5.0.-11.0. EDSR 05-09-1994 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
4110 MEMORANDUM
TO: ECONOMIC DEVELOPMENT
AUTHORITY
FROM: WILLIAM RUBIN, EXECUTIVE
DIRECTOR
DATE: MAY 4, 1994
SUBJECT: AGENDA MEMO FOR MAY 9, 1994, EDA
MEETING
5. FINANCIAL UPDATE
The following is a summary from Finance Director Lori Johnson:
Micro Loan Fund
The Micro Loan Fund had a cash balance of $125,532.57-on
April 30, 1993. As of today, May 5, all May loans are current
with the exception of Roma Tool and IndyLube. The loan
approved for Water Laboratories has not yet closed.
ACTION REQUESTED
This is an informational item only and no action is requested.
6. ICE ARENA FEASIBILITY STUDY
At its March 14 meeting, EDA Commissioners received a committee
recommendation to select the firm of Marquette Partners to complete
an independent feasibility study regarding the proposed construction
of a second ice arena in the community. Pursuant to the acceptance
agreement, the cost to complete the study is $10,000 plus out-of-pocket
expenses not to exceed $1,000.
Under separate cover, Marquette's final report was previously
distributed to EDA Commissioners. Mr. Stephen Sherf, Executive Vice
President, Hospitality Consulting Group of Marquette Partners, will
Alk be in attendance to discuss the results of the study. The report is
11. broken down into three categories: a.) background information, b.)
P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
market analysis, and c) financial feasibility. The project costs are
• estimated as follows:
Building construction $2,475,000
Aluminum bleachers $ 15,000
Concrete base $ 67,000
Contractors fees $ 120,000
Market study and other fees $ 11,000
Contingency $ 269,000
Total Cost $2,957,000
The following items are not included in this estimate: site preparation
work, parking lot improvements, landscaping amenities, sewer access
charge, water access charge, and the like. Cost of issuance fees, etc.,
likely results in a $3,300,000 bond issue for the project. The estimated
cash flow from the arena ($181,000 in its third full year) can support
approximately $1,847,000 in debt with a required 105 percent coverage
ratio.
Mr. Sherf's presentation will no doubt lead to numerous opportunities
for questions and clarification. EDA Commissioners should come
prepared with his or her questions.
• ACTION REQUESTED
The EDA is asked to accept the feasibility study as prepared by
Marquette Partners.
The EDA is asked to refer this matter to the Elk River City Council for
further review.
7. QUIT CLAIM DEED - TALBOT PROPERTY EASEMENT
The Attorney for Elk Park Center Limited Partnership has raised an
easement title objection relating to said Partnership's acquisition of
the Jim Talbot property along County Road 1. The Partnership is
acquiring this parcel for purposes of relocating Mr. Bill Dickenson's
bus operation currently located along Jackson Road. The easement
objection affects the Elk River EDA.
The EDA may have a possible claim of an easement as the owner of the
• land lying west of and adjacent to the Talbot property (Elk River
Industrial Park). This claim of an easement arose from a deed in 1974
from the Carton family to Elk River Associated Investors, Inc. Said
easement relates to the Carton family providing a 66 foot easement
over its property in order for the Associated Investors to enter the
Industrial Park. With the Associated Investors sale of its remaining
property to the EDA in 1992, the EDA is considered the Investor's
successor or assigns. It does not appear, however, that a claim was
ever recorded actually creating the easement referenced in 1974.
In order to clear this title objection, the Elk Park Partnership is asking
the EDA to execute a Quit Claim Deed as evidence that it does not
claim an interest in the Talbot property.
ACTION REQUESTED
The EDA is asked to authorize its President and its Executive Director
to sign a Quit Claim Deed releasing its deed to a 66 foot easement
interest in the James Talbot property located adjacent to the Elk River
Industrial Park along County Road#1.
8. SUPPORT FOR CERTIFIED DEVELOPMENT COMPANY'S
TEMPORARY EXPANSION
In mid to late April, EDA Commissioner Pat Dwyer had a meeting
with a Director and the.Administrator of the renamed Coon Rapids
Development Company (CRDC). Its new legal name is Central
Minnesota Development Company (CMDC), and this change was
authorized by its shareholders at its annual meeting in November,
1993. With the name change, CMDC still desires to expand its service
territory and the candidate counties are Sherburne and Isanti.
