Agenda - Council Work Session - 03/12/2013

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ORDINARY ASSUMPTIONS: (1) Information, estimates, and opinions furnished to the appraisers, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. The review appraiser assumes all facts, discovered by the appraiser signing this report, are reliable, true and correct. However, the appraisers do not assume responsibility for accuracy of such items that were furnished by other parties. (2) According to the City of Ramsey Officials, the subject site can not be split due to lack of access. Bunker Lake Boulevard is a county owned road and has restricted access rights. The city owned road, Azurite Street Northwest, does not have adequate frontage to split the parcel. (3) The effective date of this appraisal is the same as the inspection date. EXTRAORDINARY ASSUMPTIONS: 1. The appraisers assume that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraisers assume no responsibility for such conditions, or for engineering which might be required to discover such factors. 2. The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions unless otherwise stated in the report. The appraisers are not experts in the identification of hazardous substances or detrimental environmental conditions. The appraisers' routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated in this report. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value. SALE HISTORY: The subject property has not been sold during the past three years. It should be noted, the subject is currently listed by the City of Ramsey for sale and the asking price is $376,500 or about $1.80 per square foot. The appraisers have estimated the market value of the subject property at $420,000 or $2.00 per square foot with a marketing time of twelve to twenty -four months. The listing price should reflect a shorter marketing time. MARKETING TIME: (1) A reasonable exposure time for the subject is estimated to have been from one to two years. (2) A reasonable marketing time for the subject site is estimated to be about twelve to twenty -four months. ZONING -FLOOD INFORMATION: (1) According to the Ramsey Zoning Ordinance the subject is currently zoned El; Employment District. The subject property is vacant land and no discussion is necessary on legal and /or conforming use in this zoning district. (2) According to the FEMA Flood Map Number 270681- 0020B, dated November 1, 1979, the subject property is located in Zone C. Zone C is not within the 100 year flood hazard zone. A copy of the flood map is contained in the appraisers' file.