Agenda - Council Work Session - 02/13/2024

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LAND APPRAISAL REPORT File No. 22AUG14B Borrower The City of Ramsey Census Tract 0502.28 Map Reference 49-A3 Property Address 6549 Highway 10 NW - City Ramsey County Anoka State MN Zip Code 55303 Legal Description part of Lots 6 and 7 Auditors Subdivision except part platted as Deal Industrial Park Sale Price$ none Date of Sale n/a Loan Term n/a yrs. Property Rights Appraised ❑Fee ❑Leasehold ❑De Minimis PUD Actual Real Estate Taxes$ municipal (yr) Loan charges to be paid by seller$ none Other sales concessions none noted - Lender/Client City of Ramsey Address 7550 Sunwood Dr NW,Ramsey,MN 55303 Occupant vacant land Appraiser Bradley R.Field Instructions to Appraiser Estimate the fair market values of two proposed parcels of residential development land in the Ramsey. Parcel 1 is.282 acres and Parcel 2 is.104 acres. Parcel 1 includes all of Parcel 2. Location ❑Urban ❑Suburban ❑Rural Good Avg. Fair Poor Built Up ❑Over 75% ❑25%to 75% ❑Under 25% Employment Stability ❑ ❑ ❑ ❑ Growth Rate ❑Fully Dev. ❑Rapid ❑Steady ❑Slow Convenience to Employment ❑ ❑ ❑ ❑ Property Values ❑Increasing ❑Stable ❑Declining Convenience to Shopping ❑ ❑ ❑ ❑ Demand/Supply ❑Shortage ❑In Balance ❑Oversupply Convenience to Schools ❑ ❑ ❑ ❑ Marketing Time ❑Under 3 Mos. ❑4-6 Mos. ❑Over 6 Mos. Adequacy of Public Transportation ❑ ❑ ❑ ❑ Present Land Use 65%1 Family 05%2-4 Family 05%Apts. 05%Condo 15%Commercial Recreational Facilities ❑ ❑ ❑ ❑ %Industrial 05%Vacant % Adequacy of Utilities ❑ ❑ ❑ ❑ Change in Present Land Use ❑Not Likely ❑ Likely(*) ❑Taking Place(*) Property Compatibility ❑ ❑ ❑ ❑ (*)From To Protection from Detrimental Conditions ❑ ❑ ❑ ❑ Predominant Occupancy ❑Owner ❑Tenant %Vacant Police and Fire Protection ❑ ❑ ❑ ❑ Single Family Price Range $ 125,000 to$ 800,000 Predominant Value$ 350,000 General Appearance of Properties ❑ ❑ ❑ ❑ Single Family Age 60 yrs.to 0 yrs. Predominant Age 15-20 yrs. Appeal to Market ❑ ❑ ❑ ❑ Comments including those factors,favorable or unfavorable,affecting marketability(e.g.public parks,schools,view,noise): The neighborhood is an area of gently rolling land dotted with small lakes and spinkled with single family housing developments of mixed styles,designs,ages and values. Schools and shopping are adequate in the neighborhood. Employment is located in Ramsey,Anoka and in the Minneapolis and St.Paul metropolitan communities to the south. Dimensions proposed;see site map attached outlined in blue = 12,265/4,520 Sq.Ft.or Acres ❑Corner Lot Zoning classification H-1;Highway 10 Business District Present Improvements ❑do ❑do not conform to zoning regulations Highest and best use ❑Present use ❑Other(specify) H&B use appears to be residential development in relief of encroaching residential homes Public Other(Describe) OFF SITE IMPROVEMENTS Topo level Elec. ❑ available Street Access ❑ Public ❑Private Size appears average for residential use outlot Gas ❑ natural Surface concrete Shape triangular Water ❑ city Maintenance ❑ Public ❑Private view busy rail line/wooded buffer/mobile home park/busy US Highway San.Sewer ❑ city ❑Storm Sewer ❑Curb/Gutter Drainage appears adequate ❑ Underground Elect.&Tel. ❑Sidewalk ❑Street Lights Is the property located in a HUD Identified Special Flood Hazard Area? ❑No❑Yes Comments(favorable or unfavorable including any apparent adverse easements,encroachments,or other adverse conditions): Parcel 1 is 12,265 square feet and parcel 2 is 4,520 square feet. Mixed use area with mobile home park and commercial and municipal uses. The subject does not appear to be in the FEMA Flood Plain. The subject is triangular in shape and is moderately wooded. Size is typical of outlot and municipal use parcels in the area. The appeal of the subject is estimated to be average for residential outlot use and the access is very good by US Highway. The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis.The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties.If a significant item in the comparable property is superior to or more favorable than the subject property,a minus(-)adjustment is made thus reducing the indicated value of subject;if a significant item in the comparable is inferior to or less favorable than the subject property,a plus(+)adjustment is made thus increasing the indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address 6549 Highway 10 NW XXXXX Nowthen Blvd NW XX)=Hynes Rd 14622 Ferret St NW Ramsey,MN 55303 Ramsey,MN 55303 Rogers,MN 55374 Ramsey,MN 55303 Proximity to Subject 4.35 miles N 6.97 miles W 2.19 miles NW Sales Price $none $ 0.75 $ 1.08 $ 2.25 Price Per Foot $none $ 0.75 $ 1.08 $ 2.25 Data Source personal inspection MLS Sold Data/ ersonal inspect MLS Sold Data/ ersonal inspect MLS Sold Data/personal inspect Date of Sale and DESCRIPTION DESCRIPTION +-$Adjust. DESCRIPTION +-$Adjust. DESCRIPTION +-$Admust. Time Adjustment 08/14/2022 09/07/2021 01/05/2022 12/08/2021 Location Ramsey Ramsey Rogers +0.5 Ramsey • Site/View 12,265sf/4,520sf 1,567,289 SF +2 571,943 SF +1 561,053 SF +1 Wooded moderate moderate light 0 moderate Topography level level level level Access v ood/Hw 10 ood/Nowthen Blvd +1 av/H nes Rd +1.5good/Ferret St +1 Appeal fair/encroachment good/development -1 good/development -1good/commercial -1.5 Sales or Financing none noted none noted none noted none noted Concessions Net Adj. Total i — $ 2 + — $ 2 + — $ 0.5 Indicated Value of Subject $ 2.75 ir $ 3.08 $ 2.75 Comments on Market Data: The ad'usted subject fair market value is estimated to be$3.35 persquare foot. Parcel 1 .282ac/12 265sf estimated fair market value is$41 087 rounded to$41 100. Parcel 2 .104ac/4 520sf estimated fair market value is$15 142 rounded to$15 150. Comments and Conditions of Appraisal: The direction of adjustments is mixed and the subject is bracketed.Equal weight is placed on all four comparable sales. The final value is well supported by all four com arables. The appraiser has not ever appraised the subject property in the past. This appraisal is made per"hypothetical conditions"relating to the proposed site split options illustrated in the map section and identified as Parcel 1 and Parcel 2. Final Reconciliation: The income approach is not used due to the lack of sufficient data with which to form a meaningful value estimate. The direct sales comparison approach is believed to offer the most reliable indication of value and most weight is placed on it. The exposure time is estimated to be 120_AaZ fo k non buildable appeal in a market with settling demand. ESTIMATE THE MARK V S DEF D,OF BJECT PROPERTY AS OF 08/14/2022 to be$ $41,100/$15,150 Bradley R.Field ❑Did ❑ Did Not Physically Inspect Property Appraiser(s) Review Appraiser(if applicable) [Y2K] Bryant&Field Real Estate Appraisal Form LND-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE