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HomeMy WebLinkAbout2013 04-29 CCP Board of Appeal & EqualizationPD) 3 ILO A- L BOARD Or PVIHA A \I F»\‘,Lir.JJ E,'QUAV /APRIL 29, PA137..no L I GUYof Brook -6m Genii-2r A Millennium Community April 29, 2013 Letter of Transmittal 2013 Local Board of Appeal and Equalization To The Honorable Mayor and City Council: As you know, each year the City Council is required by our Charter to sit as the Local Board of Appeal and Equalization. The purpose of this board is to review the work of the Office of the City Assessor and to hear valuation and classification appeals. The 2013 Local Board of Appeal and Equalization is scheduled to begin at 7:00 p.m. on Monday, April 29, 2013. In addition to the valuation notices mailed to all individual property owners on March 29, 2013, 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. The report includes information from our office regarding the 2013 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 for Brooklyn Center properties for the January 2, 2013 assessment for taxes payable in 2014. Respectfully submitted, Nancy J. jcik, S. M.A. City Assessor 6301 Shingle Creek Parkway Brooklyn Centel; MN 55430-2199 City Hall & TDD Number (763) 569-3300 FAX (763) 569-3494 www.cityofbrooklyncentei:org Recreation and Community Center Phone & TDD Number (763) 569-3400 FAX (763) 569-3434 Table of Contents Agenda Page 1 Local Board Guidelines Page 2 Assessment Overview Page 7 2013 Residential Market Data Page 17 2013 Commercial / Industrial Market Data Page 31 2013 Apartment Market Data Page 40 Appeals with Appointments Page 45 Penny Lane Report Page 48 Assessor Report Page 72 Walk-In Appeals Page 79 Written Appeals Page 81 MN School of Business Report Page 82 Assessor Report Page 99 Aeon — Crest Apt. Report Page 125 Assessor Report Page 133 George Zeller Report Page 165 Assessor Report Page 169 Reconvene Meeting Date Page 192 2013 Brooklyn Center Local Board of Appeal and Equalization Meeting Agenda: 1.Meeting called to order, roll call. (7:00 p.m.) 2.Local Board of Appeal and Equalization (LBAE) Certification Form. 3.The purpose of the Local Board of Appeal and Equalization. 4.Questions regarding the Local Board of Appeal and Equalization duties. 5.The Assessor's Report. 6.Questions regarding the assessment report. 7.Appearances by taxpayers with appointments. 8.Appearances by taxpayers without an appointment.. 9.Consideration of written appeals. 10.Set date of Local Board of Appeal and Equalization reconvene meeting. 11.Adjourn 1 Local Board of Appeal and Equalization Certification Form The Local Board of Appeal and Equalization must sign and complete the Local Board of Appeal and Equalization Certification form for each meeting of the board. Since all boards are required to comply with the training and quorum requirements, this form must be completed even if no appeals are heard. This form certifies that a quorum was present with a majority of the voting members of the Local Board of Appeal and Equalization in attendance and that at least one of the members present has attended an appeal and equalization course approved by the Commissioner of Revenue within the last four years. If the above requirements are not met the meeting will become an open book meeting. Training of Local Board members is offered by the Minnesota Department of Revenue, but not until all local boards are completed. In addition, the Minnesota Department of Revenue states that they will be monitoring changes to "parcels owned by a member of the board, the spouse, parent, son or daughter of a board member, or property in which a board member has a financial or other interest in the property". It is the recommendation that the board vote "no change" to avoid the appearance of having a conflict of interest, and forward the appeal to the county board. While making changes is not prohibited, these changes will be monitored and must be noted on the LBAE certification form. The Minnesota Department of Revenue will be conducting random surveys of Persons who attended the local boards to monitor the public's perception of the Board's performance. Purpose of the Local Board of Appeal and Equalization The purpose of the Local Board of Appeal and Equalization is to provide a fair and objective forum for property owners to appeal their valuation or classification. One of the most important duties placed by law upon the governing body of a township or city is to serve as the Local Board of Appeal and Equalization. Effective actions taken by the local board may potentially make a direct contribution to attaining assessment equality. The goal of the Local Board of Appeal and Equalization should be to attempt to address property owners' issues efficiently, fairly and objectively. Always keep in mind that any changes made by the board must be substantiated by facts. Any value reductions must be justified because they have the effect of shifting the tax burden to other property in the jurisdiction. Minnesota Statutes, Section 274.01, provides that the governing body of each city or a duly appointed board will serve as the Local Board of Appeal and Equalization. This review is held each spring. The board has the responsibility to review the assessed valuation and classification of property within the city. This year's review is limited to the 2013 assessment; which affects taxes payable in 2014. 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 (2013). 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. 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 board must not reduce the aggregate assessment by more than 1%. Should this occur, none of the changes of the Local Board of Appeal and Equalization will be accepted. This limitation does not apply to clerical corrections. The Local Board of Appeal and Equalization does not have the authority to reopen previous assessments. An example of this is the 2012 assessment for the taxes payable in 2013. Homeowner's that received their 2013 tax statement 3 in March, 2013, are not able to appeal the 2012 estimated market value listed on the statement. Should the board wish to raise any assessment, the owner must be notified. It is necessary for a majority of the board to 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 2013 meeting is scheduled for April 29, 2013. 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. Oftentimes, the assessor will continue to review properties within 10 days of the local board meeting. However, if the assessor makes a change, that change should be brought to the local board for action. If the property owner agrees with the change, he/she does not need to personally appeal to the board. Instead, the assessor should present such changes to be voted on by the board. 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. The board may not take action after adjourning. All issues must be resolved before the meeting is adjourned. If issues still need to be considered, the board should close the meeting to additional new appeals, and recess the board until the reconvene meeting on outstanding appeals. Should a second reconvene meeting be necessary, it must be held no later than Sunday, May 19, 2013. A tentative reconvene meeting date has been set for Monday, May 6, 2013. 4 Review Procedures - 2013 Assessment Informal 1.Discuss assessment procedures and the valuation methodologies employed by the assessor's office. 2.Review market information, sales and property characteristics with the owner by phone or in the assessor's office. 3.Provide the owner with nearby assessed values and/or sales of properties 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 April 29, 2013. 2.County Board of Equalization June 17, 2013. 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 tQ 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 Local Board of Appeal and Equalization. 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 5 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 County Board of Appeal and Equalization The 2013 County Board of Appeal and Equalization will be held beginning June 17, 2013. Taxpayers wishing to appear must have appealed to their Local Board of Appeal and Equalization and must register with the county no later than May 22, 2013. You must call in advance to be placed on the agenda. Appointments are available by calling (612) 348-7050. 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 Appeal and Equalization. Minnesota Tax Court For information regarding a tax court appeal, contact (651) 296-2806 or 1-800-627- 3529. Information is also available at the following link: http://www.taxcourt.state.mn.us . Abatements This is a process that allows assessors to correct a clerical or appraisal error only. Application must be received by the 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 processing abatements when it is not an error of the assessment process. However, in most cases the assessor's office is able to inform the property owner prior to application if approval is likely. 6 Assessment Valuation Procedures 2012 Property Review for 2013 Assessment During the summer of 2012 the Assessor's office conducted property reviews of single family and townhome properties in an area located north of Lilac Dr., east of Xerxes and south of 73 rd Avenue to the Mississippi River. The summer inspection area involved the review of approximately 1,783 parcels. All quintile inspections were completed by the end of October. The re-inspections were performed by Nancy Wojcik, City Assessor, Jill Brenna, Appraiser II, and Jason Vaith, Appraiser I. All permit reviews were completed by December 29, 2012. Statewide Implementation of Time Adjustments The Department of Revenue implemented a new statewide sales ratio requirement of time adjustments beginning with the 2013 assessment. Time adjustments are used to adjust the sale price forward to the date of assessment to reflect any changes in market conditions. Time adjustments are necessary due to the distorting effect that changes in market conditions can have on ratios. As a point of policy, the Department of Revenue utilizes a 90% cutoff for significance, meaning a time trend will only be applied if there is at least 90% confidence that there is actually a trend in the statistical data. For the 2013 assessment, the City of Brooklyn Center sales study indicated a .18% monthly time adjustment with a significance of 64%, from the sale date through January 2, 2013. Due to a significance percentage less than 90%, no time adjustment was required for the 2013 assessment. Due to the conversion to new ratio methodology the Department of Revenue and Hennepin County are tracking both a direct and time adjusted ratio until full conversion to time adjusted ratios are implemented. The Brooklyn Center residential assessment falls within all accepted measurement guidelines for mass appraisal accuracy and uniformity. Hennepin County completes the assessment review by checking sample values, sales ratio measurements and the coefficient of dispersion. The median ratio of both the direct, and time adjusted ratio of all sale types are reviewed by both county and state. The ratios must meet the county requirement of a level of assessment that falls within the MN. Department of Revenue guidelines, and is fair and equitable within the county. 7 Overview of the 2013 Assessment The 2013 assessment experienced declining market valuations again in most markets. However, in single family properties, the first six months of the study showed slower decline, and the later 6 months showed a shift to market growth. This mixture for the complete ratio time period still showed decline overall, but growth has continued through the spring of 2013. Not all property types are continuing that trend. Lender- mediated sales continued to exist in the market for sales of residential properties. Commercial and Industrial properties saw variations in changes based on property use. Smaller and/or older style apartments are holding flat at last year's values, but larger apartment complexes are seeing a shift in the market. We are beginning to see growth in the overall apartment market in suburban Hennepin County. The market value of a property is a combination of a myriad of factors. Economic conditions, highest and best use, demographics, zoning, physical characteristics, government and policy, infrastructure, supply and demand all interact in a complex, intricate way to produce a market value that is always changing. The City of Brooklyn Center 2013 assessment meets all state guidelines for the level of assessment requirements. The Hennepin County ten box direct and MCAP ratio reports give a measurement of the assessment by property type. The direct ratio reflects the cities ratios unadjusted for time. The MCAP report represents the market time adjusted price, which has been mandated by the state. The Assessor's office is to serve the taxpayers of the City of Brooklyn Center by uniformly valuing and classifying real property in an accurate and equitable manner as prescribed by the statutes of the State of Minnesota. The Assessor's office is pleased to present this report and hopes that it will be a useful tool for city officials and those with a general interest in assessed market valuations. 8 Residential Properties Open market sales occurring in the prescribed study period, October 1, 2011 through September 30, 2012, are analyzed by comparing them to the previous assessment and the preliminary assessment in process. Adjustments are then made either to the land values or to the computerized rate tables employed by the CAMA system in calculating the building values. This computer assisted mass appraisal system allows the assessor's office to value properties according to their individual characteristics. Examples of these characteristics include age, condition, size, style, amenities, functionality, and location. The preliminary final assessment is then analyzed statistically to ensure accuracy and uniformity. Residential New Construction The total market value of all residential construction improvements reviewed from November 1, 2011 through December 31, 2012, totaled $1,528,500. This includes single family, townhomes, duplexes and condominiums. Residential Land City single family residential lots, off- water, were reduced 4% for the 2013 assessment. The average single family residential lot value is $35,800. Residential lot values range from $34,000 to $40,200 per lot, depending on location and size. For the 2013 assessment waterfront property lots were increased approximately $5,000 per site. Waterfront lots range from $112,000 to $120,000 on Twin Lake and from $108,000 to $128,700 on the Mississippi River. The waterfront lot value average is $118,500. Lots vary based on location on the body of water, lot size and topography or flood plain issues. Single Family Residential Off-Water The City of Brooklyn Center had a total of 532 off-water residential property sales. Of the total sales, 133 or 25% were considered open market sales. Single family rates for expansion styles were increased to address low ratios within those specific styles. Single family properties with less than 800 sq. ft. also received quality class reductions. The city has an average single family open market cash equivalent sale price of $122,735 for the 2013 assessment. The average estimated market value is $118,456. •The city ratio for the 2013 assessment as submitted for residential single family is 97.1% with a COD of 8.3. We have seen a significant change in sale prices for the second half of the ratio study period. Ratio's run on the second half of the study period indicated an increase in the 9 number of sales under 85%, and a reduction in the amount of sales over 106%. Also, the average sale price climbed to $125,246. Due to the dramatic changes in the second half of the study period a time adjusted calculation was completed on both the 21 month and 12 month ranges. The 21 month time adjustment calculation for all residential properties included 211 sales, but indicated no significance. A 12 month time adjustment calculation included 155 sales, but indicated 99.9% significance and an annual growth trend of 15.2%. Due to this information we are submitting our assessment at a 97.1% ratio over the initial 95% goal of Hennepin County, as indicated at the October ratio meeting. We are basing this on the status of the market on January 2, 2013, and trying to prepare for a substantial increase in the next year. With the assessment as submitted, this indicates an overall reduction of -3.8% to residential property for the 2013 assessment. Residential On-Water The City of Brooklyn Center had three water front sales in the study period, one on Twin Lake and two on the Mississippi River. Of these sales, only two were considered open market, and both of these were riverfront sales. The average waterfront sale price is $276,450. The average estimated market value of waterfront property for the 2013 assessment is $266,450. The two waterfront sales have a ratio of 96.8% and a COD of 3.7. With the ratio as submitted, this indicates growth of 4.6% to waterfront properties. Town homes For the 2013 assessment approximately half of the townhome units were reviewed in the summer quintile. Many of the properties in the review area saw increases to value based on physical review of characteristics, as well as rate increases to square footage calculations on expansion and two story styles. Townhome lot values were reduced 10% for the 2013 assessment. The average townhome lot value is $16,500 for the 2013 assessment. The City of Brooklyn Center had a total of 61 sales for the study period, including 13 open market sales. The average sale price was $80,664 for the 2013 assessment. The average estimated market value was $77,423. As submitted, the sales indicated a ratio of 95%, with a COD of 8. This indicates the townhome property type will see an overall decline of -4.16% for the 2013 assessment. 1 0 Condominiums In the City of Brooklyn Center we had a total of 14 sales during the sales study period. Of this total number only 5 represented open market sales, for ratio study and 7 open market transactions for the time adjustment calculation. Due to the indicated time adjustment of a negative 23.9% annually, and the high number of rejected sales, it appears that shorts and bank sales are becoming the condominium market. The City of Brooklyn Center considered all sales, including short (15) and bank (21) for analysis and market review for the 2013 assessment. Condominium lot values were reduced 10% for the 2013 assessment. To submit the assessment we used both open and rejected sales analysis to determine the direction of the 2013 assessment. If we review our open market sales with the rejected sales included, we have 14 total sales indicating a ratio of 95.9% and a COD of 13.3. The overall growth of condominiums as submitted indicates a reduction of -35.22%. In past years the two complexes located in the city reacted differently from the market, but today, they are both struggling. Both complexes have now started renting out units, in light of the distressed market for owner/occupants. Double Bungalows We had a total of four double bungalow sales in the City of Brooklyn Center. Of these sales, only two,were considered open market sales for the 2013 assessment. These sales indicate a ratio of 96.6%, with a COD of 1.2 for the 2013 assessment. This represents a reduction of -5.7% overall from our 2012 assessment. The average sale price was $148,000, and the average estimated market value was $143,050 for the 2013 assessment. Residential Summary In summary, the city is starting to see a significant change in the residential single family market, as indicated by the 12 month time adjustment calculation and recent market sales. We are hopeful that submitting with a 97% ratio will help us working forward to keep up with the 2013 market. 11 Commercial / Industrial The valuation of these properties is primarily accomplished through an analysis of the rental market and/or potential income, and the market sales. What the investor's expectations are and what the yield requirements are effects the valuation of market segments differently. There are two key questions where market activity can provide some guidance. The potential market (economic) income to a property is best estimated by analyzing recent leases, rental surveys, rental listings, and published data from the local market and market real estate journals. All of these sources and more have been employed by the assessor's office to ensure that the current assessed values follow the market as closely as possible. Sales data used in researching the local markets has been provided from a shared sales exchange program with adjacent communities and counties. The sale exchange program provides sale data, property characteristics and verified information on both open and non-open market transactions, within Anoka, Hennepin, Ramsey, and Carver County. The assessor's office also has access to MLS commercial data and contacts with local real estate offices. The commercial/industrial market in Brooklyn Center saw a slight growth of .3%. Sub- markets of suburban larger office and hotels appear to have evened out and begun to show some signs of growth. Commercial vacant land saw the most positive movement with growth in the Shingle Creek Crossing area. Commercial and Industrial New Construction The total market value of all commercial and industrial construction improvements reviewed from November 1, 2011 through December 31, 2012, totaled $31,548,500. Apartments The apartment assessment is based on a combination of market sale activity and analysis of the rental market. Even in years without adequate sale information, changes in rental rates and occupancy levels are valid, accurate measures of changes in market value. Apartments are sold primarily for their potential to generate future income for the buyer. Therefore, the analysis of the likely (economic) income is a proven and widely accepted approach to valuation. Apartment surveys are sent out annually to randomly selected apartment markets to collect market rent trends in income and vacancy within the City of Brooklyn Center. Information regarding expenses and improvement costs are also included, to give a complete picture of the apartment market. 1 2 -_I CO 0 a. 