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2003-04-21_BOARD OF APPEAL AND EQUALIZATION
I D RDD i---IOA OF APPEAL AN.D,E\ �,UALHZATHON CASE UPDATES APRHL 21,9 2003 City of Edina 2003 Board of Appeal and Equalization Case Worksheet Case Preliminary Number Parcel Description Opinion Comments 06- 116 -21 -41 -0025 Sustain ❑ 1 6625 Nordic Drive Increase ❑ Slaughter Decrease ❑ 30- 117 -21 -43 -0024 Sustain ❑ 2 6504 Willow Wood Road Increase ❑ McMorrow Decrease 0 30- 117 -21 -31 -0010 Sustain ❑ 3 5104 Green Farms Road Increase 0 Nilles Decrease ❑ 20- 028 -24 -32 -0085 Sustain 0 4 5837 Ewing Avenue Increase ❑ Ostrem Decrease ❑ 32- 117 -21 -41 -0068 Sustain ❑ 5 5812 Hansen Road Increase 11 Resolved Zhuravel Decrease ❑ 32- 117 -21 -23 -0091 Sustain ❑ 6 6105 Eden Prairie Raod #27 Increase ❑ Harrigan Decrease ❑ 31- 028 -24 -24 -0099 Sustain ❑ 7 7212 West Shore Drive Increase ❑ Mitchell Decrease ❑ 18- 028 -24 -44 -0087 Sustain ❑ 8 5221 Minnehaha Boulevard Increase ❑ Jellen Decrease ❑ 32- 117 -21 -12 -0047 Sustain ❑ 9 5509 Merritt Circle Increase ❑ Carlson Decrease 0 29- 117 -21 -12 -0008 Sustain ❑ 10 4 Merilane Increase ❑ Evinger Decrease 0 30- 117 -21 -11 -0073 Sustain 0 11 6301 Belmore Lane Increase ❑ Volk Decrease 0 12 29- 117 -21 -34 -0031 5305 Mirror Lakes Drive Sustain ❑ Increase ❑ Resolved Thorp Decrease ❑ Case Preliminary Number Parcel Description Opinion Comments 08- 116 -21 -31 -0056 Sustain ❑ 13 5720 Long Brake Trail Increase ❑ Swanson Decrease ❑ 14 29- 117 -21 -14 -0045 6 Circle West Sustain 0 Increase ❑ Resolved Rinek _ Decrease ❑ 05- 116 -21 -43 -0026 Sustain ❑ 15 5617 McGuire Road Increase ❑ Beneson Decrease ❑ 33- 117 -21 -43 -0026 Sustain ❑ 16 6012 Tingdale Avenue Increase ❑ Resolved Thorstad Decrease ❑ 17 08- 116 -21 -33 -0140 7708 Gleason Road Sustain ❑ Increase ❑ Resolved Simonet Decrease ❑ 06- 116 -21 -34 -0047 Sustain ❑ Ltr 1 7 Overholt Pass Increase ❑ Minn Decrease ❑ 04- 116 -21 -22 -0021 Sustain ❑ Ltr 2 6321 Mildred Avenue Increase ❑ Resolved Stadium Decrease ❑ 32- 117 -21 -41 -0080 Sustain ❑ Ltr 3 5505 Grove Street Increase ❑ Fraboni Decrease ❑ 30- 028 -24 -43 -0077 Sustain 0 Ltr 4 6829 Point Drive Increase ❑ McGraw Decrease ❑ 30- 117 -21 -44 -0043 Sustain ❑ Ltr 5 6200 Fox Meadow Lane Increase ❑ Lifson Decrease ❑ Multiple Sustain ❑ Ltr 6 7340 Gallagher Drive Increase ❑ Cedars of Edina Decrease ❑ 08- 116 -21 -21 -0055 Sustain ❑ Ltr 7 7029 Lanham Lane Increase ❑ Pederson Decrease ❑ 2003 Board of Appeals and Equalization Applicant List Case No. PID Name Address Pending: 1 06- 116 -21 -41 -0025 Slaughter 6625 Nordic Drive 2 30- 117 -21 -43 -0024 McMorrow 6504 Willow Wood Rd 3 30- 117 -21 -31 -0010 Nilles 5104 Green Farms Rd. 4 20- 028 -24 -32 -0085 Ostrem 5837 Ewing Ave. C 32- 117 91 Al HALO 7L...-......I 5019 LJ....e.e.. Rd 6 32- 117 -21 -23 -0091 Harrigan 6105 Eden Prairie Rd. #27 7 31- 028 -24 -24 -0099 Mitchell 7212 West Shore Dr. 8 18- 028 -24 -44 -0087 Jellen 5221 Minnehaha 9 32- 117 -21 -12 -0047 Carlson 5509 Merritt Cir. 10 29- 117 -21 -12 -0008 Evinger 4 Merilane 11 30- 117 -21 -11 -0073 Volk 6301 Belmore 12 99 117- 2131 0 A']1 5305 M:.....- 1 ..1....- Df 13 08- 116 -21 -31 -0056 Swanson 5720 Long Brake Tr. +4 29 117 7 91 1 A AAA 5 1):nek L f`:-. West. 15 05- 116 -21 -43 -0026 Beneson 5617 McGuire .ate A lications: 16 33 117 7 91 34 9976 TL... -..Fad 16912 :Rng. a'e A..e....e 44 98 116 2133 9149 Sin� Letters: ** ** ** ** 1 06- 116 -21 -34 -0047 Minn 7 Overholt Pass 04 116 L 91 99 9921 3 32- 117 -21 -41 -0080 Fraboni 5505 Grove Street 4 30- 028 -24 -43 -0077 McGraw 6829 Point Drive 5 30- 117 -21 -44 -0043 Lifson 6200 Fox Meadow Lane 6 Multiple Cedars of Edina 7340 Gallagher Drive 7 08- 116 -21 -21 -0055 Pederson 7029 Lanham Lane *Case Resolved * *Received after the April 3rd Application Deadline CASE 6 D1 D.�� E \x R 05 ED N F'RAHRHE ROAD'#27 Case #: 6 �I CITY of E I A. Board Appeal and Equalization A\1\ //,\\\ 1A\1 //,\\//,\\\s0\�,A\\ Assessor's Commentary Property ID Number: 32- 117 -21 -23 -0091 1 Date: April 15 2003 Property Address: 6105 Eden Prairie Rd Unit #27 Owner/Agent Name: John Harrigan 2003 EMV $422,800 Requested Value $325,000 Recommended Value $422,800 Comments: SUPPLEMENT The property was viewed April 7t'. This unit is one of two that is across the end of the building, affording window exposure on 3 sides. They are the largest units at 3,096 sq. ft., with 3 bedrooms, living room, dining room, den, fireplace, and 2 baths. Applicant purchased from acquaintances in May of 2000 for $312,000 without exposure to the open market. The other end unit ( #37) sold 8 months later for $370,000. Since the purchase, owners have redone the master bath, redecorated, :fanged the fireplace between the living room and den from a double opening to a single and built cabinetry in its place on the den side, and remodeled the kitchen to some extent. Mr. Harrigan could not recall what his wife had accomplished with the kitchen remodeling. Analysis involved separating the sales according to being an interior unit, corner unit, or end unit. Paired sales analysis was then done to indicate market appreciation for time, as well as the dollars per sq. ft. The time appreciation for corner and interior units indicated 10 -12% annual rate of appreciation. The annual rate on the end unit sales calculated to 27 %, however that was using the subject's non arm's length sale price. For that reason more weight was given to the other calculations. Square foot analysis showed that the interior units tend to sell for 5 -10% less than the other units. The corner and interior units have 2,615 and 2,589 sq. ft. respectively. The most recent closed sale was an interior unit that sold for $330,000 in Sept. of 2002. Applying just 5% adjustment for being interior and 3% for time gives an indicated value for the subject of $426,200. Working off the most recent sale of an end unit also supports our current value. The sale was Jan. 2001 for $370,000. Using 10% annual appreciation for 2 years yields $444,000. There is a sale pending at this time for a corner unit. The asking price was $389,900 through MLS, and went off the market 12 days after list. Although the pending sale is past the assessment date of Jan. 2 "d, it indicates that the market is good for this property. The last sale for a corner unit was .pril 1999 for $265,000. All analysis indicates that the present value of $422,800 is fair and equitable. Land $6,000 Buildinci $383,400 Total $389,400 Value 2002 History 2001 $6,000 $353,300 $359,300 2000 $6,000 $331,200 $337,200 Sales 5/2000 $312,000 History Front Views of Whitehall Condominium CASE RO EVMGER Case #: 10 di � . • Board Appel and Equalization //"\\ //,\\\ /Al\ A\\" /^1\1 Assessor's Commentary Property ID Number: 29- 117 -21 -12 -0008 T—Dat;April 15 2003 Property Address: 4 Merilane Owner/Agent Name: David and L nn Evin er 2003 EMV $2,323,100 Requested Value $1,700,000 Recommended Value $2,100,000 Comments: SUPPLEMENT The property was inspected March 23, 2003 after conversation with owner and before owner left town. However, owner did not file the formal request for review until April 3rd. The home was built in 1999 on a lot that is 1.18 acres with a pond at the rear, located on a dead end street. The home has 5,208 sq. ft. finished above grade, with another 2,553 sq. ft. of excellent quality basement finish. The home is very good quality and has 4 bedrooms upstairs, 3 fireplaces, 4 stall garage and a pool. he basement features a home theater room, billiards area, 1 bedroom, family room with wet bar and wine cellar, 2 playrooms, and a hot tub room which walks out to the pool area. There have not been any recent sales of newer 2 story homes in Rolling Green. I had to look outside the neighborhood to find comparable properties and adjust for physical differences as well as location. The three comparables used for the analysis are as follows: 6624 Mohawk Trail Sold Nov. '02 for $1,850,000 Adjusted sale price $2,310,500 5908 Lee Valley Road Sold June '02 for $1,310,000 Adjusted sale price $1,892,900 5333 Minnehaha Blvd. Sold Aug. '02 for $1,800,000 Adjusted sale price $2,321,900 I gave equal weight to the three comparables. One was very close in square footage, the second was most similar in quality of construction and closest in age, and the third was most similar in site size and amenities. The equally weighted average was $2,175,100. We therefore recommend a reduction to $2.100,000. Land $1,050,000 Building $1,227,600 Total $2,277,600 Value 2002 History 2001 $600,000 $966,600 $1,566,600 2000 $500,000 $482,600 $982,600 Sales None $ History CASE #10 CASE R3 SWAN,SON 5720 LONG BRAKE TIRAHL Supplement to Case #13 On April 14, 2003, Margaret A. Swanson provided a "Valuation Analysis" to the members of the Board of Review and Equalization. She had compiled a partial list of the properties that are within her neighborhood (City of Edina District 29). Then, using square footage that was obtained from an unknown source, she showed an "Average value per square ft = $145.00" for the properties on her list. She then compared that average to her property square foot rate of $206.00 by her calculations. This done in an attempt to show how overvalued her property is. Although this is not a method this office would use in our valuation process, it can be used for "rough" comparison purposes if certain procedures are followed. The subject property is a One Story (Rambler) style home. Unfortunately, the list of 60 properties provided by Mrs. Swanson contained One Story, Split Level, 1 '/4 Story, 1 %2 Story, 1 3/4 Story and Two Story style homes all lumped together. For this process to work correctly, we must compare apples to apples. Therefore, we should review One Story properties only. Also, an industry standard for square footage measurement is the "above grade finish ". Having just completed measuring all the properties within this district in 2001, we are confident of our measurements and quite willing to supply Mrs. Swanson with this data. Also, we have classifications of "R" (Residential) and "RL" (Residential Lake Shore) in this district. We can now analyze the data as follows (excluding the subject property from all analysis): District 29 contains 103 parcels of mixed styles. 