Agenda - Council - 10/03/1995 - Special

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Mr. Ryan Sehroeder Page 3 October 2, !995 project resalt from the additional unimproved lots that can be subdivided from each ownership. !Without the completion of the project, the subdivision of the subject properties would not be legally, physically, or economically feasible. Because tho improved portion of th~ subject properties has a similar value both before and after the pra~ect, my preliminary valuation estimates have focused on the benefits conferred on the protgrties by the proposed public improvements. A subdivision analysis of the various ow!~erships in question was completed to ascertain whether or not the proposed project inc~ases value above and beyond the estimated costs of the special assessments. The attachedt, subdivision analyses for the Croteau, Haubrich, and Olson/Schmidt properties indicate tl~t each ownership will have a market value, in the after condition, that is significantly higher than the respective estimated special assessment payment. The results of these preliminary subdivision analyses am summarized below. Prellmlnnry Estimated Valuation Increase After Completion of Proposed Public Improvements This lettea' r~Presents a restricted appraisal, meaning that only select information leading to my prclimibary value conclusions is reported herein. Othcr necessary documentation, is retained in ~ny files. The valuation estimates presented herein are preliminary and provided for the cityi of Ramsey's in-house purposes only. If it is necessary to submit finalized valuation e~timates for the subject properties, self-contained narrative appraisal reports for each ownership will be prepared, and final valuation ~nclusions may change from those presented iO this letter. However, it is not expected that final valuation conclusions will differ significantly from the preliminary estimates presented herein. This restrieiod appraisal report has been prepared in conformity with the requirements of the Code o~ Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. ~he report adheres to the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation. This restricted appraisal is subject to the appraiser's certification and limiting conditions which are attache~l. The appraisal assignment and appraisal opinion are also subject to the following st~x:ific requirements, assumptions, and limiting conditions: · AnY. outstanding special assessments or delinquent taxes that may be levied ag~nst the subject properties are assumed to be paid in full at the appraised market values.