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Residential 2013 Values REVISED 1/10/13-FINAL Average Target 97.0 Number Median Overall %% land Average Average Cash Emily Ratio it Ratios % Ratios II Ratios % Ratios Area of Sales Ratio C.O.D.change Change Land Value E.M.V.Sale Price Range Under 85%Under 85%Over 106%Over 106% City (SF 50-56)135 97.1 8.3 -3.8 -4.0%$ 35,820 $118,456 $122,735 74.1-162.6 10 7.41%21 15.56% 4/12 - 9/12 (SF 50-56)78 94.5 7.4 $117,667 $125,246 74.1-130.4 8 10.26%6 7.69% 56 River 2 96.8 3.7 6.7 4.5 $ 119,400 $266,450 $276,450 93.2-100.3 0 0.00%0 0.00% 56 Lake 1.9 4.5 $ 117,800 N 50 RIVER INFLUENCE 3 98.9 4.2 -1.6 -4.6%$ 40,200 $124,066 $125,167 93.4-105.8 0 0.00%0 0.00% N 51 Northwest 20 93.2 6.5 -3.2 -4.5%$ 34,350 $117,615 $127,219 75.4-108.4 3 15.00%1 5.00% N 52 Northeast 19 97.3 7.3 -3.5 -4.5%$ 34,500 $127,700 $132,874 74.1-125.3 2 10.53%1 5.26% N 53 West Central 53 93.7 8.1 -4.6 -4.5%$ 34,400 $116,217 $121,307 80.5-121.5 4 7.55%11 20.75% N 54 Southeast 33 99.5 9.6 -5.5 -4.4%$ 34,000 $110,424 $110,324 83-162.6 1 3.03%7 21.21% N 55 Southwest 5 97.2 7.8 -4.5 -4.5%$ 35,000 $99,460 $100,380 90.8-119.2 0 0.00%1 20.00% N56 Waterfront 2 96.8 3.7 4.6 4.6%$ 118,500 $266,450 $276,450 93.2-100.3 0 0.00%0 0.00% Oat/Class 01 0 Qal/Class 02 0 Oat/Class 03 0 Oat/Class 04 98.5 8.7 $ 171,580 $ 172,770 92.2-125.9 0 0.00%1 20.00% Oat/Class 05 11 94.5 8.1 $ 131,536 $ 134,154 87.9-130.4 0 0.00%2 18.18% Oat/Class 06 33 97.1 5.6 $ 128,457 $ 132,982 86.2-116.5 0 0.00%3 9.09% Oat/Class 07 85 96.5 9.2 $ 110,476 $ 115,215 74.1-162.6 10 11.76%14 16.47% Oat/Class 08 0 Oat/Class 09 1 119.2 $ 57,200 $ 48,000 119.2 o olio%1 100.00% Oat/Class 10 o Oat/Class 11 o Oat/Class 12 0 Sale Price to $75,000 4 127.0 9.0 $75,975 $57,233 119.2-162.6 0 0.00%4 100.00% Sale Price $75,001 to $100,000 23 108.1 7.4 $ 100,778 $ 92,379 92.3-130.4 0 0.00%14 60.87% Sale Price $100,001 to $125,000 47 98.3 5.7 $ 113,478 $ 116,902 80.5-108.8 4 8.51%3 6.38% Sale Price $125,001 to $150,000 54 92.0 5.2 $ 124,925 $ 136,320 74.1-103.1 6 11.11%0 0.00% Sale Price $150,001 to $175,000 5 92.3 3.7 $ 151,480 $ 161,398 88.2-102.5 o 0.00%o 0.00% Sale Price $175,001 to $200,000 0 Sale Price $200,001 to 250,000 1 100.3 $ 248,100 $ 247,350 100.3 0 0.00%0 0.00% Sale Price $250,001 to $300,000 0 Sale Price $300,001 and Over 1 93.2 $ 284,800 $ 305,550 93.2 o 0.00%0 0.00% EMV to $75,000 1 119.2 $ 57,200 $ 48,000 119.2 o 0.00%1 100.00% EMV $75,001 to $100,000 16 99.0 12.7 $ 91,862 $ 91,112 81.9-162.6 2 12.50%5 31.25% EMV $100,001 to $125,000 82 95.3 9.1 $ 113,635 $ 118,981 74.1-130.4 a 9.76%13 15.85% EMV $125,001 to $150,000 31 97.1 4.1 $ 133,629 $ 137,564 88.2-108.8 o 0.00%2 6.45% EMV $150,001 to $175,000 3 94.7 3.7 $ 157,033 $ 163,213 92.1-102.5 0 0.00%o 0.00% EMV $175,001 to 200,000 0 EMV $200,001 to 250,000 1 100.3 $ 248,100 $ 247,350 100.3 o 0.00%0 0.00% EMV $250,001 to $300,000 1 93.2 $ 284,800 $ 305,550 93.2 o 0.00%o 0.00% EMV $300,001 and Over 0 Rambler 104 96.3 7.4 $118,788 $124,033 74.1-125.3 9 8.65%14 13.46% Split Entry 7 96.4 5.3 $129,242 $136,150 85.7-104.6 0 0.00%0 0.00% Split Level 7 98.9 8.3 $123,057 $123,640 88.4-115.7 0 0.00%2 28.57% 1 1/4 Exp.10 102.0 18.0 $94,650 $89,698 83-162.6 1 10.00%4 40.00% 1 1/2 Exp.4 95.6 11.7 $128,450 $129,650 88-125.9 0 0.00%1 25.00% 13/4 Exp.o 2 Story 3 93.1 2.6 $137,066 $145,248 91.3-98.5 0 0.00%0 0.00% School Dist 11 (SF)21 97.6 6.7 $140,666 $144,821 74.1-125.3 1 4.76%1 4.76% School Dist 279 (SF)57 94.2 7.7 $116,296 $122,306 72.7-121.5 4 7.02%10 17.54% School Dist 281 (SF)22 93.4 8.0 $113,736 $120,328 80.5-119.2 2 9.09%3 13.64% School Dist 286 (SF)35 98.9 9.4 $111,511 $111,696 83-162.6 2 5.71%7 20.00% Airport (0)1 92.8 $130,900 $141,000 92.8 0 0.00%0 0.00% Apartments (-.05)3 97.1 2.0 $131,633 $136,633 93.1-99 0 0.00%0 0.00% Commercial/Industrial (-.03)2 96.6 5.6 $126,600 $131,797 91.3-102 0 0.00%0 0.00% Highway/Freeway (-.10)8 93.6 3.7 $126,812 $136,416 85.5-98.8 0 0.00%0 0.00% Railroad (-XIS)o Thru Street (-.05)14 94.9 11.7 $113,078 $114,750 83.1-162.6 1 7.14%2 14.29% Park (+.04)8 98.9 7.8 $118,112 $120,594 86.7-114.4 0 0.00%3 37.50% All Townhouses 13 95 8 -4.16 -10.31 $ 16,500 $77,423 $80,664 76.3-120.3 2 15.38%2 15.38% RAMBLERS 3 95.4 2.7 $56,000 $98,277 93.7-101.5 0 0.00%0 0.00% SE/SF 4 95.4 3.7 $72,875 $76,250 90.4-100.5 0 0.00%0 0.00% SPLIT LEVEL 0 1 1/2 Exp o 2 STORY 6 94.7 13.3 $71,166 $74,800 76.3-120.3 2 33.33%2 33.33% Condominiums 5 87.8 7.5 -35.22 -10.1 $ 9,000 $35,320 $43,000 71.2-91 2 40.00%0 0.00% condo's with shorts/bank included 14 95.9 13.3 $33,708 $35,891 71.2-127.6 2 14.29%4 28.57% Double Bungalow / Triplex 2 96.6 1.2 -5.7 -3.6%$ 40,200 $143,050 $148,000 95.6-97.6 0 0.00%0 0.00% ard Report M2013 RATIO SPREADSHEET.xls)2013 DIRECT FINAL 1 9 CITY OF BROOKLYN CENTER RESIDENTIAL MEDIAN ASSESSED VALUE AND TAX CAPACITY TAX YEARS 2005 - 2014 Median Value Percentage Change Tax Capacity Single Family Residential Payable 2005 $164,100 7.96%$1,641.00 Single Family Residential Payable 2006 $176,400 7.50%$1,764.00 Single Family Residential Payable 2007 $190,400 7.94%$1,904.00 Single Family Residential Payable 2008 $196,100 2.99%$1,961.00 Single Family Residential Payable 2009 $180,400 -8.01%$1,804.00 Single Family Residential Payable 2010 $156,500 -13.25%$1,565.00 Single Family Residential Payable 2011 $137,500 -12.14%$1,375.00 Single Family Residential Payable 2012 $133,900 -2.62%$1,339.00 Single Family Residential Payable 2013 $119,300 -10.90%$1,193.00 Single Family Residential Payable 2014 $114,200 -4.27%$1,142.00 * The median tax capacity listed for payable 2013 - 2014 does not include any reduction for homestead market value exclusion. 20 n=■,: 52 NORTHEAST AVG LOT $34,500 4:111111 \, in i a my* '''' I Irir :I.' " " . " ' " 2 ; RiTZI 'riiiri 1 1 irrli L44,-.4 ?......,...,.. ri 4,-;,,-.54,, it.- IMI111111111:1:111 11'11:1::=14 51 NORTHWEST AVG Lor $34,350 wwMUM 53 WEST CENTRAL AVG LOT $34,400 AVERAGE RIVERFRONT AVG LOT $128,000 OVERSIZE RIVERFRONT AVG LOT $128,700 5 5 SOUTHWEST .111:2412:111, Brim =pit 1 pm: mc 2 ' I" SMALL RIVERFRONT AVG LOT $108,000 FLOOD PLAIN RIVERFRONT AVG LOT $117,800 gg EF. E: .111: 775:t. 54 SOUTHEAST iTi AVG LOT $34,000 UPPER TWIN LAKE AVG LOT $120,000 1111111 1 11=0.1 AVG LOT $35,000 This map prepared by the assessing division for illustrative purposes only.21 CITY OF BROOKLYN CENTER RESIDENTIAL NEIGHBORHOODS 2013 ASSESSMENT AVG. 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N.- (0 NI"... CO UD CO CO (D h, r- 0 CO CO 0 CO CO CO (.10 LO CO CO 3- V Breakouts Pick Up to 2 Price Ranges Foreclosures Property Types New Construction Waterfront Type 0 "The Thing" - Interactive Market Analytics from the Minneapolis Area Association of Re... Page 1 of 1 Brooklyn Center Filler: M Carnrnun00n ZIP City Sch. Dl County Nedbchds THE THING PRESENTED BY: Median Sales Price Brooklyn Center Single•Family Detached Traditional 12 Months Monthly Foreclosure Shod Sale El mmposARDA.6,,,,, 250,030 - • - IREALTORS' Area Print Share Email Povhiered By: Feedback FAQ S5.3,00 Jan 2005 Jan 2006 Jan 2007 Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan2012 Median Sales Price Average Sales Price Avg Price Per Pct of Orig, Ft Price Days an Market Months Su Homes for Sale New Listings Pending Closed SalesSales2.021102/9 0.2621 http://thething.mplsrealtor.com/interactive 10/9/2012 27 "The Thing" - Interactive Market Analytics from the Minneapolis Area Association of Re... Page 1 of 1 12 Months MonthlyTHETHINGL Median Sales Price Brooklyn Center Single•Family Detached Oct 2009 thru Sep 2010 PRESENTED BY: I Oct 201011H Sep 2011 Oct 2011 iltru Sep 2012 9 iiitmAtOOS MIA q REALTORS' Area $139,000 $125,000 $125,000 $98,290 40,1% OM% Traditional Avg Price Per Ft Brooklyn Center Fitter Al ConTruniti!s ZIP CIty Sch. Distict Ovity re'ehhchcls Breakouts Pickup to 2 Price Ranges Foreclosures Property Types New Construction Waterfront Type 2 0 Print Share Email Powered By: 41 k Feedback FA 3112 rCO2.3.2 1631;2621 $71 $75,000,000 -27,8% +5,6% Foreclosure $120,250 $94,950 $90,000 -21 :0% -5.2% Short Sale 10/9/20122 8nttp://thething.mplsrealtoncom/interactive Growth Analysis of Townhome Neighborhoods 2013 Assessment Nbhd #Townhome Complex Percent of Growth 100 Evergreen Estates -6.3% 105 Rosemary Terrace -8.1% 110 Humboldt Square -1.9% 115 Riverwood 4.7% 120 Brookwood 4.2% 125 Northbrook Estates -4.3% 130 Madsen Floral -4.1% 140 Moorwood -3.5% 150 -152 Hi-Crest 1.2% 160 Earle Brown Farm Estates 2.4% 170-172 Earle Brown Farm Townhomes -10.0% 180 Creek Villas -2.7% 190 -194 'Mallard Creek -10.6% 196 Riverwood Estates -4.6% 197 France Ave 8.8% 198 Tanami 2nd Addn-Bristol Village 0.9% Townhomes in Brooklyn Center saw an average decrease of - 4.16% in the 2013 assessment for taxes payable in 2014. 29 CITY OF BROOKLYN CENTER TOWNHOME SALE ANALYSIS FOR 2013 ASSESSMENT SALES FROM OCTOBER, 2011 TO SEPTEMBER, 2012 NBHD TOWNHOME COMPLEX # of Units # SALES AVG. SALE PRICE 100 Evergreen Estates 8 1 $67,500 105 Rosemary Terrace 10 0 No Sales 110 Humboldt Square 8 0 No Sales 115 Riverwood 21 0 No Sales 120 Brookwood 32 0 No Sales 125 Northbrook Est.8 0 No Sales 130 Madsen Floral 28 0 No Sales 140 Moorwood 36 2 $84,000 150-152 Hi-Crest 60 0 No Sales 160 Earle Brown Farm Estates 100 4 $75,201 170-172 Earle Brown Farm Townhomes 20 1 $86,330 180 Creek Villas 103 0 No Sales 190-194 Mallard Creek 206 4 $73,875 196 Riverwood Estates Townhomes 21 1 $130,500 197 France Ave 4 0 No Sales 198 Tanami 2nd Addn-Bristol Village 21 0 No Sales Totals 686 13 TOWNHOME SALES BY STYLE # SALES TOWNHOME STYLE AVG. MKT VALUE AVG. SALE PRICE 3 Rambler $96,000 $98,277 4 Split Entry/Split Foyer $72,875 $76,250 0 Split Level No Sales No Sales 0 1 1/2 Expansion No Sales No Sales 6 Two Story $71,166 $74,800 G: \BOARD \2013 \Board Reportk[THSALES 13ASMT.xls]Townhomes Sales 30 CITY OF BROOKLYN CENTER COMMERCIAL AND INDUSTRIAL ANALYSIS BY PROPERTY USE 2013 VS. 2012 2012 2013 New % Change % Change Type of Property EMV Totals EMV Totals Construction Excluding Improv. Including Improv. Auto Retail & Gas $9,896,800 $9,828,300 $0 -0.69%-0.7% Auto Dealers $26,595,000 $39,500,000 $14,030,000 -4.23%48.5% Banks $5,878,000 $5,869,000 $0 -0.15%-0.2% Day Care $2,432,000 $2,478,000 $0 1.89%1.9% Entertainment $8,432,000 $8,432,000 $0 0.00%0.0% Fast-Food / Restaurant $13,175,000 $13,649,000 S518.000 -0.33%3.6% Greenhouse /Farm (Green Acres)$1,150,100 $1,201,000 $0 4.43%4.4% Hotel $24,259,500 $25,648,400 $0 5.73%5.7% Medical Office $11,638,900 $11,590,100 $O -0.42%-0.4% Mortuary $830,000 $1,235,000 $400,000 0.60%48.8% Office Large $59,211,300 $59,858,200 $165,000 0.81%0.8% Office Small $11,580,700 $11,534,300 $0 -0.40%-0.4% Office Condominiums $1,790,000 $1,790,000 $0 0.00%0.0% Retail $54,655,000 $66,382,500 $12,090,500 -0.66%21.5% Nbhd Shopping Centers $15,442,100 $15,192,100 $0 -1.62%-1.6% Veterinary $501,000 $475,000 $0 -5.19%-5.2% Vacant Land Comm / Ind $11,445,000 $13,572,000 $0 18.58%18.6% Industrial $112,029,900 $118,522,200 S3,356,800 2.80%5.8% All Information provided is as of 4/24/2013. 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L.0,roo.-..-n,r000m.--m.-0 oao ,--NOMd-NNNOMON000r-0000N0M,',.MN.r-NOWNr-00WONMst.--r-NCOP■Mt■,00.,-0,-C,DNO 01 AL ,>OZ> <CCW .‹ Z WZ>WwW<W,<< OW<0>Ww <1-FT-Z O MW0W6.0 OZOZ50 y-MMON 1- 0824-M3 44 888 f.,s! :282 . 881288 `4 `.2W g 8,7 '0; 22000000000000000000- 00000000r00000000000000000 0900004.44 .066.61460) 466644.46 6044444NOON NNo06 .4'44 " Nvic v-44 .Nc■'N0.1,1.00.61'.000000-oW 001...r■y- 1" 04 r- r- r- T. 0,1 1:• T V- Ts N T- CqT. T. r- C, r- CD r- r- r- r- r- 0 V-. T V-. V- V- 9 4 4 9666'.06A4 461,!.6 4 664664T-Mr-.NNO,-01-0100.-0 0 44'4,4 4 stWr-W ,1-0N0NCO'W.N 17'.00 ,1-N 000,00000000000,Nd.0M-,VMrtNr/'.0,1 t0NCO.N Appearances by Taxpayers with an Appointment Penny Lane 5434 72 nd Circle Brooklyn Center, MN 55429 PID# 28-119-21-42-0079 Townhome 45 Penny Lane — 5434 72 nd Circle Ms. Lane contacted the Assessor's office on April 1, 2013. An inspection of the property was completed on the property Friday, April 5, 2013. Ms. Lane was concerned with the estimated market value of her townhome and felt that the property should be valued higher. Ms. Lane indicated that many improvements had been made to the property and submitted a list of improvements to our office. The property is a 904 square foot one level, rambler townhome with a single attached garage located on a waterfront lot. The exterior is in good condition with updates including siding, roofing, storm windows, skylight and garage door replacement. The property includes a living room with a gas burning stone fireplace, dining, kitchen, one full bathroom, finished laundry and two bedrooms. Interior upgrades to the property include added attic insulation, and a high efficiency gas furnace. Many items that Ms. Lane reported to the Assessor's office are not structural components are not contributing significant value to merit an additional adjustment in quality, condition or effective age. Ms. Lane has provided a market analysis of her property and it has been included with this report. 6 Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Questions addressed to the owner regarding the market value or classification. •Assessor's statement of value or classification and presentation of factual information regarding the property. Questions addressed to the Assessor. •Action by the Local Board of Appeal and Equalization Local Board of Appeal will select one of the following: Make no change and sustain the 2013 estimated market value or classification. Reduce the 2013 estimated market value. Increase the 2013 estimated market value. 46 If the owner is not satisfied with the outcome of the Local Board of Appeal and Equalization they may appeal to the County Board of Appeal and Equalization. 47 CITY OF BROOKLYN CENTER 2013 LOCAL BOARD OF APPEAL AND EQUALIZATION Walk – In / Write – In Appeal Application Local Board of Appeal and Equalization held April 29, 2013 at 7:00 P.M. Name(s) Le:íô Daytime Contact Number: '\(.o —(-1 LI r-C Property Address ----( co_ Property Identifica Number <S-\1 "c1"\--)-4 C RcE41 N.C2') Assessor's 2013 Estimated Market Value (9 ( Is your propertye eijal or multi-family? If you are appealincommercial, multi-family or residential rental property you will need to submit income and expense data for calendar year 2012 with your application. What is the reason you are appealing your 2013 assessment? (61-ev vv.:: ■-- A I 1 ...‘ I CO/ 1 n--+1 vt-,--rt --,11—k f V When did you purchase your property? Date of Purchase M Mc.) \ Purchase Price S 1 1 MD Did you purchase your property from a bank, as a foreclosure or short sale? Has your property physically changed 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? or No If so, what was the determination of value? r-) i n 1'3 What do you think the value of your property should be? '77 0 T71 3 We will need to schedule an interior review of your property within the week, is there a specific date or time that works best for you? e7i I C tri-- i-e,d-e_e Please provide any documentation supporting your claim of overvaluation or erroneous classification with this application. In order to appeal your valuation an appointment to view the property within the week may be required, please be prepared to schedule an appointment with assessing staff following your appeal before the board. 48 eserves low-rntercst-rnte policy.-- WC te all going t9besho ckcdbyhowfasthous- ingisgoingto off,"Axsenault says. Shrinking inventory is just son that home prices have , risin g. In the that iee.iiti:644.6i. ler .C.4*.l)14***,itJanuary. That soun ds..-1but siii0:00*-.0*.ii". c9P--th at prices fell frOUt.P0i to trough nationally,:gurrettiurlexPtice are what they were in autumn there's410pl enty prices to ecov 9104:SE :•ea:glene cycles, parsing F1***0-.ar" afterth&blakp1ague.Sowhenlieid Pe- .ter*91S;ibiSpartgOilitlieterile#4te' - Solutions, saw 2005, they sold nearly their entire poilfoio. " iir*a§Otedto-ii(VeSeirta •new condoprojectinprolti*Acti*Ithi ,i,,,oziatb44ZGAQQ-tinsoldconclopatthebqv.-_ . . . ....Witilit`Y.it0.1*110#1*$te havingfiekl.dayi700.-"Ats ñauit.Well.c his also been lining upin $6,0. f#AciicOOD..e.twettlieflide„...;•*alest4te.g •Valley.The tWo are buying land, homes rnd even raibuilcierS, And they•.aretet*OlOtie.'Large private -equity firms eBlackstone Groupi„.„.,4v.e scooped hooieg iiitther.lie4.to•- • . :peppleutparegumshyaibouts. - :$0iiieC-7nitS&P/Ctli::aplit720-City*MelPiCtillaeX: ry decade of nomicbenefit.Whilelil Fof U.S. house •: holds own stocks, two-thirds ovyjihOin fullmelyniXeticg:gr:t.14.**.,home prices ke ep ho1d net worth. Arsenault sees home v •ues growing 6% 201 4 tO •mid-2017, until higher interest rates ki in. Every increase iu h ousehold yields 44 to 7' insv.plumirtildins.74?nse, 8 2012 Whit ultimately drives the economy. ITEMS ADDED/UPGRADED &/OR IMPROVED—ND 28-119-21-42-0079 PROPERTY LOCATION: 5434-72n d Circle N. BROOKLYN CENTER, MN 55429 TAXPAYER(s): PENNY JO ANN LANE LAST SALE DATE: MAY 1991 Purchase price $59,000 on Contract for Deed At time of last sale property was NONHOMESTEAD/rental. IN-GROUND gas BBQ (installed by Gas Company) Gas Insert in fireplace (installed by Fireplace Corner) Gas high efficiency furnace (installed by Indoor Air Quality) Garage Door Opener (installed by Sears) Skylight in bathroom (replaced by Jeanotte Construction hired by the Association at my cost) INSULATION in A 1 11C areas and WEATHER STRIPPING more than once Storm Windows for all windows except Patio door/window DRAPERY RODS in MBR, DEN, DR and VERTICAL BLINDS in LR SHOWER ROD & TWO TOWEL BARS in Bathroom HAND HELD SHOWER and TWO MEDICINE CHESTS in Bathroom FULL LENGTH WALL MIRROR in Bathroom Iv*Shelves in Kitchen cupboards, in Laundry room, in Den and in Garage areas Custom type Wall outlet/switch plate covers in Kitchen, Bathroom, LR & part of MBR Custom type interior MBR closet and Den closet, expanded linen closet for accessibility in MBR also A ut... c C -E.c 0 IAA 54. je 4w LEVER LOCKS on all doors except MBR DEAD BOLT &/or CHAIN LOCKS on ENTRY doors In addition to the above items the Garage interior and Bathroom was patched &painted The texture/"popcorn" type ceilings were scraped and plastered and painted in the Laundry, LR, DR & Hallway and the MBR ceiling was scraped & painted Walls in the Bathroom, Laundry room, LR, DR & Hallway were all painted The Mallard Pond Twinhome Association dues; which I paid for, covered ROOF, SIDING, GUTTERS & GARAGE DOOR Possibly there are a few items, which I may have missed; however, it is an ongoing process to maintain a property responsibly and timely. Thank you for your efforts to review the MV of this property! C11.;) o S' t k 50 klorthstari IL) Seller's Report : For your of ormation. For your Success.5434 72nd Cir N 5434 72nd Cir N Brooklyn Center, MN 55429 Presented by Louise Speck Minnesota Real Estate License: 381541 Work: (763) 535 -1471 I Mobile: (612) 867-4510 I Fax: (763) 535-9197 louise@TwinOaksRealty.corn ww-vv.louisesneck. COM Twin Oaks Realty, Inc 3353 Douglas Dr N Crystal, MN 55422 Copyright 2013 Realtors Property Resource0 LLC. All Rights Reserved. CIInformation is not guaranteed. Equal Housing Opportunity.-4/224i3 4295434 72nd Cir N, Brooklyn Center, MN 55 17Y "t1,IdV,'t 13,4 c,52 r.1! mate )t_!) Last AVM Update: 3/17/2013 AVM Est. Range: $54,120 —$77,880 AVM Confidence: ***** 4 AVM Change - Last 1 Month: $1,000 A\fl\./1 Change - Last 12 Months: 29.41% If (ft, 6)4`.ikAA1 2/i‘YA11j : Public records MorthstarML-,- Seller's ReportFor your Information. For your Success. 5434 72nd Cir N Legend: Subject Property This report contains data and infonnation that is publicly available and/or licensedftom third parties and is provided to you on an "as is" and "as available" basis. The information is not ven:fied or guaranteed. Neither this report nor the estimated value of a property is an appraisal of the property. Any valuation shown in this report has been generated by use of proprietam computer software that assembles publicly available property records and certain proprietary data to arrive at an approximate estimate of a property's value. RPR and its information providers shall not be /Labia for any claim or loss resulting from the content of or errors or omissions ill, information contained in this report. Copyight 2013 Realtors Property Respurce@LLC. PJIRghts Rewrved.Information isnot guaranteed. Equal Houdng Opportunity.4/22/2013 Northstar Seller's Report_ _ I For your Information. For your Success.6434 72nd Cir N Home Facts Home Facts Property Type Property Sub-Type Bedrooms Total Baths Full Baths Living Area (sq ft) Lot Size Lot Dimensions Garage Garage (spaces) Year Built Total Rooms Roofing Heating Coding Fireplaces Construction Exterior Walls Number of Buildings Number of Stories Public Facts Listing Facts Realtor Refinements CondolTownhouse Townhouse 2 1 1 904 3,049 sq ft 3049 SF Yes 1 1983 a 6 Asphalt Forced air unit Yes 1 Frame Composition 0 Homeowner Facts Owner Name Mailing Address Owner Occupied Penny Jo Ann Lane 5434 72nd Cir N Brooklyn Center MN 55429-1245 Copyright 2013 Realtors Property Respurce01.J_C All Rights Rerved. Information isnot guaranteed. Equal lioudng Opportunity.4/264 13 Assessed Values Date Improvements Land 2012 2011 $56,000 $25,000 2006 $98,600 $26,700 2005 $85,600 $23,400 Total Tax $80,200 $982 $81,000 $1,042 $125,300 $109,000 NorthstarMLS Seller's ReportFor your Information. For your Success.5434 72nd Cir N Property History Median Estimated Home Value This chart displays property estimates for an area and a subject property, Inhere one has been selected. Estimated home values are generated by a valuation model and are not formal appraisals. Data Source: Valuation calculations (based on public records where licensed and MLS sources) from Lender Processing Senices (PS) Update Frequency: Monthly This House M 55429 Hennepin County Mnnesota $300K $225K $150K $75K $0 - Jan Jan Jan Jan Jan Jan Jan Jan Jan '06 '07 '08 '09 '10 '11 '12 '13 '14 Legal Description Parcel Number: Zoning: Census Tract: Abbreviated Description: 28-119-21-42-0079 270530203.021001 LOT:49 BLK1 DIST:22 CITY/MUNVTWP:BROOKLYN CENTER SUBD:THE PONDS PLATS SEC/TVVN/RNG/MER:SEC 28 QM 42 TVVN 119N RNG 21W City/Municipality/Township: Brooklyn Center, MN 55429 Copyright 2013 Realtors Property ResaurceOLLC All Rights Re.-nred.Information isnot guaranteed. Equal Floudng Opportunity.4/22/2013 NorthstarMLS Seller's ReportFor your Information. For your Success. 5434 72nd Cir N - Listing Activity Financing Activity I Distressed I Actions Assessed Value Assessor Market Value AVM or I RVIVP ak Sales Comp lor Valuation Est. Loan BalanceIri Sale Sales and Financing Activity This chart shows a property's sales and financing history. It can be used to compare the value of the property as seen by public records, such as deeds and tax records, with the estimated home \slue. Actions taken against the owner, such as the issuance of a Notice of Default, are noted. Sales actiNtity, such as listing date and price reductions, are highlighted. $100K Ass. Value: t 81K $75K — Ass. Mkt Value: .580:2K Ass. Value: $80.2K ---- $50K $25K $0 J FLIAMJJ ASONOJFMALIJJ ASCNOJFMAUJJASIDNDJ FMAUJJ 2010 2011 2012 2013 Data Source: Public records and proprietary data from Lender Processing SerVces (LPS); listing data from on- and off-market listings sources Update Frequency: Valuations are updated twice monthly; actions on the home, such as listing acti‘ity or distressed property notices, are updated daily as made mailable from public records sources Copyright 2013 Realtors Roperty RBSDUrCEOLLC. All Rights Re.wved. ,c 011Information isnot guaranteed. Equal Houdng Opportunity. 4/22§13 , Grove po 6..eo 521 132 I Sprina Lake Park Brooklyn Park 252 7 ]C_T 11111 5450k $20m ' 15 2 Columbia• - IC S Mou 63rd N t52 <$100k M L SIN i-lbhStar Seller's ReportFor your Information. For your Success.5434 72nd Cir N Market Activity Over Time for 55429 Estimated Home Values This map layer shows the merage estimated home \slues, based on the AVMs and RVMs@ for properties in an area Source(s): LPS and RPR updatedQuarterly. Market Snapshot Compared with Last Year: April 22, 2012 VS. April 22, 2013 Medan Est. Home Value $121 K Up 18.6% Median Est. Listing Price $120K Dom —9.4% Po,erage Days on Market 85 Down —90.4% Sales Vdume 1111111■••••0 Up — Com/Tight 2013 Realtors Property RewurceOLLC All R5ghtsRemrved. Information isnot guaranteed. Equal Houdng Opportunity.4/22/2013 • lEc reasta rivi 2S For your Information. For your Success. Market Activity This chart summarizes market acti‘ity by listing status for various time periods. Data Source: Public records and proprietary data iTD171 Lender Processing SeNces (LPS); listing data from on- and off-market listings sources Update Frequency: Monthly Seller's Report 12 Months Ago Active Listings 0 Pending Sales 0 Sold' Expired Listings 0 Distressed [ , Last 30 Days Active Listings Pending Sales Sold' . Expired Listings 0 Distressed Month Prior Active Listings Pending Sales 0 Sold Expired Listings Distressed'_ 5434 72nd Cir N AUSIEREMERNSi Copyright 2013 %altors Property Rewurce® LLC,. Al Rights Re_mrved.Infonnation is not guaranteed. Equal Houdng Opportunity.4/2t2913 Jan JulJulJulJul '11 Jan '11 Jan '12 Median Sales Price $200K $150K $100K $50K $0 Jan '10 '10 '12 '13 '13 •Northstari- Seller's Report..