HomeMy WebLinkAbout1996 08-26 EDAP Regular Session EDA AGENDA
• CITY OF BROOKLYN CENTER
August 26, 1996
7 p.m.
I. Call to Order
2. Roll Call
3. Approval of Agenda and Consent Agenda
-The following items are considered to be routine by the Economic Development
Authority and will be enacted by one motion. There will be no separate discussion of
these items unless a Commissioner so requests, in which event the item will be removed
from the consent agenda and considered at the end of Commission Consideration Items.
a. Approval of Minutes
- Commissioners not present at meetings will be recorded as abstaining from the vote
on the minutes.
1. August 12, 1996 - Regular Session
4. Commission Consideration Items
i a. Resolution Authorizing Acquisition of Certain Real Property Within the City of
Brooklyn Center Located at 714 - 53rd Avenue North and Authorizing Executive
Director to Negotiate a'Purchase Agreement for Acquisition of the Property
•Requested Commission Action:
- Motion to adopt resolution.
5. Adjournment
DRAFT
MINUTES OF THE PROCEEDINGS OF THE ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF BROOKLYN CENTER IN THE COUNTY
OF HENNEPIN AND THE STATE OF MINNESOTA
REGULAR SESSION
AUGUST 12, 1996
CITY HALL
CALL TO ORDER
The Brooklyn Center Economic Development Authority (EDA) met in regular session and was
called to order by President Myrna Kragness at 8:15 p.m.
ROLL CALL
President Myrna Kragness, Commissioners Kathleen Carmody, Debra Hilstrom, Kristen Mann, and
Charles F. Nichols, Sr. Also present were Executive Director Michael J. McCauley, Director of
Public Services Diane Spector, Planning and Zoning Specialist Ron Warren, Community
Development Specialist Tom Bublitz, City Attorney Charlie LeFevere, and Council Secretary
Connie Beckman.
APPROVAL O L OF A GENDA AND CONSENT AGENDA
A motion by Commissioner Carmody and seconded by Commissioner Mann to approve the August
• 12, 1996, agenda and consent agenda passed unanimously.
RESOLUTION NO. 96 -19
Commissioner Kathleen Carmody introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING PRESIDENT AND EXECUTIVE DIRECTOR TO EXECUTE
THIRD PARTY AGREEMENT FOR THE 1996 URBAN HENNEPIN COUNTY COMMUNITY
DEVELOPMENT BLOCK GRANT PROGRAM
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Kristen
Mann and passed unanimously.
COMMISSION CONSIDERATION ITEMS
RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH T.G.I.
FRIDAY'S. INC.
No discussion occurred.
RESOLUTION NO. 96 -20
Commissioner Kathleen Carmody introduced the following resolution and moved its adoption:
RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH T.G.I.
FRIDAY'S, INC.
08/12/96 _ 1 _
DRAFT
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Kristen Mann and passed unanimously. •
APPLICATION FOR MINNESOTA HOUSING FINANCE AGENCY MULTIFAMILY SUPER
REQUEST FOR PROPOSALS
Commissioner Carmody raised the issue regarding her impression that the City is following the
Livable Communities funding guidelines. The Livable Communities Act is not really doing much
for inner -ring suburbs like Brooklyn Center, which does not have a need for low- to moderate -
income housing since there is already an adequate amount available. As a result, she suggested
Brooklyn Center attempt to lobby the Legislature that every housing agency /program shouldn't be
designed according to needs of outer suburbs.
Commissioner Mann inquired whether the City needed to be participating in the Livable
Communities Act in order to go out for the Super RFP. The Community Development Specialist
replied he was not sure, but believed a community could receive a certain credit for participating in
the Livable Communities Act when applying for a Super RFP. The Community Development
Specialist further explained implications of the Super RFP.
The Community Development Specialist indicated the Super RFP process will be a highly
competitive process and there may be as many as two and three times the amount of applications
submitted. He foresees this type of program as a way to complete some substantially large projects
in terms of creating some affordable housing. Exact details of the program are unknown at this
point. The application for the MHFA's Multifamiliy Super RFP needs to be completed by August •
22, 1996.
A motion by Commissioner Carmody and seconded by Commissioner Nichols to approve the
Application for Minnesota Housing Finance Agency Multifamily Super Request for Proposals
passed unanimously.
ADJOURNMENT
A motion by Commissioner Carmody and seconded by Commissioner Hilstrom to adjourn the
meeting at 8:24 p.m. passed unanimously.
President
Recorded and transcribed by:
Connie Beckman
TimeSaver Off Site Secretarial
08/12/96 -2-
Memorandum
To: Michael J. McCauley, City Manager
From: Tom Bublitz, Community Development Specialist"
Date: August 20, 1996 /
Subject: Resolution Authorizing Acquisition of Certain Real Property Within the City of
Brooklyn Center Located at 714 -53rd Avenue North and Authorizing Executive
Director to Negotiate a Purchase Agreement for Acquisition of the Property
In May of this year, the EDA acquired the single - family property located at 718 -53rd Avenue
North for $58,900. Shortly after the EDA acquired 718 -53rd, the owners of 714 -53rd (adjacent
to 718 -53rd) approached the EDA to purchase their property. The owners of 714 -53rd Avenue
North also listed their property for sale with a realtor in June and July of this year, but have since
removed their house from the market.
An independent appraisal has been completed on the property, a copy of which has been included
with this memorandum. The final value established by the appraisal was $61,000. A review
appraisal completed by assessing department staff resulted in a $62,000 value. The $62,000
value was also the value established by the sales comparison approach in the original appraisal.
The 1996 assessed value of the property is $52,000.
The owners of 714 -53rd Avenue North also understand the City's interest in the properties along
53rd Avenue North, and staff has informed them if they wait until a project is established on
53rd, they may be entitled to relocation benefits. However, the owners are anxious to move and
have agreed to a $62,000 acquisition price with an additional $5,000 as payment to cover any
potential relocation benefits to which they may be entitled if a CDBG project is established in
their area. Staff estimates the $5,000 would likely be less than what a relocation benefit package
would total.