25 of the 103 parcels are One Story ( "R" and "RL" classification). Using the 2003 Estimated Market Value (EMV) and our recently measured above grade square footage, these 25 One Story parcels have an "average square foot rate" of $245.77. Mrs. Swanson's list of 60 properties has 13 One Stories ( "R" and "RL" classification). Using our square foot measurements, they have an "average square foot rate" of $254.66. Three of these 13 are "R" classification similar to the subject property. They have an "average square foot rate" of $263.72. The subject property has 3,438 square feet of above grade finish according to our 2001 measurements. With a "Recommended Value" of $630,000 as of the April 14, 2003 Board of Review and Equalization, the subject square foot rate would be $183.25. We hope this clarifies the method of comparison presented to the Board by Mrs. Swanson, and appreciate the work she put into her presentation. Case #:13 Board Appeal and Equalization n A111\\ /4�1\\ /411�\\ /*_X Assessor's Commentary Property ID Number: 08- 116 -21 -31 -0056 Date: 4 -9 -2003 Property Address: 5720 Long Brake Trail Owner/Agent Name: Margaret / David Swanson 2003 EMV 661,000 Requested Value 600,000 Recommended Value 630,000 Comments: SUPPLEMENT Subject property is an all brick rambler in average condition. Open stairs to unfinished basement with some partitioned walls and 2 newer furnaces. Abundant kitchen cabinets are good with built -in appliances. The kitchen floor has the original linoleum. Kitchen is open to excellent eating area and ay and is open to the family room with fireplace and sliding glass door to the deck. The home has 3 bedrooms, a den with fireplace and 2 baths (original). The master bedroom has a 3/4 bath, vault and open stairs to loft area and storage. Land $240,200 Building $421,200 Total $661,400 Value 2002 History 2001 $240,200 $357,700 $597,900 2000 $155,000 $367,500 $524,500 Sales $ History None Jn�, F- u a a -� z 5731 Long Brake T } Londonderry '• 5108 Green Farms 'd CASE R5 BEN,ESON 5 6 R 7 McGUHRE ,ROAD Case #:15 CITY OF EDINA Board Appeal and Equalization Assessor's Commentary Property ID Number: 05- 116 -21 -43 -0026 Date:4 -9 -2003 Property Address: 5617 MCGUIRE RD Owner/Agent Name: David /Sandra Benenson 2003 EMV 474,300 Requested Value 423,500 Recommended Value 450,000 Comments: SUPPLEMENT Inspected home April 11, 2003. Home in average to good condition. Basement finish consists of a family room with fireplace, and two other finished rooms and a 1/2 bath. The main floor consists of a kitchen that has painted white cabinets, built -in appliances and excellent eating area. It has a dining )om and living room (no fireplace), a family room with fireplace, and a 1/2 bath. The bath is in good condition. Marble like entry. The second floor consists of 5 bedrooms, a full and 3/4 bath weKare original. Land $108,000 Building $335,300 Total $443,300 Value 2002 History 2001 $108,000 $272,000 $380,000 2000 $72,000 $261,400 $333,400 Sales $144,500 History 12 -1978 M Jt a u � •A � C, '(, v 3 � '� j�'r !, `��f' ee.AM1CaV' irp,, .0 2,q +•�� t+- .. 1s. Rf. ,w WALK=HN APPLHCANT FHNK 6200 FARKWfluOD R A D PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID �1- 117 -21 -11 -0008 __JUSE# FRACTION STREET NAME Ur 6200 1/ PARKWOOD RD Ownerl: FINK ROBERT J Owner2: FINK MARGARET M Zoning: R -1 35 Prim /sec: Yr.blt: Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Pt. Con: IT ZIP +4 Front: 55436 +1141 Right: Owner3: Owner4: 1973 Area: 24685 Subrecs: 01 Width: CURR 319 NEXT Mt.Adr: 151 Back: Lef t: Acres: .00 Depth: 163 Type PID or ADDRESS: press ENTER; or F1, F2, F8 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2003: 229500 379300 608800 H R 100 2002: 176700 395700 572400 4918 H R 100 2001: 176700 340700 517400 4471 H R 100 Legal Description: LOT 8 BLOCK 1 PARKWOOD KNOLLS 3RD ADDITION Type PID or ADDRESS: press ENTER; or F1, F2, F8 2003 Board of Appeals and Equalization Applicant List Case No. PID Name Address Pendina: * * * I * 1 06- 116 -21 -41 -0025 Slaughter 6625 Nordic Drive 2 30- 117 -21 -43 -0024 McMorrow 6504 Willow Wood Rd 3 30- 117 -21 -31 -0010 Nilles 5104 Green Farms Rd. 4 20- 028 -24 -32 -0085 Ostrem 5837 Ewing Ave. G 32 117 71 41 0968- 71...-......I 5812 Han .. Rd 6 32- 117 -21 -23 -0091 Harrigan 6105 Eden Prairie Rd. #27 7 31- 028 -24 -24 -0099 Mitchell 7212 West Shore Dr. 8 18- 028 -24 -44 -0087 ]ellen 5221 Minnehaha 9 32- 117 -21 -12 -0047 Carlson 5509 Merritt Cir. 10 29- 117 -21 -12 -0008 Evin er 4 Merilane 11 30- 117 -21 -11 -0073 Volk 6301 Belmore 29 i 17 9i 31 OG3- 5305 LeorFer i -.i.e Gw 13 08- 116 -21 -31 -0056 Swanson 15720 Long Brake Tr. 44 29 !P 21 14 0945 R4Fek GoFe'e West. 15 05- 116 -21 -43 -0026 Beneson 5617 McGuire .ate A lications: -16 33 117 7 21 34 0076 17 08- 116 -21 -33 -0140 ISimomet 17708 Gleason Road Letters: ** ** ** ** ** 1 06- 116 -21 -34 -0047 Minn 7 Overholt Pass 2 04- 116 -21 -22 -0021 Stadium 6321 Mildred Avenue 3 32- 117 -21 -41 -0080 Fraboni 5505 Grove Street 4 30- 028 -24-43 -0077 McGraw 6829 Point Drive 5 30- 117 -21 -44 -0043 Lifson 6200 Fox Meadow Lane 6 Multiple Cedars of Edina 7340 Gallagher Drive 17029 7 08- 116 -21 -21 -0055 Pederson Lanham Lane *Case Resolved * *Received after the April 3rd Application Deadline City of Edina 2003 Board of Appeal and Equalization Case Worksheet Case Preliminary Number Parcel Description Opinion Comments 06- 116 -21 -41 -0025 Sustain 0 1 6625 Nordic Drive Increase ❑ Slaughter Decrease ❑ 30- 117 -21 -43 -0024 Sustain ❑ 2 6504 Willow Wood Road Increase ❑ McMorrow Decrease 0 30- 117 -21 -31 -0010 Sustain 0 3 5104 Green Farms Road Increase ❑ Nilles Decrease ❑ 20- 028 -24 -32 -0085 Sustain ❑ 4 5837 Ewing Avenue Increase ❑ Ostrem Decrease ❑ 32- 117 -21 -41 -0068 Sustain ❑ 5 5812 Hansen Road Increase ❑ Resolved Zhuravel Decrease ❑ 32- 117 -21 -23 -0091 Sustain 0 6 6105 Eden Prairie Raod #27 Increase 0 Harrigan Decrease ❑ 31- 028 -24 -24 -0099 Sustain ❑ 7 7212 West Shore Drive Increase ❑ Mitchell Decrease ❑ 18- 028 -24 -44 -0087 Sustain ❑ 8 5221 Minnehaha Boulevard Increase ❑ Jellen Decrease ❑ 32- 117 -21 -12 -0047 Sustain 0 9 5509 Merritt Circle Increase ❑ Carlson Decrease ❑ 29- 117 -21 -12 -0008 Sustain ❑ 10 4 Merilane Increase ❑ Evinger Decrease 0 30- 117 -21 -11 -0073 Sustain 0 11 6301 Belmore Lane Increase ❑ Volk Decrease ❑ 12 29- 117 -21 -34 -0031 5305 Mirror Lakes Drive Sustain ❑ Increase ❑ -Resolved Thorp Decrease 11 Case Preliminary Number Parcel Description Opinion Comments 08- 116 -21 -31 -0056 Sustain ❑ 13 5720 Long Brake Trail Increase ❑ Swanson Decrease ❑ 29- 117 -21 -14 -0045 Sustain ❑ 14 6 Circle West Increase ❑ Resolved Rinek Decrease ❑ 05- 116 -21 -43 -0026 Sustain ❑ 15 5617 McGuire Road Increase ❑ Beneson Decrease ❑ 33- 117 -21 -43 -0026 Sustain ❑ 16 6012 Tingdale Avenue Increase El Resolved Thorstad Decrease ❑ 08- 116 -21 -33 -0140 Sustain ❑ 17 7708 Gleason Road Increase ❑ Simonet Decrease ❑ 06- 116 -21 -34 -0047 Sustain ❑ Ltr 1 7 Overholt Pass Increase ❑ Minn Decrease ❑ 04- 116 -21 -22 -0021 Sustain ❑ Ltr 2 6321 Mildred Avenue Increase ❑ Stadium Decrease ❑ 32- 117 -21 -41 -0080 Sustain ❑ Ltr 3 5505 Grove Street Increase ❑ Fraboni Decrease ❑ 30- 028 -24 -43 -0077 Sustain ❑ Ltr 4 6829 Point Drive Increase ❑ McGraw Decrease ❑ 30- 117 -21 -44 -0043 Sustain ❑ Ltr 5 6200 Fox Meadow Lane Increase ❑ Lifson Decrease ❑ Multiple Sustain ❑ Ltr 6 7340 Gallagher Drive Increase ❑ Cedars of Edina Decrease ❑ 08- 116 -21 -21 -0055 Sustain ❑ Ltr 7 7029 Lanham Lane Increase ❑ Pederson Decrease ❑ Memorandum Date: 04/11/03 To: Edina Board of Appeal and Equalization Members From: Rick Petersburg, SAMA RE: Board Meeting - April 14, 2003 - 5:00 p.m. - Council Chambers This packet of information includes: • 2003 Board of Appeal and Equalization Book (Recap of work completed in 2002 for 2003). Introductory letter and statistics to Board members. • The complete list of Board applicants #1 through #15 who had applied by 4:30 p.m. April 3, 2003 and are still active cases. List indicating any letters and late applicants to be considered. • Board of Appeal and Equalization Appraiser procedures. • Board of Appeal and Equalization Rules. • Sample "Request for Review" forms and resident board presentation sheet. The Board case worksheet. • Individual assessor's commentaries with recommendations for each case if time allowed along with a photocopy of their application and supporting evidence. Note: Any additional applications will be presented to the Board members on April 14tH Certain cases may contain NON - PUBLIC DATA. The Board will be notified. 