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MMA' <br />/dcMnzl, <br />A, era <br />Appraisal <br />1284 East County Road E <br />Vadnais Heights, MN 55110 <br />651 -426 -7144 <br />• Fax 651-426 -9458 <br />www.mckinziemetroappraisal.com <br />January 21, 2013 <br />Joel R. Hanson <br />City Administrator <br />Little Canada <br />Re: Little Canada Road Sidewalk Project <br />Proposal to do Appraisals <br />Dear Mr. Hanson: <br />Thank you for the opportunity to submit a proposal to provide appraisal <br />services for you on the above project. We understand that there are 7 parcels <br />on the planned project and that they are all strip takings. Included are one <br />gas station site, five single - family homes, and one Church. <br />We would use the appraisal format for strip takings similar that contained in <br />MnDOT R/W Manuals. The appraisals would comply with the MnDOT <br />manual and with the Uniform Standards of Professional Appraisal Practices <br />(USPAP). <br />Strip Take Format - -- land sales would be included in the reports to <br />support the values assigned to the tracts of land. Building values would not <br />be included. <br />Encroachment - -- it appears the assignment of damages may be warranted <br />on the single - family homes. This type of damages is near impossible to <br />support with market data. Rather than making before and after appraisals of <br />these properties (land & improvements), we would suggest the following <br />less costly approach: <br />• Compare assessed values with sale prices on recent home sales. <br />• Determine a factor of assessed values to sale prices. <br />• Determine the assessed value of the improvements on the subject <br />properties. <br />• From this data, estimate the market value of the improvements on the <br />parcels on the project. <br />• Apply a percentage damage to the improvements for encroachment. <br />16 <br />