Agenda Packets - 1995/02/06 - Laserfiche WebLink

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ai IT i, Consider a hypothetical downtown city grid - as illustrated in Figure 2. A one-square block area with a block size of 100 m I 121.4m I by 100 m (330 ft. by 330 ft.) together with the appropriateIn portion of 21.4 m (70 ft.) wide rights-of-way which separate - - the blocks is shown in the shaded portion of Figure 2. This f �f shaded portion is made up of 10,117 m2 (108,900 ft2) of blockti area and 4,747 m2 (51,100 ft2) of street right-of-way. If the 21.4m ' 21.4m value of the public right-of-way were assumed to be equal to the adjacent private property, then the value of the public land 11 area would be 47 percent of the value of private land area for - -- 1.- the single block. If the value of land in the downtown area is assumed to be $4.65 per m2 ( 0 per ft2) , [the estimated fi21.4m [-] 1988/89 market values of 7 downtown city blocks in I I Minneapolis considered for a new Hennepin County Safety Figure 2 Plan of Downtown City Facility were $10.2 million, $12.9 million, $10.7 million, $5.4 Block II million, $15 million, $4.7 million and $6.3 million respectively - all representing higher values than the figure chosen] then the value of the block itself 1 would be $5.45 million and that of the adjacent right-of-way $2.56 million. Over a downtown area of 2.59 sq. km (1 sq. mile), the total value of the public right-of-way would be approximately $446 I 115m I Ii million ($172 million per sq. km.). For residential blocks z t with an average block size of 152 m by 91 m (500 ft. by 300 -' 11 ft.) and 15 m (50 ft.) rights-of-way (see Figure 3), the block area is 13,935 m2 (150,000 ft2) and the associated right-of-way Ems Z, area is 3,948 m2 (42,500 ft2). If an average value of $5 per ft2 r were taken for residential blocks (equivalent to a lot price of $37,500 for a lot 15 m by 45 m (50 ft. by 150 ft.)), then the above assumptions would lead to value of the public right-of- 15m w '.... •(:::,,,T.:(1,,. 15m .,15m way in each square kilometer of residential area of$11.89 million ($30.8 million per sq. mile). Taking the City of Minneapolis (152 sq. km. or 37,568 acres in total area - City of Minneapolis, 1981 - see Table 1) as an example for which the above assumptions are reasonable the total value of - - public rights-of-way could be said to be as high as $2.2 billion. This figure is derived from taking a downtown area I 115m I of 2.59 sq. km. at the $4.65 per m2 land value, the remaining area of commercial and industrial properties (14.6 sq. km. at Figure 3 Plan of Residential City $0.93 per m2 and all remaining areas (107.6 sq. km.) including Block residential areas (53.6 sq. km.) but excluding water (9.5 sq. km.) and social-cultural (17.7 sq. km.) at $0.46 per m2. Multiplying these areas by the assumed average values for public right-of-way in each square kilometer respectively gives a total value of $2.23 billion. 10