CMDC's strategy for this expansion would be to establish alliances
with banks in the respective counties to create a prospect referral
system. For that reason, a meeting was scheduled with Pat Dwyer as
a representative of The Bank of Elk River,
Among other things, Commissioner Dwyer learned the following in his
meeting with CMDC officials:
• This group has severed its ties with the City of Coon
Rapids.
• Although it is still a nine member Board, approximately
52 percent of its shareholders live outside the Coon
Rapids city limits; 1/3 of its shareholders live outside of
Anoka County.
• With its name reflecting a multi-county focus, the
• organization desires to expand to serve a greater client
base.
• Revenues derived from loan originations and monthly
servicing fees would be used to run CMDC; however, this
group would also be active in all three counties with
business financing seminars, etc.
CMDC is seeking on one-year, temporary expansion of its service
territory into Sherburne and Isanti counties. The chances of gaining
approval of this request are much better than seeking a permanent
expansion. A temporary expansion enables municipalities and lenders
in Isanti and Sherburne to "try before you buy". With the expansion
request, CMDC seeks letters of support from financial institutions,
municipalities, economic development authorities and the like.
ACTION REQUESTED
The EDA is asked to submit a letter of support on behalf of the Central
Minnesota Development Company (CMDC) regarding its request for a
temporary, one-year service territory expansion into Sherburne
• County.
9. LOAN TRANSFER
The EDA is in receipt of a request by Coldwell Banker Allegiance
Realty to transfer the outstanding balance of a real estate loan on an
office suite on the Evans-Main Street office building to a new office
suite in the Freeport Financial Center building. EDA Commissioners
will recall that it approved a $27,500 loan to the principals of Coldwell
Banker in late 1992. This loan was closed in February, 1993, and
payments commenced on March 1, 1993. This loan is now over one
year old and has performed satisfactorily. With the May 1, 1994,
payment, just over $25,100 is still owed the EDA. Of this amount,
approximately $20,400 is owed on the real estate portion of the loan. If
this loan transfer is approved, the portion of the loan attributable to
financing the telephone system will be paid down completely thereby
reducing the EDA's exposure.
As an aside, the space that Coldwell Banker will vacate in the Evans
Main building will be freed up to enable other tenants/owners to
expand internally. As indicated in its letter requesting this transfer,
• Coldwell Banker is willing to pay the attorney's fees and closing costs
associated with this transaction.
ACTION REQUESTED
The EDA is asked to approve Coldwell Bankers request to transfer its
•
real estate mortgage in an amount not to exceed $20,430.
10. APPRAISAL OF BUSINESS PARK SITE
In discussions with Mr. Tony Emmerich,land prices are being
exchanged and we are now at the stage where an appraisal is required
in order to establish the estimated fair market value of the property in
question. Policy suggests that when public funds are used in any real
estate transaction, an appraisal is conducted in order to define the
parameters of the fair market value.
The City of Elk River has used several appraisal companies with its
real estate needs in recent years. The following companies were
contacted with respect to the potential engagement of the valuation of
the business park property currently owned by Mr. Emmerich:
NAME TIME FRAME FEE
Shenehon 30 days $4,000
Panger & Benson 30 days $2,500
Patchin &Assoc. 30 days $2,500
Commissioner Dwyer followed-up with a telephone call to Ken Panger
of Panger & Benson. This firm intends to examine issues such as
infrastructure costs, holding costs, time, absorption rates, etc., in order
to establish a fair market value.
ACTION REQUESTED
The EDA is asked to engage Panger &Benson of St. Cloud, Minnesota,
for purposes of completing an appraisal to establish the fair market
value of approximately 35 acres of business park land currently owned
by Mr. Tony Emmerich.
11. NOVELTY MARKETING CONCEPTS
Up to five novelty items will be presented to the EDA Commissioners
for its consideration relating to a novelty marketing project for 1994.
• 12. PROSPECT STATUS REPORT
The Prospect Status Report has been sent under separate cover.
