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<br />Sherwood Road Appraisal <br />July 25, 2005 <br />Page 2 <br /> <br />This property is included in the list of properties eligible for acquisition utilizing TIF funds, as <br />adopted by the City of Mounds View last year. <br /> <br />Ramsey County assessment records indicate that the property (land and home) have a value of <br />$157,800. The 1300 square foot home, in the City’s opinion, is a liability rather than an asset, <br />however any offer to purchase would need to take the both land and building value into <br />consideration. The 1.54 acre property is zoned R-1, single family residential and its acquisition <br />under the Housing Replacement Program policies would be consistent with said policies and <br />guidelines and consistent with Mounds View’s Comprehensive Plan. <br /> <br />To determine an appropriate purchase amount, an appraisal will need to be conducted on the <br />site. Staff has solicited estimates from area property appraisers and received quotes that range <br />from $325 to $400. Staff would like the authority to select the appraiser who is available to <br />perform the work immediately, at a cost not to exceed $400. <br /> <br />Recommendation: <br /> <br />Staff recommends the Authority adopt Resolution 05-EDA-205 that authorizes staff to arrange for <br />an appraisal of the property located at 2617 Sherwood Road at a cost not to exceed $400 and to <br />bring forth to the EDA a resolution authorizing the acquisition of the lot based on a negotiated <br />purchase price relative to its appraised value. <br /> <br />Respectfully submitted, <br /> <br /> <br />________________________ <br />Jim Ericson <br />Community Development Director <br /> <br />