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5.2. SR 11-21-1994 rll ~\) ( )j rfi~ ITEM 5.2. MEMORANDUM TO: MAYOR & CITY COUNCIL FROM: PAT KLAERS, CITY ADMINI~~tT~ DATE: NOVEMBER 17, 1994 ~ SUBJECT: WESTERN AREA PROJECT At the October 10, 1994, meeting, the City Council adopted a resolution which approved an assessment roll for the Western Area Phase II improvement project. The City Council "pulled" fifteen properties from the originally proposed assessment roll with the understanding they would be further reviewed at this 11/21/94 meeting. Additionally, the City Council directed an appraisal to be completed on these 15 properties prior to this 11/21 meeting so that relevant information could be available regarding benefit to these properties. e Staff is recommending that the Jerry and Norma Gallati property (Parcel #75-131-1210) and the Sandra Roy property (Parcel #75-131-1211) be deleted from this improvement project and assessment roll. After additional evaluation of the situation and discussion with the affected property owners, staff has concluded that it is more appropriate that this property be included in the Western Area Phase III project. As the Council may recall, similar changes took place with the Western Area Phase I project, whereas, certain properties were deleted from that assessment roll and these properties have now been assessed as part of the Phase II project. After consideration of the above adjustments, there are thirteen properties remaining under consideration for assessments with this Western Area Phase II project. These thirteen properties are collectively referred to as the Naples Street/186th Avenue neighborhood and comprise 15.17 acres. Assessment of these properties based on $3,800 per acre equal approximately $57,646.00. These are the properties which staff directed the Panger and Benson appraisal firm to evaluate. Staff and two Councilmembers are anticipated to receive a verbal presentation from Panger and Benson on whether or not the assessments can be justified based on benefit to these properties. A verbal update on the Panger and Benson presentation will be made to the Council by staff and the e Councilmembers that attend this presentation. P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 e Attached for your review is the October 10 agenda memo from the City Engineer on the Western Area Phase II improvements assessment hearing. This memo is somewhat general in nature and the information is still relevant for this 11/21 meeting. The City Engineer has also attached an updated assessment roll that shows the properties proposed to be assessed (13 properties), a map identifying the location of these properties and a resolution adopting the assessment roll for these properties. If the assessment roll is to be adopted as proposed, the City Council should note that they still have to take action on the assessment appeals that were received from Mr. Bickman (property #1435), Mr. Chicoine (property #1400), and Mr. Gluck (property #1420). These assessment appeals were received at the 10/10/94 City Council meeting. e e .MS ~ CONSULTING ENGINEERS CIVIL ENGINEERING: ENVIRONMENTAl MUNICIPAL PlANNING e STRUCTURAL SURVEYING TRAFFIC TRANSPORTATION 1326 Energy Park Drive St. Paul, MN 55108 612.644-4389 Fax: 612.644-9446 e 9800 Shelard Parkway Minneapolis, MN 55441 612.546.0432 Fax: 612-544-6398 October 5, 1994 File: 230-223-58 Honorable Mayor and City Council City of Elk River 13065 Orono Parkway P.O. Box 490 Elk River, MN 55330 RE: WESTERN AREA PHASE II IMPROVEMENTS ASSESSMENT HEARING Dear Council Members: As you are aware, the assessment hearing for the proposed Western Area Phase II Improvements is scheduled for Monday, October 10, 1994. This project consists of the extension of trunk sanitary sewer and water westerly from the City Hall property to the Sherburne County Government Center. There are two locations, one at the Government Center, and one at the extension of Joplin where sewer and water will be extended northerly on Trunk Highway 10. Attached to this letter is an exhibit which shows the areas proposed to be assessed. With the exception of the Sherburne County property and the Tony Emmerich (Country Crossing) area, all the remaining properties are proposed to be assessed only for trunk sanitary sewer and water at a rate of $3,800 per acre. The Sherburne County property and the Tony Emmerich property will also be assessed for lateral utility and street assessments. As indicated on the exhibit and based on previous Council action, the entire Sandpiper Estates area has been removed from the assessment process. At the assessment hearing on Monday evening, I will be prepared to give a brief presentation of the project scope, the determination and spreading of assessments, and be available to answer any questions the public or City Council may have. At this time, the City has not received any formal written assessment appeals from property owners. Individuals may appeal this project assessment by presenting a signed, written objection to the Mayor at the hearing. An individual simply standing up at a public hearing indicating their objection to this project does not constitute an assessment appeal. Following the submission of a signed, written objection, the property owner also has to serve a notice of appeal upon the Mayor or City Administrator within 30 days after the adoption of the assessment roll, and must file this notice with the District Court within 10 days after serving the Mayor or City Administrator. 230/223-0502.00 e Honorable Mayo!,,~d City Council October 5, 1994 Page Two At the close of the assessment hearing, it would be appropriate for the City Council to consider the attached resolution adopting the final assessment roll. This can be adopted with any modifications the City Council deems appropriate. If you have any questions, I will be in attendance at Monday evening's meeting. Sincerely, MSA, CONSULTING ENGINEERS TEf;t~~ TJM:tw Attachments e e 230/223-0502.00 e e e RESOLUTION 94 - A RESOLUTION FOR THE CITY OF ELK RIVER A RESOLUTION ADOPTING FINAL ASSESSMENT ROLL WHEREAS, upon due notice property made as required by law, the Elk River City Council has met and heard and passed upon all objections to the proposed assessment for the Western Area Phase II improvement and has determined the amount to be assessed against each individual property as the Council deems just; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota: 1. Final assessment roll, a copy of which is attached hereto and incorporated herein by this reference, is hereby accepted and adopted and shall constitute the special assessment against the lands therein named. Each such tract of land in the assessment roll is hereby found to be benefitted by the improvement in an amount not less than the amount of the assessment levied against it. 2. Such assessment shall be payable in equal annual installments, including both principal and interest, amortized in such amount annually as is required to pay the principal with interest as 7.5 % % over a period of 5 to 15 years. 3. The owner of any property so assessed, may, at any time prior to certification to the County Auditor of the assessment or the first installment thereof, pay to the City Treasurer the whole of the assessment on such property, with interest accrued to the date of payment; except that no interest shall be charged if the entire assessment is paid within 30 days after the adoption of this Resolution. Prepayment may also be made after the certification of the assessment or first installment thereof by paying to the City Treasurer 1 Auditor the entire amount of the assessment remaining unpaid with interest. In the case of a payment made before November 15, interest will be calculated through December 31 of the next succeeding year. 4. The City Administrator shall transmit to the County Auditor a certified duplicate of the attached assessment roll to be extended on the property tax lists of the County. Such assessment shall be collected and paid over in the same manner as other municipal taxes. Passed and adopted this 21st day of November, 1994. ATTEST: Henry A. Duitsman, Mayor Sandra A. Thackeray, City Clerk 230/223-0502.00 8 8 0 0 8 8 0 8 8 0 0 0 ... d N d N d ~ <0 <0 .... 0 <0 0 ;g <0 ~ :8 '<to <0 '" <0 '" ..... <0 <ri <ri <ri <D N ;;; N N ... ... ... ... ... ... ... ... 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 d fi d d d d d d d ... ... ... ... ... ... ... ... 0 8 0 8 0 8 0 8 8 0 0 0 0 d d d d d d fi fi d ... ... ... ... ... ... ... 8 0 8 0 8 0 8 0 8 0 0 0 ~ 0 ;! d N d N d ~ 00 0 <0 :il ;g <0 ..... <0 '<to <0 '" '" <0 <0 <ri <ri <ri <D N ;;; ~ N ... ... ... ... ... ... ... e:( w 8 0 0 0 0 0 0 0 0 ~ 0 0 0 0 0 0 0 0 d d d d fi d d fi d e:( ... ... ... ... ... ... ... 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MN 56301 . (612] 259-5544. FAX: (612] 259-4426 November 21, 1994 Mr. Patrick Klaers City Administrator City of Elk River 13065 Orono Parkway Elk River, MN 5330 Re: Consultation work for 13 single family parcels affected by proposed trunk sewer and water line Dear Mr. Klaers: The following is a synopsis of an oral to be presented at 4:00 p.m. on Monday, November 21, 1994. The subject 13 parcels are varying sizes ranging from .4 acres to 3.08 acres. The issue is whether or not a trunk line assessment of $3,800 per acre will be offset by an increase in market value of at least $3,800 per acre. Our research was concentrated in platted subdivisions near the subject though our research extended to rural areas where there would no influence of city services. We found that our comparable