- For your Information. For your Success. 5434 72nd Cir N Market Health Charts and Comparisons Median Estimated Home $20 OK Value vs. Median Listing Price This chart compares a 21P code's median estimated home value with its median listing price. Estimated home values are generated by a valuation model and are not formal appraisals. Data Source: Public records data from Lender Processing SenAces (LPS); listing price data from on- and off-market listings sources Update Frequency: Monthly Median Estimated Valueid Median List Rice $0 Jan Jul Jan Jul Jan Jul Jan Jul 10 '10 '11 '11 '12 '12 '13 '13 $150K $100K $50K Median Sales Price vs. Sales Volume This chart compares the price trend and sales ‘olume for homes in an area. Home prices typically follow sales volume, with a time lag, since sales acti■Aty is the driwr behind price mmements. Data Source: Public records data Mere licensed from Lender Processing Services (LPS) Update Frequency: Monthly ffi Median Sales Price D Sales Volume Sales Volume 80 60 40 20 -II0 Jan '10 ha m a II b illow 111 AIL Jul Jan Jul Jan Jul Jan Jul '10 '11 '11 '12 '12 '13 '13 PF Copyright 2013 Realtors Property ResoumeeLLC. All Rights Remrved.Information isnot guaranteed. Equal Houdng Opportunity.4/22/2013 Price per Bedroom of Homes Sold This chart shows the distribution of homes reported sold in the past six months at different prices per bedroom in the area of your search. The amount shown for the subject property is sold data vinare available, or the property's estimated value when sales data are unavailable (such as a non-disclosure state) or provided in range format.. The amount shown for the subject property is sold data where available, or the property's estimated value wtien sales data are unavailable (such as a non- disclosure state) or provided in range format. Data Source: MLS and public records data from Lender Processing Services (LPS) Update Frequency: Monthly This House•7 Comps 55429 This House $33K 1 Comps $25K - $30KM 1 55429 > $55Kr., $50K - $55K $45K- $50K1 $40K - $45K $35K - $40K1 $30K $351ej $25K $30K $20K - $251e < $2011 Worthstanvi , Seller's ReportFor your Information. For your Success.5434 72nd Cir N Median Listing Price vs. Listing Volume This chart compares the listing price and listing volume for homes in an area. Listing prices often follow listing volume, with a time lag, because supply can drive price movements. Data Source: On- and off-market listings sources Update Frequency: Monthly Median List Price Listing Volume Median List Price $200K $150K $100K $50K $0 Jan Jul Jan Jul Jan Jul Jan Jul '10 '10 '11 '11 '12 '12 '13 '13 Listing Volume 2000, 1,500 0 Jan Jul Jan '10 '10 '11 1111111.0mm Jul Jan Jul Jan Jul '11 '12 '12 '13 '13 Listing Inventory Single Family Residence This chart shows the number of active listings in a ZIP code. Data Source: On- and off-market listings sources Update Frequency: Daily E ZIP Count Listings by PropertyType Multifamily/Multiplexi 1 Copyright 2013 Realtors Property RespurreEILLC. All Rights Femved.Information isnot guaranteed. Equal Floudng Opportunity.4/2332913 This House 904 sq. ft. $66,000 Comps 1,000 sq. 55429 > 2,400 sq. 1,800 -2,000 sq. 1,600 - 1,800 sq. ft. 1,400 - 1,600 sq. ft.1 , 1,200 - 1,400 sq. ft. MEW 1,000 - 1,200 sq. ft. -‹ 1,000 sq. ft.L $110,100 $102,868 1 Nuthstarvil For your Information. For your Success.Seller's Report 5434 72nd Cir N Median Sales Price by Square Footage This chart sham the median price of homes reported sold in the past six months, according to the size of the living space, in the area of your search. The amount shown for the subject property is sold data where available, or the property's estimated value when sales data are unavailable (such as a non-disclosure state) or provided in range format. Data Source: MLS and public records data from Lender Processing Services (LPS) Update Frequency: Monthly This House 'Comps 55429 Price Range of Homes Sold This chart shovus the distribution of homes reported sold in the past six months within different price ranges in the area of your search. The amount show for the subject property is sold data where available, or the property's estimated value when sales data are unavailable (such as a non-disclosure state) or provided in range format. Data Source: MLS and public records data from Lender Processing Services (LPS) Update Frequency: Monthly This Housef71 Comps 55429 This House $66K Comps $50K - $751 554719 > $200K. . $175K - $200K:- ' $150K - 1175K 1 $125K - $150K1 $100K - $125K - $75K - $100K■ $50K - $751d $251( - $50K < $251C'' Copyright 2013 Realtors Property Respurce0LLC. All Rights Remnted.Information is not guaranteed. Equal Hung Opportunity.4/22/2013 This House $73J 1 Corn pa < $601 1 55429 > $130[ $120 - $1301 $110- $120k $100- $1101 $90- $100 1 I $80 - $70 - $80 $60 - $70r111111 < $60 1 _mar i4orthstarvILS Seller's ReportFor your Information. For your Success. 5434 72nd Cir N Price per Square Foot of Homes Sold This chart shom the distribution of homes reported sold in the past six months at different prices per square foot in the area of your search. Data Source: MLS and public records data from Lender Processing Senices (LPS) Update Frequency: Monthly This House III Comps 1111 55429 Age Range of Homes Sold This chart shows the distribution of homes reported sold in the past six months of different age ranges in the area of your search. Data Source: MLS and public records data from Lender Processing SeNces (LPS) Update Frequency: Monthly This House_in comps j 55429 This House 30 }TS 1 Corn pa 30 - 40 yrs! ';54 -)9 80 - 90 yrs' 2 70 - 80 yrs' 60 -70 yrs gi 50 - 60 yrs 127 40 -50 yrs Li!-, 30 - 40 yrs L H 20 - 30 yrs ' 10 - 20 yrs' 4 Number of Bedrooms in Homes Sold This chart shows the distribution of homes reported sold in the past six months, according to the number of bedrooms, in the area of your search. Data Source: MLS and public records data from Lender Processing SeRices (LPa) Update Frequency: Monthly M Sales Count by Bedroom 4 2 Erillimmimmmmimimmilimilmmillimi 1 Mi Copyright 2013 W..altors Property Resaurce®LLC. M Rights Remnied. 1:::tInfoirnation isnot guaranteed. Equal Houang Cpportunity.4/ 134■14.• Northstar NILS Seller's ReportFor your Information„ For your Success. 5434 72nd Cir N Inventory of Distressed Properties Pre-Forecl °SUN. Foreclosurer This chart shows the count of distressed properties in a OP code. Data Source: MLS and public records data from Lender Processing Senices (LPS) Update Frequency: Daily Inventoryof Distressed Properties Median Days on Market This chart shows how long homes are listed on RPR before their status is comerted to sold. The median is calculated for all homes sold in a given month. Data Source: On- and off-market listings sources Update Frequency: Monthly M 55429 Hennepin County Mnnesota 1.000 Days 800 Days ,,,,,,,,, • • 600 Days 400 Days' 200 Days 0 Days Jan '10 Jul Jan Jul Jan Jul Jan Jul '10 '11 '11 '12 '12 '13 '13 RPR-6 2 Copyright 2013 Realtors Property RespurceOLLC All Rights Remved.Information isnot guaranteed. Equal Hpudng Opportunity.4/22/2013 5434 72nd Cir N1NorthstarivLSSeller's Report .1 For your Information. For your Success. 4/226(83Oopyright 2013 Realtors Property %.source@LLC All Rights Rewrved.Information Isnot guaranteed. Equal lioudng Opportunity. Park'73rd Ave N Wattkopf Pal k • 73rd Ave N B ethb 01'th Ave N - 130 — 4 61111 Ave N . 62nd Ave N•;•kr1.1)xvii:0:0-1 Expired Listing f DistressedLEGEND: Subject Property •Pending ta: Listing fIAWN Recent Sale _ !"— 67111 Am N — Pult! Lo) 69515 PERRY NIP-LIE 0 63rd Ave-N • ! 152 . fa 4 th !!!!''''A; c:triforc, Rd Selected Market Activity ;:.>rn Ave IN - 30 . 7.7 -Yeo 8 —63rd AvN 72,7 t CI ACee 'nor taIe • Tt--620DSrpi:121',21 KYLE Av _NL E ISIA4shrd Active Listings Pending Sales Sold Distressed Total Number of Properties 1 7 7 8 Lowest Listing Price/Est. Value $105,000 $57,100 $45,000 $45,000 Median Listing Price/Est. Value $105,000 $89,900 $58,600 $76,775 Highest Listing Price/Est. Value $105,000 $90,000 $84,900 $114,900 Median Living Area 1,115 1,344 1,424 1,129 Median Price per sq.ft.$94 $51 $39 $70 Median DOM 6 60 147 Median Age 22 35 34 34 Expired Listings 2 $45,000 $52,450 $59,900 1,604 $33 259 32 NorthstarMb Seller's ReportFor your Information. For your Success. 5434 72nd Cir N Recommended Pricing Strategy Active Listings Distressed Expired Listings Pending Sales Sold Lowest Price $105,000 $45,000 $45,000 $57,100 $45,000 Median Price $105,000 $76,775 $52,450 $89,900 $58,600 Highest Price $105,000 $114,900 $59,900 $90,000 $84,900 Median Price Per Sq. Ft.$94 $70 $51 $39 DOM 6 259 60 147 Comparable Sold Property Price Analysis Sold Price Price Per Sq. Ft. Lowest Price $45,000 $48 Median Price $58,600 $52 High Price $89,900 $55 Sellers Broker / Agent Signature Date Signature Date Signature Date Copyright 2013 Realtois Property ResaurceOLLC. All Rights Fiewived.Information Is not guaranteed. Equal Haudng Opportunity.4/22/201364 From: "Louise Speck" <louise@TwinOaksRealty.com > Date: Tue Apr 23, 2013 11:59:44 PM US/Central To: "'Patty Jo Lane"' <pjlane@usfamily.net > Subject: RE: Sent from Snipping Tool The dollar amounts are supposed to be the market value that the RPR program gives to the properties based on, not just the tax data but the tax, MLS, and any other information that has been added to the program. It is Not supposed to be the MV set by the city for 2014 taxes. It is similar to the computer program used by loan companies to give a range of appraisal prices for individual homes that they use in underwriting when there is a question about the value an individual appraiser brings in. The dollars in this case will be similar because the units are similar in sq footage, in lot size and in the sales prices recently from MLS data although you saw in all the pictures it spit out for the property analysis of yours they did go outside the immediate area and it seems adjustments are made automatically for the differences in sq ft. If you look at the unit closest to Unity on the South side of the street, it has a lower value than almost all the others, perhaps because it was a foreclosure in bad shape when it sold last. After going out for an appointment, the office and then over to Ridgedale to train with Cricket, eating supper and then relaxing, I just got back to the computer. Now it's time for bed. Louise From:Patty Jo Lane [mailto:pjlanegusfamily.net] Sent: Tuesday, April 23, 2013 6:45 PM To: Louise Speck Subject: Re: Sent from Snipping Tool Louise:) Thank you much for your efforts--very helpful 1W! I'm not sure exactly what the prices on the attachment mean--per City MV or not?? Enlighten me when you have time/inclination as to the specific $ associated on the schematic. It appears to be the MV as set by the City for 2014 taxes payable?? Thanks again, Penny P.S. Sorry to be so late in responding, Hope I am not too late? On Tuesday, April 23, 2013, at 12:00 PM, Louise Speck wrote: 65 Reset Ma Overhead 0 201S Digritai Map Prosktob Details for: 5434 72Nd Cir N, Brooklyn Center, MN 55429 I Change Address Map TOOIS:[Sheik GerigraOhies ., -Road Ae ria l .1 • : .1k ',"• ..-A- :--A- .i..... i . ,... . ' '11- • ; •P ?. 46 - sb-4, 64156ksa-a'fte" Pr -,6, _ scH-•' . li ---.;:•,_-__;„,•:,..,..._ .„,ii • :;•• , : ;:67ys.,-Efi'ird'i;:it $755 II - ...„.,,_ . . • i f . i4 ' , talk ..z.,,.. 12 ..- ,... N.,., ...,.... . . . >,--.• 1 I : vile : .. - -... \ $u k...... ., .. , a . ,• - • — • -- \ \ '• -,-$eek ' '. ' • .S52 A 6656 , .:-•$egya . .: r>1•• _ . - - ''' 1.- A a .:.,,... MI, .. : ., • 13- jab,- .":0■.': .'5" Seek . $935 - \ \ ', • eeiak ••- ' . , - emelt— z.,..:.,C7 • . - - 4,7k :,;:,-:j... . ,. .•-• '', :--1.-• Setk . \ \ - $--45 : -'-:g,- Y•A ‘, ., . $75k UZI< - $e6e - 144-6-7e , -ff.task •• . ' (1)" ek :144frik $e3k ta75 - $7 UM 'g Seek I A MAP LEGEND Property Type (Icons) it Single Family g Condo Property States (Colors) .2 Subject Property )11 PubEs Record Distiessed E iliscesily HEATMAliS Heatmaps graphically represent data by using a colorscheme to indicate variation in date values. Select an indfcator to display: 1 Nana - • - .- - 6 6 67 Minimums •nd Maximums This page summarizes key fields of the listings in this analysis. The listings in this analysis can be summarized as follows: *Price is expressed as the the Sold Price for solds, and List Price for all other listings. Priced between $38,000 and $125,000 0 to 0 Acres $0 to $260,417 per Acre ,r,1a41017(111121!(TOJp IL3ir Monday, April 22, 2013 CMA Comparables This page outlines the subject property versus comparables properties. Subiect Property Details Details 7328 Noble Ct 10451 Scott Ave N MLS# 4114180 4110108 Status Sold Sold Sch Dist 279 - Osseo 279 - Osseo List Price $39,900 $72,900 Sold Price $38,000 $72,900 S. Cntrbtn $0 $0 Off Mrkt 01/11/2013 01/16/2013 Dt Closed 01/23/2013 01/16/2013 CDOM Style Lk/Wt Creek/Stream Lk/WF Nm N/A Lot Sz Acres 0.30 0.00 • i1i1-7,13 , '\il.G'i•F-,.i.,.c=1.4..',KieWs.-.:3..(1!;-"rr--Z,-"e:•iil 68 Monday, April 22, 2013 Table Summary of Comparable SoIds This page summarizes the comparable sold listings in this market analysis. Sold Listings Address List Price Sale Price $ Change LP to SP % Change LP to SP Sold Date DOM CDOM 7328 Noble Court $39,900 $38,000 $-1,900 -4.76 01/23/2013 365 10451 Scott Avenue $72,900 $72,900 $0 0.00 01/16/2013 315 10597 Welcome Drive $99,900 $95,000 $-4,900 -4.90 02/25/2013 390 4295 Weston Lane $139,900 $125,000 $-14,900 -10.65 01/3112013 278 Average $88,150 $82,725 $-5,425 -5.08 337 Median $86,400 $83,950 $3,400 -4.83 340 Minimum $39,900 $38,000 $-14,900 -10.65 278 Maximum $139,900 $125,000 $0 0.00 390 r-D4 6 10.11 1 ","V=',1 "='t,'' 69 \ MIUA-i-ifd.,\ Monday, April 22, 2013 CMA Comparables This page outlines the subject property versus comparables properties. Subject Property Details Details 10597 Welcome Dr N 4295 Weston Ln N MLS# 4120604 4148245 Status Sold Sold Sch Dist 11 - Anoka-Fiennepin 284 - Wayzata List Price $99,900 $139,900 Sold Price $95,000 $125,000 S. Cntrbtn $0 $0 Off Mrkt 03/03/2013 02/05/2013 Dt Closed 02/25/2013 01/31/2013 CDOM Style Lk/Wt Pond Lk/WF Nm N/A Lot Sz Acres 0.38 0.48 _"-i°1° I 210,11Q-1{'7',..... n7 MI 70 ' City of Brooklyn Center A Millennium Community TO: 2013 Brooklyn Center Local Board of Appeal and Equalization RE: Penny Lane 5434 72 nd Cir. Brooklyn Center, MN 55429 Ms. Lane contacted the Assessor's office regarding the 2013 estimated market value on her property. Ms. Lane felt that the property value for her townhome was too low. Ms. Lane stated she had put both additional storage and energy efficient upgrades into her home that she felt should be reflected in the 2013 market value. At Ms. Lane's request, an appraiser from the Brooklyn Center Assessor's office reviewed the physical characteristics of her townhome on Friday April 5 th , 2013. The property is a 904 square foot rambler townhome with a one car attached garage located on a waterfront lot. The exterior is in good condition with updates including siding, roofing, storm windows, skylight and garage door replacement. The main level has original finish that has been well maintained. The main level includes a living room with gas burning stone fireplace, dining, kitchen, one full bathroom, finished laundry, and two bedrooms. There is no basement. Interior upgrades to the property include added insulation in the attic to R30, and a high efficiency gas furnace. After physical review of the property, value was added for the additional energy efficient updates in this home. After reflecting these changes, the revised 2013 estimated market value is $63,400. Ms. Lane was requested to provide a market analysis compiled by a local realtor. To date, the Assessor's office has not received any market information from Ms. Lane. Ms. Lane did provide the Assessor's office with .a detailed listing of the improvements she has added to her property. Although many of the items on this list add functionality to Ms. Lane's property, they are not contributing significant value to the property. The enclosed sales comparables completed by the Assessor's office compares the subject property to three similar townhomes in Brooklyn Center. The total adjusted value for the subject property does not include a flat charge for a skylight of $500. Once the $500 flat charge is added, it brings the market adjusted value to $61,309, or $61,300 for the 2013 assessment. The subject property and comparable number one are located in the Mallard Pond townhome complex. Although a different style, comparable number one is considered to be the most comparable sale, due to its location in the same complex, and having the least amount of adjustments. Comparable number two is a handicap 6301 Shingle Creek Parkway Brooklyn Center, MN 55430-2199 City Hall & TDD Number (763) 569-3300 FAX (763) 569-3494 www.cityofbrooklyncenter.org Recreation and Community Center Phone & TDD Number (763) 569-3400 FAX (763) 569-3434 71 2013 Local Board of Appeal and Equalization Penny A. Lane 5434 72nd Cir 28-119-21-42-0079 2013 Assessed Value: $61,300 Recommendation: Increase Value From $61,300 to $63,400 This report is not an appraisal as defined in M.S. 82B.02 (subd.3) nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlmtfiti The author does not represent this to be an appraisal and is not responsible for any inappropriate use. It is a report ofpublic records using a mass appraisal technique. 7 2 Subject Data Summary PID #: Property Address: Multiple Address: Lot/Block: Addition: Legal(120): Owner(s): Property Classification: 2013 EMV: 2012 EMV: 2011 EMV: Last Sale: Lot Size: Zoning: Dwelling Type: Style: Bedrooms: Baths: Actual Year Built: Gross Building Area: Basement Area: Bsmt Finished %: Garage #1: Garage #2: 28-119-21-42-0079 5434 72nd Cir Brooklyn Center, MN 55429 No 049/001 The Ponds Plat Five Penny A Lane Townhouse - Homestead 61,300 74,900 80,200 5/1/1991 - 59,000 - Other - 11 3,064 Sq.Ft. / .07 Acres R3 Townhome One Level/Rambler 2 1 1983 904 1 Car Attached None 2013 Board of Appeal and Equalization 73 7 4 Additional Subject Photos Living Room 2013 Board of Appeal and Equalization Built In Closet Shelving Additional Subject Photos 2013 Board of Appeal and Equalization 75 Additional Subject Photos Garage with added Shelving 2013 Board of Appeal and Equalization 76 Comparable 3 2013 Board of Appeal and Equalization 77 69th P•la S hii tft:nGal a; FA I, ScHltif:14 737e Ave. N Pir I: 4,,,__SUBJESS 1S2 I Comp 1 401., THE PONDS 720,1 XV , AVEr..11_3. Pi.rk OP,' LLG .I. Lit iist1):Ave N - - .130 - -f•:,lths.AVeN •P-• , - PER RV AVEN'._IE tr, T.? 6 ,1!1;4, *.; 63rd A VI1 : . :_62rd:Aye ••152 • Pack 7.3 S'KYWAY •f.L' COMP Crisr•2,1 Ai fr•c•r:bins- •. 10 -..-7.-.38th f '51 • ' COMPARABLE SALES MAP COMPARABLE #1 5424 70 th Circle, Brooklyn Center COM PARABLE #2 6805 York Place, Brooklyn Center COMPARABLE #3 5825 Lake Curve La, Brooklyn Center 7 8 Appearances by Taxpayers Without an Appointment 1. 2. 3. 4. 5. 79 Appearances by Taxpayers Without an Appointment The following format is recommended for each walk-in appeal. Please state owner(s) name and address. Owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. •Questions addressed to the owner(s). Assessor's statement of estimated market value or classification and presentation of factual information regarding the property. •Questions addressed to the Assessor. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: •Refer the appeal to the Assessor's office for an interior review of the property if and Assessor's recommendation at a Local Board reconvene meeting on May 6, 2013. •Make no change and sustain the 2013 estimated market value or classification of the property. If the owner is not satisfied with the outcome of the Local Board of Appeal they may appeal to the County Board of Appeal and Equalization. 8 0 Written Appeals by Taxpayers MSB Holdings Brooklyn Center, LLC C/O Mike Myhre 5910 Shingle Creek Parkway Brooklyn Center, MN PID #02-118-21-21-0001 AEON C/O Amanda Moeller 6221 Shingle Creek Pkwy Brooklyn Center, MN 55430 PID #35-119-21-34-0004 Office Apartment George & Kelli Zeller Kevin & Margaret Doyle 2818 Partners 2105 57 th Ave N. Brooklyn Center, MN 55430 PID #02-118-21-42-0033 Retail 81 Written Appeal MSB Holdings Brooklyn Center, LLC 5910 Shingle Creek Parkway PID# 02-118-21-21-0001 The following format is recommended for each written appeal. Please state owner(s) name and address. Review owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Assessor's statement of value or classification and presentation of factual information regarding the property. •Questions addressed to the Assessor. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: •Refer the appeal to the Assessor's office for an interior review of the property and the Assessor's recommendation at the Local Board reconvene meeting on May 6, 2013. •Make no change and sustain the 2013 estimated market value or classification. If the owner(s) is not satisfied with the outcome of the Local Board of Appeal and Equalization they may appeal to the County Board of Appeal and Equalization. 82 CITY OF BROOKLYN CENTER 2013 LOCAL BOARD OF APPEAL AND EQUALIZATION Walk — In / Write — In Appeal Application Local Board of Appeal and Equalization held April 29, 2013 at 7:00 P.M. Name(s) MSB Holdings-Brooklyn Center, LLC Daytime Contact Number: 612-332-8000 Property Address: 5910 Shingle Creek Pkwy Property Identification Number: 02-118-21-21-0001 Assessor's 2013 Estimated Market Value: 3,100,000 Is your property residential, commercial or multi-family? Commercial If you are appealing a commercial, multi-family or residential rental property you will need to submit income and expense data for calendar year 2012 with your application. What is the reason you are appealing your 2013 assessment? Recently purchased property. When did you purchase your property? Date of Purchase 2/1/2013 Purchase Price $2,800,000.00 Did you purchase your property from a bank, as a foreclosure or short sale? No Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. We have discovered asbestos which has costs $60,000.00 to remove so far. Have you had a recent appraisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? X Yes or No If so, what was the determination of value? $3,000,000.00 What do you think the value of your property should be? $2,800,000.00 We will need to schedule an interior review of your property within the week, is there a specific date or time that works best for you? Please contact me. Please provide any documentation supporting your claim of overvaluation or erroneous classification with this application. In order to appeal your valuation an appointment to view the propert_within the week may be required, please be prepared to schedule an w ith assessing staff before the board. 