•
•
DORSEY & WHITNEY
A Paarxassatr INCLUDING Paof SStoNat CO22Daarioa8
• NEW YORK ROCHESTER,MN
PILLSBURY CENTER SOUTH
WASHINGTON, D. C. 220 SOUTH SIXTH STREET BILLINGS
MINNEAPOLIS, MINNESOTA 55402-1498
DENVER (612) 340-2600 GREAT FALLS
FAX(612)340-2868
ORANGE COUNTY, CA. MISSOULA
LONDON JAMES E.SCHMECKPEPER
DES MOINES
(612)343-7995
BRUSSELS FARGO
May 2, 1994
BY MESSENGER
Peter Beck, Esq.
Larkin, Hoffman, Daly & Lindgren
1500 Norwest Financial Center
7900 Xerxes Avenue South
Bloomington, MN 55431
Re: Talbot Property/Easement Title Objection
Dear Peter:
• As I mentioned in our telephone conversation, the property which Elk
Park Center Limited Partnership will acquire for purposes of relocating Bill Dickenson's
bus operation (Talbot Parcel) is presently subject to the possible claim of an easement by
the owner of the land lying west of and adjacent to the Talbot Parcel. This claim of
easement arose from a deed dated April 3, 1974 from Sofie Carton, Paul Carton and Lois
E. Carton, to Elk River Associated Investors, Inc. A copy of the abstract entry
referencing this deed is enclosed herein for your reference. It does not appear that a
deed was ever recorded actually creating the easement referenced in this April 3, 1974
deed. In order to clear this title objection, we are asking that the Economic
Development Authority of the City of Elk River execute a Quit Claim Deed as evidence
that they claim no interest in the Talbot Parcel. The ownership of the adjoining
property by the EDA was confirmed in a telephone conversation with the Sherburne
County Recorder's office. The enclosed deed runs to James Talbot, the present owner of
the vendee's interest under a Contract for Deed for the property.
If you have any questions, please contact me.
Sincerely,
Adie
�% a,/�
James E. Schmeck.,' r/
JES/jkk
• Enclosures
cc: Carl Carlson
Loren Knott, Esq.
APR 18 '94 15:01 CHICAGO TITLE P.2
•• Sofie Carton, a widow, and Paul and Highway Easement
Lois E. Carton, his wife Dated July 2, 1969
Filed Feb. 16, 1971 at 9 Au1.
-to- Recorded as Inst. No. 114066
Consideration $1 ,570.80
County of Sherburne Grants All that part of the following
described tracts:
The SW; of SE; of Section 28, Township 33, North of Range 26 West lying East of the
Railroad right of way; the W!; of N11, of 5E; of Section 28, Township 33 North Range 26 !.
west and the NE4 of SW"; of Section 28, Township 33 North Range 26 vest lying East of
Railroad right of way and further described as follows: Which lies southwesterly of
a line run parallel with and distant 60 feet Northeasterly and also which lies j
Northeasterly of a line run parallel with and distant 60 feet Southwesterly of
the following described line: Beginning at a point on or near the Southeast corner of
said SIP.; of SEIA thence North 0°32' 45" East a distance of approximately 56.6 feet
to the point of beginning of a 4°40' curve to the left thence Northwesterly of center
line of said 4°40' curve a distance of 694.7 feet thence Horth 30°13'00" West a
distance of approx. 1 , 120.1 feet to the point of beginning of a 4'301 curve to the
left thence Northwesterly on center line of said 4°30' curve a distance of 1 ,331 .7
feet thence South 89021 '40" West a distance of 500 feet and there terminating'.
And also that part of said tract which lies 66 feet Westerly of a line run parallel
with and distant 66 feet Easterly of the following described line: Beginning at the
point where center line of the above described line intersects the Great Northern
Railway right of way line, thence North 23°43'30" West on said Railway right of way
a distance of aprox. 366 feet to a point on or near the North line of the Southwest
• Quarter of said Section 28. Containing 7.854 Acres of land more or less, in addition
to existing highway right of way.
..8r,r.,..r:;. •. .
--4 -- Sofie Carton, a widow; and Paul Quit Claim Deed (for reference only)
Carton and Lois E. Carton, Dated April 3, 1974
husband and wife Filed Aug. 22, 1974 at 2 P.M.
• Recorded as Inst. No. 128564
•
-to- Consideration $1 .00 and other. .. •'
Quit Claims that part of the SEDC of.