Staff has prepared a resolution authorizing the acquisition of the property and to direct the
Executive Director of the EDA to negotiate and execute a purchase agreement for the property.
Also, the owners would be required to formally waive relocation benefits as per the requirements
of state statute.
•
Commissioner introduced the following resolution and moved
its adoption:
EDA RESOLUTION NO.
RESOLUTION AUTHORIZING ACQUISITION OF CERTAIN REAL
PROPERTY WITHIN THE CITY OF BROOKLYN CENTER LOCATED AT
714 - 53RD AVENUE NORTH AND AUTHORIZING EXECUTIVE DIRECTOR
TO NEGOTIATE A PURCHASE AGREEMENT FOR ACQUISITION OF THE
PROPERTY
WHEREAS, the Economic Development Authority in and for the City of Brooklyn
Center (EDA) is authorized, pursuant to Minnesota Statutes, Section 469.012, Subd. 1(7), within its
area of operation, and without the adoption of an urban renewal plan, to acquire real property and
to demolish or remove the buildings or improvements thereon; and
WHEREAS, the owner of the property located at 714 -53rd Avenue North in the City
of Brooklyn Center (the "Property ") has requested the EDA to purchase the property legally
described as: LOT 10, BLOCK 3, BELLVUE ACRES E 50 FEET OF W 150 FT; and
WHEREAS, an independent appraisal and review apprisal on the property have been
conducted by the EDA and establish a market value for the property of $62,000; and
WHEREAS the buildin g property located on the ro is substandard and obsolescent
within the meaning of Minnesota Statutes Section 469.012; and
WHEREAS, the owner of the property has agreed to sell the property to the EDA .for
a price of $62,000 with an additional $5,000 as payment for any relocation expenses the owner may
be entitled to if a redevelopment project is established in the area occupied by the property.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority
in and for the City of Brooklyn Center as follows:
1. The EDA hereby finds and determines that the property is substandard and obsolete
within the meaning of Minnesota Statutes, Section 469.012.
2. The EDA Executive Director is hereby authorized to negotiate and execute a purchase
agreement on behalf of the Brooklyn Center Economic Development Authority for the
purchase of the property in an amount not to exceed $62,000, and an additional $5,000
as described above.
�. The EDA, in addition to the payments described above, shall pay all costs associated
with the acquisition and closing of the purchase of 714 - 53rd Avenue North.
EDA RESOLUTION NO.
•
Date President
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
and upon vote being taken thereon, the following voted in
favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
•
•
J. Scott Renne, N AI
• w ",r Real Estate Appraiser • Consultant -REALTOR
!k, 2729 IRVING AVENUE SOUTH • MINNEAPOLIS, MINNESOTA 55408
4 • (612) 871 -1417 • FAX (612) 871 -1481 PAGER (6I 2) 661 - 3256
June 27, 1996
Brad Hoffman
Community Development Director
City of Brooklyn Center
6301 Shingle Creek Parkway
Brooklyn Center, Minnesota 55430
Subject: Market value appraisal of a single family home located at 714 53rd Avenue
North, Brooklyn Center; Development process, complete appraisal/Report type, summary
j appraisal report;
Dear Mr. Hoffman:
Pursuant to your request, I have completed a market value appraisal report of the above
referenced property.
The purpose of the appraisal is to arrive at an estimate of market value of the fee simple
• interest of the subject property as of June 26, 1996. The report is subject to the
contingent and limiting conditions and certification stated in the report.
't
The term market value is defined as:
The most probable price, as of a specified date, in cash, or in terms equivalent to
Y
cash, or in other precisely revealed terms, for which the specified property rights should
sell after reasonable exposure in a competitive market under all conditions requisite to
fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-
interest, and assuming that neither is under undue duress.
The function of this assignment was to estimate the value for purposes of a possible
1 property acquisition. This report was prepared in conformance with the Uniform
Standards of Professional Appraisal Practice. The development process for this appraisal
was a complete appraisal assignment and the report type is summary appraisal report.
The scope of the assignment included:
Physical inspection of the subject neighborhood and property on. June 26,
1996.
• - Survey and analysis of comparable sales and offerings for sale
Attempt to contact the listing Realtor
•
Highest and best use analysis
Application of the appraisal process
A general description of legal data is:
According to Hennepin County records the fee owner is M.R. Jaakkola
and K.M. Zelenak
The PID is 01- 118 -21 -34 -0022; The legal description is:
The east 50 feet of the West 150 feet, Lot 10, Block 3, Bellvue Acres
Addition
The subject has taxes payable in 1996 of $754.97 plus specials of $9.69 for a
total of $764.66 based on an estimated market value of Land $16,200;
Building $35,800; Total $52,000
-
According o Hennepin County records the property sold in September,
g P t5' P
1993 for $50,800
A eneral description of the g subject site is:
- An interior rectangular shaped lot with dimensions of 50 x 126 feet located
on 53rd Avenue North between Bryant Avenue North and Camden Avenue
North
- Zoned R -2, Two family residential district
- The site is served by all municipal utilities. Infrastructure serving the area
has concrete sidewalk, curb and g utter with bituminous surfaced streets.
- Landscaping is average with grass, shrubs, and trees.
A general description of the subject improvements is:
A detached single family home; construction is wood frame with gable style
roof; full basement with partial finish and 6 1 /2 foot ceiling height; stucco
siding on home, wood lap siding on garage; asphalt shingle roof; double
hung windows; 1.5 story design.
• - Mechanical systems include one full bath; one 1/2 bath in the basement
Page 2
that is currently disconnected; there is a Johnson gas forced air furnace
with central air conditioner. There is a water softener, gas hot water heater
and underground sprinkler system. The electrical service is fused with
circuit breakers.
The size of the building is:
...