83 8147 Globe Drive Woodbury, MN 55125 Phone: (651) 332-8000 Fax: (651) 332-8001 globeuniversity.edu/about-us April 23, 2013 City of Brooklyn Center 2013 Local Board of Appeal and Equalization RE: 02418-21-21-0001 Dear Board, Minnesota School of Business (MSB Holdings Brooklyn Center LLC) purchased 5910 Shingle Creek Pkwy for $2,800,000 on February 1, 2013. After purchasing the property we discovered asbestos. We will have spent roughly $60,000 removing asbestos to date. Shortly thereafter we received the 2013 Assessed Value of $3,100,000. I contacted Nancy Wojcik the City Assessor to update her with the recent purchase to see if that would affect assessed value. She reviewed and recommended to reduce assessed value from $3,100,000 to $2,820,000. We agree with the updated assessed value of $2,820,000. We appreciate the quick response to review the property's value. Sincerely Mike Myhre Real Estate Manager Minnesota School of Business P —(651) 332-8052 mikemyhrePglobeuniversity.edu 84 County: Hennepin Legal description: Tract A, Registered Land Survey No. 1276, Hennepin County, Minnesota. Will use as primary residence: No What is included in the sale: Land and Buildings New construction: No Property Address(es) Parcel ID(s) Property address: 5910 Shingle Creek Parkway, Brooklyn Center, 55430 Primary parcel ID: 02-118-21-21-0001 Additional parcel ID(s): Use(s) Planned type/use: Commercial / Office buildings (1 to 2 Stories) Prior type/use: Commercial / Office buildings (1 to 2 Stories) I Vcla Organization name: MSB Holdings - Brooklyn Center, LLC Address: 8147 Globe Drive, Woodbury, MN 55125 US Foreign address: No Phone number: 9528814200 Email: *** MN Revenue does not display SSN/Tax ID fields due to privacy. *** Comments: tlai(.1dAiri6 4.1 1 ' Organization name: Shingle Creek Office, LLP Address: 7901 Xerxes Avenue South, Suite 100, Bloomington, MN 55431 US Foreign address: No Phone number: 9528320737 Email: *** MN Revenue does not display SSN/Tax ID fields due to privacy. *** Comments: Electronic Certificate of Real Estate Value eCRV ID: 130529 Hennepin County Auditor ID: Submit Date: 02/02/2013 1:20 PM Accept Date: 02/04/2013 4:26 PM 85 Submit date: 02/02/2013 1:20:17 PM Submitter: Tammy Hartman Organization: Commercial Partners Title Email: tammyh@cptitle.com Phone number: 6123372468 Comments: Terms Accepted by the Submitter: I declare under penalty of law that I have examined the information entered and submitted on this form, and, based on what I know and believe to be true, the information entered on this form is complete and correct. Agreement date: Purchase amount: Downpayment amount: Seller-paid amount: Financing type: Personal Property Personal property included: Sales Agreement Questions Buyer leased before sale: Seller leased after sale: Minimum rental income guaranteed: Contract payoff or deed resale: Like exchange (IRS section 1031): 02/01/2013 $2,800,000.00 $0.00 $0.00 New Mortgage No Yes No No No No Lease option to buy: No Partial interest indicator: No Received in trade: No Purchase over two years old: No Buyer paid appraisal: Yes Seller paid appraisal: No Buyer and seller related: No Government sale: No Gift or inheritance: No Buyer owns adjacent property: No Public promotion: Yes Significant different price paid: No Comment on price difference: Appraisal value: $0.00 Appraisal value: $0.00 Organization tax exempt: No Foreclosed, condemned or legal proceedings: No Name change: No 8 6 "1 41W/ County ID: 27 Deed type code: Warranty Deed Deed document ID: Sales agreement net amount: $2,800,000.00 Sales Price Adjustment(s) Property Attributes Year structure built: 1969 Parcel water influence: None Exempt wetland: No MN water body ID: Exempt native prairie: No Parcel new construction percent: Shoreline feet: Property Class(es) Property class: Commercial Uses: Unspecified Primary class: Yes Exempt: No Contributing parcels: 1 Land value: $2,500,000.00 Building value: $1,280,000.00 Class notes: 2012 emv (2013 emv n/a) Total market value: $3,780,000.00 County Recommendation for State Study Good for study: County Recommendation for County Study Good for study: Parcel(s) (primary parcel listed first) Parcel ID: 02-118-21-21-0001 Seq: C/T: Brooklyn Center - 0100 SD: 0286 County Comments 87 STATE DEED TAX DUE HEREON: $ Date: February 1 , 2013 WARRANTY DEED FOR VALUABLE CONSIDERATION, Shingle Creek Office, L.L.P., a Minnesota limited liability partnership. Grantor, hereby conveys and warrants to MSB Holdings — Brooklyn Center, LLC, a Minnesota limited liability company, Grantee, real property in Hennepin County, Minnesota, described on Exhibit A attached hereto and made a part hereof (the "Property"), together with all hereditaments and appurtenances belonging thereto, subject to the exceptions set forth on Exhibit B attached hereto. ** Grantor certifies that Grantor does not know of any wells on the Property. Grantor further certifies to Grantee that Grantor will warrant and defend the conveyance hereby made against the lawful claims and demands of all persons whomsoever. 88 Signed: SHINGLE CREEK OFFICE, L.L.P. i STATE OF MINNESOTA COUNTY OF HENNEPIN ) ss. The fore oing instrument was acknowledged before me this 1._ day of February, 2013, b CiAl/t/ ‘41/11 Viigee ntmla Pw-flapaingle Creek Office, L.L.P., on behalf of the limited liability partnership. NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK) This instrument was drafted by: LINDQUIST & VENNUM, L.L.P. (AMO) 4200 IDS Center 80 South Eighth Street Minneapolis, MN 55402 612-371-3211 Tax statements for the real property described in this instrument should be sent to: MSB Holdings — Brooklyn Center, LLC 8147 Globe Drive Woodbury, MN 55125 2 89 EXHIBIT A LEGAL DESCRIPTION Tract A. Registered Land Survey No. 1276, Hennepin County, Minnesota. Certificate of Title No. 1020340 3 90 EXHIBIT B EXCEPTIONS TO TITLE 1.Real estate taxes not yet due and payable. 2.Terms and conditions of (and easements contained in) Easement Indenture, dated December 31, 1982, filed February 18, 1983, as Document No. 1501910. 3.Underground easement for electrical transmission purposes, in favor of Northern States Power Company, as created in document dated September 28, 1970, filed October 5, 1970, as Document No. 979387. 4.Minerals and mineral rights reserved by the Regents of the University of Minnesota, as shown by recital on the Certificate of Title. 4 91 SELLER'S TITLE AFFIDAVIT STATE OF MINNESOTA ) ss. COUNTY OF HENNEPIN James D. Echtenkamp, being first duly sworn, on oath says that: 1.He is a partner of SHINGLE CRE SF E, L.L.P. ("Company"), the entity named as grantor in the Warranty Deed dated 0:11, 1, 2013, recorded , as Document No. , in the office of the Hennepin County, Minnesota Registrar of Titles. 2.The Company's principal place of business is at 7901 Xerxes Avenue South, Suite 100, Bloomington, Minnesota and the Company's previous place of business during the past ten years has been at: N/A. 3. There have been no: a.Bankruptcy proceedings involving the Company or dissolution proceeding involving the Company during the time the Company had any interest in the premises described in the above document ("Land"); b.Tax liens filed against the Company; e. Unsatisfied judgments of record against the Company, nor any actions pending in any courts, which affect the Land. 4. Any bankruptcy proceedings or dissolution proceedings of record against entities with the same or similar names, during the time period in which the Company had any interest in the Land, are not against the Company. 5.Any judgments or tax liens of record against entities with the same or similar names are not against the Company. 6.There has/have been no labor or materials furnished to the Land in the past 180 days. 7.There are no unrecorded contracts, leases, easements or other agreements or interest relating to the Land except as stated herein. 8.There are no persons in possession of any portion of the Land other than pursuant to a recorded document except as stated herein. 9.There are no encroachments or boundary line questions affecting the Land of whi h the undersigned has knowledge except as disclosed on the survey prepared by t 7,-yt and dated [( ( [ 9-0(;. 10.There are no defects, liens, encumbrances, adverse claims or other matters first appearing in the public records or attaching subsequent to the effective search date of the commitment of title insurance for the Land but prior to the date and time the proposed insured acquires for value of record the estate or interest covered by the commitment for the Land. The undersigned indemnifies and holds harmless Old Republic National Title Insurance Company and Commercial Partners Title, LLC by reason of any inaccuracy of this statement. DOCS-113817986-v192 • r TAMORA R. HARTMAN 0 NOTARY PUBLJC - MINNESOTA My Commission Expires January 31, 2018 Affiant knows the matters herein stated are true and makes this Affidavit for the purpose of inducing OM Republic National Title Insurance Company to issue its policy of title insurance to MS,B Holdings — Brooklyn Center, LLC. Subscribed and sworn to before me this I day of i, 2013. Signature of Notary Public or Other Official Notarial Stamp or Seal (or other Title or Rank) Drafted by: Lindquist & Vennurn, L.L.P. (AMO) 4200 IDS Center 80 South Eighth Street Minneapolis, MN 55402 612-371-3211 DOCS-43817986-v1 93 ASSIGNMENT AND ASSUMPTION OF PLANS, CONTRACTS, PERMITS, RECORDS, WARRANTIES AND INTANGIBLES THIS ASSIGNMENT OF PLANS, CONTRACTS, PERMITS, RECORDS, WARRANTIES AND INTANGIBLES (this "Assignment") is made as of the / • day of itterry, 2013, by and between SHINGLE CREEK OFFICE, L.L.P., a Minnesota limited liability partnership ("Assignor"), and MSB HOLDINGS - BROOKLYN CENTER, LLC, a Minnesota limited liability company ("Assignee"). RECITALS A.On even date herewith Assignor has conveyed to Assignee the real property located at 5910 Shingle Creek Parkway, Brooklyn Center, Minnetonka, Minnesota (the "Property"). B.Assignor desires to assign to Assignee all of Assignor's right, title and interest in and to any and all assignable plans, contracts, permits, records, warranties and intangibles applicable to the Property. NOW THEREFORE, in consideration of One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Assignor hereby makes the following assignment to Assignee: 1.Assignment and Assumption. Assignor hereby conveys, assigns, transfers, and sets over unto Assignee, all Assignor's right, title and interest, to the extent assignable, in and to any and all assignable plans, contracts, penuits, records, warranties and intangibles applicable to the Property. Assignee hereby assumes all right, title and interest, to the extent assignable, in and to any and all assignable plans, contracts, permits, records, warranties and intangibles applicable to the Property. 2.Choice of Law. This Agreement has been made under, and will be interpreted and controlled by, the laws of the State of Minnesota. 3. Miscellaneous. This Assignment shall inure to the benefit of and be binding upon Assignor and Assignee and their respective successors and assigns. D005-#3818138-v194 ASSIGNOR: SHINGLE C-IMEK OFFICE; c-s-at-E-151TtenkLunp, Authorized Partner ASSIGNEE: MSB HOLDINGS — BROOKLYN CENTER, LLC IN WITNESS WHEREOF, Assignor has executed and delivered this Assignment as of the I dayof ..01■41Is..--*-2, 2013, which instrument is effective this date. By: Its: ree4 D0CS43818138-v1 95 SELLER'S CERTIFICATION UNDER FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT ("FIRPTA") (26 U.S.C. 1445) File No: 36404 January , 2013 THIS SECTION FOR INDIVIDUAL TRANSFEROR: Section 1445 of the Internal Revenue Code provides that a transferee (buyer) of a U.S. real property interest must withhold tax if the transferor (seller) is a foreign person. To inform the transferee (buyer) that withholding of tax is not required upon my disposition of a U.S. real property interest, I, , hereby certify the following: 1.I am not a nonresident alien for purposes of U.S. income taxation; 2.My U.S. taxpayer identification number (Social Security Number) is 3.My home address is I understand that this certification may be disclosed to the Internal Revenue Service by the transferee and that any false statement I have made here could be punished by fine, imprisonment, or both. Under penalties of perjury I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct, and complete. Date Signature Typed or Printed Name THIS SECTION FOR ENTITY TRANSFEROR: Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. For U.S. tax purposes (including Section 1445), the owner of a disregarded entity (which has legal title to a U.S, real property interest under local law) will be the transferor of the property and not the disregarded entity. To inform the transferee that withholding of tax is not required upon the disposition of a U.S. real property interest by Green Circle Property, LLP ('Transferor"), the undersigned hereby certifies the following on behalf of Transferor: 1. Transferor is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations); 2, Transferor is not a disregarded entity as defined in Section 1,1445-Ab 2 (iii);; Transferor's U.S. employer identification number is Li I — 7 ; 4.Transferor's office address is qo GOLDMARK, 7901 Xerxes Avenue South, Suite 100, Bloomington, MN 55431. Transferor understands that this certification may be disclosed to the Internal Revenue Service by transferee and that any false statement contained herein could be punished by fine, imprisonment, or both. Under penalties of perjury I declare- that I have examined this certificption and to the best of my knowledge and belief it is true, cprrect, and complete, and I further cleclarethat_Lilaye utl ority to sign this document on behalf of Transferor. <7, 201'3 Date James D. Echtenkamp, Authorized Partner Typed or Printed Name Page 1 of 1 IF YOU HAVE QUESTIONS OR CONCERNS ABOUT THIS DOCUMENT PLEASE CONSULT YOUR LEGAL COUNSEL OR TAX ADVISOR 96 DOCS-113817930-v1 BEFORE EXECUTING OR ACCEPTING THIS DOCUMENT. ,f) ,---- SHINGLE CREEK OFFicEzr,.L.P. I/ By: N7de: mes D. Echtenkamp Tit-ic Authorized Partner WARRANTY BILL OF SALE AND ASSIGNMENT The undersigned ("Seller"), for and in consideration of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, hereby transfers to MSB Holdings — Brooklyn Center, LLC, a Minnesota limited liability company, all of Seller's right, title and interest in and to any and all personal property (the "Personal Property") that is owned by Seller and located on the real estate described on Exhibit "A" attached hereto. Seller makes no warranties of merchantability or otherwise about the Personal Property or its condition, and this Bill of Sale and Assigmment is expressly sold on an "as-is, where is basis". Seller warrants that it has title and authority to transfer the Personal Property. IN WITNESS WHEREOF, Seller has executed this Bill of Sale and Assignment as of the / day of Jerftlatt3c 2013. SELLER: D005-#3817934-v 1 97 EXHIBIT "A" Legal Description Tract A. Registered Land Survey No. 1276, Hennepin County, Minnesota. Certificate of Title No. 1020340 D00543817934-v1 98 City of BROOKLYN CENTER 2013 Local Board of Appeal and Equalization MSB Holdings-Brooklyn Center, LLC 5910 Shingle Creek Pkwy 024 18-21-21-0001 2013 Assessed Value: $3,100,000 Recommendation: Reduction to $2,820,000 This report is not an appraisal as defined in M.S. §82B.02 (subd.3) nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlawful The author does not represent this to be an appraisal and is not responsible for any inappropriate use. It is a report ofpublic records using a mass appraisal technique. 99 l'egty fBrookgyn Center A Millennium Community TO: 2013 Brooklyn Center Local Board of Appeal and Equalization RE: MSB Holdings Brooklyn Center, LLC MN School of Business 5910 Shingle Creek Parkway Brooklyn Center, MN 55430 James Echtenkamp, of Goldmark Properties, contacted the Assessor's office in January, regarding the estimated market value and to resolve a 2011 pay 2012 tax court petition based on a pending sale. The Assessor's office began review of the property for a past tax court appeal January 24, 2013. All income and expense data was submitted through 2012. The property was sold February 1, 2013 to the current tenant, the Minnesota School of Business. Mr. Myhre contacted me immediately regarding a tax exempt application and the current valuation. Mr. Myhre's was informed that the 2013 values would be mailed to the public on March 29, 2013, and the current assessment would become open to appeal at that time. Mr. Myrhe contacted our office on April 9, 2013 regarding an appeal on the 2013 value. The past and current owners have petitioned the property valuation for 2011, 2012 and the 2013 assessments. We are currently in negotiations for the prior years and would like to resolve the 2013 assessment at the same time. Mr. Myhre is the current and only tenant of the building. The school will be marketing the two tenant spaces for lease, but recently discovered asbestos on removal of office space built-ins. Mr. Myre has indicated that the asbestos removal costs have accumulated to $60,000 thus far. An exempt application has been applied for the 50% portion of the structure that the Minnesota School of Business occupies. The application has been sent to Hennepin County for taxes payable in 2013 and is awaiting approval. As part of the tax court petition all three years of value were under review. A market analysis of multi-tenant office buildings was completed on the property. Due to the nature of a three year appeal, and the lower number of sales available, four sales were used encompassing 2010 through 2013. Two of the sales were located in Brooklyn Center, and the remaining two were located in jurisdictions within Hennepin County. The market comparison indicated a range of value of $28.83 to $64.32 per square foot. The reconciliation of the market approach indicated a price per square foot of $43.03, which represents a total value of $3,100,000 for the property. The current owner is the only occupant for the building and does not have current income and expense data since his possession. The income and expense proforma was completed based on the data provided to our office on the prior two year appeals. An analysis was completed on the actual income and expense information provided, but due to its confidential nature, it was not included in this report. A market based proforma has been provided indicating a market rent derived valuation. The reconciled income valuation indicates a price per square foot of $39.17 per square foot, or $2,820,000. While the cost approach is considered in the valuation of the property, it bears little weight with a property of this age. A reconciliation of value was completed with the market and market based income approach that indicated a reconciled value of $2,880,000. The recent sale of the property indicated a purchase price of $2,800,000, but was unadjusted for asbestos removal. 6301 Shingle Creek Parkway Brooklyn Center, MN 55430-2199 City Hall & TDD Number (763) 569-3300 Fax (763) 569-3494 litbibcityofbrooklyncenter.org Recreation and Community Center Phone & TDD Number (763) 569-3400 Fax (763) 569-3434 Nancy Woj ik, SAMA City Assessor The current owner has indicated vacancy issues and the marketing time of the property prior to purchase by the existing tenant. Due to these factors, the Assessor's is recommending a reduction in the 2013 estimated market value from $3,100,000 to $2,820,000 for taxes payable in 2014. Mr. Myhre was offered this reduction prior to April 19 th , however due to illness was not able to respond before the ten day period prior to the board. Mr. Myhre has indicated that he would like to accept the reduction and is requesting that the board approve the recommendation of value reduction proposed by the Assessor. Mr. Mhyre has submitted a letter stating his position. 101 ._Iposw Assessing Department Awa City of Brooklyn Center T 2013 Local Board of Appeal and Equalization Staff Report I MSB Holdings Brooklyn Center, LLC Property Owner(s): Property Address: PID #: 5910 Shingle Creek Pkwy 02-118-21-21-0001 Market Value Assessment Year 2013 $3,100,000 Assessment Year 2012 $3,780,000 Assessment Year 2011 $3,780,000 Sale:February 1, 2013 - 2,800,000 (01 - Warranty Deed) Purchase by existing tenant Comments: The property is a two story multi-tenant office building with masonry construction and a brick and stucco exterior. The property has a gross building area of 71,989 square feet and is separated into three distinct tenant areas. An additional stair tower and north entry were added to the original structure to accomo date a second floor tenant There is a total of three stairwells and one small elevator to access the 2nd floor. The property has a ballasted roof in average condition with some sections rerplaced in 2002. The property has the originial boiler, but the chiller was replaced in 2000. The windows are in good condition and were replaced in 2006. The property is fully sprinklered. Interior finish includes a ceiling height of 9', sheetrocked walls with both paint and wallcoverings, suspended ceiling tiles with florescent lighting and carpet floor covering. There are 7 restrooms with four located on the second floor. Restroom finish is very good with ceramic tile floor and floor to ceiling ceramic tile surround. First floor has two tenant spaces with separate access points. Tenant space #100 included built in office stations with a raised floor. The property has an asphalt parking lot with 400 parking spaces. The property was recently purchased by the sole tenant in February, 2013. After purchase the property owner removed the existing tenant office stations on the first floor and found evidence of asbestos. Asbestos removal has cost the new owner $60,000 for removal. A monopole antenna tower was removed from the property in 2010. An interior inspection was completed on January 24, 2013 for a 2011 tax court petition. A 50% exempt application has been submitted for the 2013 assessment, pending approval. Assessor Recommendation: Reduction to $2,820,000 Appraiser:Last Inspection Date: Nancy Wojcik January 24, 2013 1d13 Board of Appeal and Equalization MSB Holdings Brooklyn Center, LLC Subject Data Summary PID #: Buildings on File: Property Name: Property Address: Multiple Address: Lot/Block: Addition: Legal(120): 02-118-21-21-0001 1 MN School of Business 5910 Shingle Creek Pkwy Brooklyn Center, MN 55430 No 000/000 Registered Land Survey No. 1276 Hennepin County, Minnesota TRACT A Owner(s): Property Classification: 2013 EMV: 2012 EMV: 2011 EMV: EMV/GBA: Lot Size: Zoning: Gross Office Area Percent: Building Use: # Stories: Avg Story Height: Avg Clear Height: Actual Year Built: Effective Year Built: Renovated Year: First Floor Area: Gross Building Area: Basement: Parking: Commercial 3,100,000 43.06 347,609 Sq.Ft. / 7.98 Acres C2 344 - Office Bldg/100% 2 13 12 1969 1980 2006 36,745 71,989 No Parking-Surface 2013 Board of Appeal and Equalization MSB Holdings Brooklyn Center, LLCi 03 N <1- N en o co 0i-. o o 17,o 0 v) ..,0 0 0 00 0(-1 N (.5 ' 'a 3 a E L.: p o ki . 2 -E. • • a • • .9 '' E - 15 E t . c = ".,71, el.' 