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APPENDIX C (continued) <br /> Statement of Need &Justification <br /> (4) Meet intent of RALF Program <br /> The 1982 Minnesota legislature established a revolving loan fund program to acquire property <br /> threatened by development and needed for future right of way. The cost of purchasing <br /> property can significantly increase over time(i.e. inflation, development, redevelopment, and <br /> business relocation costs). Buying property today for a considerably lower price than what <br /> would be required in the future saves money and gets more projects completed. <br /> Anoka County values 6401 Highway 10 at just over$1.11VI. Commonly, private appraisals come <br /> in higher than the County appraised value. With that in mind, we have a motivated seller in- <br /> hand. The property owner wants to sell in the next six months, and has adjusted pricing <br /> accordingly($645,000). As a result,the City believes an opportunity exists to save tax payer <br /> dollars by purchasing now rather than waiting. NOTE: a future purchase would likely also <br /> include lease buy-out and business relocation costs; which, can be significant. <br /> (5) New Highway 10 Plan-1/3 of the demand for property acquisition <br /> The City would like to note,the new 2014 Highway 10 Access Planning Study requires about 1/3 <br /> of the full-acquisition costs in comparison to the former Highway 10 corridor improvement plan. <br /> Below is a summary. <br /> FULL ACQUISITION COST ESTIMATIONS(informal estimations only) <br /> New Plan: 13 parcels, 23.77 acres, $6.6M 2016 Anoka County Valuation <br /> Former Plan:33 parcels, 64.97 acres, $21.9M 2016 Anoka County Valuation <br /> Page 11 of 19 <br />