:::: ; .> ;I a1F Sf.T ECT PR�PE ......::::::.:: <: ::::::::::::::::::::::::; <:> .. :. >::
Description Dimensions Square Feet
1 story over full basement 24.25 x 22.5 545.6
Second floor is 260
One story over full basement 12 x 6 72
Front enclosed porch 12.25 x 6.75 82.7
(not heated)
Open porch 4.7 x 6.75 31.7
Detached garage 14 x 20.5 + 10 x 15.5 442
TOTAL 617.6 s.f. of ground floor area
877.6 s.f above grade area
T 442 s.f. garage; 114.4 total porch area
e
The property was built in 1925. The condition and quality of construction is
average. There is work in progress on trim, electrical and basement
plumbing work.
r
Features of the home include two bedrooms on the second floor. One is
not an "FHA approved" bedroom as it does not have a closet. The first
k floor has a combination living- dining room, kitchen, one bedroom and full
bathroom. The basement is semi - finished but has low ceiling height. The
basement bath is disconnected and considered a rough -in only.
There is a open porch and enclosed entry porch at the front of the house.
There is a detached garage that is single car but has an attached storage
area.
Page 3
The property is currently listed for $79,999 by ReMax Elite Executives. An attempt was
• made to contact the listing agent to understand the basis for the asking price. It is noted
that the square footage in the listing is 700 square feet foundation size and 926 square
feet above grade finished area which is in conflict with the actual size of the home.
The property's location on a east/west arterial with limited setback and its small size
makes it less marketable than four of the five comparables used. The adjacent
comparable was a purchase by the City of Brooklyn Center. It is analyzed because of its
similarity and proximity to the subject but it is noted that it does not represent a
conventional arm's length transaction.
Other factors that affect the marketability include:
There is work in progress on the electrical wiring. It does not meet code in
its status on the inspection date.
There is work in progress on trim, rear steps, basement ceiling and other
minor "projects ".
i
General Appraisal Methodolo
PP g.Y
The valuation of a typical parcel of real estate is derived principally through three basic
approaches to value: The Replacement Cost Approach, the Sales Comparison
• A
pproach, and the Income Approach. From the indication of these analyses and the
weight accorded each, an opinion of value is reached based upon expert judgement
within the outline of the appraisal process. More specifically, the approaches to value
are described as follows:
Replacement Cost Approach
This approach requires that a current estimate of the cost of replacing the
improvements be made, from which must be deducted accrued depreciation in
terms of physical deterioration, functional obsolescence, and economic
obsolescence, if any, and to which is added the estimated value of the land, as if
vacant and put to its highest and best use.
Sales Comparison Approach
` The Sales Comparison or Market Data Approach is based upon the principle of
substitution, that is, when a property is placed on the market, its value tends to be
set at the cost of acquiring an equally desirable substitute property, assuming no
costly delay in making the substitution. Since no two properties are ever truly
identical, adjustments to the comparable are necessary for differences in location,
quality, condition, size, market appeal, and other matters.
•
Page 4
Income Approach
The Income Approach involves an analysis of the property in terms of its ability
to provide a net annual income in dollars over a given economic life. The
estimated net annual income is then capitalized at a rate commensurate with the
relative certainty of its continuance and the risk involved in ownership of the
property, by utilization of the formula: Net Income, divided by Capitalization
Rate, equals Value. For residential property of less then four units a gross rent
multiplier is developed by dividing the sale price of comparables by the
unadjusted monthly rent. This factor is multiplied by the economic rent for the
subject property to derive a value estimate.
Methodology as it Applies to the Subject Pro eerrty
The three approaches are considered for the subject. The income approach is deemed to
not be appropriate and thus the sales comparison and cost approaches are applied. The
highest and best use was determined to be the present use.
Application of an Inflation Factor to Subject's Sale Price
Because the subject property sold in September, 1993, it is used as a "comparable sale
for itself'. Market time was 65 days and it is assumed that it is a arm's length transaction.
The application of the MLS inflation factors for single family homes PP g y h does not account
for any work done on the property by the current owner subsequent to the purchase.
Remodeling that has been done has not changed the square footage or significantly
afected the marketability of the property. Application of this analysis is in the following
table.
fu
Stat�st�cs r Brpoklyn Center and Aplret�Qn to 5ubt
Year 1993 1994 1995 First half of
1996
Average Sale $77,897 $78,878 $82,562 $83,956
Price
% Increase NA 1.3% 4.7% 1.7%
Sale Price of Sold in 9 -93 .325% for 1994 +4.7% for 1995+
Subject for $50,800 1.7% for first half of 1996 equals
an inflation factor of
�• 1.06725 x $50,800 = $54,216
Page 5
Cost Approach
Marshall Valuation Service
Section 12, Page 16
Class D, Average Residence
Basic Unit Cost $ 46.10
Square Foot Refinements
Cold Climate /GFA &CAC +3.65
Total $ 49.75
Size Refinements
Floor Area /Shape 1.063
Temporal & Locational Multipliers
Current Cost Multipliers
Central USA, Class D, Section 12 .99
Local Multiplier 1.13
A lication
$49.75 x 1.063 x .99 x 1.13 = RCN of $59.16 per square foot of above grade
area. The building contains 878 square feet of area. Application of the square
footage via the calculator method of Marshall Valuation Service is:
878 square feet at $59.16 per square foot equals $ 51,942
Basement
878 square feet at $17.03 per s.f. equals $14,952
: Garage
1
$ 5,304
Extras
Porches, msc extras $ 1,200
Page 6
Total Estimated Replacement Cost
Total Construction Costs $ 73,398
Estimated Accrued Depreciation
Physical 35%
_ Functional 5%
Economic 0%
Total 40% (29,359)
Depreciated Cost Estimate $ 44,038
Depreciated Value of Site Improvements $ 4,000
Landscaping
Land Valuation 12,000
Total Value Estimate $ 60,038
SAY 60,000
7
1'
{
I
Page 7
I
Sales Comparison Approach
•
The sales comparison approach analyzed a number of sales within the area of the
subject. Other comps were analyzed in addition to the five that appear on the grids.
