1980 Change 0.1% $26,539 Rm Change -5.1% $26,520 4 Baymont Inn Land 89,882 2.32 Land $720 $8.01 [/j Land $720,000 $8.01 6415 James Circle North GBA 38,700 Building $1,519 $39.25 Building $1,519,000 $39.25 35- 119 -21-42 -0011 Rooms 92 Total $2,239,000 $57.86 [/J Total $2,239,000 $57.86 Age 1980 Change 0.0% $24,337 Rm Change -13.2% $22,390 Sold 9/04 $1,666,170 5 Comfort Inn Land 47,761 Land $360,000 $7.54 [4 Land $360,000 $7.54 1600 James Circle North GBA 27,504 Building $1,108,000 $40.29 [/J Building $1,040,000 $53.70 35- 119 -21-41 -0015 Rooms 60 Total $1,468,000 $53.37 [/J Total $1,400,000 $66.79 Angle Converse 560 -7464 Age 1995 Change 4.9% $24,467 Rm Change 17.6% $30,617 Stipulated TC 6 Hilton Land 264,660 2.15 Land $1,852,600 $7.00 Land $1,852,600 $7.00 2200 Freeway Blvd GBA 123,069 Building $2,197,400 $17.86 [/J Building $6,200,000 $50.38 35- 119 -21 -13 -0012 Rooms 176 Total $4,050,000 $32.91 [/J Total $8,052,600 $65.43 Don Erickson 566 -8000 Age 1985 Change -49.7% $23,011 Rm Change 17.4 $45,753 Sold 10/2004 $5,050,000 Removal of Nightclub 7 Country Inn Land 227,252 7.64 Land $1,710,000 $7.52 [/1 Land $1,477,100 $6.50 2550 Freeway Blvd. GBA 29,736 Building $1,211,000 $40.73 [/J Building $1,327,900 $44.66 35- 119 -21 -24 -0008 Rooms 85 Total $2,921,000 $98.23 [/J Total $2,805,000 $94.33 Ray Assemi 561 -0900 Age 1997 Change 4.1% $34,365 Rm Change -32.9% $33,000 8 Motel Land 100,000 2.41 Land $775,000 $7.75 Land $700,000 $7.00 2741 Freeway Blvd GBA 41412 Building $2,595,500 $62.68 [/J Building $2,665,500 $64.37 35- 119 -21 -23 -0087 Rooms 127 Total $3,370,500 $81.39 [Q Total $3,365,500 $81.27 Age 2000 Change 0.1% $26,539 Rm Change -22.3% $26,500 wr Useabie 9 Extended Stay America Land 116,913 2.57 Land $715,000 $6.12 Land Land $700,000 $5.99 2701 Freeway Blvd GBA 45,450 Building $2,585,000 $56.88 [/J Building $2,600,000 $57.21 35- 119 -21 -23 -0088 Rooms 104 Total $3,300,000 $72.61 Total $3,300,000 $72.61 Age 1999 Change 0.0% $31,731 Rm Change 26.2% $31,731 Usable Land is: 87,077 $8.21 w gross $5.99 10 Inn on the Farm Land 40,000 2.59 Land $265,000 $6.63 Land $265,000 $6.63 6150 Summit Drive GBA 15,439 Building $100,000 $6.48 Building $145,000 $9.39 35- 119 -21-44 -0009 Rooms 10 Total $365,000 $23.64 Total $410,000 $26.56 Age Change -11.0% $36,500 Rm Change 3.6% $41,000 TOTALS 1,363,533 Land $9,704,700 $7.12 Land $9,381,800 $6.88 and $21,474 Building $16,294,800 $31.25 Building $20,348,300 $39.86 AVERAGES Rms 1,059 Total $25,999,500 $49.86 Total $29,730,100 $57.85 Change 12.5% $24,551 Rm Change -20.8% $28,379 INCOME APPROACH WORKSHEET FOR 2002 ASSESSMENT HOTELS MOTELS Property Amedcinn Days inn Super 8 La Qulnta Comfort inn Motel Six Hilton Country Inn Extended Inn on the Stay America Farm 7 Extended Stay Y TVOe Limned broiled Sudaet Eeonomv Lbniad Service tanned Full Service Untied Service Eaonomv Bed a Bldat 7 p B Rooms 83 220 102 92 60 127 176 83 104 10 38A 42,612 120,856 36,696 38,700 27,504 41,412 123,069 29,736 45,450 15,439 Room Nights per Yew 30,295 80,300 37,230 33,580 21,900 46,355 64,416 30,260 37,024 3,650 40R $71.06 $70.00 545.00 $52.00 $40.00 $45.00 $65.00 $100.00. $55.00 $123.00 occupancy 58.00% 35.00% 50.00% 50.00% 60.00% 50.00% 50.00% 60.00% 50.00% 15.00% Indicated Amoral Room Revenues $1,248,602 $1,967,350 $837,675 5673,080 $525,600 $1,04$988 $2.093,520 $1,815,600 $1,018,160 $97,343 renble 2004 Room Revenues per 1 .001011 TAX $1,231,364 $1,220,218 $976,000 $659,400 $814,236 $1,355,691 $2,076,164 $1,843,655 $1,041,164 $34,600 bite Worse 200% 3.00% 200% 200% 200% 2.00% 5.00% 2.00% 200% 200% NbeItevenuesi $25,482 $60,846 $17,095 $17,818 $10,727 $21,285 $110,185 $37,053 $20,779 $1,374 EGI 51.274.084 $2,028,196 8854170 9890,898 $538.327 51.064273 52201705 $1.852.653 $1.038.939 568.717 Indicated Revi ar $4206 $25.26 $22.96 $26.53 $24.49 $22.96 $34.30 $59.71 $27.37 $18.83 GWrbaersid Expense mile 30.00% 44.00% 30.00% 30.00% 30.00% 30.00% 40.00% 40.00% 30.00% 24.00% DepeMrenbY Expenses Messrs) ($382,225) ($892,406) ($258.431) ($267,269) ($160,898) ($319,282) ($881,482) ($741,061) ($311,682) ($16,492) Operating a Flied Expenses 40.00% 35.00% 30.00% 30.00% 35.00% 30.00% 40.00% 40.00% 35.00% 15.00% NonJdbealed operating and Find Exwmesslollersi ($509,6341 13709,8691 ($256.431) !$267.2691 (8187,714) ($3'19.2821 ($881,4821 ($741.0611 ($383.6291 ($10.308) NOI $382.226 $425,921 5341 $356,359 $187,714 $425.709 $440,741 $370,531 $363.629 $41,917 1401 as of EGI 30.00% 21.00% 40.00% 40.00% 35.00% 40.00% 2(L00% 20.00% 36.00% 61.00% Cap Rats 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 1100% 8.00% 8.00% 6.00% Proposed 2004 Tun Rea 2800% 2800% 2800% 2800% 2.800% 2800% 2800% 2800% 2800% 2.800% one (Inuudbq one) 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% 10.80% 10.110% 10.80% Indicated 2006 Value $3.539,000 $3,944,000 $3,168,000 $3.300,000 $1,738,000 $3,942,009 $4. 080.000 $3,431,000 $3.387,000 $388,000 LESS afaas of FFE per Room $5.500 $5,000 $4,500 500 $4.500 $4.500 $3.000 $6,000 $3.000 .$2,500 Indicated 2005 Value of Real Estate 3,082, 500 $2,844,000 $2.707,000 $2,866,000 $1,468, 000 $3, 370, 500 $3. 562. 000 $2,921,000 $3,055,000 $363,000 Indicated Valve per Room $37.139 $12,927 $26,539 $31,370 $24,467 $26,539 520,182 $34,385 $29,375 $36,300 Land Am 71,260 300,128 108,607 89,882 47,761 100,000 264,660 227,252 116,913 40,000 Proposed 1914 Anseesed Land value $600,000 $1.950.000 $795,000 $720,000 $360,000 $775.000 $1.852,000 $1,710,000 $880,000 $265,000 Prof tab Value veffl $8.42 $8.50 $7.32 $8.91 $7.54 $7.75 $7.00 $7.52 $7.53 $6.63 Indlated 2008 BuiWingvalue $2,482,500 $894,000 $1,912.000 $2,166,000 $1,105.000 $2.595,500 $1,700,000 $1,211,000 $2,175,000 598,000 Indkded Building vacua per W $58.26 $7A0 $52.10 $66.97 $40.29 $62.58 $13.81 $40.73 $47.85 $6.35 Mdkelyd Total Value P $72.34 $23.53 $73.77 $74.57 $53.37 $81.39 $28.86 $98.23 $67.22 $23.51 Extended Inn on the Property Americlnn Days Inn Super 8 La Quhtta Comfort Inn Motel 6 Hilton Country Inn Stay Farm Economy b s Hotel/Motel Lodging Tax Report Totals Thru Dec 04 Thru Dec 03 Percentage Chg Amedc Inn $71,801 $68,214 5.26 Baymont Inn $38,432 $40,804 -5.81 Days Inn $71,785 $63,124 13.72 Comfort Inn $48,258 $39,314 22.75 Country Inn Suites $108,352 $98,973 9.48% Extended Stay America $60,147 $65,430 8.07% Holiday Inn Select '$117,143 $149,636 21.71% Inn on the Farm $2,021 $2,435 17.00% Motel $81,048 $79,399 2.08% Super 8 $57,872 $53,937 7.30% Total $656,859 $661,266 -0.67% j t PROPERTY USE: Hotel MUNICIPALITY: BROOKLYN CENTER CODE 332 RC 00 PROJECT NAME: Former Hilton Minneapolis North COUNTY: HENNEPIN GBA 123069 WD ADDRESS: 2200 Freeway Boulevard PIN 35- 119 -21- 13-0012 Seq 1 RATIO Y COMP Y AUDITOR ID: 875147 MULTIPLE PID: N COMMUNITY: NBRHOOD: &F PROPERTY DESCRIPTION MARKET DATR Year Built/ Effective Year Built: 1985 1990 Buyer. DHM Minneapolis Hotel, L P Const Quality/ Condition: GOOD GOOD Seller Hennepin County Hotel Associates, L.L.C. Const Class/ No. of Bldgs: RF Cora to Fmme 1 Sale Data: Date of Sale: 10126/04 Exterior Type Roof Type: Brick Flat Total Purchase Price: $5,050,000 2nd Exterior Type Roof Cvr. Built-Up Membrane Terms 8 First Floor Area /GBA: 31,110817 123,069SF Set 7 Assume Ind: DN PMT $200,000 Z Total Floor Area: 121,917 SF PMT INT- PMTS E Bldg Perim. Shape No. Rms: 795 Ft Rectangle' 176 BALLOON DATE U Mezzanine Area Use: 10,033 SF Set 2 Assume Ind: E Bsmt Area %Fin SF 0% 0% GBA E PMT- INT- PMTS S Bsmt Use: BALLOON DATE Bsmt Fin SF 0% GBA First Floor Use: lobby/bailmom First Floor SF 31,110 SF 25% GBA Cash Equivalent Price: 0% $5,050,000 2nd+ Floor Use: mtg/business rooms Cash Equivalent Adj: 2nd+ Floor SF W SF 0% GBA LESS: Personal Property: $1,010,000 Tot Off Area: SF 0% GBA PLUS: Special Assessments: Ind: Y $0 Cash Equivalent of Real Estate: $4,040,000 Primary Heating Pct: Warmed Cooled Air 100 Sale Price Per Sq. Ft TFA: $33.14 Secondary Heating/ Pct sale Analysis: Sale Pike Per Sq. Ft. GBA: $32.83 Air Conditioning Pct 100 Sale Price Per Sq. Ft. NRA: Sprinklers Elevators: 100 3 Sale Price Per Sq. Ft. Land Area: $15.26 Garage Ramp Spaces: Surface Parking Space: Sale Price Per Room: $22,955 Parking Surface Type: Asphak Multiple Tenancy: N Income Data: PRIVATE DATA Bldg Ht /Avg Clear Ht: 12.0 FT 10.0 FT Stories: 11.0 Avg. Finished Ceiling Ht: 8.0 FT Total land Area Topography: 264,660 SF Useable Land Area: 264,660 Zoning Land Def Cd: PUD/1-1 F Trackage Utilities: N all Land BlgRatio Excess Land: 2.15 to One N Schedule: PRIVATE DATA Environmental Concern Ind: Other Amenities: Indoor pod, mtg mu Summary Comments: The hotel was purchased by Florida based Driftwood Hospitalky which owns about 25 hotels, primarily on the east and west coasts. The hotel fig will change from "Hilton Minneapolis North" to "Holldaylnn Select". There was an appraisal done for the sellers dated 9/30/2002 in the amount of $7,000,000 of which $2,000,000 was listed as personal property. (Thais $5,000,000 RE) The subject property was widely marketed with the lowest offer coming in at $2,500,000 under the asking price of $7,000,000 (which may have come from the appraisal). dy a ml I I A1tlnc6 AY Zr 0P DYP?^I IF F IdVlY'ad III r i 'lany'afinmgNT A a s S, G I r Vi Di 7 7 l I b Ya� G YaA AvN g Y� ;0 :z A Ma yT Y} I l5'�`���!� cli cq EL kn. I�x Ef n t w i tt C `rye .cyq d. fi n" n `"�'iti,'a l �j ,s, 'f x n Z y Via, W I OWA �I I PROPERTY USE: Hotel MUNICIPALITY: BROOKLYN CENTER CODE 332 C RC 2629 PROJECT NAME: COUNTY: HENNEPIN GBA 38700 WD ADDRESS: 6415 James Circle North PIN 35- 119 -21-42 -0011 Seq 1 RATIO N COMP N AUDITOR ID: 870042 MULTIPLE PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTIOI, MARKET DATR Year Built/ Effective Year Built: 1980 1980 Buyer. La Quanta Properties, Incorporated Const Quality/ Condition: AVERAGE AVERAGE Seller: Marcus Non, L.L.C. i Const Class/ No. of Bldgs: wo or weal stud Fmi 1 Sale Data: Date of Sale: 9/3/04 Exterior Type Roof Type: Wood Gable Total Purchase Price: $1,666,170 2nd Exterior Type Roof Cvr. Shingles/Composition Terms Set 1 Assume Ind: DN PMT -$0 S First Floor Area GBA: 12,900 SF 38,700 SF I Z Total Floor Area: 38,700 SF PMT- INT- PMTS- E BALLOON DATE Bldg Perim. Shape No. Rms: 616 Ft Rectangle U Mezzanine Area Use: SF Set 2 Assume Ind: E Bsmt Area %Fin SF 0 k 0% GBA E PMT- INT- PMTS- S Bsmt Use: BALLOON DATE Bsmt Fin W SF 0% GBA First Floor Use: First Floor SF 12,900 SF 33% GBA Cash Equivalent Price: 6.26% $1,666,170 2nd+ Floor Use: Cash Equivalent Adj: 2nd+ Floor SF W SF 0% GBA LESS: Personal Property: $0; Tot Off Area: SF 0% GBA PLUS: Special Assessments: and: Y $0, Cash Equivalent of Real Estate: $1,666,170 Primary Heating Pct: Package Unit 100 Sale Sale Price Per Sq. Ft. TFA: $43.05 Secondary Heating/ Pct: Analysis: Sale Price Per Sq. Ft. GBA: $43.05 Air Conditioning Pct: Sale Price Per Sq. Ft. NRA: Sprinklers Elevators: 100 Sale Price Per Sq. Ft Land Area: $18.16 Garage Ramp. Spaces: Sale Price Per Room: Surface Parking Space: 118 Parking Surface Type: Asphalt Multiple Tenancy: N Income Data: PRIVATE DATA Bldg Ht /Avg Clear Ht: 12.0 FT 10.0 FT Stories: 3.0 Avg. Finished Ceiling Ht: 10.0 FT Total Land Area Topography: 91,770 SF Useable Land Area: 91,770 Zoning Land Def Cd: C2 F Trackage Utilities: N all Land BlgRatio I Excess Land: 2.37 to One N Rent Schedule: PRIVATE DATA Environmental Concern Ind: Other Amenities: Summary Comments: Property sale was not considered open market, no personal property listed as part of the sale price. Awaiting response from Buyer regarding purchase. Page 2 PIN 35- 119 -21-42 -0011 Seq 1 'q 4'd'v°�`���.