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Cee <br />211/4 `eetnZae a <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />MEMORANDUM <br />TO: Mayor Hanson and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: December 6, 1991 <br />RE: DeSoto Street Appraisal <br />MAYOR <br />Raymond G. Hanson <br />COUNCIL <br />Beverly Scalze <br />Bill Blesener <br />Rick Collova <br />Jim LaValle <br />ADMINISTRATOR <br />Joel R. Hanson <br />As has been previously discussed, Pete Costa is willing to <br />commission an appraisal of the property being dedicated <br />from Pioneer Park to provide additional right -of -way width <br />for DeSoto Street. Pursuant to our developer's agreement <br />with the Costas, a $2 per square foot figure was agreed <br />to. However, Pete Costa has been concerned that this price <br />is higher than what his project should bear in relation to <br />the dedication of this right -of -way. <br />Proposals have been received from a number of appraisers. <br />Mr. Costa would like to retain Forsythe Appraisals, Inc. of <br />Little Canada to undertake this project. The cost of this <br />appraisal will be borne by the developer. The appraisal <br />should be complete by the end of December. The purpose of <br />the appraisal shall be to estimate the fair market value of <br />the land in question. <br />I have informed the developer that in order to improve the <br />chances of having an acceptable appraisal, the land in <br />question should be valued as residential property in an R -1 <br />zoning district. I have also informed him that the City <br />will not accept a value of zero from the appraiser. It <br />would be my goal that we reach consensus on as many <br />provisions as possible in order to have the appraisal be a <br />worthwhile document. Obviously, this is conditioned upon <br />the quality by which the document is put together by the <br />appraiser in question. <br />Should you have any comments or questions regarding this <br />matter, they can be addressed at Wednesday's meeting. <br />JRH:kpv <br />PAG ` TA <br />