Summary information on these sales appears on the following pages.
T�TLSTiCAL A1�IALYSIS OF GONIP ALI±S: ... . ...... :......
NADIUSIED Yr'�L UFS
Sample Size Five Mean $71,360
r Range $58,900 to $81,000 Median $77,000
Most Similar Two and Five Standard Deviation $11,022
Comparables
ADIUTE� VALLS
_.
Sample Size Five Mean $63,625
Range $59,419 to $67,830 Median $63,860
Most Similar Comparable Two and Five Standard Deviation $3,010
VALUE CONCLUSION
$62,000
T
1
s
A l
Z
I
Page 8
ADJUSTMENT GRID #1
...
.. ... ...
............
5317 Colfax Avenue North
......... . 714 53rd Avenue North 510 55th Avenue Nor th
718 53rd Avenue North
Brooklyn Center Brooklyn Center Brooklyn Center Brooklyn Center
......... ....
. ... . . . . . .
5 blocks NE Next door on west xxx
.......... .... ... .
........ .
.......... ..
....... . .....
. . . . . . . . . . . .
$59,900
............ ...... ..... ...... ....
$80,0
NA "•. : • :>:: • . . $81,000 .........
M 11 .............. ..........
.. . ..... 00
NA $56.25 per S.F.
WXIM f
$89.24 per 62.30 per
Inspection MLS/Driveby MLS/Driveby
.......... ...... ..... . ...... - MLS/Driveby
. .... .... .. ..............
...........
..........
... ......... ......... .. .... .. ........
.... ... ...... .. 6k Ot biii*: ........
... .. ..............
.... . . ......
.... .. ..... . . ....... .. ....
. . .... ........ .. . . ... ...
-X
qUil p
........ ....... +
+
Adju
Adjustment
stment
Adjustment
FH A 0 points 0 Cash 0
FHA 0
. . . ........
Ad44ft::1W,. 6-26-96 1-09-96/+1.71
$1,377 5-07-96/+.33% $200 3-28-96/+1.01 $800
Suburban Similar 0 Similar
........ .. .. ......... 0 Similar 0
...................
X 7X; VW 2 .reet 16/Backe to park; 82x297/superior ($3,000) 50x189/Similiar 0 63x136 /Superior ($3,000
.... ... .. 50xl )
t
busy
1.5 story 1.5 story + full dormer 0 1.5 story 0 1.5 story 0
..... .........
...... .....
U Average similar 0 similar 0 similar 0
1925 1947 ($2,000) 1920s
0 2951 ($2,000)
Average Similiar 0 Similiar 0 Similiar 0
Total Bdrma Bathe Total Bdrms Bathe Total Bdrms Bathe Total Bdrma Baths
5 3 1.0 7 4 2.0 (5 6 3 1.0 0 7 4 1.0
0
878 s.f. 1,440 a.f. 0 ($11,240) 660 s.f. $4,360 1,284 s.f. ($8,120)
Full;some finish; RI Full;Rec Room 0 Full;unfinishad
$500 Full;Den; bath ($1,500)
bath
. . Average Similar 0
Similar 0 Similar 0
... .....
GFA/CAC GFA/CAC 0 GFA
$900 GFA/CAC 0
.. ........ .....
I car detached +
V 1 car detached 0 2 car detached ($1,500) 2 car detached
($1,500)
storage
None Patio ($1,000) None
0 None 0
PC)=
it.: X
.. ........
...... .... ...........
...............
None None 0 None 0 enc pch+furn
($3,000)
None None 0 Same Same 0
%X� :.
. . . ........ 0
............
. ............
.... ......
-:X ...... .
..........
.............. Minus $17,363 Plus $4,460 Minus
........ $18,320
...........
............
.....................
siiil
$63,6 $61,680
$63 360
X . .. .. ... . . ....
.........
.......... ...... 37 NIMBI
AD ENT GRID #2
..: .... ....... . ....:. ........: s�a�sc,� .::.. .:: <::: ><:: >::: >::;;<;:< < >cw►u> Asa► 1�� ::�+,::� ::.::<::' >:::::::: >::; . ,.;:.::. >;: •.::.;:
714
53rd
Ave.
N.
53
5 3 Girard Avenue No
rth Avenue 5907 A nue North
rooklyn Center Brooklyn Center Brooklyn Center
.. 2;•. : ^ "<'?? i? !`tti
:� .................. R�#.:.... ::.•::: 8 blocks NW 7 blocks NH
Z ,. • .
$77,000 $59,900
PA�G'#IGRDS. $ #VTR NA
.::
63.11
$ per S.F. $77.99 per s.f.
3X�A fsT}17AC� Inspection MLS /Driveby HLS /Driveby
i►XY.d 31ri:7ttSxAlB�17t1� naauX3 rf 0a :;:;i:: ; .uA' "' , au: + ( -) $ llenGxi�i�n
. :i
:•::.
< ;••.: ,.....; Adjustment Adjustment
e.... �KG..:< ... ..:•::. <;: Assumption 0 FHA 0
6-21-96 3 -5-96/+1.0% $770 4- 30- 96/ +.71 $419
S
' ' .. �!,'�FaR .............:..
s uburban Similar 0 Similar 0
x12
50 6 Bac
5 »i
1FZYZR. < 'ici''`f / ke to ark•
p , 73x135 /Superior ($3,000). 77x135 /Superior ($3,000)
busy street
It3xCN 1t1�A:11P1i11t ' 1.5 Story 1.5 story 0 One story + 0
unfinished expansion
Average
arege Similar 0 Similar 0
1925
000
1950
($2,000) 1950 ($2,)
>>%
Avers
�?�' "` < %` >'•` "' 9e Similiar 0 Similiar 0
Total fBdrme Ba
Ba the Total Bdzme Baths Total Bdrma Bathe
5 3 1 5 2 1.0 0 4 2 1.0 0
878 e.f. 1,220 e.f. ($6,840) 768 e.f. $2,200
Rii: ?3C7IIIf<&t� ?z:' Full•some finish; RI
. Full;unfiniehed $500 Full;unfiniehed $500
kdlbllS bath
1L311iyG' i11+Y#�t'L! :i ':: Average Similar 0 Similar 0
t�tltYNfi'f'iiii'!!i`: GF
.......... A /CAC
. ... GFA /None
: ::.... ................/.......... $900 GFA /None $900
::::................ /Cb#tltd� 1 car detached + 1 car detached 0 1 car detached 0
stora
None .
