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10.4. SR 05-02-2016Request for Action To Item Number Mayor and City Council 10.4 Agenda Section Meeting Date Prepared by Work Session May 2, 2016 Zack Carlton, Planning Manager Item Description Reviewed by Park Dedication Fee Update Chris Leeseberg, Senior Planner Michael Hecker, Parks and Recreation Director Reviewed by Cal Portner, City Administrator Action Requested Receive information and provide direction on Park Dedication Fee update Background/Discussion Staff will provide an update to the park dedication study, impacts to the future fees collected, and a recommendation for the final park dedication fee. Financial Impact The valuation analysis shows a significant decrease in park dedication collected from residential development. Attachments ■ Draft Residential Property Valuation Analysis dated April 18, 2016 R'01WIHE8 6T Template Updoted 4/14 INAMIRE1 market values for un -platted residential land in the City of Elk River. It is noted that this consultation is not intended to be an appraisal of any particular property within the City of Elk River. Rather, the function of this memorandum is to provide guidance to the City in determining appro ate park d ication fee W SCOPE OF T "rollowing data Ninforon pertaining to the review of park dedication fees have been examined. • Reviewed City of Elk River zoning and land use information • Reviewed Minnesota Statute 462.358 Subd. 2b. regarding park dedication fees • Investigated comparable high-density, medium -density and single-family residential land sales 0 Completed statistical analysis on observed market -transacted sale prices City of Elk River Land Analysis April 18, 2016 Page 2 V1,8111111 1kqr# Single-family residential development in the City of Elk River is allowed within the R1 a -R1 d residential zoning districts. However, the R1 and RI zoning districts allow single family residential development without public utilities. Alternatively, the R1c and R1d Districts are intended for land that is, or will be, served by municipal sanitary sewer, storm sewer and municipal water. Potential density in these areas is expected to be less than four units per acre. The land sales summarized on the following single-family residential sales grid are considered to have zoning and potential uses consistent with the R1c and R1d zoning districts. Alternatively, medium -density residential development in the City of Elk River is allowed within the R2 and R3 zoning districts. These districts are categorized as the Two Family Residential District and the Townhouse/Multiple Family Residential District, respectively. Development densities for these districts are expected to range from four to seven units per acre. The land sales summarized on the following medium -density residential sales grid are considered to have zoning and potential uses consistent with R2 and R3 zoning districts. Lastly, high-density residential development in the City of Elk River is allowed in the R4 and PUD zoning districts. These districts generally comprise the high-density residential category, which includes multi -family development such as apartments and senior housing, with densities over seven units per acre. The land sales summarized on the following high- density residential sales grid are considered to have zoning and potential density similar to the R4 and PUD zoning districts. PATCHIN MESSNER DODD & BRUMM Valuation Counselors City of Elk River Land Analysis April 18, 2016 Page 3 PATCHIN MESSNER DODD & BRUMM Valuation Counselors ilia 0;0 Od gpz F -C "Fjig - IT. 41 19 City of Elk River Land Analysis April 18, 2016 Page 5 r1,81111rnro Due to the differences in potential density and the corresponding values perceived by the market, the single-family, medium -density and high-density comparable land sales are presented on separate summary grids. The respective land sales are considered to have zoning and potential densities consistent with the corresponding residential zoning districts in Elk River as stated previously. Lands guided for residential development in the City of Elk River