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Cer:# 1 Y474 C cmtm <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: October 9, 1996 <br />RE: Appraisal Results for Rice Street /Little Canada Road Redevelopment Properties <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 />The review appraisals have been completed on all properties listed below. In each case, the initial appraisal report was <br />recommended for acceptance by the review appraisal. The appraisal results are as follows: <br />Properties <br />Venetian Inn <br />2814 Rice Street <br />Ultimate Golf <br />2769 Rice Street <br />Sherman Investment Corp. <br />(No street address - <br />access off Little Canada Rd.) <br />Appraiser <br />Appraisal Concepts, Inc. <br />New Brighton, MN <br />Review Appraiser Value Conclusion <br />Bettendorf, Rohrer, $950,000 <br />Knoche, Wall, Inc. <br />St. Paul, MN <br />$720,000 <br />$428,000 <br />Earl Cardinal Property $102,000 <br />96 Little Canada Road W. <br />Guerin Property <br />2822 -2826 Rice Street <br />Bettendorf, Rohrer, <br />Knoche, Wall, Inc. <br />St. Paul, MN <br />Budget Power Appraisal Concepts, Inc. <br />107 Little Canada Road W. New Brighton, MN <br />R.C. DuBay <br />St. Paul, MN <br />Bettendorf, Rohrer, <br />Knoche, Wall, Inc. <br />St. Paul, MN <br />$350,000 <br />To be purchased by 3rd party <br />w/ possible assignment to City. <br />Final price pending negotiations <br />between private parties. <br />Our next step would be to approve the appraisals and authorize offers of just compensation based on the amounts indicated above. <br />The Council's subcommittee may want to present these offers in person to each of the affected property owners with a deadline for <br />a decision on the part of each respective property owner. This deadline is necessary in order that we can deal with financing <br />issues should acquisition proceed. <br />The City Attomey can answer other questions regarding this process. <br />JRH:kpv <br />Page 21 <br />