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1987-05-11_BOARD OF REVIEW
Minnesota Suburban Newspapers, Inc. AFFIDAVIT OF PUBLICATION STATE OF MINNESOTA) Ss. COUNTY OF HENNEPIN) Donald K. Mortenson being duly sworn on an oath says that he /she is the publisher or authorized agent and employee of the publisher of the newspaper known as Edina Sun-Current and has full knowledge of the facts which are stated below. (A) The newspaper has complied with all of the requirements constituting qualification as a qualified newspaper, as provided by Minnesota Statute 331A.02, 331A.07, and other applicable laws, as amended. (B) The printed Assessment Notice which is attached was cut from the columns of said newspaper; and was printed and published once each week, for one successive weeks; it was first published on Wednesday the 15 day of A r i I , 19 87, and was thereafter printed and published on every to and including , the day of I , 19 —; and printed below is a copy of the lower case alphabet from A to Z, both inclusive, which is hereby acknowledged as being the size and kind of type used in the composition and publication of the notice: BY: TITLE: Operations Manager Subscribed and sworn to before me on this �n, 8 day o y ,i 87 Not49 MEhIDEL M. HEDBLOM IS NOTARY PUBLIC — MINNESOTA HENNEP IN COUNTY My commission expires 7 -2.92 RATE INFORMATION (1) Lowest classified rate paid by commercial users $ 1.85 per line for comparable space (Line, word, or inch rate) (2) Maximum rate allowed by law'for the above matter $ 40.1¢ per line (Line, word, or inch rate) (3) Rate actually charged for the above matter $ 38C per line (Line, word, or inch rate) (Official Pablication)'- CITY OF EDINA 4801 W. 50th STREET EDINA, MINNESOTA 55424 ASSESSMENT NOTICE NOTICE 1S HEREBY GIVEN, that the Board of Revlewof the City of Edina in Hennepin County, Minne- sota, will meet at the Council Cham- bers of the Edina -City. Hall, 4801 W. 50th Street, ,fit said City at 5:00 P.M. on Monday; May 11, 1987, for the purpese'of;re.viewing and correciing. th ssesament' of said City for the a, mecproperty.',01- .another is assessed too low,'are:hereby notified to.appear,at said =riieeting and show cause for having. such assessment corrected. " No complaint that another person Is assessed too low will be acted upon until the person so assessed, or his "agent,, shall have: been notified of 'such complaint. MARCELLA M. DAEHN Edina City Clerk (April 15, 1987) -ED V s (Official Publication) CITY OF EDINA 4801 W. 50TH STREET EDINA, MINNESOTA 55424 ASSESSMENT NOTICE NOTICE IS HEREBY GIVEN, that the Board of Review of the City of Edina in Hennepin County, Minnesota, will meet at the Council Chambers of the Edina City Hall, 4801 W. 50th Street, in said City at 5:00 p.m. on Monday, May 11, 1987, for the purpose of reviewing and correcting the assessment of said City for the year 1987. All persons considering themselves aggrieved by said assessment or who wish to complain that the property of another is assessed too low, are hereby notified to appear at said meeting and show cause for having such assessment corrected. No complaint that another person is assessed too low will be acted upon until the person so assessed, or his agent, shall have been notified of such complaint. Marcella M. Daehn Edina City Clerk Please publish in the Edina Sun - Current on April 15, 1987. Please send two Affidavits of Publication. V HC 586 (2/84) CERTIFICATION OF POSTING OF ASSESSMENT NOTICE State of Minnesota COUNTY OF ss, CITY OF EDUNA I, Marcella M. Dae , Clerk of the City of Edina, MN in said County for the year 19 87 , do hereby certify that on the 17th day of April , 1987 , in conformity with requirements of law, I posted notices in each of three of the most public places in said City ten days before the time of meeting therein named, and also caused such notice to be published in a legal newspaper, of which the following is a true copy, to -wit: - ASSESSMENT NOTICE NOTICE IS HEREBY GIVEN, That the Board of Review of the City of Edina in Hennepin County, Minnesota, will meet at the-offre"khe Council Chamber, City Hall ;E�lerk in said City , at five o'clock P - M., on Monday , the 11th day of May , 1987 , for the purpose of reviewing and correcting the assessment of said City for the year 19 87. All persons considering themselves aggrieved by said assessment, or who wish to complain that the property of another is assess- ed too low, are hereby notified to appear at said meeting and show cause for having such assessment corrected. No complaint that another person is assessed too low will be acted upon until the person so assessed, or his agent, shall have been notified of such complaint. Dated the 15th day of April 1987 Marcella M. Daehn Clerk of the City of Edina Given under my hand this 15th day of April.�y�, , 1987 . Clerk State of Minnesota, COUNTY OF HENNEPIN ss. CITY of. EDINA We, the undersigned, Board of Review of the City of Edina in said County, do hereby certify that we, and each of us, attended at theb[fiee -ef -the- Co �n i 1 ChamhPrG, ('i ry Hal 1 �'lerk-uf saitt— on the day set forth in the notice given by the Clerk of said City and that we then and there remained in session the whole of said day as a Board of Review. Witness our hands this 20th day of May _ t A 87 I NOTICE TO ASSESSOR Assessor must make the necessary footings at bottom of each page and carry them forward to the "Tabular Statement" form, and in so doing use all possible care.{j�.;: Minnesota Statutes, Section 274.04. The assessor shall foot each column in his assessment book, and make in each book, under proper headings, a tabular statement showing the footings of the several columns upon each page. He shall also foot the total amounts of the several columns under the respective headings. ' ' ' Such return shall be verified by his affidavit substantially in the following form: _ ASSESSOR'S RETURN OATH To Be Signed By County Assessor To Auditor of the County of ' ; Minnesota. State of Minnesota ) :(Qe County of County Assessor of the County of do solemnly swear that the book to which this is attached contains a correct and full list of all Real and Personal Property subject to assessment and taxation in the of for the year 19 , so far as I have been able to ascertain the same, and that the market value, except as limited by statute, and the assessed value, except as limited by statute, set down in the property column, opposite the several kinds and descriptions of property, is in each case the market value, except as limited by statute, and assessed value, except as limited by statute, of such property, to the best of niy knowledge and belief, including all changes made by the Board of Review, and that the footings of the several columns in said book and the tabular statements returned herewith are correct, as I verily believe. �y ,rte County Assessor Subscribed and sworn to before me this day of '19 Auditor of County CERTIFICATION OF NOTICE ON INCREASED VALUATIONS State of Minnesota County of SS. Of I, County Assessor of County, Minnesota, do solemnly swear that the owner or occupant of each description of real property which was subjected to an increase in market value over the precedingyear's assessment was given official notice of the amount of such increases. 1 further certify that all such notices were sent through the course of ordinary mail not less than ten days prior to the of duly convened or on Jf-A Day Y- Date M-th Day Y— ten days prior to the official adjournment thereof. Signature: on which Board of Review y.N i�, • /•rJ,ae •Itr...,•w State of Minnesota, 11'c, the undcrolgned. Board of Review— •$gtraliration —of the rity o* FAi— in said County, do hereby certify that we, and each of us, attended at the office t, taste w —I r—,nci t Ch t..,. -r City ui f L4Glerk on the day of May , 19117, the day set forth in the notice given by the Clerk, and in accordance with the provisions of Minnesota Sta ul Section 27.1.01, we me changes in the 19— assessments as entered in the following forms. Witness our hands this day of 19� l _ , ,- t/ ri % tit Ch;. •Applies only to Cities whom Charters provide for ■ Bond of Equalization Instead of a Board of Review. �_ Changes made by Local Board of Review— b Patleatd voter "Yes" or "No" for each Description. Identify Parcel on which Residence Is Located with letter "11". Indicate If Mid -Yen n Fractional 11 I lomestead, 3b, 3c or 3m, SEE - Seasonal Recreational Residential, SRC - Seasonal Recreational Commercial, Fit - National (lousing, *O Other, t- land Tahl Exclusive d 81,1'ae EU.k.d Arad I ties Tarp. ! l - at NAME OF OWNER or Dma DESCRIPTION N ®bm d or or ' aas• D A I.1 � R•al No. t'os Rock . Aerm 100. Karen Bishop -Stone 05- 116 -21 -12 -0026 Dollars Dail— P P.M Dollars Francis B./Mary J. Coyle - 08- 116 -21 -42 -0196 I i 19800 I 29700,_ 127300 157000 Henry T. Rutledge 29- 117 -21 -14 -0021 1 i ! j i 1 6000: ;62000 _ 68000 1' Interlachen Country Club 29- 117 -21 -21 -0003 II :1800 1 Interlachen Country Club _ 29- 117 -11 -22 -0013 1 I 13600 Interlachen Country Club 29- 117 -21 -31 -0001 C Interlachen Country Club 29- 117 -21 -31 -0002 i Interlachen Country Club 30- 117 -21 -11 -0050' I Interlachen Country Club 30- 117 -21 -11 -0052 j Interlachen Country Club 30- 117 -21 -11 -0053 , Interlachen Country Club 30- 117 =21 -14 -0004 1 Interlachen Country Club 30- 117 -21 -14 -0052 William G. /inn M. Stocks 32- 117 -21 -23 -0073 C liianc L. Berg 32- 117 -21 -23 -0075 j Iarry J. May 33- 117 -21 -32 -0004 ; Note, where omitted red property is added indicate value of land, buildings and machinery separately. ,mestead. — —Indicate type of Property, R - Residential, C - Commercial, 1 - Industrial, U - Utility, F - Form, T - Timber Specify. Mineral -30901 Puking Ramps —,%%. Indl- cat. tleme- mad �_ ©ae of Pruperb I— m E Mmated b Patleatd � MOt Was E•thax d Market Value d Reel Property as merged w Added m �° at land Tahl Exclusive d 81,1'ae EU.k.d Y- ' An . Market Value Market Value � R•al structure d Merle, and other IlarAlaery Val- or No Dollars Dail— P P.M Dollars I.0-6 —ts struenum Dan— Down Donee Down No R i 19800 I 29700,_ 127300 157000 Yes X 1 4000 ! j i 1 6000: ;62000 _ 68000 No L F II :1800 7200 7200 No C 1 I 13600 144500 144500 No C 1 74200 616700 740500 1357200 No C 100 1000 1000 No C 1 46400 494000 494000 No C 500 5200 520C No C 400 4100 410C No C 2000 20800 2080( No C 8800 92500 _ 9250C No C 8400. 