�....:.. :... t :; ... :. :. None 0 None 0
None
;;:; <;:�: .......... None 0 None 0
?: >? ne None 0 None 0
.:................:.. .............................::
i %2i ?tii `i� iii • 'i:'.:i3:::i i ?: ?:iS >riitji.`:;c!' ?:
::; i• .,..... .: ' e :::. :: :.:..::.: ::.: :::. :: ::. ::•:::::: ::•::::::::::.;:�:;:•:....... Minus $9,670 Minus $981
`Y111D : ?
•. ':'Y.#:'' »;`:: <' ' ?!' >:'•`3i'iii' iii' ' 3fs ;i;i;:' ii i`' cii ?:`isi:i ?i;'•:'•i.`'•� %'
6 O
:.::•.::::.:: .....:. >..:::.::::::::
: 7 33
58 919
3s? iz:`• i`<?#' iS: i�::._:: a::::::; i; 3�ip?#:`•' ii::?:`::`':': ii'' `::: i`> Eii:':`• i' S'' i? i� `:i::`' ?`: >i';i;i;: ?i 'i:ii ?:i:i:i'iz''i .
aE -
}- � -
- _
a
• SINGLE FAMILY - PROPERTY TYPE 1 SF
<<< L -$ 84,900 S -$ 81,000 SOLD >>>
BR 4 TBA: 2 FBT: 2 TBT: HBT: QBT: STY: 1.5STY
TRM: FHA,VA „ CSH
MT 01/09/96 FIN: 1
510 55TH AVE N TAX $ 1,085 /5 /F MAP 2B -51
1UN BROOKLYN CENTER ZIP 55430 TWA $ 1,085
AR 363 SUB 1 DIV 3 COU HENN ASB $ ASP N
LOT 82 X 297 ACR .50 HS FOR 1996/F YBL 1947 -N
DIR HUMBOLDT AVE. TO 55TH AVE. EAST TO HOME # 1160016
GREAT FAMILY HOME. 4 BR, 2 FULL BATHS, LOTS OF STORAGE
FINISHED BASEMENT WITH BAR. OVER 1/2 ACRE LOT. ALL
APPLIANCES INCLUDED. LAWN SPRINKLER SYSTEM. EXPOSED
AGGRIGATE PATIO WITH GAS GRILL. CLEAN -JUST MOVE IN-
LGL W 82 5/10 FT OF E 165 FT GARCELON'S ADDN TO MPLS LOT 48
PID 0111821420048 WAT CONNECT RNG,MIC
L APROX L APROX SEW CONNECT BUS,HWF
LR M 13X20 B1 M 14X11 FPL N AIR C TRM FHA,VA,CON,CIN,CSH
DR M 9X 7 B2 M 11X 9 HEA FA /GAS MTG INT .000%
FR X B3 U 12X10 EXT STU EXF CLR OD 0 ASM N
KT M 12X13 B4 U 16X11 BSM F,L PIN $ MC2 MA2
AM L 30X18 X GAR 1,D
PA M 12X12 X BBT N MBT N
W 286 SDP 561 -2120 FSZ 980 AGF 1,440 BGF 540 FSF 1,980
ET REALTY, INC 6235 BC 3.15 SA 0 NA 0
MARCEL BACH D- 949 -4706 H -888 -9177 ER N PHN 612 -934 -5400
INFO. DEEMED RELIABLE BUT NOT GUARANTEED APT 612 934 -5400
•
—K jai S
SINGLE FAMILY PROPERTY TYPE 1 SF
<<< L -$ 58,900 S -$ 58,900 SOLD >>>
BR 3 TBA: 1 FBT: TBT: HBT: QBT: STY: 1.5STY
T,ASM,CIN,SPC,CSH
MT 14 OMD: 05/07/96 FIN: 9
718 53RD AVE N TAX $ 672/96/N MAP 1A -51
MUN BROOKLYN CENTER ZIP 55430 TWA 680
63 SUB 1 DIV 3 COU HENN A ASP N
LOT 50X189 .00 HS FOR 1996/F YBL 192
DIR I94 TO 53RD AVE WEST TO HOME # 1186128
THIS IS A CUTE LIVABLE HOME STUCCO EXTERIOR - ALUM FACIA &
SOFFITS LARGE BACK YARD - GREAT PLACE TO GET STARTED -
CONVENIENT LOCATION ON BUS LINE PERFECT HOUSE FOR 1ST TIME
BUYER- MONEY - SELLER IS PAINTING INTERIOR & REDOING FLOORS
LGL LOT 10, BLOCK 3, BELLVUE ACRES
PID 0 1118213400230020 WAT CONNECT REF,RNG
L APROX L APROX SEW CONNECT WSH,DRY,BUS,POR
LR M 12X11 B1 M 9X 9 FPL N AIR N TRM FHA,CON,ASM,CIN,SPC,CSH
DR M 10X11 B2 U 9X12 HEA FA /GAS MTG 50,000 INT 7.500%
FR X B3 U 9X12 EXT STU EXF FHA OD 0 ASM Q
KT M 9X10 B4 X BSM F PIN $ MC2 MA2
X X GAR 2,D MTG IS MHFA -TRY NEW 1ST
X X BBT N MBT N TIME MONEY - ANY NEW
j® SDN 286 SDP 561 -2120 FSZ 528 AGF 660 BGF FSF 660
EDINA REALTY, INC 7458 BC 3.15 SA 3.15 NA