`yµ�. Jn'T' .e�airam✓ %ms's f�R� 1 PROPERTY USE: Hotel MUNICIPALITY: ST. LOUIS PARK CODE 332 C RC 00 PROJECT NAME: Holiday Inn Mpls West COUNTY: HENNEPIN GBA 139433 WD ADDRESS: 9970 Wayzata Boulevard PIN 01- 117 -22 -12 -0186 Seq 1 RATIO Y COMP Y AUDITOR ID: 866916 MULTIPLE PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTIOC MARKET DATA Year Built/ Effective Year Built: 1986 1996 Buyer. GSH Mpls Full Service, L.L.C. Const Quality/ Condition: AVERAGE AVERAGE Seller. Boystar Ventures, L.P. i Const Class/ No. of Bldgs Masomy Bearing Wa 1 l 1 Sale Data: Date of Sale: 7/30104 Exterior Type /Roof Type: Brick Flat Total Purchase Price: $9,325,000 2nd Exterior Type Roof Cvr. Tar and Gravel Terms S Set 1 Assume Ind: DN PMT -$0 I First Floor Area GBA: 27,565 SF 139,433SF Z Total Floor Area: 139,433 SF PMT- INT- PMTS- E BALLOON DATE Bldg Perim. Shape No. Rms: Ft 196 U Mezzanine Area Use: SF Set 2 Assume Ind: S Bsmt Area I %Fin I 0 SF 0% 0% GBA E PMT- INT- PMTS- S Bsmt Use: BALLOON DATE Bsmt Fin SF 0% GBA First Floor Use: First Floor SF I 27,565 SF 20% GBA Cash Equivalent Price: 6.48% $9,325,000 2nd+ Floor Use: Cash Equivalent Adj: 2nd+ Floor SF SF 0% GBA LESS: Personal Property: $500,000 Tot Off Area: SF 0% GBA PLUS: Special Assessments: Ind: Y $0 Cash Equivalent of Real Estate: $8,825,000, Primary Heating Pct; Package Unit 100 Sale Sale Price Per Sq. FL TFA: $63.29 Secondary Heating/ Pct Analysis: Sale Price Per Sq. Ft. GBA: $63.29 Air Conditioning Pct 100 Sale Price Per Sq. FL NRA: Sprinklers Elevators: 100 2 Garage /Ramp Spaces: Sale Price Per Sq. Ft. Land Area: $22.91 Sale Price Per Room: $45,026 Surface Parking Space: 553 Parking Surface Type: Asphalt Multiple Tenancy: Income Data: PRIVATE DATA Bldg Ht /Avg Clear Ht 10.0 FT 8.0 FT Stories: 7.0 I Avg. Finished Ceiling Ht: 8.0 FT Total Land Area Topography. 385,238 SF level Useable Land Area: 385,238 Zoning Land Def Cd: O F Trackage I Utilities: N all Land BlgRatio Excess Land: 2.76 to One N Rent Schedule: PRIVATE DATA Environmental Concern Ind: Other Amenities: Summary Comments: Confirmed sale with Russ Valentine, owner,Boystar Ventures, L.P., Cleveland -Ohio, to. CSM. $500,000 personal property, no special assessRs, 65°x6 occupancy at time of sale. Offered for sale through broker. Restarant -3260 sf, gift shop, bar, meeting rooms 9,800sf (550 cacpacity), swim pool, Sold 7 -16 -97 for $11,515,000 (after pers. prop.) Page 2 IN 0. PIN #:01- 117 -22 -12 -0186 4 Seq 1 y I A M ��S -.y ,,�►.iti sou:. d RANGE AVERAGE 2002 2003 2004 2001 2002 :2003 2004 YTD LIMITED SERVICE -OLDER $20,700 $39,300 29,500 -2.6% -9.2% -5.5% 10.7% -3.5 -4.2% 9.7% (fRAVELODGE, HOLIDAY INN EXPRESS. DAYS INN, BAYMONT INN. SUPERS, HAMPTON INN, PARK INN SUITES) LIMITED SERVICE NEWER $35,900 $46,100 42,000 -5.0% 10.3% -5.6% -2.1% -4.3% -4.5% 10.4 (FAIRFIELD INN, HOSPITALITY INN, MICROTEL) FULL SERVICE -OLDER $15,800 $36,600 24,200 -2.6% -7.6% -4.0% 10.7% 18.6 -0.8% 16.4% (THUNDERBIRD, HOLIDAY INN CENTRAL, HOLIDAY INN AIRPORT 11, COMFORT INN, CLARION) FULL SERVICE NEWER $40,400- 900. 45,900 -8.0% -6.6% -7.8 -3.3% -6.5 -5.2% 6.5% (PRIME HOTEL FORMERLY WYNDHAM, MARRIOTT COURTYARD, HILTON GARDEN INN) CONVENTION $44,300 $53,900 48,600 -1.0% -3.1% -7.7% -6.2% -7.4% -6.2% 9.2% (MARRIOTT AIRPORT. HOLIDAY INN SELECT. SHERATON FORMER RADISSON, SOFITEL, AIRPORT HILTON) SUITES $39,300 $63,800 57,800 -5.2% -6.7 -9.5% -5.1% -3.5% -3.2% 7.3% (EMBASSY AIRPORT. EMBASSY WEST. AMERISUITES. COUNTRY INN SUITES AT MOA) EXTENDED STAY $38,500 $58,300 52,900 -2.4% 10.0% 6.5% -9.4% -4.5% 11.1% 3.8% (HOMEWOOD SUITES. RESIDENCE INN, EXTENDED STAY AMERICA, STAYBRIDGE SUITES) 'j. �'r�z. F- YK .,x` .�ys.%F' �.s s. 'f i r r _s.:.,r::.::Z:•...T:.i r x 1 �r: s.= ac :fY•.. :i. -.r_ srg.. s a. 3 ..Fib s a.> j•zM s "s T .sr'. £'•,�,r c- z-= A`�%s"r s- Ns --t"'_ •r,. s%�1> i?": w^ s ..-=.r ...y-,.. rF• i':sc �r?�" z s Fr.. -:.n• s• s.. s ^•i.::.- ':Is::...z- t �,q �r :•l ''r'r� %dt'4.:' S� t ���'rf�::� �:f ?s .x• "•v3 z ..r, «^xk'.� .rr „C Wiz,. s' Tss ,5:r�' >.f£`> .f r :�r..•rf ru+'r •ruy:in�..^.. r. r o'..� ssr t`:y r r- x 5..� ,r -�•ry r.P >,z ri' -is.: r..sr• p ?•i.^ 3�" .s. '.a" r rz -s -urs. o: rr.t� s: v�#J ..r� r y 2y *n S s.�L• -r:. _•s'...^ r <,•s. .f r^sy 4".: f.p�r- S,. r r� .s: f J' .i a,S^,...a- !.c '•fy r S fr W t r.: s l.� -F 'cif, I .F1' u! .Tr'�.. t f' r''v Y "•f:1, f- ?:•J:.• ft 1 r1 >•'j'�i., .f' F >s �:�'•�C^ fs -.f+' a �..:.strxr y p y 3 �3 a lt`, f S f •fi.tr. Y e i J 't C:'. G 1� f J f &S 'Yj rfy j ±'TY�� "1:CF r t 1 r .r f T'i J l >'�r` c e� w�' rrx -sgr f'S•i.�s,'�'f' 7 sr"'-s.- 'r' r; t „z.. '.'sk� rL �3 4.;•+ r z..+6.r SY': v�S t•" t3X P• f. 5� y t i....X F F s. Y. z� f ;r y r s.7 t' f..�s..%�• -a: s 3+. r's£.•f�•r:rr:... ..t• 2 z.: >.i' s z r.: 1.r =ire ,.+F z ...rrt '�1 ^;cs:.t.t win Cities nOTEL REPORT Janus -June 2004 JL a The Twin Cites area lodging demand increased in each of the first two quarters of 2004 conepared to the" half of 2 003. The rate of demand increase accelerated in the second quarter over the rate esperienced in the" quarter. This 6.7 percent gear- to�date increase was most probably a result of the economic recovery. Ard�wida demand has jTnaUy returned to the peak 2000 UWL Average daily rate increased very slightly over the" half of 2003 achieving an average of $89.79 Area occupancy was up 6.1 points to 64.5 percent. RevPAR increased by 9.0 percent. Lodging demand increased in all three sectors of the Twin Cities with the greatest percentage increase +10.491) occurring in St. Paul. NbumapaUs &Verienced a 7.1% increase whale the 1.494 Corridor experienced a 6.7% increase in demand. .Average daily rates also increased (although marginalW in all sectors, no doubt as a result of increased occupancies. Minneapolis continues to lead the market with an average rate abf $98.00 On a national level, the hotel ink has racaoert" from the down gMle it experienced over the last two years or so. Lodging demand now exceeds levels experienced at the peak of the last cycle, which occurred in the first quarter of 2001. Due to increases in supply, hotel occupancies are within about 3 points of reaching the 63% overall occupancy of the 2001 peak. Luxury chain hotels have experienced the greatest recovery over the last 12 months and now &%fag the highest occupancy among the various hotel categories. f� Occupancy and Average Rate $120.00 k G 100.0 ,�LQCP Ir 19' Ar,go ,r�� Ar AA •s I d). s� $100.00 f 80.0 IVIP o dip A $80.00 fl. 6 v�� m 60.0 y $60.00 m 'x 3 40.0 i m r: v $40.00 a 20.0 F f $20.00 yG a.^i s 0.0 $0.00 3rd Qtr 2002 tat Qtr 2003 3rd Qtr 2003 1st Qtr 2004 j ;u 4thQtr2002 2nd Or 2003 4th Qtr 2003 2nd Qtr 2W4 Minneapolis St. Pau! f GVA Marquette Advisors y V Real Estate Counselors f REGIONAL PERFORMANCE t Minneapolis Demand at Minneapolis hotels was up 3 percent in the first quarter of 2004 and increased to 10.6 percent in the second quarter, ending up with a six-month growth of 7.1 and a sector occupancy of 64%. The average rate in this sector was equal to the same period last year. RevPAR increased by 6.3 St Paul The St. Paul sector experienced the lowest occupancy in the market during each of the first two quarters of the but experienced the greatest increase of all the sectors. At 56 the market is 5 points above the same period last year. Demand in the first six months increased by more than 10 with the largest increases occurring in January, March and April. The average rate remained virtually constant +0.3 despite the occupancy increase. RevPAR increased by nearly 11 1-494 The economic recovery has been good for this market sector, as its occupancy increased in each of the first 6 months of 2004, with double digit increases occurring in each month of the second quarter. Occupancy was up to 67 an increase of 51/2 points over the first 6 months of last year. Only a slight increase +.5 0 of about $.40 was realized in average rate. RevPAR increased by 10.2 One hotel, the Mail of America Grand near the airport, closed in May. Data Source: The data presented In this report has been provided by Smith Travel Research and is published `with their permission. Market Definitions: Minneapolis consists of 27 hotels located within the central business district, the western edge of the city and the Minneapolis campus of the U of M. These hotels total 6,354 rooms St Paul consists of 13 hotels located within the central business district, the eastern edge of the city and the Midway area. These hotels total 2,437 rooms.. 1-494 consists of 61 hotels located along the 1-494 Corridor, including hotels in Eden Prairie, Bloomington and Eagan. These hotels total 10,118 moms. ,2005 VALUATION ASSESSMENT INQUIRY RECORD Date of Inquiry: /�f X0 P %pertV Address: (5 q Tax rNema(s): PID#: 0'Zl .2 r lDld` l Phone Number. (Hm) Phone Number (Wilcl Naipnq Address: Valuation Issue (Circle One) Value) Class Tax uestion Q �l Owners) Concern: 4A J W 1 y Owner Sadsfled by Inidal Contact? One) Yes (No, nt/nue) Purchase Information Dane of Sale: Sale PrMe: f Has there been remodelln_q or a sklnlflcant change since purchase? Assessing Staff Comments AnpraiserAssJgirsal: ReviewAPpolntment BV. r f//�'� per; �J nmo: Review Appreisal Completed Prior to Board: Date: S Time: 7 Conclusion of Valuation: (Circle OnG i 1 Reduction Abatement Appraisal Result: From: r a- (Y Actions to Be Taken W notified bV: PhaJ'�- -Letter Date: Appraisal CAA e;ha entered ey: Dom �a Change order (25D) completed By: `v� Date k Amended Value Notice Sent/ Copy Filed: Date; Additional Comments: CENTER POINT APARTMENTS 2802 Northway Blvd. PID 02- 118 -21 -23 -0015 Zoning: R5 Land Area: 663,806 Sq. Ft. Year Built: 1968 GBA: 245,313 Sq. Ft. Units: 2526 g H ,x c ns n r 4't s�0i11�2 i City of Brooklyn Center A Millennium Community y TO: 2005 Brooklyn Center Board of Appeal and Equalization RE: Center Point Apartments 2802 Northway Dr. PID 02- 118 -21 -23 -0015 Our office was contacted by the new owners of Center Point Apartments regarding an appeal of the 2005 estimated market valuation of the apartment complex on April 11, 2005. The owners felt that the value of the complex was higher than reflected in their purchase and they had a concern with lower apartment valuations in an adjacent city. A request for the income and expense data and an interior inspection was requested at that time. The new owners purchased the business entity and real estate together in the recent purchase. No Deed or Certificate of Real Estate Value was completed for the transaction, as it involved the entire business. The owners informed me that the sale transacted on December 31, 2004 and involved a $6,200,000 loan assumption with $400,000 down. No documentation has been provided to the Assessor's office or Hennepin County regarding this transaction. The owners were notified that this was not an open market transaction. An interior inspection was completed on April 13, 2005 and 2004 income and expense information was provided at that time. Current rent information and unit mix were also verified. The subject property was constructed in 1968 and includes eleven apartment buildings and fifty -two garages. The apartment buildings are wood framed with a brick exterior, and include garden style and balcony apartments. Garages are detached and located along the north end of the property. The buildings appear in average condition and have been undergoing updates as units are vacated. A review of the 2004 income and expense data was completed following receipt of this information on April 13, 2005. In addition to reviewing the income and expense records, a review of typical market rents and expenses in Brooklyn Center nd a adjacent communities was completed. I also spoke with commercial appraisers from both Hennepin County and the City of Brooklyn Park regarding the apartment market valuations and local trends. Information regarding apartment complex sales located within Hennepin County, of larger size have been included in this report. Due to the large size of this apartment complex, comparable properties are located outside of the city and incorporate many age and style variations. 