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Mayor & City Council <br />November 17, 2000 <br />Page 2 <br />For the town house development, raw land costs were $15,000 a unit. For 28 units, this would <br />equal a selling price of $420,000 or $2.08 per square foot. If 8 units per acre is possible, then <br />selling price would equal $555,000 or $2.75 square feet (37 x $15,000). <br />For a $50,000 lot and assuming utilities and streets would cost $20,000 per lot, this would equal <br />a selling price of $360,000 or $1.78 per square foot. <br />It would be my recommendation that the first step we should take is to have an appraisal done on <br />this property to help us establish its market value. I would also recommend that the appraiser <br />comment on the highest and best use for this property (i.e., single family versus town houses). I <br />have talked with Mike Bettendorf and he estimates the cost of this appraisal at between $2,500 <br />and $3,000. Once this information is received, we should then discuss how we would like to <br />proceed with the sale and development of this property. <br />H: \KrisP \CORRESP\2000 \Twin Lake Land.doc <br />Page 44 <br />