are identified on the City's 2030 Land Use map on the preceding page. As depicted on the City's land use map, the majority of the land available for development is located in the northeast portion of the City. PARK DEDICATION FEES The City of Elk River is reviewing its park dedication fee requirements applicable to new subdivisions to ensure consistency with the State's statute. The purpose of this memorandum is to aid in determining the need for updating the City's market value estimates of residential land. These land use market values are vital for establishing cash fees in lieu of park land dedication. Ci-nt" Ctnti rtA Minnesota Statutes 462.358, Subd. 2b. enables the City to require dedication of a portion of a subdivision to the public for parks, recreational facilities, playgrounds, trails, wetlands or open space. Minnesota Statutes 462.358, Subd. 2b. (c). further requires that there be an essential nexus between the dedication of land or payment of fees based upon the City's purpose for the dedication and that the dedication or fee must be roughly proportional to the need created by the development and, where fees are to be dedicated in lieu of land, that the fee be "based on the average fair market value of the un -platted land for which park fees have not already been paid." PATCHIN MESSNER DODD & BRUMM Valuation Counselors City of Elk River Land Analysis April 18, 2016 Page 6 DEVELOPMENT LAND SALES The purpose of this consultation was to investigate land sales in order to develop average fair market values of residential development land in the City of Elk River. The average market value is necessary for the City of Elk River to complete their review of park dedication fees and determine if modification of the current fee structure is needed. The sales comparison approach is the preferred, and most common, technique for developing a market value estimate for land. Typically, the sales comparison approach compares vacant land sales to a subject property. However, in this case, there is no specific subject property. As such, no adjustments are made to the comparable sales. In general, the sales selected for analysis are unplatted land, or land defined as outlots reserved for future development. However, in some cases, previously platted land is included that was replatted for a higher density use. As a group, the comparable sales are expected to indicate a range of unit values established by informed buyers and sellers in the marketplace. The average market value can then be utilized as a reasonable estimation of average fair market values for land in Elk River, thereby meeting the guidelines of Minnesota statute. Sales of land in Sherburne County and surrounding areas were researched using the Appraisal Data Network database, Northstar Multiple Listing Service and the REDIComps database. Information has been sought on recent sales of parcels that are similar in terms of potential use consistent with the residential zoning categories within the City of Elk River. The search for development land sales focused on unplatted land and outlots in outer -ring suburban areas that closed after January 2013. It is noted that the regional market lacks a sufficient number of recent sales of medium - density residential land for an adequate analysis. This is likely due to the abundance of townhome developments prior to the recent housing recession. While townhome units are gradually being absorbed by the market, developers have so far been hesitant to produce more of this property type. Further demonstration of the lack of demand for townhome units is that the lowest indicator, Sale 6, a bank sale, is actually pad -ready platted lots. Givent that single-family development is typically allowed in medium -density zoning PATCHIN MESSNER DODD & BRUMM Valuation Counselors City of Elk River Land Analysis April 18, 2016 Page 7 DEVELOPMENT LAND SALES deistricts, at a minimum, average medium -density land value is expected to be similar to the average low-density residential land value. The unit of comparison used for each of these property types is price per acre. The