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Attachment A <br /> CONSULTING ENGINEERS <br /> Maier Stewart Associates Inc. <br /> November 19, 1992 <br /> File: 330 028 -10 <br /> Ms. Susan Hoyt <br /> City Administrator <br /> City of Falcon Heights <br /> 2077 Larpenteur Avenue West <br /> Falcon Heights, MN 55113 <br /> RE: 1993 STREET IMPROVEMENTS <br /> Dear Ms. Hoyt: <br /> Attached is a copy of the feasibility study for the proposed 1993 Street Improvement project in <br /> the Grove and Falcon Woods Areas. As detailed in the project schedule, the next step in the <br /> process is to prepare plans and specifications. This will allow us to hold the Public Hearing <br /> after the detailed plans are substantially complete so specific answers can be provided for many <br /> of the issues raised during the Informational Hearings. Attached for the City Council's <br /> consideration is a draft resolution which accepts the feasibility study and orders the preparation <br /> of plans and specifications. <br /> As requested by the City Council, we have looked at a 60/40 split of assessments between the <br /> City and benefitted properties, as well as comparing the typical assessment amount to the selling <br /> price and assessed value of homes in the area. As detailed in the feasibility study, the typical <br /> assessment in the Grove Area is $2,810 while the typical assessment in the Falcon Woods Area <br /> is $3,750. A reduction in the assessment split between the City and benefitted properties to <br /> 60/40 would make these typical assessments $2,250 and $3,000 respectively. <br /> We have checked with a local realtor and found that over the past 12 months there have been <br /> four home sales in the Grove Area, but only one in the Falcon Woods Area. The average <br /> selling price in the Grove Area was $188,750 and the one home sale in the Falcon Woods Area <br /> was $121,500. A review of the tax records revealed the average assessed value in the Grove <br /> Area is $168,300 and the average in the Falcon Woods Area is $109,700. The following table <br /> compares the two assessment scenarios as a percentage of selling price and assessed value for <br /> the Grove and Falcon Woods Area. <br /> 1959 SLOAN PLACE, SUITE 200, ST. PAUL, MINNESOTA 55117 612 774 -6021 <br /> 9800 SHELARD PARKWAY, SUITE 102, MINNEAPOLIS, MINNESOTA 55441 612 546-0432 Equal Opportunity Employer <br />