04/01/98 City of Edina April 11, 2003 Board of Appeal and Equalization Members 2003 Board of Appeal and Equalization Update On March 3, 2003 approximately 20,130 value notices were mailed to Edina property owners. Values, on average, for residential property increased slightly over 6.5% citywide. Staff began fielding calls within two days of the mailing and continues to answer questions as I write this update. We estimate that approximately 800 to 1,000 calls have been fielded to date. Notices are mailed early each year to allow our residents and staff a very reasonable amount of time to discuss and resolve any issues or concerns relating to value or classification before having to appear before the Board of Appeal and Equalization. This year residents have had approximately five weeks to contact us before the Board of Appeal and Equalization hearing date. Usually, cases before you are there because the resident and staff can not agree on a resolution to the issue. At this time we have fielded approximately 800 to 1,000 calls and have handled 71 Requests for Review. As of close of business on April 3, 2003, 30 of the 71 Request for Reviews remained unresolved. Many of the 30 unresolved Requests for Review were received by our office just prior to the deadline. Staff has been diligently trying to contact and discuss these requests with the residents prior to the Board hearing date. Some of the requests may be a "Work in Progress" on the evening of April 14th and we ask you to be patient with us as we work toward a value conclusion. Requests arriving at this point in the process have left us strapped for time. Even so, we will continue to provide each resident with the most timely and proactive service possible. In any event, all residents are afforded the opportunity to appear before the County Board of Appeal and Equalization even if we do not have time to complete a review. This is and will continue to be our policy. City Hall (952) 927 -8861 4801 WEST 50TH STREET FAX (952) 826 -0390 EDINA, MINNESOTA 55424-1394 TDD (952) 826 -0379 I would like to address several reoccurring themes we have had to deal with this year. • First is this issue concerning Limited Market Value. This is a matter of law set by the legislature — we have no control over Limited Market Value and can only explain it to the best of our ability. Law prescribes its increase from one year to the next. • Second, the issue of Equity. As can be seen from your Board of Appeal and Equalization book (included with this packet) we have met or exceed all statistical requirements placed on us by Hennepin County and the Department of Revenue. This is a mass appraisal process and as such we are not correct on each and every property (there being over 20,000 parcels to value each year). For every property a resident points out as being undervalued compared to theirs there is a property that is overvalued also. We continually strive to bring those differences closer together each year and I believe are being successful toward that end. Following are some statistics you may find of interest: • Value notices mailed 20,130 • Average City Wide residential property increase 6.5% • Approximate number of calls fielded 900 or 4.47% • Number of Request for Reviews 71 or .35% • Unresolved cases as of 4 -3 -03 4:30 p.m. 30 or .15% • Board cases expected 4 -14 -03 15 or .07% s i � a a •Misc. Forms and Applications *General Board and City Procedures tr> r� n�strr6 2003 CITY BOARD OF REVIEW DATES .............. .......... ...... Loc. GREENWOOD Tuesday I-Ap, 7.30 (952)474-4755 DEEPHVN. CITY HALL May 20225 COTTAGEWOOD RD LONG LAKE Tuesday 1 -A r 1 6:30 (952)473-6961 CITY HALL Atchison 450 VIRGINIA AVENUE HASSAN Wednesday 2-Apr 7:00 (612)348-3046 TOWN HALL May/Hanscom 25000 HASSAN PKWY LORETTO Wednesday 2-Apr 7:00 (612)348-3046 CITY HALL LaRoselMiller 259 MEDINA ST N MAPLE GROVE Wednesday 2-Apr 7:00 (763)494-6250 CITY HALL N/A 12800 Arbor Lakes Parkway GREENFIELD 3-Apr 7:00 (612)348-3046 CITY HALL May/Hanscom 63" TOWN HALL DR jThursday HANOVER Thursday 3-Apr 7:30 (612) 348-3046 CITY HALL Wynn 11250 5TH ST NE DEEPHAVEN Monday 7-Apr 6:30 (952)474-4755 COUNCIL CHAMBERS Effertz 20225 COTTAGEWOOD RD EXCELSIOR Monday 7-Apr 6.00 (763) 473-3978 COUNCIL CHAMBERS Shudy 339 3RD ST MEDICINE LAKE Monday 7-Apr 7:00 (612)348-3046 CITY HALL Wine 10609 SOUTH SHORE DR MAPLE PLAIN Tuesday 8-Apr 7:00 (763) 473-3978 CITY HALL Satzwedel 1620 MAPLE AVE. ROCKFORD Tuesday 8-Apr 7:00 (612) 348-3046, CITY HALL Wynn 6031 MALNI ST SAINT ANTHONY Tuesday 8-Apr 7:00 (612)348-3046 CITY HALL Doolifile/Vettrus 3301 SILVER LAKE RD MEDINA Wednesday 9-Apr 7.00 (763) 473-3978 CITY HALL Bennett 2052 CO RD NO 24 MINNETONKA Wednesday 9-Apr 6:30 (952)939-8200 CITY HALL N/A 14600 MINNETONKA BLVD CORCORAN Thursday 10-Apr 7:00 (952)473-3978 CITY HALL Bennett 8200 CO RD 116 CHANHASSEN Monday 14-Apr 6:30 (612' 48 -3046 CITY HALL Salzwedel 7700 Market Blvd. EDINA Monday 14-Apr 5:00 (952)826-0365 COUNCIL CHAMBERS N/A 4801 50TH ST. W MINNETONKA BEACH Monday 14-Apr 6:00 (763) 473-3978 CITY HALL K Jensen 2945 WESTWOOD RD MINNIETRISTA Monday 14-Apr 6:30 (612)348-3046 CITY HALL P Jensen/Steer/LaRose. 7701 CO RD 110 W OSSEO Monday 14-Apr 7:00 (612)348-3046 CITY HALL Lone 415 CENTRAL AVE. SPRING PARK Monday 14-Apr 7:30 (612)348-3046 CITY HALL Davy 4349 WARREN AVE. WOODLAND Monday 14-Apr 7:00 (952)474-4755 DEEPHVN. CITY HALL Effertz 20225 COTTAGEWOOD RD DAYTON Tuesday 15-Apr 7.00 (763)421-8100 CITY HALL Lone 12260 DIAMOND LAKE RD HOPKINS Tuesday 15-Apr 7:00 (952)935-8474 CITY HALL Hanscom 10101ST ST S PLYMOUTH Tuesday 15-Apr 7:00 (763)509-5350 CITY HALL N/A 3400 PLYMOUTH BLVD WAYZATA Tuesday 15-Apr 7.00 (952)473-0234 Council Chambers Atchison 600 EAST RICE ST BLOOMINGTON Wednesday 16-Apr 7:00 (952) 563-8722 COUNCIL CHAMBERS N/A 2215 OLD SHAKOPEE RD ROBBINSDALE Thursday 17-Apr 6:30 (763)537-4534 CITY HALL Shudy 4100 LAKEVIEW AVE N BROOKLYN PARK Monday 21-Apr 7:30 (763)493-8175 CITY HALL N/A 5200 85TH AVE N SAINT LOUIS PARK Monday 2 1 -Apr 2:15 (952)924-2535 CITY HALL N/A 5005 NENNETOKA BLVD SHOREWOOD Monday 21-Apr _ 7:00 (952)249-4640 CITY HALL Da,,,v/Kunik 5755 COUNTRY CLUB RD GOLDEN VALLEY Tuesday 22-Apr 7:00 (763)593-8020 CITY HALL Winge/Gustafson 7800 GOLDEN VALLEY RD ROGERS Tuesday 22-Apr 6:30 (651)430-0360 CITY HALL May/Hanscom 12913 MAIN ST CHAMPLIN Wednesday 23-Apr 7:00 (763)421-8100 MUNICIPAL CENTER May 11955 CHAMPLJN DR ORONO Wednesdayl 23-Apr 7:00 (952)2494640 COUNCIL CHAMBERS K Jensen/Wynn 2750 KELLEY PKWY EDEN PRAIRIE Thursday 24-Ap, 7:00 (952)94945 11 COUNCIL CHAMBERS N/A 8080 MITCHELL RD RICHFIELD Tuesday 29-Apr 6:30 (612)861-9710 CITY HALL Lone 6700 PORTLAND AVE S NEW HOPE Thursday 1 -May 8:00 (612048-3046 CITY HALL Sandvik/Doolittle 4401 XYLON AVE N TONKA BAY Thursday I-May 6:30 (612)348-3046 COUNCIL CHAMBERS Davy/Kunik 4901 MANITOU RD BROOKLYN CENTER Monday 5-May 7:00 (763)569-3310 COUNCIL CHAMBERS SaLzwedel 6301 SHINGLE CREEK PKWY CRYSTAL Tuesday 6-May 7:00 (763)531-1117 COUNCIL CHAMBERS Doolittle/SandvikfVettrw 4141 DOUGLAS DR N_ MOUND Wednesday 7-Nfay 4:00 (612)348-3046 "Open Book Mtg" City Hall P Jensen/Steer/Laltose 5341 MAYWOOD RD SAINT BONIFACTUIS Wednesday 7-May 6:30 (952) 470-06911 COUNCIL CHAMBERS Effertz 8535 KENNEDY MEMORIAL INDEPENDENCE Tuesday 13-May 6:30 (612)348-3046 1 CITY HALL P JenseiVSteerfLaRose 1920 CO RD 90 Interoffice Memo Date: 02/25/03 To: Assessing Staff From Rick Petersburg, SAMA RE 2003 Board of Appeal and Equalization Procedures Following is a brief outline of the procedures which will be followed for the 2003 Board of Appeal and Equalization. 1. Initial Contact (All Staff Members) • Phone/Counter • Identify owner, property and concern • Attempt to explain and resolve concern • Record on contact sheets • First option if residents concern can not be resolved over the phone is to direct the resident to come into our office and complete a "Request for Review" form and to attach all supporting documentation to it If there is a hardship and the resident can not come in to complete the form then we can mail it - they must understand that it must be returned as soon as possible with all supporting evidence. Try and remember to complete the Lop Out sheet. Once they have been returned and have been logged in, by Cad or Liz, appointments can begin to be scheduled. Appointments should be set out approximately two weeks to allow each appraiser to continue to handle the first wave of incoming calls. • Cad or Liz will log form in and complete the top portion when it is returned - this order will determine their appearance order and the Case # that we will use when completing our Sales Grid and Commentaries. • If you tell them to submit a letter stating their objection they must understand that letter is not a substitute for the "Request for Review" form and that they must return that letter ASAP in order for us to complete a timely review. 04107/2003 Interoffice Memo 2. Phase II (Informal Review Stage) • Set up review appointment to inspect and photograph the property, check measurements & complete a LOGIS field card. If there is an existing LOGIS field card verify all data for accuracy. • Complete review appraisal (Sales Comp Grid) - 337 Screen and MLS search. • Review findings, review appraisal and status (recommendation) with Supervisor. • Review findings with owner / resolve if possible. • If the owner wishes to withdraw have them sign or initial and date the box on the Request for Review form. 1. Phase III (Formal Review Appraisal => If unsuccessfully resolved make sure the Board "Request for Review" form is completely filled out and begin to complete the required information for our board presentation. Place all materials in the case folder for Cad and Liz. => In addition, if there is a resolution with an agreed upon value, a letter (from us) will be sent to them indicating a before and after scenario - that letter is to lie signed by the appellant and returned to us. The agreement letter will be kept in the case folder. 