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<br />3 <br /> <br />SPECIAL BENEFIT APPRAISALS: <br />In the time since the Feasibility Report was accepted, staff received a Benefit Analysis Report from <br />Metzen Realty and Associates. This report, performed by a Minnesota-licensed Real Property <br />Appraiser, details the increase in real estate value received by adjacent properties due to the proposed <br />street and storm sewer improvements. <br /> <br />For the improvements to both Woodlynn Avenue and Ryan Drive, the appraiser has indicated a <br />received benefit of $1.00 per square foot of parcel area for each of the assessed parcels. For industrial <br />parcels, appraising based on parcel area is typical. In practice, the City should not levy an assessment <br />against a property for more than the benefit amount of $1.00 per square foot, often referred to as the <br />“benefit cap”. <br /> <br />The benefit cap of $1.00 per square foot will cap or reduce the proposed assessment to the following <br />parcels. <br /> <br />Woodlynn Ave – Parcels Affected by Benefit Cap <br />Parcel <br />ID <br />Site <br />Address <br />Parcel <br />Area <br />Policy <br />Assessment <br />Benefit <br />Cap <br />Proposed <br />Assessment <br />062922220013 90 Woodlynn Ave 43,124 $58,395 $43,124 $43,124 <br />062922220033 38 Woodlynn Ave 39,204 $58,395 $39,204 $39,204 <br />062922220030 0 Sandburg Rd 55,321 $58,395 $55,321 $55,321 <br /> <br />Ryan Drive – Parcels Affected by Benefit Cap <br />Parcel <br />ID <br />Site <br />Address <br />Parcel <br />Area <br />Policy <br />Assessment <br />Benefit <br />Cap <br />Proposed <br />Assessment <br />313022340009 0 Spruce Street <br />(3173 Spruce) $279 $637 $279 $279 <br /> <br />SOURCE OF FUNDS <br />Street improvements would be funded through the City’s Infrastructure Capital Improvement Fund <br />and special assessments. Utility improvements would be funded through the City’s Infrastructure <br />Capital Improvement Fund and special assessments. <br /> <br />STAFF RECOMMENDATIONS: <br />Staff recommends that the City Council take these 3 separate actions: <br /> <br />• Accept the Feasibility Report Amendment #1 for Ryan Drive <br />• Approve Resolution ordering the Improvement and Preparation of Plans for Improvement No. <br />2022-04 on Ryan Drive <br />• Approve Resolution ordering the Improvement and Preparation of Plans for Improvement No. <br />2022-05 on Woodlynn Avenue