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2014 04-21 CCP Board of Appeal and Equalization
Materials presented at the meeting. ANA STASI JELLUM I ' I' I I C I FI 14985 60 Th STREET NORTH I STILLWATER, MN 55082 PHONE: 651-439-2951 I FAX: 651-439-1417 I AJ-LAW.CON4 Lindsay W. Cremona Lindsay@AJ-Law.com Direct: (651) 332-8334 April 18, 2014 City of Brooklyn Center Local Board of Appeal and Equalization Attn: Jill Brenna 2014 Assessment Application for Appeal jbrenna VIA E-MAIL ONLY ci.broolclyn-center.mn.us RE: InvitatiOn Homes/Hennepin County, City of Brooklyn Center Taxes Payable in 2015 Our File No.: 16805 Dear Ms. Brenna: As you know, our office represents 1E13 Property Minnesota, LP, a Delaware Limited Partnership, d/b/a Invitation Homes ("Invitation Homes"), with respect to various matters, including the 2014 assessed market value appeal for that certain real property located at 1900 Brookview Drive, Brooklyn Center, Minnesota, PID No. 021182142011("Property"), This correspondence represents Invitation Homes' formal appeal to the Local Board of Appeal and Equalization for Brooklyn Center, Minnesota ("Local Board") with respect to the 2014 assessed market value for the Property ("Appeal"). It is our understanding that the Appeal will be presented to the Local Board on April 21, 2014. Please contact the undersigned if that is not correct. According to the Hennepin County Assessor's Office, the 2014 assessed market value of the Property, as of January 2, 2014, is $153,100.00. Please be advised that it is Invitation Homes' position that the 2014 assessed market value of the Property is $129,142.48. This number represents Invitation Homes' purchase price of the Property of $79,900.00 and Invitation Homes' subsequent costs of improvements on the Property of $49,242.48. In support of the Appeal, on April 11, 2014, Invitation Homes submitted the warranty deed and closing statement with respect to the Property. In further support of the Appeal, please find attached a comparable property and mls information related to the Property, supporting Invitation Homes' requested 2014 assessed market valuation of the Property. The attached comparable property was built around the same time as the Property, is of similar size, and has the same number of bedrooms. This comparable property has a 2014 assessed value of $107,839.00. AAP-- say W. Cremona ---LW-C/ksg enc. cc: Tania Tamarit @ Invitation Homes V■(0 1 0 11;', 1 11,PlcV;,\II., I April 18, 2013 Page 2 Invitation Homes respectfully requests that the Local Board find that the 2014 assessed market value of the Property is $129,142.48. Thank you for your consideration. Should you have any questions, please feel free to contact us. Should you have any questions, please feel free to contact us. Single-Family Property Full Property Full Display, Single Family Residential, MLS #: 4416100 Type: For Sale 1900 Brookview Drive Brooklyn Center, MN 55430 Status: Sold List Price: $69,900 Sold Price: $79,900 Original List Price; $69,900 Seller Coot: iITiITIIIIIII brr fig, 200140;4', Map Page; 92 Map Coord: B1 Directions; !Bass Lake Rd (57th) to Logan, go S to 56th, right to home. Total Bed/Bath;3/ 2 Garage: 2 Year Built:1953 Style:(SF) One Story TAX INFORMATIONConst Status:Previously Owned Property ID; 0211821420111. Short FormatFoundation Size:1,100 Tax Year: 2013AbyGrdFInSoFt:1,100 Tax Amt: $2,286BeiGrdFinSciFt:450 Assess Bal: $583 Total Fin SciFt;1,550 Tax w/assess: $2,869 Acres:0.257 Assess Pend: Unknown Lot Size:80x140 Homestead: No Yearly/Seasonal:Yearly List Date; 09/26/2013 Received By MLS:09/26/2013 Days On Market; 29 CDOM: 243 Off Market Date: 10/25/2013 Selling Agent: Kristin M. Betker Date Closed; 10/29/2013 Selling Office: EPIC Realty, Inc General Property Information Legal Description: LOT 006 BLOCK 006 RYDENS 2ND ADDN County: Hennepin Postal City: Brooklyn Center School District: 286 - Brooklyn Center, 763-561-2120 Manufactured Home?;No Complex/Dev/Sub: Common Wall: No Lot Description; Corner Lot Road Frontage; City Zoning: Residential-Single Accessibility; None Remarks Agent Remarks: Restriction on JP Morgan Chase employees, see agent for details. Agents to verify all MLS data. All offers to Offers@CEmurphy.com . Please note plumbing and furnace issues. Utilities will not be restored. Public Remarks: Rambler with 3 bedrooms and 2 bathrooms. 2 car garage. Needs updates and TLC. Structure Information Room Level Dimen Other Rooms Level Dimen Heat:Forced Air Living Rm Main 12x22 Hobby Room Lower 13x20 Fuel;Natural Gas Dining Rm Main 10x16 Informal Dining Rm Main 10x10 Air Cond: Central Family Rm Lower 10x19 Three Season Porch Main 12x13 Water:City Water/Connected Kitchen Main 10x10 City Sewer/Connected Bathrooms Sewer: Garage:Bedroom 1 Main 10x13 2 Bedroom 2 Main 7x11 Total: 2 3/4: 0 1/4:0 0th Prkg: Bedroom 3 Main 11x11 Full: 2 1/2: 0 Pool: Bedroom 4 Bath Description; Dining Room Desc; Family Room Char: Fireplaces: 0 Basement: Exterior; Fencing: Roof: Amenities-Unit: Parking Char: Special Search; Main Floor Full Bath, Full Basement Separate/Formal Dining Room, Informal Dining Room Lower Level Fireplace Characteristics: Full Wood Wood, Privacy Asphalt Shingles, Age Over 8 Years Deck, Kitchen Window, Hardwood Floors, Tiled Floors, Sun Room, Washer/Dryer Hookup Attached Garage 3 BR on One Level Financial Cooperating Broker Compensation Buyer Broker Comp: 3 °A Sub-Agent Comp: 0 % Facilitator Comp: 0 0/0Variable Rate: N List Type: Exclusive Right Sale Mortgage Information Sale Financial Terms: Cash Sale Loan Amount: $ Seller Contribution: $ Financial Remarks: Send all offers to Offers@CEmurphy.com , seller will review all offers on day 10.Sellers Terms: Conventional, CashIn Foreclosure?: No Lender Owned?: Yes Potential Short Sale?: No Owner is an Agent?: No Contact Information Listing Agent' Craig E. Murphy 763 -433 -9133Listing Office: EPIC Realty, Inc Office Phone: 763-433-9133 MLS #: 4416100 Address: 1900 Brookview Drive, Brooklyn Center, MN 55430 Information Deemed Reliable But Not Guaranteed, Copyright (c) 2014 Regional Multiple Listing Service of Minnesota., Inc. All Rights Reserved, Status: Sold List Price:$132,900 Sold Price: Seller Conti Original List Price: $132,900 ;1`,231S1,1k: Map Page: 92 Map Coorci: Cl Directions: :]Dupont Ave N to 58th Ave, go East to Aldrich Ave, South to home•• • , ..• . . . • " - • • .. • Single-Family Property Full Property Full Display, Single Family Residential, MLS #: 4418825 Type: For Sale 5725 Aldrich Avenue N, Brooklyn Center, MN 55430 Total Bed/Bath: 3/ 1 Garage: 2 Year Built: 1956 Style: (SF) One Story TAX INFORMATION Const Status: Previously Owned Property ID: 0111821240041 Short FormatFoundation Size: 1,200 Tax Year: 2013 AbvGrdFinSqFt: 1,200 Tax Amt: $1,923 BelGrdFinSqFt: Assess Bal: $637 Total Fin SqFt: 1,200 Tax w/assess: $2,560 Acres: 0.234 Assess Pend: Yes Lot Size: 100X117 Homestead: Yes Yearly/Seasonal: Yearly List Date: 10/03/2013 Received By MLS:10/04/2013 Days On Market: 33 CDOM: 33 Off Market Date: 11/05/2013 Selling Agent: Amy Michielle Freeman Date Closed: 12/02/2013 Selling Office: Edina Realty, Inc. General Property Information Legal Description: LOT 013 GOULDS RIVERVIEW ADDN S 100 FT EX ST County: Hennepin Postal City: Brooklyn CenterSchool District: 286 - Brooklyn Center, 763-561-2120 Manufactured Home?:No Complex/Dev/Sub: Common Wall: No Lot Description: Tree Coverage - Medium Road Frontage: City, Paved Streets, Curbs Zoning: Residential-Single Accessibility: None Remarks Agent Remarks: Buyers should obtain a free pre-qualification letter from Wells Fargo by going online at www.wellsfargo.com or contact Kevin Harris, NMLSR ID:480162, at 612-581-7056, kevin.harris@wellsfargo.com .Owner occupant offers for the first 15 days. See Supp Public Remarks: Freshly renovated one Ivl home on quiet cul de sac.New carpet,fresh paint & shiny wood fIrs.Maintenance free siding,fenced yard w/ a large shed & patio.FInish the lower Ivl for additional sq footage & add equity.Easy freeway access.New SS kitchen appl. Structure Information Room Level Dimen Living Rm Main 19X13 Dining Rm Family Rm Kitchen Main 18X13 Bedroom 1 Main 15X11 Bedroom 2 Main 11X10 Bedroom 3 Main 10X10 Bedroom 4 Other Rooms Level Dimen Heat: Forced Air Fuel. Natural Gas Air Cond: Central Water: City Water/Connected Sewer: City Sewer/Connected Garage: 2 0th Prkg: Pool: None Bathrooms Total: 1 3/4: 0 1/4:0 Full: 1 1/2: 0 Bath Description: Dining Room Desc: Fireplaces: 0 Appliances: Basement: Exterior: Fencing: Roof: Amenities-Unit: Main Floor Full Bath Kitchen/Dining Room Fireplace Characteristics: Range, Refrigerator Full Vinyl Wood Asphalt