2. Phase IV (Final Review Appraisal and Board Report) 3. Misc. Make sure that the new field card is complete, the review appraisal (337 Screens etc.) is finalized, a digital photo has been taken and a new sketch is complete. Prepare Board Commentary (narrative pro- forma), complete your report and place in the case folder (Liz will be the responsible party) - check list of required data is attached. Cad and Liz will coordinate and complete the Board of Review packet Please be as timely and complete as possible the first time through - it will prevent the need for redoing commentaries and recopying. Any one contacting us after the 3rd of April will be reviewed as we have time - if there is not enough time to formally address the concern we will do a cursory review to present to the Board, indicate if we have not had enough time to complete a thorough review and recommend that they sustain our value and allow the owner to proceed to the county level. Al letters will be read into the minutes at the end of the meeting and presented along with our review - we will ask that the Board sustain our review value and allow the owner to proceed to the county level. 04/07/2003 2 City of Edina BOARD OF APPEAL AND EQUALIZATION RULES AND PROCEDURES i. GE_ The following rules and procedures shall govern the Board of Appeal and Equalization in the exercise of the authority and responsibilities granted to it pursuant to Chapter 274 of the Minnesota Statutes. II. MEETINGS (a) The Board shall conduct annual meetings and hearings in accordance with Minnesota Statutes, Section 274.01, subd. 1, and make preliminary determinations of property classification and assessment matters. The Board meetings shall be conducted in the City Council Chamber of the City Hall. The City Clerk shall give published and posted notice of the meetings at least ten (10) days in advance thereof. (b) All meetings of the Board shall be considered open meetings and shall be conducted in accordance with the provisions of the Minnesota Open Meeting Law (Minnesota Statutes, Section 471.705). (c) The Mayor of the City Council shall act as the Chairperson and shall preside at all Board meetings, and shall have duties and responsibilities specifically prescribed by any applicable laws and regulations. (d) Board meetings shall be conducted in accordance with Robert's Rules of Order. (e) Three (3) members of the Board must be present for a quorum to exist in order to conduct Board reviews. Formal action may be taken by a majority of those members present at a meeting. (f) Board meetings, shall be attended by the City Assessor, and/or a designated City staff member, and a recording secretary. The Board may also request the advice of the City Attorney on legal issues, which arise. (g) Upon receipt of the completed applications of property owners or taxpayers, the City Assessor shall schedule hearings thereon. Board meetings shall be held until all petitions have been heard. Each appellant will be allowed a maximum of ten (10) minutes to present any data or information relevant to the market value or classification of the subject property. The Assessor, or a designee assigned by the Assessor, will be allowed a maximum of five (5) minutes rebuttal to present any relevant information to support the estimated market value or classification assigned by the Assessor. (h) The Board shall take each petition under advisement and shall render its determination thereon at a subsequent meeting of the Board. (i) A list of all appellants and copies of all Board determinations shall be sent to the City Council for final consideration and decision not more than twenty (20) day from the commencement of the Board of Review. III. CONFLICTS; EX PARTE COMMUNICATIONS. (a) When not in session, the Board shall not accept or consider any ex parte communications concerning parcels being reviewed, except as requested by the Board, at a regular Board meeting, in order to render an equitable decision. (b) No Board member shall participate or vote in any deliberation relating to property in which he or she has a conflict of interest. A conflict of interest exists where a member: 1. has a material, financial interest in the property, or is affected by the issues or proposals greater than other members of his/her business classification, profession, or occupation;. or 2. is a director, trustee, officer, employee, or agent of any business or institution directly involved with the property; or 3. is related by blood or marriage to an individual having any ownership interest or other pecuniary interest in the subject property. Prior to the commencement of any discussion or deliberation a member who has a conflict of interest shall disclose orally that he /she has a conflict of interest to the Board chairperson, and excuse himself/herself from any further discussion or deliberation on that case. •Original Case Documentation *City and Board Action } LyF .r 6 Jn � Q 2003 Board of Appeal and Equalization Applicant List Case No. PID Name Address Pending: 1 06- 116 -21 -41 -0025 Slaughter 6625 Nordic Drive 2 30- 117 -21 -43 -0024 McMorrow 6504 Willow Wood Road 3 30- 117 -21 -31 -0010 Nilles 5104 Green Farms Road 4 20- 028 -24 -32 -0085 Ostrem 5837 Ewing Avenue G 32-417 21 410968 Zhuf. yel 2HTarrriganl 501 9 LIa..sen �.....1 6 32- 117- 21 -23- 0091 Cedars of Edina 6105 Eden Prairie Rd. #27 7 31- 028 -24 -24 -0099 Mitchell 7212 West Shore Drive 8 18- 028 -24 -44 -0087 ]ellen 5221 Minnehaha Blvd. 9 32- 117 -21 -12 -0047 Carlson 5509 Merritt Circle 10 29- 117 -21 -12 -0008 Evinger 4 Merilane it 30- 117 -21 -11 -0073 Volk 6301 Belmore Lane -1-2 29 i 1 7 2i 74 O 5395 KFFer 6..k....-Drive 13 08- 116 -21 -31 -0056 Swanson 5720 Long Brake Trail 14 29- 117 -21 -14 -0045 Rinek 6 Circle West 15 05- 116 -21 -43 -0026 Beneson 5617 McGuire Road Late Applications: 7�C i G 33 1172134 TL......w 16912 Tingdale-Ayefyde Letters: ** ** ** ** ** 1 06- 116 -21 -34 -0047 Minn 7 Overholt Pass 2 04- 116 -21 -22 -0021 Stadium 6321 Mildred Avenue 3 32- 117 -21-41 -0080 Fraboni 5505 Grove Street 4 30- 028 -24 -43 -0077 McGraw 6829 Point Drive 5 30- 117 -21-44 -0043 Lifson 6200 Fox Meadow Lane 6 Multiple Cedars of Edina 7340 Gallagher Drive 17029 7 08- 116 -21 -21 -0055 Pederson Lanham Lane *Case resolved * *Received after April 3rd Application Deadline City of Edina 2003 Board of Appeal and Equalization Case Worksheet Case Preliminary Number Parcel Description Opinion Comments 06- 116 -21 -41 -0025 Sustain 0 1 6625 Nordic Drive Increase ❑ Slaughter Decrease 0 30- 117 -21 -43 -0024 Sustain 0 2 6504 Willow Wood Road Increase 0 McMorrow Decrease ❑ 30- 117 -21 -31 -0010 Sustain ❑ 3 5104 Green Farms Road Increase ❑ Nilles Decrease ❑ 20- 028 -24 -32 -0085 Sustain 0 4 5837 Ewing Avenue Increase 0 Ostrem Decrease 0 32- 117 -21 -41 -0068 Sustain 0 5 5812 Hansen Road Increase 0 Resolved Zhuravel Decrease ❑ 32- 117 -21 -23 -0091 Sustain 0 6 6105 Eden Prairie Raod #27 Increase 0 Harrigan Decrease 0 31- 028 -24 -24 -0099 Sustain 0 7 7212 West Shore Drive Increase 0 Mitchell Decrease 0 18- 028 -24 -44 -0087 Sustain ❑ 8 5221 Minnehaha Boulevard Increase ❑ Jellen Decrease 0 32- 117 -21 -12 -0047 Sustain 0 9 5509 Merritt Circle Increase ❑ Carlson Decrease ❑ 29- 117 -21 -12 -0008 Sustain ❑ 10 4 Merilane Increase 0 Evinger Decrease ❑ 30- 117 -21 -11 -0073 Sustain 0 11 6301 Belmore Lane Increase 0 Volk Decrease 0 12 29- 117 -21 -34 -0031 5305 Mirror Lakes Drive Sustain 0 Increase 0 Resolved Thorp Decrease 0 Case Preliminary Number Parcel Description Opinion Comments 08- 116 -21 -31 -0056 Sustain ❑ 13 5720 Long Brake Trail Increase ❑ Swanson Decrease ❑ 29- 117 -21 -14 -0045 Sustain ❑ 14 6 Circle West Increase ❑ Rinek Decrease ❑ 05- 116 -21 -43 -0026 Sustain ❑ 15 5617 McGuire Road Increase ❑ Beneson Decrease ❑ 33- 117 -21 -43 -0026 Sustain ❑ 16 6012 Tingdale Avenue Increase El Resolved Thorstad Decrease ❑ 06- 116 -21 -34 -0047 Sustain ❑ Ltr 1 7 Overholt Pass Increase 0 Minn Decrease ❑ 04- 116 -21 -22 -0021 Sustain ❑ Ltr 2 6321 Mildred Avenue Increase ❑ Stadium Decrease 0 32- 117 -21 -41 -0080 Sustain ❑ Ltr 3 5505 Grove Street Increase 0 Fraboni Decrease ❑ 30- 028 -24 -43 -0077 Sustain ❑ Ltr 4 6829 Point Drive Increase ❑ McGraw Decrease ❑ 30- 117 -21 -44 -0043 Sustain ❑ Ltr 5 6200 Fox Meadow Lane Increase ❑ Lifson Decrease ❑ Multiple Sustain ❑ Ltr 6 7340 Gallagher Drive Increase 0 Cedars of Edina Decrease ❑ 08- 116 -21 -21 -0055 Sustain ❑ Ltr 7 7029 Lanham Lane Increase ❑ Pederson Decrease ❑ CASE R SLAUGHTER City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 -- Phone: (952) 826 -0365 Fax: (952) 826 -0390 [TDD (Deaf Only): (952) 826 -0379] Board of Appeal and Equalization Residential Request for Review P.I.D. # alp ��l`o • 2i - �{ l V 2S Date Returned: Time: Lf 12- Received By: Case # ::::Fc r.:uffice:u5.. ...... .......................... Withdrawn: Date: tion Date: 3 5 Attach an supporting documentation II� Name: Owner Address: Address: o1d0� L r Qe Phone Number: 962 R Z(,' ! i Business Phone Numbe 6l Z 3 7$' 2-551 Address: - - fAssessor's estimated market value for January 2, 2003: Q c d: �-i i d Buildings: Total: 36 1 -I 0b ve the estimated market value on January 2, 2003 should be: Land: 6a ��� Buildings: 26 2- C_D 7 Total: 3 ZZ 000 Purchase Date: C) , I 02 Total purchase price (land & bldgs.): 2 2 <DcD Year Built: House: 16j Garage: '7 Additions (Explain): Condition of Structures (Explain): Description & value of additions and improvements since your purchase of this property: A of. aii':i�e�ceiit a '' aitsaf VrafetWona. 0. A raisal Date: Indicated Value: :Ex . a.Ih::tfxe:�easar�s:fQr: .. 4?r ::ob]eCtip�: #t�:iF�e::assessor. s:e��ima��d it?a�rk��: v�fU�. :.:.:.:.:.:.:.............. ..........................•.... L HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY OWLEDGE AND BELIEF. nature of applicant:._ RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY THURSDAY, APRIL 3, 2003. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. Case #:1 CITY O DA Board Appeal and Equalization nA�\\nn Assessor's Commentary Property ID Number: 06- 116 -21 -41 -0025 Date:4 -7 -2003 Property Address: 6625 Nordic Drive Owner/Agent Name: Michael/Tra Slaughter 2003 EMV 369,900 Requested Value 322,000 Recommended Value 322,000 Comments: Inspected property 3 -12 -2003. Home is in average to normal condition. Home sold October 2003 for $322,000 and appears to be a valid arms length transaction. In addition to the sale an appraisal was provided ($363,000) which further supports the purchase price. See attached appraisal. Therefore, we respectfully request that the Edina Board of Appeal and Equalization agree to our recommendation and reduce the subject property to $322,000 for the 2003 EMV. Land $127,500 Building $229,000 Total $356,500. Value 2002 History 2001 $127,500 $190,400 $317,900 2000 $ 85,000 $193,900 278 900 Sales $322,000 History 10/2002 0008001049338 004738 Providing Quality Appraisals for BWLenders m.ft J-N R S) rM APPRAISALS, INC. 222 East Little Canada Road, Suite 175, St. Paul, MN 55117, 651 -486 -9550 www.forsytheappraisals.com DATA SUMMARY Client: Bell Mortgage 299 Coon Rapids Blvd NW, Suite 210 Coon Rapids, MN 55433 Borrower: Slaughter, Michael J. & Tracy J. Address: Edina, MN 55439 Value: $363,000 Date: October 8, 2002 Appraiser: Jason Carlsten, Registered Real Prop Client File: 0008001049338 Forsythe ILM File: 004738 /Ak m.ft J-N R S) rM APPRAISALS, INC. 222 East Little Canada Road, Suite 175, St. Paul, MN 55117, 651 -486 -9550 www.forsytheappraisals.com • -_ .... ;: 0008001049338 O Descri lion , UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 004738 o rPro n Address. 6625 Nordic Drive city Edina slate MN Cade 55439 . - VIM I— =...to. County Hennepin Location Urban X Suburban Rural' Predominant sing) occupancy PRICI Built up Over 75 %' 25.75% Under 25% s tamp Growth rate Rapid X Stable = Slow rO�vner Property valves Increasing X Stable Mftg ant 5Demandlsupply Shortage X hbataea Ovesi�* Markedn tine Under 3 zoos. X 3.6 mos. Over 6 mos. l cow 3' Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: The neighborhood boundaries are 1-494 to the south and Highway 169 to the west. Factors that effect the marketability of the properties in the neighborhood (proximity to employr family housing rhesentlard use% Lend use change AGE One family 95% X Not l key ❑ LOrely D Low Mo 5 24 (a* 5% Min process D H- h 75 maf * To: Not Applicable redomhiam Comm�etdel 3 1 30 Vacant iighwav 62 to the north Highway 100 to the east, Int and amenities, employment stability, appeal to market, etc.): apparent adverse factors affecting the subject's marketability. Market conditions M the subject neighborhood (Including support for the above conclusions related to the bend of property values, demandlwpply, and no" time -such as data on competitive properties for sale In the neighborhood, description of the prevalence of sales and ffnancingtoncesslons, eteJ: . _ -._ 1 _ — —, _s _11 r:_a:_.._ — ..111..n ,alit. — Project Information for PUDs (If applicable) - - Is the developerlbuilder In control of the Home Owners' Association (HOA)7 LJ YES W NO Approximate total number of units In the subject project N/A Approximate total number of units for sale In the subject project NIA Describe common elements and recreational facilities: Not Applicable. manlYln- -..... Dining- Dimensions 76 x 211 x 173 x 208 Topography Gently Slopes site area 26145 Sg Ft comer Lm yes X No Size 26145 SF Specdk zoning classification and description R -1 Single Dwelling Unit District Shape Irregular Zoning compliance © Legal Legal r« —*.nkq (Gi- dadteteIl uW U Illegal U No zoning Drainage Adequate Residential/Avg hest a best use as roved: X Present use n Other use (explain) View Typical Ilties Public . other Off -site Improvements Type Public Private Landscaping Asphalt Electricity X 150 AMP CB street Bituminous 3' 2 Driveway Surface Gas X . Cuablgutter Concrete X Apparent easements —Normal U�uli Water X Sidewalk None FEMA special Flood hazard Area l__► Yes X No X Street lights Yes X • 2 Bell FEMA Zone 'C' Map Date 5/1 /80 Sanitary sewer Area Abe None HEATING Type FA KITCHEN EQUIP. Rerdgeretor RangelOvenn Disposal Dishwasher X FeNHood X Miumaave Washe r FEMA Ma No. 270160 Storm sewer Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning, use, etc.): Improvements face east It is elevated approximately 2' above the street The lawn Is average. Typical easements have been considered to estimate the market value. COOLING Cemrel Yes GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No, of units One Foundation C.Block-Ava slab No Area 4FL 1418 Roof No. of stories One Exterior walls Sh Brk-Ava omwSpace No 9 FimBlred 95% ceiling Conc -A X Type (DeUML) Detach Roof surface As ph Sh -Av Basement Partial Icing Drywall walls Conc-A X Design (si*) Split Lvl Gutters a Dwnspts. Alum-Avg sump pump Yes Wells DW /Panel From ExhUnWproposed Exist widow Type . Case-Avg Dampness None Noted Fl� Tile None Age (Yrs.) 33 Years stomdsoeem Yes-Ava Settlement None Noted Omslde Erdry No a� Effective A ROOMS Basement M- IV Fo 1 tltll, manlYln- -..... Dining- „v Kitchen Den ,,,,��. - ..... Fa Rm 1 ..........�.__ Rec. Rm. ._..._... Bedrooms 1 1 ! Bade :5 _ _ _- La X - Other Area .FL ; 18 Level 1 1 1 1 1 3' 2 2 079 Level 0 - Finished area above de cemeins: 7 Romm• 3 Bedrooms • 2 Bell • 2,079S re Feet of Gross Area • INTERIOR MaterialslCondition Flow C UCT -Av - We D II -AV TrinlFinish Oak - Averse Bath Flom C.Tile- Averse Bath Watnscot C.Tile- Averse Doors Flush-Avg. HEATING Type FA KITCHEN EQUIP. Rerdgeretor RangelOvenn Disposal Dishwasher X FeNHood X Miumaave Washe r ATTIC None Stairs Drop Stab SMde X From Heated Finished AMENITIES lire ce(s) #3 Path Deck PO Fence Wood Pod I X X X . CAR STORAGE: None ❑ Garage3Car t•ofceis Attached Detached auet4n 3 Car Cerpoh DrNewa 3 Wide Fuel Gas CondmonAv COOLING Cemrel Yes other N/A CondidonAvera a ddal features (special ener y efficient items, etc.): The sub'ect has an avers a efficienc heatin s stem and windows. The xterior walls are 2 x 4Q See attached comments. ondition of the Improvements, depreciation (physical, functional, end external), repairs needed, quality of constniction remodelinBladditrons, etc.: The sublect an averse stall four bedrooms Ilt- level. The interior decor has avers e a sal. The basement is 95% nished. See attached for additional comments. JAdverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the Improvements, on the site, or In the mmediate vicinity of the subject It Per visual ins action knovAed a of the area and discussions with local realtors there re no adverse environmental conditions noted. rrrdaeu.ramro 543 1 ^ ft&s d.gramdraye3a .=an Sin .Pwm -- 0008001049338 aa.urr%nRanrcincmriAF ADDDAIQAI RFPART vrvw- And73R Valuation Section ws�u va�.....�.+...�......� .. -- -- -- -- - - -- - - - - ...--- -- - - - - - - • S 1127,000 Comments on Cost Approach (such as, source of cost estimate, ESTIMATED SITE VALUE . .......................... ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: site value, square foot calculation and for HUD, VA and FmHA, the 2.079 Sq. FL 0 f 90.00 - s 187.110 estimated remaining economic me of the property): M t. 1347 Sq. FL as 40.00 - 53.880 Cost estimates were derived from construction e Additional Features - 10.000 contracts buildina contractors office files and the 986 Sq. FL 0 It 12.00 - 11.832 Marshall Swift Cost Service. The site value as s 262.822 vacant is based on market trends. Physical - Total Estimated Cost New ....... ........ - Depreciation reflects Dhyslcal wear and is based on Less Physical Fundlomal Emmal • 1 26,282 a e /life method With a total economic life of 100 Depredation $26 282 . s 236 540 years. If new construction Phvsical Depreciation Depredated value of Improvements ................... • s does not apply . 'Asia' Value of Site Improvements, .......... 363 500 INDICATED VALUE BY COST APPROACH • • .. • • • • • • • - s SUBJECT COMPARABLE NO.1 COMPARABLE N0.2 COMPARABLE NO.3 ITEM 6625 Nordic Drive 6500 Aspen Road 6613 Gleason Road 6511 Aspen Road Address Edina Edina Edina Edina 6 Blocks 5 Blocks 11 Blocks Proximity to Suhi s 322 000 s 360.000 jJ111MMS 370 000 EMMIN s 356,000 Sales Price PdcdGmss LJv. Area s 154.880 s 257.14 m s 167.04 0 s 197.22 0 Data and/or Inspection MLS MLS MLS 56 Days on Market 36 Da on Market 96 Days on Market VerTrcation sources Court VALUEADJUSI ENTS DESCRIPTION DESCRIPTION s DESCRIPTION . • s AdLV.M COnv /0 Pts -0- DESCRIPTION . - s Conv /0 Points -0- Sales or Financing COnv /0 Pis -0- Bv Seller -0- Bv Seller -0- By Seller -0- Concessions Clsd 6/25/02 -0- Clsd 8/27/02 -0- Clsd 4/19/02 -0- Date of Sale/Time 19A 8 Suburban Su er Nei h. -10.000 E ual Nei h. -0- Equal Nei h. -0- Location LeasehWee Fee Simple Fee Simple -0- Fee Simple -0- Fee Simple -0-1 Site 26145 S .Ft. 11700 Sq Ft. +4,000 26548 Sq. Ft. -0- 11810 S . Ft. +4.000 View ResidlAv Resid /Creek -5 000 Resid /Av -0- Resid/Av -0- and A Split LvI/Av Split Lvl /Av -0- 4 Lvl S liUAv -0- Rambler /Av . -0- dOorwctbn Avers a Quel. Equal Quali -0- Equal Quality -0- E ual Quali -0- Am 33 Yrs. 33 Years -0- 35 Years -0- 29 Years -0- Condition Avg Cond. E cal Cond. -0- E ual Cond. -0- E ual Cond. -0- Above Grade Tad ' aeon ' ere ran ' mom ' are -0- Tar ' eaee ' are '0- rash ' BOW' ere -0- 8' 4: 2.00' — 7: 3: 2.00 7; 3; 2.00' 8: 3: 2.00 — Room Count 1 800 R +5 600 2 079 1 400 S +13 600 2 215 s .n -2 700 Gross Living BasernerdBFThethd .FL Partial .Ft. Partial/WO -5,000 Partial/WO -5,000 