Elk River Associated Investors, Sl11 of Section 28, Township 33, Range 26
Inc. , a Minnesota Corporation that lies Northerly of the Railroad
right of way running from Elk River to
Big Lake and Southwesterly of the Railroat
right of way running from Elk River
to Princeton; Lot 9 and Lot 10 of
Auditor's Subdivision No. 3 in the
Village of Elk River; That part of the Southwest Quarter of- the Southeast Ouarter
Section 28, Township 33, Range 26 that lies Southwesterly of the Railroad right of
way running from Elk River to Princeton;
• Sellers to provide a 66 ft. easement over presently owned property in order
for purchasers to enter newly acquired property from the east.
Form No.30-M—QUIT CLAIM DEED Minnesota Uniform Conveyancing Blanks(1978)
--Corporation or Partnership - -
to individual(d
No delinquent taxes and transfer entered;Certificate
of Real Estate Value ( )filed ( )not required
Certificate of Real Estate Value No.
,19
•
County Auditor
by
Deputy
STATE DEED TAX DUE HEREON: $ 1.65
Date: ,19 t
(reserved for recording data)
FOR VALUABLE CONSIDERATION,The Economic Development Authority for the City of Elk River
,a body politic and corporate under the laws of
Minnesota ,Grantor,hereby conveys and quitclaims to James R.Talbot
,Grantee(s),
real property in Sherburne County,Minnesota,described as follows:
I See Exhibit A attached hereto and made a part hereof;
THE TOTAL CONSIDERATION FOR THIS TRANSFER IS$500.00 OR LESS.
(if morn space is needed,continua on back)
together with all hereditaments and appurtenances belonging thereto.
Affix Deed Tax Stamp Here
By
Its
I ! By
Its
STATE OF MINNESOTA
• )COUNTY OF
The foregoing was acknowledged before me this day of ,
by and
the and
of The Economic Development Authority for the City of Elk River ,a body politic and corporate
under the laws of Minnesota ,on behalf of the body politic and corporate
NOTARIAL STAMP OA REAL(OR OTNEA TITLE OR RANK) 1
SIGNATURE OF PERSON TAKING ACKNOWLEDGMENT
1 I Ta:Statements for the real property described In this instrument should
iI be sent to(Include name and adders,of Grantee):
i f
THIS INSTRUMENT WAS DRAFTED BY(NAME AND ADDRESS):
I Dorsey&Whitney JES
220 South Sixth Street
Minneapolis,Minnesota 55402
1
• I
• EXHIBIT A
Legal Description
That part of the West Half of the Northwest Quarter of the southeast Quarter lying
Southwesterly of the centerline of County State Aid Highway No. 1.
Together with that part of the Northeast Quarter of the Southwest Quarter lying
southerly of said centerline of County State Aid Highway No. 1 and lying easterly of the
Easterly line of the right-of-way of the former Burlington Northern (formerly Great
Northern) Railroad Company, now discontinued.
Together with that part of the Southeast Quarter of the Southwest Quarter lying easterly
of said Easterly line of the railroad right-of-way and lying northerly of Line "A" to be
hereinafter described.
Together with that part of the Southwest Quarter of the Southeast Quarter lying westerly
of said centerline of County State Aid Highway No. 1 and lying northerly of the
following described Line "A":
Commencing at the Southeast corner of said Southwest Quarter of the Southeast Quarter;
thence north along the East line thereof for a distance of 1095.99 feet to the actual
point of beginning of Line "A" to be hereby described: thence west through a point on
the West line of said Southwest Quarter of the Southeast Quarter a distance of 1091.59
feet north of the Southwest corner thereof, as measured along said West line, to
Oterminate said Line "A" at its intersection with said Easterly line of the railroad
right-of-way.
All in Section 28, Township 33, Range 26, Sherburne County, Minnesota.
Abstract.
Jing S , ✓
Pte-
so mom A11 Vor I ® Toh„uG,
■gym■► �■ 111. ■ ••— ` •omr7oot
• CENTRAL MINNESOTA DEVELOPMENT COMPANY
1308 Coon Rapids Boulevard, Suite 211 • P.O. Box 33346 • Coon Rapids, Minnesota 55433
(612) 755-2304 • Fax (612) 757-4955
March 21, 1994
Mr. James Simpson
Bank of Elk River
630 Main Street
Elk River, MN 55330
RE: CENTRAL MINNESOTA DEVELOPMENT COMPANY
Dear Mr. Simpson:
Nearly one year ago, representatives of Central Minnesota Development Company (CMDC) met with
a group of lenders from Sherburne and Isanti Counties to discuss how our organization could be of
assistance to businesses located in those counties.
