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