Full -5,000 • Rwrns Below Grade 95% Finished 3Rm -1Bath -3.500 3Rm- .5Ba1h -2,000 3Rm -1Bath -3.500 Functional Utility Avers a Util. Equal Utility -0- Equal Utility -0- Equal Utili -0- lwcvcoobq FA/CA FA/CA -0- FA/CA -0- FA/CA -0- ad � my Eent Averse Avers a -0- Average -0- Average -O- dra e1Ca 3 Car Tuck Un 2 Car Attach +4000 2 Car Tuck Un +4,000 2 Car Attach +4 000 Porch, Patio. Deck Patio None +1,000 Deck/Patio -2,000 Deck, Porch -5,000 Fireatace(s). etc. 3 Fireplaces 1 Fireplace +4.000 12 Fireplaces +2,000 1 Fire lace +4,000 Fence etc FenceNVood Fence/Wood -0- Fence /Chain -0- None +2,000 Other Hot Tub HWF -0- HWF -0- HWF -0- Net Ad l. to X + s 3,10011 X • is 5,700 X + f 6.100 s 363 100 s 364 300 s 361,100 Adpsl sales Pdoe d Comments on Sales arables chosen have Comparison (including Ne subJect property's compatlb ty to the neighborhood, etc. ): All three coin were made usin meanln ul attributes and a blended value conclusion was utilized. Gross livin area ad'ustments 20 square foot. Basement finishing is ad'usted at $2,000 per room and $3,000 bathroom. Bathroom ad'ustments are based on 000 per bath and $2,000 per half bath. See attached for Sales Comparison comments. ITEM SUBJECT I COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Date, Price and Data 9/18/02 See Comp Sales Grid See Comp Sales Grid See Comp Sales Grid swcerorpdas*s $322,000 I wkhh do - N/A MLS /Coun Records MLS /Coun Records KAI S/County Records Analysts of any ahem agreemem or sale, option, or f stbtg d the subject property and analysis of any prior sales of subject and comparables wshih one yeard the dated appraset The sub'ect has not been listed or re -sold in the past year. The current pendin sale pdce is $322,000 per purchase a reement. The borrower has applied fora $257,600 mort a e. INDICATED VALUE BY SALES COMPARISON APPROACH ..................................................... s 363,000 INDICATED VALUE BY INCOME APPROACH Of Applicable) Estimated Market Rent s - Mb. x Gross Rem This appraisal is made X 'as rs' LJ subJect to Ire repels, akeradm ispeftm orcenftrr r9ed below j LJ subJect to completion per flans and specLcaUors. CowitiorsdAppraisat This appraisal is being made "as is" This is a 'Summary App relsal Re ort". No liability is assumed for the structural or mechanical elements of the property. Final Reconciliation: Indicated value by sales comparison: $363,000* by costa roach: $363,500 (founded). The sales comparison best reflects the actions of the typical buyer. The cost approach offers additional support. The income • approach was considered but not used due to limited market data. The purpose of this appraisal is to estimate the market value of the real property that IS the subject of this report, based on the above conaabns aria ore WJmcaoor. con�ghaa and running conditions, and market value defnklon that am rated In tin attached Fred& Mac Form 43911'an nie Mae Form 11*0 B Revised 6/93 ). I WQ ESTIMATE THE MARKET VALLIL AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUELIECT OF THIS REPORT, As OF 10/08/2002 (WHICH IS THE ATE OF INN AND THE EFFECTIVE DATE OF THIS REPORT) TO eE s 363.000, APPRAISE SUPERVISORY SER N ): nature signature % ❑Did QX DId Not a J on Catisten. Registered Real Prop Name Bohn c ors s CJ G4" Red PM Inspect Property FraftsktwFaam sin PAGE 2OF2 F- bMUFa'oION &W a,moa„e,Faar;aogr ssrom.esm smmam...p�emearm . FORSYTHE APPRAISALS, INC ADDENDUM ADDITIONAL FEATURES Additional features Include: 9' ceilings, basement.- stool /sink, 2 ceiling fans, central air, ceramic file floors, electronic air cleaner, exterior - shake, fence - wood, 3 fireplaces, garage - sheetrock, insulated, garage door opener, gutters, humidifier, intercom system, kitchen appliances (built-in), shower, oak railings, patio, security system, vaulted ceilings, water softener and hot tub. CONDITION OF IMPROVEMENTS The basement is 95% finished with a family room, bedroom and a 1/2 bath. Recent improvements per homeowner - The subject is in average overall condition. The subject has been inspected for physical, functional, and external inadequacies. The subject has no apparent functional or external obsolescence. COST APPROACH COMMENTS Estimated remaining economic life is 90 years. The land to value ratio is 35 %. This is typical for the area. COMMENTS ON SALES COMPARISON All three comparables selected are the most recent and similar resales available at the time of Inspection. Comparable #1 had a superior location adjustment due to its being located on a creek. Comps #1 and #3 had inferior site adjustments due to subject's large lot size. Comparable #1 had a superior view adjustment due to its wooded creek view. All three comps are located within 12 blocks In distance. All remaining adjustments should be self explanatory. DISCUSSION OF EXCEPTIONS TO FNMA GUIDELINES FNMA suggests comparables be within six months, one mile, and have gross adjustments less than 25 %, net adjustments less than 15 %, and individual adjustments not exceeding 10 %. In this appraisal, these guidelines were met. IMPACTING SELLER PAID POINTS There were no impacting seller paid points. TRANSMITTAL LETTER The subject was inspected on October 8, 2002. The estimated market value as of October 8, 2002 (effective date), is $363,000. The property was appraised by Jason Cadsten,.License Number 20225122, Registered Real Property Appraiser. When a net'income capitalization analysis is not required by the Uniform Standards of Professional Appraisal Practice, a Registered'Real Property Appraiser'may, appraise residential real property or agricultural property. 1 It was reviewed by John C. Forsythe, SRA, License Number 4000753, Certified General Real Property Appraiser. A certified general real property appraiser may appraise all types of real property. As of the date of this report, I, John C. Forsythe, SRA, Certified General Real Property. Appraiser, have completed the requirements under the continuing education program of the Appraisal Institute. I certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. i This appraisal report is a "Summary Appraisal Report ". It conforms to the 2002 Uniform Standards of Professional Appraisal Practice. Addendum Page 1 of 3 City of Edina March 25, 2003 Michael J and Tracy J Slaughter 6625 Nordic Dr Edina, Mn 55439 PIN: 06 -116 -21-41 -0025 Re: Formal Agreement to Resolution of 2003 Edina Board of Review Appeal 6625 Nordic Dr Edina City Assessor: I/We agree to the following. value / classification change for the 2003 Assessment. I/We further understand that this does not eliminate our right to appeal to the Minnesota Tax Court by their prescribed deadline. Year Value Classification FROM 2003 $369,900 Residential Homestead TO 2003 $322,000 Residential Homestead Signature Date City Hall (952) 927 -8861 4801 WEST 50TH STREET FAX (952) 826 -0390 EDINA, MINNESOTA 55424 -1394 TDD (952) 826 -0379 PDF+PI N: k,_ -:06- 116 -21-41 -0025 Tue, 4/8/2003, 2:09 PM rage 2 WDOK [781 24 CONC PATIO 15 13 CONC PATIO 20 [670] 18 IS FIR 20 [4001 [432] 38 5 1 20 53 is rh GAR [420] IS B FR SIF (MAIN) 28 [1582] )nl 30 10 IS FR OP 4 [42] 7 6 13 1 ... LF 112S STN 8LFISSTN Sketch 1 of 1 hint Notes 1 11995 HVAC. 1989/1996 FLR COVERINGS. 1995-96 ROOF. HILL UP BACK YARD Photo 1 of 1 -Item I-Des—cdr)—tions------- Size /Dim Additional Comments Grade Aa Fctr De r. Total r) Am - Value Count Adjustments Units Cond Year Mult Phys% Fobs% Eobs% OtherO/a (Rnd to dollar) Map (Rnd to $100) Basement stall openers 0 1 of 1 Adtn 1 Story Frame 432 SF NML 1969 1.100 20.00 0 0 0 $13,262 Heat: FHA - Gas Air conditioning Residential Bldg TOTAL $124,669 1.000 $124,700 WDOK [781 24 CONC PATIO 15 13 CONC PATIO 20 [670] 18 IS FIR 20 [4001 [432] 38 5 1 20 53 is rh GAR [420] IS B FR SIF (MAIN) 28 [1582] )nl 30 10 IS FR OP 4 [42] 7 6 13 1 ... LF 112S STN 8LFISSTN Sketch 1 of 1 hint Notes 1 11995 HVAC. 1989/1996 FLR COVERINGS. 1995-96 ROOF. HILL UP BACK YARD Photo 1 of 1 CASE 2 MCIM,�U.RR.rnu,w 6504 WHLLOW WOOD ROAD ;r City of Edina - Board of Appeal 4801 West 50th St. Edina, MN 55424 RE:,-Property ID # 30- 117 -21 -43 -0024 6504 Willow Wood Road .Edina, MN 55436 March 17, 2003 RECEIVED MAR 19 Gentlemen Upon receipt of your recent notice of valuation of property, I was compelled to write you regarding this matter. As a widow on a fixed income with no cost of living adjustment, I have to live within a budget and your constant increases of value have become outlandish. Where do you think we are going to get the money to cover your tax increases that.will come with this market value increase? In the last 3 years the market value ha's increased on my home from $400,500 to $532.400, which comes to $131,900. This comes from what the value was in 2001 to estimated in 2004. What do you base your figures on? Home sales in my area? Well that is outrageous because many homes have been torn down and multi- million dollar ones are being built in their place. Mine just sits there and doesn't change. You are basing things on something in the future, when the house. sells, well I won't be around to benefit from the sale, as 1 plan to stay here till die,, if: F am not forced out by the. increased taxation. Your cost of value increase also costs me in increased insurance on my home to keep up with your values. The insurance company also increased the wind and hail deductable to almost $8,000 because of the hail problems in this area, it had been $500.00 another burden on those on fixed incomes. Where will that money come from itlI� have hail damage. Please realize with our economy, low interest on what little money we have in banks, . bad stock market or mutual funds which I have very little of, people