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r <br />r <br />r <br />RF <br />J YYA.1 c <br />APPRAISALS VALUATION SERVICES <br />January 5, 2001 <br />Mr. Joel Hanson <br />City Administrator <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />Re: Vacant Land <br />Twin Lake Boulevard Site <br />Little Canada, MN <br />City of Little Canada - Owner <br />Dear Mr. Hanson: <br />In accordance with your request, I have made a careful inspection: of the <br />captioned property which, is more particularly described elsewhere in this report, <br />and have made a study of conditions affecting its value. <br />The subject site comprises a tract of land containing 197,152 SF or 4.53 Acres, <br />more or less, located on the north side of Twin Lake Boulevard, extending west <br />from Banker's Drive, within the City of Little Canada. The size of the site <br />excludes Twin Lake Boulevard right of way and the easement for Bankers Drive. <br />The site comprises level to gently rolling terrain. The site is zoned "R -1" single <br />family residential. The highest and best use of' the site is for low density, owner <br />occupied townhouse development as per permitted under the planned unit <br />development portion of the single family zoning. <br />Although zoned for single family development, the location and layout of the site <br />are not conducive to this type of development. Near the Southwest corner of the <br />site, Interstate Highway 694, with a traffic volume of 99,000 vehicles per day <br />passes within 100' of th;: site, -with Twin Lake Boulevard and a row of trees <br />being the separation between the property and the highway. At the eastern <br />boundary of the site, the highway is approximately 620' south of the site with <br />acreage homesites lying between the site and the highway. The proximity of the <br />highway detracts from single family development, as does the presence of a <br />mobile home park along the northern boundary of the site. Also, in the eastern <br />portion, Twin Lake Boulevard rises to a height approximately 5 to 8 feet above.. <br />the grade of the subject. The shape of the property is such that single family <br />development would involve a row of homes with individual driveways to street. <br />However, with the present street grade, development of the eastern portion of the <br />site would be unlikely. <br />- 5 - <br />S P R!H CE TREE <br />CENTRE SUITE 314 <br />1600 UNIVERSITY AVE SI PAUL RANI 55104 <br />651.646'6114 FAX 651.646.8086 hrkw ©hrkw.com <br />