Shingles Patio, Kitchen Window Parking Char: Attached Garage, Driveway - Concrete Out Buildings: Storage Shed Financial Cooperating Broker Compensation Buyer Broker Comp: 2.5 Wo Sub-Agent Comp: 0 % Facilitator Comp: 2.5 0/0 Variable Rate: N List Type: Exclusive Right Sale Mortgage Information Sale Financial Terms: FHA Sale Loan Amount: $130,400Seller Contribution: $5,316 Financial Remarks: Wells Fargo or other "credit decisioned" preapproval required. Sellers Terms: FHA, FHA Rehab 203k, DVA, Conventional, Conventional Rehab, Special Funding, Cash Existing Financing: Free and Clear Assumable Loan: Not Assumable In Foreclosure?: NoLender Owned?: Yes Potential Short Sale?: No Owner is an Agent?: No Contact Information Listing Agent: Duane F. Larson 612 -590 -3371 Co -List Agt: Marilyn Farinella 612 -644 -0451 Listing Office: Co[dwell Banker Burnet Office Phone: 763 -574 -2000 MLS #: 4418825 Address: 5725 Aldrich Avenue N, Brooklyn Center, MN 55430 Information Deemed Reliable But Not Guaranteed, Copyright (c) 2014 Regional Multiple Listing Service of Minnesota., Inc. All Rights Reserved. /Al 0110 rVI■ 611■101:-.)140W•':1 eji 1LAVA'-i ANASTAST jELLUM. V ( I 14985 60 ." STREET NORTH 1 ST1LLWATE'R, MN 55082 PHONE: 651-439-2951 I PAX: 651-439-1417 I AJ-LAW.COM Lindsay W. Cremona Lindsay@AJ-Law.com Direct: (651) 332-8334 April 18, 2014 City of Brooklyn Center Local Board of Appeal and Equalization Attn: Jill Brenna 2014 Assessment Application for Appeal VIA E-MAIL ONLY prennaAci.broolclyn-center.mn.us RE: Invitation HOlnes/Hennepin County, City of Brooklyn Center Taxes Payable in 2015 Our File No,: 16805 Dear Ms. Brenna: As you know, our office represents TI-JR Property Illinois, LP, a Delaware Limited Partnership, d/b/a Invitation Homes ("Invitation Homes"), with respect to various matters, including the 2014 assessed market value appeal for that certain real property located at 5043 Brooklyn Blvd, Brooklyn Center, Minnesota, PID No. 10-118-21-14- 0006 ("Property"). This correspondence represents Invitation Homes' formal appeal to the Local Board of Appeal and Equalization for Brooklyn Center, Minnesota ("Local Board") with respect to the 2014 assessed market value for the Property ("Appeal"). It is our understanding that the Appeal will be presented to the Local Board on April 21, 2014. Please contact the undersigned if that is not correct. According to the Hennepin County Assessor's Office, the 2014 assessed market value of the Property, as ofIanuary 2, 2014, is $171,000.00. Please be advised that it is Invitation Homes' position that the 2014 assessed market value of the Property is $127,720.38. This number represents Invitation Homes' purchase price of the Property of $76,700.00 and Invitation Homes' subsequent costs of improvements on the Property of $50,950.38, In support of the Appeal, on April 11, 2014, Invitation Homes submitted the warranty deed and closing statement with respect to the Property. In further support of the Appeal, please find attached a comparable property supporting Invitation Homes' requested 2014 assessed market valuation, regarding the Property. April 18, 2013 Page 2 Invitation Homes respectfully requests that the Local Board find that the 2014 assessed market value of the Property is $127,720.38, Thank you for your consideration. Should you have any questions, please feel free to contact us. 7/L'ndsay W. Cremona C/ksg enc. cc: Tania Tamarit Invitation Homes Single-Family Property Full Property Full Display, Single Family Residential, MLS #: 4384137 Type: For Sale 5036 Ewing Avenue N, Brooklyn Center, MN 55429 Status; Sold List Price: $119,900 Sold Price: $1,19,900 Seller Cont: Original List Price: $119,900 15th Ave N „ Map Page: 92 Map Coord; A2 „Directions:iHwy 100 to brooklyn blvd. take the brooklyn blvd service road to 53rd ave. —Go west to Ewing and south to property Total Bed/Bath: 3/ 2 Garage: 1 Year Built: 1955 Style: (SF) One 1/2 Stories TAX INFORMATION Const Status; Previously Owned Property ID: 1011821130056 Short Format Foundation Size: 964 Tax Year; 2012 AbvGrdFInSqFt: 1,305 Tax Amt: $2,382 BeiGrdFinSqFt; 410 Assess Bal: Total Fin SqFt: 1,715 Tax w/assess: $2,382 Acres: 0.23 Assess Pend; No Lot Size: 75x135 Homestead: No Yearly/Seasonal: Yearly List Date: 06/26/2013 Received By MLS:06/26/2013 Days On Market; 5 CDOM: 5 Off Market Date: 07/10/2013 Selling Agent: James Patrick Rud Date Closed: 08/16/2013 Selling Office; Home Hunters General Property Information Legal Description: LOT 012 BLOCK 003 TWIN LAKE WOODS 2ND ADDN County: Hennepin Postal City: Brooklyn Center School District; 281 - Robbinsdale, 763-504-8000 Manufactured Home?: No Complex/Dev/Sub: Common Wall: No Zoning: Residential-Single Accessibility: None Remarks Agent Remarks: Charming 1 1/2 story on 75'wide lot.Hardwood floors, open kitchen/dining room. 2 bedrooms and full bath on main fl. Upper level features bedroom and study. Finished lower level with bath and laundry. Estate As-Is Public Remarks: Charming 1 1/2 story on 75'wide lot.Hardwood floors, open kitchen/dining room. 2 bedrooms and full bath on main II. Upper level features bedroom and study. Finished lower level with bath and laundry. Estate As-Is Structure Information Room Level Dimen Living Rm Main 17x12 Dining Rm Main 15x13 Family Rm Lower 28x11 Kitchen Main 15x9 Bedroom 1 Main 12x11 Bedroom 2 Main 11x10 Bedroom 3 Upper 13x12 Bedroom 4 Other Rooms Level Dimen Study Upper 12x8 Heat; Hot Water Fuel: Natural Gas Air Cond; Window Water; City Water/Connected Sewer; City Sewer/Connected Garage; 1 0th Prkg: Pool: Bathrooms Total: 2 3/4: 1 1/4:0 Full: 1 1/2: 0 Bath Description: Dining Room Desc; Family Room Char; Fireplaces: 0 Appliances: Basement: Exterior: Amenities-Unit: Parking Char; Main Floor Full Bath, 3/4 Basement Eat In Kitchen, Kitchen/Dining Room Lower Level Fireplace Characteristics: Range, Refrigerator, Washer, Dryer Full Stucco Detached Garage Financial Cooperating Broker Compensation Buyer Broker Comp: 2.7 % Sub-Agent Comp: 0 %Variable Rate: N List Type: Exclusive RightSale Mortgage Information Sale Financial Terms: FHASale Loan Amount: $Seller Contribution: $ Facilitator Comp: 0 % In Foreclosure?: NoLender Owned?: No Potential Short Sale?: No Owner Is an Agent?: No Contact Information Listing Agent: Stacy L Sullivan 612-282-0810Listing Office: Edina Realty, Inc. Office Phone: 952-920-1960 MLS #: 4384137 Address: 5036 Ewing Avenue N, Brooklyn Center, MN 55429 Information Deemed Reliable But Not Guaranteed, Copyright (c) 2014 Regional Multiple Listing Service of Minnesota., Inc. All Rights Reserved, Gary Eitel From: Jill Brenna Sent: Friday, April 18, 2014 2:49 PM To: Gary Eitel Subject: FW: 6160 Summit Drive - Brooklyn Center 2014 Assessment Fyi-ANOTHER APPEAL ADD TO AGENDA From: Nancy Wojcik [mailto:Nancy.Wojcik@hennepin.us] Sent: Friday, April 18, 2014 2:48 PM To: Jill Brenna Subject: FW: 6160 Summit Drive - Brooklyn Center 2014 Assessment This is a commercial appeal that will need to be read into the record of the local board. The packet was not able to be included in the board information as you sent them to the board on Thursday. Josh will be bringing the packets on Monday, along with this email attached. We need to address this as a write in appeal, which we will bring up on Monday night. I called Maria to notify her of the situation. Thanks, Nancy Wojcik Administrative Manager Hennepin County Assessor's Office (612)348-7827 (612) 348-8751 fax Nancy.woicikPhennepin.us From: Bradley S Prchal Sent: Friday, April 18, 2014 1:27 PM To: Joshua R Hoogland Cc: Nancy Wojcik Subject: FW: 6160 Summit Drive - Brooklyn Center 2014 Assessment From: Randy Fox [mailto:rfox(aatwatercommercial.com ] Sent: Friday, April 18, 2014 5:44 AM To: Bradley S Prchal Cc: Marva Beckman Subject: RE: 6160 Summit Drive - Brooklyn Center 2014 Assessment Brad, The ownership of the property located at 6160 Summit Drive, Brooklyn Center (PID 35-119-21-43-0017) is satisfied with the $4,500,000 market value. 