being laid off etc. it is difficult for everyone especially widows and seniors, to be able to deal with all the things the cities and schools want. It is time you have to live on a budget with no cost of living increase. Instead of just taking more from us when yqu can't make ends meet. I just read that the new City Hall was comirig . in under budget, How wonderful, then I read that you were going to add more items not called for in the original bid, such as landscaping, cork flooring,- epoxy coating in garage floors and now there is talk about televising meetings and additional specialized radios, along with added things for schools. WHY did you have to add more items to the budget, WHY could you not just settle on what was needed in the beginning without all the frills? WHY couldn't you take that money and use it to lower the taxing of the people whose money` it is in 'the first place. Please review the increase in my valuation and. the situation we are all in with todays economy and be fair. Sincerely, 4 Property ID Number: 30- 117 -21 -43 -0024 Date: April 8 2003 Pro erty Address: 6504 Willow Wood Rd Owner/Agent Name: Carole' McMorrow 2003 EMV $532,400 Requested Value No Specific Request Recommended Value $5321400 History 2001 $210,000 Comments: The property was inspected on March 27, 2003. The home was built.in 1979 and is a one and one -half story home with 2,842 sq. ft. above grade. The first floor has the master bedroom, kitchen, dining room, living room, family room and two baths. A smaller three season porch is off the family room. Upstairs there are 3 more bedrooms and another bath. The basement is unfinished. Decor in the home is mostly original. An attached three stall garage completes the property. A search was made for sales that specifically had original /dated decor. There was a mix of story heights, with one that was similar, although a soft contemporary. The adjusted comparables indicated a range of $551,000 to $756,000. Two other sales analyzed were in the owner's neighborhood, and they indicated the same approximate range. Mrs. McMorrow's lot has less utility than others in her neighborhood because of a hill rising; behind. In addition it is at a lower elevation than the adjoining property. Based on all sales analyzed and the attributes of the property, we feel that the lower end of.the range is appropriate. We therefore recommend to sustain the present value. Mrs. McMorrow submitted some pictures of her neighborhood to the office on April 9�'. She wanted to have the council members view them, so they will be available at the meeting for your review. Land $210,000 Building $301,400 Total $511,400 Value 2002 History 2001 $210,000 $250,000 $460,000 2000 140,000 260 500 $400,500 Sales 1980; $246,500 History CASE 3 NHLES � L 04 i FARM, S' �R-'�u AD City of Edina Assessor's Office �CA4 \A /n.4 gnth gfrP_P_t YVV I rV�.�a a•v... ..... - -- I 1 -00 1 Edina, MN. 55424 -1394 P.I.D. # — -11-3 Phone: (952) 826 -0365 Fax: (952) 826 -0390 Date Returned: Time: [TDD (Deaf Only): (952) 826 -0379] Received By: Case # Board of Appeal and Equalization :::For:offic..... ..... ...:.................... ...... nithdrawn: I Date: Residential Request for Review Application Date: '3 25 v3 Attach any supporting documentation Owner Name: 6' e f u- t j- %doh /I-j,), Iles Owner Address: v ( loo o� h a "L— T 7i o -7 Business Phone Number: 70 Home Po n Number: 3 Property Address: Assessor's estimated market value for January 2, 2003: Land: Buildings: Total: b I believe the estimated market value on January 2, 2003 should be: Land: Buildings: Total: C SO 0 o p Purchase Date: 2l Total purchase rice & Year Built: House: Garage: Additions (Explain): Condition of Structures (Explain): —i oo A Description &value of additions and improvements since your purchase of this property: �W�� �J��k ctt; ``r�'o°a ' IC•�c -�teH c�>�'[�efS s::::::::::: : :::i esstoal' Raf feeds:::: :::: PJase atfki:Q : o' r i a� A raisal Date: Indicated Value: ....iOO SIO . •4?r.o n��G v ovc7 MA d e. OaO � �S QSS ®J�s e� �Z avl J - i `� c'� b e.. h i v1 Ar J S S '-� i1 C �G, J e O Caere THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY I DO EREBY AFF RM THAT KNOWLEDGE AND BELIEF. Signature of applicant: RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY THURSDAY, APRIL 3, 2003. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE.. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. CITY OF,.EPINA Board ;appeal and 'Equalization /Al\\� Assessor's Commentary ..;Case #: 3' Property ID Number: 30- 117- 21 -31- 0010, Date: April 8 2003 Property Address: 5104 Green 'Farms Rd. >l CITY OF,.EPINA Board ;appeal and 'Equalization /Al\\� Assessor's Commentary ..;Case #: 3' Property ID Number: 30- 117- 21 -31- 0010, Date: April 8 2003 Property Address: 5104 Green 'Farms Rd. Owner/Agent Name: Gerald and Monica Nilles 2003 EMV $755,600 Requested Value `$630 000 Recommended Value $675,000. . Comments: An inspection of the property was made on 4 -2 -2003. The property is a .rambler, built in 1987, with above average quality finish on 2, 268 sq. ft. There is approximately 1460 sq, ft. of additional above average finish in the walkout basement. The home has 3 bedrooms, 3 baths, 2 fireplaces, a deck, and a three stall garage. There has been normal care and maintenance of the property. Applicant references the sale next door. Research of the sale yielded the following information: 1) lesser quality finish in kitchen 2) pool /fencing closed in the yard 3) property listed too high at same time that market stabilized 4) owners in ill health, wanted out, accepted lowball offer that their realtor advised them not to accept. This comparable adjusted out`indicates a value of $672,000. Other research yielded a number of good comparable sales, which when adjusted for differences yield.,a range of $668,000 to $829,000. Giving the most weight. to the property next door, while still considering the others in the neighborhood, we estimate the market value to be $675,000.. Mr. Nilles has indicated that he feels his property will be negatively impacted by the propsed plat and development behind his property. At this time there are no sales to indicate any such impact. Land $277,500 Building $379,900 Total $657,400 Value 2002 History 2001 $277,500 $338,500 $616,000 2000 $185,000 - .$328,400 $513,400 Sales 7/1987 $450,000 History CASE 4 OSTREM 5837 EWHNG I LA AV NUI SO City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 P.I.D. # 7- -32 , av Vg� Phone: (952) 826 -0365 Fax: (952) 826 -0390 Date Returned: , O Time: (TDD (Deaf Only): (952) 826 -0379] Received By: Case # Board of Appeal and Equalization : :Oily : . :.:.:.:.:.:.:.:.:.:.:.::::::::: ::::l= or:ofFice:us ..... ............................... VVithdrawn: Date: Residential Request for Review Application Date: 8 ! 03 Attach any supporting documentation Owner Name: Owner Address: 3 F W Home Phone Number: �'I S Z ' Z6 " r'l Zy Business Phone Number: L Property Address: S8 3 3 ��� "` N 1✓ 5-q ! D Z'? S> Assessor's estimated market value for January 2, 2003: -0 Land: Buildings: Total: �e2 I believe the estimated market value on January 2, 2003 should be: Land: Buildings: Total: Purchase Date: ' Total purchase price land 8: bidgs. : Year Built: House: i Garage: lk Additions (Explain): ems, Condition of Structures Explain): Description & value of additions and improvements since your purchase of this property. l+Lan 5 :0 -An :t 0g1f a altSai :praFessCo.ial.ap :• teal; �:: �: �: �: �: �: �: � :�Ptaase�attatki::a:+�o��: of. raisal Date: Indicated Value: ,..... :EX liR ::tfi:reasI15:f4�: 4�r:Qfa : e. CtivR: tt�:> kFie: 55essor. s: e5tii�eted: tiierkY18:::::::::: :::::: :::::::::::::::':.•.::::• Vl -Gti ✓S j 4-e Zo o z U -3 -fop -s rid s �t • 6 % �:,�°° �k v�-t 'lbGe, -ycsu 3 r -U �,s-rz J Co 3 . <y It Zi f ,HcEty 5t w c{ L, � I DO HEREBY AFFIRM THAT TH OVE INTO ION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Signature of applicant: RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY THURSDAY, APRIL 3, 2003. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. Case #: -4 CITY O.F.E:. Board Appeal and Equalizait on ^//,\\\ n �nA\ Assessor`s Commentary, Property ID Number: 20- 028 -24 -32 -0085 Date: 04/09/03 Property Address: 5837 Ewing,Ave.S Building $131,200 Owner/Age t Name: Linda C. Ostrem Craig A: Ostrem 2003 EMV . $228,000 History Requested Valud, . $170,000 Recommended Value $218,400, Comments: On March 13, 2003 a "Request for Review" was provided to the Ostrem's. On. March 28, 2003 that form was returned -to our office and we immediately contacted Mr. Ostrem. As they were leaving for one week vacation the next day, an inspection was not possible until April 8, 2003. On April 8, 2003 our office made a complete interior and exterior inspection of the subject property. Before we left the premises, Mr. Ostrem took the time to point out the various areas of his concern regarding the overall condition of his.property. These items included: deferred maintenance of peeling paint; "settling" cracks in walls and ceilings. Also, he pointed out some original plumbing issues. These items of concern were noted. Also; they appeared to have been noted by our data collector during a previous inspection on March 7, 2001. Of particular concern to Mr. Ostrem was a large crack near the main floor fireplace. It appeared to be older. Mr. Ostrem could not verify if it was there when they purchased the home in 1997. It was suggested that if the homeowners ever decided to have a structural engineer review the problem, they should inform our office of the outcome. Mr. Ostrem did not provide our office with any data to support his opinion of value. We reviewed comparable sales that were considered to be reasonable reflections of the subject property and "normal arms length transactions ". They shared similar design, style and appeal. These sales included,. but were not limited to the following: 7 • 5912 Ewing Ave S 02/2002 $220,000 • 5824 Chowen Ave S 07/2002 $229,000 5929 Chowen Ave S 03/2002 $215,000 These sales bracket the subject property and after making the necessary adjustments, it is our opinion that the subject "Estimated Market Value" as,,of January 2, 2003 should be $218,400., Therefore, we respectfully request that the City of Edina Board of Appeal and Equalization reduce the subject property 2003 "Estimated Market Value" to $218,400. Land $75,200 Building $131,200 Total $206,400 Value 2002 History 2001 $75,200 .