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(GBA)$26.69 $53.96 $79.41 $38.89 LOCATION AND PHYSICAL CHARACTERISTICS LOCATION AVERAGE SIMILAR SUPERIOR SUPERIOR SIMILAR YEAR OF CONSTRUCTION 1969 1982 1915 1986 1969 EFFECTIVE AGE 1980 1982 1990 1986 1980 CONDITION AVERAGE SIMILAR INFERIOR SUPERIOR AVERAGE QUALITY AVERAGE SIMILAR SIMILAR SIMILAR AVERAGE ZONING C-1 C-1A F B-3 C-1 USE Office Office Office Office Office FIRST FLOOR AREA (FFA)36,745 11,466 11,022 30,825 36,745 GBA AREA 71,989 57,330 55,555 56,671 71,989 MEZZANINE AREA 0 0 0 0 0 BASEMENT AREA 0 0 0 0 0 TOTAL FLOOR AREA (TFA)71,989 57,330 55,555 56,671 71,989 GROSS BLDG AREA (GBA)71,989 57,330 55,555 56,671 71,989 NET RENTABLE AREA (NRA)70,091 52,195 43,821 56,671 70,091 # STORIES 2/0 5/0 4/0 2/0 2/0 ELEVATOR 1 2 2 0 1 TENANCY MULTIPLE SIMILAR SIMILAR SIMILAR SIMILAR OFFICE AREA 70,091 52,195 43,821 45,671 70,091 OFFICE PERCENTAGE (NRA)100%100%100%81%100% CEILING HEIGHT 8 8 8 8 8 SPRINKLERS 100%100%100%100%100% AIR CONDITION (% OF GBA)100%100%100%100%100% PARKING STALLS 460 252 70 245 460 STALLS PER 1,000 SF GBA 6.39 4.40 1.26 4.32 6.39 USABLE LAND AREA 347,609 143,259 12,771 282,599 347,609 LAND TO BLDG RATIO 9.46 12.49 1.16 9.17 9.46 ADJUSTMENTS SUBJECT COMP 1 COMP 2 COMP 3 COMP 4 I TIME 0%0%0%0% CONDITIONS OF SALE 0%0%0%0% NET ADJUSTMENT 0%0%0%0% ADJ PRICE [I] GBA $26.69 $53.96 $79.41 $38.89 'LOCATION/ACCESS 5%-20%-20%0% AGE/CONDITION -2%-10%-6%0% QUALITY OF CONSTRUCTION 0%-10%0%0%I BUILDING/PROPERTY SIZE 2%2% .2%0% CLEAR HEIGHT 0%0%0%0% OFFICE AREA 0%0%0%0% 0%0%0%0% ' SPRINKLERS AIR CONDITIONING 0%0%0%0% PARKING RATIO 5%15%5%0% LAND/BUILDING RATIO -2%6%0%0% INET ADJUSTMENT 8%-17%-19%0% GROSS ADJUSTMENT 16%63%33%0% EST PRICE [I] GBA INDICATED VALUE ROUNDED $43.03 $3,100,000 $28.83 $44.79 $64.32 $38.89 113 PROPERTY DESCRIPTION Year Built/Effective Year Built: Const Quality/ Condition: Const Class/ No. of Bldgs: Exterior Type/ Roof Type: 2nd Exterior Type/ Roof Cyr: 1982 AVERAGE RF Concrete Frame Brick 1984 AVERAGE 1 Flat Built-Up Membrane SIZE & USES First Floor Area/ GBA: Total Floor Area/ NRA: Bldg Perim./ Shape/ Units: Mezzanine Area/ Use: Bsmt Area/ %Fin/ Bsmt Use: Bsmt Fin/ (Yo: First Floor Use: First Floor SF/ °/0: 2nd+ Floor Use: 2nd+ Floor SF/ To: Tot Off Area: 11,466 SF 57,330 SF Fr SF SF SF 11,466 SF SF SF 57,330 SF 0% 0% GBA 0% GBA 20% GBA 0% GBA 0% GBA Primary Heating/ Pct: Secondary Heating/ Pct: Air Conditioning Pct: Sprinklers/ Elevators: Garage/ Ramp Spaces: Surface Parking Space: Parking Surface Type: Multiple Tenancy: Bldg Ht/ Avg Clear Ht: # Stories: Avg. Finished Ceiling Ht: Total Land Area/ Topography: Useable Land Area: Zoning/ Land Def Cd: Trackage/ Utilities: Land Big Ratio/ Excess Land: Environmental Concern Ind: Package Unit 100% 100% 100 2 Asphalt 11.0 FT 10.0 FT 5.0 9.0 FT 143,259 SF Level 143,259 SF CIA All Improved 2.50 to One MARKET DATA Buyer: Seller: Sale Data: FTK Properties, Inc., ETAL Brookdale Office Park, Limited Date of Sale: Total Purchase Price: Down Payment Amount: 2/25/10 $1,530,000 $430,000 Other Terms: TERMS Set 1 Assume Ind: N 3 $1,100,000 PMT- INT- 6.25% BALLOON DATE- PMTS- 240 6.56% Ind:Y Sale Price Per Sq. Ft. TFA: Sale Price Per Sq. Ft. GBA: Sale Price Per Sq. Ft. NRA: Sale Price Per Sq. Ft. Land Area: Sale Price Per Room: $1,530,000 $0 $0 $1,530,000 $26.69 $26.69 $10.68 Cash Equivalent Price: Cash Equivalent Adj: LESS: Personal Property: PLUS: Special Assessments: Cash Equivalent of Real Estate: Sale Analysis: Income Data: PRIVATE DATA Rent Schedule: PRIVATE DATA PROPERTY USE: Office Building COMPLEX NAME: Brooklyn Crossings ADDRESS: 3300 County Road 10 AUDITOR ID: 12468 PUBLICM*MfACEAWAIMPUBLIC Code: 344 RC: 00 GBA 57330 WD Seq #: 1 Ratio Y Comp: Y COMMUNITY: NBRHOOD: MUNICIPALITY: BROOKLYN CENTER COUNTY: HENNEPIN PIN #: 03-118-21-14-0033 MULTI PID: N Other Amenities: Summary Comments: Property was marketed for sale/lease, Appraisal for $1,575,000 fee simple and $1,550,000 leased fee. Buyer states property was listed for $1,950,000 or $34[/]. Property was 75 0/s occupied at time of purchased. No improvements were required as the roof & chiller repairs were completed in 2009. Property is in Average condition. Parking lot is in need of resurfacing. No Brooklyn Blvd access, access is only from Xerxes and Co. Rd. 10. 114 BILM:LC********W********PU :DK Pin #:0311821140033 Seq #:1 115 PROPERTY USE: Office Building MUNICIPALITY: MINNEAPOLIS COMPLEX NAME: COUNTY: HENNEPIN ADDRESS: 1201 Marquette Ave PIN #: 27-029-24-13-0270 AUDITOR ID: 61297 MULTI PID: N PUBLIC********ACE********PUBLIC Code: 344 C RC: 26 GBA 55555 WD Seq #: 1 Ratio N Comp: Y COMMUNITY: CBD NBRHOOD: 31 PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built:1915 1990 Buyer: 33 LLC Const Quality/ Condition:AVERAGE AVERAGE Seller: 1201 Marquette Ltd Partnership Const Class/ No. of Bldgs:Masonry Bearing Wall 1 Sale Data: Date of Sale:2/8/13Exterior Type/ Roof Type:Brick Flat 2nd Exterior Type/ Roof Cyr:Tar and Gravel Total Purchase Price:$2,997,549 Down Payment Amount:$0SIZE 8( USES First Floor Area/ GBA:11,022 SF 55,555 SF Other Terms: Total Floor Area/ NRA:44,340 SF TERMS Bldg Perim./ Shape/ Units:Fr No Data Available Mezzanine Area/ Use:SF Cash Equivalent Price: 0.00%$2,997,549 Bsmt Area/ %Fin/ °/0:9,750 SF 18% GBA Cash Equivalent Adj: Bsmt Use:Storage LESS: Personal Property:$0 Bsmt Fin/ Wo:0 SF 0% GBA PLUS: Special Assessments: Ind:N $0 First Floor Use:Office Cash Equivalent of Real Estate:$2,997,549First Floor SF/ °A:11,022 SF 20% GBA 2nd+ Floor Use:Office Sale Analysis: Sale Price Per Sq. Ft. TFA:$67.60 2nd+ Floor SF/ °/0:11,690 SF 21% GBA Sale Price Per Sq. Ft. GBA:$53.96 Tot Off Area:SF 0% GBA Sale Price Per Sq. Ft. NRA: Primary Heating/ Pct:Hot Water 100%Sale Price Per Sq. Ft. Land Area:$234.72 Secondary Heating/ Pct:Sale Price Per Room: Air Conditioning Pct:100%Income Data:Sprinklers/ Elevators:100 2 Garage/ Ramp Spaces:PRIVATE DATA Surface Parking Space: Parking Surface Type:Rent Schedule: Multiple Tenancy:PRIVATE DATABldg Ht/ Avg Clear Ht:13.0 FT FT # Stories:4.0 Avg. Finished Ceiling Ht:Fr Total Land Area/ Topography:12,771 SF Useable Land Area:SF Zoning/ Land Def Cd:B4S-1 Trackage/ Utilities: Land Big Ratio/ Excess Land:0.23 to One Environmental Concern Ind: Other Amenities: Summary Comments: Property was not formally listed, buyers were working with a broker, and approached seller years ago inquiring to purchase (CRV incorrect). The buyers were in a building close by (1221 Nicollet Mall- purchased by Westminister Church 9/26/12) and they needed to move (the church purchased with long term plans of redeveloping the site). Seller, who is a broker, thought $3.2M was a price he would sell at, negotiated down based on following costs: $160k-$190k for elevator upgrades- adding panels, securing floors and bringing up to code, $30k-$35k for capping old well, and $132k for TI?s for 2nd floor renewal. Costs estimated from $322k to 357k, price reduced $202,451. Parking easement with City for adjacent ramp, 70 parking spaces available at a fixed rate. Sale out of ratio for #26, meets three strike test (not marketed, appraisals completed well below sale price, and buyers atypically motivated to purchase property) Use as comparable with caution. See additional comments. 116 arBLIC********Ka********TIOWEi Pin #:2702924130270 Seq #:1 117 PROPERTY USE: Office Building COMPLEX NAME: ADDRESS: 5605 Green Circle Drive AUDITOR ID: 48085 PUBLIC********ACE********PUBLIC Code: 344 B RC: 00 GBA 56671 WD Seq #: 2 Ratio Y Comp: Y COMMUNITY: NBRHOOD: MUNICIPALITY: MINNETONKA COUNTY: HENNEPIN PIN #: 36-117-22-13-0005 MULTI PID: N PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built:1981 1987 Buyer: Multiband Special Purpose, LLC Const Quality/ Condition:AVERAGE GOOD Seller: Green Circle Property, LLP Const Class/ No. of Bldgs:Masonry Bearing Wall 1 Sale Data: Date of Sale:1/31/12Exterior Type/ Roof Type:Brick Hip 2nd Exterior Type/ Roof Cyr:Wood Shingles/Composition Total Purchase Price:$4,500,000 Down Payment Amount:$45,000SIZE & USES First Floor Area/ GBA:SF 56,671 SF Other Terms: Total Floor Area/ NRA:30,825 SF TERMS Bldg Perim./ Shape/ Units:Fr Multiple Angles Set 1Mezzanine Area/ Use:SF Assume Ind: YBsmt Area/ %Fin/ %:SF 0% 0% GBA 1 $3,802,536Bsmt Use:PMT- $35,775 INT- 5.92% PMTS- 79 Bsmt Fin/ °A):SF 0% GBA BALLOON DATE- 9/1/2018 First Floor Use:Office First Floor SF/ °A):SF 0% GBA Cash Equivalent Price: 0.00%$4,500,000 2nd+ Floor Use:Cash Equivalent Adj: 2nd+ Floor SF/ °A):SF 0% GBA LESS: Personal Property:$0 Tot Off Area:SF 0% GBA PLUS: Special Assessments: Ind:N $0 Primary Heating/ Pct:Forced Air 100%Cash Equivalent of Real Estate:$4,500,000 Secondary Heating/ Pct: Air Conditioning Pct:Sale Analysis: Sale Price Per Sq. Ft. TFA:$145.99 Sprinklers/ Elevators:100 1 Sale Price Per Sq. Ft. GBA:$79.41 Garage/ Ramp Spaces:Sale Price Per Sq. Ft. NRA: Surface Parking Space:Sale Price Per Sq. Ft. Land Area:$15.92 Parking Surface Type:Asphalt Sale Price Per Room: Multiple Tenancy:Income Data:Bldg Ht/ Avg Clear Ht:14.0 FT FT # Stories:PRIVATE DATA Avg. Finished Ceiling Ht:FT Total Land Area/ Topography:282,599 SF Rent Schedule: Useable Land Area:SF PRIVATE DATAZoning/ Land Def Cd:B-3 Trackage/ Utilities:All Public Land Big Ratio/ Excess Land:4.99 to One Environmental Concern Ind: Other Amenities: Summary Comments: Waiting to get more info., messages have been left and will update accordingly. Per PE20A property was not listed. New home of Motorists Commercial Mutal Insurance Company. 118 ****NE***ik**** Pin #:3611722130005 Seq #:2 119 PROPERTY USE: Office Building MUNICIPALITY: BROOKLYN CENTER Code: 344 RC: 00 COMPLEX NAME: MN School of Business COUNTY: HENNEPIN GBA 71989 WD ADDRESS: 5910 Shingle Creek Parkway PIN #: 02-118-21-21-0001 Seq #: 1 Ratio Y Comp: Y AUDITOR ID:MULTI PID: N COMMUNITY:NBRHOOD: PUBLIC********ACE********PUBLIC PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built:1969 1980 Buyer: MSB Holdings - Brooklyn Center, LLC Const Quality/ Condition:AVERAGE AVERAGE Seller: Shingle Creek Office, LLP Const Class/ No. of Bldgs:Masonry Bearing Wall 1 Sale Data: Date of Sale:2/1/13Exterior Type/ Roof Type:Brick Flat 2nd Exterior Type/ Roof Cyr:Stucco Built-Up Membrane Total Purchase Price:$2,800,000 Down Payment Amount:$700,000SIZE & USES First Floor Area/ GBA:36,745 SF 71,989 SF Other Terms: Total Floor Area/ NRA:71,989 SF TERMS Bldg Perim./ Shape/ Units:803 FT Rectangle Set 1Mezzanine Area/ Use:SF Assume Ind:Bsmt Area/ %Fin/ °/0:SF 0% 0% GBA 3 $2,100,000 Bsmt Use:PMT- INT- 3.95% PMTS- Bsmt Fin/ (Yo:SF 0% GBA .BALLOON DATE- First Floor Use: First Floor SF/ %:36,745 SF 51% GBA Cash Equivalent Price: 0.00%$2,800,000 2nd+ Floor Use:344 Cash Equivalent Adj: 2nd+ Floor SF/ °/0:SF 0% GBA LESS: Personal Property:$0 Tot Off Area:SF 0% GBA PLUS: Special Assessments: Ind:Y $0 Primary Heating/ Pct:Hot Water 100%Cash Equivalent of Real Estate:$2,800,000 Secondary Heating/ Pct: Air Conditioning Pct:100%Sale Analysis: Sale Price Per Sq. Ft. TFA:$38.89 Sprinklers/ Elevators:100 1 Sale Price Per Sq. Ft. GBA:$38.89 Garage/ Ramp Spaces:Sale Price Per Sq. Ft. NRA: Surface Parking Space:460 Sale Price Per Sq. Ft. Land Area:$8.06 Parking Surface Type:Asphalt Sale Price Per Room: Multiple Tenancy:Income Data:Bldg Ht/ Avg Clear Ht:13.0 FT 12.0 FT # Stories:2.0 PRIVATE DATA Avg. Finished Ceiling Ht:9.0 FT Total Land Area/ Topography:347,609 SF Level Rent Schedule: Useable Land Area:347,609 SF PRIVATE DATA Zoning/ Land Def Cd:C2 Trackage/ Utilities:Improved Land Blg Ratio/ Excess Land:4.83 to One Environmental Concern Ind: Other Amenities: Summary Comments: Current Tenant purchased building. Property had been listed for some time. Buyer will occupy current space, and try to lease additional two tenant spaces. Property finish is average, with 9 ceiling heights. MN School of Business occupies entire 2nd floor, with future tenant space on the 1st floor. Mechanicals are in good condition,original boiler,RTU cooling was replaced in 2009, and windows in 2006. Special assessments of $13,971 paid by seller. Vacant space includes built in raised office units. New buyer states removal of built-in office finish exposed needed asbestos removal at a cost of approx. $60,000. 120 GE*******Is B Pin #:0211821210001 Seq #:1 121 Income Approach - Direct Capitalization 5910 Shingle Creek Pkwy Brooklyn Center Property Information Market Based Assumptions Property Name Shingle Creek Office Effective Date 1/2/2013 Property Type Office Building Property Address 5910 Shingle Creek Pkwy Vacancy & Brooklyn Center Collection Loss 15% Property ID #02-1 18 21 21-0001 Expense on Vacancy $11.73 Reserves $0.20 GBA 71,989 s f. Office Area 70,091 s.f. 100%Office Area $12.98 Basement Area 0 s.f. 0%Basement Area $0.00 Blended Rate $12.98 Capitalization Rate 8.17% Year Built 1969 Eff.Tax Rate-Pay 2011 0.71%Tax rate 4.71% Effective Age 1980 Loaded Cap Rate 8.88% Market Based Pro Forma Income/Area Office Area 70,091 Basement Area 'Potential Net Income $ 460,491 I Vacancy & Collection Loss (69,074) 'Effective Net Income 391,417 I Expense on Vacancy Reserves $ (126,665) (14,398) Total Expenses $ (141,062) Net Operating Income $ 250,355 I Value as of 1/2/2013 2,820,000 I $39.17 /s.f. GBA 122 RECONCILIATION OF VALUE OF 5910 SHINGLE CREEK PKWY AVG SALE PRICE $44.21 33.34%$14.74 MEDIAN SALE PRICE $41.84 33.33%$13.95 AVG OF THE TWO $43.03 33.33%$14.34 100.00%$43.03 Indicated by Market Approach $43.03 20%$8.61 Indicated by Income Approach $39.17 80%$31.34 100%$39.95 Weighted Value of Two Approaches (Rounded)$39.95 $2,880,000 ($60,000) Asbestos Removal $2,820,000 1 23 Written Appeal AEON 6221 Shingle Creek Parkway PID# 35-119-21-34-0004 The following format is recommended for each written appeal. Please state owner(s) name and address. Review owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Assessor's statement of value or classification and presentation of factual information regarding the property. •Questions addressed to the Assessor. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: •Refer the appeal to the Assessor's office for an interior review of the property and the Assessor's recommendation at the Local Board reconvene meeting on May 6, 2013. •Make no change and sustain the 2013 estimated market value or classification. If the owner(s) is not satisfied with the outcome of the Local Board of Appeal and Equalization they may appeal to the County Board of Appeal and Equalization. 1 25 CITY OF BROOKLYN CENTER 2013 LOCAL BOARD OF APPEAL AND EQUALIZATION Walk — In / Write — In Appeal Application Local Board of Appeal and Equalization held April 29, 2013 at 7:00 P.M. Name(s) 01,2/5n , (/.3'y/ Daytime Contact Number: /(2/,?--'7 1.-& Property Address 7a:A Chirv„; (217-(,,7),..' I kil,t/Li •_, ;Property Identification Number ,_ --//„, ,L.71 / [2-7 Assessor's 2013 Estimated Market Value boo Is your property residential, commercial or multi-family? 6-1»./ I If you are appealing a commercial, multi-family or residential rental property you wikeed to sub it income and expense data for calendar year 2012 with your application. What is the reason you are appealing your 2013 assessment? -71 11 1),-2,11,L e. ii)./pli-vr- 9,0 I :a (2 _j) a ((d When did you purchase your property? Date of Purchase if), 21)/2_ Purchase Price 1,4/(-)- 42)12_1(10tittit, t;Lbi ' :;))e. • 1,1ea j• aje Did you purchase your property from a bank, as a foreclosure'6r short sale?' \/S Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. A.,(/) (7.4)211/IIM.-1{2,(Cd /, -3 /Gl it) S'irt (0-7,n ,.-; ' p ri) - rv)r , - • , •-• I A 0 (%?-1' ) (-1((:;( P n(- /r nit)11,Lt'llit?-01.--) Zi i7Ji tt; 74L k?,t1fr 01. ?-2.7 Cq ,IL; ''')22 / Zi”/ Have you had a recent appilaisal for refinancing, purchase or a market analysis by a real estate agent completed within the last year? (Y) No If so, what was the determination of value? 1--/e M nyv,%),,y(X arid atit' rynt7s What do you think the value of your property should be? :A (cYW) We will need to schedule an interior review of your property within the week, isi the,re a specific date or time that works best for you? fVe pr rk" /1 Ckv b 4,9 Please provide any documentation supporting your claim of overvaluation or erroneous classification with this application. In order to appeal your valuation an appointment to view the property within the week may be required, please he prepared to schedule an appointment with assessing staff following your appeal before the board. 06 ,tit Frki'av L/N//3., 126 Nancy Wojcik From: Sent: To: Subject: Attachments: Amanda Moeller ./6‘Moeller@aeonmn.org >, Friday, April 12, 2013 10:50 AM Nancy Wojcik The Crest (formerly Shingle Creek Apartments) Appeal Crest Income Statement YE2012.pdf; The Crest Rent Roll 123112.pdf; Crest Budget Comp 123112.pdf; Crest 2013 Budget.pdf; Crest Scope of Work 2-6-13.pdf Nancy, Thank you for explaining the process for appeals in Brooklyn Center. Attached are a few of the items you requested. I will send the December 2012 appraisal in a second email due to its large file size. Please note the budget comp report and income statement attached reflect about 6 months of operating. We did not begin operating the project until July 2012. I have also attached the 2013 budget so that you can see what we anticipate for a full-year of operations. Additionally, I spoke with Alycia Klatt, site manager at The Crest and she is available Tuesday at noon to show you the following; 1.Common areas 2.Two 1BR (301 & 1305 ADA) and one 2BR (807)— All Vacant 3. A unit that is in need of repair and updates and what we plan to do Aeon is planning repairs for this building beginning in 2013 - plan attached. (This plan is evolving and is not considered final). The first repairs are structural in nature and will primarily address ventilation and elevator modernization. A second smaller phase will aim to improve the unit interiors. The appraisal accounts for these repairs and considers a more market-rate scenario. Aeon operates and will continue to operate The Crest as affordable housing. Please let me know if this time will not work for you. Thank you for your consideration. Amanda Moeller I Asset Management Associate Aeon I 901 No. 3' Street, Suite 150, Minneapolis, MN 55401 612-746-0542 direct 1 612 -341 -3148 main www.aeonmn.org Learn about Aeon's work in providing affordable homes at Building Dreams, a free one-hour tour & info session. Find a tour and RSVP, today! 1 127 128 $ 113,980Budgeted Contingency 7111111E1Msts7 ::__-SZT:ifficlifff Description Preliminary Scope o_Ac Phase I Phase 2 UNIT INTERIOR Hard surface flooring $ 160,000 $ 160,000 Replace interior doors $36,600 $ 40,000 Closet doors $80,000 $ 85,000 Closet Shelving $15,000 $ 20,000 Paint accent wall $21,960 $ 25,000 Water conservation devices $24,400 $ 25,000 Window Air Conditioner $27,450 $ 80,000 Misc Kitchen Appliances/Repairs $20,000 Replace Dining Room Lighting $14,640 Subtotal 400,050 $ 105,000 $ 330.000 COMMON AREAS - INTERIOR Carpet replacement $75,000 $ 80,000 New paint scheme in corridors $40,000 $ 40,000 Video Camera $15,000 $ 15,000 Common area corridor new lamps $5,000 $ 5,200 Subtotal 135,000 $ 60,200 $ 80,000 COMMON AREAS - EXTERIOR Entry curb appeal $60,000 $ 60,000 Landscaping $25,000 $ 20,000 Ground floor patio landscaping $15,000 $ 15,000 Parking lot maintenance $14,000 Exterior site signage $12,000 Equipment $8,000 Subtotal 134,000_$95,000 HVAC SYSTEMS/STRUCTURAL Booster Pumps $ 12,000 Pressure Regulators $ 3,000 Boiler $ 120,000 $ 122,000 Fire Dampers $ 11,325 Power roof ventilators $ 23,400 Heat exchangers $ 5,000 Add new 8,000 cfm MAU $ 22,000 Electrical work for new pressurization fans $ 18,900 Roof patching for new curbs $20,000 $ 27,300 Pressurization fans for stairway $ 23,442 Laundry room energy recovery units $ 3,000 Laundry room combustion air grill & fire damper $ 3,000 Trash room fan $ 2,000 Circulation fans for stairwells $ 4,000 Elevator HVAC $ 8,000 13th story floor repair for boilers $ 80,000 Ventilation shaft repair $ 135,000 Door smoke seals $ 8,000 Subtotal 140,000 $ 511,367 $ ELEVATOR Elevator Upgrades/Modernization 400,000 $ 455,000 $ - Subtotal Construction Cost 1,209,050 $ 1,131,567 $ 505,000 GC Costs $ 134,656 $ 60,095 Total Construction Cost $ 1,266,223 $ 565,095 Budget (2-6-13)1,266,443 $ 1,266,443 Integra Realty Resources Appraisal Of Real Property The Crest Apartments Multifamily Property 6221 Shingle Creek Parkway Brooklyn Center, Hennepin County, Minnesota 55430 Prepared For: Minnesota Housing Finance Agency - State of Minnesota Effective Date of the Appraisal: December 21, 2012 IRR - Minneapolis/St. Paul File Number: 124-2012-0623 129 Intowa Realty Resources 8012 Old Cedar Avenue South Minneapolis/S1. Pen! Minneapolis, MN 55425 1612.339.7700 F 612.339.7937 www.it r.col -11 December 31, 2012 Danielle Plocher Minnesota Housing Finance Agency - State of Minnesota 400 Sibley Street, Suite 300 SL Paul, MN 55101 SUBJECT: Market Value Appraisal The Crest Apartments 6221 Shingle Creek Parkway Brooklyn Center, Hennepin County, Minnesota 55430 Integra Minneapolis/St. Paul File No. 124-2012-0623 Dear Ms. Plocher: Integra Realty Resources — Minneapolis/St. Paul is pleased to submit the accompanying appraisal of the referenced property. The purpose of the appraisal is to develop an opinion of the market value as improved and stabilized assuming market rate rents of the fee simple interest in the property. As requested, we also estimate the market value as improved and stabilized subject to restricted rents. The client for the assignment is Miimesota HOnsing Finance Agency - State of Minnesota and the intended use is for loan underwriting purposes. The appraisal is intended to conform with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, applicable state appraisal regulations, and the appraisal guidelines of Minnesota Housing Finance Agency - State of Minnesota. The appraisal is also prepared in accordance with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (F1RREA). To report the assignment results, we use the self-contained report option of Standards Rule 2-2 of USPAP. Accordingly, this report contains all information significant to the solution of the appraisal problem, 130 Danielle Ploeher Minnesota Housing Finance Agency - State of Minnesota December 31, 2012 Page 3 If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully submitted, (1-NTEOR. REALTY RESOLIRCgS - MINNEAPOLIS/ST, PAUL e„-I Dan Mueller, MAI, MRICS Certified General Real Property Appraiser Minnesota Certificate #4003551 Telephone: (952) 905-2407 Email; chnueller@i tr. COM isi(M , Olmen Certified General Real Property Appraiser Minnesota Certificate # 4000724 Telephone: (952) 905-2408 Email: lolmen irr.com 131 THE CREST APARTMENTS SUMMARY OF SALIENT FACTS AND CONCLUSIONS SUMMARY OF SALIENT FACTS AND CONCLUSIONS PART ONE The Crest Apartments 6221 Shingle Creek Paikway Brooklyn Center, Minnesota 55430 Multifamily - Multi-Family Aeon 35-119-21-34-0004 Property Na me Address Property Te Owner of Record Tax ID Land Area Number of Units Gross Building Area Rentable Floor Area Percent Leased Year Built 4.38 acres; 190,629 SF 122 108,108 SF 75,736 SF 90% 1974 Zoning Designation Highest and Best Use - As if Vacant Highest and Best Use - As Improved Exposure Time; Marketing Period Effective Date of the Appraisal Date Of the Report Property Interest Appraised R7 Multifamily use Continued multifamily use 9 - 12 months; 9 - 12 months December 21, 2012 December 31, 2012 Tee Simple VALUE CONCLUSIONS Appraisal Premise Market Value As Improved and Stabilized Fee Simple Market Value As Improved and Stabilized Fee Simple December 21, 2012 December 21, 2012 Value Conclusion $4,600,000 $4,140,000 Interest Appra ised Date of Value The values reported above are subject to the definitions, assumptions, and liMiting conditions set forth in the accompanying report of which this summary is a part. No party othefthan Minnesota Housing Finance Agency - State Of Minnesota may use or rely on the information, opinions, and conclusions contained in the report. The summary shown above is for the convenience of 'Minnesota Housing Finance Agency -State of Minnesota, and therefore it is assumed that the users of the report have read the entire report, including all of the definitions, assumptions, and limiting conditions contained therein. FILE NUMBER: 124-2012-0623 PAGE 1 132 City of BROOKLYN CENTER 2013 Local Board of Appeal and Equalization Aeon 6221 Shingle Creek Pkwy 35-119-21-34-0004 2013 Assessed Value: $5,423,000 Recommendation: Sustain Value at $5,423,000 This report is not an appraisal as defined in M.S. § 82B.02 (subd.3) nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlawful The author does not represent this to be an appraisal and is not responsible for any inappropriate use. It is a report of public records using a mass appraisal technique. 