1 Thank you for your help with this matter. Randy Fox Facilities Manager AtWater Group Cell 763-238-6433 rfoxPatwatercommercial.conn From: Bradley S Prchal <Bradlev.PrchalPhennepin.us > Sent: Wednesday, April 16, 2014 2:32 PM To: Randy Fox• Subject: RE: 6160 Summit Drive - Brooklyn Center 2014 Assessment Randy- To clarify, I mostly reiterated our value change letter in that last email. As per our phone conversation and per State Statute, I am RECOMMENDING this new value to the board. Therefore, it has NOT been changed as of yet. The local boards, more often than not, tend to agree with our value recommendations so long as they are supported with factual data. Just to be clear, I misspoke on my prior email. If you are satisfied with our new 2014 assessment (the $4,500,000 figure)then we will be recommending the board make this change. Please call with questions and/or concerns (as I have most likely made it more confusing than it actually is). Thanks, Brad. From: Randy Fox [mailto:rfoxatwatercommercial.com] Sent: Wednesday, April 16, 2014 2:21 PM To: Bradley S Prchal Subject: RE: 6160 Summit Drive - Brooklyn Center 2014 Assessment Thanks, Randy Fox Facilities Manager Atwater Group Cell 763-238-6433 Sent via the Samsung GALAXY S@4, an AT&T 4G LTE smartphone 2 Original message From: Bradley S Prchal Date:04/16/2014 2:17 PM (GMT-06:00) To: Randy Fox Subject: 6160 Summit Drive - Brooklyn Center 2014 Assessment Randy- As you requested, I have reviewed the assessment on the real property located at 6160 Summit Drive, Brooklyn Center (PID 35-119-21-43-0017). My review resulted in the following determination for the 2014 assessment. Previous Estimated Market Value: $7,078,000 New Estimated Market Value: $4,500,000 Our records will be adjusted accordingly. This change affects taxes payable in 2015. If you wish to carry this appeal to the next level, you may do so by attending your local appeal meeting. The date of this year's local appeal meeting is Monday, April 21 st at 7:00. If you are satisfied with these results, there is no need to attend this meeting. Please let me know if you plan to attend the meeting at your earliest convenience. Also, instructions for filing a property tax petition for the 2013 assessment (for taxes payable in 2014) can be found online at www.hennepinattornev.org/taxpetition.aspx or at www.taxcourt.state.mn.us . Please feel free to contact me with any questions or concerns. Thanks, Brad. Bradley S. Prchal, AMA Senior Appraiser Hennepin County Assessor's Office A2103 Government Center Minneapolis, Minnesota 55487 612.348.3527 — Phone 612.348.8751 — Fax Disclaimer: Information in this message or an attachment may be government data and thereby subject to the Minnesota Government Data Practices Act, Minnesota Statutes, Chapter 13, may be subject to attorney-client or work product privilege, may be confidential, privileged, proprietary, or otherwise protected, and the unauthorized review, copying, retransmission, or other use or disclosure of the infonnation is strictly prohibited. If you are not the intended recipient of this message, please immediately notify the sender of the transmission error and then promptly delete this message from your computer system. Disclaimer: Information in this message or an attachment may be government data and thereby subject to the 3 Minnesota Government Data Practices Act, Minnesota Statutes, Chapter 13, may be subject to attorney-client or work product privilege, may be confidential, privileged, proprietary, or otherwise protected, and the unauthorized review, copying, retransmission, or other use or disclosure of the information is strictly prohibited. If you are not the intended recipient of this message, please immediately notify the sender of the transmission error and then promptly delete this message from your computer system. Disclaimer: Information in this message or an attachment may be government data and thereby subject to the Minnesota Government Data Practices Act, Minnesota Statutes, Chapter 13, may be subject to attorney-client or work product privilege, may be confidential, privileged, proprietary, or otherwise protected, and the unauthorized review, copying, retransmission, or other use or disclosure of the information is strictly prohibited. If you are not the intended recipient of this message, please immediately notify the sender of the transmission error and then promptly delete this message from your computer system. 4 (1) o I> VI r - 0OC 63' 0. 6 ° tv *cr r:- -a a o CD0 u. 74: m rD =00cn. -0 4t-6 5 g= 0 nco CD 0 CD 0) 00- ..a - tvco•••.1 000.CD C/) 0 0Fci • • ‘•-Pl!) > 7) 7.7 r. 71 M M 0 0 > > N N0 CD 0 . (4 a CD CD' 0 0 7" 7 a) a) 0 0 0) 7 0=C ED0) Cn Et 0 o 3 3 Sn. 5.co —. > Cf) (I) s-t1.. (c2 R . 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Ordinarily, I would allow the assessment to sit for a period of time; however Earle Brown Terrace continues to suffer some challenges in terms of occupancy and income. The occupancy at the facility remains under 70% with a significant drop in income by 56%. The facility made about $440,000 in 2012 and made under $200,000 in 2013. 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. It is the prayer of the petitioner that your review of the assessment will conclude that further physical or economic obsolescence exists. We previously provided the 2012 income (in two statements) and the occupancy information. The 2013 income is attached for your review. When I asked about the large decline in income, the owner responded by stating that Earle Brown has had some issues with the building, and that utilities and nursing expenses have climbed dramatically in the last year. The property is unstable. Using Marshall & Swift cost valuation with additional obsolescence, the analysis concludes a value of $6,500,000. Thank you for your attention to this letter and for your review. Should I need to file a form, please let me know. I can be reached at (817) 251-6666 or by email brad.matheidas@altusgroup.com . Sincerely, Brad Matheidas Research, Valuation & Advisory Cost Consulting Project Management Property Tax Geomatics 640 tV Southlake Blvd, So.uLhlake, Texas 76092 USA T 817.251.6666 F 817.251.9833 A April 11, 2014 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, We appreciated the opportunity to submit information and resolve the assessment last year. Ordinarily, I would allow the assessment to sit for a period of time; however Earle Brown Terrace continues to suffer some challenges in terms of occupancy and income. The occupancy at the facility remains under 70% with a significant drop in income by 56%. The facility made about $440,000 in 2012 and made under $200,000 in 2013. 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. It is the prayer of the petitioner that your review of the assessment will conclude that further physical or economic obsolescence exists. We previously provided the 2012 income (in two statements) and the occupancy information. The 2013 income is attached for your review. When I asked about the large decline in income, the owner responded by stating that Earle Brown has had some issues with the building, and that utilities and nursing expenses have climbed dramatically in the last year. The property is unstable. Using Marshall & Swift cost valuation with additional obsolescence, the analysis concludes a value of $6,500,000. Thank you for your attention to this letter and for your review. Should I need to file a form, please let me know. I can be reached at (817) 251-6666 or by email brad.matheidas@altusgroup.com . Sincerely, 4 12a Brad Matheidas Research, Valuation & Advisory Cost Consulting & Project Management Property Tax Geomalics 640 W Soutn!ake Blvd, Southlake, Texas 76092 USA T 817.251.6666 F 817.251.4833 Altus April 11, 2014 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, We appreciated the opportunity to submit information and resolve the assessment last year. Ordinarily, I would allow the assessment to sit for a period of time; however Earle Brown Terrace continues to suffer some challenges in terms of occupancy and income. The occupancy at the facility remains under 70% with a significant drop in income by 56%. The facility made about $440,000 in 2012 and made under $200,000 in 2013. 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. It is the prayer of the petitioner that your review of the assessment will conclude that further physical or economic obsolescence exists. We previously provided the 2012 income (in two statements) and the occupancy information. The 2013 income is attached for your review. When I asked about the large decline in income, the owner responded by stating that Earle Brown has had some issues with the building, and that utilities and nursing expenses have climbed dramatically in the last year. The property is unstable. Using Marshall & Swift cost valuation with additional obsolescence, the analysis concludes a value of $6,500,000. Thank you for your attention to this letter and for your review. Should I need to file a form, please let me know. I can be reached at (817) 251-6666 or by email brad.matheidas@altusgroup corn. Sincerely, /).