7.1.A. SR 10-16-2006
City of Elk River
REQUEST FOR COUNCIL ACTION
Agenda Section Meeting Date
Administration October 16, 2006
Item Description
A raisals for Libra
Item Number
7.1.A.
Prepared by
Bill Maertz, Parks and Recreation Director
Reviewed by
Lori ohnson, Ci Administrator
Introduction
Council directed staff to seek appraisals of the Elk River Library and adjacent city owned properties.
Attached please fInd summaries of the appraisals for the Library, single family residence at 1217 5th St.
and the vacant residential lot at 1221 5th St. If a Council member would like a full copy of the appraisal
please contact Lori Johnson or Bill Maertz and one will be provided before the October 16th Council
meeting.
Discussion
The appraisal results are as follows:
. Library - $1,050,000
. House at 1217 5th St. -$185,000
. Vacant lot at 1221 5th St -$50,000
Financial Impact
The library building, at it's current size, meets parking requirements and therefore the two adjacent
properties could be sold with no impact to alternate Library building uses.
Attachments
Summaries of three appraisals
Action Requested
None
Council Action
Motion by _
Second by _
Vote
Follow Up
C: \Documents and Settings \ tallard\Local Settings \ Temporary Internet Files \ OLKF\ 7 1 A Appraisals.doc
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SUMMARY APPRAISAL
REPORT
PROPERTY
Elk River Public Library
413 Proctor Avenue NW.
Elk River,MN 55330
PREPARED FOR
City of Elk River
Attn: William Maertz, Parks Director
13065 Orono Parkway
Elk River, MN 55330
DATE
September 18, 2006
NAGELL APPRAISAL & CONSULTING
Molly J. Lewis, Appraiser
William R. Waytas, Appraiser
7515 WAYZATA BOULEVARD
MINNEAPOLIS, MINNESOTA 55426
TELEPHONE (952) 544-8966
FAX NO. (952) 544-8969
File # G0608006
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NAGELL APPRAISAL & CONSULTING
7515 Wayzata Blvd. #115
Minneapolis, MN 55426
Established in 1968
Minneapolis: 952-544-8966
St. Paul: 651-209-6159
Central Fax: 952-544-8969
City of Elk River
Attn: William Maertz, Parks Director
13065 Orono Parkway
Elk River, MN 55330
October 4, 2006
Dear Mr. Maertz:
In accordance with your request, a summary appraisal report has been made on the following
described property:
Subject Property: 413 Proctor Avenue NW, Elk River
The property is legally described herein. The appraisal assumes the property meets all
current environmental standards. The appraisal analysis and conclusions are subject to
certain limiting conditions and assumptions described herein. As a result of my experience, it
is our opinion that the current as-is market value of the subject property, as of September 18,
2006 is:
FEE SIMPLE MARKET VALUE:
$1,050,000
The accompanying report contains data secured from my personal investigation and from
sources considered to be reliable; however, correctness is not guaranteed. To the best of my
knowledge and belief, the statements contained in this report are true and correct. Neither
my employment to make this appraisal, nor the compensation, is contingent upon the value
reported. This report has been prepared in conformity with the code of professional ethics
and standards of professional appraisal practice of the Appraisal Institute and appraisal
standards set forth by Uniform Standards of Professional Appraisal Practice.
www.callnagell.com
Sincerely,
-1Vl~~
Molly J. Lewis
Appraiser MN 20391975
111
SUMMARY OF IMPORTANT FACTS & CONCLUSIONS
Front View of Subject
Location:
413 Proctor Avenue NW
City I County:
Appraisal Report:
Current Use:
Extraordinary Assumptions &
Hypothetical Conditions:
Site Size:
Elk River I Sherburne
Summary Report
Public Library
None; See report for standard assumptions
GBA:
50,529 SF (1.16 acres), per county
9,808 SF
Highest & Best Use:
Zoning:
Property Rights Appraised:
Personal Property:
Cost Approach:
Sales Comparison Approach:
Income Approach:
Current use with potential for conversion
R-1c, Single-Family Residential
Fee Simple
No business value or personal property included.
