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Motion ca~¢d. :Voting Yes: Chairperson Wagner, Commissioners Gorecki, Nelson, Thorson, <br />Vevea and $6hrOeder. Voting No: None. Absent: Commissioners Greenberg, Fults and Kent. <br /> <br />NOTE CITY COUNCIL MEETING MINUTES <br />The followijag CitY Council meeting minutes were noted: <br /> <br />1) City, I2ouncil public hearing and regular meeting minutes dated January 28, 1992. <br />2) City~,~!2outlcil public hearing and regular meeting minutes dated February 11, 1992. <br />3) Ci~¢ourtcil public hearing and regular meeting minutes dated February 25, 1992. <br />4) EconOmic Development Authority regular meeting minutes dated February 25, 1992. <br /> <br />Chairpersort Wagner welcomed Alice Schroeder to the Commission. <br /> <br />Case #4 Property Valuations <br /> <br />Project Manager Jim Gromberg stated cards indicating the property value have been sent out to the <br />residents, kine of the Commissioners questioned how Mr. Keefe, City Assessor, arrived at these <br />values and ~vhy these values have increased since last year. Mr. Gromberg explained there is a <br />Board of Rel~ewi!meeting scheduled for 7:00 p.m., April 15, 1992 so that residents may attend and <br />get their questions answered. <br /> <br />Mr. Keefe ~li, stributed a handout which will be Exhibit "A" to the minutes. This addendum <br />included a de,' fini~on of market value and how the valuations were determined. Mr. Keefe stated he <br />does not tr~ ~to determine what the property would sell for, but what its value has been using <br />preceding s~tlgs dff similar properties. This helps to prevent any subjectivity as well as favoritism <br />on the part bfthe-.assessor. <br /> <br />CommissioOer Nelson asked how long a period sales are used to determine an assessed valuation. <br /> <br />Mr. Keefe replied that it is three years for businesses and one year for residences. Mr. Keefe <br />continued .~! stalAng the following factors are considered when looking for comparable sales: <br />proximity, 4ge of sale, improvement characteristics, land characteristics, location and amenities. <br />Mr. Keefe ~aiso 'discussed how values are arrived at using Chart Z-7 of Addendum A, the <br />residential x/alue gurve and sales overlay. <br /> , : <br /> <br />Commissiotler Gorecki asked when the City began using this method of assessing. <br /> <br />Mr. Keefe ~tated that it was two years ago in the commercial district and three years ago in the <br />residential ~strictS. <br /> <br />Commission~ G°recki then asked if the values per acre changed. ' <br /> <br />Mr. Keefe ~eplied affirmatively, that it was a reaction to sales. If it went up or down, values <br />would change accordingly. <br /> <br />Commissioner G0recki wanted to know why this method was used to determine property value. <br /> <br />Mr. Keefe r~eplie41., that according to guidelines supplied by the Sta'te, the assessor uses different <br />sales and cat~ :reniain within the variations that the State allows. <br /> <br />Economic Development Commission /April 8, 1992 <br /> Page 2 of 4 <br /> <br /> <br />