(.Ge. Brad Matheidas Research, Valuation Advisory Cost Consulting & Project Management Property Tax Geomall 630 Vi7 Southlake Blvd, Southlake, Texas 76092 USA T 817.251,6666 F 817.251.4833 JOAN GRIPCommission Nurnber 776140, ?4 Commission Expires v■ December 12 2015 AGENT AUTHORIZATION TO STATE, COUNTY, CITY & OTHER PROPERTY TAXING JURISDICTIONS, ADMINISTRATIVE REVIEW BOARDS, TAX COMMISSIONS AND/OR COLLECTION ENTITITES 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 1Nol Said Agent is to receive rendition forms and other compliance filing correspondence on the attached accounts/parcels. Yes 'IrN°1 Said Agent is to receive tax bills on the attached accounts/parcels. Yes No Said Agent is to receive notice, orders and/or other communication regarding values and/or appeals on the attached accounts/parcels. Signed the ? )'\ day of CR011.4'4-(1-4-1 ,20l3 Account g's: See Attached Listing c/o Life Care Services LLC 400 Locust Street, Suite 820 Des Moines, IA 50309-2334 515.875,4625 By: Title: 4:6 r$+4-7.- C. t State of Iowa County of Polk Before me, a duly commissioned Notary Public within and for the State and County aforesaid, personally appeared Rabe..-tAL/L-L. S , S.-Lb 1 , known to me to be the person 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 04,0-41-1 day of jc,..ri , 2013. My Commission Expires: Noita y Public Attachment to Authorization Property Name Account No. Owner Name Address Earle Brown Terrace 35-119-21-44-0012 Earle Brown Lane! Ltd Ptnshp 6100 Summit Drive "ai 'ai .6 icic). -.. a.co m>, >,I- 0 I-a) a) a) a)Cu al a) Tsu) co u) u) C1IS) <1* • C." ▪0) .6 Cu ra c_ >, Cu 135 a. >, co Cu 0_ CuCa w F.- a w 1-- a pc H. 0a) 0 0 a) CD 0 a) 0 CU a)as cuas -iti Cu CtMS (II CO CuCL) Cu Cuco co u) co co u) co u) co co o co c) co o co 0 o o000o co o o o oo000o0 • vt. o 0 0 CO 0 0 0 N 0 r•-•.4= • Z • 'cr 0 "4' 'Cr •CO CO N < Z (o 09co 0 (N<O •Lt 'I't*-- CO 1.! 0 LI... .a.; L.: a) L.: iiiC L a- -o -o— as co cooo oa) a) 0 a) iti 0 a) 'ai 00) >- ca. >- ca. >- o..-C 0) >, -0 iii isi a) > -a iii 'ai a) > 7 isi 'aiC 1--to .-- a a .cos H = ._C H a =a) Cuas a) co co -c-a Ta (,) .Z. co Cl) Ts To' cr, ., (1) ca -rts -ffiCO u) ..', a) a) CD a) 43 a) > > a.) 4-3 a) > > a) Lcii a) >> U) 2 c)- E a)7.-11 co a E co RE 0)°i) - • c-au) ( 2 o "a o u) u) 2 0 -a u)co 2 -cs o < < a. i Ell 1-- .< n_ i Fo 12 o .2 0_ z cTo F- co oz>a)La N-u) CV CV00 h..-t— C CO0 RS CD —I Nr(ID'1" 73 CO'Cr a),.. < q co ,-C) o a) "cii c.) a)‘'-co COcc, a) o o,,-- -a- CO 0 0 N "E) < co CV N 't 0LO LO CV —00 CO 10 CU Ci[ Cl -zr Cl - CV COCr) LO 0 0 0 0 CK i— U CO ‘-- — • 0 .—0 (NO 00 O 0 O 4M LL trj 03 CT cts E .6 u)E ,+, < <2 :43= a.a) -~-'-: -* Li-C5 •-c cc.) a) E c C.) LL Li_ O . . "c-r) co C) 0 kt, ai— a) ',-% -'iii .0 1-1 c) CL c . (I) 0) rs- .,-_- .r: 0 a) ct) ci) 73 -a a) Tts' 0 0 —5 s.6 .2 0 cts ...., 0 6 .6 ci) 'ai Iii » a) 7 c7) .c-f-) <>, '5 CD ;P. 0 o c ii) ... .4.---. Li .2 .c (3.) 03 E E .i.3 f.) ( t 1 U) 4,,c .c ',.- T6 o 0 i5 Ta. .o o 7 co a 0 E =(1.) 6 -a o '5 2' o o a) (c)a) a) 2 t) .u) (T r)-a a. -3 L-• -< u) 0 -a El < b co N N<<001.1.1 < 6 3 00 1.-- 4p,s4A,f,-.774‘4r • ara (6160 11011174011: !it rwe- g I! - I 1P5 mryof KLYNBROOKLYN CENTER 6100 SUMMIT DRIVE 0 100 200 400 Feet ANASTASI JELLUM 14985 60' STREET NORT11 I STILLWATER, MN 55082 PHONE: 651-439-2951 FAX: 651•439-1417 I AJ-LAw.com Lindsay W. Cremona Lindsay@AJ-Law.com Direct: (651) 332-8334 April 18, 2014 City of Brooklyn Center Local Board of Appeal and Equalization Attn: Jill Brenna 2014 Assessment Application for Appeal VIA E-MAIL ONLY jbrennaAci.brooklyn-center.mn.us RE: Invitation Homes/Hennepin County, City of Brooklyn Center Taxes Payable in 2015 Our File No.: 16805 Dear Ms. Brenna: As you know, our office represents 1143 Property Minnesota, LP, a Delaware Limited Partnership, d/b/a Invitation Homes ("Invitation Homes"), with respect to various matters, including the 2014 assessed market value appeal for that certain real property located at 1900 Brookview Drive, Brooklyn Center, Minnesota, PID No. 021182142011 ("Property"). This correspondence represents Invitation Homes' formal appeal to the Local Board of Appeal and Equalization for Brooklyn Center, Minnesota ("Local Board") with respect to the 2014 assessed market value for the Property ("Appeal"). It is our understanding that the Appeal will be presented to the Local Board on April 21, 2014. Please contact the undersigned if that is not correct. According to the Hennepin County Assessor's Office, the 2014 assessed market value of the Property, as of January 2, 2014, is $153,100.00. Please be advised that it is Invitation Homes' position that the 2014 assessed market value of the Property is $129,142.48. This number represents Invitation Homes' purchase price of the Property of $79,900,00 and Invitation Homes' subsequent costs of improvements on the Property of $49,242.48. In support of the Appeal, on April 11, 2014, Invitation Homes submitted the warranty deed and closing statement with respect to the Property. In further support of the Appeal, please find attached a comparable property and mls information related to the Property, supporting Invitation Homes' requested 2014 assessed market valuation of the Property. The attached comparable property was built around the same time as the Property, is of similar size, and has the same number of bedrooms. This comparable property has a 2014 assessed value of $107,839.00. Should you have any questions, please feel free to contact us. Sincere },/, ---LWC/ksg enc. cc: Tania Tamarit Invitation Homes April 18, 2013 Page 2 invitation Homes respectfully requests that the Local Board find that the 2014 assessed market value of the Property is $129,142.48. Thank you for your consideration. Should you have any questions, please feel free to contact us. Map Page: 92 Map Coord: .131. — _Directions; 1Bass Lake Rd (57th) to Logan, go S to 56th, right to home. TAX INFORMATION Property ID; Tax Year: Tax Amt: Assess Bal: Tax w/assess: Assess Pend: Homestead; 0211821420111 Short Format2013 $2,286 $583 $2,869 Unknown No Single-Family Property Full Property Full Display, Single Family Residential, MLS #: 4416100 Type: For Sale 1900 Brookview Drive, Brooklyn Center, MN 55430 Status: Sold List Price: $69,900 Sold Price: $79,900 Seller Cont: $ Original List Price; $69,900 Total Bed/Bath: 3/ 2 Garage; 2 Year Built: 1953 Style; (SF) One Story Const Status: Previously Owned Foundation Size: 1,100 AbvGrdFinSqFt: 1,100 BelGrdFinSqFt: 450 Total Fin SqFt: 1,550 Acres: 0.257 Lot Size; 80x140 Yearly/Seasonal: Yearly List Date; 09126/2013 Received By MLS:09/26/2013 Days On Market; 29 COON: 243Off Market Date: 10/25/2013 Selling Agent: Kristin M. Betker Date Closed: 10/29/2013 Selling Office: EPIC Realty, Inc General Property Information Legal Description: LOT 006 BLOCK 006 RYDENS 2ND ADDN County: Hennepin Postal City: Brooklyn CenterSchool District: 286 - Brooklyn Center, 763-561-2120 Manufactured Home?; No Complex/Dev/Sub: Common Wall: No Lot Description: Corner Lot Road Frontage: City Zoning: Residential-Single Accessibility: None Remarks Agent Remarks: Restriction on 3P Morgan Chase employees, see agent for details. Agents to verify all MLS data. All offers to Offers@CEmurphy.com . Please note plumbing and furnace issues. Utilities will not be restored. Public Remarks; Rambler with 3 bedrooms and 2 bathrooms. 2 car garage. Needs updates and TLC. Structure Information Room Level Dimen Living Rm Main 12x22 Dining Rm Main 10x16 Family Rm Lower 10x19 Kitchen Main 10x10 Bedroom 1 Main 10x13 Bedroom 2 Main 7x11 Bedroom 3 Main 11x11 Bedroom 4 Other Rooms Level Hobby Room Lower Informal Dining Rm Main Three Season Porch Main Bathrooms Total: 2 3/4: 0 1/4:0 Full; 2 1/2: 0 Dimen Heat: Forced Air 13x20 Fuel; Natural Gas 10x10 Air Cond: Central 12x13 Water: City Water/Connected Sewer; City Sewer/Connected Garage: 2 0th Prkg: Pool: Bath Description: Dining Room Desc: Family Room Char: Fireplaces: 0 Basement: Exterior; Fencing; Roof: Amenities-Unit; Parking Char: Special Search: Main Floor Full Bath, Full Basement Separate/Formal Dining Room, Informal Dining Room Lower Level Fireplace Characteristics: Full Wood Wood, Privacy Asphalt Shingles, Age Over 8 Years Deck, Kitchen Window, Hardwood Floors, Tiled Floors, Sun Room, Washer/Dryer Hookup Attached Garage 3 BR on One Level Financial Cooperating Broker Compensation Buyer Broker Comp: 3 % Sub-Agent Comp: 0 Wo Facilitator Comp:Variable Rate: N List Type: Exclusive Right Sale Mortgage Information Sale Financial Terms: Cash Sale Loan Amount: $ Seller Contribution: $ Financial Remarks: Send all offers to Offers@CEmurphy.com , seller will review all offers on day 10.Sellers Terms: Conventional, Cash In Foreclosure?: No Lender Owned?: Yes Potential Short Sale?: NoOwner is an Agent?: No Contact Information Listing Agent: Crain E. Murphy 763-433-9133Listing Office: EPIC Realty, Inc Office Phone: 763 -433 -9133 MLS #: 4416100 Address: 1900 Brookview Drive, Brooklyn Center, MN 55430 Information Deemed Reliable But Not Guaranteed. Copyright (c) 2014 Regional Multiple Listing Service of Minnesota., Inc, All Rights Reserved. 