sales used in this analysis are presented on location maps, followed by summary grids, and statistical analysis. PATCHIN MESSNER DODD & BRUMM Valuation Counselors City of Elk River Land Analysis April 18, 2016 Page 8 'Ja•rrter Buckman � 28 "•RUe�rnl7d P I N LPat,�B Mora. Hanriatte IJ C+ R R I S b N K4ryC I Royalton oLittieRock p�ornll No-ti f rairieMILLE pl3rennyvilk° L:ACS _ < _ ®g v61v61 ie - 1`d7 Passion 9Pine City ; 66ck 'j3 .. Brunswick 6 . Snake GrB EShur a * 16 Sale 16 I North Benton Pulilaca, Grass Lake [ RoCkCgreek 'Sranstad 'ic> aGilman -ColinGr>vely p St Stephen y w as B E N T O N Foreston Woodward pna Andrea `� y t3r�ham n Rush C` , BtJRI4ETT b Rarineby peas e' Brook l S A N T I Rum "- Randal p®lQ creek"-,-Eole�i Estes Bratsk Stanchfleld apoint Trade River, warren i, Collegevil v � St Sale 2 Kimball- 3euth Havenp Sale 4 'Gable Briggs Lake. Carmody Springvale, "Grandy ,,8 ric kton 6$ 55 RlGlenclorado- p Vltalh©0 � gHarris Cam4ridge Princeton Wyanett p Stark Wolf GMpk pSanfagD P. „ e Sewood �SPrin, oke 'Sunrise yw SI H E R B Sale 22 -CleanvateI e Becker Sale 21 Sales _r 3, 11 Lake `4 Annandqg P Sale 10 L CAip N N Crown Sales 9 & 17 r Branchn a er Sale 1 Sale 15 - 0tsego Ik River 4 C xin ra o �~ N a K pLake Netts R sey Ham Lake CHISAGO North Srarta pAlmeluncl M Sale 24 Cdy Osteo l a M oke ° a Formlitton Kingston ss iilg MiFJ - An over Wewon r� c Buffal4p St Michael � oPay 14 Mari Is r Rciger5 11 Sale 8 rk, Circle _ Inv Hugo St �e2 Sale 25 Rassat Ha rg C Pines_ Lakes H T °rschuill€ HEN nI t lame VHud T© AEEKER �eliP C)Sale 20 Rockford BrQokl Sale 7 Spring Lake Par Juncl an � okata LNaverI MClr a h71iNew Hornedike _ Hamell Heights.Jersn're Stackhal Delarm — _maP1e Crystai RohtiinsdaleSale 21 Ptair� ouch tgstc�r �Siegel„Lamson Golden ase"vrypgrtter LonVValley 17aHud Wfr�sted_ y Lakela Itltfnn Minnea�aolisi.ry =P2ulLarwatert Sale 7 n,Sherman Minnetolika West Sk UI dhury Salver Lake Hollywov Sl �onitaciu& en Lake- . d SAgan' LakeSLester P 7 -- - —Excelsior jdina ghl Croix Sale 18 '1 firman Chanhassen dost P[ ritr © _ fiver Grove Searh Put C L E U p 25 Y $ 4t ° _ R GhHeld — Heryi7ts 5ou[ftpBfscay HydesLake �Waconaa Jopolhan Blcaomingt€rnnoxtiore agars Sz u �CottageGrov� Fork Q CARVER sr Sliakopee 't a ,Dine Bend ss Groin Glencoe Plata Dahlgren ° ' -,_--eke Rvsapor# ' �——� Chaska r' B wills Firm r- IPaERGE: --- - -<. Sumter z,z Carver . erriam Savage ❑ a _. Ham Prior Rvssm nt y pgCp{t East Union Whys W Poe es Sravvntorn _ 4 Lake Apple Dalley a2 Hastings Green As on Mudhad" "Baden 'Spring Lake � D A K'r 0 T A New Auburn Isle A 282 n Argonne Vermillion oath pJoin Credit Rlver o akevllla Empire I �l Blaitele `r Helena Farmington Ham ton y� Sales 5, 6 � �I 5 Ariington CedarLake Eureka Center New-Vrier, 'M esville J955a7 nd t Patrick Gaylord _ 5 C 0T T New Market Llkc� elch S 1 B L E Y ;�;��� t>4 New Prague. _ websJcr Casale Rock Henderson LE SUEWR R I C E vHazelwood Randolph' .,Can its Heidelberg Lonsdale ArChieago _Waterford la GDOC^HUE Lasa COMPARABLE SINGLE-FAMILY RESIDENTIAL SALES LOCATION MAP PATCHIN MESSNER DODD & BRUMM Valuation Counselors City of Elk River Land Analysis April 18, 2016 Page 9 Sin le Famil Residential Land Sates Summa Grid Comp. Location Buyer Date sale Spcl Asmm, Total Price Per No. Imendad Use Seller of Sale Acreage Zoning Utilities Price Demo Cost etc. Sale Price Acre Remarks 1 xxx 138th Avenue Collette Pitzen & William Cale 3 1 2016 3.19 AC R-1 Available $94,000 $0 $94,000 $29,467 This previously platted lot is located at the end of a cul-de-sac Ham Lake, MN Keith E. & DeEtta Boulais and is large enough o be divided into three residential lots, given the zoning. Approximately 1/3rd of the site is a pond. 2 9095 County Road 138 Floyd E. & Tresa A. Ostendorf 11 / 2015 135.50 AC 11-15 Years Available $415,000 $0 $415,000 $3,063 The 2005 zoning map identifies this property as potential Waite Park, MN American National Bank of Minnesota development in I I to 15 years. The property is guided low density. 