12400 5200 17600 Yes Y 6200 8000 116000 124000 Yes Y 6200 8000 116000 124000 Yes R 4200 26400 70100 96500 'Cnatinued on nest pager i -Applies only to Cities whom Charters provide for a Board of Equabution instead of a Board of Review. Changes made by Local Board of Review - 'Entrr "Yes" or "No" for each Description. Identify Parcel on which Residence is lnoated with letter "11 ". Indicate if Mid -Year or Fractional Ilomesteai I loma•stcad: 3b, 3. or Sec, Stilt - Seasonal Recreational Residential, SRC - Seasonal Recreational Commercial, Fll - National flouting, *O Other, Specif i Numbar vdl- P.rad 9e.I Tt.p. I I I I Acres P— - A— Lof l Ho e ead NAME OF OWNER Do. DFSCRIPON R.S. Load - ! No. Y@es tot Bock Aerw IIIQ No :diva Country Club 18- 028 -24 -31 -0006 ! No Aina Country Club 18- 028 -24 -31 -0005 Imprwemeau INo Gorman W. Schmitz :29- 028 -24 -21 -0111 _ i No Jason K. Downer — 30- 028 -24 -14 -0147 I I I i _ No +oland G.Nisgja Schaal 30- 028- 24 -14- 0151_ -_. 170000 ,1030000 Yes lirgil W. /Linda C. Snyder •.30- 028 -24 -14 -0152 122600 Yes larry F. /Irene M. Russell 30- 028 -24 -14 -0154 6000. 135700 Yes tichard /Gloria C. Burger . _ _ _30- 028 -24 -14 -0155 .. r._J I ._ ( I_.. I Yes :harles W. /Rosemarie B. Ferris __ 30- 028 -24 -14 -0156 ___ :_ 155100 _ -._ -- __ Yes laude M. Lowenthal 30- 028 -24 -14 -0157 6000 - 116600 No 1. Bruce /Margaret A. Chapman .30- 028 -24 -14 -0158 _ _. 93500 Yes I. — . Mini tadl- d vrev ey b.]; C C CC X X X X X X X X 'indicate type of Pro ral-507.; Parking R, Class of Property ASH -It oal� AB Otber t I _ pertyt R - Be imps -36%. Nerew E.nm.tea Muket V.lu. MU_ lilt idenlial, C D- i. Erumat.d v:m: Donner 151600 1400 88500 21300 .7400 8400 8100 .8900 13400 21300 7700 i i C nuncrc E.U..ted M.rket V.I. of oanmd Real Proper, Do". al, 1 • IDJUstrial, U • Utility, F • Farm, T • Timber Ernmatad Mukat Value of Be.l Property u ch"gM w'Ad3. Erdosive of i Bulldbsgs E,MnW straadaa. I'. Oth ! b.hmm u.- vaae Imprwemeau Structww M" Down Dollars Don... 1297900 - 688500 1986406 17600 .. 1760C 170000 ,1030000 1200000 6000 116600 122600 6000 - 128000 _ 134000 6000. 135700 1417CO 6000 139400. 145400 1611CA 6000 - 155100 _ 6000 - 159100 16510 6000 - 116600 12260,0 6000 87500 93500 ' I 1 MINUTES OF THE MEETING OF THE EDINA BOARD OF REVIEW HELD MONDAY, MAY 11, 1987 AT 5:00 P.M., EDINA CITY HALL Answering rollcall were Members Kelly, Richards, Smith, Turner and Mayor Courtney. The meeting was convened pursuant to publiched Notice of Board of Review in the Edina Sun - Current and notices posted on City bulletin boards for the - purpose of hearing those persons who considered themselves aggrieved by their property valuation for assessment purposes, or who were requesting homestead classification. Mayor Courtney stated that no decision would be made at this meeting, but that property owners would be notified of the Board's decision prior to the meeting of the Hennepin County Boad of Review on July 6, 1987. The following property owners personally appeared before the Board to object to the Assessor's estimated market value: No further business appearing, motion of Member Richards was seconded by Member Smith to continue the meeting to Monday, May 18 at 6:15 p.m. for the purpose.of the Board's decisions. City Clerk Assessor's Owner's Est Name /Address PIN Number Est Mkt Val of Mkt Val Diane Berg, 6070 Blake Ridge Rd 32- 117 -21 -23 -0075 $ 130,200 $110- 120,000 Edina Country Club, represented by 2,757,000 1,883,000 Philip Gainsley (same as '86) Interlachen Country Club, repre- 3,291,000 1,980,900 sented by Philip Gainsley (same as '86) George W: Welsh, 5200 W 73rd St 09- 116 -21 -23 -0016 907,500 775,000 M. T. Nouraee, 5908 Lee Valley Rd 08- 116 -21 -22 -0025 111,300 102,000 Lowell Swanson, 5501 Village Dr. 08- 116 -21 -12 -0065 186,400 150,000 Karen Bishop- Stone, 6313 Hillside Rd 05- 116 -21 -12 -0016• 176,800 145,000 Pat.Narendra, 7720 Shaughnessy Rd 08- 116 -21 -34 -0046 259,700 245,000 Francis B. Coyle, 7500 Cahill Rd 08- 116 -21 -42 -0196 72,000 70,000 Selmer E. Halla, 6720 Indian Hills Rd 06- 116 -21 -23 -0025 248,300 Harold Sand, 6529 Josephine Av 04- 116 =21 -24 -0060 11,600 0061 11,600 0104 23,200 Peter Recht, 6400 McCauley Cir 06- 116 -21 -22 -0009 142,900 127 - 130,000 Charles A. Moore, 7661 Woodview Ct 08- 116 -21 -33 -0066 124,000 114,000 Larry May, 5205 Grove Street 33- 117 -21 -32 -0004 100,700 Equilization Henry Rutledge, 5'Orchard In 29 -117- 21114 -0021 9,000 E. Daniel Eckberg, 5211 ,Kellogg Av 18- 028 -24 -43 -0021 200,600 180,180 H. Bruce.Chapman, 6566 France Av 30- 028 -24 -14 -0158 101,200 95,000 Assessor Johnson advised that owners"of the following properties had submitted letters objecting to their estimated market values and had requested the Board's review: Assessor's Owner's Est Name /Address PIN Number Est Mkt Val of Mkt Val Leo M. Evans, 2248 Glacier Lane, 32- 117 -21 -24 -0003 $ 130,000 Santa Maria, CA 93454 32- 117 -21 -24 -0004 300,000 Robert L. Naas, 6320 Post Ln 06- 116 -21 -22 -0030 1,000 06- 116 -11 -11 -0026 30,000 06- 116 -21 -22 -0006 27,000 06- 116 -21 -22 -0022 33,000 06- 112 -21 -22 -0023 33,000 06- 116 -21 -22 -0024 30,000 06- 116 -21 -22 -0025 30,000 Property Eval. Ser., 327 So. Market 30- 028 -24 -41 -0001 25,987,900 $23,317,900 St., Troy, OH 45373 Re: 6600 France Av Property Eval. Ser. 32- 028 -24 -34 -0023 3,7009000 3,430,000 Re: 7701 York Av Gabbert's, 3501 W. 69th Street 29- 028 -24 -33 -0008 395959000 39131,000 represented by Bob Tivan Pentagon Office Park (13 parcels) 32,7869100 4940 Viking Dr Patricia M. Brown, 4513 Moorland Av 18- 028 -24 -21 -0057 1719500 E.E.C. Prop. Co., 4450 W. 76th St 31- 028 -24 -41 -0007 715,000 6509000 Norm Schmitz, 3105 Heritage Dr 29- 028 -24 -21 -0111 1,2889500 1,0509000 Richard H. Slosburg, 7171 Ohms Ln 09- 116 -21 -23 -0021 1,764,000 19300,000 No further business appearing, motion of Member Richards was seconded by Member Smith to continue the meeting to Monday, May 18 at 6:15 p.m. for the purpose.of the Board's decisions. City Clerk MINUTES OF THE CONTINUED MEETING OF THE EDINA BOARD OF REVIEW HELD MONDAY, MAY 18, AT 6:15 P.M. Answering rollcall for the continued meeting of the Board of Review were Members Smith,.Richards, Turner and .Mayor Courtney. No further objections to property valuations being presented, Member Turner's motion was seconded by Member Smith, approving value reductions for the following properties as indicated: Name Karen Bishop -Stone Francis B. And Mary J. Coyle Henry T. Rutledge Interlachen Country Club William G. and Ann M. Stocks Diane L. Berg Larry J. May., Edina Country Club Norman W. Schmitz Jason -K. Downer Roland G. and Visgja Schaal Virgil W. and Linda C. Snyder Harry F. and Irene. M. Russell Richard and Gloria C. Burger Charles W. and Rosemarie B. Ferris Claude M. Loewenthal H. Bruce and Margaret A. Chapman PIN Number Valuation 05- 116 -21 -12 -0026 $ 157,000 08- 116 -21 -42 -0196 68,000 29- 117 -21 -14 -0021 7,200 29- 117 -21 -21 -0003 144,500 29- 117 -11 -22 -0013 1,357,200 29- 117 -21 -31 =0001 1,000 29- 117 -21 -31 -0002 494,000 30- 117 -21 -11 -0050 5,200 30- 117 -21 -11 -0052 4,100 30- 117 -21 -11 -0053 20,800 30- 117 -21 -14 -0004 92,500 30- 117 -21 -14 -0052 17,600 32- 117 -21 -23 -0073 124,000 32- 117 -21 -23 -0075 124,000 33- 117 -21 -32 -0004 1 96,500 18- 028 -24 -31 -0006 1,986,400 18- 028 -24 -31 -0005 17,600 29- 028 -24 -21 -0111 1,200,000 30- 028 -24 -14 -0147 122,600 30- 028 -24 -14 -0151 134,000 30- 028 -24 -14 -0152 141,700 30- 028 -24 -14 -0154 145,400 30- 028 -24 -14 -0155 161,100 30- 028 -24 -14 -0156 165,100 30- 028 -24 -14 -0157 122,600 30- 028 -24 -14 -0158 1 93,500 Mayor Courtney declared the meeting of the Board of Review for 1987 adjourned at 6:52 p.m. City Clerk LEO M. EVANS ATTORNEY AT LAW 2248 GLACIER LANE SANTA MARIA. CALIFORNIA 93454 TELEPHONE (805) 937 -2151 April 29, 1987 Edina Assessor's Office Attn: Ralph Johnson 4801 West 50th Street Edina, Minnesota 55424 Ref: Property I.D. 32- 117 -21 -24 -0003 32- 117 -21 -24 -0004 Dear Mr. Johnson: I am being assessed on two continuous parcels of prop- erty located in the City of Edina with a market value of $415,400. Last year's taxes on these two parcels was $16,255.38. In 1982 a subdivision plan was submitted to the Edina Planning Commission and City Council which was approved. After our plan was approved the next step was to submit a site survey to establish all boundary lines. We employed Sathre - Bergquist, Inc. to handle the surveying work. Their research showed several errors in the deed descriptions when compared with the adjoining plot of Edina Highland Lake- side Addition. They suggested we employ an attorney to correct the legal description of the property. We then employed Mark Wood, a local attorney, to handle this title discrepancy for us. The property has been tied up in litigation ever since. Enclosed is Exhibit "A" which is the Assessor's plot map of said property. Exhibit "B" shows the discrepancies in the legal description of said property. Our deed show an overlap into the Lakeside Addi- tion and a gap along the southern portion of said`property. Exhibit "C" shows the requirements being demanded by the Ex- aminer prior to having a hearing regarding this property. As to when this case will finally go to trial, I have no idea. I was given promises of a hearing date as far back as three years ago. This property is being taxed as if it had final approval for development. .1 would analyze this reasoning to a piece of agricultural property being taxed as if it were zoned residential. What property we own will not be determined until after the hearing with the Examiner. The County Assessor has disregarded this discrepancy in title in placing a market value on the property. I think that it is apparent that we are making every possible effort to eliminate the problems associated with this property by the exhibits presented. Will you please notify me of the next step necessary to appeal this tax assessment. LME:hp Encl. Respectf y submitted, T� LE M. E - 2 - - - _ _ _ •„ - ice.,. _�s-> s. f-- •• —..r -- _ _ �f _ _ � ' sY .. �.