sales could be grouped into three different categories. CATEGORY 1. trunk line available. no services The first category is most similar to the subject today. These 24 comparable land sales were found in the Sandpiper Estates subdivisions, I and II. This subdivision was developed knowing that at some point in the future, city services would be available to the SUbdivision. It was developed into 1 acre minimum lots. After examining 24 lot sales that occurred in the last 3 years, we found that the average sale per acre was $16,580. CATEGORY 2. fullv serviced The second category of comparable land sales are sales that occurred in fully serviced subdivisions. These sales occurred primarily in the Heritage Landing SUbdivision and most recently in a new development, Country Crossing. These subdivisions have an minimum lot size of 12,000 with a minimum of 80 front feet per lot. Here we found 42 sales that occurred in the last three years. The average sales price per building lot is $24,541. The lots vary in size from 12,000 square feet to 18,000 square feet with the majority of the lots being from Commercial · Industrial · Apartments · Residential · Farm . Consultations e e e ,. 12,000 to 15,000 square feet. This category illustrates the potential of the subject if services are made available. CATEGORY 3, no imminent potential for services The third category consists of rural near the subject that are larger, further analysis we abandoned any because they were not similar enough a reliable comparison. lot sales that we found 2.5 minimum acres. After reliance on these sales to the subject to provide After completing the initial research we know that: One acre lots, with future potential for city services, sell for $16,500 per acre. Fully developed 12,000 sq. ft. minimum building lots sell for $24,500. DEVELOPMENT COST APPROACH The next phase of our analysis examines the thirteen subject parcels as if they were one parcel of approximately 15. This aspect of our analysis is important because it will tell us what the raw land is worth toa developer today assuming that it is developed to its highest and best use potential as fully serviced 12,000 square foot lots. This part of the analysis is conceptual in nature but uses todays actual costs of development to determine raw land value. Assumptions are made, based on actual costs and current market information, and the cash flows from the project are discounted to a present value. Developers use this method to determine the feasibility of a potential project. This feasibility study is examined in detail in our oral presentation. The result of this approach to value is that today one could afford to pay $38,517 per acre, or $12,719 per building lot at three to an acre, and pay for all services including trunk line. CONCLUSIONS, relative to each sub;ect parcel Finally, we looked at each of the individual subject parcels to determine their value, assuming that trunk line assessments were paid at a rate of $3,800 per acre, with the potential to become fully serviced properties in the future. Using parcel number 75-131-1450, a.4 acre parcel belonging to Larsen (Olson), as an example we find: The cost to acquire this parcel today, based on the raw land value determined in the development cost approach, is $12,719. The trunk line assessment to this site will be $1,520. The final cost for this site the~ is $12,719 plus $1,520 or $14,239. 2 e e e ." Because the trunk line gives the site the potential to become fully serviced, the potential value of the site is $24,500; 1 lot with a minimum of 12,000 square feet. The difference in the finished value of $24,500 minus the cost _of $14,239 represents a future value of $10,261. (The $16,261 is a future value because the development cost approach assumed a five year sellout time.) The present value of $10,261 discounted at a rate of 12.0% is $5,822. This example is the smallest parcel with the least potential for future development. It is also a river lot which may sell for a price greater than $24,500 based on other river lot sales. We found that each subject parcel has the potential to have a positive present value after the trunk line assessment. We remind the reader that the subject properties have not been surveyed and that we do not guarantee that our analysis is without flaw as to measurements and location of existing improvements. Certain assumptions have been made and cannot be validated without the assistance of a survey. Our assumptions have been made using known facts whenever possible and we believe represent a realistic and true analysis to the extent possible without having surveying and engineering studies done. Th~nk you for the opportunity to Alice Lenzmeier serve you. ~ / ~!- f'--, -'<-- en pan:::-~' ''1--C. I ' ( ( / I ~ t uJ . / ( / (I Vt{ (l 1.,-; 3