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V CM OFREQUEST FOR COUNCIL CONSIDERATION Agenda Section: 6 �� STAFF REPORT Report Number: 95-1441WS ��W AGENDA SESSION DATE September 5, 1995 Report Date: 8-31-95 DISPOSITION Item Description: Discussion of 2625 Highway 10 Administrator's Review/Recommendation e - No comments to supplement this repor - Comments attached. Explanation/Summary (attach supplement necessary.) $UMMARY; The City of Mounds View contracted with a reputable appraisal firm, BCL Appraisers in St. Anthony. The firm was recommended by both the Cities of New Brighton and Fridley. The appraisal has come back with an estimated market value of$140,000. The property was compared to duplexes and triplexes because the property, even though it does not have the proper permits from the City, is structured as a triplex with three separate entrances. In light of this, I have devalued the appraisal based on the cost that it would take to bring the structure up to code. This would entail the construction of garages, paved driveway and parking lot and miscellaneous interior work. Under my estimations the new market value would be closer to $110,000. I have contacted the owner of the property and will be making an offer, contingent upon EDA approval, for $100,000. I will offer the owner the option to remove the new improvements he has made to the property such as appliances, cabinets and interior doors. Under these parameters I believe $100,000 is a fair and equitable price for the property. I have not been able to make connections with the owner but hope to have discussed this offer with him prior to the work session on Tuesday. The vacant land to the west of the blue house has an asking price of$80,000 for 1.3 acres. This vacant land, coupled with the blue house land, would make an attractive property for private development of a commercial office complex or other suggested use. 2975 Highway 10 The City has been in contact with the owner, Mr. Mullins, and he is willing to sell the property to the City. He has 6 months to bring his defaulted mortgage current and regain possession of the property. We are now waiting for his asking price on the property. 64Pi thy Bennett, Economic Development Coordinator RECOMMENDATION;