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.cityolbrooklyncenter.org Market information indicates a vacancy rate in the Northwest sector of 4.8%to 6.9% and typical expenses in the 45% to 50% range. In reviewing the income and expense information your rents appeared higher than typical for the area. Your vacancy appears to be in line with the market. Miscellaneous income at 6% and expenses in the 60% range appear to be much higher than typical in the market. Your 2004 actual income and expense data were reconstructed and typical market information was reconciled to arrive at the 2005 valuation. Your 2005 estimated market value of$12,060,000 or$47,800 per unit is reflective of your actual income and expense data, and lower than the average sale price per unit of$59,800 for larger complexes. After final review it is my recommendation that the 2005 estimated market value be sustained at $12,060,000 for taxes payable in 2006. If the owners wish to continue their appeal, the opportunity to continue to the County Board of Appeal and Equalization is available to them. STAFF RECOMMENDATION: 2005 Estimated market value of$12,060,000 be sustained. Respectfully, Nancy Woj , SAMA City Assessor LOGISMap Output Page Page l of 1 CENTER POINT APARTMENTS 1 6006 S ss,a3so6 r'6 90,o cats e28as�ao' l s2o, 6208 6200 9300 6206- �3312 °�laama2s, 22 61Yc9607 Sa07� 331033,3 'rL 6436. elm em 8180 I 2810 8221 X00 m 6,21 t6t96� 8, 37 1 33,839089213 �4i� 3006�300084at 82t8�t0 L. A 6120 ,13tb2 BROOKLYN DR ml 1t 1 33,3 Cq� r S2D0 3015 82,8 6780 a IL 8707 08110 3311' Q. Bn7 �A1 37,2 13,0, 900, 111 SLW1MfT ORry 98089600 111 6100 9219 r` Bt,3 B12a 100. 6101 y 18100 221 3213 7 3,t39f008 1 22 6125 61STAVE Nr -%3907 9a032123200 �30766t00 z 6,aa J p. per' I-t9036_A 6101 39,2 1 T 1 3a08s,178JJ.9006 u 80361 3910$1S AVE N-- �.9i673f01 9000300, I em w0 gyp, 38,2 t106,..1� 22 6018 f+ -6079 80186019 BO1b801A 6ozs 22 aw2 6013 m2ems a01260t3 I 6012227 1_ 22 awl 3M) WU 6 WWO7.8amew 60066007 e0wW07 60086007e00860a7 F�"I 60pp• eo2o 87M 36078pt3 b018 6013 i6000e00t. WO) k wMewla000e0018000 /j H ,_.z aW0 aPt6� a016a0Aa3wam 801880TH AVE N x 22 y 1 305 �0 I &0.90 '1,: +x072- 8012 7 8012 '..28062 -z y0C6 I w hy a f ADMIRAL LN NJ- aoa- 18008' Zt303G .�'e00.'t W�j f 22/ Ia0a8 I: 88930 2 x000 �ya090 y3090 :x8038 >22 a2r aoza na021 -aso2a v atm amsa018Pa 7b l usOfa"�a61a'� 8418 �501a bOta- ^a0�= .�228D10, a0,a a01a 3621 I a02D; x50t2'aaD12a019a012 [x0128072 18018 -W221 3010 a0pg a 5006alloys"` 'Y3006 18008 taG12 W13 ma y I 6900 311008001 d0008DD1. 3�o0 Q_.apGB J S AVENy611 8862388, 86Y15619aNta16 f 96,b36t2 r a2paa7 sash 9s,a 3612._. amens a36a9s axf6a837a698683r r�aa c��� I sue '86 3a 22 a. 8898 ,1F 4 seaoa s� ae1r� 3900 SY1D jrr Saao 6111¢ a te `S a s'ss" 436taa1sata Laeoei ?I. 2882 t p ate 66,888,8 "81106807 a12 af28M �Ri7.. Y 22 t- 66065807 aoosem f u 8901 r to a`�j Lxo7- xooM, p� 58TH AVEN 1 86,0 58 TH AV EN a797 a79o� T t-J� t u .y'i6fo a7ao�,- salt- _sry,�ar2+arb P Iarao' aa2o 1 tea' I SM C j aY��f ar3¢ ST25-D Sr27� 3718 2 i !':..P 8718. 5710 371`Sa00 u71r`4 COUNTY ROAD 10 _w 1060 a712 t a 712 920.5 0 1000 960,3 605 3 881 7 �I: 8710, BARS LAKE RD y -,°p 37THAve jV t 1012 .8�06t800ww- 56857TH AYE N as 36saa0 I l- j I 1 j A yfi�2,2t 2i� 2DM 10,8 sewn 361 am 863 I ,2m �4ct a°°� I I 1- 22,,21 awaso a12 'awl sa 6 ,a S� 2 �,�,5� _.A� aW7., Y 126.722100 MU 01 tOtasB93 smaw I56at g° 2,01 ,6,saeii alaala a64 am Bap 890 1.: 21212107 20172000 36,2 teo6 -a 36105611 MO awl 1100 4" "I 5x6 t ro "J '�,s SW 1 y �`n,7;s60P 2oi2We oa ae0 eo aao9 oiat, L J; Q' 42", s600 TG 2'TRO `S� a68asa7-SMAVEN asza' 'i t g1 }'2318 asst ;a' 2�4 2p 2 u 25658 5'.78 5610 ssaoa 0 5a2b 4 7468' 2t�6 Y ai0 .346:W41 2M 56,8 tC a�S66 1 Ct� 2aeyp 0.285.661$ '8812 z -te a5q 8889 -22 i. t" yy L+pB 211ay/ CBYta {2b532 5632 aa pQ` x acts t1 y r 1 1�� 5812C'a,61 X5526' 86'18 5517 at2 ERICON DR._'a06 �ast8 af8 aa00 r 9 n x621 x 1• q t 2tt32sa8r t 4w72,2a2i175501 �-a6t70a00? °5606 806- a6o,.. 22 p3801 St286.' L1 I23t9�22ta In YzI aai --8601 a80D 5300 y� 368 4 2tl6 27902918 22212272 12 220021 t8 1 �2Dt82008,Ot2? t62f �,qQ 9!00 _-4W 0 2w0_2 x� Y t?a7 22 324zl223%"- 1 i 1208 ^�e I AYE: H F l �2 j 24212419 .221055TH AVE N a119 au23127a190519f yg5pa0.43 ,,�yj W"0 W% -22 55TH Sa18 sari S40.S -lN�. 2, data ss 1a5~1'21 81/8 b1Z7a13i7 6aaaa2aaa2s 8828 3 00 2_y�3..y a �,,Q ,f 310A 3312'1 b107 �ya�6 5 �bi07a 11 2 8113 5112��a619 101 6101 �22� 7501 8101 �aNt 8108 a1066a07a00B� ua36 2 -6 n08` -T-') aaabs63 V i O° 2,� 5100 I stonsao, a100 3425 3ap8 8,33 5337 3587 -L a000 at6o. aro3 sa, tC'� 22 'sw 1'72213 2113'22 t N._ Ia360 98163600 �tQ 9 av,.zaa� 36°8 1 3612 22 pp amaaw 35 r' -0 �a01 •L2 Jn .88928 ~�z 5911.2 y .C.12 11 1 SS�a93s atA g38 .36,3 36,2 77 LILAC DR N 5618 za3,a I, W25 0t t---v r 5388 36,6 826 91aa1e a 36,2 59 8513 5326532♦ s7oo3eoe9aosa1as5a6 mob -s3oo T 1 I a W8 812 813 aa,2 tt 9600 I L I I aot aao 360,' 3000 28ta2�267a2600 1.x_-22 2Y 801 i a06 r- �a,6_�'2a3,0 8168,8 53RD AYE N 2026 1 J t 1 8900 8908 a00a0, �a000 -000' at1 �e r r_53RDAVE 1. 7301 J p.:- 3900^-`3w::wt0,, y a08aDi pp '5130 9101 A 8243 YE N 1fmcouvinsiMd4S.C�Y -"4 tCiAGiS GtSOIJS HI i DISCLAIMER: The information contained on this map is advisory. Map L�sg4el nd accuracy is limited by the quality of the public records from which it was Highlighbod F43-alum prepared. It is not intended as a substitute for an accurate field survey. Siraelt "a mas 1' ouva Nu7na:a:ns AERIAL PHOTOS Aerial photography is date sensitive. Features that exist 11, Mu n imipa l Bai u nda 7y presently in the County may not be present in the photos. Str4343ti; L-nkem Sire.aarrs Parks P a=CB] BZ3SG3 httD:Hjzis.loizis. ors/ servlet/ com. esri. esriman. Esriman ?ServiceName= hronklvneenter nv &C1ientVe______04L /2005 PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 02- 118 -21 -23 -0015 Pt.Con: Mt.Adr: Y HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 2802 1/_ NORTHWAY DR 55430+ Right: Left Owners: B.C. LEASED HSG ASSOCIATIO N Owner3: Owner2: Owner4: Zoning: R5 Prim /sec: Yr.blt: 1968 Area: 663806 Acres: 15.24 Sch.Dst: 281 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 2016000 10044000 12060000 150750 A 0 2004: 2016000 10043000 12059000 150738 A 0 2003: 2016000 8414000 10430000 130375 A 0 Legal Description: NO LOT AND BLOCK GIVEN REGISTERED LAND SURVEY NO. 1186 HENNEPIN COUNTY, MINNESOTA TRACT B EXCEPT ROAD Tvoe PID or ADDRESS: oress ENTER: or F1. F2. F8 PROPERTY DATA SYSTEM *PUBLIC DISPLAY COMMERCIAL CHARACTERISTICS —PART 1 CURR 311 PROPERTY ID BLDG NEXT 02- 118 -21 -23 -0015 A_ ADDRESS: 2802 1/ NORTHWAY DR PROP NAME Center Point DIST 14 NBRHOOD 0075 FRONTAGE DEPTH AREA 663806 IRREG SHAPE _YES ZONING R5 AREA RATING VG SITE RATING GOOD ALL.UNITS TRACKAGE NO SEWER YES WATER YES STREET YES EXCESS LAND NO SOIL CORRECT YES CONSTR QUAL AVER USE CODE1 352 USE PCT1 100 USE CODE2 USE PCT2 USE CODE3 USE PCT3 USE CODE4 USE PCT4 ARCH APPEAL AVER FUNC DEPR PC ECON DEPR PCT P DEPR PCT CONST YEAR 1968 EFFECT YEAR 1975 CONDITION AVG CONST. WOOD FR EXT. WALLS BRICK ROOF STR. WOOD ROOF COVER PIT &GRVL HEAT1 TYPE HOT W HEATI PCT 100 HEAT2 TYPE HEAT2 PCT HEAT3 TYPE HEATS PCT FF AREA 82891 GB AREA 245313 NR AREA MEZZ AREA PERIM AREA 6148 TF AREA 244715 AIR1 TYPE AIR2 TYPE AIR3 TYPE WALL AIR PCT 61 BSM PCT BSM USE PLUMBING AVG ELECTRICAL AVG AVG /STORY 9.0 STORIES 3.0 CLEAR HGHT 9.0 ELEVATOR NONE SECURITY SYSTEM Press F1. F4. or F8 PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURR 308 PROPERTY ID Address NEXT 02- 118 -21 -23 -0015 2802 1/ NORTHWAY DR SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS' 7/1994 5525000 1 X Title II and Sec 42 Press F1. F2. F5. F8 2005 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE 2088 UNIT 2004 UNIT PROPERTY AREAS 2005 ENV VALUES N 2004 ENV VALUES YJ Twin Lake Manor Land 829,171 Land $2,500,000 $e,oe5 Unit Land $2,212,000 $7,138 Unit Land 3305. 3413 53rd Ave N. GBA 255,504 Building $8,761,000 $34.29 [4 Building $8,948,000 $38.02 [4 Building PID: 10-118-21-12-0066,0057 Units 310 Total $11,261,000 $44.07 [4 Total $11,160,000 s43.os [4 Total Age 1967 Change 0.9% $36,326 Unit Change 12.4 $se,000 Unit Change TWIN LAKE NORTH Land 851,400 Land $2,226,000 $e,o66 Unit Land $2,226,000 se,oss Unit Land 4500.4539 58TH AVE N GBA 354,912 Building $12,643,000 $38.34 [4 Building $12,406,000 $31.38 [4 Building PID: 03- 118 -21- 22.0025 AND 0027 Units 276 Total $14,769,000 $41.61 [4 Total $14,632,000 $37.68 [4 Total Age 1968 Change 0.9% $53,511 Unit Change 1.3% $83,014 Unit Change Center Pointe Land 674,352 Land $2,016,000 se,6oe Unit Land $2,016,000 $3,000 Unit Land 2802 NORTHWAY DRIVE GBA 245,313 Building 570,044 $40.94 [4 Building $10,043,000 $36.33 [4 Building PID: 02-118-21-23-0015 Units 252 Total $12,060,000 $49.16 pJ Total $12,059,000 $4445 [4 Total Age 1968 Change 0.0% $47,s57 Unit Change 15.6% 647,853 Unit Change MELROSE GATES Land 586,574 Land $1,745,000 wom Unit Land $1,736,000 $8,000 Unit Land 6305.6607 CAMDEN AVE N GBA 220,711 Building $9,712,000 $44.00 (4 Building $9,721,000 $36.67 [4 Building PIO:36- 119.21 -31 -0045 Units 217 Total $11,467,000 $51.91 [4 Total $11,457,000 544.44 in Total PID: 36.119- 21- 24-0046 Age 1969 Change 0.0% $62,797 Unit Change 17.0% $62,797 Unit Change Earle Brown Terrace Land 142,098 Land $1,125,000 $e,o3s unit Land $980,000 $7,000 unit Land 6100 Summit Drive GBA. 142,237 Building $7,280,000 $51.18 [4 Building $7,222,000 $50.77 [4 Building PID: 35419- 21-440012 Units 140 Total $8,405,000 $59.09 [4 Total $8,202,000 $57.66 [4 Total Sr. Assisted Wing Age 1987 Change 2.5% $e0,o36 Unit Change 1.5% $ee,sas Unit Change Carrington Drive Land 256,789 Land $1,025,000 woos Unit Land $850,000 $s,441 Unit Land 1302 -08 69th; 6910 -20 Humboldt GBA 121,180 Building $5,624,800 446.42 [4 Building $4,520,000 $37.30 14 Building PID: 25- 119 -21- 33-0045 thru 0048 Units 128 Total $6,650,000 $84.a6 (4 Total $6,060,000 $44.31 [4 Total Age 1965 Change 9.9% $st,es3 Unit Change 9.8% $47,266 Unit Change River Glen Lanai 478,123 Land $1,025,000 $s.ess Unit Land $875,000 $7,813 Unit Land 407 70th Ave N GBA 131,846 Building $5,571,000 $42.28 [4 Building $5,577,000 $37.98 14 Building PID: 26-11119-211-43-0049 Units 128 Total $6,596,000 $60.03 [4 Total $6,452,000 $44.61 [4 Total Age 1971 Change 2.2% $s1,sm Unit Change 10.4% $50,406 Unit Change View Pointe Apartments Land 478,123 Land $980,000 $s,o33 Unit Land $825,000 K762 Unit Land 6221 Shingle Creek Pkwy GBA 104,624 Building $6,137,000 $49.10 in Building $5,286,000 $45.23 [4 Building PID: 35-119-21-34-0004 Units 122 Total $6,117,000 $58.47 14 Total $6,111,000 $53.11 (4 Total Age 1973 Change 0.1% $so,13s Unit Change 17.9% ssoo90 Unit Change Sold 712002 $3,203,000 (AFTER ADJ) IMPROV $2,650,000 IMPROV EARLE BROWN FARM APARTMENTS Lard 324,078 Land $966,000 $a,o42 Unit Land $825,000 sops Unit Land 1701 69TH AVE N GBA 139,044 Building $5,039,000 $36.21 in Building $5,109,000 "Les [4 Building PID: 35- 119 -21- 11.0040 Units 120 Total $6,004,000 $43.18 [1] Total $5,934,000 $38.78 14 Total Age 1971 Change 1.2% 66o,o33 Unit Change 10.1% $49,4so Unit Change THE PINES Lard 276,562 Land $826,000 sa,ose Unit Land $675,000 $6,818 Unit Land 6511 HUMBOLDT AVE N GBA 101,658 Building $3,994,000 $39.29 (4 Building $4,026,000 $37.74 [4 Building PID: 3&119-21-14-0009 Units 102 Total $4,819,000 $47.40 [4 Total $4,701,000 $44.38 in Total Age 1969 Change 2.5% $47,248 Unit Change 4.2% $4o,oss Unit Change GEORGETOWN TOWNHOMES Land 476,238 Land $740,000 wets Unit Land $740,000 $3,043 Unit Land 700 66TH AVE N GBA 165,912 Building $5,277,000 $31.81 [4 Building $5,149,000 $31.03 [4 Building PID: 36. 119 -21- 244047 Units 92 Total $6,017,000 536.27 [4 Total $5,889,000 $35.49 [4 Total Townhome Style Age 1967 Change 2.2% $65,402 Unit Change 6.5 $44,o11 Unit Change 04/27/2005 2005 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE 2005 UNIT 2004 UNIT PROPERTY AREAS 2005 EMV VALUES In 2004 EMV VALUES N WOVENHEARTS ASSISTED LIVING Lam 168,722 -Land $725,000 $s,ess Unit Land $630,000 $7,000 Unit Land 6001 EARLE BROWN DR GBA 51,738 Building $3,957,000 $76.46 (Q Building $4,000,000 '7f.19 [Il Building PID: 02-118-21-11-0007 Units 90 Total $4,682,000 $90.46 (I] Total $4,630,000 $87.36 [Il Total Age 1993 Change 1.1% $52,022 Unit Change 2.4% $51,M4 Unit Change BROOKSIDE MANOR Land 293,070 Land $720,000 $8,000 Unit Land $618,000 $6.867 Unit Land 1300,1301,1121 67TH AVE N GBA 91,863 Building $3,688,000 $40.16 [/J Building $3,784,000 $41.19 (/J Building PID: 36-119-21-22-0040,0045,0046 Units 90 Total $4,408,000 $47.96 [/J Total $4,402,000 $47.92 Total Age 1968 Change 0.1% s",s76 Unit Change 0.0% $48911 Unit Change Rivery ood Apartments Lend 244,207 Land $672,000 $a,000 Unit Land $588,000 $7,001 Unit Land 6401 -6425 WILLOW Ln M1201- 215 65th Av GBA 71,337 Building $3,382,000 $47.41 Building $3,406,900 $46.26 Building PID: 36. 