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1 process. He had also sensed a certain skepticism that the type of 2 fireplace being installed in those units could be valued as high as • 3 $4 , 500 . 4 Mr. Childs pointed out that one of the covenants and restrictions on 5 this particular property prevented any substantial changes in the 6 assessed valuation which might result in taxes on the property being 7 insufficient to pay the principal and interest on the bonds held by the 8 H.R.A. The City Manager said one valuation reduction would probably 9 not do that but if all 29 valuations were to be reduced below $85 ,000 , 10 the covenant might be violated. He therefore recommended the Board of 11 Review be sure whatever precedent they set in this case was prudent 12 and reasonable. The Mayor agreed, saying he perceived there would be 13 little chance the Board of Review would overrule the assessors ruling 14 in this case. It was also noted that this was another case where the 15 purchase price of $92 ,000 exceeded the valuation by $4 , 300. 16 Council Action 17 Motion by Ranallo, seconded by Marks to request the City Manager to 18 contact Sharon Frick to ascertain whether she still wants the Hennepin 19 County Assessors Office to reevaluate her townhome at 3222 Old Highway 20 8 , pointing out to her that it is possible .her valuation would be 21 raised rather than lowered after an onsite inspection and that the 22 City would take no action regarding any change which was $1 , 000 or 23 less. She is also to be given the option of just discussinq. rather 24 than having the entire reevaluation process. followed. 25 Motion carried -unanimously. 26 Board of Review Recessed to April 26 , 1988 27 Motion by Ranallo, seconded by Enrooth to recess the April 12, 1988 28 Board of Review to be reconvened at 7 : 00 P.M. , April 26 , 1988, prior 29 to the St. Anthony City Council meeting at 7: 30 P.M. the same evening. 30 Motion carried unanimously. 31 Respectfully submitted, 32 Helen Crowe, Secretary 33 5