07-28-1997 EDA - Laserfiche WebLink

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/-4 -1W / e:104AM FROM MSP REAL ESTATE: INC. 612 336 yhti kY , a >° ATTACHM ENT C 3r. MSP • r e a l . e s t a i e services i n c July 24, 1997 • Cathy Bennett City of Mounds View 2401ighway 10 Mauve, View, MN 55112 RE: Silver Lake Commons Mounds View, MN Dear Cathy: A variety of issues have come up through the course of neighborhood meetings, public meetings and most recently an article in the Focus newspaper. I believe it is important to address each of these issues directly with the facts: lir 1. People fear property values will decline if the MSP proposal moves forward In fact, SRF Consulting, Towle Real Estate and Mardell Amundson Appraisers have all •indicated`that if Red Oak Apattnnents are not rehabbed; properly values in the area are likely to decline. In fact, the appraiser has concluded that based on the quality, design, and buffering of our development proposal, the prospects fbr long term appreciation are good. The critical variables to property appreciation are construction quality, good design and attentive management our proposal addresses all three. Enclosed is a letter f bm Mardell Ainvndson Appraisers indicating that our development proposal will not negatively impact property values. The appraiser has also included an Appraisal journal article indicating the same conclusion. 2. Crime will increase if the development proposal moves forward. The property already has a notorious history of having more police calls than any..other property in the city. The reasons for this are poor screening, inattentive management and poor upkeep. Our proposal offers professional on-site management, criminal background checks and the curing of all deferred maintenance items. Our Management Company, Danziesen Properties, anticipates that police calls,will drop by over 90% once we complete-this development. •