3 xxx Central Avenue W. DR Horton, Inc. -Minnesota 8 1 2015 39.27 AC A -I Available $1,000,000 $0 $1,000,000 $25,465 This property is guided medium density residential. However, St Michael, MN Lester & Marlene Kasper the planned use is single-family development 4 2709 County Road 136 Granite Grove LLC 6 / 2015 76.50 AC RR Available $530,500 $0 $530,500 $6,935 While this property is zoned rural residential, it Is guided single SL Cloud, MN Unknown family detached. City services are located in the road frontage. 5 xxx County Road 31 Robert A. Kloth 6 12015 9.50 AC R-1 Available $114,000 s0 $114,000 $12,000 This property was purchased by the same buyer as Sale 6. Norwood Young America, MN Security Bank & Trust Co. 6 xxx County Road 31 Robert A. Kloth 5 ! 2015 51.42 AC R-1 Available $800,000 $0 $800,000 $15,558 This property was purchased by the same buyer as Sale 5. Norwood Young America, MN Timothy E. & Rita D. Fahey 7 xxx Rush Creek Road Rush Creek Associates, LLC 5 /2015 16.49 AC R-1, PUD Ext Req. $1,230,770 $0 $1,230,770 $74,637 While this transaction dosed in May 2015, the Certificate of Real Dayton, MN Gerald C. Scherber, et al. Estate Value reports the purchase is over two years old. It is unknown if the price was negotiated prior to dosing of the sale. 8 xxx 59th Skeet NE Jeffrey D. & Kelly Busch 1 t 2015 7.45 AC R -4A Available 570,000 s0 $70,000 $9,396 Zoned R -4A Residential -Suburban Single Family. However, Otsego. MN Thomas Koerwitz roadway access for development is limited until vacant property to the west is developed. 9 15641 Potassium Street NW Ronald J. & Shannon M. Schmitz 1 / 2015 10 -OO AC R-1 Available $85,500 $0 $85,500 $8,550 Based on aerial photography and the Anoka County GIS Ramsey, MN OP 2 Realpon, LLC measuring tool, approximately 30% of this site is wetland. 10 1801 Main Street The Trust for Public Land 12 ! 2014 335.80 AC RIC Proximate $3,105,000 s0 53,105,000 $9,247 While this property is zoned for single-family development, the Elk River, MN Houlton Olson Family, LLLP majority of the land is in the Mississippi River floodplain. 11 xxx LaBeaux Ave. NE Nexus Direct LLC 71 2014 3.00 AC A-1 Available $37.500 $0 $37.500 $12,500 This publicly marketed property is guided low density residential. Albertville, MN Scott Kintner & Jan Marie Hendrickson Aerial images indicate there may be significant hydric soils and rtw area. Kiefer Construction 12 xxx Cole Avenue and Holdings Company, LLC 6/ 2014 40.00 AC R-1 Available $220.000$0 $220,000 $5,500 The site is partially wooded and bifurcated by a small stream, Montrose, MN Bankwest with an associated Shorelan d Overlay District. 13 xxx Olde Sturbridge Road U.S. Home Corporation 6/ 2014 41.68 AC PUD Available $865,000 $0 $865,000 $20,753 Access to the property is provided by a 60' -wide panhandle that Corcoran, MN The Estate of Richard J. Deziel connects to Olde Sturbridge Road on the west boundary. 14 xxx Fondant Trail N. Meridian Land Holdings, LLC 4/ 2014 20.20 AC R3 Available $1,392,000 $0 $1,392,000 $68,911 The R3 District is single family detached in Hugo. Roadway and Hugo, MN Hugo Partners, LLC utility infrastructure are stubbed to the north property line. 15 xxx Oneka Parkway N. OP3 Prairie Village, LLC 3/ 2014 26.47 AC R3 Available $600,000 $0 $600.000 $22,667 This is Outlet A of the Prairie Village development and Outlet A Hugo, MN Elmcxest Investments, LLC of the Prairie Village 2nd Addition. 16 1016 County Road 4 James I. Jones et al. 3/ 2014 4.74 AC R-1 Available $53,000 $0 $53,000 $11,181 This is an infill site surrounded by existing single-family St Cloud, MN BankVista development, 17 xxx Vadolite Street NW Robert Storm 12 1 2013 49.32 AC R -I Available $850,000 $0 $850.000 $17,234 This sale is of Outlets A and E in the Sweetbay Ridge Addition. Ramsey, MN First National Bank of Elk River The property is planned for the development of 88 SFR lots. 18 xxx County Road 10 Nesv ld Farms LLC 10 / 2013 38.42 AC A-1 Available $220,000 s0 $220,000 $5.726 While this property is zoned Agriculture, it is guided for low Watertown, MN Linda R. Zyfman et al. density residential development 19 xxx Wintergreen Street NW S.W. Land, LLC 9 / 2013 40.00 AC R-4 Available $1,050,000 $0 $1,050,000 $26,250 Subsequently platted as Country Oaks North, with 64 SFR lots. Andover, MN Violet E. Putnam, as Trustee 20 xxx James Avenue DM & RS Limited Partnership 8/ 2013 40.00 AC A-1 Available $650,000 s0 $650,000 $16,250 This property is zoned and guided for agriculture; however, the Saint Michael, MN Ida K. Schirmers et al. land was advertised as prime development land with Hanover city sewer and SL Michael city water available. Property to the north is developed low-density residential. 