JUDY PICHE' 494 -8127 ER N PHN 612 - 420 -2424
INFO. DEEMED RELIABLE BUT NOT GUARANTEED APT 494 -8160
•
. - `• � � ..t +�
s
. T a
SINGLE FAMILY - PROPERTY TYPE 1 SF
<<< L - $ 79,900 S - $ 80',000 SOLD BR
4 TBA: 2 FBT: 1 TBT: BT: 1 STY: 1.5STY
TRM: FHA,VA,CON,CIN,SPC,CSH
MT
8 OMD: 03/28/96 FIN: 1
5317 COLFAX AVE N TA96 /F MAP 2A -51
KLYN CENTER ZIP 55430 TWA $ 1,038
AR 363 SUB 1 DIV 3 COU HENN ASB $ ASP N
LOT 63X136 ACR .00 HS FOR 1997/F YBL 1951 -N
DIR HWY 94 TO 53RD AVE EXIT, W TO COLFAX, N # 1178016
MOVE -IN CONDITIONI PRIDE OF OWNERSHIP SHINES IN THIS 4 BR
HOMEI MANY EXTRAS AT THIS PRICE - IN GROUND SPRINKLERS, C /A,
1 NEW ROOF - 19921 SCREEN PORCH & PORCH FURNITUREI SHOW TO
YOUR FUSSIEST BUYERSI SEE SUPPLEMENTI
LGL S 63 FT OF LT 12 LYING E OF W 135 58/100 FT, LT 12, BL 4
PID 0111821340091 WAT CONNECT REF,RNG,DWS,WSO,MIC
L APROX L APROX SEW CONNECT WSH,DRY,BUS,POR,HWF
LR M
15X12 B1 M 11X 9 FPL
N AIR C TRM FHA V C
A, ON,CIN,SPC CSH OTH
DR X B2 M 17X 9 HEA FA /GAS MTG INT .000%
FR L 12X21 B3 U 12X 8 EX S
T TU EXF CON OD 0 ASM N
KT M 15X10 B4 U 11X17 BSM F,L,E PIN $ MC2 MA2
X DN L 11X11 GAR 2,D,Y
_• PO M 12X22 LD L 11X12 BBT Y MBT N
SDN 286 SDP 561 -2120 FSZ 834 AGF 1,284 BGF 505 FSF 1,789
RE /MAX ELITE EXECUTIVES * 1209 BC 3.0 SA 3.0 NA 3.0
BEV VIDERVOL 783 -4447 ER N PHN 612 - 784 -1400
INFO. DEEMED RELIABLE BUT NOT GUARANTEED APT 784 -1400
- 7a
I F ?
SINGLE FAMILY - PROPERTY TYPE 1 SF
<<< L -$ 78,900 S -$ 77,0 SOLD >>>
BR 2 TBA: 1 FBT: 1 TBT: BT: QBT: STY: 1.5STY
TRM: FHA,VA,CON,ASM
MT 11 OMD: 03/05/96 FIN: 4
-;5 33 GIRARD AVE N TAX $ 892/95/F MAP 1A -51
MUN BROOKLYN CENTER ZIP 55430 TWA $ 892
AR 363 SUB 1 DIV 3 COU HENN ASB $ ASP N
LOT 73 X 135 ACR .23 HS FOR 1995/F YBL 1950 -N
DIR 57TH AVE TO GIRARD THEN SOUTH # 1172132
CUTE HOUSE, QUIET NEIGHBORHOOD, 3 BLOCKS TO GRADE SCHOOLI
OVERSIZED EXPANSION WITH HARDWOOD FLOORS IN THE BEDROOMS.
A- S- S -U -M -E N -0 Q- U- A- L -I -F -Y 1 PITI= $757
HURRY AND SEE TODAYII TRY C/D WITH 10% DOWN!
LGL LENGTHY
PID 0111821320054 WAT CONNECT REF,RNG
L APROX L APROX SEW CONNECT BUS,FEN,HWF
LR M 18X13 B1 M 10X13 FPL N AIR N TRM FHA,VA,CON,ASM
DR M 9X10
B2 M lOX
13 HEA FA /GAS MTG 66,000 00 INT 10.500
FR X B3 X EXT M/V EXF FHA OD 7/89 ASM Y
KT M 9X10 B4 X BSM F PIN $ MC2 MA2
X X GAR 1,D PITI= $757
X X BBT N MBT N
• SDN 286 SDP 561 -2120 FSZ 1,032 AGF 1,220 BGF FSF 1,220
EDINA REALTY, INC 6163 BC 3.15 SA 3.15 NA
KRISTY SPRATT 557 - 4562/580 -4242 PG ER N PEN 612 -559 -2894
INFO. DEEMED RELIABLE BUT NOT GUARANTEED APT 612 -557 -4500
i
l _
is
i
�a
- - _
as
-
• SINGLE FAMILY - PROPERTY TYPE 1 SF
«< L-$ 61,900 S-$ 59,900
SOLD >>>
BR 2 TEA: 1 FBT: TBT: HBT: QBT: STY: 1.5STY
TRM: FHA,VA,CON,CIN,CSH
MT : 167 0: 04/30/96 FIN: 1
5907 ALDRICH AVE N TAX $ 858 MAP 2A -51
MUN BROOKLYN CENTER ZIP 55430 TWA $ 85
R 363 SUB 1 DIV 3 COU HENN ASB $ ASP N
LOT 77X135 ACR .00 HS FOR 1995/F YBL 1950 -N
DIR 57TH TO ALDRICH NORTH TO HOME # 1157945
BROOKLYN CENTER SCHOOLS, QUIET, SHOPPING, CONVEIENCE.
