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Board of Review Continuation <br /> April 26, 1994 <br /> Page 2 <br /> Additional discussion occurred following a motion by Marks that the Board of Review accept <br /> and adopt the recommendations from Hennepin County Assessor Miller with respect to the 18 <br /> properties, two of which were cancelled, eight of which there was no change and the rest of the <br /> changes were decreased. <br /> Mayor Ranallo stated there is a motion set and asked if there were any questions on any of these <br /> properties. Mr. Miller stated that the people involved all have been notified by mail that they <br /> have the option to call to make an appointment to get on the agenda and go to the Board of <br /> Equalization on June 13, 1994. <br /> Hennepin County Assessor Miller stated the property owners all have been notified by letter that <br /> the Board of Equalization begins June 13, 1994 and lasts about two weeks. After that another <br /> appraisal is done with the County Special Board of Equalization. The Commissioner appoints <br /> a person on that Board and they are given a written report on each property. They make a <br /> decision as to whether to reduce or increase. <br /> City Attorney Soth spoke about the Kenzington. There is an assessment agreement recorded on <br /> • the title to the property. It is a form of assessment agreement that is authorized under State <br /> Statute 272.76. A copy of the Statute is attached to the document and would appear on the title <br /> to every owner at the Kenzington. Part of the property is Torrens and part of it is Abstract <br /> property. In each case this would appear on the title. The minimum value for the property is <br /> $9,576,000.00 and this is the value necessary to support the bonds. That has been allocated by <br /> the Assessor's office among those units. It could go up in value, but this is the minimum. It <br /> would not be appropriate to reduce those values. Soth stated that when it showed up on their <br /> title, they may not have completely understood what it meant. Nonetheless, that was the <br /> agreement with the St. Anthony HRA. <br /> Mayor Ranallo mentioned that he was at the Open House when they were all buying their <br /> property, and that he told them this information at the particular time. Then-City Manager Tom <br /> Burt informed the Real Estate people. Miller stated the values will be different depending on <br /> the unit and that homesteading would make a difference. <br /> Motion by Marks, second by Enrooth to approve the list submitted by Hennepin County <br /> Assessor Miller adopt the report, and modify accordingly. <br /> Motion carried unanimously <br /> Mayor Ranallo, Interim City Manager Hamer and Finance Director Larson discussed the <br /> difference in sale prices versus market values. Mayor Ranallo recommended that representatives <br /> from both counties attend a future work session to clarify how the market value fits into the <br /> actual sales. Hennepin County Assessor Miller responded that his office would like to meet with <br />