�•,+,.osept^+k'.f#. "i�.� 1_1 �- rod "`.; �'6 ,yb i. ,. _i 1V" _ � f' 1 L r. � ' -, 1 s ?•�.. t V �`I • _ - _ -_ 4. � _ r � iz *'� "a r4�'t�t;E T ti r.1 ; ,,�•�S,' e a ti3��` • � t, ; trlNt F '� f� ,S r1y'�;;��.!'ry�•2f a q., i k o- t 1f,s_ ''f S"CI .0 ,�j• 6 a. {}E.a f .� , r .r 1 �� , Iq'' _ 1: ♦ J f1 's. + 1, t..'q� f � r •� yj��. Y .� � _ .t Ar r, I .� , +: _ -rt °' tlf n ar •1' `� v4 tP � `� ! S? •c . 4'ya{d� 4,. 1 ++'�i6`4 �' �� t i �� R h..,� 1,: N '� .n t,, ,.4 .i '•1• � ^• t.. vRll, lr s Rl . - -- - - �` .�,F•r ,y. r� ��. f-;y 10 + s � �i'V ���J! �M. � t r: i3 �' i .,� , ,�A, ' _ I �. - _ ., -`k v i Y i. �•.'� 5.�?� Y• T •. Yr + }I n 11.1.1' t A' t ti ': .,. °�a ry� ' , t L t F k a / 0 n ✓. Y Y p. .43 9.06 �XC�PT7o - n� fl .rJ ON I Wi �- Pk �{/O a, •Cdati lu hM rv,r+t r 910 -- 665ri5 >ovER��+ ter. �;� �._,�� } -: OOS•_ _ ,Y' •��� r hq r r�'�.: 'Ajr'S l' '- sr / V t •oO�' N � � 2 r � t ._ Q ✓ � L �'!,�,r ifT :#-� i�=� 7 a -�`3 � M '. � �• } •. M t• >'Y ���' r _ � -�• it a _ 'r . .�.._.:- ,. :6 s Al May 11, 1987 Ms. Dianne &oole Assessors Office City of Edina Dear Ms. Koole: b I request that your office review the valuations of the O7 or more parcels of Block II Naas.Lake Side addition. It would appear that the current values may be overstated due to the bad sub soil conditions that exist throughout the whole parcel. I have owned this land over.30 years, have activily tried to sell it for over four years and have never had an offer. Value is hard to determine, but the taxes of over 30 years and increased valuation makes it increasingly difficult to carry until sold. Sincerely /W-t-/ Robert L. 6320 Post Edina, MN 920 -9337 yours, Naas Lane 55435 14-oz s in Services 327 South Market Street, Troy, OH 45373 Tel (513) 339 -5778 ZJA;,\ April 30, 1987 ""; Mr. Ralph Johnson Assessor - City of Edina 4801 West 50th Street Edina, MN 55424 RE: 1987 (Pay 88) Tax Appraisal 6600 France Ave P.I_D.: 30- 028 -24 -41 -0001 Dear Mr: Johnson: Please consider this letter as a protest of the 1987 tax appraisal of $25,987,500. Based on the economics of the property as evidenced by the enclosed 1984 - 1985 -1986 operating statements and the estimated future net income, we respectfully submit that the 1987 tax appraisal should be reduced to $23,317,900 which is the 1986 net income before debt service, capitalized leasing expenses and capital improvements capitalized at ten percent. It should also be noted that, since the property is owned by an insurance company, the insurance expense is understated by approximately $25,000. JEH:,js Enclosure cc: M. Sankey Sin ely, ZrC��!iV�zCL ='�J James E. Holter L-3 L. i iuIV: (9lNNE6U l k TYPE: OFFICES I.D.: PR 609 NAME: SOUTHD'ALE OFFICE CTR. ADDRESS: 6600 France Ave. CITY /STATE :. Edina, MN. TAX I.D.: 30- 028 -24 -41 -0001 AGE /DESC.: 1968 -74 Multi /Ten SALES DATA N/A YEAR: 1984 1985 1986 GROSS S.F.: 5250195 525,195 5259195 NET S.F.: 436,125 436,125 436,125 RENT,INT,MISC.: 3,772,458 4,739,577 4,718,291 RENT P.S.F. 8.65 10.67 10.82 RECOVERY: 4259097 421,812 453,509 RECV. 0.175 0.158 0.160 TOTAL .INCOME: 4,197,555 5,161,389 5,171,800 INCOME P.-S.F. 9.62 `11.83 11.86 CLEANING /COMMON 271,960 281,049 321,869 CLEANING P.S.F. 0.52 0.54 0.61 UTILITIES: 600,646 609,651 571,820 UTIL. P.S.F. 1.14 1.16 1.09 R &M: 345,905 353,398 404,013 R &M P.S.F. 0.66 0.67 0.77 GEN. OP.: 93,678 135,984 113,932 GEN.OP. P.S.F. 0.18 0.26 0.22 ADMIN.: 262,172 382,830 426,366 ADMIN. P.S.F. 0.50 0.73 0.81 INSURANCE: 11,747 32,926 50,007 INS. P.S.F. 0.02 0.06 0.10 TOTAL LESS RET: 19586,108 1,795,840 1,868,047 LESS RET P.S.F. 3.02 3.42 3.59 TAXES & SP.: 845,277 879,137 951,967 TAXES P.S.F. 1.61 .1 .b7 1.81 TOTAL EXP.: 2,431,385 20674,977 29840,014 TOTAL P.S.F. 4.63 5.09 5.41 NET TO CAP: 1,766,170 20486,412 2,3319786 in Services 327 South Market Street, Troy, OH 45373 Tel (513) 339 -5778 April 30, 1987 Mr. Ralph Johnson Assessor City of Edina 4801 West 50th Street Edina, MN 55424 RE: 1987 Tax Appraisal 7701 York Ave. P,I.D.: 32- 028 -24 -34 -0023 Dear Mr. Johnson: We respectfully submit that the 1987 tax value, $3,700,000, exceeds our estimate of the economic value of the property. We, therefore, ask that this letter be considered as a protest of the 1987 tax appraisal_. We have enclosed a copy of the 1984, 1985 and 1986 operating statements and a proforma analysis in support of our position that the tax appraisal should be revised to $3,430,000. Sincerely, James E. Holter JEH:js Enclosures cc: M. Sankey Lqp4 i - - - - n.,4 -- Expiring 1987: 7,330 S.F. Expiring 1988: 23,767 S.F. Expiring 1989: 22,595 S.F. Revenue Rent Office: Parking: Potential Gross Vacancy & Credi Effective Gross 7701 YORK PLACE Edina, MN PROFORMA ANALYSIS 51,737 S.F. ® $9.50 X .80(1) 49 @ 60 /M Av. x 12 Rent L Loss @ 5 °0' Rent Expense Contribution $410,000 x .95 Occ. x .80 Recovery E. G. Income Expenses: Fixed & Operating (Stabilized) Net Operatinq Income Capitalized @ 9 °0' Indicated Value $ 393,202 35,280 $ 428,482 - 21,424 $ 407,058 + 311,600 $ 718,658 - 410,000 $ 308,658 $3,429,533 say $3,430,000 (1)Asking rate less provision for concessions of free rent & interior finish. LOCATION: MINNESOTA TYPE: OFFICES I.D.: RE 65064 NAME: YORK PLACE ADDRESS: 7701 York Ave. CITY /STATE: Edina, MN TAX I.U.: 32- 028 -24 -34 -0023 AGE /DESC.: 1980 -Multi /Ten YEAR: 1984 1985 1986 GROSS S.F.: 591,700 59,700 59,700 NET S.F.: 51,737 51,737 51,737 RENT,INT,MISC.: 569,564 532,731 501,821 RENT P.S.F. 11.01 10.30 9.70 RECOVERY: 141,944 162,462 212,385 % RECV. 0.386 0.393 0.596 TOTAL INCOME: 711,508 695,193 714,206 INCOME P.S.F. 13.75 13.44 13.80 ��***** it+ riririt * * * * *iritit�iritiritit�r * *it it it **- iait�itir�t�t�itit��+tir CLEANING /COMMON 36,465 27,472 31,271 CLEANING P.S.F. 0.61 0.46 0.52 UTILITIES: 68,808 77,741 86,552 UTIL. P.S.F. 1.15 1.30 1.45 R &M: 48,395 61,384 32,874 R &M P.S.F. 0.81 1.03 0.55 GEN. OP.: 5,591 10,599 8,246 GEN.OP. P.S.F. 0.09 0.18 0.14 ADMIN.: 60,425 76,428 32,369 ADMIN. P.S.F. 1.01 1.28 0.54 INSURANCE: 2,885 3,922 5,980 INS. P.S.F. 0.05 0.07 0.10 TOTAL LESS RET: 222,569 257,546 197,292 LESS RET P.S.F. 3.73 4.31 3.30 TAXES & SP.: 145,255 155,473 159,319 TAXES P.S.F. 2.43 2.60 2.67 TOTAL EXP.: 367,824 413,019 356,611 TOTAL P.S.F. 6.16 6.92 5.97 NET TO CAP: 343,684 282,174 357,595 1987 CITY OF EDINA LOPS PID # Zc-k- 0'_ � - Z 03 L-,'S EMV ,� {_� u J 1 ?p 0, u OWNER(S) NAME: GP(es(J�,r'`'`�S PROPERTY ADDRESS: 1. DO YOU WISH TO ADDRESS THE 1987 VALUE? YES NO 2. WHAT DO YOU BELL yE IS THE CORRECT VALUE? ti►O 3. WHAT ARE YOUR REASONS SUBSTANTIATING THE ABOVE STATED VALUE? ~ �. AL O T4'.ri ,{� a A REMINDER: -THE BOARD OF- REVIEW- MEETS TO -HEAR EVIDENCE THAT THE ASSESSOR'S ESTIMATED MARKET VALUE IS IN EXCESS OF ACTUAL MARKET VALUE. THE BOARD WILL CONSIDER YOUR EVIDENCE AND ARRIVE AT ITS DECISION AT A LATER DATE. YOU WILL BE NOTIFIED OF ITS ACTION PRIOR TO THE CONVENING OF THE MZlEPIN COUNTY BOARD OF REVIEW ON JULY 6, 1987, ALLOWING FURTHER APPEAL IF YOU CANNOT AGREE WITH THE CONCLUSIONS OF THE BOARD. 77, cl May 11, 1987 City of Edina Board of Real Estate Tax Review. c/o Edina Assessor's.Office 4801 West 50th Street _ Edina, Minnesota 55424 Dear Sir: This letter is presented as protest by Pentagon Associates, Ltd., A Minnesota Limited Partnership, fee owner or owner of the leasehold estates of the following parcels of land, hereinafter identified by the tax bill I.D. #, situated in the City of Edina, County of Hennepin, State of Minnesota, described as follows: BLDG I:D.4� 1987 1986 INCREASE ASSESSMENT ASSESSMENT 1987 vs 1986 7701,7703 4901,4900,4940 31- 028 -24- 330010 $6,776,000 $6,160,000 10% 4815 31- 028 -24- 330014 $ 627,000 $ 570,000 10% 4930 31- 028 -24- 330009 $2,145,000 $1,950,000 10% 4600,4620 31,028 -24- 340008 $4,471,500 $4,065,000 10% 4640,4660 31- 028 -24- 340007 $4,455,000 $4,050,000 10% 4510 31- 028 -24- 430003 $2,194,500 $1,995,000 10% 4530 31- 028 -24- 430004 $2,123,000 $1,930,000 10% 4550 31- 028 -24- 430001 $2,123,000 $1,930,000 10% 4570 31- 028 -24- 340009 $2,145,000 $1,950,000 10% 7600 31- 028 -24- 430005 $2,073,500 $1,885,000 10% 7600 31- 028 -24- 430006 $2,024,000 $1,840,000 10% Pentagon Office Park, 4940 Viking Drive, Edina, Minnesota 55435, (612) 835 -3336 INCREASE 1987 vs 1986 10% 10% -0- -0- -0- The owners of Pentagon Office Park feel that the parcels have been valued unfairly and are being assessed at a greater than actual value. We are prepared to furnish necessary information which will show a capitalized net operating income value substantially below that established by the Edina assessor's office. Very truly yours, PARAMOUNT GROUP, INC. John Merrin CPM, RPA Project Manager - city of Edina Board of Real Estate Tax Review page 2 1987 1986 BLDG I.D.# _ ASSESSMENT ASSESSMENT 4555,4565,4575 31- 028 -24- 340006 $ 990,000 $ 900,000 4500's 31- 028 -24- 430002 $ 605,000 $ 550,000 31- 028 -24- 330013 $ 17,700 $ 17,700 31- 028 -24- 330019 $ 100 $ 100 31- 028 -24- 330020 $ 100 $ 100 TOTALS $32,786,100 $29.792.900 INCREASE 1987 vs 1986 10% 10% -0- -0- -0- The owners of Pentagon Office Park feel that the parcels have been valued unfairly and are being assessed at a greater than actual value. We are prepared to furnish necessary information which will show a capitalized net operating income value substantially below that established by the Edina assessor's office. Very truly yours, PARAMOUNT GROUP, INC. John Merrin CPM, RPA Project Manager s ��• /� -oaf -� S` a / as �T ,��� ROBERT G. WOHLRABE, M.D. JOHN A. NILSEN, M.D. PAUL 0. SANDERSON, M.D. THOMAS F. CARROLL, M.D. May 11, 1987 Mr. Sankey Commercial Property Assessor's Office 4801 West 50th Street Edina, MN 55435 Dear Mr. Sankey, LOPS EYE PHYSICIANS AND SURGEONS, P.A. 0pAA.1mo1o9y .,d Ophfild x sutyrly I have shared your comments regarding "Value and Use ", with several of the owners of the building in question. They have requested that the Board of Review examine the 1987 market value and give consideration to lowering that value and perhaps returning it to the former market value of $650,000. What seems important is the actual value of the parcel. I have submitted to you, information which indicates the value of this building to be far less than the suggested $715,000. 1987 market value. When we look at the current vacancy rates and what the commercial real estate experience is in the area, it's hard to believe that a 10% increase in this building's value is appropriate. I have enclosed a copy of the evaluation material for the Board's review. This is the material which you previously reviewed. The "Value and Use" concept seems to be a complete opposite to what the actual experience seems to be.- The concept of the owner creating the value of the property is hard to accept in a commercial market where the excess space has pushed lessors to provide all sorts of incentives, including free rent, to fill the space. It seems a bit unfair to say that simply because six ophthalmologists own the space in which they operate, that it has created a building worth in excess of the actual commercial real estate experience. I trust the information I have enclosed will help the Board in it's review process. On behalf of the owners, I would like to thank you for your time and consideration in this matter. Sincerely, Donald E. Pilarski, Administrator Eye Physicians and Surgeons, P.A. DEP /cam 4450 WEST 76th STREET 831.8811 MINNEAPOLIS, MN 55435 1726 EAST 4th AVENUE 445 -5760 SHAKOPEE, MN 55379 14050 NICOLLET AVE. 435 -4170 BURNSVILLE. MN 55337 501 SOUTH MAPLE 442,4445 WACONIA, MN 55387 MARKETING PROPOSAL FOR 4450 WEST 76TH STREET PREPARED FOR: MR. DONALD PILARSKI EYE PHYSICIANS AND SURGEONS PREPARED BY: LAYNE E. HENDEL AND JOHN N. ALLEN COLDWELL BANKER COMMERCIAL REAL ESTATE SERVICES 6600 FRANCE AVENUE SOUTH EDINA, MINNESOTA 55435 FEBRUARY 2, 1987 5 TABLE OF CONTENTS I. SUBJECT PROPERTY A. Brief Description B. Indicated Market Value C. Present Market Conditions D. Recommendations II. COLDWELL BANKER STRENGTHS AND CAPABILITIES A. The Company B. Marketing Tools C. Marketing Team III. MARKETING PROGRAM IV. MARKETING AGREEMENT V. SUMMARY APPENDIX Exhibit A: Sales of Buildings - Market Data Exhibit B: Sample Brochures Exhibit C: Resumes - John N. Allen Layne E. Hendel I. THE SUBJECT PROPERTY A. Brief Description The subject property, located in Edina, Minnesota, is presently the Eye Physicians and Surgeons. The facility was constructed in 1968 and consists of the following: Property Description Address: 4450 West 76th Street Edina, Minnesota 55435 Land Area: Buildina Area: Parking Ceiling Height: Construction: Electrical: HVAC: Features: 1.50 acres or 65,250 square feet. Office Area - 1st floor 11,480 sf 90 paved.stalls 9 feet Block and brick Not available Not available Building interior fully sprinklered with numerous private exam rooms and a retail optical store. I. THE SUBJECT PROPERTY (Continued): B. Indicated Market Value There are essentially three methods for determining value for the subject property: cost approach to value, income approach to value, and market data approach to value. The market data approach is the best method for determining the.value of the subject facility. A valuation derived by this analysis can be defined as "the price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure. ". The best estimate of the value of the subject property is achieved by comparing it with similar properties of the same type and class which have sold recently in the same or competing areas. This analytical process utilizes a method which con - templates the degree of comparability between two properties and involves judgment as to their sim- ilarity with respect to many factors such as location, date of sale, physical.characteristics, and terms of sale. Sale prices achieved by prop- erties deemed most comparable tend to set the value range for the subject property. Further considera- tion of the comparative data indicates a figure representing the value of the subject property, that is, the probable price at which it could be sold by a willing seller to a willing buyer as of the date of the appraisal. Application of this process concerns data regarding these comparable properties as well as the subject property. Four categories of data are basic and apply regardless of the type of property. They are: 1. Sales prices of comparable properties. 2. Conditions influencing each sale. 3. Location of each property. 4. Description of land and improvements of each comparable property. There exist several recent sales which we believe are comparable to the subject real estate in regard to size, location, age, etc. Figure 1 condenses the basic information on these sales on the follow- ing page. FIGURE 1 Comparable Building Sales Fact Chart Sale Sale Bldg. Year Sale Price/ No. Location Date Size Built Sq. Ft. 1 6950 France Avenue 11/85 27,720 N/A 2 4100 W. 76th Street 11/85 16070 1966 3 5301 Edina Indus. Blvd. 10/86 25,770 1969 4 4200 W. 76th Street *' 27,450 1966 5 7625 Parklawn 12/86 29,950 1969 6 4010 W. 65th Street 12/85 26,640 1959 * Sold -to -close Market Value Based on Sale Valuation Considering Breakdown .By Type of Space $43.29 48.89 27.82 31.88 28.38 69.44 PSF Applied Total Type Space Sa. Ft. Low High Low High Office 11,480 $45.00 $52.00 $ 516,000 $ 596,960 Indicated Price Based on the foregoing comparable sales and break- down, we estimate the market value, that is, a price that can be expected to be achieved under present market conditions on a sale, to be between $45.00 per square foot and $52.00 per square foot. This results in a sale price range of $516,000 to $596,960. I. THE SUBJECT PROPERTY (Continued): C. Present Market Conditions As of the fourth quarter, 1986 there were over 5 million square feet available in the suburban market. With a base of over 19 million square feet, overall vacancy is running near 27 %, up from around 23% in a comparable period one year ago. To achieve a premium above this price range, one would require a sale with a prospect within the same or parallel industry ideally looking for .a prestigious location and visibility. Alternatively, to maximize a price above the com- parable set forth, it may be necessary for new owners or investors alike to rehab the facility per their particular use. This expense would include, but not be limited to, the following: * Demolition of existing office /retail space at $3.50 -$5.00 per square foot. Construction of new office space at $12.00 per square foot. Inspection and possible replacement of current HVAC System. In conclusion, current market comparables would not support a price above the specified amount. How- ever, the location and visibility, along with a motivated buyer, make the building an attractive product in today's market. D. Recommendations 1. The property should be initially listed for a sale price of $597.000. If after three months no buyers have been found, owner and broker should discuss a price reduction which would be mutually agreeable. 