21 xxx Hawthorne Avenue Cherrywood Advanced Living, LLC 7 / 2013 8.91 AC RI Available $180,000 $0 $180,000 $20.202 This infill parcel is zoned and guided for low density residential Buffalo, MN Judith L. Sandell use. 22 xxx 196th Lane NW Benzinger Properties, Inc. 6/ 2013 37.20 AC R -1c Available $345,000 $0 $345,000 $9,274 At the time of sale, the buyer intended to apply for plat approval Elk River, MN Bank of Elk River of an 83 -lot single-family subdivision. This plat included a 150 - foot wide conservation easement along the east boundary adjacent to the railroad. 23 20860 Harrow Avenue N. Steven Sadowski 6/ 2013 115.00 AC MXR-1 Available $1,335,000 $0 $1,335,000 $1109 This site is mostly upland. The properly is zoned Single and Forest take, MN William E. & Pamela A. Olson Townhouse Residential District. Adjoining developments to the east and west are single-family subdivisions. 24 10161 North Share Trail N. OP3 Forest Hills, LLC 5/ 2013 27.15 AC SF Available $700,000 $0 $700,000 $25,783 This property is Outot E of the Forest Hills Farm 1 st Addition. Forest Lake, MN Asset Ventures Fund I, LTD 25 xxx County Road 7 Brian T. Pauman 5/ 2013 57.65 AC AG Available $406,910 $0 5406,910 $7,058 This property sold al auction and is guided for mixed residential Maple Lake, MN GP Land Corp. use. The Mixed Residential category is intended for a combination of single-family detached and attached housing with overall low-density development planned. 38.42 AC Median $12.500 49.39 AC Mean (Average) $19.009 City of Elk River Land Analysis April 18, 2016 Page 10 I- CASE Brainerd Bennettville Wealthwood pads Denham, urgeon Lake tr Pilla_dr:r, is Nlchalsi ,Malmo Comer. Arthyde''iA+'illow River Motley Sylvan Baxter ' 3 Solana Brunn Phiit�iuuk Crow Wirsg CROW WING iipariison A I T K I N Rutledge 'r' .St Mathias OpsLead' McGrath m Fiplayson Linwln 25 Pit} Mnsland Redtop CI®S9 Askov -Cushing Fart Ripley Center `° _ Clarissa g Camp Isle, i Saridstone Duxbury ,Harding Baywrew. , Woodland Gam+ ren = Browerville Randall ;Rlp�y Vllahkon NII NESOTA r`O a D Belle dunctian Plaft 2; KroscheQ ° lesion, f'rairie�r kLastrup Onamla INarman F Piers Long mHillman HiTckley4f ,Cloverdale panbvty 1 lensbur little Falls , Flensburg., Brook Park iiaklar.d 5wanvills N1 O R R I S O N KANABEC Mission Creek Prairie 9u2mba Vanrter� "Buckman Page �r- P N E Wetaster, *Little Grey Elmdale l Rn Alton o = n�Ora Henrie [3URNt TT Eagle y , W11 1l- LACS Sauk T-- Morrill Ogilvie Grass Pine Ci jr 'North Shore' upsata VBowius raFrarnri Bock, I. QLake bGrantsburg Sauk CentreStRosa Opole. Rice Sale d ca BRlnswAndree, t°' Rack Cne11 $Is Trade r curls r Holdingford payer Brahatn R CI Laken Melrose xonnegy_r Pease ° ' 4 fN1�i'e St Wendel. I7alba G oVeY Albany "w.Iab "Foley Springvale race r��rer �Four-Comers Greerrvrald Estes Carmody P Q L K Elrosa Avo Collegj t3 Glendoradon Brook 1Nyanett� ISANTI Camtrridg6 Harri Cushing Luck �. se S T E A R N S '� aite �St Cloud Sale 7 'yen Sale a h: Eureka Center S nno, Sauk „Sl Martin ,&r p Hit Sale 2 - _St Augusra SHFr IBURNIF .ten_ _ Balsam $l lrrock o Crown Brook Branch CHISAGO Lake 55 .,.,,t.R��..�v s© Lake._ g�theli Ste Palmdale Croix Fall= Spring ~E Becher +>F Londstro Regal sl Nichola s;, fy g Clearwater Frarrocxit ,HswFck Hasty Enfield St Francis Bonn$ - Watkins len Chis, o Cq Dresser New London- - ,Eden Valley Kimball Lake Oak Grove q East BethelWyoming g 4 Nye Mantic2ll %7� a:,segm take Nate -' WISCONSIN Sauth� Annandale 1ANOKA_ Fares Crmw 4Manannah Haven Maple Lake �- #lams®v ndrnrer Lake t � East Farmington ,-Spicer Albion 55 i0haef y Gopas _ River Center Buffalo Charnptln n Star ntil i--JtIEEKER Rog Sale 3 ❑ ASHIiVGTO 'P Prairie - d._- 15 KnaPP W R I G H T White y .