133 aty of Brockgyn, Center A Millennium Community TO: 2013 Brooklyn Center Local Board of Appeal and Equalization RE: AEON C/O Amanda Moeller 6221 Shingle Creek Pkwy Brooklyn Center, MN 55430 Amanda Moeller, a representative of AEON, contacted the Assessor's office April 10, 2013, regarding the 2013 estimated market value of the property located at 6221 Shingle Creek Pkwy. The property was inspected April 16 th by Nancy Wojcik and Jill Brenna. The property is of steel frame construction with a brick and stucco exterior. The property is a fourteen story high rise apartment with 8,409 sq. feet on the main level, with a total of 106,897 square feet total. There are rental units available on floors 1-13. The 14 th floor is used for rooftop access, boilers, hot water heaters and elevator cable mechanicals. There is a maintenance room and delivery area located on the main floor of the building. The property has two stairwell systems and two passenger elevators. The property was constructed in 1973, and is in average condition with an effective age of 1995. The effective age reflects extensive remodeling done to the property in 2002. This remodeling included corrections and replacement of exterior brick with conversion to stucco, replacement of windows, and updated floor coverings in all hallways and lobby areas with carpet and ceramic tile. Kitchens and bathrooms in all units were renovated by replacement of all cabinets, vinyl flooring, vanities and plumbing fixtures if needed. All units received new appliances at that time. The main floor community room was also updated with new wall coverings, flooring, a kitchenette and gas fireplace. The existing laundry appliances were also replaced. The building has full security and keyed access to all entrances and the laundry area. All units have wall air conditioning access panels, but management indicates that only 80% are actually owned by the building. Some rental units are considered ADA compliant, but have minimal adaptions. Upon review, the management indicated that elevator repairs and upgrades are needed, but both elevators are currently functioning. The property has damage to the 13 th floor concrete ceiling, showing signs of water intrusion that has breached the rebar within the concrete floor. The problem area has been opened up to review, but does not currently affect any rental units. The area in need of repair was used for a community/meeting room and is not considered useable until repairs are completed. No estimate of repair was given at time of walk-thru, however they felt substantial investment was needed to alleviate any future additional dam'age. All income and expense data was submitted through December 2012, however the property was purchased by Aeon in July of 2012, so income reported does not reflect the entire year of operations. A market analysis of large apartment complexes was completed on the property. There was only one large apartment sale available within the ratio study period, so two additional sales were used that were close to the January 2, 2013 assessment date. The market sales approach indicated a value range of $39.82 to $71.37 per square foot. 6301 Shingle Creek Parkway Brooklyn Center; MN 55430-2199 City Hall & TDD Number (763) 569-3300 FAX (763) 569-3494 tleiteityofbrooklyncenterorg Recreation and Community Center Phone & TDD Number (763) 569-3400 FAX (763) 569-3434 A market based income proforma has been provided indicating a market rent derived valuation. The actual income and expense information was provided and considered with this approach. The owner indicated that they were only able to provide actuals from their possession in July through year end. For that reason, information provided is assumed to be prorated. However due to the confidential nature of the data, and below market rents, a market based income approach was used for this report. The reconciled market based income valuation indicates a price per square foot of $48.98 per square foot, or $5,236, 000. The property owner provided a full narrative appraisal of the subject property along with an estimated budget for repairs. The appraisal report was completed for financing purpose. The report indicated a final reconciliation of value of $4,600,000 for the subject property. Within the 110 page report, the direct capitalization approach (income) indicated a value of $5,710,000 and a market sales comparison approach value indication of $4,580,000. In this appraisal report, the market approach was given more weight. While the cost approach is considered in the valuation of the property, it bears little weight with a property of this age. A reconciliation of value was completed with the Assessor's market sales and market based income approach that indicated a reconciled value of $5,582,000. This reconciliation of value gave 60% weight to the income approach and 40% weight to the sales comparison approach. Due to the current outstanding issue of water intrusion to the concrete structure found at the time of inspection, a reduction could be made for the cost to cure the structural issue, as this would be an item that would affect marketability of the property. It is the Assessor's recommendation to sustain the 2013 estimated market value of $5,423,000 for taxes payable in 2014, due to the outstanding concrete repair issue. Respectfully, Nancy Woj SAMA City Assessor 135 City of Brooklyn Center Assessing DepartmentI 2013 Local Board of Appeal and Equalization Staff Report I Property Property PM #: Owner(s):Aeon Address:6221 Shingle Creek Pkwy 35-119-21-34-0004 Market Value Assessment Year 2013 Assessment Year 2012 Assessment Year 2011 $5,423,000 $5,563,000 $5,563,000 Sale:July 6, 2012 - 1 (09 - State Deed) HUD Purchase for $1 Comments: The property was inspected April 16, by Nancy Wojcik and Jill Brenna. The property is steel frame construction with brick and stucco exterior. The property is 8,409 square feet on the main level with a total of 106,897 square feet over 14 floors. There are units available on floors 1-13, the 14th floor is mechanicals for boilers, hot water heaters and elevator cable mechanicals. There is a maintenance room and delivery area located on the main floor of the building. The property has two stairwell systems and two elevators. The property is in average condition with an effective age of 1995 due to extensive remodeling in 2002. The remodeling included replacement of exterior brick to stucco, replacement of windows, updating floor coverings in all hallways and lobby areas with carpet and ceramic tile. Kitchens and baths in all units were renovated by replacement of all cabinets, vinyl flooring, vanities and plumbing fixtures if needed. All units also received new appliances. The main floor community room was also updated with new wall coverings, flooring, a kitchenette and gas fireplace. The existing laundry appliances were also replaced. The building has full security and keyed access to the laundry facility. All units have wall air conditioning access panels, but management indicates that only 80% are actually owned by the building. Some units are considered ADA compliant. Elevator repairs are needed, but both elevators are currently functioning. The property has damage to the 13th floor concrete ceiling, showing signs of water intrusion that has breached the rebar within the concrete floor. The problem area has been opened up to review, but does not currently affect any rented space. The area in need of repair was used for a community/meeting room and is not considered useable until repairs are completed. No estimate was given at time of walk-thru however they felt substantial investment was needed to alleviate any future additional damage. Assessor Recommendation: Sustain Value at $5,423,000 Appraiser:Last Inspection Date: Nancy Wojcik April 16, 2013 131:013 Board of Appeal and Equalization Subject Data Summary PID #: 35-119-21-34-0004 Buildings on File: 1 Property Name: The Crest Apts- 122 Units Property Address: 6221 Shingle Creek Pkwy Brooklyn Center, MN 55430 Multiple Address: No Lot/Block: 000/000 Addition: Registered Land Survey No. 1359 Hennepin County, Minnesota Legal(120): TRACT A Owner(s): Aeon Property Classification: Housing Low Income GT 3 Units 2013 EMV: 2012 EMV: 2011 EMV: EMV/Unit: 35,561 Lot Size: 188,530 Sq.Ft. / 4.33 Acres Zoning: R7 Building Use: 300 - Apartment (High Rise)/100% # Units: 122 Avg Story Height: 9 Avg Clear Height: 9 # Stories: 14 Actual Year Built: 1973 Effective Year Built: 1995 Renovated Year: First Floor Area: 8,409 Gross Building Area: 106,897 Parking: Parking-Surface 1372013 Board of Appeal and Equalization 0. ••••• o. •-■ ER N - cq oo VDCD .=•':0cC 4Ji -t-r.: M" CD ''' •c^'; E u. u ttt0 2 p. 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A T-A tr-11111-rri 171 -rir ri IP IMO fr2-1 6 liras r . -r a 1.1 741if 'crier r g. V Y1 111 10 117-0,r 17--,vor TT Er: r! IrtrItnlirkkr .7J_ r r sir win r ti Z ,,prin-101 r g -. r! :1 el OEMS ZIA r ar ro_u -rtri -Tr tt'w r17F,1 r _ ;11f--,11 NM, it *Al East Side Additional Subject Photos 2013 Board of Appeal and Equalization 141 1 4 4013 Board of Appeal and Equalization Additional Subject Photos Community Kitchenette Additional Subject Photos Lobby w/Elevator Laundry 2013 Board of Appeal and Equalization 143 Additional Subject Photos Elevator Mechanicals Hot Water Heaters 1 4 4013 Board of Appeal and Equalization Additional Subject Photos Concrete structural repairs 2013 Board of Appeal and Equalization 145 Additional Subject Photos Concrete repair required Concrete repair 1 411 013 Board of Appeal and Equalization Additional Subject Photos Living Room 2013 Board of Appeal and Equalization 147 Additional Subject Photos Cast Tub & ceramic surround 1 4 O13 Board of Appeal and Equalization Additional Subject Photos Bedroom Closet 2013 Board of Appeal and Equalization 149 1 5 Wo13 Board of Appeal and Equalization Additional Subject Photos Appliances Additional Subject Photos Maintenance room 2013 Board of Appeal and Equalization 151 Additional Subject Photos Rental Office 1 5 O13 Board of Appeal and Equalization CAPITALIZATION OVERALL RATE 7.50% AVG EFF TAX RATE 2.40% TOTAL CAP RATE 9.90% 0 .1",0$ IT: 0 Studio $0 $0 78 1 BEDROOMS $650 $50,700 44 2 BEDROOMS $850 $37,400 0 3 BEDROOMS $0 $0 0 GARAGES $45 $0 575 SQ FT 800 SQ FT ECONOMIC $88,100 $1,057,200 ACTUAL MONTHLY ADJ. RENT TOTAL ANNUAL ADJ. RENT $1,010,904 TOTAL NUMBER OF UNITS 122 GROSS BUILDING AREA 106,897 CAPITALIZATION PROCESS ECONOMIC POTENTIAL GROSS RENT (PGI) LESS: VACANCY & COLLECTION LOSS % OF PGI 5.0% $1,057,200 ($52,860) information is Income & Expsnes considered confidential and is OTHER MISC INCOME 3.0%$31,716 not included in this report. The actual EFFECTIVE GROSS INCOME $1,036,056 income and expense information was LESS: ANNUAL EXPENSES Of PGI 45%($475,740)reviewed andLESS: RESERVES FOR REPLACEMENT 0%($0)considered in the TOTAL ALLOWANCE 45%($475,740)income. • • •approach. . ......:ANNI.VAL:NET:NOOMF:::::: ::.:$$OtWO.: RETURN ON & OF PERSONAL PROPERTY $14,640 $1,000 /UNIT @ 12% NET INCOME TO REAL PROPERTY CAPITALIZED VALUE OF PROPERTY $545,676 9.90% $5,512,000 CAPITALIZED VALUE PER UNIT LV Der Unit $45,180 RV npr 171 $37,287 cR'IR 17 2013 Land $1,222,000 $10,016 2013 Building $4,014,000 $37.55 CORRELATED 2013 VALUE BY INCOME APPROACH $5,236,000 2013 assessment parcel Breakdown 2013 per Unit $42,918 LAND BLDG Units TOTAL 2013 per V] $48.98 977,600 -80 $3,211,200 $97 4,189,000 244,400 -20 $802,800 $25 1,047,000 $1,222,000 $4,014,000 $5,236,000 153 COMP 2 COMP 3SUBJECT ADJUSTMENTS COMP 1 LOCATION AND PHYSICAL CHARACTERISTICS LOCATION/SITE GOOD SUPERIOR SUPERIOR INFERIOR YEAR OF CONSTRUCTION 1973 1918 1980 1963 EFFECTIVE AGE 1995 1970 1980 1963 CONDITION AVERAGE INFERIOR SIMILAR INFERIOR QUALITY AVERAGE INFERIOR SIMILAR INFERIOR ZONING R-7 R-6 R-6 R-5 USE APARTMENT APARTMENT APARTMENT APARTMENT FIRST FLOOR AREA (FFA)8,409 13,312 16,120 22,392 BASEMENT/STORAGE AREA 0 13,312 12,160 0 TOTAL FLOOR AREA (TFA)106,897 53,152 78,869 66,960 GROSS BLDG AREA (GBA)106,897 53,152 78,869 66,960 TENANCY MULTI MULTI MULTI MULTI NUMBER OF UNITS 122 79 81 72 NUMBER OF STORIES 14 3 4 3 STORY HEIGHT/CLEAR HGT 12 / 8 12 / 8 12 / 8 12 / 8 ELEVATORS 2 0 0 0 SPRINKLERS 100%0%0%0% AIR CONDITION (% OF NRA)WALL 0%0%100% PARKING STALLS 112 9 46 72 STALLS PER 1,000 SF GBA 1.05 0.17 0.58 1.08 USABLE LAND AREA 188,530 20,226 37,836 194,633 LAND TO BLDG RATIO 22.42 1.52 2.35 8.69 MARKET WORKSHEET JAN. 2 2013 The Crest Apartments 35-119-21-34-0004 SUBJECT COMP 1 COMP 2 Comp 3 ADDRESS 6221 Shingle Creek Pkwy 500-508 14th St E 2101-23 9th St S 3417 65th Ave N CITY Brooklyn Center Minneapolis Minneapolis Brooklyn Center PID 35-119-21-34-0004 27-029-24-41-0035 25-029-24-34-0067 34-119-21-42-0018 SALE DATE July 6, 2012 December 1, 2012 December 1, 2011 December 21, 2012 SALE PRICE $1.00 $3,909,000 $4,600,000 $2,600,000 CASH EQUIVALENT S.P.N/A $3,909,000 $4,600,000 $2,600,000 LESS PERSONAL PROPERTY N/A $77,000 $50,000 $108,000 CE PRICE OF REAL ESTATE N/A $3,832,000 $4,550,000 $2,492,000 RE CE VALUE/S.F. (GBA) N/A $72.10 $57.69 $37.22 TIME 0%0%0% CONDITIONS OF SALE 0%0%0% NET ADJUSTMENT 0%0%0% ADJ VALUE [i] NRA $72.10 $57.69 $37.22 LOCATION -20%-20%0% AGE/CONDITION 2%0%-3% QUALITY OF CONSTRUCTION 5%2%0% BUILDING/PROPERTY SIZE (TFA)8%6%7% WALL/CLEAR HEIGHT 0%0%0% BASEMENT/STORAGE -8%0%0% AIR CONDITIONING 2%2%0% SPRINKLERS 2%2%0% PARKING 3%0%0% LAND/BUILDING RATIO 5%4%3% NET ADJUSTMENT -1%-4%7% GROSS ADJUSTMENT 55%36%13% EST VALUE [11 NRA $55.45 $71.37 $55.38 $39.82 Value Rounded $5,928,000 $0 . 154 January 2 2013 RECONCILIATION OF VALUE COMPARABLE WEIGHTING AVG SALE PRICE $55.53 $55.53 33.33%$18.51 MEDIAN SALE PRICE $55.38 $55.38 33.33%$18.46 AVG OF THE TWO $55.45 $55.45 33.34%$18.49 Total 100.00%$55.45 Indicated by Cost Approach $0.00 $0 0% Indicated by Market Approach $55.45 $5,928,000 40% Indicated by Market Derived Income Approach $48.98 $5,236,000 60% Average of Three Approaches $52.22 $5,582,000 1 00 % Per Unit $45,754 $5,582,000 Rounded 155 PROPERTY DESCRIPTION Year Built/Effective Year Built: Const Quality/ Condition: Const Class/ Bsmt Use: Roof Type/ Exterior Type: Roof Cvr/ 2nd Exterior Type: No. of Stories/ Bldg Height: No. of Bldgs/ Units Each: Bsmt Area/ Finished: 1st Fl Area/ GBA: Perimeter: Tot Units/ Avg Sz: Tot Rooms/ Avg Sz: * 1BR 1.00 BA/Size: 11 Y * EFF 1.00 BA/Size: 66 Y Garage Stalls: Other Terms: TERMS No Data Available Cash Equivalent Price: Cash Equivalent Adj: LESS: Personal Property: PLUS: Special Assessments: Spl Assessment Verified Ind: Cash Equivalent of Real Estate: Sale Analysis: Sale Price Per Unit: Sale Price Per Room: Sale Price Per Sq. Ft. GBA: Gross Rent Multiplier: Income Data: PRIVATE DATA 1918/1919 AVERAGE Mill Type Const Flat Tar and Gravel 3.0 3 1918 AVERAGE 7 Apts,Util,Mech,Lnd Brick MARKET DATA Buyer: Seller: Sale Data: Champlin Crossing Apts LLC Brownstines Downtown LLC Date of Sale: Total Purchase Price: Down Payment Amount: 12/1/11 $3,904,000 $0 Ft 27, 27 & 25 $49,766 $72.10 0.00% $3,909,000 $77,000 $0 $3,832,000 Primary Heating/ Pct Steam 100% Secondary Heating/ Pct Sprinklers/ Elevators: 0 Parking Surface/ Area: 9 Control Entry/ Laundry: Yes Patio or Decks: Lake or View: Total Land Area/ Excess Land:20,226 Sq Ft F N Useable Land Area: Sq Ft Zoning: R6 Utilities: ALL Units P Acre/ Topography: 165.83 Environmental Concern Ind: Location Rating Factor: Apt Rents: PRIVATE DATA Includes: Heat Water Trash 13,312 Sq Ft 13,312 Sq Ft Ft 77 Units Rooms Sq Ft 53,152 Sq Ft Sq Ft Sq Ft 0 0 Sq Ft 0 0 Sq Ft PROPERTY USE: APT Low Rise MUNICIPALITY: MINNEAPOLIS COMPLEX NAME: 77 APTS,3 BLDGS COUNTY: HENNEPIN ADDRESS: 501 14th St E & 500 & 508 15th St E PIN #: 27-029-24-41-0035 Seq #: 3 AUDITOR ID: 46668 MULTI PID: Y COMMUNITY: 4 NBRHOOD: 33 PUBLIC********ACE********PUBLIC Other Amentities: 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 Fireplaces). Summary Comments: The sale includes parcel id's 27 029 24 41 0035, 0036 & 0037. The address of the three adjacent apartment properties are 501 14th St. E. and 500 & 508 15th St. E. All three buildings were built between 1918 and 1919. The properties appear to have sold at a premium,at the high end of value. 156 eLJW********ACE********PUBLIC Pin #:2702924410035 Seq #:3 157 PROPERTY USE: APT Low Rise MUNICIPALITY: MINNEAPOLIS COMPLEX NAME: COUNTY: HENNEPIN ADDRESS: 2101-23 9th St S PIN #: 25-029-24-34-0067 Seq #: 1 AUDITOR ID: 47066 MULTI PID: N COMMUNITY: 60 NBRHOOD: 60 PUBLIC********ACE,*?ic*****PUBLIC PROPERTY DESCRIPTION Year Built/Effective Year Built: Const Quality/ Condition: Const Class/ Bsmt Use: Roof Type/ Exterior Type: Roof Cvr/ 2nd Exterior Type: No. of Stories/ Bldg Height: No. of Bldgs/ Units Each: 1980 AVERAGE RF Concrete Frame Flat Tar and Gravel 4.0 1 1980 AVERAGE Brick Ft MARKET DATA Buyer: Seward Affordable LLC Seller: Seward Handicap Housing Associates Sale Data: Date of Sale: Total Purchase Price: Down Payment Amount: Other Terms: 12/1/11 $4,600,000 $0 TERMS No Data Available Cash Equivalent Price: 0.00% Cash Equivalent Adj: LESS: Personal Property: PLUS: Special Assessments: Spl Assessment Verified Ind: Cash Equivalent of Real Estate: $4,600,000 $50,000 $0 N $4,550,000 Bsmt Area/ Finished: 1st Fl Area/ GBA: Perimeter: Tot Units/ Avg Sz: Tot Rooms/ Avg Sz: * 1BR 1.00 BA/Size: 59 * 2BR 1.00 BA/Size: 22 Basement Garage Stalls: 41 12,160 Sq Ft 16,120 Sq Ft Ft 81 Units Rooms Sq Ft Y Sq Ft Sq Ft 78,869 Sq Ft Sq Ft Sq Ft Sale Analysis: Sale Price Per Unit: Sale Price Per Room: Sale Price Per Sq. Ft. GBA: Gross Rent Multiplier: $56,173 $57.69 Income Data: PRIVATE DATA Primary Heating/ Pct Secondary Heating/ Pct Sprinklers/ Elevators: Parking Surface/ Area: Control Entry/ Laundry: Patio or Decks: Lake or View: Total Land Area/ Excess Land: Useable Land Area: Zoning: Utilities: Units P Acre/ Topography: Environmental Concern Ind: Location Rating Factor: Hot Water 100% Asphalt 5 36,960 Sq Ft F N Sq Ft R6 95.46 Apt Rents: IPRIVATE DATA Includes: Heat Other Amentities: 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 Fireplaces). Summary Comments: Income and expenses obtained from recent publications. Personal property amount appears excessive. ADA units. Subsidized housing. Actual rents are higher than market rent, due to customized units for handicap. 158 A.RIBLIC********M********PUBLIii Pin #:2502924340067 Seq #:1 159 PUBLIC********ACE********PUBLIC PROPERTY DESCRIPTION Year Built/Effective Year Built: 1963 Const Quality/ Condition: AVERAGE Const Class/ Bsmt Use: WD or Steel Stud Frm Roof Type/ Exterior Type: Flat Roof Cvr/ 2nd Exterior Type: Tar and Gravel No. of Stories/ Bldg Height: 3.0 No. of Bldgs/ Units Each: 6 Bsmt Area/ Finished: Sq Ft 1st Fl Area/ GBA: 22,392 Sq Ft Perimeter: 1,656 Ft Tot Units/ Avg Sz: 72 Units Tot Rooms/ Avg Sz: Rooms * 1BR 1.00 BA/Size: 6 Y NNN 1 * 2BR 1.00 BA/Size: 66 Y N N N 1 Garage Stalls: Primary Heating/ Pct Hot Water 100% Secondary Heating/ Pct Sprinklers/ Elevators: 0 Parking Surface/ Area: Asphalt 73 Control Entry/ Laundry: Y Yes Patio or Decks: Lake or View: Total Land Area/ Excess Land: 194,633 Sq Ft F N Useable Land Area: 194,633 Sq Ft Zoning: R5 Utilities: Improved Units P Acre/ Topography: 16.11 Level Environmental Concern Ind: N Location Rating Factor: Other Terms: TERMS Set 1 Assume Ind: N 7 $1,600,000 PMT- 0 INT-3.00% PMTS-0 BALLOON DATE- Cash Equivalent Price: Cash Equivalent Adj: LESS: Personal Property: PLUS: Special Assessments: Spl Assessment Verified Ind: Cash Equivalent of Real Estate: Sale Analysis: Sale Price Per Unit: Sale Price Per Room: Sale Price Per Sq. Ft. GBA: Gross Rent Multiplier: Income Data: PRIVATE DATA Apt Rents: PRIVATE DATA Heat Water Trash 1963 AVERAGE Brick 9 Ft 12 MARKET DATA Buyer: Seller: Sale Data: Granite City Apartments, LLC Garden City Court, LLP Date of Sale: Total Purchase Price: Down Payment Amount: Sq Ft 66,960 Sq Ft Sq Ft Sq Ft Sq Ft Sq Ft Includes: 12/21/12 $2,600,000 $1,000,000 $34,613 $37.22 0.00% $2,600,000 $108,000 $125 $2,492,125 PROPERTY USE: APT Low Rise MUNICIPALITY: BROOKLYN CENTER COMPLEX NAME: Garden City Court COUNTY: HENNEPIN ADDRESS: 3407 - 3417 65th Avenue North PIN #: 34-119-21-42-0018 Seq #: 1 AUDITOR ID: 59882 MULTI PID: Y COMMUNITY: NBRHOOD: Other Amentities: 1.5 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 Fireplaces). Summary Comments: Sale also includes pid's, 34-119-21-42-0019, 0020,0021,0024,0025,0026. There are 72 units total. Property includes 6 - 12 unit apartment buildings, and one pid that includes the private road. Property is in average condition, includes an in ground pool and maintenance storage building. Characteristics are for all six buildings. New financing through a construction loan of $1,600,000, buyer intends to remodel complex. Buyer states property was 100% occupied at time of sale. 160 rilB eft********ACE ********PU BLIC Pin #:3411921420018 Seq #:1 161 2012 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE PROPERTY AREAS 2013 UNIT 2013 EMV VALUES [i]2012 EMV 2012 UNIT VALUES (/) Twin Lake Manor 3305-3413 53rd Ave N. PID: 10-118-21-12-0056, 0057 Sold 2/7/2008 12,000,000 62 Vacant Units 12/2012 - PoorGond TWIN LAKE NORTH 4500-4539 58TH AVE N PID: 03-118-21-22-0025 AND 0027 Pay 09 Tax Appeal Units were completely renovated Attached Garages, clubhouse, completely Gateway Commons 2802 NORTHWAY DRIVE PID: 02-118-21-23-0015 Sold 10/16/09 Bank CE $5,700,000 Land 829,171 GBA 255,604 Units 310 Age 1967 ALL 1 BR UNITS Land 851,400 GBA 354,912 Units 276 Age 1968 updated interiors Land 674,352 GBA 245,313 Units 252 Age 1968 1995 units remodeled Land Building Total Change Partial Land Building Total Change Land Building Total Change (Community and $3,100,000 $10,000 Unit $7,500,000 §29.35 [I] $10,600,000 $41.49 -8.2% $34,194 Unit $1.5 Est $1 M Code Compliance $2,625,000 $9,511 Unit $11,340,000 $31.96 $13,966,000 $39.35 0.7% $50,597.83 Unit $2,520,000 $10,000 Unit $9,337,000 $38.06 $11,857,000 $48.33 0.3% $47,051.59 Unit $0 Rm, pool, added 44 garages 17 units renovated.) Land Building Total Change Repairs Land Building Total Change Land Building Total Change (Community and $3,100,000 $10,000 $8,450,000 $33.07 $11,550,000 $45.20 0.0% $37,258 $2,625,000 $9,511 $11,245,000 $31.68 $13,870,000 $39.08 -3.0% $50,254 $2,520,000 $10,000 $9,304,000 $37.93 $11,824,000 $48.20 10.0% $46,921 $170,000 Rm, pool, added 44 17 units renovated.) Owner Aniticipated 2.6 M in imprv, w/202 MELROSE GATES Land 586,574 Land $2,170,000 $10,000 Unit Land $2,170,000 $10,000 6305-6507 CAMDEN AVE N GBA 220,711 Building $7,477,000 $33.88 [I]Building $7,477,000 $33.88 PID: 36-119-21-31-0045 Units 217 Total $9,647,000 $43.71 [n Total $9,647,000 $43.71 PID: 36-119-21-24-0046 Age 1969 Change 0.0%$44,456.22 Unit Change -0.5%$44,456 Pay 06 Tax Court Case Stipped to $10,265,000 Earle Brown Terrace Land 142,098 Land $1,400,000 $10,000 unit Land $1,400,000 $10,000 6100 Summit Drive GBA 142,237 Building $7,017,000 $49.33 [t]Building $7,017,000 $49.33 PID 35-119-21-44-0012 Units 140 Total $8,417,000 $59.18 In Total $8,417,000 $59.18 Sr. Assisted Living Age 1987 Change 0.00%$60,121.43 Unit Change 0.04%$60,121 Carrington Drive Land 256,789 Land $1,280,000 $10,000 Unit Land $1,280,000 $10,000 1302 -08 69th; 6910-20 Humboldt GBA 121,180 Building $4,800,000 $39.61 [i]Building $4,800,000 $39.61 PID: 25-119-21-33-0045 thru 0048 Units 128 Total $6,080,000 $50.17 In Total $6,080,000 $50.17 No Garages Age 1965 Change 0.0%$47,500.00 Unit Change 0.0%$47,500 River Glen Land 478,123 Land $1,285,000 $10,039 Unit Land $1,285,000 $10,039 407 70th Ave N GBA 131,848 Building $4,828,000 $36.62 [i]Building $4,773,000 $36.20 PID: 25-119-21-43-0049 Units 128 Total $6,113,000 $46.36 In Total $6,058,000 $45.95 110 Garages Age 1971 Change 0.9%$47,757.81 Unit Change 0.0%$47,328 The Crest Land 478,123 Land $1,222,000 $10,016 Unit Land $1,222,000 $10,016 6221 Shingle Creek Pkwy GBA 104,624 Building $4,201,000 $40.16 [I]Building $4,341,000 $41.49 PID: 35-119-21-34-0004 Units 122 Total $5,423,000 $51.83 In Total $5,563,000 $53.17 HL Property Type Age 1973 Change -2.5%$44,450.82 Unit Change 0.0%$45,598 EARLE BROWN FARM APARTMENTS Land 324,078 . Land $1,200,000 $10,000 Unit Land $1,200,000 $10,000 1701 69TH AVE N GBA 139,044 Building $4,528,000 $32.57 [t]Building $4,528,000 $32.57 PID: 35-119-21-11-0040 Units 120 Total $5,728,000 $41.20 In Total $5,728,000 $41.20 Amenities include indoor pool & Decks Age 1971 Change 0.0%$47,733.33 Unit Change 0.0%$47,733 162 4/26/2013 2012 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE PROPERTY AREAS 2013 UNIT 2013 EMV VALUES [I]2012 EMV 2012 UNIT VALUES [I] Unity Ponds Apts Land 392,245 5300 Ponds Drive GBA 123,220 PID: 28-119-21-42-0264 Units 112 TH Style Apartments Laundry/Furn/Garage included in Unit Land Building Total Change $1,600,000 $4,923,000 $6,523,000 -2.5% $14,286 $39.95 $52.94 $58,241.07 Unit tntn Unit Land Building Total Change $1,600,000 $5,092,000 $6,692,000 -1.9% $14,286 $41.32 $54.31 $59,750 THE PINES Land 276,562 Land $1,100,000 $10,784 Unit Land $1,100,000 $10,784 6511 HUMBOLDT AVE N GBA 101,658 Building $3,775,000 $37.13 Building $3,775,000 $37.13 PID: 35-119-21-14-0009 Units 102 Total $4,875,000 $47.95 Total $4,875,000 $47.95 Pay 08 Appeal Age 1969 Change 0.0%$47,794.12 Unit Change 0.0%$47,794 GEORGETOWN TOWNHOMES Land 476,238 Land $970,000 $10,543 Unit Land $970,000 $10,543 700 66TH AVE N GBA 165,912 Building $4,274,000 $25.76 [I]Building $4,274,000 $25.76 PID: 36-119-21-24-0047 Units 92 Total $5,244,000 $31.61 [i]Total $5,244,000 $31.61 Townhome Style Age 1967 Change 0.0%$57,000.00 Unit Change 0.0%$57,000 Two Stories w/basement & Det Gar Prairie Lodge - Ecuman Land 168,722 Land $975,000 $10,833 Unit Land $975,000 $10,833 6001 EARLE BROWN DR GBA 51,738 Building $4,455,000 $86.11 Building $4,455,000 $86.11 PID: 02-118-21-11-0007 Units 90 Total $5,430,000 $104.95 [i]Total $5,430,000 $104.95 Sold 6123/2005 $6,250,000 Age 1993 Change 0.0%$60,333.33 Unit Change -1.8%$60,333 Assisted Living BROOKSIDE MANOR Land 293,070 Land $975,000 $10,833 Unit Land $975,000 $10,833 1300, 1301, 1121 67TH AVE N GBA 91,863 Building $3,228,000 $35.14 Building $3,201,000 $34.85 PIO: 36-119-21-22-0040, 0045, 0046 Units 90 Total $4,203,000 $45.75 Total $4,176,000 $45.46 Age 1968 Change 0.6%$46,700.00 Unit Change -2.5%$46,400 Riverwood Apartments Land 244,207 Land $910,000 $10,833 Unit Land $910,000 $10,833 6401-6425 WILLOW Ln N/201-215 65th Ave GBA 71,337 Building $3,045,000 $42.68 Building $2,990,000 $41.91PID: 36-119-21-42-0007, 0008, 0009, 0010, 0011, 0012,0013 Units 84 Total $3,955,000 $55.44 [f]Total $3,900,000 $54.67 Age 1962 Change 1.4%$47,083.33 Unit Change -4.1%$46,429 2010 Change Order to move to 2009 Value! BROOKWOOD CROSSINGS 1 Land 169,470 Land $925,000 $11,420 Unit Land $925,000 $11,420 6201 LILAC DRIVE NORTH GBA 144,220 Building $3,985,000 $27.63 VI Building $3,952,000 $27.40 PID: 36-119-21-33-0167 Units 81 Total $4,910,000 $34.05 t]Total $4,877,000 $33.82 Senior Rental Housing Age 1984 Change 0.7%$60,617.28 Unit Change 0.0%$60,210 Electric Heated Units EVERGREEN PARK MANOR Land 203,018 Land $925,000 $11,563 Unit Land $925,000 $11,563 7200 CAMDEN AVE N GBA 86,552 Building $2,801,000 $32.36 VI Building $2,800,000 $32.35 PID: 25-119-21-42-0059 Units 80 Total $3,726,000 $43.05 tn Total $3,725,000 $43.04 Age 1972 Change 0.0%$46,575.00 Unit Change -4.5%$46,563 TOTALS Land 6,282,525 Land $25,182,000 $10,748 Unit Land $25,182,000 $4.01 and GBA 2,284,433 Building $91,514,000 $40.06 If]Building $92,474,000 $40.48 AVERAGES Units 2,343 Total $116,696,000 $51.08 [I]Total $117,656,000 $51.50 Improv.