2. The property should be marketed immediately to all logical prospects. I. THE SUBJECT PROPERTY (Continued): 3. A listing period of one (1) year is required. It is obvious our desire is to accomplish a sale as soon as possible, although market conditions will certainly influence how quickly the facility can be sold. Nonethe- less, based on our included market study, Coldwell Banker estimates a marketing time of not less than 12 months. Therefore, a listing period of not less than 12 months would be required to implement the exhaustive marketing program outlined and adequately protect Coldwell Banker for the extensive front end commitment of time. 4. Improvements to be completed by Owners. The facility should be marketed and shown "as is" with all office and landscaped areas kept clean and maintained. II. COLDWELL BANKER STRENGTHS AND CAPABILITIES A. B. The Company Coldwell Banker is the largest and most sophis- ticated, full - service commercial- industrial real estate brokerage company in the United States, and presently has 94 offices in major cities throughout the country. The first Minneapolis -St. Paul office was opened in Edina in 1974. The second office was opened in December, 1984, in downtown Minneapolis. These offices, with a_staff of 65, include 45 sales representatives. Twenty -four of these sales rep- resentatives specialize in office properties, making Coldwell Banker the dominant force in the Twin Cities market in the sale and lease of office facilities. Marketing Tools By far the most effective way to successfully market a facility such as this is to personally contact decision - makers at the prospective com- panies. 1. Data Bank Coldwell Banker maintains a computerized inventory of office and industrial companies located in the Twin City metropolitan area which occupy 5,000 square feet or more. A variety of parameters can be used to obtain a list of those companies whose current facil- ities and potential needs most closely match the specifications of the subject building. 2. Brochure Coldwell Banker will design, produce and mail to qualified companies a brochure. This bro- chure will contain photographs, relevant building data, site plans and location maps. All brochures are followed up by personal calls to each decision maker to insure that the information has been reviewed and has been given due consideration. It has been the find- ings of Coldwell Banker that a mailing program such as this is significantly more productive if followed by a regular and determined effort to contact those prospects directly. Examples of our brochures are provided. II. COLDWELL BANKER STRENGTHS AND CAPABILITIES (Continued): 3. Major users In addition to the computerized data bank system, we maintain a complete inventory of major users of space in the Twin City area. The same mailings and follow up contacts will be made with this group as will be done with the data bank prospects. 4. Coldwell Banker National Account Representa- tives As a part of Coldwell Banker's marketing pro- gram, a staff of senior management are employed to stay abreast of real estate requirements of 214 major corporations. Should a need arise through this channel, the local marketing team would be notified imme- diately. 5. Regional Maior Facilities Marketing Program In addition to our Minneapolis and Edina offices, this program will be used to dis- tribute information on the facility to all Coldwell Banker salespeople throughout the Midwest Region. In doing so, we ensure that the companies which may be looking for new or expansion space in the Twin Cities will be made aware of the subject property through our sales force. 6. Cooperating Brokers Coldwell Banker will distribute all promo- tional and information material to all active brokers in the Twin Cities metropolitan area. We will submit a detailed information sheet to the Greater Minneapolis Board of Realtors Commercial Multiple Listing Service. As with all properties, Coldwell Banker will cooperate fully with all brokers and share any of the fees earned. 7. State and Local Government Coldwell Banker will contact the Minnesota Department of Development, as well as other state and local agencies to inform them of the availability of the subject property. II. COLDWELL BANKER STRENGTHS AND CAPABILITIES (Continued): 8. Si ns Signs will be placed on the property to assure maximum exposure. 9. Communication /Physical Inspection A written report on the marketing effort will be submitted to a designated representative of Eye Physicians and Surgeons on a monthly basis. This will include a summary of all recent marketing activities and a list of all potential prospects and their interest. Physical inspections by prospects will be con- ducted by Layne E. Hendel or John N. Allen. Advance notification of any inspection will always be given and at times acceptable to Eye Physicians and Surgeons. Prior to the first inspection, Coldwell Banker will make recom- mendations as to the best way to show the facility. Cooperating brokers will be required to reg- ister prospects with Coldwell Banker, either in writing or through personal introduction. C. Marketing Team Coldwell Banker will work in conjunction with Eye Physicians and Surgeons at every stage of the marketing effort. This cooperative effort between broker and owner is one feature that Coldwell Banker is especially known for and one reason for the excellent reputation locally and nationally. The primary responsibility locally for implementing of market strategy will be with Layne E. Hendel and John N. Allen. The Appendix contains their resumes. John N. Allen is a senior sales con- sultant and was Coldwell Banker's top industrial specialist in the 11 office North Central Region in 1984 and 1985 and is, through the third quarter of 1986, Coldwell Banker's top industrial specialist in the North Central Region. II. COLDWELL BANKER STRENGTHS AND CAPABILITIES (Continued): Additional marketing assistance will be provided by the following people: 1. Paul L. Svobodny, Vice President and Resident Manager, Minneapolis Suburban office, Coldwell Banker. 2. Don Guffey, Sales Manager, Suburban Minneapolis /St. Paul office, Coldwell Banker. 1 III. MARKETING PROGRAM Objective: To implement an aggressive continuing market campaign throughout the metropolitan area, stressing in particular the municipalities immediately surrounding the Eye Physicians and Surgeons facility, and to sell the facility for the highest possible price in the shortest period of time. Phase 1• Date Initiated Immediately 1. Notify 50 most logical prospects of the prop- erty's availability and show property to interested prospects. " 2. Order Data Bank print -out by SIC code and for all users in excess of 75,000 square feet in the Twin Cities area. " 3. Obtain photographs of - exterior and interior of the building. " 4. Order a Coldwell Banker sign. " 5. Prepare a one -page data sheet with a brief description of the prop- erty for immediate distribution to the salespeople in the Twin Cities office. " 6. Prepare an information sheet and submit to the Minneapolis /St. Paul Commercial Multiple Listing Service. 7. Commence roughing out marketing brochure. III. MARKETING PROGRAM Continued: 8. Conduct a tour of the subject property with Coldwell Banker sales- people in the Minneapolis -St. Paul office. Phase 2• Date Initiated Ongoing 9. Obtain final marketing brochures from printer. " 10. Mail brochures to: a. Prospects generated from the Data Bank request. b. All Coldwell Banker salespeople in the Midwest region. C. All active commercial brokers in the Twin Cities area. d. The Minnesota Department of Economic Development and other appropriate government agencies. 11. Submit the property to the North Central regional major facilities marketing program. 12. Commence telephone follow up of all prospects who were mailed a brochure. 13. Continue to show property to all interested parties. IV. MARKETING AGREEMENT Coldwell Banker requests a twelve (12) month exclusive listing in accordance with the terms and conditions of the attached Exclusive Listing Agreement. V. SUMMARY Coldwell Banker welcomes the opportunity to work with Eye Physicians and Surgeons in the sale of their facility. Coldwell Banker should be selected as the exclusive Agent because of our: A. Superior data (resource) base and analytical expertise; B. Broad experience in industrial real estate; C. Superior marketing tools and expertise; D. Demonstrated track record of listing agent in selling and leasing major industrial properties. E.- Ability to use our national contacts and resources. A055js Uy P1 11 TP COMME &Cu. ALA. LLLR U& - -:L$ Aows.Z� cf COLDWELL BANKER COMMEACIAL GROUP. INC MARKET DATA SALES OF BUILDING PROPERTY ADDRESS: 4100 W. 76th Street SELLER: Manhatten Properties BUYER: Nelson, Earl W. & Ruth M. DATE: 11 -1 -85 BUILDING SIZE: OFFICE 2.706 WAREHOUSE 14,064 OTHER (SPECIFY) TOTAL 16,770 LAND AREA: 2 Acres TYPE OF PROPERTY: Off /Warehouse AGE: 1966 PRICE: CROSS $670,000 PER SQUARE FOOT $48.89 BUILDING DESCRIPTION: RAIL No CLEAR REIGHT 14' SPRINKLER Yes DOCK -HI DOORS 2 POWER 240 Volt, 200 AMP , DRIVE -IN DOORS 4 7--Phase OTHER: P I D # 31- 028 -24 -41 -0010 Taxes $19,199.34 D.P. $67.000 Mtg. $603,000 10.5% Int, Balloon 7 -1 -93 DATE 10 -28 -86 BY Todd Hanson • Edina PROPERTY TYPE CC PR /ADD: 6950 France Ave. S. 5C -41 BID: 30- 028- 24- 44 -4005 BR /LEGAL: Part of Lot 2, block 1 replat Lot 2 Office Park 1st Addition. BUYER: Wahldick, Roger 6950 France Ave S. #121 Edina Edina Block 1 South (612)831 -2411 MN 55435 SELLER: 6950 France Avenue, Partnership 6950 France Ave. S. Edina MKT VALUE: 934,300.00 PUR PRICE 1,2009000.00 TAXES: 37,893.62 DOWN PAYMT 250,000.00 L /SA /AMT: 0.00 PERS PROP: SALE DATE: 35,000.00 / POINTS - Buyer: 0.00 PUR. AGREEMENT: 07/26/85 POINTS- Sellr: 0.00 PHONE: (612)831 -2411 MN 55435 PROP TYPE: CC YEAR BUILT: 0 FILE NUMBER: 254511 FILE DATE: 10/08/85 MGTE. /CONTRACT MONTHLY PAYMT % INTEREST 1: 950,000.00 O.00 0.000 2: 0.00 0.00 0.000 3: 0.00 0.00 0.000 NO. of PAYMT BALLOON DATE 0 0 0 COMMENTS: LtFiSUN FILING: Roger Wahldeck (612)831 -2411 PAGE NO.: 1996 ZONING /USAGE: Office Building LAND SIZE: 43,560 sq ft BUILDING SIZE: 279720 sq ft NO. of STORIES: 2 No. of UNITS: BUILDING TYPE: Concrete Block- Bearing Walls, Steel Deck -Built Up Roof Brick Veneer and Stucco