Agenda - Council - 05/09/2000 - Laserfiche WebLink

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Determination of Land Value of Permanent Easements The drainage and utility easement will prevent the construction of structures within the easement area. It will not prevent the use of the property for parking or landscaping. The later use in this case where the easement is being taken on the near tine of the property is the most likely use of this property. For this reason the value of the easement will be considered 50% of the fee title value o£the land. The most recent sales in the area were the parcels purchased by Lowell Zitzloff in 1998. In this purchase, these parcels totaling 89,164 square feet, were purchased at a cost of $154,974, on a per square foot price of $1.74. A check of the Anoka County Assessor records shows property values as shown on the attached summary of County Assessor Land Values. These per square foot land values range from $0.63 to $2.08. Given the sale price and assessors value of the Zitzloff property, it is reasonable to conclude the value of this property is at least $2.00 per square foot. Allowing for an increase in market price of 25% over the last 24 months. I would establish the per square foot land value to be $2.50 per square foot. I I I I I I I I I I I I I I I I I I