0 % Status: Sold List Price: $132,900 Sold Price: Seller Cont: Original List Price: $132,900 I'- .at.)41 ..AVA1311:@1#1Map Page: 92 Map Coord: Cl Directions:, 'Dupont Ave N to 58th Ave, go East to Aldrich Ave, South to homeTII Single-Family Property Full Property Full Display, Single Family Residential, MLS #: 4418825 Type: For Sale 5725 Aldrich Avenue N Brooklyn Center, MN 55430 Total Bed/Bath; 3/ 1 Garage: 2 Year Built: 1956 Style: (SF) One Story TAX INFORMATION Const Status; Previously Owned Property ID: 0111821240041. Short Format Foundation Size: 1,200 Tax Year; 2013 AbvGrdFInSeFt; 1,200 Tax Amt: $1,923 BelGrdFinSciFt: Assess Bei: $637 Total Fin SciFt: 1,200 Tax w/assess: $2,560 Acres: 0.234 Assess Pend: Yes Lot Size: 100X117 Homestead: Yes Yearly/Seasonal: Yearly List Date: 10/03/2013 Received By MLS:10/04/2013 Days On Market; 33 COON: 33 Off Market Date: 11/05/2013 Selling Agent; Amy Michielle Freeman Date Closed; 12/02/2013 Selling Office; Edina Realty, Inc. General Property Information Legal Description: LOT 013 GOULDS RIVERVIEW ADDN S 100 FT EX ST County: Hennepin Postal City; Brooklyn Center School District; 286 - Brooklyn Center, 763-561-2120 Manufactured Home?:No Complex/Dev/Sub; Common Wall: No Lot Description: Tree Coverage - MediumRoad Frontage: City, Paved Streets, Curbs Zoning: Residential-Single Accessibility: None Remarks Agent Remarks: Buyers should obtain a free pre-qualification letter from Wells Fargo by going online at www.wellsfargo.com or contact Kevin Harris, NMLSR ID:480162, at 612-581-7056, kevin.harrls@wellsfargo,com.Owner occupant offers for the first 15 days. See Supp Public Remarks: Freshly renovated one Ivl home on quiet cul de sac.New carpet,fresh paint & shiny wood fIrs.Maintenance free siding,fenced yard w/ a large shed & patio.Finish the lower Iv, for additional sq footage & add equity.Easy freeway access.New SS kitchen appl. Structure Information Room Level Dimen Living Rm Main 19X13 Dining Rm Family Rm Kitchen Main 18X13 Bedroom 1 Main 15X11 Bedroom 2 Main 11X10 Bedroom 3 Main 10X10 Bedroom 4 Other Rooms Level Dimen Bathrooms Total: 1 3/4: 0 1/4:0 Full: 1 1/2: 0 Heat: Forced Air Fuel. Natural Gas Air Cond: Central Water; City Water/Connected Sewer: City Sewer/Connected Garage: 2 0th Prkg: Pool: None Bath Description; Dining Room Desc: Fireplaces: 0 Appliances: Basement: Exterior: Fencing: Roof: Amenities-Unit: Main Floor Full Bath Kitchen/Dining Room Fireplace Characteristics: Range, Refrigerator Full Vinyl Wood Asphalt Shingles Patio, Kitchen Window Parking Char: Attached Garage, Driveway - Concrete Out Buildings: Storage Shed Financial Cooperating Broker Compensation Buyer Broker Comp: 2.5 % Sub-Agent Comp: 0 0/0 Facilitator Comp: 2.5 % Variable Rate: N List Type: Exclusive Right Sale Mortgage Information Sale Financial Terms: FHA Sale Loan Amount: $130,400Seller Contribution: $5,316 Financial Remarks: Wells Fargo or other "credit decisioned" preapproval required. Sellers Terms: FHA, FHA Rehab 203k, DVA, Conventional, Conventional Rehab, Special Funding, Cash Existing Financing: Free and Clear Assumable Loan: Not Assumable In Foreclosure?: NoLender Owned?: Yes Potential Short Sale?: No Owner Is an Agent?: No Contact Information Listing Agent: Duane F. Larson 612-590-3371 Co -List Agt: Marilyn Farinella 612-644-0451 Listing Office: Coldwell Banker Burnet Office Phone: 763 -574 -2000 MLS #: 4418825 Address: 5725 Aldrich Avenue N Brooklyn Center, MN 55430 Information Deemed Reliable But Not Guaranteed. Copyright (c) 2014 Regional Multiple Listing Service of Minnesota., Inc. All Rights Reserved. ANASTASI JELLUM Y R 11(Al I .\ Fl F N 14985 60 T " STREET NORTH STILLWATER, MN 55082 PHONE: 651-439-2951 PAX: 651-439-1417 I AJ-LAW.COM Lindsay W. Cremona Lindsny@AJ-Law.com Direct: (651) 332-8334 April 18, 2014 City of Brooklyn Center Local Board of Appeal and Equalization Attn: Jill Brenna 2014 Assessment Application for Appeal VIA E-MAIL ONLY ibrenna@ci.brooklyn-center.ma.us RE: Invitation Homes/Hennepin County, City Y. Brooklyn Center Taxes Payable in 2015 Our File No.: 16805 Dear Ms. Brenna: As you know, our office represents TI-JR Property Illinois, LP, a Delaware Limited Partnership, d/b/a Invitation Homes ("Invitation Homes"), with respect to various matters, including the 2014 assessed market value appeal for that certain real property located at 5043 Brooklyn Blvd, Brooklyn Center, Minnesota, PID No. 10-118-21-14- 0006 ("Property"). This correspondence represents Invitation Homes' formal appeal to the Local Board of Appeal and Equalization for Brooklyn Center, Minnesota ("Local Board") with respect to the 2014 assessed market value for the Property ("Appeal"). It is our understanding that the Appeal will be presented to the Local Board on April 21, 2014. Please contact the undersigned if that is not correct. According to the Hennepin County Assessor's Office, the 2014 assessed market value of the Property, as of January 2, 2014, is $171,000.00. Please be advised that it is Invitation Homes' position that the 2014 assessed market value of the Property is $127,720.38. This number represents Invitation Homes' purchase price of the Property of $76,700.00 and Invitation Homes' subsequent costs of improvements on the Property of $50,950.38. In support of the Appeal, on April 11, 2014, Invitation Homes submitted the warranty deed and closing statement with respect to the Property. In further support of the Appeal, please find attached a comparable property supporting Invitation Homes' requested 2014 assessed market valuation, regarding the Property. 1`,\,11'10).:21j;9:-.,;,tif,'W,f10)(CIOUOt.1:1t10);;:'3 \II' I LAVAli April 18, 2013 Page 2 Invitation Homes respectfully requests that the Local Board find that the 2014 assessed market value of the Property is $127,720.38. Thank you for your consideration. Should you have any questions, please feel free to contact us. ndsay W. Cremona C/ksg enc. Tania Tamarit @ Invitation Homes Single-Family Property Full Property Full Display, Single Family Residential, MLS #: 4384137 Type: For Sale 5036 Ewing Avenue N, Brooklyn Center, MN 55429 Status: Sold List Price: $119,900 Sold Price: $119,900 Original List Price: $119,900 Seller Cont: Map Page: 92 Map Coorci: A2 Directions: 'Hwy 100 to brooklyn blvd. take the brooklyn blvd service road to 53rd ave. Go west to Ewing and south to property Total Bed/Bath: 3/ 2 Garage: 1 Year Built: 1955 Style: (SF) One 1/2 Stories TAX INFORMATION Const Status: Previously Owned Property ID: 1011821130056 Short FormatFoundation Size: 964 Tax Year: 2012 AbvGrdFinSqFt: 1,305 Tax Amt: $2,382BelGrdFinSqFt: 410 Assess Bal:Total Fin SqFt: 1,715 Tax w/assess: $2,382 Acres: 0.23 Assess Pend: NoLot Size: 75x135 Homestead: No Yearly/Seasonal: Yearly List Date: 06/26/ 2013 Received By MLS:06/26/2013 Days On Market: 5 Off Market Date: 07/10/2013 Selling Agent: James Patrick Rud Date Closed: 08/16/2013 Selling Office Home Hunters General Property Information Legal Description: LOT 012 BLOCK 003 TWIN LAKE WOODS 2ND ADDNCounty: Hennepin Postal City: Brooklyn Center School District: 281 - RobbInsdale, 763-504-8000 Manufactured Home?: No Complex/Dev/Sub: Common Wail: NoZoning: Residential-Single Accessibility: None Remarks Agent Remarks: Charming 1 1/2 story on 75'wide lot.Hardwood floors, open kitchen/dining room. 2 bedrooms and full bath on main fl. Upper level features bedroom and study. Finished lower level with bath and laundry. Estate As-Is Public Remarks: Charming 1 1/2 story on 75'wide lot.Hardwood floors, open kitchen/dining room. 2 bedrooms and full bath on main fl. Upper level features bedroom and study. Finished lower level with bath and laundry. Estate As-Is Structure Information Room Level Dimen Living Rm Main 17x12Dining Rm Main 15x13 Family Rm Lower 28x11 Kitchen Main 15x9 Bedroom 1 Main 12x11 Bedroom 2 Main 11x10 Bedroom 3 Upper 13x12 Bedroom 4 Other Rooms Level Study Upper Dimen 12x8 Heat: Hot Water Fuel: Natural Gas Air Condi Window Water: City Water/Connected Sewer: City Sewer/Connected Garage: 1 0th Prkg: Pool: Bathrooms Total: 2 3/4: 1 1/4:0 Full: 1 1/2: 0 Bath Description: Main Floor Full Bath, 3/4 Basement Dining Room Desc: Eat In Kitchen, Kitchen/Dining Room Family Room Char: Lower Level Fireplaces: 0 Fireplace Characteristics: Appliances: Range, Refrigerator, Washer, Dryer Basement: Full Exterior: Stucco Amenities-Unit: Parking Char; Detached Garage Financial Cooperating Broker Compensation Buyer Broker Comp: 2.7 OA) Sub-Agent Comp: 0 Wo Variable Rate: N List Type: Exclusive Right Sale Mortgage Information Sale Financial Terms; FHA Sale Loan Amount; $Seller Contribution: $ Facilitator Comp: 0 % In Foreclosure?: NoLender Owned?: No Potential Short Sale?: No Owner is an Agent?: No Contact Information Listing Agent; Stacy L Sullivan 612-282-0810 Listing Office: Edina Realty, Inc. Office Phone: 952-920-1960 MLS #: 4384137 Address: 5036 Ewing Avenue N , Brooklyn Center, MN 55429 Information Deemed Reliable But Not Guaranteed. Copyright (c) 2014 Regional Multiple Listing Service of Minnesota., Inc. All Rights Reserved, L Gary Eitel From: Jill Brenna Sent: Friday, April 18, 2014 2:49 PM To: Gary Eitel Subject: FW: 6160 Summit Drive - Brooklyn Center 2014 Assessment Fyi-ANOTHER APPEAL ADD TO AGENDA From: Nancy Wojcik [mailto:Nancy.Wojcik©hennepin.us ] Sent: Friday, April 18, 2014 2:48 PM To: Jill Brenna Subject: FW: 6160 Summit Drive - Brooklyn Center 2014 Assessment This is a commercial appeal that will need to be read into the record of the local board. The packet was not able to be included in the board information as you sent them to the board on Thursday. Josh will be bringing the packets on Monday, along with this email attached. We need to address this as a write in appeal, which we will bring up on Monday night. I called Maria to notify her of the situation. Thanks, Nancy Wojcik Administrative Manager Hennepin County Assessor's Office (612)348-7827 (612) 348-8751 fax Nancy.wojcik@hennepin.us From: Bradley S Prchal Sent: Friday, April 18, 2014 1:27 PM To: Joshua R Hoogland Cc: Nancy Wojcik Subject: FW: 6160 Summit Drive - Brooklyn Center 2014 Assessment From: Randy Fox [mailto:rfox(aatwatercommercial.com ] Sent: Friday, April 18, 2014 5:44 AM To: Bradley S Prchal Cc: Marva Beckman Subject: RE: 6160 Summit Drive - Brooklyn Center 2014 Assessment Brad, The ownership of the property located at 6160 Summit Drive, Brooklyn Center (PID 35-119-21-43-0017) is satisfied with the $4,500,000 market value. 1 Thank you for your help with this matter. Randy Fox Facilities Manager AtWater Group Cell 763-238-6433 rfoxPatwatercommercial.com From: Bradley S Prchal <Bradlev.PrchalPhennepin.us > Sent: Wednesday, April 16, 2014 2:32 PM To: Randy Fox • Subject: RE: 6160 Summit Drive - Brooklyn Center 2014 Assessment Randy- To clarify, I mostly reiterated our value change letter in that last email. As per our phone conversation and per State Statute, I am RECOMMENDING this new value to the board. Therefore, it has NOT been changed as of yet. The local boards, more often than not, tend to agree with our value recommendations so long as they are supported with factual data. Just to be clear, I misspoke on my prior email. If you are satisfied with our new 2014 assessment (the $4,500,000 figure)then we will be recommending the board make this change. Please call with questions and/or concerns (as I have most likely made it more confusing than it actually is). Thanks, Brad. From: Randy Fox [mailto:rfoxPatwatercommercial.com] Sent: Wednesday, April 16, 2014 2:21 PM To: Bradley S Prchal Subject: RE: 6160 Summit Drive - Brooklyn Center 2014 Assessment Thanks, Randy Fox Facilities Manager Atwater Group Cell 763-238-6433 Sent via the Samsung GALAXY SI04, an AT&T 4G LTE smartphone 2 Original message From: Bradley S Prchal Date:04/16/2014 2:17 PM (GMT-06:00) To: Randy Fox Subject: 6160 Summit Drive - Brooklyn Center 2014 Assessment Randy- As you requested, I have reviewed the assessment on the real property located at 6160 Summit Drive, Brooklyn Center (PID 35-119-21-43-0017). My review resulted in the following determination for the 2014 assessment. Previous Estimated Market Value: $7,078,000 New Estimated Market Value: $4,500,000 Our records will be adjusted accordingly. This change affects taxes payable in 2015. If you wish to carry this appeal to the next level, you may do so by attending your local appeal meeting. The date of this year's local appeal meeting is Monday, April 21 st at 7:00. If you are satisfied with these results, there is no need to attend this meeting. Please let me know if you plan to attend the meeting at your earliest convenience. Also, instructions for filing a property tax petition for the 2013 assessment (for taxes payable in 2014) can be found online at www.hennepinattorney.ordtaxpetition.aspx or at www.taxcourt.state.mn.us . Please feel free to contact me with any questions or concerns. Thanks, Brad. Bradley S. Prchal, AMA Senior Appraiser Hennepin County Assessor's Office A2103 Government Center Minneapolis, Minnesota 55487 612.348.3527 — Phone 612.348.8751 — Fax Disclaimer: Information in this message or an attachment may be government data and thereby subject to the Minnesota Government Data Practices Act, Minnesota Statutes, Chapter 13, may be subject to attorney-client or work product privilege, may be confidential, privileged, proprietary, or otherwise protected, and the unauthorized review, copying, retransmission, or other use or disclosure of the information is strictly prohibited. If you are not the intended recipient of this message, please immediately notify the sender of the transmission error and then promptly delete this message from your computer system. Disclaimer: Information in this message or an attachment may be government data and thereby subject to the 3 Minnesota Government Data Practices Act, Minnesota Statutes, Chapter 13, may be subject to attorney-client or work product privilege, may be confidential, privileged, proprietary, or otherwise protected, and the unauthorized review, copying, retransmission, or other use or disclosure of the information is strictly prohibited. If you are not the intended recipient of this message, please immediately notify the sender of the transmission error and then promptly delete this message from your computer system. Disclaimer: Information in this message or an attachment may be government data and thereby subject to the Minnesota Government Data Practices Act, Minnesota Statutes, Chapter 13, may be subject to attorney-client or work product privilege, may be confidential, privileged, proprietary, or otherwise protected, and the unauthorized review, copying, retransmission, or other use or disclosure of the information is strictly prohibited. If you are not the intended recipient of this message, please immediately notify the sender of the transmission error and then promptly delete this message from your computer system. 4 N-COC CO 0 Co0 0 0 0 a)0 47j•c.) X • a) Li LUof)v ETr.oc.) 0et) co 0 0 51 c 4) 'a; :ci 'a) a; a) .6 isi 'a) 6 iii hi :ci ai 6 ai .6 'ai— oas .1: 'di o. o tp oCu T_- 'al CI Cu CU CL Cu 0 Cu'al .r.: its>,(i) 00C-c: E-- 0Q —fx F—0>,>, >,CC I— 0 E— a 0_ CC I?'.GI a) a) a) a) a) CD 0 0 a) a) a) a) a) a) 0 0 0 0 T" N■ 0rs".• 1"-- C N- N-N-O 0 C ▪ 3 0) CD0 E <-(Ns Z ..--- LO N. 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Lo co co co LO CO CO C \I 10 CO CO 0 0 < 41C < 0- Er3 < a_ EL < ..14...Crcc-co 2 co .E z -7--:. o 2 --8 o. ,'-', Lt < < (3.) r.r...— — LLi 0 0 0 a) 'ai iti„.. .c. .c (D (L) a) a) -0 -0 c) 6 .0 co "al "d"i » asa) :0 COE E < c 'E., ....5' )a ) ( a C C o( r) ...'C' Cu -63DC 0 0 (1) a) .c)0 t3 2 a) a 2 a) a) -r)N < < 0 0 1.11 ILI LL __I fX 0 < - 1'45e1; e2,1t. e P . \ 17. ,40 . es #;-4- +<.e 616O F - •454,...4t, :1 !- . .11PiAN•OTTiEtle—: e Av. rKLYN ayed' BROOKLYN CEIVTER 6160 SUMMIT DRIVE 100 200 400 Feet Alt w: April 11, 2014 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, We appreciated the opportunity to submit information and resolve the assessment last year. Ordinarily, I would allow the assessment to sit for a period of time; however Earle Brown Terrace continues to suffer some challenges in terms of occupancy and income. The occupancy at the facility remains under 70% with a significant drop in income by 56%. The facility made about $440,000 in 2012 and made under $200,000 in 2013. 