Trim; Interior laminated S. R. Partitions are treated Wood Steel Frames; F/A heat; A/C 140x66 - 1st floor; 140x 66= 18.480 sq ft - Top 2 floors Finished Basement - 3,696 sq ft; Unfinished Basement - 5,344 sq ft Blacktop - 21,480 sq ft SO -ST i w "Mj" 11/25/85 Plat System Services, Inc. has made every effort to obtain accurate and current information, but in no manner is the information contained herein guaranteed, and the publisher shall not be responsible for any loss caused by the negligence of any of i agents or employees in procuring, compiling or publishing the said information. EDINA PROPERTY TYPE B10 PR /ADD: 4010 W 65th St 3A -41 PID: 30- 028 -24 -14 -0004 BR /LEGAL: Lots 2 &3, El 1 Southdale Ofc Park 2nd Add'n BUYER: Edina Ofc Plaza Ptns, PHONE: t > — 1219 Marquette Av Mpls MN SELLER: Anderson, Richard H PHONE: ( ) — 4010 W 65th St Edina MN IwIKT VALUE: 1 ,170, 000.00 PUR PRICE 1,850,000.00 � TAXES: 49,926.58 DOWN PAYMT 175,000.00 PROP TYPE: B10; L /SA /AMT: 0.00 PERS'PROP: 358,000.00 YEAR BUILT: 1959; SALE DATE: / POINTS — Buyer: 0.00 FILE NUMBER: 259169 PUR. AGREEMENT: 06/01/85 POINTS— Sellr: 0.00 FILE DATE: 11/18/85' MGTE. /CONTRACT MONTHLY PAYMT % INTEREST NO. of PAYMT BALLOON DATE 1: 1,425,000.00 13,347.00 10.780 0 01/01/94 2: 200,000.00 1,833.00 11.000 0 01)1 /U1 /89 3: 0.00 0.00 0.000 0 COMMENTS: PERSON FILING: Mansoor Alyshamerm 1612 >338 -6517 PAGE NO.: 211-3 ZONING /USAGE: Office Bldg # of Bldgs: 1 # of Stories: 2 LAND SIZE: Approx 88,000 sq ft BUILDING SIZE: 26,640 total sq ft 60x22 ea flr; 2 entry 9x12 glass & steel APTS # of Units: #1BR: #2BR: #3BR: #EFF: BUILDING TYPE: Concrete Block w /brick facing A /C, Gas Heat, 4 toilet rooms, concrete flr 12/18/__ ",.,� Plat System Services, Inc. has made every effort to obtain accurate and current information, but in no manner is the information contained herein guaranteed, and the publisher shall not be responsible for any loss caused by the negligence of any of its agents or employees in procuring, compiling or publishing the said information. Edina . ✓ PROPERTY TYPE 6-10 PR /ADD: 7010 France Av S 513-41 PID: 31- 026 -24 -11 -0023 BR /LEGAL: Lot 1. Bi 1 Stow's Edgemont Add'n BUYER: Gabbert. John D PHONE: (612)588 -7525 4600 Olson Memorial Hwv Mpls MN 5542 SELLER: Collins Complex. PHONE: ( ) — 7010 France Av S Edina MN 55435 MKT VALUE: 790,000.00 PUR PRICE 1,200,000.00 TAXES: 32,092.92 DOWN PAYMT 100,000.00 PROP TYPE: B -10 L /SA /AMT: 1,200,000.00 PERS PROP: 0.00 YEAR BUILT: 1966 SALE DATE: 10/84 POINTS — )Buyer: 0.00 FILE NUMBER: 285560 PUR. AGREEMENT: 10/01/84 POINTS — Sellr: 0.00 FILE DATE: 08/07/86 MGTE. /CONTRACT MONTHLY PAYMT % INTEREST NO. of PAYMT BALLOON DATE 1: 1,100,000.00 10,083.37 11.000 120 2: 0.00 0.00 0.000 0 3: 0.00 0.00 0.000 O COMMENTS: PERSON FILING: J. Gabbert, Buyer (612)588 -7525 PAGE NO.: 2029 ZONING /USAGE: Retail Stores # of Bldgs: 1 # of Stories: 1 LAND SIZE: 160x200 BUILDING SIZE: 53X85; 94x120; 15,583 sq it ea flrx2= 31,166 GBA APTS # of Units: #1BR: #2BR: #3BR: #EFF BUILDING TYPE: Stucco Exterior /Flat Roof Covered entry 20x30 Covered dock 24x16 plus full basement finished as display area Concrete block bearing walls with full brick veneer trim 1st floor and roof of prestressed concrete — Basement — 16 course concrete block C ith z 09/30/86 Plat System Services, Inc. has made every effort to obtain accurate and current information, but in no manner is the information contained herein guaranteed, and the publisher shall not be responsible for any loss caused by the negligence of any of its agents or employees in procuring, compiling or publishing the said information. C_ FOR SAIF COMMERCIAL REAL ESTATE SERVICES OR [EASE I • Outstanding Office/Tech Building • 29,948 square feet Total • 3,900 square feet Office • Air Conditioned Throughout • Two Dock -High Doors • 11'6" Clear Height • 80 Parking Spaces • Exceptional Location F f "ti L �l Tt "a T ST hi'r 4200 West 76th 1sT Street, Edina, Minnesota • Outstanding Office/Tech Building • 29,948 square feet Total • 3,900 square feet Office • Air Conditioned Throughout • Two Dock -High Doors • 11'6" Clear Height • 80 Parking Spaces • Exceptional Location F f a urther information call: JOHN N. ALLEN LAYNE E. HENDEL 6600 FRANCE AVENUE SOUTH 612/924 -4600 EDINA, MINNESOTA 55435 Information contained herein has been Obtained from the owner of the property or from other sources that we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee p,. W .D ■ 70T _ ST _ [m�Z' " p° 1sT Cem o W� FONDEL • W Z H a , •v[ Z IA W 'ITH S7 �o HIBISC 5 AV .u.uw...[� ¢ < 0 a° lOO E SEDUM �� '' •• ~`,• "'*' �O R LA. o< D i SITE Y z CL z �. li,l �1� W W 1,.TH 5T -- _�Y = TH m [DIN• - - IHDUST RIB BwD W 77TH ST. ¢ W SOUTH R D ^e W. 5 ,BOTH ST i D. i ° o,ST 2S eis,s Qi W lnlw� - -- - 6 - - -F�� - -- 82N ST !) J < < Z W. tea' • F Y �znD N,,. , bs �, *�' 9 s�i <Z > W < a urther information call: JOHN N. ALLEN LAYNE E. HENDEL 6600 FRANCE AVENUE SOUTH 612/924 -4600 EDINA, MINNESOTA 55435 Information contained herein has been Obtained from the owner of the property or from other sources that we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee BUILDING LAYOUT Parking 152' 81' West 76th Street 9 N 309000 SQUARE FEET AVAILABLE IN THIS OUTSTANDING FACILITY OF 77 r, W. 76th Street & Parklawn Avenue Edina, Minnesota This former corporate headquarters is now available. The building includes attractive offices together with areas used for research 62 and development and electronic assembly. Special features include: • Buss ducts - 120-208V, 1000 amp, 3 phase W 70TH ST • Fully air conditioned 100 ; A • 2 loading docks s • Excellent parking W 77TH ST a • • Sprinklered throughout 494 • Convenient freewav access COMMERCIAL REAL ESTATE SERVICES 6600 FRANCE AVENUE SOUTH EDINA, MINNESOTA 55435 For further information call: JOHN N. ALLEN JOEL FINNE (612) 924 -4600 Information contained herein has been obtained from the owner of the property or from other sources that we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. EXHIBIT C John N. Allen, J.D. Coldwell Banker Commercial Real Estate Services 6600 France Avenue South Edina, Minnesota 55435 (612) 924 -4610 Coldwell Banker Ex erience: Employed as Industrial Department salesman in 1980. Awards and Recognitions: Coldwell Banker "Fast.Start Award ", 1982 No. 2 income producer, 1984 Top Five -'lst, 2nd, 3rd & 4th quarters, 1984 Top Five - lst, 2nd, 3rd &.4th quarters, 1985 - No. 1 income producer, 1986 year -to -date - No. 3 Industrial salesperson North Central Region, 1984 - No. 1 Industrial salesperson North Central Region, 1985 - No. 1 Industrial salesperson North Central Region, 1986 year -to -date - Top Five income producer in Coldwell Banker's North Central Region, 1984 and 1985 - Companies represented (partial list): o Irwin Jacobs - Minstar o Control Data Corporation o American Hoist & Derrick o Crown - Zellerback o The Center Companies o Penske Corporation o Burlington Northern Railroad o Hall -Mark Electronics o Prudential Life Insurance Co. o Opus Corporation o Northwestern Mutual Life Insurance o Marfield, Belgarde & Yaffe Companies o F.M.C. Corporation Formal Education: B.A. Degree, 1977: Northland College, Ashland, Wisconsin, Magna Cum Laude. Juris Doctor, May, 1980: Hamline University School of Law, St. Paul, Minnesota. Admitted to Minnesota State Bar October, 1980. jsd903 . . I r• EXHIBIT C Layne E. Hendel Coldwell Banker Commercial Real Estate Services 6600 France Avenue South Edina, Minnesota 55435 (612) 924 -4609 Coldwell Banker Experience: Employed as Industrial Specialist in 1986. Companies represented: o Marfield, Belgarde & Yaffe Companies o Northwestern Mutual Life Insurance o The, RREEF Fund o Cowles Media Previous Experience: Senior Account Manager, 1979 -1985. A. C. Nielsen Company New York, New York Formal Education: St. Thomas College, St. Paul, Minnesota B.A. Degree, Finance, 1978. St. Thomas College, St. Paul, Minnesota M.B.A., Finance and Management, in- process. jsd903 .y 10 04 200 1.75 SA SK s-" M LEVEL LMr, . GRAOMW FiWA7E TOWMIOME. POMMDNALLY DECORATED, WnRAL MM, WTMLOlISLY MAWrAV. SPACKM ROOM AND LQM OF STORAGE SPACE. ' 17 #A 11 IX jxj 125X15 Gd.2 1RLOM lMiSL WO #01799 L- $148,900 "143,000 C 2BA #01795 L- $139,900 5-=136,900 C 3BA 09/14/86 36 DAYS L8 -6064 SB -6064 3BR 09/28/86 14 DAYS LB -137 SS-78 4" 1 CW4 CRER"W SO M NSTai1538 M 2 m EONA 55436 IIE� T 19 Lats 1 3 Dm SSS IL& 1SOX150X105XI20 NS Fdod V 19 67 4 bk M61RU -LYNCH BLRURET 6054 U 1271 Pest 1 s OF Ph 944 47lo Ph sa4 -5790 PW w9u I Hm T 1 j 7 SRICIL i STON RAmna CENT. LOC W WEST EDNA ON HEAVB.Y S WOODED CORNIER LOT W /GOOO PRIVACY. LOS= FEATURE DRL GAR 9 TUCKED LNIM 2ND OK GAR TOTA GAIL OREAT FOR Ruvms amvn. II K NSisd 1516 PA OR CANIPER, HOW 19 MU MANITAI ESCEN Imrd 7 L C n5: TRACY - VALLEY 1 LR 1 X X 2BX16 Y IbsII11N 13 OR 1 X X 12.4X11 BR /ST AE S It lAwn 14 ID 1 NCLLID trrRY AC CENT w I OD IDV 15 Kid 1 17AXII mrc.BthY 2 PI S IRS % 16 Fm L X 2310X1 sa.B1hN Rd Y 2M % D 17 MB 1 X X 15 27(13 GdoY 0Y Mw- kdo NEW FNANCNG 18 OR 1 X 13.9X13 IDWY 19 OR 10.10X1 Y SDEDNA 20 OF I C E1713 ML PID 0511621110053 x01793 L- 5739,900 $-8135,000 C 1.8FI lo/ 14 / 86 43 DAYS LS -5064 SB -121 -3R VA Nm o + mw N RDE i RAIL 7 aaa LOCATIOIL OIE OWN i 1N0 LEVFI � � P� W�- a ,■rR_ BEAUTIFUL YARD. OEM _ --_ a_ Wn UNDO 1ST FL CARP- J O 1' Aad 4W:: ?TlI 5 Of Ph 927 -1100 PVT rn u ■ -. ■w Mm Ph eiv oaw ■ " —' •• e T -1 .407219 7 JUDY JOAmm Su4m A DOLL HOUSED PREWLY DECORAT 8 WITH DARLWO COumm PRNTS THIS SIRED PROPERTY BACKS UP TO . 