Agenda - Council - 01/24/2012 - Laserfiche WebLink

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Parcel Exhibit PID Owner Current Use 28- 230005 The City of Ramsey HRA Vacant /Undeveloped 29- 140014 The City of Ramsey Vacant /Demolished c -store 29- 140013 M &W Holding Company Wiser Choice Liquor 29- 140010 USCO Corp Pavement Operation 29- 140009 NDS Properties, LLC Vacant industrial PID Current Assessed Value 28- 230005 N/A 29- 140014 N/A 29- 140013 $392,100 29- 140010 $298,900 29- 140009 $684,800 PID 200X Appraised Property Value 28- 230005 N/A 29- 140014 N/A 29- 140013 $xxx 29- 140010 $xxx 29- 140009 $xxx The five properties include: Table 3: Parcel Exhibit Table 4: Current Assessed Value Table 5: Appraised Property Value City of Ramsey Sunwood Drive THE Acquisition strategies vary with small deviations in the proposed design, but generally consist of a cost /benefit evaluation of considering a partial taking versus a complete taking. In 20XX, the City of Ramsey evaluated five of the subject properties as part of an eminent domain action that was ultimately abandoned. Prior to cessation of those efforts, however, environmental assessments and appraisals were completed in an attempt to determine value. The table below outlines the valuations from the 20XX effort. As of the date of this report, the real estate market has seen considerable depreciation. Commercial property values have seen declines ranging from 10% — 40% across the metro, and many would argue that it is impossible to set accurate values today due to the dramatic decline in buyers as well as the volatility of comparable value assessments due to an abundance of bank owned property. Based on these current market conditions, it would be considered advantageous to the project to consider an earlier, L A N D F O R M Project No. RAM11008 Page 12