�_._— 64 KANDI'YOHI LiLcht eW Bursrhville , , Bear Lake 35 `'Somerset C�aSsel : •,m _hrlcrwy n Acton CtarWir. _mss.. Waverly,��Montrose HENNQliD1l+r Cokato "�. Mary -weed Sowdman Roserkalev Jennie Howard ,, P.ARr may New righton F� I Lake Greenleaf. ,Lamson LakeOslerelanD STCR{}IX L4 Sale 6 ilron l ieiQm= I .ucson� Lillian Ccsmos '' , a Crrrvusam Silver INatertb �• r"",•"`ao Hopkirir -St Paul _ and f ketand Shores Lake Ex• alsior �Woodbyry Hutctiinsflna * ' Lester' ralrie dins hAf'i con.. ° +,tanhassen ❑ Le•rra:�rt Centerville Heatw c Sale 1 rola ## n ❑ Richfield River Eden PraFitie ❑ �Inwar CaraVe � Bird a Falls Churchill Chasers Bloomrngion "Ea an ilei 6ts vlsland Glencoe Dd S 9 -` Burnsville $tttfalsrLake;, Brc�rriton �u# 8 f3dhlgren ❑ Ri_Ir l,�Iuy o to PIERCE rr r-1.CARVER Prior Lake 13 L PresCkilt=llsworth� RENVILLE Hamburg"Antlers Apple Valley Fernando. New Auburn 25 Jordan- Belle GG7T Pat ,1rEekeYille Smith Landing ' N9oEvrble ArGngfons, Belle Plaine Fa ingtori Empire diamond 131uff Esdaile. Helena ,i Bay City, Gaylord_ 5 1139 Cedar Lake Elko Kastle DAKOTA New Trier --- o dibta ; 15 Jessanland t (Randolph Red Wing ranishn orf S l B L E Y Henderson New Peague Webster' Vasa- azelwropd Canna Rush River, Le Sueur Lonsdalen N field, - Falb, G G O D H U E Morgan Lafayette Bernadotte Lexington Montgomery ° fDundas< Belle Creek Gaodhu.. Now Sweden Dttawa Shiel Ville Dennison Eva St George a ��-SC Henry' rLe Center q s Ess Kessner St Peter I C E LNerstrand Cel e•_t-ester Slee r e� _,% s ,Kilkenny Wanarnin o Py y Cleveland g Fultz ata New Ulm' BROWN 14 --- _ �Nicollet Kasota LE SLIEUR �aribault a Courtland Epsom Kenyon Maze firth Laatirenworth s N16OLLE 22 %a Wars � P 53c tier Cambria 11A FARTH_Marrsstdurn Walcott o y g roy, Judson Mankato Elysian WASECA Medfordt STEEL( DODGE Orontio6- COMPARABLE MEDIUM -DENSITY RESIDENTIAL SALES LOCATION MAP PATCHIN MESSNER DODD & BRUMM Valuation Counselors City of Elk River Land Analysis April 18, 2016 Page 11 Comp. Location No. (Intended Use) 1 xxx Trebbiano Lane Watertown, MN 2 xxx County Road 120 Le Sauk Township, MN Medium Densitv Residential Land Sales Summary Grid Buyer Date Sale Spcl Asmnt, Seller of Sale Acreage Zoning Utilities Price Demo Cost, et Tuscany Village Land Holdings, LLC 11 / 2015 4.26 AC PUD Available $70,000 $0 OP 2 Realport, LLC Joe's Excavating, Inc. 9/ 2014 Estate of Mark James Surma 3 xxx 70th Street NE U.S. Home Corporation 31 2014 Otsego, MN Wells Fargo Bank Ext. Req. $907,751 4 40 County Road 120 City of Sartell 2/ 2014 Le Sauk Township, MN G & M Dehler Trust Ext. Req. $350,000 5 22861 Dakotah Street NW The City of St. Francis 11 / 2013 St. Francis, MN Central Bank 6 xxx Airport Road The County of Carver Minnesota 10/ 2013 Laketown Township Kari L. Cardelli et al. 7 Cree Street NW Meridian Behavioral Health, LLC 8 / 2013 St. Francis, MN Central Bank 7.66 AC UE Available $400,000 63.69 AC R-6 Available $860,000 41.63 AC Municipality Ext. Req. $907,751 7.80 AC R3 Available $47,777 27.08 AC AF Ext. Req. $350,000 8.21 AC R3 Available $135,000 8.21 AC 22.90 AC Median Mean Aver $0 $0 $0 $0 $0 $0 Total Price Per $70,000 $16,432 This is the sale of 37 previously platted townhome lots. While the site is guided medium density residential, advertising for the property included the potential to replat the site with single- family residential lots. $400,000 $52,219 This property has the option to be annexed into the City of Sartell and municipal utilities are available at the north property line. The site is guided by the city of Sartell for medium density residential use. $860,000 $13,503 This transaction is the sale of 8 SFR lots and an outlot. The land is zoned R-6, Residential -Medium Density. $907,751 $21,805 This property is guided medium density residential and low density residential by the city of Sartell. $47,777 $6,125 This sale is 38 platted townhome lots, ready for construction. Roads and utility infrastructure were already constructed. $350,000 $12,925 This property is guided urban medium density residential and urban high density residential by the city of Waconia. $135,000 $16,443 This property is Outlot A of Meadows of St. Francis. 