9 A V11000ED $SID SANCTUARY. IRAN SOM AND FRANCE. #01794L-$139,500 S- $735,000 C 2BA 10/21/86 4DAYS LB -137 SB -2195 2BR 1 Add 5324 ONCLAWN AV 80 K NSisd 1516 MspLu -4D 2 Mm EDNA 660.4 Cn IQNfI lawsoecamm Late N 3 Dar 685 LIS? 60X135 NS Fed V 19 67 N 4 Brk EDNA REALTY INC 137 1xi 11.5X11 JAE S Pose AM 5 a Ph 927 -1100 Pn 927-/t0o Pnd soed Vrelt 938 h, Pw T 4 7 ALL I UM CAPE COO N PANE SOUTH HARRIET PARK 8 ABSOLUTELY CJUN88N: WITH DORMER WMmOWS SDI -PANEL 9 DOORS. HARDWOOD FLOORS, FAMILY ROOM1/DEN WTTH 314 11 L IC IDI AvAm& W OF FRANCE E OF VIOODDALE N OF 64TH 12 LR lHoMMA JMt§SCLEAR T 13 OR 1 Ix 1xi 11.5X11 JAE S taro 1 !.10X6 finny AC RI IW I DD IDV 15 IRS % 16 Fm 11 1 111.5X11 lRet Y 2M,Tv. I % D 17 MB 2 1 1 15.8X10 1A GeoN IR60Y Mar- rdo l 189X10 Y DWR IEASINtpENTS APPINIL 1 112.10X7 Y A 1 112-OW M: 236 18 BR 12 19 BR 121 20 AML 1 I IDID 1 #02028 L- S154,900 S- S150,000 F 3BA (.e Im Joc 4-2 nevc I IL191 SR_171 39R 2 Min EDMA SSM CN a W S m° 3 Dst 685 Lt St I NS FiM Y 19 57 4 Btk ERAL ELLIOTT (REALTY 121 S AM 5 Of Ph 831-8010 Ph 831 -QMO e S rr BR 6 Agi PEGGY IMM Ph 936.4189 tKey IC 3.16 rr If Mm 7 SOFT Co TTEIINORARY WRN UPDATED DECOR. GREAT USE OF VACE. j B LOWER LEVEL KALgV: LLY FASSNED. 3RD ROOM N LL IS 8.5X17. 9 LARGE PATIO. DECK, NO SIGN ON PROPERTY. 10 /WW MG 11 L . Rm Sr Dr. TRACY /VALLEY W /RmGEwltw M 116 700 VA 107071 1 ASM Y 12 LR 1 20.6X13 WSO YES N- innallIMMIM0 IfixtWOOD IAE S tam 1 MCL Bacot Y wo NAC 13 HTT =15K.111 13X9.5 Bann BM Y 12 W OLD STOW OD Dv PI S 1141A R S RIG( 6 >6 16 Fm L 10X18.6 Mm 6th Y R Y 2M /CDS D 17 M 1 13.6X10 G 2 to 1 R60 Y 18 BR 1 138X9 CW Y DW Y NOW Fnwm Poubk es LARGE ASSUMABLE 19 BR 1 10X9.6 CS Y MM M ORTGAGE. NEW FMAMCNG 20 13.3X10 0511621110007 TI ERA AVALASBIU FN LE 21 jLl I ISMS ISFML/iFF 13W __ -- MPL 114LY Ceowbom Ifa6� Greets �� � Ana a 000 H 1.5BA It1 2/86 12 DAYS LB-1 9.7 SB-197 3BR W—_ MCA ,m r CREEK AND SOUTH OF EDSIA WoIffRL Au aCK EXTEMR. ATTACHED GARAGE AND 9AC5- K e�rsIRTABLE INTERIOR WTTN NEWER CARPETING 420 r*L ti4LY C"10" laaa astraer Mw�eae wi.. #01797 L,*142,500 S- *139,000 C 28A 09/29/86 21 DAYS LB-137 SB-137 4M 7 A WARM i MOST CHART NG NOTE WTTN MADLY gRNED ` 8 FOOD FMS• 'LACE, SPACKM ROOMS i r EXCEUJ9ff 9 CONDTIIMIL A SUPM LOCATION ON A GET STREET NEAR hdo SELLEN Wu LEM WLL CARRY CAX EXCLUDE DR 6/ 13/86 -$ 86�15DAYS LB- 137 �SS -2308 38R 6 A . ff" H ..N •. PANG CAPE COO WRN ALLTHE FEATURES WYERS 7 EOUTN REQUEST: T Y 1MNDO"If. CNARI MIG R, L GE DSRMG 8 MOST REOLEST: LJR WTTN M _ ,., ,w m, nNOMms, IOM FURS. IST FL FAM RM, 1/2 1101759 L4142,800 S- $142,800 A 1.76BA 09/16/86 41 DAYS LB-24 SB -6145 3BR 1 Ado 6605 NORDIC DR f0 66 HSTlodt9Ba 1 - 2B 2 Mum EDEA WEST I zo 65436 I Ctf HEMI T I t 3 D.585 L15r 85I153Xll3Xt67 HS Fwd YES 1987 90US OF tt62 OM d Blt BRAEMAR REALTY RUC 24 Pots FAST 501 PI, 941467 1 Pm 841 -6463 Pnd SPICSO Yr81t 166 hm Pm 9414W36 13 7 SUMT FAMLY MOM WRH E UMFF ORAL EATM AEA + =AMU B CLASS DOORS TO PRIVACY DECK OVFALOOKM6 U01100 REAR YAIID; 9 KEG SOM MASTER BEDROOM VM DOABLE CLOSETS A 3/4 BATH. 1101757 L- 5144,900 "140.000 D 2.58A 09/19/86 43_ DAYS L8-2195 SB -2195 4BR 4BR COtAMAL E MOYE� COIORIOMU GREAT 7 �C1A.ATE 2 STORYYB� iC11OOL ►ARK i TEMMS B CENTRAL EDEV IFZa1O W JWW AM&, C- TOPS�IEW ROOF. 9 tQ[Tf. - - -. _seen MOCK. ER • WINIr. O�C A�ND SELLERS MUST CM OUR "' BR SUM MASTER HA6 �"�'"TH` AND F1M Iym 3211rn130005 1 1102020 L -$138.900 "137.200 C 9RA VALLEr RD las HS TU S 1 41-M I t IL IC IDIAcAm& 90US OF tt62 OM GLEASON RD BALDER 12 LR 1 T Y 21XU YES Mot1iA M 109 T CONY. 13 1 Y Y 12X10 n OR= AE S 1164702 A=d 14 ID 1 17X8 Y AC CENT ODa6 DV 15 Kr. 1 71X10 lo m. V" I TWO PIS RS %10.26 16 Fm l 2OX14 .BtAY IRe1 Y 2M CDS %D 17 MB 2 17X12 GdoYIR60YE5 M ic. Wo SELLER MOVEG REQUEST 5% EARNEST MOSEY PEACEFLR. LOCATION Wmm PRTVACr TO REAR. 18 OR 12 1Y 1Y1 13X11 YES DWVES 19 OR 12 M 12X10 YES ISDECEWQUET 20 OF 1 I I 12X10 JHML 2412 1 OK HI I 114XIO 1512 2412 IPID 061192141 1101757 L- 5144,900 "140.000 D 2.58A 09/19/86 43_ DAYS L8-2195 SB -2195 4BR 4BR COtAMAL E MOYE� COIORIOMU GREAT 7 �C1A.ATE 2 STORYYB� iC11OOL ►ARK i TEMMS B CENTRAL EDEV IFZa1O W JWW AM&, C- TOPS�IEW ROOF. 9 tQ[Tf. - - -. _seen MOCK. ER • WINIr. O�C A�ND SELLERS MUST CM OUR "' BR SUM MASTER HA6 �"�'"TH` AND F1M Iym 3211rn130005 1 1102020 L -$138.900 "137.200 C 9RA VALLEr RD las HS TU S 1 41-M 21bn EDNA 66436 C HWNnw w s UIc. NO 3 O 585 ILI Sr LG. B1R 130X246 HS Fssd MIS 97 1 to Q14 4 Blk EDBUA REALTY VC 4127 iUnpd SOW S 13 DR 5 01 Ph 927 -1100 Pm 627 -1133 Wild S K27173�4 6 RAM MALY Mm Pm 941 -2438 K CLIN C 3.16 --- •�••••� •�._� WWI^ rsa r"Am PRAL 1611. i MARVELOUS 8 FORM PERKY • BRIBIR NOM ON AN AWOST.75 WOODED LOT. 9 CONVERLiNNT TO CROBSTOWN CIRECHL A WALK TO THE -W A s 10 HIGH SCIIDOL PORCH 20 X 12, LOT a BL2 CML VALLEY ADD. 11 L Rm $ Dir. OFF TRAC1iY 12 LR 1 to Q14 imm BFA 1A CONY 13 DR 1 1270 7 Est BR /f 1AES Q. It 951621✓ , S U 14 ID 16 Fm 1 110+X2 t7 MB1n5711i+X11 1B BR 111)17112x17 Mse eel r Malmill FIN FIT BREL- 90UTbm y 15 Kie 1 72X11 Blom Btm R 2 PI S R IL75 % 16 Fm 1 77X72 Mstr Bttl r IpAft IF 2M/CDS % D 17 114414=12 G 2 Gdo r IPAO r Now F —we P—amb pp 18 BRIVAIMIX112 JCWY Y 19gRiliolull Ics Y EDMA 20 BR LI7 ! 2x12 IPID OBll6213t0022 .. .v tiV ;Z.! Lens RQ lame "I p FT M WM I, #02018 L -$134,900 S- $134,000 H 38A 06/09/86 19 DAYS L8+2195 SB -2195 38R 7 !UE � 531 -1810 QuMM BIND RASE M FABI#DUS LDCA- B TLOM, OUARRYTEE ENM. REAR FACMG W RM OVELLLOOKMG !1 PR1V BEAUTS+RIY MABBOEES VD. VENT LA KR LOADED WON OAK -- 10 CAINW —M. FORMAL Rm 5: 12 LR 1 11xU DR � .I;i I e .I lnl,wc �...,..� Or. W 70TH TO WOODOALE ND To DIR55EIRLY YES Mm 6FA M PRIVATE 13 OR 1 11+X10 Eno fD S it Im it [D 1 lOxt Blom r w0 AC r 1W 00 15 KR 1 ,axle Blom gel Y IWT IPI S K S % 16 Fm 1 110+X2 t7 MB1n5711i+X11 1B BR 111)17112x17 Mse eel r Malmill 2M/= IK ft IG 2 Gds r 8160 r IM.., Fs PONWJMM - -- It1N r low r 19HARP NEW BEDROOM a SATH ,9 BR IU71)116X12+ ICs Y 150 EOEA IVERY MCE CUM APPPAL 7e AaLlll)113X13 Iv,M 3002126340016 ISELE" ARE TRARLFEIEED 1 6wd of tti..h...• #01753 L- =142,500 54133.200 C 2 1 /2BA 08/26/86 61 DAYS LB -2195 SB -2195 28R 17 DAYS LB-18 SS-120 38R laws Tnwsmd 1 r ' I�f 1 1 Add 5845 CREEX MW 110 W HSTad 1921 1 -2R 2 W-0 M 58415 C IENI 7 1926 1 Add 6704 HOLLYWOOD NO SO 40 H9Tad1m mion - 3C 2 Min EDNA 65471 1 Cry HE NN T=Wspecs LAO NO 3 Dw 685 ILI& 95X127 HS F,bd YES 19 87 Pnd SpscS 4 8tk EORA REALTY NC 182195 Unod SoM Pas AM 5 Of Ph 920 -1860 1 Apt Ph 924.8773 Pew Spd Yt81t 90 FMee Ph t T 12 LfI 7 SPAOMW BRLCR RANKER HEAR f n9mACHEN COUNTRY CLLL A 8 PERFECT 1106E FOR THE PROFE88RONAL COUPLE. TWILL FALL N 9 LOVE WRIT THE SMASHOW DECOR. TWLL ENLIOY THE BEALTitR. 1 A 11 LCD NTERLAo*m TO HOLLYWOOD A RNHNT 12 LR 1 X X1 15X24 Y HwtFA MIGS Tvw 13 DR / X Xi 12.8X14 Nxt 8RR4 W 586 I IA= 1410 1 INC mmY vw AC Y W 100 JDV 15 Kit 1 I 10.5X18 Bthr 2 R S Rs % 16 Fn 2 14X27 BthY Rd 2M/CDs %D 17 MB 1 X 17X18 GdoY R80Y Miti hdo A TRULY GREAT NOBS 18 BR 1 X 12+X1 N DWY 19 sR 1 X X 10.6X11 Y Sa SP-0-7 12X14 1 C K 1 E 1654 PID i �A5_siNGLE FAMILY —3z� #01142 L4159.900 S-$156,000 C 2- SBA 12/23/86 56 DAYS LB-137 S8 -1137 48R 17 DAYS LB-18 SS-120 38R 2 Min EDNA zy 56M I cri IE140 Tnwsmd 1 r ' I�f 1 1 Add 5845 CREEX MW 110 W HSTad 1921 1 -2R 2 W-0 M 58415 C IENI 7 1926 l 3 Do SO Lt& 95X145 HS Falser 19 Q S Of Ph 645-6414 Ph U14 4 Bet EH35EA REALTY INC 11 137 a' Pas FAIT 5 Of Re l27 -1100 Ph 927 -1133 Pnd SpscS YtEh M 141" Ph ZUaRy_ R f RS � % 16 Ern 7 W OR CHREERRL CENTER HALL COLON" N EXCELLEIN COARfT� B ON A OUST DEAD ENO ST IN W EDNA SCHM lE7Nt i CRIERI 9 1 1ST FL FR RN OFF LG IOTCHEN HAS /REED OAR FL A 1 11 l C IDIADRM& W 852 TO TRAY 90 TO CREEK VALLEY 12 LfI t X 2OX13 Y ISBN 2 700 1 T CONV 13 DR 1 X X 1tSxtt BR /EH aE S IOOOS2o Y 14m t X 11.sX10 tyntY MAX WISTNENN DD DV 15 Kd 1 X 11.5X10 snn.&VA IFyi FA R S 257.04 RS %7 575 15 Fn 11 20X12.5 m.BehY Rd 2M COS %D 17 MS 2 X X 13XII G2A Gmr IRSOY Mdc keo 18 SR 2 Ix 13.6x10 Y IDwr NEW CONV FINANCING 19 BR 2 x 12X10.6 ICS Y i SDEDNA �n s t2 1X IXI 12X10.5 ML _ - -_ 2000 #01755 L -$139,900 S-$136,000 C 1.50111A 09/19/86 17 DAYS LB-18 SS-120 38R 2 Min EDNA zy 56M I cri IE140 Tnwsmd L*8 MO .. HS Filed JAN 19 IS . r l P— A, Pests ANXI S Of Ph 645-6414 Ph U14 Ynd Sped a' Hn7 T 1 Ado 4040 S11ARYS10E IIST.d 1742 htson - 4 2 Min EDNA zy 56M I cri IE140 Tnwsmd L*8 MO 3 Ow 555 ILtSj 50X150 HS Filed JAN 19 IS T 4 Btt SALLY ADAM REALT' N 18 P— A, Pests ANXI S Of Ph 645-6414 Ph U14 Ynd Sped YIN 37 Hn7 T 15 Kit 1 7 GssARStisO GAPE GDO WITH SDPW=T10MUWWWOOD FLOORS Aso 8 SHUTTERS THROUGHOUT UPDATED NITL7EN W /SREARFAST BAY, NEW 9 CEDAR BNARE ROOF AND CENTRAL AR I= R A SPECIAL HOES 11 C D FHIANICE TO SUNNYSOE Ta 1616 La' C 12 LA 1 Hs ked YES 19 87 N HwtOFA T 13 OR 1 P— A, Ep AE S Pew SO" 1410 1 Aaf HOLLY FWEHAWAE I Hm P% 74-4 r CENT W DD N 15 Kit 1 BthN Y R f RS � % 16 Ern BtMI Rd Y J.JXIL 2M /CO3 % D 17 MB 2 X Gdt4R MOT Mist: Ydd ANT NEW FHNANCJNG ISBN 2 Y DWr 19 OR 1 Y 20 PO R 976 1 AM 1660 r m I#01754 L -$135,900 S-$134,500 F 1.758A 09/02/86 8 DAYS LB-25 SB -1412 38R I. .H f 1 Add 9520 SEARD AV SO 88 HSTus tp5 umn 2 Mun EDINA I zo 66410 1 crf HENN Ta 1616 La' C 3 Dist 685 ILtSz 108 X lag Hs ked YES 19 87 4 8rt 0ERR011YNCH /RNRNET 1 25 UApd SO= P— A, 5 Of Ph 827-4781 1 Apt Ph 627 -4781 Pew SO" yf t 9, Aaf HOLLY FWEHAWAE I Hm P% 74-4 T 7 MMI-M VWUUUS seTTw Iw GORI/E]Qi LMA LOGATMO JUST SE• 8 POND YOUR BACXYARD O NNNEHIANA CRED U DONT J1NGE THIS DAR 9 840 THE PIC7URE_VENY OPEN 8 SPACUM MINX LIGHT CONTD& 19 BR H 1 20 DE IL I e 21�n GddY IR60Y Imw- udd SEE mw_ - - r IDWY NOTE: FKA IS ASSUMABLE A I ISDEDNA A 15 YEAR MORTGAGE 10 oz L OVA LLLMM WovoM L Lunn oog lLb "-in SULVCJ CZ 11a~ 56LZ'8S 00 006,CYLS-1 V96 .,- • C)05 60 -$ r T a-srowinSAMO 9 --1 to1861011 use sr OOSW&* Va — Sam M W=4 -- 2 AIM 9 al VO=avuuft.Ls m Alm an st'r 9 SAVO 9 98/LZ/vo LS=4# Mn "Amr• k nnnnrgq ASSESSOR'S LEGAL DESC. EST MKT VAL CITY OF EDINA BOARD OF REVIEW - 1987 OWNE-R' S EST OF MKT VAL RECOMMENDATION DECISION #1 Diane Berg 6070 Blake Ridge Rd 32- 117 -21 -23 -0075 $130,200 $110 - 120,000 Reviewed sales of other Blake Ridge Townhcmes. Reduce 6070 and Blake Ridge Condo 6062 Blake Ridge Apt. Ownership #59 Rd to $124,000 (saTne as 19.86 Er #2 Philip Gainsley $2,757,000 $1,883,000 Attorney rep. for (same .as 1986) Edina Country Club #3 Philip Gainsley $3,291,000 $1,980,900 Attorney rep. for (same as.1986) I Interlachen C.C. #4 George W. Welsh 09- 116 -21 -23 -0016 $ 907,500 $ 7751000 Reviewed sales of other office buildings in the No Change. 