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 cornpetition, Earle Brown continues to suffer nevertheless. It is the prayer of the petitioner that your review of the assessment will conclude that further physical or economic obsolescence exists. We previously provided the 2012 income (in two statements) and the occupancy information. The 2013 income is attached for your review. When I asked about the large decline in income, the owner responded by stating that Earle Brown has had some issues with the building, and that utilities and nursing expenses have climbed dramatically in the last year. The property is unstable. Using Marshall & Swift cost valuation with additional obsolescence, the analysis concludes a value of $6,500,000. Thank you for your attention to this letter and for your review. Should I need to file a form, please let me know. I can be reached at (817) 251-6666 or by email brad.matheidas@altusgroup.com . Sincerely, Brad Matheidas Research, Valuation & Advisory I Cost Consulting & Project Management I Property Tax I Geomatics 640 11! Southlake Blvd, Southlake, Texas 76092 USA T 817.251.6666 F 817.251.4833 Attachment to Authorization Property Name Account No. Owner Name Address Earle Brown Terrace 35-119-21-44-0012 Earle Brown Lanel Ltd Ptnshp 6100 Summit Drive JOAN OR1EP Commission Numbor 776140 , My Commission Nirov4 December 12 2015 AGENT AUTHORIZATION TO STATE, COUNTY, CITY & OTHER PROPERTY TAXING JURISDICTIONS, ADMINISTRATIVE REVIEW BOARDS, TAX COMMISSIONS AND/OR COLLECTION ENTITITES 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 N o l Said Agent is to receive tax bills on the attached accounts/parcels. Yes No Said Agent is to receive notice, orders and/or other communication regarding values and/or appeals on the attached accounts/parcels. Signed the ? .17-* day of dg-41,.*?--a-4-11 .2013 Account Ws: See Attached Listing c/o Life Care Services LLC 400 Locust Street, Suite 820 Des Moines, IA 50309-2334 515.875.4625 By: tte-Ceet- Title: 131-":".477S+1=-7,7k-",t- C re-r-6- 1-/ State of Iowa County of Polk Before me, a duly commissioned Notary Public within and for the State and County aforesaid, personally appeared R -Co.„... S. S-bo , known to me to be the person 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. cf-1 -11Signed this ,R o day of ,„..Scso Oat.) , 2013. 1:14-204----1 My Commission Expires; Nom y Public a; 'a.; .6 ai iti :ci a; a; iti :ci ai 'ai a> a; a ct i- a 0- 1—>' 0 as itscc 1- a.>, a 0... cc P.CU .c. ra0 ._ 0 fa..co 0 I-- •a >, as 1.-.. rtsa a.as rta a_ a) a) (1) CD CI) a) a) a) a) a) a) a) a) a) a) a) a)as as -ai as Ts as Ta as as Ta as a) a) -cTs (1:s CO Taco co u) co co co co (0(0(00)U) CD CO W CD (0 0)0)0)U) 0_J_J Cl.: cal 0 0)--i .0 0C NJ, 0coTi) L a) oZ (I) u)toas (.0 <--1 22 -.-r C a3 (/) vi-.-,0 u) a) 2 1.) (.9 c C o o o o o o o o.6 c) o o o o o o o c)co ss= o c o o c)_J _ j 0 0 0 0 0 00 -cr. o o o co4.) 0 0 0 N N- 0 I"- N-0 I' `ct N- =0 0 (o) Z.' ,--- c- 0 •ct vt v- 0 N--- N---.a)c us (.) .a. 0a) --- c) cEI <aN < Z N-- C.0 CO N < Z V- 'I' Is-- -< 0 V. SD 030 NO < V. 0[--. CO0E4-3crs 0 -a 'ai L.:'V 45 ;.-aE .4.- 0. >- as co as a. o >-a) ili 0a. oa)ts) >- iii 0o c Eas .0 .ca)>. 73 'ai ..tli a) >, -o iti 'a; isi7) - al a m ..._c I- as a a c I- asI a-.. z iii (7) ,, (1) co >, a) a ) . - F., 7 .t1 . . F .cs(I) ra Ta Ta Ta (f) ..(a) (is (4 us to co u) W > > >C 43 a) 0) a) La-) a) > > a) 43 a) > > a) '.ii a) o (a(f)(f)2 -cs a) 76 CO CO U)2 0 I ''asc 7 3' j .) 750-a u)(0) (i)(/)tn °- E a. § o_ E 2 0 -C)0) -C-IiC c---0 0 0< < < a- 2 E-:1 1— < I:1- i al- 12 < CL 1 _J cTo 1-. CO0(0 O 9 _J 't0 v- "ch <0't I C CO-cr co N(1) < q‘C-‘71 0) Ci) -13 1-- CO0) 0 ,-- C) 6 7,5 0 0-) Z7)v- N-- CO (f) ---, N C) <-- ES). < CO (NI0 0•st CO •" 0 0 N 1 N -1- o , cs ca oa to .1) cc (NI 1. -cr. csi coto Lo C\1 c--CO LC) 0 <- 0 o o co I-C co .— c--0.—NC300 ;-■C 0 O tP LI- 47+ CU o-GIs E iii wE-_: o as 8 2 0 as .. ..E 2 -' a ,;-...: ;-:tr.t:-..0 •c. c E C ---.' < < :2 .a). . .(7) co a aC ..c _ * 7,- .(o0LL. — LL. (.-) 0 0 •,..-U)a) 4 • 1:3) 7:435-........ 'ai iii a) ,;-, 0 a_— 0. a) C3)17 C 0 a) <>, :5 C ei) u) -Ca' -rD >—6t7) co 0 -5 .a.3 -.a, 2 0 0 o as . — a) cz 0E g fdi V)iti > cata : 0 65 i.75 TiF=.*o -a 0 c .0 , w -,,,_aco 6 -0 0 CU t) 0 "0"0 U) _C)= 0 E L. ,,, c a) a) 2 V) '''' TSo 0—I a. < IS1 u) 0 a. -J C71 < 6 u) N N < < 0 0 ILI LLI IL .__1 CC CC < 0 •0 - .)o •71. C ocNs 0 •cs-< 2 CU 0 (.0 0 oz> < ,. C N = N-o N- CO N N dC StN. CV 0 C4 a3 (0 0 100 200 400 Feet 6100 SUMMIT DRIVE I 115, 6160 -• ch ,r Fpfilfel earilleirt MEC 0 VALUATION REVIEW REPORT Of a Multi-Tenant Office Building CONCORDE EXECUTIVE CENTER (Formerly Brookdale Corporate Center III // Wing's Financial Federal Credit Union) Located at 6160 Summit Drive North Brooklyn Center, Minnesota PID #(s) 35-119-21-43-0017 Prepared for: City of Brooklyn Center 2014 Local Board of Appeal and Equalization Brooklyn Center, Minnesota Prepared by: Bradley S. Prchal, AMA Senior Appraiser, Hennepin County Effective Appraisal Date(s) January 2, 2014 April 17, 2014 City of Brooklyn Center 2014 Local Board of Appeal and Equalization Brooklyn Center, Minnesota Re: 2014 Market Valuation of 6160 Summit Drive North, Brooklyn Center, Minnesota Dear Board Members: I submit this valuation review report for your consideration of the above referenced property for effective valuation date of January 2, 2014. This valuation review report is similar to a Restricted Use Appraisal report, and it is important to recognize that this report may not be properly understood without reference to additional information contained in the property work file. A complete subject property inspection was completed on January 23, 2014. The January 2, 2014 assessed value in question is: $7,078,000 As of January 2, 2014, the market value of the fee simple interest of the subject property, as defined in this report, was $4,500,000. 2014 Assessed Value Reviewer's Opinion of Value Recommended Action $7,078,000 $4,500,000 $4,500,000 Respectfully submitted, Bradley S. Prchal, AMA Senior Appraiser Hennepin County SUMMARY OF SALIENT FACTS Name: Concorde Executive Center Subject Address: 6160 Summit Drive North, Brooklyn Center, Minnesota Owner: Concorde Executive Cntr, LLC Contact: Randy Fox — Facilities Manager Property ID #: 35-119-21-43-0017 Site Size: 246,563 square feet or approximately 5.66 acres Site Shape: Irregular; the shape does not appear to hinder the current improvements or any potential redevelopment possibilities. The site has frontage along Summit Drive North. Building Size: 105,677 Square Feet SQUARE FOOTAGE BREAKDOWN Type of Space Square Feet % of Building First Floor Office 16,614 15.72% Second Floor Office 18,830 17.82% Third Floor Office 20,046 18.97% Fourth Floor Office 23,516 22.25% Fifth Floor Office 16,837 15.93% Sixth Floor Office 9,834 9.31% TOTALS 105,677 100.0% Appraisal Purpose:To estimate the market value of the fee simple interest of the subject property as of January 2, 2014. Appraisal Function: To provide an estimated market value for the Local Board of Appeal and Equalization. Sale History of the Subject: Subject sold December 30, 2013 for $4,480,000 or approximately $42.39 per square foot. This is the only sale of the subject property within the three years prior to the effective value date. Zoning: C-1A; Service / Office Commerce District Highest and Best Use: As currently improved Current Use: Office Age: Actual: 1986 Effective: 2000 Overall Condition: Good 4th Ave N enry Rd ,.., tzi9 ash 4,0 Garden City Park , 60th Ave N Grandview Park e N - , 74;:;:` +.1 .:POZSP=t„= 7 5349§R1-.141411141140,--•-- .a3,-,4413c5J43%,13131it -011 _ .' ; ' 'it 1.-.!2 ..-' ' . . i =,- - - -.------,, .- ----. .„, ::2= • •• :- - , '• ' ' ' ' =-' ' - '—',-- - ' '',- • : ' --='!r ;1- - — -- - .. ..„ ' ril 53 '''.' -V 1 . pH N.N ,... ' ---',- --, , -, - - . . . r.,,-, ....-, 6- -., .4.•;-,1`,."•.,.'1 ----7.:=',-,--',_. i-_-■ ,,,..,t_...- .i.....•..• N , \ ': -..-7 ' :,--- '':.=:.5.31 .' --- .'U '- `,.,'' \ , ,-,■,-..,*----- , - '._--='.:1 'I , ‘,,,i; S.