119 21-4240007, 0008, 0009, 0010, 0011, 0012,0013 Units 84 Total $4,054,000 $56.83 [11 Total $3,994,900 $53.51 [/J Total Age 1962 Change 1.5 $48,262 Unit Change 6.7% $47,558 Unit Change BROOKWOOD CROSSINGS 1 Lam 169,470 Land :775,000 $9,688 Unit Land $511,000 $7,000 Unit Land 6201 LILAC DRIVE NORTH GBA 144,220 Building $4, 492, 000 $31.15 M Building 53,88$000 $26.73 [11 Building PID: 36-119-21-33-0167 Units 81 Total $5,267,000 $36.52 pl Total $4,193,000 $30.27 [11 Total 'Age 1984 Change 8.99E $65,025 Unit Change 4.1% $59,808 Unit Change Improvements Improv. $700,000 EVERGREEN PARK MANOR lam 203,018 Land $640,000 $8,000 Unit Land $560,000 $7,000 Unit Land 7200 CAMDEN AVE N GBA 86,552 Building $3,212,000 $37.11 [4 Building $3,239,000 $37A2 [11 Building PID: 25.119 -21 -42 -0059 Units 80 Total $3,852,000 $44.51 [4 Total $3,799,000 $43.89 Total Age 1972 Change 1.4 $48,150 Unit Charge 1.1% $47,486 Unit Change TOTALS Land 6,282,825 Land $18,704,000 8.364 Unit Land $16,867,000 7,100 Unit Land and GBA 2,2s4An Building $97,713,800 s 42.77 N Building $96,118,900 37.75 N Building AVERAGES Unite 2,231 Total $116,418,000 50.96 [A Total $112,985,900 44.91 W Total Exclude Mir Change 2.4% $52,182 Unit Charge 10.15% s5o,544 Unit Change GASPREDSHTV19sessor12005cia1[APT 77- 310.XLS]2005 Totals $700,000 Improvement $0 Improvement 04/27/2005 04/15/2005 APARTMENT ANALYSIS 2005 VS. 2004 Change 2005 Average 2004 Average 2005 EMV Totals 2004 EMV Totals New Construction Excluding Improv. Average EMV EMV Per Unit EMV Per Unit 4 -5 Units $7,833,000 $7,057,000 $0 11.0% $391,650 $97,900 $88,200 6-8 Units $2,497,000 $2,246,100 $75,000 7.8% $499,400 $73,400 $66,100 1 10 -12 Units $8,324,000 $8,126,000 $0 2.4% $640,308 $57,400 $56,000 18 -36 Units $13,735,000 $13,002,600 $0 5.6% $1,526,111 $58,200 $55,100 48 -75 Units $30,824,000 $28,645,000 $45,000 7.4% $3,424,900 $59,500 $55,300 76+ $116,418,000 $113,665,900 $700,000 2.4% $7,276,125 $50,400 $49,200 Total Apartment Asmt $179,631,000 $172,742,600 $820,000 3.5% $66,133 $61,650 200 INCOMEPPR©AGIA.YSI ARTM00 Center Point YEAR OF CONSTRUCTION: 1968 2802 NORTHWAY DRIVE PID: 02- 118 -21 -23 -0015 2SZ UNtT ECON AGTIJAI. r T07'AL UMtT$ 2 STUDIOS $480 $475 $960 102 1 BEDROOMS $600 $575 $61,200 132 2 BEDROOMS $725 $700 $95,700 16 3 BEDROOMS $875 $875 $14,000 52 GARAGES $40 $35 $2,080 ECONOMIC ACTUAL MONTHLY ADJ. RENT $173,940 TOTAL ANNUAL ADJ. RENT $2,087,280 $2,013,840 TOTAL NUMBER OF UNITS 252 GROSS BUILDING AREA 245,313 I CAPITALIZATION PROCESS ECONOMIC ACTUAL POTENTIAL GROSS RENT (PGI) $2,087,280 $2,013,840 LESS: VACANCY COLLECTION LOSS PGI 10.0% ($208,728) 10.0% ($201,384) OTHER MISC INCOME 2.0% $41,746 2.0% $40,277 EFFECTIVE GROSS INCOME $1,920,298 $1,852,733 LESS: ANNUAL EXPENSES Of PGI 40% ($834 38% ($765,259) LESS: RESERVES FOR REPLACEMENT 0% ($0) 2% ($40,277) TOTAL ALLOWANCE 40% ($834,912) 40% ($805,536) ANN.UA�. RETURN ON OF PERSONAL PROPERTY $35,280 $35,280 $1,000 /UNIT 14% NET INCOME TO REAL PROPERTY 7.050.106 51.011.917 Tax Rates CAPITALIZATION MARKET TAX RATE 281 2.02% OVERALL RATE 6.50% TAX RATE 281 1.80% TOTAL CAP RATE 8.30% 8.30% 8.30% CAPITALIZE VALUE OF PROPERTY $12,652,000 $12,19 CAPITALIZED VALUE PER UNIT $50,206 $48,381 LV cerUnit BV Der f!1 2005 Land $2 016,000 $8,000 2005 Building $10,044,000 $40.94 CORRELATED 2005 VALUE BY INCOME APPROACH $12,060,000 2005 ASSESSMENT $12,060,000 2005 per Unit $47,857 2005 per In $49.16 2005 Assessment 252 Land Value BV EMV Sub 1 A 100% $2,016,000 $10,044,000 $12,060,000 Total 100% $2,016,000 $10,044,000 $1x,060,000 Income Statement (Accrual,Audit) 4/14/2005 7 :47 AM Center Pointe Apts 252 Units (326) M onths: Dec 2004 CONFIDENTIAL MQnffi;loo Date Year bo Date r, �/a Rental Income Gross Potential Rent 160,237.00 120.13 1,884,500.30 113.91 Garage /Parkinq Income 100.00 0.07 5 586.00 0.34 Total Gross Renta /Income 160,33700 120.20 1,890,08630 114,25 Ran& Lo s Vacancy Loss (8.458.10) (6.34) (231,910.49) (14.02) Concessions (2,318.00) (1.74) (47,268.13) (2.86) Lease Renewal Concessions (200.00) (0.15) (600.00) (0.04) Bad Debt and Recovery (24,982.99) (18.73) (57,755.93) (3.49) Total Rent Loss (35,959.09) (,i6 -95) (337,534.55) (20.40) Total Rental Income 124,37791 93.24 1,552,551.75 93.84 Other Income Application Fees 585.00 0.44 13,969.68 0.84 Laundry Room Income 2,794.20 2.09 22,276.10 1.35 Late Charqes 4,439.00 3.33 30,770.00 1.86 NSF Fees 55.00 0.04 23,211.00 1.40 Forfeited Security Deposits 1,137.82 0.85 .10,003.03 0.60 Early Lease Term Fees 0.00 0.00 (792.00) (0.05) Misc. Other Income 0.00 0.00 2 410.00 0.15 Total Other Income 9 676 101,64781 616 Tota /A//Income 133,388.93 100.00 1,654,39956 100.00 Markedno Advertising -Print 1,639.52 1.23 29,671.58 1.79 Advertisinq Internet 682.85 0.51 1,366.80 0.08 Advertising Special Events 370.00 0.28 370.00 0.02 Misc. Marketing Expenses 187.31 0.14 1,285.75 0.08 Leasing Center 420.00 0.31 1,680.00 0.10 Tenant Relations Promo/Events 166.47 0.12 1,500.42 0.09 Locators Referral rd Se ce 375.00 .0.28 1.463.70 0.09 Resident Referrals 00, 0 600.00 0.22 Tob /Marketing Expenses 4 38.25 2,47 Administrative Office Model Apartment Rent 1,399.00 1.05 16,896.60 1.02 Credit Reports /Background Checks 2,009.93 1.51 14,603.95 0.88 Office Supplies /Expense 246.80 0.19 6,013.54 0.36 Computer Software /Supplies /Fees 0.00 0.00 1,135.59 0.07 Licenses Permits 17.21 0.01 17.21 0.00 Legal (1,961.40) (1.47) 43,399.55 2.62 Auto /Mileage Expense 180.62 0.14 1,056.96 0.06 Telephone Lonq Distance 57.37 0.04 5,876.14 0.36 Telephone Local 629.04 0.47 2,291.18 0.14 Training, Education Incentives 0.00 0.00 2,662.82 0.16 Furniture Equipment "Rental' and Maintenance 7.024.23 5.27 8,430.78 0.51 Uniforms /Logo Wear 0.00 0.00 762.70 0.05 Interest Expense on Sec. Deo. 98.25 0.07 3,465.92 0.21 Misc. Admin /Use Tax Expenses 236.00 0.18 7,444.24 0.45 TotalAdmin, Expenses 9,93705 745 114,05718 689 Insurance Property Insurance 3,785.59 2.84 53,479.96 3.23 Page 1 Income Statement (Accrual,Audit) 4/14/2005 7:47 AM Center Pointe Apia 252 Units (326) Months: Dec 2004 q Mouth to IDate 1: n/o Yeas to. Dame Totallnsurance Expense 3,78559 2.84 53,47996 3,23 M Pav Administrative Payroll 14,686.65 11.01 146,975.57 8.88 Repair Maintenance Payroll 10.145.90 7.61 146,481.91 8.85 Multi -Site Technician (MST) 6,868.25 5.15 6,868.25 0.42 EmDlovee Units 0.00 0.00 1,959.40 0.12 Commissions 350.00 0.26 2,349.58 0.14 Bonuses 0.00 0.00 3,500.00 0.21 PR Taxes, Benefits, WC Ins., etc. 5 .561.92 4.17 60.093.51 3.63 Total Payroll Expense 37,612.72 2820 368,228.22 22.26 Uti/i it� ms Refuse Removal 3,990.71 2.99 47,921.06 2.90 Electricity Common Area 2,056.08 1.54 22,540.03 1.36 Water Sewer 14,925.54 11.19 69,040.99 4.17 Gas 10,867.11 8.15 78,566.04 4.75 Late Charges for Utilities 1 .809.35 1.36 3.799.80 0.23 Total Utilities 33,6491 9 25.23 221,86792 13.41 Repairs And Malntengnpe Fire Protection Phone Lines 0.00 0.00 1,850.02 0.11 General Buildinq Maintenance 1,542.88 1.16 1,236.16 0.07 Cleaninq Equipment SupDiies 5241.09 3.93 51500.19 0.33 Janitor /Cleaning Contract 4,508.21 3.38 13,136.48 0.79 Exterminatinq Contract 0.00 0.00 106.50 0.01 Exterminatinq SuDDlies 28.65 0.02 40.35 0.00 Floors, Carpet ReDairs, Cleaninq. 213.00 0.16 (1,980.43) (0.12) Grounds Contract 1,291.85 0.97 21,689.07 1.31 Grounds Supplies 850.00 0.64 850.00 0.05 Security Contract 4,724.34 3.54 39,448.85 2.38 General Repairs Material 75.48 0.06 28,111.58 1.70 General Repairs Contract 44,446.00 33.32 44,346.80 2.68 HVAC ReDairs 877.60 0.66 3,188.36 0.19 Snow Removal 5,905.43 4.43 9,685.43 0.59 Window Doors 1,184.79 0.89 2,380.17 0.14 Plumbing Repairs SUDpli 730.55 0.55 16,394.13 0.99 Water Softener Expenses 0.00 0.00 1,320.57 0.08 Electrical Repairs SuDDlies 268.74 0.20 4,516.38 0.27 Locks and Keys 675.93 0.51 2,099.89 0.13 ADDiiance Maintenance/Parts 883.94 0.66 8,712.98 0.53 Decorating Contract Common Areas 0.00 0.00 1,820.27 0.11 Sidewalk Repairs 0.00 0.00 11.09 0.00 Garaqe Repairs 124.73 0.09 124.73 0.01 Roof Repairs 0.00 0.00 23.62 0.00 Window Cleaning 0.00 0.00 439.34 0.03 MST Related Expenses 329.30 0.25 672.84 0.04 Misc. Maintenance Expense 27 .973.71 20.97 28.057.35 1.70 Total Repairs Maintenance 101,87622 7638 233,782.72 14.13 Tumover Exnen._ses Paint SuDDlies 377.85 0.28 5,841.38 0.35 Contract Paintinq 46,090.00 34.55 39,010.80 2.36 Cleaning SUDpli 128.91 0.10 568.00 0.03 Contract Cleaning 2,357.38 1.77 9,641.83 0.58 Contract Carpet Cleaninq 1,256.72 0.94 11,539.54 0.70 Window Coverinqs 11,932.22 8.95 15,199.83 0.92 Turnover Maintenance (1,009.13) (0.76) 7,226.55 0.44 Page 2 Income Statement (Accrual,Audit) 4/14/2005 7 :47 AM Center Pointe Apts 252 Units (326) Months: Dec 2004 Month to Date Total Tumover Expenses 61,133.95 4583 89,02793 538 Total Direct Expenses 252,63547 189.40 1,121,3x2.18 67.78 Controllable Operating Income (119,246.54) (89.40) 533,017,38 32.22 Manaaement FP_ w_ s Ta Management Fees 8.810.09 6.60 98,650.41 5.96 Real Estate Taxes 64 .891.08 48.65 259.012.40 15.66 Total Mgmt. Fees Taxes 73,701.17 5525 357,662.81 21.62 Net Operating Income (192,94771) (144.65) 175,354.57 10.60 Non- O Ex Debt Service Interest and Fees Debt Service Interest 79,039.98 59.26 526.929.98 31.85 Other Debt Service Fees 9.958.85 0.60 Total Debt -Service Interest and Fees 79 ,039.98 59.26 536,6 32.45 Maior Repairs /Capit /Im nmv_PmPnt~s Refrigerators (9.763.15) (7.32) 0.00 0.00 Floor Coverinqs Carpet (87.506.02) (65.60) 0.00 0.00 Floor Coverings -Tile Vinyl 4,152.571 (6.11) 0.00 0.00 Window Covering Replacement (11,912.12) (8.93) 0.00 0.00 Unit Improvements (11,865.71) (8.90) 0.00 0.00 Architecture, Designer, Engineer (11,488.32) (8.61) 0.00 0.00 Miscellaneous (116.284.00) (87.18) 0.00 0.00 Total Major Repairs /Capita /Improvements (256,971.89) (192.65) 0.00 0.00 Ex tra n rd i n a r_ y_C_ s t s Marketing 0.00 0.00 10.520.00 0.64 Total Exbraordinary Cost 0.00 0.00 10,520.00 0.64 Owner Expe Bank Charges 729.97 0.55 83.92 0.01 Compliance Fees 0.00 0.00 10.440.36 0.63 Interest Note Payable 19.237.56 14.42 19,237.56 1.16 Asset Management Fee -Ltd Partner (16.049.12) (12.03) (16,049.12) (0.97) Partnership Management Fee -DDA (12,691.13) (9.51) 3,688.87 0.22 Interest Income (26,797.96) (20.09) (54,670.21) (3.30) Misc. Financial Expenses 124.24 0.09 11,386.68 0.69 Audit Tax Expense 480.00 0.36 13,480.00 0.81 Legal Partnership 10,747.08 8.06 3.073.63 0.19 Other Partnership Expenses 32 .949.98 24.70 33,057.23 2.00 Total Owner Expenses 8,730.62 655 23,72892 1.43 Suspense 1,052.26 0.79 0.00 0.00 Net Profit (Loss) (24,798.68) (18.59) (395,783.18) (23.92)' Page 3 CONFIDENTIAL Center Pointe Apartments Brooklyn Center, Minnesota Unit Breakdown Number of Total Square nit Description quare Feet P Units Feet Studio 2 420 840 One Bedroom 102 743 75,786 Two Bedroom 132 845 111,540 Two Bedroom Deluxe 16 1,030 16,480 TotaUAverage 252 812 204,646 2802 2900 101 1B 201 1B 301 1B 101 2A 201 2A Y';W� 102 2A 202 2A 302 2A 102 1B 202 1B 302 1B 103 1B 203 1B 303 1B 103 2A 203 2A 303 2A 104 2A 204 2A 304 2A 104 1B 204 lb 304 1B 2806 2904 101 2A 201 2A 301 2A 101 1B 201 1B 301 1B 102 1B 202 1B 302 1B 102 2A 202 2A 302 2A 103 2A 203 2A 303 2A 103 1E 203 2D 303 2D 104 lE 204 2D 304 2D 104 2A 204 2A 304 --2A 2810 2908 101 1B 201 1B 301 1B 101 2A 201 2A 301 2A 102 2A 202 2A 302 2A 102 1B 202 1B 302 1B 103 1B 203 1B 303 1B 103 2A 203 2A 303 2A 104 2A 204 2A 304 2A 104 1B 204 1B 304 1B 2814 2912 101 2A 201 2A 301 2A' 101 1B 201 1B 301 1B 102 1B 202 1B 302 1B 102 2A 202 2A 302 2A 103 2A 203 2A 303 2A 103 lE 203 2D 303 2D 104 lE 204 2D 304 2D 104 2A 204 2A 304 2A 2818 2916 101 1B 201 1B 301 1B 101 2A 201 2A 301 2A 102 2A 202 2A 302 2A 102 1B 202 1B 302 1B 103 lE 203 2D 303 2D 103 2A 203 2A 303 2A 104 2A 204 2A 304 2A 104 EFF 204 1B 304 1B 2822 2920 101 2A 201 2A 301 2A 101 1B 201 1B 301 1B 102 1B 202 1B 302 1B 102 2A 202 2A 302 2A 103 2A 203 2A 303 2A 103 1B 203 1B 303 1B 104 1B 204 1B 304 iB 104 2A 204 2A 304 2A 2826 2924 101 1B 201 1B 301 1B 101 2A 201 2A 301 2A 102 2A 202 2A 302 2A 102 1B 202 1B 