5200 West 73rd St. Lot 5, Blk 1 area of the subject property Edina Interchange Ctr 4th Add'n. #5 M.T. Nouraee 08- 116 -21 -22 -0025 $111,300 $102,000 Reviewed property. 5908 Lee Valley Rd Property was purchased 7/83 for $120,000 No Change. #6 Lowell Swanson 08- 116 -21 -12 -0065 $186,400 $150,000 Mr. Swanson paid $210,168 in May, 1983. Values No Change 5501 Village Dr. have not dropped. #203 CI`iY OF EDINA BOARD OF REVIEW -1y81 ASSESSOR'S OWNER'S EST non rrnnm r. nnnnrcc T,F.C;AT, DISC_ EST MKT VAL OF .MKT VAL COMMENTS RECOMMENDATION DECISTnm #7 Karen Bishop -Stone 05- 116 -21 -12 -0026 $176,800 $145,000 Viewed property 5- 12 -87. $157,000 6313 hillside Rd Comparison of homes that have sold, both in neighborhood and homes that have sold with highway influence. #8 Pat Narendra 08- 116 -21 -34 -0046 $259,700 $245,000 Market comparison completed. No Change. 7720 Shaughnessy R1 Owner purchased property 4/86 for $270,000. #9 Francis B. Coyle 08- 116 -21 -42 -0196 $ 72,000 $ 70,000 Inspected property on May 13, 1987 - property in process of remodeling. It was rented for 4 yrears & Reduce to 7500 Cahill Rd is in need of maintenance. Carpet badly worn, needs $68,000 #309 painting, kitchen is being completely remodeled. Selmer E. Halla Viewed property April 28, 1987. No Change. #10 n Hil 6720 Indian Hills 06- 116 -21 -23 -0025 $248,300 $ Market comparison completed. ' Sales show no value adjustment needed. #11 Harold Sand 04- 116 -21 -24 -0060 $ 11,600 Subject to discussion. No Change. -0061 11,600 RE: 6529 Josephine -0104 23,200 #12 Peter Recht 06- 116 -21 -22 -0009 $142,900 $127- 130,000 Viewed property January 13, 1987. Correction of No Change. 6400 McCauley Cir. square footage was made. Market comparison completed $142,900 appears to be a fair valuation. Tax compari son study supplied by Mr. Recht compared 1986 & 1987 sales to 1986 valuation, all of which have been in- creased for 1987. Overall Edina Ratio is over 900. Ni(-) N1 -NTT' z. nnnnrcc CITY OF EDINA BOARD OF REVIEW — 1987 ASSESSOR'S OWNER'S EST T.FrAT. EST MKT VAL OF MKT VAL COMMENTS RECOMMENDATION DECISION 413 Giarles A. Moore 08- 116 -21 -33 -0066 $124,000 $114,000 All Hills of Braemar townhouses were reduced prior No Change 7661 Woodview Ct. to the Board of Review. This unit was reduced to $124,000. Owner is not content with the reduction. 414 Larry May 33- 117 -21 -32 -0004 $100,700 Equilization Market adjustment in the this neighborhood was 6 %. $96,500 5205 Grove Street #15 Henry Rutledge 29- 117-21 -14 -0021 $ 91000 No Change 5 Orchard Lane (land only) #16 E. Daniel Eckberg 18- 028 -24 -43 -0021 $200,600 $180,180 Mr. Eckberg said, no inspection was needed. 5211 Kellogg Av. Market study completed. No Change. Reviewed neighborhood 1987 values. #17 11. Bruce Chapman 30- 028 -24 -14 -0158 $101,200 $ 95,000 Subject to discussion. No Change 6566 France Av. P11 -12 CITY OF EDINA BOARD OF REVIEW - 1987 ASSESSOR'S OWNER'S EST �7n ri7\nrr� r Annrrcq TE.C'AL DESC. EST MKT VAL OF MKT VAL COMMENTS RECOMMENDATION DEC TSTnN L-1 Leo M. EX ans 32- 117 -21 -24 -0003 $130,000 None Stated. Values of $130,000 and $300,000 are up from $120,000 No Change. 2248 Glacier Uuie 32- 117 -21 -24 -0004 300,000 and $285,400 respectively, which in turn were Santa r.laria, CA stipulated for the 1984, 1985 and 1986 assessments. 93454 06- 116 -21 -22 -0030 $ 11000 06- 116 -11 -11 -0026 30,000 Property listed for sale at $340,000 but generating No Change. L-2 Robert L. Naas 06- 116 -21 -22 -0006 27,000 no market- interest. 6320 Post Laze 06- 116 -21 -22 -0022 33,000 Edina, 55435 06- 112 -21 -22 -0023 33,000 06- 116 -21 -22 -0024 _30,000 06- 116 -21 -22 -0025 30,000 L -3 Property Eval. Ser. 30- 028 -24 -41 -0001 $25,987,500 $23,317,900 Reviewed estimated income and expenses, and sales of No Change. 327 So. Market St. other similar use buildings. Troy, Oil 45373 Re: 6600 France A Lr-4 Property Eval. Ser. 32- 028 -24 -34 -0023 $ 3,700,000 $ 3,430,000 Reviewed income and expenses and sales of other No Change. similar rise buildings. Re: 7701 York Av. L-5 Gabl�_:r- -t's 29- 028 -24 -33 -0008 $ 3,595,000 $3,131,000 See Letter - Owners "usable sq. ft." of 71.154 No Change 3501 West 60th St. includes basement area discounted 500. If actual (rep. Bob 1'.ivan, square footage of 94.872 including basement is used Tax Service) result is $37.89 per sq. ft. (calculations do not include land allocation adjustments). L -6 Pentagon Office Pk (13 parcels) $32,786,100 None Stated. The Pentagon Office Park is an older development No Change. 4940 Viking Dr. and is dated. Vacancies are increasing but, sales still indicate values greater than $40.00 per Sq. ft. when sold as individual parcels. I I L I� I:O. 1,LY IE h N)DITESS CITY OF EDINA BOARD OF REVIEW -1987 ASSESSOR'S OWMR'S EST TEC'AL DL•'SC. EST MKT VAL OF MKT VAL COMMENTS RECOMMENDATION DrC` r .q TO? i Viewed property 5- 14 -87. Completed market compariso . L-7 Patricia M. Brown 18- 028 -24 -21 -0057 $171,500 ? Reduction in valuation for condition granted by No Change 4513 rborland Av. previous Board of Review is still reflected in currert value. Canparison of sales in similar condition in- dicate valuation is conservative. The submitted marketing plan which indicates a sale L-8 E.E.C. Prop. Co. 31- 028 -24- 410007 $715,000 $650,000 price as if a plain office building. This building i�b Change_. is currently used as a medical office building, i.e. 4450 West 76th St. more plumbing, electrical and partitions than a typi- cal office building and therefore, should be valued as such. It is currently one of the lowest valued ed caLmiiIdiags in L-9 Norm ScITTdtz 3105 Heritage Driv 29- 028 -24 -21 -0111 $1,288,500 $1,050,000 Reviewed sales of other apartment buildings. None $1,200;000 were identical but, I was able to develop actual and estimated Gross Rent Multiplier and Capitalization Rates. Applying GRM and CR to subject property in- cane, the results indicate no change. -10 Richard H. Slosbur 09- 116 -21 -23 -0021 $1,764,000 $1,300,000 No Change. Nn_ NANTR K AnnRFSS ASSESSOR'S LEGAL DESC. EST MKT VAL CITY OF EDINA BOARD OF REVIEW - 1987 OWNER'S EST OF MKT VAL 7.7, Uri Uri 2LM 1 Leo M. Evans 32- 117 -21 -24 -.0003 $130,000 2248 Glacier Lane 32- 117 -21 -24 -0004 300,000 Santa Maria, CA 93454 06- 116 -11 -11 -0026 $ 30,000 2 Robert L. Naas 06- 116 -21 -22 -0006 27,000 6320 Post Lane 06- 116 -21 -22 -0022 33,000 Edina, 55435 06- 112 -21 -22 -0023 33,000 06- 116 -21 -22 -0024 30,000 06- 116 -21 -22 -0025 30,000 L -3 Property Evai. Ser. 30- 028 -24 -41 -0001 $25,987,500 $23,317,900 327 So. Market St. Troy, OH 45373 Re: 6600 France A L-4 Property Eval. Ser. 32- 028 -24 -34 -0023 $ 3,700,000 $ 3,430,000 Re: 7701 York Av. L-5 Gabbert's 29- 028 -24 -33 -0008 $ 3,595,000 $ 3,250,000 3501 West 69th St. (rep. Bob Tivan, Tax Service) L -6 Pentagon Office Pk (13 parcels) $34,000,400 less than 4940 Viking Dr. $30,000,000 CITY OF EDINA BOARD OF REVIEW - 1987 � e ASSESSOR'S OWNER'S EST un mmr r. nnnRrq. LEGAL DESC. EST MKT VAL OF MKT VAL COMMENTS RECOMMENDATION DECISION L-7 Patricia M. Brown 4513 Moorland Av. 18- 028 -24 -21 -0057 $171,500 ? Lr8 E.E.C. Prop. Co. 4450 West 76th St. 31- 028 -24- 410007 $715,000 $650,000 STATE OF MINNESOTA ) COUNTY OF HENNEPIN ) SS CITY OF EDINA ) CERTIFICATE OF POSTING NOTICE I, the undersigned duly appointed and acting Police Patrolman for the City of Edina, County of Hennepin, State of Minnesota, do hereby certify that I have on this date posted copies of the attached and foregoing NOTICE OF BOARD OF REVIEW - MAY 11, 1987 on three official City Bulletin Boards, as follows: 1) City Hall, 4801 W. 50th Street 2) 50th and France Business Area, 3943.W. 50th Street 3) Amundson Avenue Shopping Center. Dated 4—J71� Signed �W/f Police Patrolman Signed and sworn to before me, a Notary Public in and for Hennepin County, Minnesota, this 1'7 day of ,� viv,'I 19 7 . 4 -83 r- • " <r "� r Clerk's Notice to Post and Publish — HC 1163 ASSESSMENT NOTICE NOTICE IS HEREBY GIVEN, That the Board of Review of the. - City of Edina Hennepin County, Minn., in Council Chamber, City Hall will meet at the office -of the------- - - - - -- Clerk, in said City , at f ive o'clock P1M., on Monday the iith day of May , 19 87' for the purpose of reviewing and correcting the assessment of said city for the year 19 8 7. All persons considering themselves aggrieved by said assessment or who wish to complain that the property of another is assessed too low, are hereby notified to appear at said meeting and show cause for having such assessment corrected. No complaint that another person is assessed too low will be acted upon until the person so assessed, or his agent, shall have been notified of such complaint. Dated this 15 thday of Apr i 1 , 1987. Clerk of the City of Edina