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Edina Realty... <br /> North Suburban Office <br /> 4570 Churchill Street <br /> Shoreview, Minnesota 55126 <br /> (612) 483-8500 <br /> City of Mounds View September 25, 1992 <br /> 2401 Highway 10 <br /> Mounds View, Minnesota 55112 <br /> Attn: Paul Harrington <br /> Re: 9. 3 acres, NEC Highway 10 and Edgewood Drive, <br /> Lots 16, 17 & 18, Block 5, Pinewood Terrace No. 2 <br /> (see enclosed map) <br /> Dear Paul: <br /> As you know, I represent the owner of the above property in <br /> Mounds View, and have been researching the property to determine <br /> whether to develop the property or sell it. <br /> The site is highly visible, with excellent access, and well <br /> located for commercial development on Highway 10 which has . <br /> average daily traffic counts of over 40, 000 cars. <br /> Document research and analysis of aerial photographs show that, <br /> over the years, development around the property and actions by <br /> the City have changed the property to a wetland, with severe <br /> building restrictions which limit any kind of development. As <br /> recently as 1988 the county assessor tried to assess the property <br /> at $261,000, and again in 1989 at $406, 100, but when the owner <br /> explained the City restrictions on the property, the valuation <br /> was lowered to $75,800 and $132,700 respectively. <br /> At the same time the-value and potential use of the land to the <br /> awner_iave baen-reduced,the-benefits-and-pote-n-and-potential-use-to the <br /> City have been increased. For a long time the City has made <br /> plans for use of the land in its storm drainage system, and <br /> municipal changes around the property have had a dramatic impact <br /> on the property. Records show that the City has. made <br /> ever-increasing plans for using this property since as far back <br /> as 1965. <br /> The owner, whenever asked by the City, has been very cooperative <br /> in giving whatever access and use easements it frequently <br /> requested on this and other properties he owned in Mounds View, <br /> always at the minimum legal compensation ($1.00) . Apparently the <br /> City became used to him giving what it wanted and it began taking <br /> liberties, first building Edgewood Drive over his property and <br /> then cutting off all drainage for the property, which virtually <br /> assured that the property would become a wetland. <br /> -1- <br /> Edina Realty is a Metropolitan Financial Corporation company. 03 MUS Q <br />