Agenda Packets - 1985/11/18 - Laserfiche WebLink

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/ MEMO 10: Clerk -Administrator and City Council , FROM: Director �-I Public Wotkv/community Duvelopment/�•t DATE: November 7, 19b5 SUBJECT: APPRAISAL. W HERNST I'KJPERTY I.Ot'.Art.D AT 2299 CO. RD, 'I Attached please find the cover letter ddted October li, 19115 (City received it on November 1, 19d5) and Page 1 of the report which is a summary of pertinent data. l did not include a copy of the entire report because it is approximately 1 inch thick. As you may recall, Herbst t, .Sons provided an appraisal of their property which said that their 22 acres was worth $220,000. The appraisal was propared so that the Park Dedication Fee for the Herbst property could Iw determined. When the Herbst appraisal was submitted, the City said that we wanted to have our own appraiser determine the value of the land. our appraiser, Sherehon-Goodlund-Taylor, Inc. (S.G.T), determined _hat the mdrket valve, of the laid is $590,000 assuming good soil conditions throughout the site. S.G.T. determined that the value of the land is SIIU,000 assuminq poor soil in the southwest quarter of the site. Mr. Dennis Taylor, appraiser, indicated that he took this 2 value prsition becaese at the present time there are no deep soil borings to indicate the quality of soil in the southwest )uarter of the property. RECOMMENDA110Nt Based on this report, I recommend that the Park r _ D�tc.at`an Fee for the Herbst property be 559,000 (lOY x $590,000). It Herbst and Sons, Inc. believe that the soil in the southwest quarter of their property is poor and if they want to prove to us that the soil is pour, they should deposit approxi- mately S2000 with the city and allow as to hire a soil '.esting firm to conduct snit borings on the southwest quarter of their property. The soil tr,ringe will determine whether or not buildings .an be built to this area. SWT/bac