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XXN'W� WESTWOOD PLANNING & ENGINEERING COMPANY <br /> AGENDA June 14, 1983 <br /> St. Anthony HRA Commissioners <br /> 3301 N.E. Silver Lake Road <br /> St. Anthony, MN 55418 <br /> Subj: Kenzie Terrace Redevelopment Project <br /> Just Compensation <br /> Vacant Land #07-029-23-24-0003 <br /> Dear Commissioners: <br /> Within a redevelopment area, the Housing & Redevelopment Authority may <br /> purchase property with the intent of redevelopment. The first step in <br /> the purchase of this property is to establish Just Compensation, which <br /> refers to the HRA's opinion as to what the property is worth on the open <br /> market with a willing seller and a willing buyer. Establishment of Just <br /> Compensation does not obligate the HRA to continue the acquisition process. <br /> The appraisal work required by state statute has been completed. I have <br /> reviewed the appraisal' for real estate completed by O.J. Janski and Assoc- <br /> iates and have received a report from the review appraiser, Donald Hennessy. <br /> This property, which is located immediately east of 2601 Kenzie Terrace . <br /> Northeast, contains 54,462 s.f. The property fronts on Kenzie Terrace and <br /> is serviced by all common public utilities. The property is presently <br /> vacant. Soil conditions are not known. The site is approximately 3 to 4 <br /> feet above street grade and is relatively level with no tree cover. (dater <br /> drainage appears to be no problem. The site is adjacent on the west to an <br /> auto body shop; to the north is single family residential neighborhood; to <br /> the east are several retail services and commercial buildings. South of <br /> the site, across Kenzie Terrace, is St. Anthony shopping center area, which <br /> attracts traffic to the area. Mr. Janski's conclusion, which was agreed to by <br /> the review appraiser, Mr. Hennessy, indicates that the highest and best use <br /> would be multi-family residential housing. <br /> Based on the real estate appraiser's and the review appraiser's opinions, <br /> I would recommend that the HRA adopt the attached resolution establishing <br /> Just Compensation at $122,500 ($2.25 per s.f.). We are not required to <br /> share the appraisal information with the property owner and the information <br /> should remain confidential. However, if any HRA commissioners would like <br /> to review the appraisal and review appraisal, they will be available for <br /> your review. <br /> In addition, I would recommend that you authorize myself, the Executive Dir- <br /> ector, and the HRA attorney to purchase the property. <br /> Respectfully, <br /> VWTW LOPLAVNING & ENGINEERING COMPANY <br /> Richard C. Krier, AICP <br /> Attachments <br /> 7415 WAYZATA BOULEVARD, MINNEAPOLIS, MINNESOTA 55426 (612) 546.0155 <br />