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515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: June 3, 1999 <br />RE: Cobblestone Before and After Appraisal <br />MAYOR <br />Michael 1. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />Attached is the fee proposal I received from BRKW Appraisals for the before and after benefits <br />analysis the Council had asked for relative to the assessment of the Cobblestone townhome <br />development for the Minnesota Avenue project. I am concerned that a $4,000 fee to conduct this <br />analysis is too high in relation to the potential assessment of this property ($12,000- $26,000). <br />This will only add to City expenses as it is not recouped through the assessment process. <br />I have also contacted Bill Peterson of Appraisal Concepts and asked for an estimate from him to <br />do this work. In reviewing the situation, he commented that it would be difficult to make this <br />type of determination given the nature of the improvements and their relation to the townhome <br />property. He reviewed the information staff had prepared on this matter and felt that the <br />recommendation of the assessment based on front footage ($12,152) was the most realistic. He <br />declined to submit a proposal to do a more detailed evaluation. <br />I would like the Council's direction on this matter given conditions as they presently stand. We <br />can either obtain additional estimates for this work from other appraisers, hire BRKW Appraisals <br />at $4,000, or utilize Mr. Peterson's recommendation for a $12,152 assessment. <br />JRH:kpp <br />Enclosure <br />Page 25 <br />