302 1B 103 lE 203 2D 303 2D 103 2A 203 2A 303 2A 104 2A 204 2A 304 2A 104 1B 204 1B 304 1B 2830 2928 101 2A 201 2A 301 2A 101 1B 201 1B 301 1B 102 1B 202 1B 302 1B 102 2A 202 2A 302 2A 103 2A 203 2A 303 2A 103 lE 203 2D 3 2D 104 1B 204 1B 304 1B 104 2A 204 2A 304 2A 2834 2932 101 1B 201 1B 301 1B 101 2A 201 2A. 301 2A 102 2A 202 2A 302 2A 102 1B 202 1B 302 1B 103 lE 203 2D 303 2D 103 2A 203 2A 303 2A 104 2A 204 2A 304 2A 104 1B 204 1B 304 1B 2838 2936 101 2A 201 _2A 301 2A 101 1B 201 1B 301 1B 102 1B 202 1B 302 1B 102 2A 202 2A 302 2A 103 2A 203 2A 303 2A 103. EFF 203 1B 303 1B 104 1B 204 1B 304 1B 104 2A .204 2A 304 2940 ALL APTS. 2A PROPERTY USE: APT Low Rise MUNICIPALITY: PLYMOUTH COMPLEX NAME The Place Apt. COUNTY: HENNEPIN ADDRESS: 3905 Lancaster Lane North PIN It 13- 118 2241 -0008 Seq 1 AUDITOR ID: 879740 MULTIPLE PID: Y COMMUNITY: NBRHOOD: C 1' 406AWYMMITIMIM PROPERTY DESCRIPTION MARKET DATA Year Buillf Effective Year Built: 1972 1972 Buyer: Arlington Arms, L.L.C. Const Quality/ Condition: FAIR AVERAGE Seller: The Place Apartments,Limited Partnership Const Class/ Bsmt Use: wo or steel Sad Frm Parking Sale Data: Date of Sale: 12114/04 Total Purchase Prig: $11,000,000 Roof Type Exterior Type: Flat Wood Roof Cvr 2nd Exterior Type: Built -Up Membrane Be Terms ck Set 1 Assume Ind: Y DN PMT $5,119;325 No. of Stories Bldg Height: 3.0 9 Ft 1 $5,880,675 PMT- $46,458 INT- 7.85% PMTS -270 No. of Bldgs Units Each: 2 BALLOON DATE Bsmt Area Finished: 76,590 Sq Ft Sq Ft Set 2 Assume Ind: 1st FI Area GBA: 89,112 Sq Ft 290,177 Sq Ft PMT- INT- PMTS_ Perimeter 2,205 Ft 2 BALLOON DATE Tot Units Avg Sz: 192 Units 979 Sq Ft Cash Equivalent Price: 0% $11,000,000 Tot Rooms Avg Sz: Rooms Sq Ft Cash Equivalent Adj: 1 BR 1.00 BA/Size: 42 Y Y Y N 1 750 Sq Ft LESS: Personal Property: $264,000 2BR 1.00 BA/Size: 56 Y Y Y N 1 980 Sq Ft PLUS: Special Assessments: $0 2BR 2.00 BA/Size: 94 Y Y Y N 1 1,080 Sq Ft Spi Assessment Verified Ind: Y Basement Garage Stalls: 198 Cash Equivalent of Real Estate: $10,736,000 Sale Sale Price Per Unit: $55,917 Analysis: Sale Price Per Room: Sale Price Per Sq. Ft. GBA: $37.00 Primary Heating Pct Hot Water 99% Gross Rent Multiplier: Secondary Heating Pct Forced Air 1 Income Sprinklers Elevators: 4 Data: PRIVATE DATA Parking Surface Area: Asphalt 78 Control Entry Laundry: Y 2 (1 per bldg) Patio or Decks: yes Lake or View: No Total Land Area Excess Land: 585,040 Sq Ft F N Useable Land Area: 585,040 Sq Ft Zoning: RMF4 Utilities: All Apt Rants: PRIVATE DATA Units P Acre Topography: 14.30 Rolling Environmental Concern Ind: Includes: Trash Garage Location Rating Factor. Other Amenities: 4.15 points The Y/N next to the unit desc indicate (Stove Refrigerator )-(Dishwasher)-(Garbage Disposal)- (Washer &Dryer) -(No. of Air Conditioners Per Unit)-(No. of Firepla Summary Comments: Property was on the market earlier in the year for $12,600,000 Other offers on the property. 5 vacancies and 3 uncollected at the time of sale. PROPERTY USE: APT Low Rise MUNICIPALITY: MINNETONKA COMPLEX NAME Cedar Ridge App COUNTY: HENNEPIN ADDRESS: 10101 -10201 Cedar Lake Road PIN 12- 117 -2242 -0223 Seq 1 AUDITOR ID: 851582 MULTIPLE PID: Y COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Builb Effective Year Built: 1972 1990 Buyer. Seta Investments Cedar Ridge, L.L.C. Const Quality/ Condition: AVERAGE AVERAGE Seller: Cedar Ridge of Minnetonka, L.P. Const Class/ Bsmt Use: WD or stew Stud Frm Heated Garage Sate Data: Date of Sale: 2/17/04 Roof Type Exterior Type: Gable Composition Terms Total Purchase Price: $11,900,000 Roof Cvr 2nd Exterior Type: Shingles/Composition Set 1 Assume Ind: DN PMT $5,880,148 No. of Stories Bldg Height: 3.0 9 Ft $6,019,852 PMT- $43,803 INT- 7.03 PMTS -167 No. of Bidgs Units Each: 3 30 BALLOON DATE Bsmt Area Finished: Sq Ft 0 Sq Ft Set 2 Assume Ind: 1 st FI Area GBA: 56,220 Sq Ft 168,660 Sq Ft PMT- INT- PMTS_ BALLOON DATE Perimeter. Ft 1 Tot Units Avg Sz: 180 Units 937 Sq Ft Cash Equivalent Price: 5.99% $11,900,000 Tot Rooms/ Avg Sz: Rooms Sq Ft Cash Equivalent Adj: 18R 1.00 BA/Stze: 108 Y Y Y N 815 Sq Ft LESS: Personal Property: $200,858 2611 1.00 BA/Size: 36 Y Y Y N 1,040 Sq Ft PLUS: Special Assessments: $0 2BR 2.00 BA/Size: 36 Y Y Y N 1,200 Sq Ft Spl Assessment Verified Ind: N Basement Garage Stalls: Cash Equivalent of Real Estate: $11,699,142 Sal Sale Price Per Unit: $64,995 Analysis: Sale Price Per Room: Sale Price Per Sq. Ft GBA: $69.37 Primary Heating Pct Hot Water 100% Gross Rent Multiplier. Secondary Heating Pct Income Sprinklers /Elevators: 0 3 Daft: PRIVATE DATA Parking Surface Area: Asphalt Control Entry Laundry: Y Yes Patio or Decks: Bob Lake or View: Total Land Area Excess Land: 1,132,119 Sq Ft F N Useable Land Area: 1,132,119 Sq Ft Zoning: R-5 Utilities: Municipal Apt Rents: PRIVATE DATA Units P Acre Topography: 6.93 Generally Level Environmental Concern Ind: Includes: Heat Trash Location Rating Factor: r Other Amenities: points The Y/N next to the unit desc indicate (Stove Refrigerator XDisMnrasher)-(Garbage Disposal)- (Washer &Dryer) -(No. of Air Conditioners Per Unit)-(No. of Firepla Summary Comments: Good arms length transaction, property listed for sale and an appraisal done to supplement the mortgage. Unable to confirm with buyer or seller. Spoke with titre closer and property manager. i Page 2 PIN 12- 117 -22-42 -0223 Seq 1 Now- r w W yi PROPERTY USE: APT Low Rise MUNICIPALITY: BLOOMINGTON COMPLEX NAME Pampshire Hills Apts COUNTY: HENNEPIN ADDRESS: 10650 Hampshire Avenue South PIN 32- 116 -21 -31 -0006 Seq 1 AUDITOR ID: 847769 MULTIPLE PID: Y COMMUNITY: NBRHOOD: C 0 OffiffiNW ILTI PROPERTY DESCRIPTION MARKET DATA Year Built/ Effective Year Built: 1986/1987 1987 Buyer. SFERS Real Estate Corperation 11 Const Quality/ Condition: AVERAGE GOOD Seller: Hampshire Apartments, L.L.C. Const Class/ Bsmt Use: wo or steel Stud Frm Parking Sale Data: Date of Sale: 1/7/04 Roof Type Exterior Type: Hip Wood Total Purchase Price: $43,500,000 Terms Roof Cvr 2nd Exterior Type: Shingies/Composhion Set 1 Assume Ind: DN PMT -$0 No. of Stories Bldg Height: 3.0 9 Ft PMT- INT- PMTS_ No. of Bldgs7 Units Each: 7 BALLOON DATE Bsmt Area Finished: 199,766 Sq Ft 0 Sq Ft Set 2 Assume Ind: 1 st FI Area GBA: 199,766 Sq Ft 800,613 Sq Ft PMT- INT- PMTS_ BALLOON DATE Perimeter. 7,320 Ft 4 Tot Units Avg Sz: 524 Units 935 Sq Ft Cash Equivalent Price: 6.13% $43,500,000 Tot Rooms/ Avg Sz: 524 Rooms 935 Sq Ft Cash Equivalent Adj: EFF 1.00 BA/Size: 29 Y Y Y N 1 0 591 Sq Ft LESS: Personal Property: $750,000 1 BR 1.00 BA/Size: 191 Y Y Y N 1 0 820 Sq Ft PLUS: Special Assessments: $0 Spi Assessment Verified Ind: N 2BR 2.00 BA/Size: 304 Y Y Y N 1 0 1,040 Sq Ft Cash Equivalent of Real Estate: $42,750,000 Basement Garage Stalls: 532 Sale Sale Price Per Unit: $81,584 Analysis: Sale Price Per Room: $81,584 Sale Price Per Sq. Ft. GBA: $53.40 Primary Heating Pct Hot Water 100% Gross Rent Multiplier. Secondary Healing Pct Income Sprinklers Elevators: 25 7 D ts: PRIVATE DATA Parking Surface Area: Asphalt 452 Control Entry Laundry: Y Yes Patio or Decks: Patios/Balcony Lake or View: Total Land Area Excess Land: 1 ,315,090 Sq Ft F N Useable Land Area: 1,315,090 Sq Ft Zoning: RM -12 PD Utilities: all public Apt Rents: PRIVATE DATA Units P Acre Topography: 17.36 basically level Environmental Concern Ind: Includes: Heat Trash Garage Location Rating Factor. Other Amenities: points The YIN next to the unit desc indicate (Stove Refrigerator (Dishwasher)(Garbage Disposal)- (Washer &Dryer) -(No. of Air Conditioners Per Unit) -(No. of Firepla Summary Comments: Rents are actual as of date of sale. Occupancy at time of sale was 90 Expense information estimated. The PGRM of 7.0 is sound. The units have been remodeled and are in good condition. Tenants are responsible for water electric. Heat, sewer, trash and underground garage are included in rent. Tim Ellsworth with RREEF stated that the $2,900,000 in bond financing obtained in 1997 was paid off and that the sale is considered to be cash equivalent. The personal property of $750,000 or $1,431.30 per unit is acceptable based on their condition and that laundry equip and office furniture are also included. Page 2 MG-V 11 PIN 32- 116 -21 -31 -0006 Seq 1 t A EEL ;f 55 PROPERTY USE: APT Low Rise MUNICIPALITY: EDEN PRAIRIE COMPLEX NAME B roadmoor A P artments COUNTY: HENNEPIN ADDRESS: .635 Prairie Center Drive PIN 14- 116 -22 -32 -0306 Seq 2 AUDITOR ID: MULTIPLE PID: Y COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Build Effective Year Built: 1980 1983 Buyer: Castle Ridge Apartments, LLC Const Quality Condition: AVERAGE AVERAGE Seiler: K.S.C.S. Properties Const Class/ Bsmt Use: wo or Steel stud Frm storage Sale Data: Date of Sale: 10/1104 Roof Type /Exterior Type: Mansard Cedar/Redwood Total Purchase Price: $13,157,130 Roof Cvr! 2nd Exterior Type: Shingles/Composition Bri ck Terms Set 1 Assume Ind: Y DN PMT $8,000,000 No. of Stories Bldg Height 4.0 9 Ft 1 $5,157,130 PMT- INT- PMTS- No. of Bldgs Units Each: 1 BALLOON DATE BSmt Area i Finished: 15,824 Sq Ft 0 Sq Ft Set Z Assume Ind: 1st FI Area GBA: 70,342 Sq Ft 240,770 Sq Ft PMT- INT- PMTS_ Perimeter 2,975 Ft 4 BALLOON DATE Tot Units Avg Sz: 221 Units 624 Sq Ft Cash Equivalent Price: 0% $13,057,130 Tot Rooms/ Avg Sz: Rooms Sq Ft Cash Equivalent Adj: EFF 1.00 BA/Size: 26 Y N Y N 1 400 Sq Ft LESS: Personal Property: $100,000 1BR 1.00 BA/Size: 144 Y Y Y N 1 602 Sq Ft PLUS: Special Assessments: $0 2BR 2.00 BA/Size: 51 Y Y Y N 2 801 Sq Ft Spl Assessment Verified Ind: N Detached Garage Stalls: 76 Cash Equivalent of Real Estate: $12,957,130 Salo Sale Price Per Unit: $58,630 Analysis: Sale Price Per Room: Sale Price Per Sq. Ft. GBA: $53.82 Primary Heating Pct Wall Furnace 55% Gross Rent Multiplier. Secondary Heating Pct Hot Water 45% Income Sprinklers Elevators: 100 4 e'= PRIVATE DATA Parking Surface /Area: Asphalt 104 Control Entry Laundry: Y yes Patio or Decks: no Lake or View: Total Land Area Excess Land: 468,270 Sq Ft F N Useable Land Area: Sq Ft Zoning: RM 2.5 High Density Utilities: al Apt Rents: PRIVATE DATA Units P Acre Topography: 20.56 Environmental Concern Ind: Includes: Heat Water Trash Location Rating Factor. Other Amenities: points The YIN next to the unit desk indicate (Stove Refrigerator)-(Dishwasher )-(Garbage Disposal)- (Washer &Dryer) {No. of Air Conditioners Per Unit) -(No. of Firepia Summary Comments: This a complex originally constructed in 1980 as a 240 -unit senior housing condominium project. There were only about 25 units that were sold in early 1980's and the rest of the units remained unfinished (interior) before project stopped selling individual units and converted to rental housing from 1982 thru 1985. There is a considerable amount of common area witin the project as it was designed for senior housing and has dining and commercial kitchen along with many other indoor amenities (pool, activity rms, exercise rms, small commercial shops, etc). These common amenities were little used from 1985 to 2004. New owners hope to convert back to senior rental housing in next couple of years. Currently there are 221 rental units consisting of 227 -condo units(12 of the condo units were combined into 6 -apt units). The remaining 13 -condo units are individually owned and not part of 10/04 sale. PUBLIC INFORMATION ACE PUBLIC INFORMATION c zNs r s v fie; a>�, J APR -19 -2005 10 :07 HENNEPIN CTY ASSESSOR 612 34B 8751 P.01i02 TYPE- 4032 -F20 EAGAN DAKOTA PROPERTY TYPE: A PRlADD: 41 10 RA14N RD SB475 PID: 10- 22470 -010 -01 BR/LEGAL: Lo>:01 Ew:ot Subd :EAGAN ON THE GREEN I BUYER: EAGAN GARDENS LLC, PHONE; 651-454 -5691 f 410 CLIFTON AVE S MINNEAPOLIS MN 55403 SELLER: TONKA GARDENS LLC, PHONE: 952.884 -4738 8612 ALDRICH AVE S BLOOMINGTON MN 55420. MKT VALUE: 7,000,000.00 PUR PRICE: 8.500,000.00 PROP TYPE A-1 TAXES: 90.375.08 DOWU PAYMT: 0.00 YEAR BUILT: 1972 USAIAMT: 0.00 PERS PROP: 200.000.00 FILE NUMBER 216299 USA/DATE: POINTS- Buyer. FILE DATE: 09/15/2004 PUR AGREEMENT: 911412004 POINTS- Seller. 0.00 CLOSING DATE: 0911d/2004 DEED/IYPE: WD MGTVCONTRACT MONTHLY PAYMT INTEREST NO. of PAYMT BALLOON DATE 1: 0.00 0.00 0.000 0 2: 0.00 0.00 0.000 0 3; COMMENTS: PERSON FILING. ALAIN KASHANI 651. 