$0 lmprov.$170,000 Exclude !new'Change -0.8%$49,806 Unit Change -0.1%$50,216 GASPREDSHTIAssessor\2013 CIA \ApartmentslAPT 77-310.xlsxp3C 2013 76+$6,864,471 $6,920,941 4/26/2013 1 63 184 ■C? co)- cr\ to"; Ge Eo H 00 Cs;&' r.1 CO') Written Appeal George Zeller 2105 57 th Ave N. PID# 02-11 8-21 -42-0033 The following format is recommended for each written appeal. Please state owner(s) name and address. Review owner(s) statement of estimated market value or classification and presentation of factual information regarding the property. Assessor's statement of value or classification and presentation of factual information regarding the property. •Questions addressed to the Assessor. The Local Board of Appeal and Equalization considers the appeal and makes one of the following motions: •Refer the appeal to the Assessor's office for an interior review of the property and the Assessor's recommendation at the Local Board reconvene meeting on May 6, 2013. •Make no change and sustain the 2013 estimated market value or classification. If the owner(s) is not satisfied with the outcome of the Local Board of Appeal and Equalization they may appeal to the County Board of Appeal and Equalization. 165 CITY OF BROOKLYN CENTER 2013 LOCAL BOARD OF APPEAL AND EQUALIZATION Walk — In / Write — In Appeal Application Local Board of Appeal and Equalization held April 29, 2013 at 7:00 RM. Name(s) George Zeller Daytime Contact Number: 952-897-7800 Property Address 2105 57 th Ave N, Brooklyn Center, MN Property Identification Number 02-118-21-0-6033 Assessor's 2013 Estimated Market Value $1,090,000 Is your property residential, commercial or multi-family? Commercial If you are appealing a commercial, multi-family or residential rental property you will need to submit income and expense data for calendar year 2012 with your application. What is the reason you are appealing your 2013 assessment? See attached written statement When did you purchase your property? Date of Purchase July 1999 Purchase Price $674,250 Did you purchase your property from a bank, as a foreclosure or short sale? No Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. See attached written statement Have you had a recent appraisal for refinancing, urchase 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? $905,000 What do you think the value of your property should be? $900,000 We will need to schedule an interior review of your property within the week, is there a specific date or time that works best for you? Business Hours 166 Sin çrely, 2-(7 -George Zeller April 25, 2013 Brooklyn Center Board of Appeal and Equalization RE: Write in Appeal I thank you for hearing our appeal of the 2013 market value assessment of our property located at 2105 57thAve N in Brooklyn Center. We have owned this property for the last 13 years and have never appealed its assessed values before. Credentials of the writer - I am a licensed commercial real estate agent and involved on a day to day basis in the valuation, sale and financing of incoming producing real estate for the last 15 years as a Senior Vice President with Colliers International/Welsh Companies. I believe the proposed value of $1,090,000 overstates the value of the property by roughly' $190,000. A value of $900,000 is a more accurate estimate of what this property would sell for in the current market, This conclusion is also supported by a 3rd party 2012 MAI appraisal of the property that was done in connection with a financing transaction that concluded the market value of the property was $905,000. The property's current net income is lower today than it has been in the past 10 years. This is partially a result of rental rate reduction and conversion to a gross lease that we had to provide our largest tenant to retain them in the property. In addition, we had to provide them an annual termination option, The declining net income, gross lease and uncertainly regarding future occupancy have no doubt reduced the value of the property. As long term owners of the site, we believe that the highest and best use may be redevelopment. The building is 1950's concrete block construction with minimal window glazing (3/4 of the exterior walls have no windows). The building was not built as a multi tenant retail center and suffers from a nontraditional retail layout (it is too deep). It has a history of occupancy by the lowest rent paying retail category of tenants (i.e. Dollar Stores / Auto Parts). The property parking lot needs to be replaced at an estimated cost of $100,000. In addition the parking lot suffers from poor drainage that may need an engineered/mechanical solution to correct. Thank you for your consideration and I kindly request that Board modify the building's 2013 assessment value to more accurately reflect what it would sell for it today's market. 1 67 Nancy Wojcik From: Zeller, George <George.Zeller©colliers.com > Sent: Wednesday, April 24, 2013 11:38 AM To Nancy Wojcik Subject: 2105 57th Ave No Attachments: December 12 Financial.pdf; 2002-03-22 Amendment #2.pdf; 2002-01-24 Amendment #1.pdf; 1992-04-01 Lease.pdf; 2008_08_29 Amendment #3 (fully executed).pdf; 2011_06_08 Second Amendment to Lease - Family Dollar:pdf; Lease 1st Amendment 11-20-02.pdf; Lease 1-22-02.pdf; 2013_03_31 Rent Roll.pdf Nancy, Thank you for the phone conversation this afternoon. I just spoke with the Property Manager and she has notified the two tenants that the Assessor will be on site either later today or tomorrow with Landlord's consent. Please find attached the following; 1.2012 P&L for Property 2.Current Rent Roll (3/31/2013) 3. Lease & Amendments for Family Dollar and O'Reilly Automotive Please let me know if you need any additional information from me. Thank you again for your assistance. George Zeller I Senior Vice President Colliers International I Minneapolis - St. Paul 4350 Baker Road I Suite 400 I Minnetonka, MN 55343 T 952 897 7798 I F 952 842 7798 1 168 CiO7 of B OOKLYN CENTER 2013 Local Board of Appeal and Equalization George & Kelli Zeller 2105 57th Ave N 02-118-21-42-0033 2013 Assessed Value: $1,090,000 Recommendation: Sustain value at $1,090,000 This report is not an appraisal as defined in M.S. § 82B.02 (subd.3) nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited andunlmvful The author does not represent this to be an appraisal and is not responsible for any inappropriate use. It is a report ofpublic records using a mass appraisal technique. 169 City of Brookgyn Center A Millennium Community TO: 2013 Brooklyn Center Local Board of Appeal and Equalization RE: George Zeller 2105 57th Ave N. Brooklyn Center, MN 55430 George Zeller contacted the Assessor's office April 24, 2013, regarding the 2013 estimated market value of the property located at 2105 57 th Ave N., Brooklyn Center. The Assessor's office was able to inspect the property on April 24, 2013 by Jill Brenna. The property was constructed in 1958 and has an effective age of 1975. The property is of masonry construction with a concrete block exterior. The building wall height is 14 feet with a clear height average of 10 feet. The property is a single story retail building with two tenant spaces. The property has a gross building area of 14,950 square feet, with 80% used as retail, and the remaining 20% storage area. The property does not contain any fire suppression system. The property owner stated that he has had to reduce rates over the last few years to keep his current tenants. He is also concerned with the amount of parking lot repairs and the elevation of the parking lot. A market comparison approach was completed on the property with four comparable sales. Only one sale was located within Brooklyn Center. The market comparison approach indicated a range of value from $54.35 to $93.30 per sq. ft. The market comparison approach indicated a price per square foot of $75.89 for the subject property. Mr. Zeller provided his actual income and expense information along with a current rent roll and leases for review. Due to the confidential nature of these documents, they were reviewed and considered by the assessor in the analysis, but not included in this report. Mr. Zeller did include property tax as an expense, which is not allowed as an expense for ad valorem tax purposes. The property tax will be accounted for within a market derived cap rate in the income approach. A market derived income approach was included with this report to indicate typical market rents, vacancy, and expenses. The market derived income approach indicated a price per square foot of $76.05. In reconciling Mr. Zeller's property 60% weight was given to the market derived income approach and 40% to the market sales comparable approach. The cost approach was considered but not used due to the age of the building. The reconciliation indicated a price per square foot of $73.73 per sq. ft. It is the Assessor's recommendation to sustain the 2013 estimated market value of $1,090,000 for taxes payable in 2014. Respectfully, Nancy W jcik AMA City Assessor 6301 Shingle Creek Parkway Brooklyn Center; MN 55430-2199 City Hall & TDD Number (763) 569-3300 FAX (763) 569-3494 niqiecityofbrooklyncenterorg Recreation and Community Center Phone & TDD Number (763) 569-3400 FAX (763) 569-3434 City of Brooklyn Center Assessing Department 2013 Local Board of Appeal and EqualizationI Staff Report I Property Property PID #: Owner(s): Address: George & Kelli Zeller 2105 57th Ave N 02-118-21-42-0033 Market Value Assessment Year 2013 Assessment Year 2012 Assessment Year 2011 $1,090,000 $1,090,000 $1,010,000 Sale:April 1, 2002 - 584,000 (11 - Other) Comments: Property owner George Zeller contacted our office on April 24, 2013 regarding his estimated market value. The property owner provided actual income and expense data along with actual lease documents. Mr. Zeller indicated that rents had reduced and that he currently had parking lot issues to be addressed. The property is located on a commercial lot with little to no visability from Highway 100. Acess to the property is from a frontage road off of 57th Avenue N. The property is a 14,950 square foot retail building with two tenant spaces. The property was constructed in 1958, and has an effective age of 1975. The property is a one story building with a story height of 14' and an average finished ceiling height of 10'. The property is of masonry construction and in average condition. The property has average plumbing and electrical, with bathrooms and utility sinks for each tenant side. Tenant spaces provide warehouse storage areas with rear and side service delivery doors. The property has 70 parking spaces. It was noted that the asphalt parking lot area is in need of repairs at the time of inspection. Low areas and potsholes requre repair. 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En on E-- 2- ).-, ▪•0O./ I.t ) s0 71-•1-1 -8 173 CU w ... g ,_ ... 0 LE .-‘ .T. < 'El ,•d-..E0;3-._,2 [1. ea.--1 0 [1-.-1 -C•40 •-• , ..4 cc.g co , g o•:,1.7. ti inin E Co Cv CV 0 >-, 1 7 W 13 Board of Appeal and Equalization Additional Subject Photos Retail West Side Additional Subject Photos Retail and Parking East Side 2013 Board of Appeal and Equalization 175 13 Board of Appeal and Equalization17e Additional Subject Photos Retail Tenant Space West Side Additional Subject Photos Warehouse West Tenant 2013 Board of Appeal and Equalization 177 1 7 e l3 Board of Appeal and Equalization Additional Subject Photos Loading Area West Tenant I mufti IliumIt !mint Additional Subject Photos Warehouse East Tenant 2013 Board of Appeal and Equalization 179 1 8 6013 Board of Appeal and Equalization Additional Subject Photos Loading Area East Tenant Additional Subject Photos West Parking Lot West Parking Lot 2013 Board of Appeal and Equalization 181 182 1958Year Built Effective Age $1,137,0002013 EMV Market Derived Income Approach - Direct Capitalizati Retail Area Basement Area 14,950 s.f. 100% 0 s.f. 0% 1975 Tax rate 4.60% Capitalization Rate 8.50% Eff.Tax Rate 0.69% Loaded Cap Rate 9.19% 2105 57th Ave N., Brooklyn Center Property Information Property Name O'Reilly! Family Dollar Property Type Retail Property Address 2105 57th Ave N Brooklyn Center Property ID # 02-118-21-42-0033 GBA 14,950 s.f. Assumptions Effective Date 1/2/2013 Vacancy & Collection Loss 15% Expense on Vacancy $8.40 Reserves $0.25 Retail Area $10.00 Basement Area $0.00 Blended Rate $10.00 Pro Forma Income/Area 149,500Retail Area Basement Area 'Potential Net Income 149,500 Vacancy & Collection Loss (22,425) Effective Net Income 127,075 Expense on Vacancy Reserves (18,838) (3,738) Total Expenses (22,576) Net Operating Income 104,499 I Value as of 1/2/2013 $ 1,137,000 I $76.05 /s.f. NRA $76.05 /s.f. NRA COMP 1 COMP 2 COMP 4COMP 3SUBJECT NET ADJUSTMENT -25%-19%19%15% GROSS ADJUSTMENT 31%2 3 %53%31% EST VALUE [I] GBA $75.89 $93.30 25.00% $67.68 25.00% $88.22 25.00% $54.35 25.00%Value Rounded $1,132,245 ADJUSTMENTS TIME 0%0%0%0% CONDITIONS OF SALE NET ADJUSTMENT 0%0%0%0% $124.40 $83.56 $74.13 $47.26 LOCATION -10%-10%-10%-5% AGE/CONDITION -10%-5%10%10% QUALITY OF CONSTRUCTION -5%0%10%5% BUILDING/PROPERTY SIZE (TFA)3%-2%-2%0% WALL/CLEAR HEIGHT 0%0%0%0% BASEMENT/STORAGE 0%0%-5%0% AIR CONDITIONING 0%0%10%0% SPRINKLERS -3%-3%0%-3% PARKING 0%2%3%3% LAND/BUILDING RATIO 0%-1%3%5% MARKET WORKSHEET JAN. 2 2013 2105 57th Ave N. Brooklyn Center SUBJECT COMP 1 COMP 2 COMP 3 COMP 4 ADDRESS 2105 57th Ave N.6350 Brooklyn Blvd 7400 Kirkwood Court 901-907 Lake St W 10015 Minnetonka Blvd CITY Brooklyn Center Brooklyn Center Maple Grove Minneapolis Minnetonka PID 02-118-21-42-0033 34-119-21-42-0032 26-119-22-24-0003 04-028-24-22-0047 13-11 7-22-1 3-0166 SALE DATE SUBJECT September 26, 2012 March 30, 2012 November 30, 2012 November 10, 2011 SALE PRICE $1,200,000 $1,000,000 $825,000 $625,000 CASH EQUIVALENT S.P.$1,200,000 $1,000,000 $825,000 $625,000 LESS PERSONAL PROPERTY $0 $0 $0 $0 CE PRICE OF REAL ESTATE $1,200,000 $1,000,000 $825,000 $625,000 RE CE VALUE/S.F. $124.40 $83.56 $74.13 $47.26 1 LOCATION AND PHYSICAL CHARACTERISTICS LOCAION FAIR SUPERIOR SUPERIOR SUPERIOR SUPERIOR YEAR OF CONSTRUCTION 1958 1997 1997 1910-1921 1977 EFFECTIVE AGE 1975 2000 1997 1940 1977 CONDITION AVG AVERAGE SUPERIOR INFERIOR SIMILAR QUALITY AVG AVERAGE SUPERIOR INFERIOR SIMILAR ZONING C-2 COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL USE RETAIL RETAIL RETAIL RETAIL RETAIL FIRST FLOOR AREA (FFA)14,950 9,646 11,968 5,527 13,224 2ND FLOOR AREA 0 0 0 0 0 MEZZANINE AREA 0 0 0 0 0 BASEMENT/STORAGE AREA 0 0 0 5,602 0 TOTAL FLOOR AREA (TFA)14,950 9,646 11,968 11,129 13,224 GROSS BLDG AREA (GBA)14,950 9,646 11,968 11,129 13,224 BUILDING EFFICIENCY 99.80%100.00%100.00%100.00%100.00% TENANCY MULTI SINGLE SINGLE MULTI MULTI NUMBER OF STORIES 1 1 1 1 1 STORY HEIGHT/CLEAR HGT 14 / 10 18 / 16 20 / 16 14 / 10 12 / 10 ELEVATORS NO NO NO NO NO SPRINKLERS 0%100%100%0%100% AIR CONDITION (% OF NRA)100%100%100%0%100% PARKING STALLS 70 75 35 15 20 STALLS PER 1,000 SF GBA 4.68 7.78 2.92 1.35 1.51 USABLE LAND AREA 73,150 35,392 65,604 11,861 33,519 LAND TO BLDG RATIO 4.89 3.67 5.48 2.15 2.53 183 COMPARABLE WEIGHTING $75.89 $93.30 25.00%$23.33 $77.95 $67.68 25.00%$16.92 $76.92 $88.22 25.00%$22.05 $54.35 25.00%$13.59 Total 100.00%$75.89 AVG SALE PRICE MEDIAN SALE PRICE AVG OF THE TWO January 2, 2013 Indicated by Cost Approach Indicated by Market Approach Indicated by Market Income Approach Average of Three Approaches $0.00 $0 $75.89 $1,134,521 $76.05 $1,134,666 $75.97 $1,133,455 0% 40% 60% 100% Rounded EST VALUE [i] GBA $0.00 $30.36 $45.63 $75.99 $1,100,000 $73.73 184 PROPERTY USE: Retail Store COMPLEX NAME: Autozone ADDRESS: 6350 Brooklyn Boulevard AUDITOR ID: 57109 PUBLIC********ACE*A******PUBLIC Code: 353 RC: 16 GBA 9646 WD Seq #: 3 Ratio N Comp: N COMMUNITY: NBRHOOD: MUNICIPALITY: BROOKLYN CENTER COUNTY: HENNEPIN PIN #: 34-119-21-42-0030 MULTI PID: N PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built:1997 2000 Buyer: Autozone Development Corporation Const Quality/ Condition:AVERAGE AVERAGE Seller: BCK Enterprises LLC Const Class/ No. of Bldgs:Masonry Bearing Wall 1 Sale Data: Date of Sale:9/26/12Exterior Type/ Roof Type:Decorative Block Flat 2nd Exterior Type/ Roof Cyr:Other Total Purchase Price:$1,200,000 Down Payment Amount:$35,000SIZE & USES First Floor Area/ GBA:9,646 SF 9,646 SF Other Terms: Total Floor Area/ NRA:9,600 SF TERMS Bldg Perim./ Shape/ Units:394 FT Rectangle No Data Available Mezzanine Area/ Use:SF Cash Equivalent Price: 0.00%$1,200,000 Bsmt Area/ %Fin/ (3/0:SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use:LESS: Personal Property:$0 Bsmt Fin/ °/0:SF 0% GBA PLUS: Special Assessments: Ind:Y $0 First Floor Use:Cash Equivalent of Real Estate:$1,200,000First Floor SF/ °A):9,646 SF 100% GBA 2nd+ Floor Use:Sale Analysis: Sale Price Per Sq. Ft. TFA:$125.00 2nd+ Floor SF/ °/0:SF 0% GBA Sale Price Per Sq. Ft. GBA:$124.40 Tot Off Area:SF 0% GBA Sale Price Per Sq. Ft. NRA: Primary Heating/ Pct:Package Unit 100%Sale Price Per Sq. Ft. Land Area:$25.03 Secondary Heating/ Pct:Sale Price Per Room: Air Conditioning Pct:90%Income Data:Sprinklers/ Elevators:100 Garage/ Ramp Spaces:PRIVATE DATA Surface Parking Space: Parking Surface Type:Asphalt Rent Schedule: Multiple Tenancy:PRIVATE DATA Bldg Ht/ Avg Clear Ht:18.0 FT 16.0 FT # Stories:1.0 Avg. Finished Ceiling Ht:FT Total Land Area/ Topography:47,936 SF Level Useable Land Area:35,392 SF Zoning/ Land Def Cd:C2 Trackage/ Utilities:Improved Land Big Ratio/ Excess Land:4.97 to One Environmental Concern Ind: Other Amenities: Summary Comments: PID not assigned, property is free standing retail building to be split from nbhd shopping center. Information listed above describes future site. Property will include a restrictive convenant for remaining shopping center, and has cross access and parking easements for all properties involved. Property has been leased by buyer until sale could be completed. Seller listed property for sale without dividing out parcel. Process has taken over a year to complete. Buyer put $200,000 into improvements to the building prior to sale, short term lease prior to division/sale in place. 185 '6 4c1c. 2L*ZhZMED ****FIUT315r Pin #:3411921420030 Seq #:3 186 MUNICIPALITY: MAPLE GROVE COUNTY: HENNEPIN PIN #: 26-119-22-24-0003 MULTI PID: N PROPERTY USE: Retail Store COMPLEX NAME: ADDRESS: 7400 Kirkwood Court AUDITOR ID: 49856 PUBLIC*****,*4;ACE&Ar-l*sc***=PUBLIC Code: 353 C RC: 00 GBA 11968 WD Seq #: 1 Ratio Y Comp: Y COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built:1997 1997 Buyer: Dean's Professional Plumbing Const Quality/ Condition:AVERAGE AVERAGE Seller: Deton Properties Const Class/ No. of Bldgs:Masonry Bearing Wall 1 Sale Data: Date of Sale:3/30/12Exterior Type/ Roof Type:Brick Flat Total Purchase Price:$1,000,0002nd Exterior Type/ Roof Cyr:Tar and Gravel Down Payment Amount:$0SIZE & USES First Floor Area/ GBA:11,968 SF 11,968 SF Other Terms: Total Floor Area/ NRA:SF TERMS Bldg Perim./ Shape/ Units:448 FT Rectangle No Data Available Mezzanine Area/ Use:SF Cash Equivalent Price: 0.00%$1,000,000 Bsmt Area/ %Fin/ °A):0 SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use:LESS: Personal Property:$0 Bsmt Fin/ Wo:SF 0% GBA PLUS: Special Assessments: Ind:Y $0 First Floor Use:Cash Equivalent of Real Estate:$1,000,000First Floor SF/ °/0:11,968 SF 100% GBA 2nd+ Floor Use:Sale Analysis: Sale Price Per Sq. Ft. TFA: 2nd+ Floor SF/ °/0:SF 0% GBA Sale Price Per Sq. Ft. GBA:$83.56 Tot Off Area:SF 0% GBA Sale Price Per Sq. Ft. NRA: Primary Heating/ Pct:Package Unit 100°k Sale Price Per Sq. Ft. Land Area:$15.24 Secondary Heating/ Pct:Sale Price Per Room: Air Conditioning Pct:100%Income Data:Sprinklers/ Elevators:100 0 Garage/ Ramp Spaces:0 0 PRIVATE DATA Surface Parking Space:35 Parking Surface Type:Asphalt Rent Schedule: Multiple Tenancy:PRIVATE DATA Bldg Ht/ Avg Clear Ht:20.0 FT 16.0 FT # Stories:1.0 Avg. Finished Ceiling Ht:16.0 FT Total Land Area/ Topography:65,604 SF Level Useable Land Area:65,604 SF Zoning/ Land Def Cd:Freeway Frontage Trackage/ Utilities:N All available Land Big Ratio/ Excess Land:5.48 to One Environmental Concern Ind: Other Amenities: Summary Comments: Good sale. Freeway visibility on 94/694. Openly marketed for approximately 6 months. Original list price was $1.3 million. Buyer and seller brokers involved. Appraisal completed for financing purposes. Details to be provided. 