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515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 766-4029 / FAX: (651) 766-4048 <br />www.c i.1 inlc-can ada.mn. us <br />MEMORANDUM <br />TO: Mayor Keis & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: January 9, 2015 <br />RE: 56 Little Canada Road, E. <br />MAYOR <br />John Kcis <br />COUNCIL. <br />Rick Montour <br />Michael McGraw <br />'l'om Fischer <br />Christian Torkc1son <br />ADMINISTRATOR <br />Joel R. Hanson <br />We have been contacted by the realtor who has listed 56 Little Canada Road, E for sale. As you <br />may recall, the property had previously been sold to a developer on a contract for deed. It is my <br />understanding the purchase price in that transaction was $110,000. That is also the current <br />listing price for the property. However, the developer initially attempted to increase the density <br />on that property which, in my opinion, was necessary to justify the proposed price. When the <br />developer's zoning approval requests were denied, the contract for deed was cancelled and the <br />property once again was on the market. <br />Back in the mid 1990's, the City made the decision to purchase properties along Round Lake as <br />they became available on a "voluntary sale" basis. The City now owns, 56 LC Road, W; 20 LC <br />Road, W; 00 LC Road, 2 LC Road, W.; 2 LC Road, E; 34 LC Road, E.; and 52 LC Road, E. In <br />the initial plan, the goal was also to acquire 10 and 30 LC Road when they became available. 56 <br />and 60 LC Road were not initially included in the acquisition plan. <br />The Parks & Recreation Commission has reviewed this situation and recommends we pursue the <br />acquisition of 56 LC Road, E. If a purchase can be consummated, funding would come from the <br />Park Land Acquisition Fund. <br />Attached is Ramsey County's property valuation information used for tax purposes. You will <br />note the most recent estimated market value (EMV) is $127,300 while the land value as part of <br />that number is estimated at $69,400. (I have also attached an aerial map of the property for your <br />review.) I believe this value estimate exceeds the true value of the property. From our <br />standpoint, the structure has a negative value in that it would need to be demolished to acid to our <br />open space in this area. I would estimate that cost at approximately $15,000. <br />1 <br />