Formerly known as Coon Rapids Development Company, CMDC is one of eight private, non-profit
development companies in the state of Minnesota whose function is to pre-screen loans for the Small
Business Administration (SBA), and to service those loans once they are granted. Currently, our
• service area is limited to Anoka County; however, we continue to be contacted periodically by banks
outside of this area, asking if we can provide assistance to their borrowers because of our close
proximity to Sherburne and Isanti Counties.
The purpose of this letter is to tell you that CMDC continues to be interested in providing SBA loan
assistance to businesses outside of our network. We would like to meet with you to determine if
your bank shares this interest, as well.
In a few days, Mr. Mike Mulrooney, one of CMDC's new Directors, will contact you to schedule
an appointment to discuss how our organization can benefit both you and your business borrowers.
We believe that bank support is the most crucial element to the continued success of our loan
program and organization. I have included with this letter information on the SBA 504 loan program
which CMDC is certified to administer.
Thank you in advance for your consideration. I look forward to seeing you soon.
Sincerely,
Central Minnesota Development Company
)727&..
Kristin M. Wood
• Administrator
KMW:ld
Enclosure
cc: Mike Mulrooney
CENTRAL MINNESOTA DEVELOPMENT COMPANY
• SBA 504 Loan Application Process
ss
1) Initial review with client to discuss project and SBA loan guidelines.
2) Financial analysis is performed by CMDC to determine project feasibility.
3) CMDC proposes a financing structure which it believes would gain loan
approval from the SBA.
4) Assuming Small Business Concern (SBC) wishes to proceed with the formal
loan application, a Retainer and Application Agreement are signed, and a
$1,500 refundable deposit is collected (refundable if, and only if, the
project closes and bonds are sold for the project).
5) CMDC representative works closely with SBC to gather list of information
needed to prepare 504 loan application.
6) CMDC distributes completed loan application to bank(s).
7) Once a formal commitment letter is issued by the bank, the loan application is
presented to the CMDC Board of Directors for approval (CMDC's function is
to prescreen loans for the SBA). The CMDC Board meetings are scheduled
on the second Tuesday of each month.
Special meetings can be scheduled, if necessary, to accommodate the client.
8) The participating bank orders an as-built appraisal of the real estate, to include
any remodelling, improvements, or new construction for the project. (The loan
application cannot be submitted to the SBA without this document.)
9) Assuming that the CMDC Board votes to approve the project, the loan
application is submitted to the SBA.
10) The SBA Finance Division reviews the loan application. Depending upon work
volume, this review process generally takes 15 - 20 working days.
11) SBA loan officer calls CMDC to grant verbal approval to the project.
-1-
12) Written SBA approval is granted 5-7 days after verbal confirmation. The SBA
commitment is valid for one year.
•
13) A closing is scheduled between the bank and the SBC. The bank acts as
interim lender on the project, advancing both the bank and SBA funds to the
SBC, enabling work on the project to commence.
14) Construction, additions and/or remodelling, and purchase of machinery and
equipment take place. (Be certain to save cancelled checks or paid invoices on
the work performed, in order to demonstrate owner's equity injection into the
project.
Soon after loan approval is granted, the SBC is advised to begin the process by
which life insurance in the amount of the SBA loan is collaterally assigned to
the SBA.
15) SBA portion of the loan is closed only when all funds have been disbursed and
construction/remodelling is complete.
16) SBA closing process occurs in three stages:
• A) Preclosing Meeting - CMDC attorney and Administrator meet with SBC
to discuss the checklist of required closing documents. SBC is given a
short list of documents to obtain. CMDC works directly with
borrower's attorney and insurance agents to prepare for closing meeting.
B) Closing Meeting - Typically held four weeks after the preclosing, this is
the time that formal documents of indebtedness are signed.
C) Debenture Sale - Occurs approximately six weeks after the formal
closing meeting, on the second Wednesday of the month. The interest
rate on the SBC's loan is not set until these bonds sell, therefore, the
rate of interest is unknown to the SBC on the day of closing.
NOTE: The $1,500 deposit is refundable to the SBC at this stage.
17) SBC pays interim interest to the bank until the date of the debenture sale.
