10/21/08 Special Meeting - Laserfiche WebLink

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Community Development Director Miller stated that the original proposed location for the water tower found that the soils were unsuitable so the City began looking at other locations in the vicinity. She stated that the City took a look at the pumpkin patch owned by Mr. Peterson. She distributed handouts of appraisals that were conducted on this property and the surrouriding parcels also owned by Mr. Peterson. She stated that the 14.3 acre pumpkin patch parcel was appraised at $915,000 assuming that sewer and water would soonbe available on the site. She stated that without sewer and water, the appraisal was in the range of $683,741-$863,208. She stated that the nearby 26 acre site, for land alone, was appraised at $899,000 making the same assumption of sewer and water available to the site. She stated that without sewer and water the appraisal came in at a range of $671,785 - $848,113.' She stated that there is a home on the property which appraised for an additional $229,000. She noted that the last parcel is 3.1 acres and it appraised for $158,000, but the range without sewer and water was $118,000-$149,000. She noted that there is also a home on this lot that appraised for an additional $210,000. Chairperson Olson asked which site the City really wanted to locate the water tower on. Community Development Director Miller stated that the 14.2 acre site is the only one that has suitable soils, but the direction from the Council was that since the City was looking at the area, it should consider acquiring the entire area for possible redevelopment. Assistant City Engineer Rimmer stated that the City also looked at all three parcels because they have the same property owner. Commissioner Look stated that the price range for all the appraisals was a difference of 26%. Commissioner Gamec asked how the appraisers handled the wetland and unbuildable land. Assistant City Engineer Rimmer stated that the appraiser looked at each parcel separately, applied a cost per acre and then discounted this based on wetland and unbuildable land. Re stated that he noticed on the appraisal for 16600 St. Francis Boulevard, there was not a discount taken for the wetland on the site. Commissioner Strommen stated that the appraiser assumed the public sewer and water would be made available in the near future and given the current economic situation, she would assume the opposite. She stated that she didn't understand why the appraiser didn't evaluate the land based on there not being sewer and water available. Chairperson Olson stated that she agreed and felt that looking at the range of numbers, the lower end is more' appropriate. Assistant City Engineer Rimmer stated that the appraiser made this assumption based .on the zoning map and studies that were conducted to extend sewer and water to the area. Commissioner Strommen stated that she fInds that assumption odd and would have preferred a solid number for the appraisal based on the assumption of no sewer and water. Housing and Redevelopment Authority I August 26, 2008 Page 5 of 10 5