1 1 City of Elk River Land Analysis April 18, 2016 Page 12 ru I CROW Vli'IRPG Vineland, WeLacsLake A I T K I N .8alnning Cushing Forte -T Isle Ripley Harding Bayview4 WaPxlland. Groningen'�5and5kon Randall Camp Ripley 27 0Wahkon F stand Junction Platte Cove FCraschel ° Belle: Freed hem Prairie a Johnsdale Onamia "Warman R R I S C N IasUup Hillman te9 Hinckley. Cloverdale Piece _ e5 ission Creek Little Falls " �' Brook Park_ :. Swariuille pSabieskl Genal. KANAEf=C P I fBeroun �5 Vawter Purkman Page Quamba Mora I.iklle he11Ll F Lr-•i�:- .. HenriElYE +P. oyaltcn „Rock Morrill ro7 i� u sale a Bowlus o riluie Grasston Pine City I` Brenrayville Bock ° ? F ' t'frzrncig Brunswick a Snake 4 B N T d] N Milaoa_ Grass CTeely� Rock Crack Holdingford Gilman in. Lake o S1 Stephen, fForeston Pay Braham Ben 'z .SL Anthony StAnria �StVVendel Sale 4�y - - _ Pease Stanchfield� Rush Rush Ronneby Dalhd .Point i' Popple `I, N N E S 0 T A Grandy Pi]L?C S T E A R N S Sartell 10 Greek Carmody r Paranl ericktan Springvale CQIlegediFE Sauk l3uelm Glertdorado� Gambrldge a WIS vo P ° Fine Brook ss Hams �1rt cloud ° 'Princeton wyanett ss xi Sia St Josef wile Runt Bradford EdgewoQd '3'( n 'Lake o park Cablo Santiago P Farming Pleasant t aka° .y o Spencer Boduna g St Augusta Briggs Lake Br©ok Isantl. Branch North Branch laic sale 3 2 5 .Prrock 4Crown 1 5 A N T I °Weber CHISAGO palmtlalr Rc+sraae Spring 1—arnhu �leanrr'tar SHERBiJRNE lake Fremont -.6ettlel St Nicholgs� MartySt Franctsa Mann Stacy Eden Becker L Chis go Ctly �,- Linwood ° Shafer 'Jell Silver _ lu BI Lake -- �KimHaIL Creek -0 �p- : , Sale ¢ 94yomIng t�Walkins r— keit South Haven 2a Monticello O v ;;t* 'Sale P�lanannah Annandale " `� gi O[isv:ll� Forest Maple Lake oertvlla Ramsey take ¢City g (ingstol Sale 5 in 9allll Andover Gopa; o .4$npkr. Ion Marine Cr a Michael ¢ r:rs ° -; Circles hn Hug© St Croix _ 1 r%1 = E K E R Wth ,knapp Rassat. Buffalo Handvera Cr Jrnkiin Pin Lakes , ¢ L.ichtield Fork W R I G 1-I T n .rscHh Ile SPIN WASHINGTON Coon P� ' Cro Albright Sale 5 Sale 2 Bra lyn ite Bear Lake Darwin Cagsl, _Gokato Wavey—��,,, Medin9 N8W Fri[3lEjf- ❑N 0LY41ifl{tiiQn Mahlornedi ,Scout Casey Howard La3ce is-_ maple ❑ Fd1C�it5Fh' Jennre Stockholm Delano p PI mouth Crystal Roseville -Maplewood North Greenleaf Lamson Plain_. Y ° _ _6 Hudson ' - Dsler uyj Inneapr�lisr_ Oakdalt�❑ f�lnnetr'ista "; iuds'sn ,Cosmos Winsted° vvatertowri 19 15 inrretonka 5# Paula !-an tial T_ ti•, Corvuso Dee havers qq}} 190 West St au 22 Silver Lake Hollyvro ld_ St l3®niPaeius- A 11 Ltlrtd-Soyth�t Paul �Woodk cry Hutchinson Maple ExCelSror Eden t��1�,-= Lester Prarr�� c VVaconia +1 RiciCl Inver Grove Heights FiENIJ1LLE Biscay Prarrie . Victoria �Bloamingtosl ° 'Heatwole� HydesLak% CARVERe- ahakn ee ❑ JI_ui . ❑ =� °Gattaga M C L E a D WinI Mn J� °F' P Eagan Grove Buffalo--NrurvoBd =� _..�- Chask9- _- ° a ^� Eau sville 9 Prescott _Lake GCen ao HamtSur Garver otvleniam Savage ❑ Kinin er —�--= : 212 —4growntcan Creek ° g East union. Baden Prior Lake Apple Valley az lkosernlount 15 Green Isle Spring Lake Antler=; D A k --Q T A Fernando New Auburn 25 Larrrenoe Credit Park Lakeville Emplrreaw aVernla 'on Ettei Jordan r3 , W, Belle Plaine_ . River Cedar Farmingtan' 5 1 D L F v Arlington h Helena .Lake Hampton s Jessenland St Patrick NJMarket N ier Winthrop, Gaylord 19 S C 0 T Castle Rock `6 COMPARABLE HIGH-DENSITY RESIDENTIAL SALES LOCATION MAP PATCHIN MESSNER DODD & BRUMM Valuation Counselors City of Elk River Land Analysis April 18, 2416 Page 13 High Density Residential Land Sales Summary Grid Comp. Location Buyer Date Sale Spcl Asmnt, Total Price Per No. Units Price Per No. intended Use Seller of Sale Acreage Zoning Utilities Price Demo Cost, etc. Sale Price Acre Units/Ac. Unit Remarks Coon Rapids Leased Housing 1 11000 Northwest Crooked Lake Blvd. Associates IV, LLLP 10 / 2015 4.73 AC PORT Available $600,000 $0 $600,000 $126,850 167 $3,593 This site was repiatted to be developed with a 167 -unit, senior, Coon Rapids, MN EDA in and for the City of Coon Rapids 35.3 affordable housing complex. 