Laserfiche WebLink
MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />515 Little Canada Road, Little Canada, MN 55117 -1600 ADMINISTRATOR <br />(651) 484 -2177 / FAX: (651) 484 -4538 Joel R. Hanson <br />Email: cityhall @ci.little- canada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: November 17, 2000 <br />RE: Sale of Twin Lake Land <br />Attached is a portion of the section map showing the land we have available for sale along Twin <br />Lake Blvd. It is 4.63 acres in size or 201,682 square feet. Issues that will impact the value of <br />this land are as follows: <br />• Water main does not yet serve this area. <br />• Depth of the sanitary sewer may require a lift station. <br />• The north side of the property is bordered by Five Star Estates Mobilehome Park. It is <br />likely that screening will be necessary. <br />At our budget workshop, the Council also discussed the merits of town houses being developed <br />on this property versus single family homes. Here is a quick analysis of the financial impacts of <br />each option based on some reasonable assumptions. <br />Town House Single Family Home <br />Sales Price per Unit $225,000 $300,000 <br />Units per Acre 6 (6 -8) 2.5 <br />Total Units 28 12 <br />Total Market Value $6.3 million $3.6 million <br />Tax Capacity/Unit $3,219 $4,456 <br />City Tax/Unit (Est. 2001 Rate) $544 $753 <br />Total City Taxes $15,232 $9,036 <br />Another issue talked about was the City developing a single family project on its own. I did a <br />quick comparison using the cost /unit for the town house development at Jackson and Little <br />Canada Road versus a $50,000 estimated sales price for a lot if it were to be developed in the <br />Twin Lake area. <br />H: \KrisP \CORRESP\2000 \Twin Lake Land.doc <br />Page 43 <br />