454 -5691 j ZONING/USAGE: Apartments #BLDGS: t dStories: LAND SIZE: 362951 SF BUILDING SIZE: 162590 GBA APTS of UNITS: 144 91 BR: #28R #36R: #EFF: r am ••oa r•i m n.r� ra 10 JADE z Boa a 474 r« t. i 10 a At2e �7 c C c /r:L �'�E 12/31M4 Data -(.REV Copyright 2003 Plat -System Services (DiAsion of RMLS of MN) Plat System Services has made eery effort to obtain accurate and current information, but in no manner is the information contained herein guaranteed, and the publisher shalt not be responsible for any loss caused by the negligence of any of its agents or employees in procuring. --in— n, ihiichinn thu said infnfrnation. APR -19 -2005 10:09 HENNEPIN CTY ASSESSOR 612 348 8751 P•02/02 2 z xan ent .p evenue. r Carl f c,bbe bf ett>t� �i a ='1Cat�i rie l +v� cEu l orrRpfetr;. this• fog rtz far opprt rent, comrnerciol¢indirsirial ar• faFm :sales: 04Z N. a lVdra ®•df.6t�:$� ,{�,[yRy •4;erh�`tcafe 0'�• ES'V�We•se�van�e`K�mb�r `/•A- y 4: l jF {lay sale puce :ikjrjdes•any. persi2kd to a fue,'isitttce, iy ticl^s, s tpi i fiZ R P �ty..�. �:r P•k �tr'oy s>bcl� ;c�veritslri�C vsr :beer'. iSs �;g, ?ooclilfF tEe Eii�sirtes' FlliF lai"rsini�s; "s�;• or'.ah° ogteei'r,��ett txiat•:tsi •cq�Ynp�4��•, i� tl� bdto} •u141v.�; Q> '�.;���,f 3 4 if the buyer :or se4er••ptaid someme to ma6 an zpprewcl ©fate prgpFerhy's wctlue error• :#ci ifs sulb, che&,i is bear ,atzd if known, 'All 'in the appraised wlue A 3 t;ir rsti0nerr st1�`rindustrrat. fxralxet l s: Fran t e•.rw oop ttj'';«se r iris hock ra ii� n.'a tfret f�i u,'s taf 5? st'sioa�z die prdpe}rt M!s t�5e "Ei tiG� tNg Fi1f ir6 f6 that .beef c�escriEies? hs tl+s pr•o-sPeEl wril! be used �+r' C&r W •sa'6 �par�rl�t P?"'?"��� tf t la�s�,�er� z�Cia�•.�Yn. c!�r('ifie�� Gt�o1,SJf�;;�i,1[ fit :tom 3�?.! �i2��f` O� apEirJYise�k 1]1t 11 r�',zt�S' fn�Eudl in to sal i.. r, i i t w t.. Fill iri the° wi tirJh'C of rrrritciF .i+it tsln; lizigs....... ='S -FAr Pmpw i Hove' mcfny� off: iir�i��cl� q a }{oSv fires pr W" marry• Vcmt ar:e; enrolw tp '!hp cirl er? trcip R gTern .c.. w A�E1 1CeS 6 Whis -liu boy or of h p! pert' 'top wryer oE pccx�r.Sy g��eerFT �:it'� a n if y�„ rn y► �tinton c�icl tksu1 v tigi+ee'.rCst pso'perra citit:plrlci Q Ez 1 pied far its` -x T loves- flee 'totol Erne•m� the "eftil`icoRiF" �Itcte Me" tssIFQalicYr; of a•sate;pricea incbWes another prapoity propetti$s•sod fo 47s buyer �t�e sar�C tirrre� y v 8• Did buyer )toe• ka pmp'w j- *M :Elio Whr eftire pvF l ct f T Q El F7tc 3 3ieUr wise Elie pe4;pee1 frori3 if bxyeo.3xltisr .St !s?Is ai,4 t}tt(yi3itgc i? �tT p�s#ti�g7' `ib au Rm... gs r ctfetlsit�ts;. rfriiou &?r�tr, dXtr dfcir iitatia W40 lve !f his 0 itas nntol rt'' its tie. usr Aiitiirittium ii" a� refi3iak'��rrrrra� i I pcs,si #ll °t F4±ars.:Ik(sU�.o*�s* pi�rir+� .fZwrtl�ss lies �irii£ tit ••�?#er, ko'� �sV.ifew; sf :1lXe E�?�1(�e��'aI .�)�'si� �1�te �aist�tn�3�� K was.:solC� wog cu`6cxeclosare; ourh t eta crdeF oar Wlrer Ival pmceed kv `E��►i� :t4 �isrru�tiori �t1i�f t�Sia `}%riat:�jc? •n.� C I:3 la �ct:apiinicn, is llte: price propert�rwas5 1d Qf 10AK S)� i9 pmp@rti'es •wood 5L '�i .r?e' .G' i 1%; 'j' i r y h f r *'i A t j 1 I,? !an e gria�irra csF uyer t iSnConme We. .tYayffimt pkoNa 'KIP AlAkly l�Cai[ to .you► co nty, audirar'•s or r "or 's office •ut,.1h y r�sed �r :cQ�trrtEt':Fc� de� cittd ��ur. �erti�cate cjf.R'eal.Estate I. i TOTAL P.02 Mu ti -fami y Housing Market Sees Fierce Competition All of the sectors in this study had lower year -end Look for the metro -wide vacancy rate to drop below vacancy rates than a year ago, and apartment sales 7% in 2005. Apartments have been and will continue frequently involved a bidding frenzy by buyers of to be a sought after property type. Investors need A;r essiv? ccr cuss a available properties. These factors would normally to be cautious as yields have been very compressed. indicate an improving landlord's market, but the Fundamentals will slowly improve in 2005 and the long v er a i rfered ir 2004, opposite has actually been the case. Low interest rates, term outlook is very good. rampant condominium developments /conversions aS aPartment o avnerK and the softness of job growth have all eroded tenant demand. The reduction in demand along with high struggled to etain concessions has lowered rates of return for apartment owners. and avracL t r ants in The Twin Cities housing market has undergone a a f erceiy co m wpe"ove- multi -year boom in the development of new houses and condominiums. Renters are attracted to home rnarket. ownership with mortgage payments competitive with monthly rents. This is the main reason why apartments s €mss ME Mw with high rents have experienced the most significant AW vacancy levels in recent years. Aggressive concessions were offered in 2004, as apartment owners struggled to retain and attract tenants in a fiercely competitive market. Moving9 F expenses, leniency on pets, free plasma TVs, and free rents up to three months are some examples of the incentives offered. While physical vacancies have been z- trending downward, the pinch has been felt in the economic vacancy, which is a measure of the impact upon rates of return created by a combination of physical vacancy and concessions offered by apartment "WW owners. =2 x� xs As a result of these market pressures, apartment owners are eagerly anticipating stronger employment w i hi demand and a rise in F ro th improving demographic c i; P g g P interest rates to increase the pool of renters and slow the exodus of high-end tenants into the housin g market. 24 k PBC Medical Office 6120 Brooklyn Blvd. PID 34- 119 -21-43 -0060 Zoning: C1 Land Area: 67,442 Sq. Ft. Year Built: 1962 GBA: 12,893 Sq. Ft. Medical Office Exam Room Layout x R t r i M• x> City of Brooklyn Center A Millennium Community April 21, 2005 Mr. Robert Ziton G.R. Roth Investments, Inc. 7517 Washington Ave South Edina, MN 55439 Re: 2005 Estimated Market Value, 6120 Brooklyn Blvd., Brooklyn Center PID# 34- 119 -21-43 -0060 Dear Mr. Ziton: Thank you for your time and cooperation during the inspection of the above mentioned property on April 4, 2005. After a physical review of the property, the 2005 income and expense data provided and market sale information, I have determined a change in the 2005 estimated market value for the property located at 6120 Brooklyn Blvd., Brooklyn Center. am recommending a reduction in the 2005 estimated market value from $674,000 to $569,000 for taxes payable in 2006. An amended valuation notice has been attached for your records. Your petition rights are still open with the Minnesota State Tax Court. For information on Minnesota Tax Court, contact the Tax Court office at 25 Constitution Avenue, Judicial Center, St. Paul, MN 55155 or by email at www.taxcourt.state.mn.us. The telephone number of the Tax Court office is (651) 296 -2806. Thank you very much for your time and consideration with this matter. If you have any further questions please feel free to contact our office at 569 -3310 for further assistance. Sincerely, Nancy Wojci 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.cityofbrooklyncenterorg PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 34- 119 -21 -43 -0060 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 180 Back: 6120 1/_ BROOKLYN BLVD 55429+ Right: Left: Owners: ROTH GUENTHER Owner3: Owner2: Owner4: Zoning: C1 Prim /sec: Yr.blt: 1962 Area: 67442 Acres: 1.51 Sch.Dst: 279 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: 427 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2005: 375000 299000 674000 12730 C 0 2004: 350000 299000 649000 12230 C 0 2003: 345000 251000 596000 11170 C 0 Legal Description: LOT 1 BLOCK 1 P.B.C. SECOND ADDTION Type PID or ADDRESS: Dress ENTER: or F1. F2. F8 PROPERTY DATA SYSTEM *PUBLIC DISPLAY COMMERCIAL CHARACTERISTICS PART 1 CURR 311 PROPERTY ID BLDG NEXT 34- 119 -21 -43 -0060 A_ ADDRESS: 6120 1/ BROOKLYN BLVD PROP NAME P B C Clinic DIST 14 NBRHOOD 0011 FRONTAGE 180 DEPTH 427 AREA 67442 IRREG SHAPE NO ZONING C1 AREA RATING GOOD SITE RATING GOOD ALL.UNITS TRACKAGE NO SEWER YES WATER YES STREET YES EXCESS LAND NO SOIL CORRECT NO CONSTR QUAL AVER USE CODE1 341 USE PCT1 100 USE CODE2 USE PCT2 USE CODE3 USE PCT3 USE CODE4 USE PCT4 ARCH APPEAL AVER FUNC DEPR PC ECON DEPR PCT P DEPR PCT CONST YEAR 1962 EFFECT YEAR 1970 CONDITION AVG CONST. WOOD FR EXT. WALLS STUCCO ROOF STR. WOOD ROOF COVER ASP. SHG HEAT1 TYPE HEAT1 PCT HEAT2 TYPE HEAT2 PCT HEAT3 TYPE HEAT3 PCT FF AREA 6424 GB AREA 12893 NR AREA MEZZ AREA PERIM AREA 424 TF AREA 012893 AIR1 TYPE AIR2 TYPE CENT AIR3 TYPE AIR PCT 100 BSM PCT BSM USE PLUMBING AVG ELECTRICAL AVG AVG /STORY 9.0 STORIES 2.0 CLEAR HGHT 9.0 ELEVATOR NONE SECURITY SYSTEM Press F1 F4. or F8 "LOGISMap Output Page Page 1 of 1 PBC Clinic z I 1 I I I 3113 stor a¢st 8230 4 8291 `mot W; W0 1 I '.bta 3312 am 3300 W4 9218 rota e�6 l 6�6 S2t21 1 I 13208 6216 6910 1 6418 6210 1 3290. 3112 9 4 y II 4 r��� am I 6213 m 6212 1 BO/3 y 3310 9.919 3'307 g� 3100 3 f I 6208 6307 8008 fid07 f 320'7 `.4 9018 308 t i 9300 8001 8200 3st8 3412 3 .3600 t 3612 9900 I 1 32246] (J S10i $1011 9200 6772 3 9,18 9501 °u607 3101 3119 3113 3307 3301 3112 We 3108 1 9u9 3219 6136 y 1 3007 6,36 4 6137 3316 33,2 W6 y I r $,25 1 8,30 .3 „G 6127 3293 3113 6121 story 100 6120 'I agm 1 9113 9200 at ;6 4 r gnu 1.4 s,ta $112 1 6117 99,1 6107 1. 61,o 6100 3306 3696 3600 1 P 32,0 2213 my 6100 6101 8100 m 3900 9907 I 9121 3117 �Sll$ toy 61ST AVE N A Z e0� GOas Sala 3312 3308 3300 3219 320 3212 6 em 6116 3112 Wo LL t I 1 t 6101 eQ69 I 3701 a .444 8014 6187 AVE N x 3701 3719„ 3707 .36,9 I 6026 I em I 8w I 9,07 slot 6031 22 J ems I solo I 9 z 6019 I eolo I aola -0 6 9712 SOB 3700 $816 3612 3906 t w I eon a= 22 eaa em I. 6012 I e0,2 6013 GOMIaODORE DR ama 6010 V I em ll 44 8018 3618 9 1 3707 3 6001 I .6000 e00t FA00 I BOOT 701 819 9607 �g t 8M3 I a I 6012 6012 4 80TH AVE N e 1 3237 ooe 9061 6006 9070 ,7063 earn V I f 6065 6000 8000 6001 8060 80uQ I elpy2 I dOCS 90 62 I J ADMIRAL LN N I I 86% 80ST SA97 5066 I 8037 Vm -amd•�..nAcAA9. Cmyr'4'afC1.�OG16 g5�15 r 0 i. :..,:.k 66211 I I 6990 8061 DISCLAIMER The information contained on this map is advisory. Map Legend Fg,hl tig?itgd Feature accuracy is limited by the quality of the public records from which it was prepared. It is not intended as a substitute for an accurate field survey. Stra43t Ka:rnBS ousa Niumbarr. AERIAL PHOTOS Aerial photography is date sensitive. Features that exist Mu n"ri Boundary presently in the County may not be present in the photos. Pad BIUnda Lakes. A Streams f rks PareeI Base http:// gis. logis .org /serv let/com.esri.esrimap. Esrimap ?ServiceName= brooklyncenter ov &ClientVe... 04/28/2005 SKETCH /AREA TABLE ADDENDUM APR o 5 2005 Parcel No 3411921430060 F Properly Address 9120 BROOKLYN BLVD W City BROOKLYN CENTER State MN 210 Owner Client go Appraiser Name Flopim i L y 4 r elf011d Fbe FWv i N A �r 4mmdFMe 1 Scale: 1.20 AREA CALCULATIONS SUMMARY Comment Table 1 r Cede Description Factor Nd Sks Perlaider Not Totals Goal fist noon 1.00 6424 410 6424 OSa2 Second floor 1.00 6424 418 Second floor 1.00 24 26 Second floor 1.00 22 26 6470 Z Comment Table 2 Comment Table 3 TOTAL BUILDING (rounded) 12893 0naFarwol4wrarrrer AM SOFTWARE AWN-AP-9 PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURR 308 PROPERTY ID Address NEXT 34- 119 -21 -43 -0060 6120 1/ BROOKLYN BLVD 4 SALE TYPE SALES T. DATE PRICE OF SALE RATIO REMARKS 1/1985 438000 1 PER CRV DATE 1/21/85 Press F1. F2. F5. F8 BROOKLYN CENTER MEDICAL OFFICE BUILDINGS 2005 Unit 2004 Unit PROPERTY AREAS 2005 EMV Values 2004 EMV Values Park Nicollet Medical Clinic Land 160,197 [/J Land $845,000 $5.27 [/j Land $801,000 $5.00 6000 Earle Brown Drive GBA 31,982 [/J Building $2,655,000 $83.02 [Q Building $2,499,000 $78.14 02. 