187 PUBLIC********ACE********PUBLIC Pin #:2611922240003 Seq #:1 188 PROPERTY USE: Retail Store MUNICIPALITY: MINNEAPOLIS Code: 353 RC: 00 COMPLEX NAME:COUNTY: HENNEPIN GBA 11129 WD ADDRESS: 901 & 907 Lake St W PIN #: 04-028-24-11-0047 Seq It: 1 Ratio Y Comp: Y AUDITOR ID: 59271 MULTI PID: Y COMMUNITY: 47 NBRHOOD: 47 PUBLIC1c$4444 ***ACE* ***tttic*PUBLIC PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built:1910 and 1921 1940 Buyer: 901 Lake LLC Const Quality/ Condition:AVERAGE FAIR Seller: Newman, Paul & Gretchen Const Class/ No. of Bldgs:Masonry Bearing Wall 2 Sale Data: Date of Sale:11/30/12Exterior Type/ Roof Type:Stucco Flat Total Purchase Price:$825,0002nd Exterior Type/ Roof Cvr:Concrete Block Tar and Gravel Down Payment Amount:$165,000SIZE & USES First Floor Area/ GBA:5,527 SF 11,129 SF Other Terms: Total Floor Area/ NRA:5,527 SF TERMS Bldg Perim./ Shape/ Units:Fr No Data Available Mezzanine Area/ Use:SF Cash Equivalent Price: 0.00%$825,000 Bsmt Area/ %Fin/ °/0:5,602 SF 50% GBA Cash Equivalent Adj: Bsmt Use:storage LESS: Personal Property:$0 Bsmt Fin/ °A): First Floor Use: 0 SF 0% GBA retail PLUS: Special Assessments: Ind:N Cash Equivalent of Real Estate: $0 $825,000 First Floor SF/ ')/0:5,527 SF 50% GBA 2nd+ Floor Use:Sale Analysis: Sale Price Per Sq. Ft. TFA:$149.27 2nd+ Floor SF/ ')/0:SF 0% GBA Sale Price Per Sq. Ft. GBA:$74.13 Tot Off Area:SF 0% GBA Sale Price Per Sq. Ft. NRA: Primary Heating/ Pct:Forced Air 100%Sale Price Per Sq. Ft. Land Area:$69.56 Secondary Heating/ Pct:Sale Price Per Room: Air Conditioning Pct:Income Data:Sprinklers/ Elevators:0 Garage/ Ramp Spaces:PRIVATE DATA Surface Parking Space:15 Parking Surface Type:Gravel Rent Schedule: Multiple Tenancy:PRIVATE DATA Bldg Ht/ Avg Clear Ht:Fr Fr # Stories:1.0 Avg. Finished Ceiling Ht:FT Total Land Area/ Topography:11,861 SF Useable Land Area:SF Zoning/ Land Def Cd:C2 Trackage/ Utilities: Land Blg Ratio/ Excess Land:1.07 to One Environmental Concern Ind: Other Amenities: Summary Comments: sale includes parcel id's 04 028 24 11 0047 & 0048. Property on the open market since April of 2011. Original asking price was $920K. Buyer purchased mostly land and "shell" of building (appm 60 to 70% of the purchase price reflective of what was paid for the land with the remainder what was paid for the building). Having to replace both roofs, electrical panels, install new restrooms, new storefronts, new HVAC systems, and new parking lot. A restaurant is going in the 901 Lake St. bldg. having 2,980sf gfa/aga and a retail store in the 907 Lake St. bldg. having 2,547sf gfa/aga. 189 M-31:IC******Iitt__K *******00= Pin #:0402824110047 Seq #:1 190 PROPERTY USE: Retail Store COMPLEX NAME: ADDRESS: 10015 Minnetonka Boulevard AUDITOR ID: 44700 MUNICIPALITY: MINNETONKA COUNTY: HENNEPIN PIN #: 13-117-22-13-0166 MULTI PID: Y Code: 353 GBA Seq #: 1 Ratio N COMMUNITY: RC: 14 WD Comp: N NBRHOOD: PUBLICCOMUACE.PUBLIC PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built:Buyer: LLM Properties, LLC Const Quality/ Condition:Seller: Dick-Halvorson, LLC Const Class/ No. of Bldgs:Sale Data: Date of Sale:11/10/11 Exterior Type/ Roof Type:Total Purchase Price:$600,0002nd Exterior Type/ Roof Cyr:Down Payment Amount:$0SIZE & USES Other Terms:First Floor Area/ GBA:SF SF Total Floor Area/ NRA:SF TERMS Bldg Perim./ Shape/ Units:FT No Data Available Mezzanine Area/ Use:SF Cash Equivalent Price: 0.00%$600,000 Bsmt Area/ %Fin/ °/0:SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use:LESS: Personal Property:$0 Bsmt Fin/ °/0:SF 0% GBA PLUS: Special Assessments: Ind:N $0 First Floor Use:Cash Equivalent of Real Estate:$600,000 First Floor SF/ °A):SF 0% GBA 2nd+ Floor Use:Sale Analysis: Sale Price Per Sq. Ft. TFA: 2nd+ Floor SF/ °/0:SF 0% GBA Sale Price Per Sq. Ft. GBA: Tot Off Area:SF 0% GBA Sale Price Per Sq. Ft. NRA: Primary Heating/ Pct:Sale Price Per Sq. Ft. Land Area:$17.90 Secondary Heating/ Pct:Sale Price Per Room: Air Conditioning Pct:Income Data:•Sprinklers/ Elevators: Garage/ Ramp Spaces:PRIVATE DATA Surface Parking Space: Parking Surface Type:Rent Schedule: Multiple Tenancy:PRIVATE DATA Bldg Ht/ Avg Clear Ht:FT FT # Stories: Avg. Finished Ceiling Ht:FT Total Land Area/ Topography:33,519 SF Useable Land Area:SF Zoning/ Land Def Cd:B-2 F Trackage/ Utilities:N Land Big Ratio/ Excess Land:to One Environmental Concern Ind:N Other Amenities: Summary Comments: Payoff of a contract from the 12/31/10 transaction. 191 The reconvene of the Local Board of Appeal and Equalization has been set for Monday, May 6, 2013 at 6:00 p.m. 1 92 Materials handed out at the meeting. 2013 Brooklyn Center Local Board of Appeal and Equalization Meeting Agenda: 1.Meeting called to order, roll call. (7:00 p.m.) 2.Local Board of Appeal and Equalization (LBAE) Certification Form. 3.The purpose of the Local Board of Appeal and Equalization. 4.Questions regarding the Local Board of Appeal and Equalization duties. 5.The Assessor's Report. 6.Questions regarding the assessment report. 7.Appearances by taxpayers with appointments. Penny Lane Report: Page 48 8.Appearances by taxpayers without an appointment. Walk-In Appeals: Page 79-80 9.Consideration of written appeals. MSB Holdings Brooklyn Center, LLC Page 82 AEON — The Crest Apts Page 125 George Zeller — O'Reilly/Family Dollar Page 169 Earle Brown Terrace — Sr Assisted Apt Handout 10.Set date of Local Board of Appeal and Equalization reconvene meeting if needed. 11.Close the board to further appeals if reconvene is needed and recess the meeting, or adjourn the meeting if completed. i KLYN Cfty of B OO CENTER 2013 Local Board of Appeal and Equalization Permy A. Lane 5434 72nd Cir 28-119-21-42-0079 2013 Assessed Value: $61,300 Recommendation: Increase Value From $61,300 to $63,400 This report is not an appraisal as defined in M.S. § 82B.02 (subd.3) nor does it comply with the Uniform Standards of Professional Appraisal Practice. Iris intended to be used as a reference only and any use other than its intended use is prohibited and unlawful The author does not represent this to be an appraisal and is not responsible for any inappropriate use. It is a report ofpublic records using a mass appraisal technique. "City of Brooklyn Center A Millennium Community TO: 2013 Brooklyn Center Local Board of Appeal and Equalization RE: Penny Lane 5434 72 nd Cir. Brooklyn Center, MN 55429 Ms. Lane contacted the Assessor's office regarding the 2013 estimated market value on her property. Ms. Lane felt that the property value for her townhome was too low. Ms. Lane stated she had put both additional storage and energy efficient upgrades into her home that she felt should be reflected in the 2013 market value. At Ms. Lane's request, an appraiser from the Brooklyn Center Assessor's office reviewed the physical characteristics of her townhome on Friday April 5 th , 2013. The property is a 904 square foot rambler townhome with a one car attached garage located on a waterfront lot. The exterior is in good condition with updates including siding, roofing, storm windows, skylight and garage door replacement. The main level has original finish that has been well maintained. The main level includes a living room with gas burning stone fireplace, dining, kitchen, one full bathroom, finished laundry, and two bedrooms. There is no basement. Interior upgrades to the property include added insulation in the attic to R30, and a high efficiency gas furnace. After physical review of the property, value was added for the additional energy efficient updates in this home. After reflecting these changes, the revised 2013 estimated market value is $63,400. Ms. Lane was requested to provide a market analysis compiled by a local realtor. To date, the Assessor's office has not received any market information from Ms. Lane. Ms. Lane did provide the Assessor's office with a detailed listing of the improvements she has added to her property. Although many of the items on this list add functionality to Ms. Lane's property, they are not contributing significant value to the property. The enclosed sales comparables completed by the Assessor's office compares the subject property to three similar townhomes in Brooklyn Center. The total adjusted value for the subject property does not include a flat charge for a skylight of $500. Once the $500 flat charge is added, it brings the market adjusted value to $61,309, or $61,300 for the 2013 assessment. The subject property and comparable number one are located in the Mallard Pond townhome complex. Although a different style, comparable number one is considered to be the most comparable sale, due to its location in the same complex, and having the least amount of adjustments. Comparable number two is a handicap 6301 Shingle Creek Parkway Brooklyn Center MN 55430-2199 City Hall & TDD Number (763) 569-3300 FAX" (763) 569-3494 www.cityofbrooklyncenterorg - Recreation and Community Center Phone & TDD Number (763) 569-3400 FAX (763) 569-3434 accessible rambler townhome located off water. Comparable number three is a rambler townhome located on a waterfront lot in the Moorwood townhome complex. The indicated range of adjusted sale prices on the three sales comparables range from $63,654 to $65,661. The sale price per square foot range on these comparable sales is $50.26 to $69.58. Ms. Lane's price per square foot on her 2013 estimated market value of $61,300 is $67.81. Ms. Lane's 2013 estimated market value of $61,300, and its corresponding price per square foot of $67.81 fall within the indicated price per square foot range of sale prices for the 2013 assessment. It is the recommendation of the Assessor's office to increase the 2013 estimated market value for the property at 5434 72 nd Cir from $61,300 to $63,400 for taxes payable in 2014, based on the characteristic changes from the energy efficient updates. Many of the additional items that Ms. Lane is requesting to be considered for a value increase are not defendable as an increase to value. Respectfully submitted, 6171ZA, Nancy Wojcik, SAMA City Assessor 2013 City of Brooklyn Center Assessing Department Local Board of Appeal and Equalization Staff Report Property Property PID #: Owner(s): Address: Penny A. Lane 5434 72nd Cir 28-119-21-42-0079 Market Value Assessment Year 2013 Assessment Year 2012 Assessment Year 2011 $61,300 $74,900 $80,200 Sale:May 1, 1991 - 59,000 (11 - Other) Comments: Subject property is a 904 sq. ft. rambler townhome with no basement and a single attached garage constructed in 1983. The subject is located on a waterfront lot in the Mallard Ponds townhome complex. The property has had exterior updates to include newer siding, updated storms on original windows, roof, skylight and garage door replacement. Interior updates include a high efficiency gas furnace, added insulation in the attic to R30, and a gas fireplace insert. Assessor Recommendation: Increase Value From $61,300 to $63,400 Appraiser:Last Inspection Date: Jill Brenna April 5, 2013 2013 Board of Appeal and Equalization Subject Data Summary PID #: Property Address: Multiple Address: Lot/Block: Addition: Legal(120): Owner(s): Property Classification: 2013 EMV: 2012 EMV: 2011 EMV: Last Sale: Lot Size: Zoning: Dwelling Type: Style: Bedrooms: Baths: Actual Year Built: Gross Building Area: Basement Area: Bsmt Finished Vo: Garage #1: Garage #2: 28-119-21-42-0079 5434 72nd Cir Brooklyn Center, MN 55429 No 049/001 The Ponds Plat Five Penny A Lane Townhouse - Homestead 61,300 74,900 80,200 5/1/1991 - 59,000 - Other - 11 3,064 Sq.Ft. / .07 Acres R3 Townhome One Level/Rambler 2 1 1983 904 1 Car Attached None 2013 Board of Appeal and Equalization Appeal 141 7MN. AD IIII■ MO •••••74 ... . ■••107•107,—I 1., MI ■EM MO . .. ..... - '••••Imis ...nr. _i:-.W.1,12W.I Additional Subject Photos Front View Exterior Rear View 2013 Board of Appeal and Equalization Appeal 111 Additionall Subject Photos Living Room 2013 Board of Appeal and Equalization Appeal #1 Additional Subject Photos Bedroom 1 2013 Board of Appeal and Equalization Appeal #1 Additional' Subject Photos Built In Closet Shelving 2013 Board of Appeal and Equalization Appeal #1 Additionall Subject Photos Laundry 2013 Board of Appeal and Equalization Appeal #1 Additional Subject Photos Garage with added Shelving 2013 Board of Appeal and Equalization Appeal #1 24' First Floor 26' 904 sf 46' 10' Garage 200 sf 20' 20' 14' NO BSMT PATIOS'BO sf Sketch by Apex Medina'. Subject Sketch Sketch 2013 Board of Appeal and Equalization Appeal #1 Sales Comparables Comparable 1 Comparable 2 Comparable 3 2013 Board of Appeal and Equalization Appeal #1 Saks Comparables Comparable 1 Comparable 21 Subject d :11 -11 2811921420079 2811921430109 5434 72nd Cir 5424 70th Cir 3411921110025 0311821230056 6805 York P1 5825 Lake Curve La $59,000 $58,000 $89,000 $78,000 05/01/1991 06/01/2012 01/31/2012 04/17/2012 $58,000 $86,330 $78,000 $65.27 $50.26 $63.95 $69.58 Townhome Townhome Townhome Townhome One Level/Rambler Two Story One Level/Rambler One Level/Rambler 3,064 3,060 1,980 2,610 1983 1979 1996 1996 1985 1980 1996 1996 B07 B07 B06 B07 904 566 1,350 1,121 904 1,154 1,350 1,121 904 1,154 1,350 1,121 2 2 2 2 1 1 2 2 200 322 594 400 1 1 2 2 Attached Attached Attached Attached 1 1 2 2 Central Central Central Central 1 1 48 $29,604 $4,984 ($13,017)($4,858) $17,600 $1,800 $1,800 $3,660 ($1,872)($4,947)($3,666) $55 $5,033 ($1,612)($5,571)($6,053) $1,654 ($391)($949)($507) ($278) $2,745 $2,745 $817 $2,745 $458 $60,809 $5,654 ($22,145)($12,339) $63,654 $64,185 $65,661 2013 Board of Appeal and Equalization Appeal #1 Item PID Address District Sale Price Sale Date Cash Equivalent Price Per Sq. Ft. Dwelling Type Style Property Area Actual Age Effective Age Quality Class 1st Floor Area Total GBA Finished Area Basement Area Basement Finished (%) Total Bedrooms Total Bathrooms Garage 1 Floor Area Garage 1 # of Cars Garage 1 Placement Total # of Cars Walkout Type Air Conditioning Pool Area-Total Fireplaces Deck Area-Total Porches River Lake Influences Sq. Ft. Adj Add Bsmt Adj Ded Unfin GBA Adj Site Adj Garage Adj Walkout Adj Patio Adj Bath Adj Air Conditioning Adj Porch Adj Fireplace Adj Deck Adj Fin Bsmt Adj Misc. Adj Total Adj Market Adj Value ScIdlEin9 73re: Ave N Pad ,: • OFNILI 7 ES East Patrao PJ1m!-.1 p a d i bike 1S2_l AvENL-F. Vhst Palmo Lake Pack riBy,t1,-da N _ 130 : - - • d..!?■• • Ggth S h i t _s_ 521—'77 - — 33 CV.• Kr, '01 63rd Ave :N _ 62 rd,Ave N- - --•. 152 . SKywAy Garth:a-i s-- 34 ' cit'e EARLE': 10 ---58th Ave IN -ok".\ s ner....,■14i.“.7-) 74.0 1;1,1ri.. PERRY A.VEC,,LIE I Ave N Crystal AiTcrthirr COMPARABLE SALES MAP COMPARABLE #1 5424 70 th Circle, Brooklyn Center COMPARABLE #2 6805 York Place, Brooklyn Center COMPARABLE #3 5825 Lake Curve La, Brooklyn Center CITY OF BROOKLYN CENTER 2013 LOCAL BOARD OF APPEAL AND EQUALIZATION Walk — In / Write — In Appeal Application Local Board of Appeal and Equalization held April 29, 2013 at 7:00 P.M. Name(s) Earle Brown Lanel Ltd Ptnshp c/o CPAC, Brad Matheidas, Agent for Owner Daytime Contact Number: 817.251.6666 Property Address 6100 Summit Drive, Brooklyn Center Property Identification Number 35-119-21-44-0012 Assessor's 2013 Estimated Market Value 8,417,000 Is your property residential, commercial or multi-family? Assisted Living If you are appealing a commercial, multi-family or residential rental property you will need to submit income and expense data for calendar year 2012 with your application. What is the reason you are appealing your 2013 assessment? Economic obsolesence justifies a 20% adjustment to the current assessment. When did you purchase your property? Date of Purchase Purchase Price Did you purchase your property from a bank, as a foreclosure or short sale? Has your property physically changed 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? What do you think the value of your property should be? 6,733,600 We will need to schedule an interior review of your property within the week, is there a specific date or time that works best for you? Please provide any documentation supporting your claim of overvaluation or erroneous classification with this application. In orderip_p_p_peal our valuation an a ointment to view thewithin the week ma. be re.uired lease be -ed to schedule an gppJntrnent with assessin staff followin aeaLbeforo the board. 640 \A/ SOUTHLAKE BLVD SOUTHLAKE TX 76092 TI81 7 )2516666 F(817)251 4833 CPACUSA COM APR 2 9 2013 E April 25, 2013 City of Brooklyn Center Assessor 6301 Shingle Creek Pkwy Brooklyn Center, MN 55430 RE: Earle Brown Terrace (Independent Living /Apartment Homes) 35-119-21-44-0012 Ms. Wojcik, My name is Brad Matheidas, a property tax consultant in Southlake, TX who assists the current owner of the aforementioned property with their property tax representation. This letter is written to let you know that while we do not believe the current assessment to be unreasonable, we did want to let you know that Earle Brown Terrace continues to suffer some challenges in terms of occupancy and income. The occupancy at the facility remains at just over 60% with an income of about $440,000. Capitalization of the income would yield a value significantly beneath the assessment. It is apparent that competition for senior living is at a premium in or around Brooklyn Center. As a result, while we may not be the only senior company in Brooklyn Center to suffer as a result of competition, Earle Brown continues to suffer nevertheless. If your review of the assessment concludes that some additional economic obsolescence exists, we would appreciate that. I have enclosed 12 months of 2012 income (in two statements) and the occupancy information. The occupancy has declined about 10% in the prior 24 months. Thank you for your attention to this letter and for your review. I have not requested a review in Brooklyn Center prior to this should I need to file a necessary form, please notify me. My telephone number is (817) 251-6666. Sincerely, 67-JZ Brad Matheidas COMPLEX PROPERTY ADVISORS CORPORATION JOAN GNIEPC.ommission Number 771140teemmissicemberCommission My Commission Expires: 6?-/el • 45' AGENT AUTHORIZATION TO STATE, COUNTY, CITY & OTHER PROPERTY TAXING JURISDICTIONS, ADMINISTRATIVE REVIEW BOARDS, TAX COMMISSIONS AND/OR COLLECTION ENTITITE,S IN THE STATE OF MINNESOTA, Complex Property Advisors Corporation, P.O. Box 92129, Southlake, Texas, 76092, (817) 251-6666, its agents and employees are hereby appointed as our agents to prepare and file real property and business personal property returns, receive and respond to all compliance filing correspondence, file protests, receive and respond to all appeal correspondence, and meet with appropriate officials and other personnel of the taxing jurisdictions in the State of Minnesota for the purpose of negotiating settlements of property tax valuations and complying with the laws of the State of Minnesota in the Matter of property taxation of certain real and business personal property owned by the undersigned taxpayer or in which the undersigned taxpayer has an ownership interest. This authorization shall remain in force and effect until revoked in writing. Specified powers: (please check appropriate response) Yes [No Said Agent is to receive rendition forms and other compliance filing correspondence on the attached accounts/parcels. Yes IN 01 Said Agent is to receive tax bills on the attached accounts/parcels. fres1 No Said Agent is to receive notice, orders and/or other communication regarding values and/or appeals on the attached accounts/parcels. Signed the 02ert- day of Account #'s: See Attached Listing qa4t4"1-443.- , 2013 c/o Life Care Services LLC 400 Locust Street, Suite 820 Des Moines, IA 50309-2334 515.875.4625 By: eate-Z4, 4/tZ'e Title: Se c re76 State of Iowa County of Polk Before me, a duly commissioned Notary Public within and for the State and County aforesaid, personally appeared Ra.bia-t-tp.... S, S-6o 1) , known to me to be the person v who signed the foregoing instrument and acknowledged to me that (s)he signed the same for the purposes and consideration expressed therein, and in the capacity therein stated. Signed this 01 (0( day of •.,IcAn , 2013. Attachment to Authorization Property Name Account No.Owner Name Address Meridian Manor 01-117-23-11-0002 Wayzata Partners Ltd Ptnrshp 163 Wayzata Blvd W Timbers 01-57015-01-011 Timbers Lanel LLC 14018 Pennock Ave The Rivers 02-64112-01-010 River Hills Ptns Ltd Ptnshp 1111 Rivers Hill Drive Traditions 17-119-21-44-0218 LNF Tradition I LLC 8500 TCssman Farm Rd N Heathers Manor 21-118-21-32-0038 Lanel Crystal Manor LLC 3000 Douglas Dr N Heathers Estates 21-118-21-33-0005 Lanel Crystal Estates LLC 2900 Douglas Dr N Waterford Estates 32-119-21-43-0015 Waterford Lane! Ltd Ptnshp 7000 62nd Ave N Waterford Manor 32-119-21-43-0030 Waterford II LP 6280 Louisiana Ct N Earle Brown Terrace 35-119-21-44-0012 Earle Brown Lanel Ltd Ptnshp 6100 Summit Drive Nancy Wojcik From: Beverly Kirkpatrick <bkirkpatrick@CPACusa.com > Sent: Monday, April 29, 2013 9:07 AM To: Nancy Wojcik Subject: FW: 2013 Property Review/Appeal - 35-119-21-44-0012 Attachments: 2013 Appeal 35-119-21-44-012.pdf; Earle Brown Terrace (2013) - Auhorization to Assessor. pdf Dear Ms. Wojcik, My e-mail was returned as I did not type in your e-mail correctly. Brad Matheidas had also sent you an e-mail and his was returned too. I believe that he sent me a copy so I will forward that one as well. Brad is out of the office attending hearings in Houston today but he does receive e-mails on his phone should you have any questions. Thank-you, Beverly From: Beverly Kirkpatrick Sent: Thursday, April 25, 2013 3:16 PM To: Triwojcik@brooklyn-center.mn .usT Cc: Brad Matheidas Subject: 2013 Property Review/Appeal - 35-119-21-44-0012 Dear Ms. Wojcik, Attached is our written request for review of the referenced account. Mr. Matheidas will contact our client today to see when you will be able to make a property inspection next week (you mentioned you were available Monday thru Wednesday). If you have an additional questions, please contact Brad at 817.251.6666 or by e-mail at bmatheidas@cpacusa.com . Thank-you, Beverly Kirkpatrick COMPLEX PROPERTY ADVISORS CORPORATION (CPAC) P.O. Box 92129 (640 W. Southlake Blvd. - 76092) Southlake, TX 76092 817.251.6666 817.251.4833 (Fax) 1 Nancy Wojcik From: Nancy Wojcik Sent: Monday, April 29, 2013 9:56 AM To: ibmatheidas@cpacusa.comi Subject: 2013 Brooklyn Center Local Board of Appeal Attachments: Walk in APPLICATION 2013 for meeting.doc; Authorization to Represent Owners.pdf Mr. Matheidas, My name is Nancy Wojcik, City Assessor for the City of Brooklyn Center. I received your email regarding an appeal of the 2013 valuation on the Earle Brown Terrace Apartments. In order to appeal the valuation I am requesting you to complete an appeal application that identifies your position on the properties valuation. I also would appreciate you completing a form indicating your ability to represent the owner. As our board meeting is tonight, could you provide the local Manager contact that could bring me through the property. I would like to try and coordinate a walk-thru as soon as possible. Respectfully, Nancy Wojcik, SAMA City Assessor City of Brooklyn Center nwoicik@ci.brooklyn-center,mn.us (763) 569-3357 Nancy Wojcik From: Beverly Kirkpatrick <bkirkpatrick©CPACusa.com > Sent: Monday, April 29, 2013 1:09 PM To: Nancy Wojcik Cc: Brad Matheidas Subject: Earle Brown Terrace - Account #35-119-21-44-0012 Nancy, I spoke with Brad Matheidas and he mentioned that you need an opinion of value for the referenced. He stated that "economic obsolescence justifies a 20% adjustment to the current assessment", therefore the opinion of value is $6,733,600. He is also trying to obtain a time you can tour the facility and he will get back with you once his client responds. Thank-you, Beverly Kirkpatrick COMPLEX PROPERTY ADVISORS CORPORATION (CPAC) P.O. Box 92129 (640 W. Southlake Blvd. - 76092) Southlake, TX 76092 817.251.6666 817.251.4833 (Fax)