QUAINT_ HOME ON A QUIET STREET. LOVELY TREED LOT. 7 YR. OLD
FURN. ROOM UPSTAIRS FOR POSS. EXPANSION? $500 CARPET /PAINT
ALLOWANCE! ALL THE ABOVE AT THIS PRICE & LOC.IS A MUST SEE1
LGL LOT 7 ELK 2 FRANK BURCH'S ADDN
PID 0111821210036 WAT CONNECT REF,RNG,WSO
L APROX L APROX SEW CONNECT WSH,DRY
LR M 13X17 B1 M 13X 8 FPL N AIR WI TRM FHA,VA,CON,CIN,CSH
DR X B2 M 13X 8 HEA FA /GAS MTG 50,000 INT 9.500%
FR X B3 X EXT STU EXF CON OD 1/94 ASM N
KT M 13X 8 B4 X BSM F PIN $ MC2 MA2
X X GAR 1
X X BET N MET N
286 SDP 561 -2120 FSZ 768 AGF 768 BGF FSF 768
EPENDENT BROKERS 6696 BC 3.15 SA 0 NA
WILLIAM WILSON ER N PEN 612 - 949 -0263
INFO. DEEMED RELIABLE BUT NOT GUARANTEED APT 949 -0263
• Reconciliation
Based on the analysis described in this letter the estimate of the market value for the
subject property as of June 26, 1996 is:
Cost Approach $60,000
Sales Comparison Approach $62,000
Income Approach Not applied
VALUE CONCLUSION $61,000
This conclusion is based upon my personal inspection and review of the subject property,
comparable sales, and application of the appraisal process.
Respectfully Submitted,
- �J
J. Scott Renne, MAI, CAE
iE
T
Page 16
CERTIFICATION
•
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional
analyses, opinions and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties involved.
4. My compensation is not contingent on an action or event resulting from the
analyses, opinions, or conclusions in, or the use of, this report.
5. My analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal
Practice. The development process for this appraisal was a complete appraisal
assignment and the report type is summary appraisal report.
6. J. Scott Renne, MAI made a personal inspection of the property that is the
subject of this report on June 26, 1996.
7. As of the date of this report, J. Scott Renne has completed the requirements
F under the continuing education program of the Appraisal Institute.
8. This appraisal assignment was not based on a requested minimum valuation or
specific valuation or approval of a loan.
J. Scott Renne, MAI
Page 17
APPRAISAL QUALIFICATIONS OF
J. SCOTT RENNE, MAI, CAE
WORK EXPERIENCE:
1978 - Present - Independent Fee Appraiser /Consultant/Realtor on a part time basis
1993 - Present - City of Minneapolis Assessor, Minneapolis, MN
1988 - 1993 - Washington County Assessor, Stillwater, MN
1981 - 1988 - City Clerk/Assessor, City of Hopkins, MN
1978 - 1981 - Assistant Assessor, City of Hopkins, MN
1974- 1978 - Property Appraiser, City of St. Louis Park, MN
1973- 1974 - Property Assessment Specialist, Wisconsin Department of Revenue,
Madison, Wisconsin
EDUCATION:
Graduated from the University of Minnesota School of Business Administration in 1973
with a Bachelor of Science Degree in Business Administration. Completed the University
of St. Thomas Mini -MBA program in 1993.
REAL ESTATE EDUCATION:
• AIREA Courses -
Urban Properties; Real Estate Investment Analysis; Litigation Valuation;
Industrial Valuation; Market Analysis; Highest and Best Use; Business Valuation;
Hotel Valuation; Standards of Professional Practice; numerous seminars.
IAAO Courses -
Appraisal of Income Producing Property; Techniques of Mass Appraisal;
Assessment Administration; Instructor Workshops;
Computer Assisted Mass Appraisal; numerous seminars.
SREA Courses
Introduction to Appraising Real Property; Principles of Income Property
Appraising; Narrative Report Writing; numerous seminars.
University of Minnesota Continuing Education Courses -
Computer Aided Assessment; Narrative Report Writing; Residential Appraisal;
Apartment Appraisal; Assessment Laws; History and Procedures; Property
Valuation Short Courses; Business Site Selection and Analysis.
PROFESSIONAL DESIGNATIONS:
Member, Appraisal Institute; Senior Accredited Minnesota Assessor; Certified
Assessment Evaluator; Residential Evaluation Specialist.
QUALIFICATIONS OF J. SCOTT RENNE (continued)
PROFESSIONAL AWARDS:
1984 IAAO Member of the Year; 1984 Top Pen Award for best selected article in
"Equal Eyes "; Primary author and coordinator of "Property Assessment" slide
presentation, winner of 1985 IAAO Public Information Award; 1989, 1990, 1992 and
1993 IAAO Presidential Citations.
REAL ESTATE EDUCATOR EXPERIENCE:
Developed and taught courses and seminars for the University of Minnesota,
International Association of Assessing Officers, Minnesota Association of Assessing
Officers, Minnesota School of Real Estate, Inver Hills Community College and
ProSource Educational Services. Have given appraisal /assessment presentations
throughout the United States and Canada.
CURRENT PROFESSIONAL ACTIVITIES:
Chairman, IAAO Technical Assistance Committee; IAAO Narrative Report Grading
Committee; MN State Board of Assessors Narrative Report Grading Committee; Author
of "Real Estate Financial Indicators" column in "Equal Eyes "; IAAO Properly Appraisal
and Assessment Administration Global Editor; Greater Minnesota Chapter of Appraisal
Institute Board of Directors; AIREA Regional Ethics and Counseling Panel; Board of
t Directors, Minnesota Association of Professional Appraisers. Numerous past activities
including IAAO Executive Board and MAAO President.
3
PROFESSIONAL MEMBERSHIPS:
Minnesota Association of Assessing Officers; Minnesota Chapter of International
Association of Assessing Officer; International Association of Assessing Officers;
Appraisal Institute; Citizen's League; NAR Appraisal Section; Urban Land Institute;
International Right of Way Association; Minneapolis Board of Realtors; Minnesota
Association of Realtors; National Association of Realtors.
- Qualified as an Expert Witness in Minnesota Tax Court, District Court and
Condemnation Commissioners' Hearings
- Licensed Minnesota Real Estate Broker #07545920.