$1,063,000
$1,049,000
$1,028,000
Final Market Value:
Nagell Appraisal & Consulting: 952-544-8966 I www.callnagell.com
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Nagell Appraisal & Consulting, Inc.
File No. G0608009
APPRAISAL OF
SINGLE FAMILY RESIDENCE
LOCATED AT:
1217 - 5th Street NW
Elk River, MN 55330
FOR:
City of Elk River
13065 Orono Parkway
Elk River, MN 55330
BORROWER:
N/A
AS OF:
September 28, 2006
BY:
Molly J. Lewis
Appraiser
7515 Wayzata Boulevard, Suite #115, Minneapolis, MN 55426 Telephone: 952-544-8966 Fax: 952-544-8969
~
Nagell Appraisal & Consulting, Inc.
File No. G0608009
/
September 29, 2006
City of Elk River
Attn: William Maertz, Parks Director
13065 Orono Parkway
Elk River, MN 55330
File Number: G0608009
Dear Mr. Maertz:
In accordance with your request, I have personally inspected and appraised the real property at:
1217 - 5th Street NW
Elk River, MN 55330
The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved.
The property rights appraised are the fee simple interest in the site and improvements.
In my opinion, the estimated market value of the property as of September 28,2006 is:
$185,000
One Hundred Eighty-Five Thousand Dollars
The attached report contains the description, analysis and supportive data for the conclusions,
final estimate of value, descriptive photographs, limiting conditions and appropriate certifications.
Sincerely,
Mm1!!:!b ~
Appraiser
MN License #20391975
~~.:e~?
William R. Waytas, SRA, CRP
Certified General
MN License #4000813
NAGELL APPRAISAL & CONSULTING COMPANY, INC.
The purpose of this appraisal is for the potential negotiatedsale of the subject.
7515Wayzata Boulevard, Suite #115, Minneapolis, MN 55426 Telephone: 952-544-8966
Fax: 952-544-8969
--'-._--.,~
Nagell Appraisal & Consulting, Inc.
File No. G0608008
APPRAISAL OF
VACANT RESIDENTIAL LOT
LOCATED AT:
1221 - 5th Street NW
Elk River, MN 55330
FOR:
City of Elk River
13065 Orono Parkway
Elk River, MN 55330
BORROWER:
N/A
AS OF:
September 18,2006
BY:
Molly J. Lewis
Appraiser
7515 Wayzata Boulevard, Suite #115, Minneapolis, MN 55426 Telephone: 952-544-8966 Fax: 952-544-8969
Nagell Appraisal & Consulting, Inc.
File No. G0608008
September 29, 2006
City of Elk River
Attn: William Maertz, Parks Director
13065 Orono Parkway
Elk River, MN 55330
File Number: G0608008
Dear Mr. Maertz:
In accordance with your request, I have personally inspected and appraised the real property at:
1221 - 5th Street NW
Elk River, MN 55330
The purpose of this appraisal is to develop an opinion of the market value of the subject property, as vacant.
The property rights appraised are the fee simple interest in the site.
In my opinion, the estimated market value of the property as of September 18,2006 is:
$50,000
Fifty Thousand Dollars
The attached report contains the description, analysis and supportive data for the conclusions,
final estimate of value, descriptive photographs, limiting conditions and appropriate certifications.
Sincerely,
MOJ!}~ ~
Appraiser
MN License #20391975
pY~~~?
William R. Waytas, SRA, CRP
Certified General
MN License #4000813
NAGELL APPRAISAL & CONSULTING COMPANY, INC.
The purpose of this appraisal is to estimate market value for possible sale of the property.
7515 Wayzata Boulevard, Suite #115, Minneapolis, MN 55426 Telephone: 952-544-8966
Fax: 952-544-8969