2 302 West River Parkway Cooperative of Champlin 4 / 2015 3.22 AC R-5 Available $700,000 $0 $700,000 $217,391 $12,077 This property was previously platted with SFR lots; however, it Champlin, MN United Properties Residential, LLC 18.0 is zoned High Density Residential, which allows a maximum of 18 units per gross acre. The site was purchased for redevelopment as a senior living community. 3 1112 Washington Memorial Drive James E. Stang & Pamela J. S. Houlihan 12 / 2014 2.39 AC R5 Available $269,000 $0 $269,000 $112,552 49 $5,490 This property is Lot 2, Block 1 of the plat of 1212 Washington. St. Cloud, MN Nemeth 1112, LLC 20.5 The site was previously improved with a landscape nursery and planned to be redeveloped with a 49 -unit apartment building. 4 xxx Sentinel Court The St. Cloud Hospital 11 / 2014 22.25 AC R-5 PUD Available $2,000,000 $0 $2,000,000 $89,888 This property is Lot 1, Block 1, Ferche South St. Benedicts. A Sartell, MN Four Points Development, Inc. portion of the site is now improved with a new hospital. 5 xxx Meadow Oak Avenue IRET Properties 10 / 2014 12.69 AC R-4 Available $1,659,636 $0 $1,659,636 $130,783 202 $8,216 This property was Outlot A of the Monticello Commerce Center Monticello, MN Monticello Industrial Park, Inc. 15.9 Seventh Addition. it has been repiatted as Lot 1, Block 1, of Monticello Commerce Center Eighth Addition, to be developed with 202 market rate apartments. 6 xxx County Road 81 Vincent Holdings, LLC 12 / 2013 19.24 AC R-4 Available $371,000 $0 $371,000 $19,283 168 $2,208 This property sold as Lots 1 & 2, Block 1 of the High Point Rogers, MN Financial Security Bank 8.7 Church Addition. The Church had planned to construct a new church on one parcel and develop a recreational use on the other lot. Currently, the site remains vacant. However, the new owner has preliminary approval for a 168 -unit apartment complex and assemblage of the two previously platted lots. 7 xxx Frankfort Parkway Northwest Bible Church 10 / 2013 10.40 AC PUD Available $275,000 $0 $275,000 $26,442 120 $2,292 The property was guided for approximately 120 residential St. Michael, MN United Children's Fund 11.5 units; however, the site remained vacant and sold for church use. 10.40 AC Median $112,552 $4,542 10.70 AC Mean (Average) $103,313 $5,646 City of Elk River Land Analysis April 18, 2016 Page 14 SUMMARY OF FINDINGS It is important to note that the comparable sales have not been adjusted to a specific subject property and not all of the comparable sales presented herein have been verified. Based on our investigation, unit sale prices for single-family, medium -density and high- density residential land proximate to Elk River are summarized as follows: Single -Family Residential Land Range: Mean: Median: Mean, Excluding Outliers 2, 4, 7, 12, 14, 18 and 25: Mean of 2014 and 2015 Sales, Excluding Outliers: Mean of 2015 Sales, Excluding Outliers: Medium -Density Residential Land Range: Mean: Median: Mean, Excluding 2013 Sales: High -Density Residential Land Range: Mean: Median: Mean Excluding Outliers 2, 6 and 7: $3,063 to $74,637 per Acre $19,009 per Acre $12,500 per Acre $16,855 per Acre $16,071 per Acre $16,739 per Acre $6,125 to $52,219 per Acre $19,922 per Acre $16,432 per Acre $25,990 per Acre $19,283 to $217,391 per Acre $103,313 per Acre $112,552 per Acre $115,018 per Acre PATCHIN MESSNER DODD & BRUMM Valuation Counselors y:�\ � . • {VC, ' + 4J LL \ r 0 4J . � � e 2 � � \ � \ � . � «�\ u V r � J^ • O 4 V cncn 00 • � � � V Ln +, s--� 4tc� S--I t4Z4 r O O b,� 1k Qp��`�.• \ ` O cn '.•r N +, N cry 4-1 . � '4 c� N cn • v c 4-j cn OCn '+� cn 00 4-, a N ) Cn 4t ct a� +, U 7� O c� '� 4-- C� 4t cnr cn '� \ O V • � En '� O 4--1 O V /� cn c� `O `O V C.) 4-1 Q�j iJ iJ • � � � S--i ,moi t4Z4 cn W ■ r _ n '4tcn 0 • c 00 Lr) Lr) O 7� V 00 Lr) cnoo= ' cn cn • a� . ,__, ci cn a� a� a� VC, 4 00 r,- t-4-4 Lr) cn 00 00 oo= I . 4t rl 4t 00 oq= VC, (Z. .4-j Cly VC, CG'.•t tir..p,�k �1 � O '4t � cn O Cn 4--) •4 Ct .4t cn 4t t4Z4 a� O cn c '4t U U U U 0 O M Ld / O O O O O 1 N Lf) Lr) M 1t 3��✓1�b3 r�. 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