Agenda - Council - 01/28/1992 - Laserfiche WebLink

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ROBERT T. MAUSSER SRPA, SR/WA 5151 EDINA INDUSTRIAL BOULEVARD, SUITE 106 MINNEAPOLIS, MINNESOTA 55439 PHONE 612-835-5766 HIGHEST AND BEST USE The highest and best use is defined as the most profitable use to which the property might be put, or that use which will yield the highest return on the investment. The use must be logical, likely, reasonably probable and proximate and not such as merely possible. Highest and best use has afso been defined as the most profitable and likely use to which a property can be put. Based upon the analysis of location, size, shape and zoning, the following prin- ciple conclusions have been developed: 1) The subject site is an open lot of sufficient size that can accommodate a variety of uses. 2) The site, with frontage on two primary arterials, provides good accessibility and identity. 3) Site configuration and topographic features where mining has occurred presents some limitations i~, development. Based on this analysis, it has been concluded', that the highest and best use of the site is for industrial development that is compatible with the zoning. LAND VALUE ESTIMATE The land has been valued as if vacant and available for development to its highest and best use. Consideration has been given to recent sales of vacant land. Due regard has also been given to the size, character, location and utility of the site as well as demand in the local real estate market. A des- cription and summary of the more pertinent land transactions are as follows: Page- 7 l I I I I I I I I I I I I I I I I