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STEVEN M. DECASTER <br />MAI <br />ROBERT G. LUNZ <br />CRE, MAI <br />TODD M. REID <br />MAI <br />EVERETT D. STRAND <br />MAI <br />DOUGLAS J. WAGEMAN <br />MAI <br />1221 ON THE NICOLLET MALL <br />SUITE 700 <br />MINNEAPOLIS, MN 55403 <br />612.340.1236 <br />facsimile 612.340.1848 <br />www.nicolletpartners.com <br />NICOLLET <br />PARTNERS <br />Real Estate Advisors <br />May 18, 2006 <br />Mr. Joel R. Hanson <br />City Administrator <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, Minnesota 55117 -1600 <br />Re: Market Value Appraisal <br />Twin Lake Land <br />Owasso Boulevard <br />Little Canada, Minnesota 55117 <br />Dear Mr. Hanson: <br />The purpose of this letter is to formalize our telephone conversation for <br />conducting a market value appraisal of the above referenced property. It <br />should be noted that our appraisal will be of the real estate only. It is <br />understood that the opinions of value evolved in this report will be used to <br />assist with internal City decision making and potential sale. As we <br />discussed at this time you have requested we consider the sites value under <br />three varying use development scenarios 1. Single Family, 2. Townhome <br />and 3. Assisted Living. The underlying assumptions for these various uses <br />are that they would be legally permitted and where necessary zoning <br />changes and /or other approvals would be granted for the particular use. <br />Market value is defined as the most probable price which a property should <br />bring in a competitive and open market under all conditions requisite to a <br />fair sale, the buyer and seller, each acting prudently, knowledgeably and <br />assuming the price is not affected by undue stimulus. <br />The appraisal will include development of all the applicable approaches to <br />value which may include the Cost, Sales Comparison and Income <br />Approaches. The applicable approaches will be developed based on <br />transactional data evidenced in the marketplace. The appraisal will be <br />subject to, and made in conformity with, the Uniform Standards of <br />Professional Appraisal Practice, (USPAP) and the Code of Professional <br />Ethics and Standards of Professional Practice of the Appraisal Institute. <br />The report will be conveyed in a Summary Report format. This summary <br />format complies with the reporting requirements set forth under Standards <br />Rule 2 -2(b) of the Uniform Standards of Professional Appraisal Practice for <br />a Summary Appraisal Report. As such, it presents summary discussions of <br />