- 2"0-:-_-'7-_•---_,* — —1 '‘ \ \', ' AREA MAP AERIAL IMAGE (FACING NORTHERLY) INTERIOR SUBJECT PHOTOGRAPHS SUBJECT SALE Complex Name: Buyer: Seller: Sale Date: Sale Price: Square Footage: Sale Price PSF: Occupancy at Time of Sale: Openly Marketed: Personal Property Included: Appraisal Completed for Transaction: Deed Type: Financing: Concorde Executive Center Concorde Executive Center, LLC Wings Financial Credit Union December 30, 2013 $4,480,000 105,677 square feet $42.39 50% (approximately) Yes No No Limited Warranty Cash Comments: Property was reportedly listed on the open market for over a year. Last known list price was $4,995,000. Previous list prices are unknown. Buyer and seller agreed this was a fair market, arm's length transaction. Subject has similar complex amenities as compared to a majority of Class B office buildings in the Twin Cities metropolitan area. There is a bank teller canopy that services the building. This canopy is located on the eastern boundary of the property, detached from the main structure. Property has approximately 425 parking stalls or approximately 4.02 stalls per 1,000 square feet. Direct Capitalization Technique The income capitalization approach was utilized to estimate market value for the subject property as of January 2, 2014. The income capitalization approach calculates market value by capitalizing a properties net operating income as determined by analyzing market data. A market rent, vacancy/collection loss, and operating expense was derived from comparable market data, and the resulting net operating income is then capitalized by a market cap rate from sales of similar income producing properties. This approach was utilized as properties similar to the subject are typically multi-tenant and income generating. Investors in today's multi-tenant office market would typically base their purchasing decisions on income and expense pro formas. Market rent for the subject was determined to be $9.75 per square foot net, which was derived from actual market office leases and current asking lease rates from within the subject's submarket. A market vacancy was extracted from comparable property data and local rent and vacancy surveys completed by knowledgeable real estate market participants. A few of these surveys are illustrated below. A vacancy and rent loss of 30% has been utilized within the income pro forma for the effective appraisal date. An operating expense of $6.25 per square foot to the vacant space and $0.25 per square foot for reserves has been utilized. These numbers represent the market's performance as of the effective date of appraisal. SUBMARKET VACANCY (Source: LoopNet - April 2014) PROPERTY ADDRESS CITY NRA AVAILABLE % VACANT ASKING RATE TYPE 5701 Shingle Creek Parkway (Brookdale Towers)Brooklyn Center 66,000 22,000 33.33%$16.00 Gross 3300 County Road 10 (Brooklyn Crossings)Brooklyn Center 55,000 930 1.69%$14.00 Gross 6040 Earle Brown Brooklyn Center 55,426 27,110 48.91%$14.00 Gross 5901 Brooklyn Boulevard Brooklyn Center 50,379 5,693 11.30%$13.00 Gross 2800 Freeway Boulevard Brooklyn Center 13,936 3,565 25.58%$14.00 Mod Gross 6160 Summit DrKe North (Concorde Executive Center)Brooklyn Center 104,063 55,189 53.03%$10.00 NNN MINIMUM 13,936 930 1.69%$10.00 MAXIMUM 104,063 55,189 53.03%$16.00 AVERAGE 57,467 19,081 28.98%$13.50 SUBMARKET VACANCY (Source: Twin Cities Tenant - Winter 2014 Edition) PROPERTY ADDRESS CITY NRA AVAILABLE % VACANT ASKING RATE TYPE 6300 Shingle Creek Parkway (Brookdale Corporate Center I)Brooklyn Center 113,451 42,118 37.12%$8.00 NNN 6200 Shingle Creek Parkway (Brookdale Corporate Center II)Brooklyn Center 116,097 36,538 31.47%$8.00 NNN 5701 Shingle Creek Parkway (Brookdale Towers)Brooklyn Center 66,000 41,517 62.90%$16.00 Gross 6160 Summit Drive North (Brooklyn Corporate Center Ill)Brooklyn Center 104,063 55,189 53.03%$10.00 5951 Earle Brown Drive (Brookview Plaza)Brooklyn Center 69,444 44,444 64.00%$9.00 6040 Earle Brown Drive (Earle Brown Plaza)Brooklyn Center 60,000 9,908 16.51%$13.00 6120 Earle Brown Drive (EBT Office Center)Brooklyn Center 116,669 13,360 11.45% 5910 Shingle Creek Parkway (Shingle Creek Plaza)Brooklyn Center 68,000 35,000 51.47%$15.00 MINIMUM 60,000 9,908 11.45%$8.00 MAXIMUM 116,669 55,189 64.00%$16.00 AVERAGE 89,216 34,759 41.00%$11.29 Direct Capitalization Technique (continued) VACANCY/ LEASE RATES (CushWake/Northmarq 4Q 2013 Office) Vacancy Lease Rates NNN CAM & Tax Taxes OE Market 17.4%$13.23 $10.77 $ 3.71 $ 7.06 TC Metro 20.5%$10.91 $9.69 $ 2.76 $ 6.93 TC Metro Class B 20.5%$8.82 $7.74 $ 2.22 $ 5.52 TC Metro Class C 33.5%$9.39 $8.53 $ 2.70 $ 5.83 NW Submarket 30.0%$9.31 $8.60 $ 2.47 $ 6.13 NW Submarket Class B 30.6%$5.87 $5.82 $ 1.53 $ 4.29 NW Submarket Class C With an overall capitalization rate of 9.50% and 4.81% for real estate taxes (per the payable 2014 effective tax rate for the subject), the indicated value for January 2, 2014 per the income capitalization approach is $4,500,000 or approximately $42.58 per square foot. An income pro forma can be found on the following page. RECOMMENDATION -- Change 2014 Assessment to: $4,500,000 FOUR MILLION FIVE HUNDRED THOUSAND DOLLARS INCOME CAPITALIZATION APPROACH Wings Financial Federal Credit Union 6160 Summit Drive Brooklyn Center, MN PID #35-119-21-43-0017 1ST FLOOR OFFICE AREA 16,614 2ND FLOOR OFFICE AREA 18,830 3RD FLOOR OFFICE AREA 20,046 4TH FLOOR OFFICE AREA 23,516 5TH FLOOR OFFICE AREA 16,837 6TH FLOOR OFFICE AREA 9,834 TOTAL OFFICE AREA 105,677 1ST FLOOR OFFICE AREA (NET) $9.75 2ND FLOOR OFFICE AREA (NET) $9.75 3RD FLOOR OFFICE AREA (NET) $9.75 4TH FLOOR OFFICE AREA (NET) $9.75 5TH FLOOR OFFICE AREA (NET) $9.75 6TH FLOOR OFFICE AREA (NET) $9.75 BLENDED RENTAL RATE (NET) $9.75 PROFORMA INCOME CAPITALIZATION ECONOMIC POTENTIAL NET INCOME:$1,030,351 LESS: ESTIMATED VACANCY & COLLECTION LOSS @ 30.0%$ (309,105) EFFECTIVE NET INCOME:$721,246 LESS: • MANAGEMENT @ 0.0%$0 OPERATING EXPENSE ON VACANCY (PER S. F.) @ $6.25 ($198,144) RESERVES FOR REPLACEMENT (PER S. F.) @ $ 0.25 ($26,419) TOTAL EXPENSES @ 31.1%($224,564) NET OPERATING INCOME:$496,682 EFFECTIVE TAX RATE PAYABLE 2014 4.81% OVERALL CAP RATE:9.50% TAX PAID ON VACANCY 1.44% EFFECTIVE CAP RATE (INCLUDING UNPAID TAX)10.94% INDICATED VALUE BY THE INCOME APPROACH ON JANUARY 2, 2014:$4,539,183 ROUNDED REVIEW VALUE:$4,500,000 INDICATED VALUE PER SQUARE FOOT:$42.58 2014 EMV:$7,078,000 2014 EMV PER SQUARE FOOT:$66.98 Bradley S Prchal From: Randy Fox <rfox@atwatercommercial.com > Sent: Friday, April 18, 2014 5:44 AM To: Bradley S Prchal Cc: Marva Beckman Subject: RE: 6160 Summit Drive - Brooklyn Center 2014 Assessment Brad, The ownership of the property located at 6160 Summit Drive, Brooklyn Center (PID 35-119-21-43-0017) is satisfied with the $4,500,000 market value. Thank you for your help with this matter. Randy Fox Facilities Manager AtWater Group Cell 763-238-6433 rfox@atwatercommercial.com Hennepin County Ment© To: All City Clerks From: LuAnn Hagen, Administrative Manager Date: February 25, 2014 Re: 2014 Local Board of Appeal and Equalization and Open Book Meeting Please find the Notice to the Clerk of the Meeting of the Board of Appeal and Equalization The Department of Revenue recommends using the following text when posting and publishing your notices for Local Board of Appeal and Equalization meetings: "Important Information Regarding Assessment and Classification of Property This may affect your 2015 property taxes. Notice is hereby given that the Board of Appeal and Equalization for [CITY/TOWNSHIP NAME] shall meet on [DATE], [TIME], at [LOCATION]. The purpose of this meeting is to determine whether taxable property in the jurisdiction has been properly valued and classified by the assessor, and to determine whether corrections need to be made. If you believe the value or classification of your property is incorrect, please contact your assessor's office to discuss your concerns. If you are still not satisfied with the valuation or classification after conferring with your assessor, you may appear before the local board of appeal and equalization. The board shall review the valuation, classification, or both if necessary, and shall correct it as needed. Generally, an appearance before your local board of appeal and equalization is required by law before an appeal can be taken to the county board of appeal and equalization." Minnesota Statute 274.01 requires that in order to hold a Local Board of Appeal and Equalization meeting, there must be a quorum present and at least one of the attending voting members must have received the approved training. The list of trained members is posted on the DOR's website. Please let us know if there are any discrepancies. If your city is holding an Open Book Meeting instead of a Local Board of Appeal, we recommend posting a notice of the meeting as you would for any other public meeting as a courtesy to your residents. The property owners will be notified of the location, date, and time of the Open Book Meeting on their Notice of Valuation and Classification as well. Form No. A. F. 4 — Notice to Clerk of Meeting of Board of Appeal and Equalization OFFICE OF COUNTY ASSESSOR TO THE CLERK OF THE OF THE City OF Brooklyn Center HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN, That the Twenty First day of April at Seven o'clock P. M., has been fixed as the date for the meeting of the Local Board of Appeal and Equalization — your City for said year. This meeting should be held in your office as provided by law. Pursuant to the provisions of the Minnesota Statutes Section 274.01, you are required to give notice of said meeting by publication and posting, not later than ten days prior to the date of said meeting. Given under my hand this Twenty Fifth day of February 20 14