5.5. ERMUSR 07-11-2006./j
Elk River .~
Municipal Utilities ~
13069 Orono Parkway C1~ phone: 763.441.2020
Elk River, MN 55330 Fax: 763.441.8099
July 5, 2006
To: Elk River Municipal Utilities Commission
Terry Takle
John Dietz
Tames Tralle
From: Bryan Adams, P.E.
Subject: Property Purchase
At the March 14, 2006, Elk River Municipal Utilities Commission meeting, the possible
sale of the Briggs property was discussed. This property lies directly east of our power
plant and contains 6.28 acres with about 40% being in the flood zone. Staff was directed
to get a property appraisal. Ron Black secured an appraisal completed by Steven Smith.
The appraised value is $288,000.
To secure room for future facility expansion at our operation center, utility staff
recommends this property be purchased. City staff, particularly the planning department
does not concur. Their view is this area is a residential area, and although we have only
been there for approximately 60 years, this entire facility should be moved elsewhere to a
more suitable location. There will also be much resistance to allow some tree removal to
make room for future facilities.
The other complicating factor is finances. The Elk River Municipal Utilities is very
strapped for cash this year. This purchase may possibly incorporate delayed payment or
a stepped payment structure.
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1433 Main Street, Elk River, MN 55330
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Contacts:
For questions about valuation or classification contact:
Assessors Dept. • assessorCrDco.sherburne.mn us • phone (763) 241-2880
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http://www. sherburne.mn.promap.com/serv let/com.esri.esrimap. Esrimap?ServiceName=re... 6/30/2006
WHITE DOVE APPRAISALS
403 Main Street, Elk River, MN. 55330
Fie PJo. 060114
Black, Moore, Bumgardner, Magnussen
812 Main St.
Elk River, MN 55330
File Number: 060114
In accordance with your request, I have personally inspected and appraised the real property at:
1433 Main St.
Elk River, MN 55330
The purpose of this appraisal is to estimate 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 June 8, Zoos
is:
$288,000
Two Hundred Eighty-Eight 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.
G
Steven C Smith
Certified Residential Appraiser