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MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Jim Gromberg, Project Manager <br />John E. Keefe, City Assessor/~"~ <br />April 20, 1990 <br /> <br />Highway #10 Corridor - Change from Industrial Zoning to Business Zoning and <br />the Effect on Market Values <br /> <br />The effect of rezoning of previously industrial zoned property to business zoned property will <br />usually not effect the value on the land in question. However, if rezoning affects a change in lot <br />sizes which are legally permissible in the area, that may effect the value. For instance, if zoning <br />changes from one acre building sites to one-half acre building sites, this would increase the <br />potential for commercial development in the area and therefore, the land values would increase. <br /> <br />Another concern was the change in classification. The State of Minnesota requires that all property <br />is classified according to its use or intended use. If a property is currently being used for farming <br />purposes, it will remain in that classification for as long as it is being farmed. If it is being used <br />for residential purposes, it will continue to remain as residential classification. If land is purchased <br />for commercial development, then its classification will be changed to reflect the commercial <br />classification. Therefore, in most cases, the rezoning of the land from industrial to business will <br />not effect the value of that land. The only exception to that rule would be if the zoning increases <br />the potential use of that land by decreasing the lot sizes and increasing the density for development. <br /> <br />JEK:ccr <br /> <br /> <br />