118 -21 -11 -0005 NRA 31,982 [/j Total $3,500,000 $109.44 [/l Total $3,300,000 $103.18 [/J LB 1977 Ratio 5.01 :1 NRA per In $109.44 :1 NRA per [IJ $103.18 i1 Change in EMV 6.1% CLa ge in EMV 13.8% Improvement Health Partners Dental Clinic Land 49,515 [n Land $295,000 $5.96 Land $270,000 $5.45 [/1 5901 John Martin Dr GBA 6,000 [Q Building $450,000 $75.00 [/J Building $409,000 $68.17 [/1 02- 118 -21 -21 -0005 NRA 6,000 [/J Total $745,000 $124.17 [/J Total $679,000 $113.17 [Q L:B C2 1979 Ratio 8.25 :1 NRA per $124.17 :1 NRA per In $113.17 :1 Change in EMV 9.7% Change in EMV 25.3% Woodhaven Dental Assoc Land 28,336(l Land $165,000 $5.82 [!J Land $155,000 $5.47 [/J 5831 Brooklyn Blvd GBA 3,936 [/J Building $185,000 $47.00 [q Building $166,800 $42.38 03- 118 -21 -13 -0012 0013 NRA 2,755 (4 Total $350,000 $88.92 [Q Total $321,800 $81.76 [/j L:B C1 1970 Ratio 7.20 :1 NRA per [I] $127.04 :1 NRA per [IJ $116.81 :1 Sold 1110101 $270,000 Change in EMV 8.8% Change in EMV 10.2% Northport Medical Center Land 31,757 [/J Land $200,000 $6.30 [/J Land $170,000 $5.35 [/J 5415 Brooklyn Blvd GBA 3,374 [/J Building $225,000 $66.69 [Q Building $213,700 $63.34 [Q 03- 118 -21-44 -0009 NRA 3,374 [/J Total $425,000 $125.96 (/J Total $383,700 $113.72 [Q L:B C1 1960 Rath 9.41 :1 NRA per [/J $125.96 :1 NRA per [Q $113.72 :1 Change in EMV 10.8% Change in EMV 19.5% Group Health Medical Center Land 239,032 M Land $1,200,000 $5.02 (/1 Land $1,025,000 $4.29 [/J 6845 Lee Ave N GBA 25,199 [/J Building $975,000 $38.69 [Q Building $975,000 $40.13 [/J 34- 119 -21 -22 -0004 NRA: 25,199 [/J Total $2,175,000 $86.31 [/1 Total $2,000,000 $87.75 (IJ L:B C1 1975 Ratio 9.49 :1 NRA per $86.31 :1 NRA per In $87.75 :1 03p04 Stip to $2,000,000 Change in EMV 8.8% Change in EMV 0.0% Brookdale North I Park Dental Off. Land 54,450 [/j Land $318,000 $5.84 Land $280,000 $5.14 6415 Brooklyn Blvd GBA 9,345 Building $475,000 $50.83 Building $450,000 $48.15 34 -119 2131 -0106 NRA 8,410 [/J Total $793,000 $84.86 Total $730,000 $78.12 LB C1 -1981 Ratio 5.83 :1 NRA per [/J $94.29 NRA per [Q $86.80 Change in EMV 8.6% Change in EMV 12.4% Brookpark Dental Clinic Land 50,111 M Land $293,000 $5.85 [Q Land $275,000 $5.49 [Q 6437 Brooklyn Blvd. GBA 10,008 Building $1,130,200 $112.93 [/J Building $1,130,200 $112.93 [Il 34. 119 -21 -31 -0111 NRA 9,585 [/J Total $1,423,200 $142.21 [/J Total $1,405,200 $140.41 [Q L:B Yr Built 2000 Ratio 5.01 :1 NRA per In $148.48 :1 NRA per [Q $146.60 :1 Sold 912002 $2,900,000 Change in EMV 1.3% Change in EMV 9.0% Sale not good for study sold to tenant Brooklyn Blvd Chiropractic Land 14,415 [Q Land $31,300 $2.17 [q Land $31,300 $2.17 6142 Brooklyn Blvd GBA 994 [/J Building $62,000 $62.37 [/j Building $58,000 $58.35 (/1 34- 119 -21-43 -0037 SR -2 NRA 994 (Q Total $93,300 $93.86 Total $89,300 $89.84 [/J LB R1(Conditional Use Permit) -1958 Ratio 14.50 :1 NRA per [q $93.86 :1 NRA per In $89.84 :1 Sub 2 Record Parcel C 8 R Located in Residence Total $274,900 Change in EMV 4.5% Change in EMV 8.5 PBC Clinic Land 67,442 [q Land $375,000 $5.56 [/J Land $350,000 $5.19 [/J 6120 Brooklyn Blvd GBA 12,893 [4 Building $299,000 $23.19 [/1 Building $299,000 $21.31 [I] 04/28/2005 BROOKLYN CENTER MEDICAL OFFICE BUILDINGS 2005 Unit 2004 Unit PROPERTY AREAS 2005 EMV Values 2004 EMV Values 34.119 -21-43 -0060 NRA 9,684 [/J Total $674,000 $52.28 [q Total $649,000 $46.24 L:B C1 1962 Ratio 5.23 :1 NRA per[/] $69.60 :1 NRA per [/1 $92.49 :1 Change in EMV 3.9% Change in EMV 8.9% River Road Dental Land 35,090 [Q Land $210,000 $5.98 Land $192,900 $5.50 [/J 512 66th AVE N GBA 5,861 [/J Building $570,000 $97.25 [Q Building $577,300 $98.50 36- 119 -21 -13 -0114 NRA 4,750 [Q Total $780,000 $133.08 [/J Total $770,200 $131.41 L:B C2 1998 Ratio 5.99 :1 NRA per [Q $164.21 :1 NRA per in $162.15 :1 Change in EMV 1.3% Change in EMV 5.8% Land 730,345 Land 3,932,300 $5.38 Land 3,550,200 $5.10 TOTALS AND MEAN UNIT VALUES GBA 109,592 GBA 7,026,200 $64.11 GBA 6,778,000 $61.54 NRA 102,733 NRA $10,958,500 $106.67 NRA $10,328,200 $105.32 Improvement $0 Improvement $0 TOTAL NEW IMPROVEMENTS Percent Growth 6.1% Percent Growth 7.4% G:\. SPREDSHT% Amssor 12005ciat[MEDICAL.XLS]2005 Assessment Unit Values 04/28/2005 l INCOME WORKSHEET 2005 PAY 2006 yyyrrrccc� .t�:t r x axe- �`i, '.�s., s r s� z a �3 z f x 4 .c 'i �„'v rN3 ,s aRE r NEB x1z s a•% r¢:,. x� y s �'..Y�,: �����x��¢ "tt ��n S k c� s �`xst. ��,'?.,�.�yh' r z PROPERTY TYPE GROSS LEASE BASIS YEAR BUILT C1 1962 INCOME ANALYSIS GROSS BUILDING AREA 12,893 OFFICE INCOME $164,670 NET RENTABLE AREA 10,978 RETAIL INCOME $0 MISC. INCOME $0 OFFICE AREA 10,978 PGI $164,670 GARAGE STALLS 0 LESS: VACANCY $57,635 OFFICE RENTAL RATE $15.00 Note: no vacancy allowance to misc. income. RETAIL RENTAL RATE $0.00 EGI (before concessions) $107,036 Miscellaneous income $0.00 LESS: RENT CONCESSIONS $0 VACANCY ALLOWANCE 35.00% FREE RENT $0 SQUARE FEET VACANT 3,842 SQUARE FEET OCC. 7,136 EGI $107,036 OF EGI RENT CONCESSIONS 0.00% LESS: EXPENSES $41,168 38.46% FREE RENT 0.00% LEASING $2,997 2.80% TURNOVER RATE 40.00% TENANT IMPROVEMENTS $5,024 4.69% TENANTS REMAINING 60.00 RESERVES $2,141 2.00% AV. LEASING PERIOD 5 MANAGEMENT $5,352 5.00% TOTAL EXPENSES $56,681 52.95% EXPENSESiSQ.FT. $3.75 MANAGEMENT 5.00 TENANT IMP. COST NEW $10.00 n2t105pizVet�F $0 44.13 RENEWAL $8.00 EXPENDABLE VAL. OF TI 40.00% PER SQ.FT. GBA $44.13 PER SQ.FT. NRA $51.83 RES. FOR REPLACEMENT 2.00 EXPENSE RATIO 52.95% LEASE COMMISSIONS -NEA $3.00 SQ FT LAND AREA 67,442 RENEWAL $1.50 SQ FT EFFECTIVE TAX RATE 2.8500% 2004 EMV $648,000 50.34 PERCENTAGE CHANGE 12.33% TAX RATE 3 't'a 1 2005 land value 375,000 5.56 OVERALL 2005 building value 194,000 51.83 G: \SPREDSHT\ Assessor \2005cia \[MEDICAL.XLS]PBC Clinic REVISED 04/20/2005 MEDICAL.XLSPBC Clinic REVISED Apr 01 2005 8:13AM HP LRSERJET 3200 p.l f APR 0 1 2005, 1144" S, I N G. R ROTH TO: WO Daze. D ATM FROM: DC)b FAX 7 (P"t) S69 34 q FAX #i: 45X -94] -914 NUMBER OF PAGES: Including this sheer) Notes: A�,( i 7517 Washington Aveme South, Edina, MN E5439 Apr 01 2005 8:13RM HP LRSERJET 3200 p.2 Date- 04/01/05 PBC BUILDING o Page 1 12 -04 -0883 Income Statement Before Year End Adjustments kept 6001 For the Period Through 12/31/04 Current Year l b Period 4r To -Date INCOME 000000 Rental Income 3829.67 100.00 54379.32 100.00 OPERATING EXPENSES 000000 Management Fee g 775.00 20.24 8060.00 14.82 000000 Building Maintenance Services 600.00 15.67 6240.00 11.47 TOTAL SALARY RELATED EXPENSE 1375.00 35.90 14300.00 26.30 GENERAL EXPENSE 000000 Accounting and Legal Fees 0.00 0.00 3041.95 5.59 000000 Security System 0.00 0100 132.52 0.24 000000 Bank Service Charges 3.00 0,08 .0' 0.02 000000 Depreciation 418.75 10,93 8690.80,„✓ 8.63 000000 Rug Rental 74.74 1.95 958.32 1.76 000000 Electrzc 291.59 7.61 4050.14 7.45 000000 Gas 1144.20 29.68 5427.48 9.98 000000 water /Sewer 787.11 20.55 2430.97 4.47 000000 Rubbish Removal 333.59 8.71 3913.27 7.20 000000 Snowplowing /Lawn Services 0.00 0.00 1375.00 2.53 000000 Insurance- General 80.33 2,10 887.46 1.63 000000 Outside Services 0.00 0.00 68670 0.13 000000 Repair 6 Maintenance Building 0.00 0.00 1304.09 2.40 000000 Postage 0.00 0,00 15.14 0.03 000000 Property Taxes 1865.84 48.72 22390.12 41.17 TOTAL OPERATING EXPENSE 6374.15 166.44 .95 19.53 TOTAL OPERATING INCOME 2544.48 -66.44 -1 4 -19.53 NET INCOME BEFORE TAX 2544.48 66.44 10618.69 19,53 NET INCOME AFTER TAX 2544.48 -66.44 10618.69 19.53 PBC BUILDING RENT ROLL MONTH OF December 2004 1 1 1 0 I-I T 1 I I i I I I I I I I II ITERM I I I I NET BASE IMONTHLY I I I START IEXPIRE I I OPTIONS. COMMENTS SUITE %NTABLE 1 TENANT RATE I !BASE I IYEARS (DATE (DAT i I 0 i I...._..................; 1 I I o 1011 IVACANT I I I 3,1071 1 i t U I I I 2041 IVACANT 2,0261 1 30001 i $0.001 1 1 261 I HERITAGE DENTAL 1 I 127i $2.484.49 LI 9 1 01/01104 12/31/06 'CPI INCREASE EACH 1 /1:2 3 Yr ootions 202 r SCHECK 1, 182 3.66 31,345_61 6 101101102 :12/31/07 1 1/1/05 to $1.527.74 �1 7 2031 VACANT 1.0701 000 _I 204\205 IVACANT fo 6077 1+1 TO $3.930.16 ul M M ro 0 Qu Fo J I INVESTMENTS, INC. G. R. ROTH April 21, 2005 Nancy Wojcik City Assessor City of Brooklyn Center 6301 Shingle Creek Parkway Brooklyn Center, MN 55430 -2199 Dear Nancy, Per your request enclosed are the following documents in regards to 6120 Brooklyn Blvd: Commercial Listing agreement that expired January 31, 2005 Purchase offer from MN Clean Services for $400,000 Purchase offer from Miqdad Husen for $500,000 Purchase offer from Serenity Capital Investments for $530,000 Purchase offer from A. Jan for $425,000 Purchase offer from Jay Cherner for $500,000 Purchase agreement from Trevor Johnson Group that never got executed Please let me know if you should need additional information, I can be reached at 612 -759- 5902. Sincerely, Robert J. Zit Enclosure 7517 WASHINGTON AVENUE SO. EDINA, MINNESOTA 55439 (612) 941 -5029 i FROM ':Results Real Estate FAX NO. :763 -478 -6444 Apr. 05 2004 04:51PM P2 ARr 05 2004 12 :42 GRR Investments, Inc 9529419142 p. COMMERCIAL-INDUSTRIAL EXCLUSIVE LISTING AGREEMENT LEASE This form approved by the Minneapolis Area Association Of REAL ?ORS. Min "Inpolis Area Association of REALTORS disclaims an liabili a is' o r to out Y Y o o use or mi e ruse of this four.. GOl`SIDL RATION OF the Agreement of e 7 nc Date: peril S tong C undertake to lease the remises h "IUREl" (Hereinafter referred to as "BROKER P etamafter described, (hereina$e: referred to as LESSOR.") Pit= to BROKER the exclusive sight tc lesceiseli or contract to period f leue!s Blvd ell the property lmoayti as 6220 Brooklyn oki Center MN 5 comistinp ofa$otox. 14 sf (Eie P rmferrtrd to as she "Pco for the from the date hereof through and including September, 30. 2Q 4 for the nun of $_575,000 (sale price) (or ALch other price to be. determined by Owner and Broker) and/or S l5 Der�e aa. R for ajhree and/or S vel such other terms and conditions to which LESSOR stay consent. ttr are ur on LESSOR/SELLOR, underataluU that BROKER may list ad= properties dump %be term of thin+ peeirw.t, which may eornpete withLESSOR'a /SELLOR's property forpototial LESSFEs. NOTRZ: THE COMMISSION RATE FOR TI¢ SALE, tdA-W R$NTAL OR MANAGEMENT O7r REAL PROPERTY SMALL BE DTTERMUYED 8117 WtJI N &ACII11VDlVIDUAL BROKER AND ITS CjENT. SELLOHS/LESSOR'S OBLIGATIONS It 4 agreed that LFSSOR/SELLOR shalt promptly fuanisb BROKER w" compiete iafozmmion conceroiag any person who during the period of this Agreement makes inquiry to LESSOR/SELLOR regarding the lease, exchange or sale of the Property. LRSSOR/SELLOR further agrees to promptly notify gROKER of any noticm pertaining to the Property, which are hereafter raoived during the term of this Agreement. It is further agreed that LESSOR/SELLOR shall perrmt BROKER to erect a "For Lease/Sale" sign an the Property and w rernovre all other "For Leme signs Ewan the property, during the period afthis Agreetent. COMMISSION It is further agreed that LESSOR shall pay BROKER a fee of Lf 3 .SD i it for 55.00 r e if a DOD_ner>!tiyr r3 -g lmij=red only k RRI;I !nr Berns Lh- L BS �iA o i ��t}te s la e� ce f� oalo which yeh fee sball b due and payable upon occurrence o e f any of the following concitivw: These per foot rates will be prorated proportionately (W lease turns less than 3 years. 1 The lonsc or contract for Im' se of the Property during the pefiud of this Agreement by BROKER or any other peraon, including but not thnilted M L.ESSMSELLOP., or any other agent or BROKER not a party to WS Agreement, in accordance with the Ierrrl as set forth herein or as Oth -rwisc consented to by LESSOWSELLOR, Z. if a LPSSER is procured. Whetbar by BROKER, LESSOR or anyone else, who is ready, willing and able to lease the Progeny at the terms, I—be d e a d by E OKER AWD LE3Z&iMZLOQ and LESSOR:SE LLOR refuses To Jesse. 3. LESSOR/SELLOR rettaovey Preporty from the rltarket before expisatioe of this Listing Agreement. In Inch event LESSORISBLLOR shall pay BROKER 54,500.00 unless a sale tee has been paid to BROKER. FROM :Results Real Estate FAX NO. :763- 478 -6444 Apr. 05 2004 04:51PM P3 Apr 05 2004 12143 GRR Investments, lne tit) Ca4IVITC N•'J 4. If a lease entered into by LFSSOR/SELLOR and a LESSEE procumd by BRO greats to the LESSEE sad option to purchase the LESSOR's interest in the Property, and that option is exercised at any Brent by the .LESSEE, LES30'1ISELLOR ageoa to pay BROKER, et the time of closing of the purchase, an additiooul fee equal to six 0 percent of the purchase price leas the unearned po:tioa of the fee paid under the term of this Agreerrurtt. 