Colson Services Corporation (the fiscal agent for the SBA) wire transfers
government funds directly to the bank, bringing the bank down to its permanent
mortgage level.
18) SBC makes two payments each month - one to the bank, one to the SBA. The
SBA automatically debits the SBC's bank account on the first day of each
month. The first SBA payment occurs on the first day of the month directly
• following the debenture sale.
-2-
• Request for a Temporary (1-year) Expansion
Pros: Cons:
1) Less paperwork for Minneapolis 1) Same amount of paperwork for
SBA office. CRDC.
2) Decision can be made locally. 2) CRDC would have to repeat
3) Written letters of support from paperwork in one year.
Counties may carry greater 3) Permanent expansion is NOT
weight. guaranteed.
4) "Try before you buy"
opportunity for both CRDC and
new Counties.
5) Technically, the new OMNI
would be given a chance to
perform.
Whatever course of action CRDC chooses - temporary or permanent expansion, the
• Board should be aware that the Minneapolis SBA would prefer NOT to be forced to
choose among the competing development companies; the SBA would like to see this
issue go away. Furthermore, the work volume is so high at the SBA and that office
is so understaffed, that any issue which causes a great deal of research or paperwork
on the part of the SBA will not be welcomed.
There is nothing in the regulations which would prohibit CRDC from requesting a
temporary expansion if we are denied a permanent expansion first. However, we
need to be aware that this strategy could backfire on us in that we would be taking
an over-worked SBA staff and asking them to perform a great deal of extra paperwork
and analysis. It could be easier, from a workload standpoint, to simply deny our
request.
•
COLDWGLL
BANKCR U
ALLEGIANCE�/ T.
305 MAIN S
REALTY ELK RIVER.MN 55330
RESIDENTIAL REAL ESTATE BUS.(612)241-0
FAX 241-9234(612) 34
Bill Rubin
City of Elk River
Economic Development Authority
Elk River, Mn. 55330
Dear Bill,
• We are formally requesting a transfer of our EDA Real Estate
Loan from 305 Main street to 325 Main Street. We would be
willing to pay the City Attorney, fees for closing, drawing up
all papers, and recording fees.
Our present mortgage will remain the same at First National
Bank. (No more than what we presently owe, just trading
properties. ) We have discussed this matter with our banker and
been given tentative approval for a mortgage transfer.
We will be paying off our equipment loan for the telephone
system that we presently have financed with the city.
We would appreciate your consideration in this proposal. Thank .
you for your time spent with this proposal.
Sincerely yours,
Donnn,a,�JJ. Grover
,(? )
Broke
05
1/r Zid?„74_
An Independently Owned and Operated Member of Coldwell Banker Residential Affiliates,Inc. MLSO
MAW/CATIONS OF RENNET$, J. P3 GER. I.F.A.9._
lIzml!SOTA LICENCE NUMBER 4001088,
III1971 Graduate Four Year Course - Industrial Instrumentation
1980 Real Estate License - St. Cloud Technical College
1985 SuccessfulUniversitylMU, aslrequirementted Graduate
foraMAIecandident acytTest,
college
Y
equivalency status
. .OF :S: ONA EST.=T: . - - 1 . .8 - DU.4. .
