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July 8, 2004 <br /> <br />Pat Turgeon <br />City of Ramsey <br />15153 Nowthen Blvd NW <br />Ramsey, MN 55303 <br /> <br /> Re: A Street Right of Way easement for the extension of 160th Lane NW <br /> North of 7155 160th Lane NW owned by Francis & Lord Kaas <br /> PIN 15-32-25-32-0005 <br /> <br />Dear Mr. Turgeon: <br /> <br />Enclosed herewith is my appraisal of the property described as: <br /> <br />The northerly 33 feet of the westerly 416 feet of the South 209.45 feet of the SW:¼ of Sec. 16, Twp. <br />32, Range 25. This strip of land is a westerly extension of 160th Lane NW'and would constitute the <br />southerly half of said 160th Lane as extended. This easement will include the existing cul-de-sac on the <br />current dead end of 160th Lane NW. The driveway to 7155 comes offsaid cul-de-sac in a <br />southwesterly direction. <br /> <br />I have utilized the standard appraisal procedures on approaches to. value applicable on similar <br />properties. These are: <br /> <br />Cost Approach used only when improvements exist on the property. This procedure is <br />reconstruction the buildings on today's market and reducing that "new" Value for <br />depreciation fi.om all causes. N6t applicable to subject as the home is set back about 40 feet <br />fi.om the south line of the 33 foot strip. <br />Market Comparison approach is a method of estimating value by comparing the subject <br />property with similar properties that have recently sold..These properties are adjusted to <br />subject for the differences that may exist since no two properties are identical. These land <br />sales are enclosed herein. <br />Income Approach is used on properties which are bought and sold on the basis of their <br />income producing potential. The property value is determined by a capitalization of"net" <br />income divided by a reasonable percent return on investment in the current market. Not <br />applicable to subject. <br /> <br />Where more than one of the foregoing approaches is applicable, the final determination of value is <br />made by correlation of all data derived and the appraisers experience in ex;aluating similar properties. <br /> <br />The value for the proposed 33 foot strip of land, being the south 33 feet of 160th Lane extended (Parcel <br />B) including a severance due to lot size reduction of $4,000 would be $19,692. <br /> <br />My estimate of value for this taking is therefore, $19,100 based on my investigations, inspection, and <br />the other factors beating on value as outlined more specifically herein. <br /> <br />Respectfully submitted, <br /> <br />Malcolm O. Watson <br />Appraiser/Consultant <br /> <br /> <br />