5. If s Ieade entered into by L1;SSOR/SBLLOR and a LESSEE procured by BROKER grants to the LESSEE an option or successive options to renew or extend the tern themof, upon exercise of said option and each s+roecssive option the LESSO"B=R agrees to pay BKCXBR $1.50 per rentable 9gtare foot, which fee shall be due and payable in fall at the time of such exercise. 6. Should LESSOR/SBLLOR contribute or convey the Property or any interest tbcrcin to a pantnership, joint venture or other business entity during the terns of this Agreement in lieu of leasing the Property j�SSOR/SP,�,LOA slraup�jpr �f SOO.tlq.to LESSOR /SELLOR is a partnership or other business entity and an interest in the parmersl# or other business entity is transferred, whether by merger, outright purchase or otherwise in lieu of leasing the Property during the term of thi6 Agreement. then LESS()&I F_ Cji shal� fee OL$4.'S00- ja B80KE�i.. 6. It within 4A days after the nod of this Agteetnant, LESSOR/SELLOR leases ox agree; to knee the ?roperry to aryoau who ltua made ao af5rntative showi% of interest in the Property by responding to an odvcrtisernent ur by contacting the BROKER or salesperson involved w has beep phy shown the Property by the BROKER or salesperson. It is uadetttood that dye BROKER shall not seek to enforce collection of a comtmisWon under this Paragraph g unless the name of the pt+orpect is on a written list given to LESSOR/SELLOR wirhin 72 hours after expirador, of this Listing Agreem=t. LESSOR/SELLOR iuurther agrees that in the event a purchase agreement to sell or option to sell the Property is entered into (a) during the term of this Listing Agreement, or (b) clawing the period set forth in rabparagnpb 8 above with a person or entity as described therein, then LESSOR /SELLOR shall pay BROKER a sales coxnrniwion of six (15°6 percent of the dales price, erhich kball be due atui payable upon closing of the sale or as oL%emisc agreexl in writing. As sectaity for BROM Commission, LESSOR hereby grants to BROKER a security- interest in the lease prayrw= from the lease of the Property or proceeds from a sale and any title comgtany or other closer who conduct3 the closing on the sale or lease of the Property is directed to disburse rite BROKER commission to the BROKER at the time of closing. USSOR'S REIPRESENTATIONS LESSORJSELLOR ben full legal right to lease the ?=petty, LESSORISELLOR certifier+ that as of the date of anuxution of this Agreement, LESSOR/SELLOR has not received MY notice of building, health or fze code violstions, oar notice of hazardous waste on Ptvperty, nor notice of condertmatioa pertainin to the above described Property except as herein noted: SUB- AGENT'S AND LESSIT IS Sl kol cz;ts I heroby permit you to Share part of your cootmission with other Realtors bwludiag Realtors only representing LESSEES. CLOWNG SERVIMS After a LESSEE for tint: Property is procured, arrangements must be made for a total lease document and if there is a closing of the transaction. LESSOMELLOR understands dai LESSOL'SELLOR may arrange for a qualified closing agent or attorney to prepare the lease documents sad conduct the closing, or LF.SSOWSELLOR may ask BROKER to arrange for the lease documewa and closing. LESSOR/SELLOR understand, that LESSOR may be FROM :Results Real Estate FAX NO. :763- 478 -6444 Apr. 05 2004 04 :52PM P4 Apr OS 2004 12:44 GRR Investments, Inc y52591�1�c r•� required to pay certain closing costs. LESSOR SELLOR hai indicated hislheNits choice for closing ser%ices (initial one) x� LESSOR/BHLLOR will arraage for Lease Document Preparation. REKEWAL6 BROKER may ,gave authority to negotiate the renewal losses of exstitsg tcoants, if so engaged by the tenant, upon terms agreeable to L1 MR. LESSOR s1 tall pay BROKER s fee of S 1.50 per ranlable square foot which feL shall be payaole upon lease execution by both parties. CONSTRUCTION MANAGEMENT LESSOR stroll pay BROKER 190, 1 per hour for scmices; rendes in co=ection with arty requested construction rmagemant eorvicos, N315CB,LLANEOUS .9. This Agreement is binding upon the heirs. soccmwn, and assigns of the pasties. .20. All of the represeAtations and cove== of this A"n'iertt shall survive and be enforceable after temtination of the AgceeMeaL 11. This Agreement eowtitutus the complete Agreement botweem the parties end supersedes any prior oro or wtilrea agreements betweer. the patties relative to thb provisions horcin. No arnaidment, modification or extension of this Agreement shall be valid or binding unless mods in vftitiAg and signed by both LESSORJSELLOR and 61LOKER. 12. The laws of the State of Minnesota shall govern this contract. 13. BROKBR will creatc and provide at his cost 6190090, internet distribution and marketing rawerial design. Lessor atia11 pay for marketing n attaial prlrrti tlL demographics, reaps and brochures. all 0aate -W shall be approved by LESSOBISI -LLOR prior to prodt:ction. .14. LESSO"ELLOR shall reimburse BROKER for any BROKER mailings that should be done on the proPctty not to exceed 51,500.00 pet occtnteme. BROKER shall get LESSOR's/SELLOR1 written pcMussion before conducting said BROKM mail W LESSORISELLOR pays 100% of anyiall architectural and space plsnning costs I S. LESSOWSEUOR, ea it s vrt oeumW lion shall be sesponsible sr his oust for any space or arckhOctursy plsnrring that may be required for a prospective Lessee, SULTS REAL. EU&TEAC SELLER BROKE B? its: Its- Date: 'tl Date :.mr.�w■wrtu.kdi 1 ADDENDIM #1 This clusive Listing Agreement dated April 5, 2004 for 6120 Brooklyn Blvd., Brooklyn Center, 55429 shall Y be amended as follows Extensipm This terms of this listing agreement shall be extended from September 30, 2004 through and including January 31, 2005 only as it relates to Maple Realty or Mike Brennan Trevor Johnson Investment Group dba Kruger Gallery of Homes. All other sale and leasing activities will cease effective immediately. All other terms and conditions of this listing agreement remain unchanked. Agree and Accepted: Arnold J. Seitz ,Preside Results Real estate orporated Date: /j �3 D c r Guenther Rah, or Bob Won, CFO Date:___ py d C,EJJf1 euu d T tr4�b9- 8Lb -E9L W d ET =v0 1►0 EZ d 002E 13rN3sd1 dH WdSib =e i'000 �'a PROPERTY USE: Office Medical MUNICIPALITY:VADNAIS HEIGHTS CODE 341 C RC 00 PROJECT NAME: COUNTY: RAMSEY GBA 8164 WD ADDRESS: 1010 E. Hwy 96 PIN 21- 30 -22 -21 -0002 Seq 1 RATIO Y COMP Y AUDITOR ID: 317099 MULTIPLE PID: N COMMUNITY: NBRHOOD: 'C ONFIDENTIAL ACE CONFID PROPERTY DESCRIPTIOK MARKET DATR Year Built/ Effective Year Built 1978 1985 Buyer. District 77 I.A.M. Const Quality Condition: nvewace AVERAGE Seller. Hougland Company Const Class/ No. of Bldgs: WD or Steel smd Fm, 1 Sale Data: Date of Sale: 1016/03 000 625 Exterior Type /Roof type: Cedar/Redwood Fiat Total Purchase Price: $625,000 2nd Exterior Type 7 Roof Cvr. BuiR -Up Membrane Terms Set 1 Assume Ind: DN PMT $625,000 S First Floor Area GBA: 5,398 SF 8,164 SF 2 Total Floor Area NRA: 8,146 SF 8,146SF PMT- INT- PMTS BALLOON DATE Bldg Perim. Shape 1 No. Rms: 426 Ft L Shape U Mezzanine Area Use: 0 SF 0 Set 2 Assume Ind: E Bsmt Area %Fin W 2,766 SF 0% 34 %GBA E PMT- INT- PMTS S Bsmt Use: Storage BALLOON DATE Bsmt Fin 0 SF 0% GBA First Floor Use: Office First Floor SF W 5,398 SF 66% GBA Cash Equivalent Price: 6.01% $625,000 2nd+ Floor Use: Cash Equivalent Adj: 2nd+ Floor SF W SF 0% GBA LESS: Personal Properly: $0 Tot Off Area: 5,398 SF 66% GBA PLUS: Special Assessments:' Ind: N $0 Bldg Eff 8,146 SF 100% Cash Equivalent of Real Estate: $625,000 Primary Heating Pct Forced Air 100 Sale Price Per Sq. Ft. TFA: $76.72 Secondary Heating/ Pct: Sad Analysis: Sale Price Per Sq. Ft GBA: $76.56 Air Conditioning Pct: 100 Sale Price Per Sq. Ft. NRA: $76.72 Sprinklers Elevators: 0 0 Sale Price Per Sq. Ft. land Area: $9.02 Garage /Ramp Spaces: 0 0 Sale Price Per Room: Surface Parking Space: Parking Surface Type: Asphalt Income Potential Gross Income: P 2004 $75,000 Multiple Tenancy: N Data. Vacancy: 0.0% P 2004 $0 Bldg Ht /Avg Clear Ht: 10.0 FT 8.0 FT Other Income: 0.0% P 2004 $0 Stories: 1.0 Effective Gross Income: $75,000 Avg. Finished Ceiling Ht: 8.0 FT Expenses: 10.0%F 2004 $7,500 Total Land Area Topography: 69,260 SF level Reserves: 4.0% P 2004 $3,000 Useable Land Area: 69,260 Net Operating Income: $64,500 Zoning Land Def Cd: PUD F Capitalization Rate: 10.32 Trackage Utilities: N All Land BlgRatio Excess Land: 8.48 to One N Rent Est $12.00 Schedule: Environmental Concern Ind: N Other Amenities: Summary Comments: Property was listed for sale over one year. Buyer is going to convert the property from medical to office use. Ratio Study Comments: Goad Sale Interest Purchased: Fee Simple Info Source: cry 317099 Towle Sec. NE Sector Map Code: Assmt Year: 2003 Land EMV: $346,300 Submitted By:Steve Nelson Date: 1128104 Assessor Staff Verified by: S. Nelson Phone:651 -266 -2123 Bldg EMV: $453,700 Verified Wirth: Rich Fischer Date:1/27/04 Title:Buyer Phone:651 -645 -7761 Total EMV: $800,000 PROPERTY USE: Office Medical MUNICIPALITY: ST. PAUL CODE 341 RC 00 PROJECT NAME: St Paul Med. Center (Former Healtheast) COUNTY: RAMSEY GBA 9999 WD ADDRESS: 1239 Payne Ave PIN 20-29 -22-43 -0069 Seq 1 RATIO Y COMP Y AUDITOR ID: 331918 MULTIPLE PID: Y COMMUNITY: NBRHOOD:05 C ONFIDENTIAL ACE CONFID PROPERTY DESCRIPTION MARKET DATR Year BuiW Effective Year Built: 1957 1975 Buyer. Blong Theo Const Quality/ Condition: AVERAGE FAIR Seller: Healtheast Const Class/ No. of Bldgs: M- sea" wan 1 Sale Data: Date of Sale: 11/16/04 Exterior Type Roof Type: Brick Fiat Total Purchase Price: $610,000 2nd Exterior Type Roof Cvr. Concrete Block Terms S First Floor Area /GBA: 5,085 SF 9,999 SF Set 1 3 Assume Ind: N DN PMT $610,000 Z Total Floor Area NRA: 5,085 SF 9,999 SF PMT INT- PMTS E Bldg Perim. Shape No. Rms: 362 Ft Rectangle BALLOON DATE U Mezzanine Area Use: 0 SF None Set 2 Assume ind: N DN PMT $610,000 S Bsmt Area I %Fin W 4,914 SF 100% 49 %GBA E PMT- INT- PMTS S Bsmt Use: Medical Office BALLOON DATE Bsmt Fin W 4,914 SF 49% GBA First Floor Use: Medical office First Floor SF W 5,065 SF 51% GBA Cash Equivalent Price: 0% $610,000 2nd+ Floor Use: None Cash Equivalent Adj: 2nd+ Floor SF W 0 SF 0% GBA LESS: Personal Property: $0 Tot Off Area: 9,999 SF 100% GBA PLUS: Special Assessments: Ind: N $0 Bldg Eff W 9,999 SF 1000/9 Cash Equivalent of Real Estate: $610,000 Primary Heating Pct: Warmed Cooled Air 100 Sale Price Per Sq. Ft TFA: $119.96 Secondary Heating/ Pct: sale Analysts: Sale Price Per Sq. Ft GBA: $61.01 Air Conditioning Pct 100 Sale Price Per Sq. Ft NRA: $61.01 Sprinklers Elevators: 50 1 Sale Price Per Sq. Ft. Land Area: $39.69 Garage /Ramp Spaces: Sale Price Per Room: Surface Parking Space: Parking Surface Type: Asphalt Income Potential Gross Income: Multiple Tenancy: Dab: Vacancy: 0.0 $0 Bldg Ht /Avg Clear Ht: 10.0 FT FT Other income: 0.0% $0 Stories: 1.0 Effective Gross Income: Avg. Finished Ceiling Ht FT Expenses: 0.0% $0 Total Land Any Topography: 19,250 $F Level Reserves: 0.0 $0 Useable Land Area: 19,250 Net Operating Income: Zoning Land Def Cd: B-2 F Capitalization Rate: Trackage Utilities: N City Land BlgRatio Excess Land: 1.93 to One N Rent Owner occupied Schedule: Environmental Concern Ind: Other Amenities: Summary Comments: Also includes pin 0070, vacant land used for parking. Open market and arms length transaction. Former Healtheast clinic listed for some time with original list in the mid $70Ws. Purchase price negotiated. Minimal personal property, essentially no value per buyer. Appraisal supported, buyers appraisal for financing estimate was $640,000. Fair to average condition, some interior work currently in progress. Ratio Study Comments: (132 Good sale Interest Purchased: Fee Simple info Source: CRV Towle Sec. St. Paul Non Map Code: Assmt Year: 2005 Land EMV: $214,500 Submitted By:Matt Zelimer Date: 3/2/05 Assessor Staff Verified by: Zellmer Phone:651- 266 -2941 Bldg EMV: $590,300 Verified With: Blong Theo Date:2/22105 Titie:Buyer Phone:612- 339 -6900 Total EMV: $804,800 Page 2 FOR PIN 20- 29- 2243 -0069 Seq 9 �►_k l fi'p y' S