- Licensed Real Estate Appraiser #4000733, Federal Certified General level
• CONTINGENT AND LIMITING CONDITIONS
The value estimates and conclusions in the appraisal are made subject to these
assumptions and conditions:
1. The property has been appraised as free and clear of all indebtedness under responsible
ownership, and good management unless otherwise set forth in the appraisal.
2. No title search has been made and the reader should consult an appropriate attorney or title
insurance company for accurate ownership data.
3. The furnished legal description is assumed to be correct.
4. The information contained in this report is not guaranteed, but it has been gathered from reliable
sources. The appraiser certifies that, to the best of his knowledge and belief, the statements,
information, and materials contained in the appraisal are correct.
5. No responsibility is assumed for matters which are legal in nature. It is assumed (without survey)
that the improvements are located within the legally described property and that the buildings
comply with all ordinances except as noted.
6. No analysis of soil conditions was required and none has been made. All value estimates in this
report assume stable soil and any necessary soil corrections are to be made at the seller's expense.
7. Estimates herein are based on the present status of the national business economy, and the current
• purchasing power of the dollar.
8. A plot plan may have been provided in this report to assist the reader in visualizing the property.
We have made no survey of the property and assume no responsibility for its accuracy.
9. The market value herein assigned is based on conditions which were applicable at the time the
property was inspected and may vary at a later date.
10. The appraiser herein shall not be required to prepare for or appear in court or before any board
or government body by the reason of the completion of this assignment without pre - determined
arrangements and agreements.
11. Surveys, plans and sketches may have been provided in this report. They may not be complete or
be drawn exactly to scale.
3 12. Possession of this report, or a copy thereof, does not carry with it the right of publication. Ir may
not be used for any purpose by any person other than the party to whom it is addressed without
1 the written consent of the appraiser, and in any event only with proper written qualification and
only in its entirety.
13. Information in the appraisal relating to comparable market data is more fully documented in the
confidential file in the office of the appraiser.
14. All studies and field notes will be secured in our files for future reference.
yi
• CONTINGENT AND LIMITING CONDITIONS (continued)
15. The distribution of the total valuation in this report between land and improvements applied only
under the reported highest and best use of the property.
16. It is assumed that all applicable zoning and use regulations and restrictions have been compiled
with, unless a nonconformity has been stated, defined, and considered in the appraisal report.
17. It is assumed that there is full compliance with all applicable federal, state and local environmental
regulations and laws unless noncompliance is stated, defined and considered in the appraisal
report.
18. This property is appraised in fee simple, assuming responsible ownership and management, unless
otherwise indicated. This appraisal recognizes that available financing is a major consideration by
typical purchasers of income producing real estate in the market and the appraisal assumes
availability of financing to responsible and sufficiently substantial purchasers of the property in
amounts similar to those indicated or implied in this report.
19. We. are assuming: 1) that any asbestos or urea - formaldehyde that may have been used in the
building materials in the property are in compliance with current statues and regulations and do
not present a health hazard to the public; 2) that lead based paint has not been used in a manner
that would cause health problems for the public using the property; and 3) that the property has
not been the site for the dumping of hazardous substances or is subject to radon gas. If any or all
of the above conditions exist, this could have a bearing on the market value of the property.
� 20. The use of this report is subject to the requirements of the Appraisal Institute relating to review
by its duly authorized representatives.
21. It is assumed that all required licenses, certificates of occupancy, consents or other legislative or
l administrative authority from any local, state or national government or private entity or
organization have been or can be obtained or renewed for any use on which the value estimate
contained in this report is based.
22. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described and that there is no encroachment or trespass unless
noted in the report.
23. The forecasts, projections or operating estimates contained herein are based upon current market
conditions, anticipated short-term supply and demand factors, and a continued stable economy.
These forecasts are, therefore, subject to changes in future conditions.
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SINGLE FAMILY - PROPERTY TYPE 1 SF
«< L- 7 9 - >
$ ,999 S $ ACTV
3 TBA: 2 FBT: 1 TBT: BT: STY:
Q l.SSTY
TRM: FHA,VA,C,CIN,CSH,C /A
714 53RD AVE N TAX $ 754/96/F MAP 2A -51
MUN BROOKLYN CENTER ZIP 55WA $ 764
AR 363 SUB 1DIV 3 COU HENN ASB $ ASP N
126 .00 HS FOR 1996/F YBL 1925 -N
DIR 94 TO 53RD AVE , EXIT W TO HOME # 1197935
GREAT 3 BDRM, 2 BATH, 1 1/2 STORY. SUPER ASSUMABLE /NO
QUALIFY, DECK, C /A, UNDERGROUND SPRINKLER, EASY FREEWAY AC-
CESS, HOME BUTTS UP TO LARGE PARK. IMMEDIATE POSSESIONI
SHOW AND SELL11
LGL LOT 10 BLK 3, BELLVUE ACRES E 50 FT OF W 150 FT
PID 0111821340022 WAT CONNECT REF,RNG,WSR
L APROX L APROX SEW CONNECT FEN
LR M 12X11 B1 U 13X 8 FPL N AIR C TRM FHA,VA,CON,ASM,CIN,CSH,C /A
DR M 10X11 B2 U 12X 9 HEA FA /GAS MTG 43,900 INT 10.000%
FR X B3 M 10X10 EXT STU EXF FHA OD 1987 ASM
KT M 9X10 B4 X BSM F,L,D PIN $ MC2 MA2
X X GAR 1 PITI $502.00
X X BBT RI MBT N ASSUME NO /QUALIFY
SDN 286 SDP 561 -2120 FSZ 700 AGF 926 BGF 700 FSF 1,026
JW MAX ELITE EXECUTIVE* 1209 BC 3.15 SA 0 NA
S (SAMMY) BOYER III 783 -4458 ER N PHN 612 - 784 -1400
INFO. DEEMED RELIABLE BUT NOT GUARANTEED APT 612 784 -1400
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