1981 NAIFA - Residential Real Estate Appraisal
1981 NAIFA - Marshall and Swift Cost Service
1981 NAIFA - Depreciation Course
1982 NAIFA - Mortgage Equity Techniques
1982 NAIFA - Affects of Financing Appraising on Value
1984 NAIFA - Income Property App
1984 AIREA - Real' Estate Appraisal Principals, Course 1A1
1984 AIREA - Basic Valuation Procedures, Course 1A2
1984 AIREA - Capitalization Techniques, Course A & B
1984 AIREA - Ethics and Standards of Professional Practice
1985 AIREA - Case Studies
1985 AIREA - Report writing
1986 SREA - Regulation 41 B & 41 C
1986 NAIFA - Ethics and Standards of Professional Practice
1987 NAIFA - Techniques of Review Appraising
1989 AIREA - Non Residential Report Writing
1989 AIREA - Business Valuation Seminar
0 1990 NAIFA - Income Capitalization Course II
1991 NAIFA - Concepts, Terminology, and Techniques, 8.0
1992 NAIFA - Financial Analysis of Income Properties, 2.0
1993 NAIFA - Principles of Environmental Risk Screening, 10.1, 101, 102
1993 MILE - Property Tax Appeals
naTiligaMARLUMETIME
Minnesota Federal General Appraisal License # 4001088
American Institute of Real Estate Appraisers, Candidate #M851585
National Association of Independent Fee Appraisers, Member No. 3400,
Senior Designation #1184
Central Minnesota Chapter NAIFA - Treasurer 1981-82
Secretary
President 1983-85
Deputy State Director 1988
State Director 1989
Investment Real Estate Group - President 1984-87
Real Estate Broker, Minnesota License # 062237-8 94
Member St. Cloud Board Of Equalization 1989/94
Member St. Cloud Health and Housing Advisory 1996
Appeals Board, four year term ending 8/1996
Member Neighborhood University Community Council
Vice President 1990-91
Court Appointed Sherburne Co. Commmissioner 1990-93
• of Condemnation
Member SCSU Tax Increment Finance Advisory Board 1992-95
Instructor, For Minnesota Association of Assessing
Officers, Appraisal Techniques In Valuing Elderly
High Rise Housing and Industrial Property 1992
• CERTIFICATION STATUS
"The National Association of Independent Fee Appraisers has a mandatory
program of continuing education for designated members. Those who
meet the minimum standards of the program are considered to have
recertified." Kenneth J. Panger is certified under the program through
December 31, 1996 and holds the IFA designation, #3400 and a Senior
Designation No. 1164.
EXPERIENCE
1960 - 1973 Northwest Paper Company of Cloquet, Industrial
Instrumentation,
1973 - 1979 Owner and Manager of Finn Am Corporation Retail Import
Business With Five Retail Outlets.
1980 - 1986 Broker/Appraiser Miller Real Estate
1987 - Pres. Senior Appraiser Panger/Benson Appraisal Professionals
APPRAISAL ESPOIENCE
specialization in Multi-Family Housing, Commercial, Industrial,
appraisal problems involving litigation, feasibility analysis, highest
and best use studies.
• Instructor, Appraisal Techniques.
Expert witness testimony given in Stearns, Benton, Sherburne, St.
Louis, and Carlton, Mille Lacs, Otter Tail, and McLeod Counties and in
Federal Bankruptcy Court, Minneapolis, MN.
Review Appraiser, County of Crow Wing, Minnesota DNR, and City of St
Cloud, Minnesota.
PARTI TI LIST OP APPRAISAL CLIENTS
First American National Bank, First Bank St. Cloud, Zapp National
Bank, and Zapp Bank Trust Department, Norwest Bank, St. Cloud, Sauk
Rapids, and Minneapolis, Metropolitan Federal of St. Cloud, St. Cloud
National Bank and Trust Company, Liberty Loan & Thrift Corporation,
Kraft Inc. , Minnesota Department of Trade and Economic Development,
Ashland Oil Company, Mardian Minerals Company, IFG Leasing, Benton,
Stearns, Mille Lacs County Highway Departments, Wright County Rail
Authority, Otter Tail County Attorney, Mille Lacs County Attorney,
Insty Prints, Inc. , Viking Coca Cola of St. Cloud, Minnesota Power,
Duluth, City of St., Cloud, City of Sauk Rapids HRA, St. Cloud Downtown
Development Corporation, St. Cloud School District, Sauk Rapids School
District, Becker School District, City of Becker, City of Litchfield,
wcI Industries, host Bros. , Inc. , Carlton County, McLeod County, Polk
County, Minnesota Department of Natural Resources, The law firm of
Robins, Kaplan, Miller, Ciresi, and many local attorneys.
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TYPES OP APPRAISAX, AS$IGNNEETS
Multi-family housing, Title II, Section 8, single Family Residential,
Student Housing, Solid Waste Landfill Sites, existing or proposed,
Industrial, Highway Commoroial, Motel, Hotel, Fast Food, Restaurant,
Free Standing Retail, Strip Centers, Regional and Sub-Regional Malls,
Medical Office, Condominiums, Business Valuations, Farm and Farm Land
S Valuations, Condemnation, Utility Easement, Highway Easements,
Convenience Stores.
READ ESTATE VALUE CONSULTATIONa
Preliminary Estimates of Value, Highest and Best Use Studies,
Feasibility Analysis, Historical Dates of Value, Enhancement Studies,
Development Cost Analysis, Appraisal Review.
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