$118,300 $193,500 2000 $531000 .$126,200 $179,200 Sales 07/1997 $139,500 History City of Edina Assessor Photo Review Wed, April 9, 2003 9:31 AM Page 1 Selection Criteria and Sort Order: Selected I of 1 possible records All Parcels Natural Parcel Order PDF+Parcel Number ComputerlD Deedholder Location - Class Contract Route Map Street Address Map Area 010+20-028-24-32-0085 Photo 1 of 1 URBAN-RESIDENTIAL Date Taken: 6/20/2001 024-003-100 Photo Last Edit: 6/20/2001 5837 EWING AVE S 10 E France No Comments: Am PIN: .48 -24 -32 -0085 Route No: 024 -003 -100 F,-„ . 10 Address: 5837 EWING AVE S, EDINA 40 CONC PATIO 14 [350] 25 26 IS B FR (MAIN) [1194] 1S FR EP 1S FR GAR 12 [180] 20 [420] 15 2 18 7 21 6 1 14 Sketch 1 of 1 40 LF 112S SIM STN m .CASE 5 ZHU.RAVEL 5C�R2 HANSEN ROAD City of Edina Assessor's Office nani wort nth Street Edina, MN. 55424 -1394 P.I.D. # 0�1 - 0 -7 a( �� - U0110 O Date Returned: 3 -o O Time: �d Phone: (952) 826 -0365 Fax: (952) 826 -0390 [TDD (Deaf Only): (952) 826 -0379] Received By- Case # Board of Appeal and Equalization :: ' ::.:.:.'.:.'.:.:.:. . =. ::::Fc r. :Office sus ....... ........................ Withdrawn: ,Date: Residential Request for Review Application Date: �� - � - O 3 Attach any supporting documentation Owner Name: Owner Address: S 2 V-CACIA- -Q-0 A-CAI ZS(( 3 Home Phone Number: q Z- 2 $S'-( 8 q kO Business Phone Number. 6:SI - rod Y - -VW IZ Property Address: 0 ►��/' �^ Assessor's estimated market value for January 2, 2003: C Land: L� 0-0 Buildings: vZ I (� dv Total: o� I believe the estimated market value on January 2, 2003 should be: Land: CLO0 Buildings: f V-& I Total: Z 9�0 Q-Q-� Purchase Date: (Q Total purchase price land & bldgs.: Year Built: House: Garage: Additions (Explain): Condition of Structures (Explain): Description & value of additions and improvements since your purchase of this property. �vyL� ..ki... .a.�• :. :. :. • ������at# a+ : �of�ai•�•r�e��rf�a��•�•���a3sa� g : s: s: s: s: s; s: s: s: s: s: s: s: s :sss :s :s : :....ssss :s :sss :s :s :ss Oro�es�aYala sa�ac : :: P1�asa sisal Date: Indicated Value: . ... .... .. ... ....... .... ........... .... .... .........�.... ... ... :. F...........• '.'.•.'.'.'.'.'.'.':. '.'.'.'.'.'.' :.'.' :.'.'.'.'.'.' :EX . a�q : :t}[� :�easc►�5 : #pf :. • • qr: o�' eCXivn�: tq: tFie: ��ses $or.5.e�i;i�n���d�i'�a�k���. �u�.: .:•:•:•:•: .: .:•:•:•.•. �. �.•.•.•.•.•.•.•.•••.•. •••••.•••••.••••••••••••••••••• U v S� 1 �✓ , �L I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Signature of a licant: Z' 2�it/ RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY THURSDAY, APRIL 3, 2003. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. Case #: 5 CITY OF EA Board Appeal and Equalization A1\1on Assessor's Commentary. Pro a ID Number: 32- 117 -21 -41 -0068 Date: April 2 2003 Property Address: 5812 Hansen Road Owner/Agent Name: Alex Zhuravel 2003 EMV $295,500 Requested Value $270,000 Recommended Value $284,000 Comments: The property was inspected April 5, 2002 for the 2002 Board of Appeal and Equalization. Previous inspections were in March of 2000 and 2001, due to requests for review. It was determined that another review of this property would be unnecessary at this time. Notes that follow are from the 2002 inspection conducted by Moreau Sankey. The home is located on a heavily wooded lot that is typical for this block, but larger than typical for other neighborhoods of similar age, style and quality of construction. It is in Average to Good condition. The interior is slightly dated with the soft contemporary style of the living room and dining room, which have cathedral ceilings, wood paneling walls, and a stone fireplace. It has a first floor family room with fireplace and two large bedrooms on main level. The kitchen is small and older with a built in barbeque. There are two bedrooms. and two.baths on the main level. The lower level recreation room has a third fireplace and walkout to the wooded rear yard. There is a third bedroom and bath on the lower level. Mr. Zhuravel appealed to the County for the 2002 assessment. They calculated a value of $284,000. We are recommending the value remain at that level for the 2003 assessment. That recommendation is based on sales from the previous year, which when adjusted, indicate a $284,000 value. Land $84,400 Building $199,600 Total $284,000 Value 2002 2001 $84,400 $164,100 $248,500 History 2000 60 300 $157,700 $218,0 00 Sales June 1999 $218,000 - History CASE rr HAil\\-Jn,HkIAN, ��i` 6ROS EDEN F RAH UE ROAD #27 City of Edina Assessor's Office AAM \Atnet 58th .l'trP_At Edina, MN. 55424 -1394 Phone: (952) 826 -0365 Fax: (952) 826 -0390 [fDD (Deaf Only): (952) 826 -0379] Board of Appeal and Egualizatioin Residential Request for Review P.I.D. # -�j-2-- L l -1 Z-1 - - 6 oq Date Returned: Time: Id "/)Z) Received By. Case # .:.fB."66 :USA oiil . :: :: :: For. o .............. ....3f......................... Withdrawn: Date: _porting documentation Application Date: Js ' S ZDO3 Attach an sup Owner Name: Owner Address: 6 10 S C-Zl" PILA IZ i Ic- afaP - xZ/-7 Horne Phone Number: %499_ `1b c7 Business Phone Number: ,� / 9 - Z %/ Property Address: Sq-h+. e 4-15 s estimated market value for January 2, 2003: Buildings: Total � 4 2 Z, iSo O the estimated market value on January 2, 2003 should be: Ebelleve ? Buildings: _ Total: 3 Z Purchase Date: Oro Total purchase price land & bldgs.: ✓��Z, o oa tac. ur.. f� Year Built: House: /a/7 D Garage: Additions (Explain): Condition of Structures (Explain): 6 ooh Description & value of additions and improvements since your purchase of this property: l �D L�o/t�'Th�� (,t/ rf�� G✓d' Lso �-Goffi -- y(/m%'�' d10pr 7'to�rS oK- //�9iO�i vva•6� S • ...•L •...• ........:.... . '� .. Prafessioti4fA, lsafs�..'.'.'.'.'.'.'.' P1+�as att�acki a:ca of:ara ' :i Brat a ' aisaf Appraisal Date: D n Indicated Value: ... :Ex iA:tfT �easQ118:fgt:. gr:ofi'e�tign:tt :>Fie:a lessor s:e5ti al d a�ket: Y��iie: :::::::::::...:.:.:. :.:.:..:.:.:.:.:.:...::::: —7`b �- laaf &X !�!a$ ��2 000 Mpe_ f o, ( d-!!-~ t 7- A,(,+S 2 s .a-er-D .Jmo S I DO HEREBY AFFIRM THAT THE ABOVE INF RMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Signature of a licant: RETURN THIS APP ION TO THE EDINA ASSESSOR'S OFFICE.BY THURSDAY, APRIL 3, 2003. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. Property ID Number: 32- 117 -21 -23 -0091 Date: Aril 10 2003 Property' Address: 6105 Eden Prairie Rd Unit #27 Owner/Agent Name: John Harrigan 2003 EMV $422,800 Requested Value $325,000 Recommended Value Comments: The property was viewed April 7th. Valuation computation is in process. Land $6,000 Buildina $383,400 Total $389,400 Value 2002 History 2001 $6,000 $353,300 $359,300 2000 $6,000 $331,200 $337,200 Sales 5/2000 $312,000 History CASIE 7 MHTICHEL,L E �rn- - � 7 2 R 2 W T H �Ul RDE DRHVE Property,ID Number: 31- 028 -24-24 -0099 Date: 4 -7 -2003 Property Address: 7212 West Shore Drive Owner A ent Name. Gladys Mitchell` .. 2003 EMV 257 500 Requested Value 250,000 Recommended Value 257,50'0 Comments: Inspection completed 4 -2 -2003. Home is average condition; no improvements have been made to the property. Sales comparison grid has been completed, and the adjusted sales price of sold properties support of our 2003 EMV of $257,500. Land $100,900 BuildinQ $147,600 Total $247,600 Value 2002. History 2001 $100,900 $133,400 $234,300. 2000 67,300 1$138,300 $205,600 Sales $ History None CASE 8 JELLJEN 522 R M � N N AHA I D) BOULEVAic�� �L) City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 P.I.D. # ig • 24 -�l�t- C50 $1 Date Returned- ' 5V Phone: (952) 826 -0365 Fax: (952) 826 -0390 [TDD (Deaf Only): (952) 826 -0379] Received By:. Case # :' ia� .::::: ::.:.:.:.:.:.:.:.:.:.:::....... cir:offiice10 o .. ........................ ... ........................... Board of Appeal and Equalization Withdrawn: Date: Residential Request for Review Application Date: 3 Attach any supporting documentation Owner Name: _&L S PC 5 r r zuek 4;*t/ Owner Address: Home Phone Numbe I r �,2 9� - �S7 Business Phone Number: Property Address: Assessor's estimated market value for January 2, 2003: yS�� l o U Land: 3 g5_/ So 0 Buildings: �6C ° Total: (3 I believe the estimated market value on January 2, 2003 should be: « r 2400 Land: OZG zoo Buildings: Z �G o G D Total: Purchase Date: S 1 7 Total ourchase price (land & bidgs.: 0 G U I !�i 8 I Year Built: House: 'I Garaged ( 5 Additions Ex lain : oM on AUK/ per '� !•c �`�r�s Condition of Structures Ex lain): n Description & value of additions and improvements since your purchase of this property: 0 0 o MaSr i /yb'i Pf'of6 ;SI.0fiafiA ... Tsai& :::::: P1+esase atfa�cki a:+ca '. of:a�ii :td etif a a3Sa1 raisal Date: Indicated Value: ... .a. ft .004*.f��7e�S:c RS: #Q�: l�r:o eCIIQn:t�7:>�F� :a s�sSor's:�511m�1 d it�a�k �l�. ale. ::::::::::............... . �,e 11I JMAAr,e 7 02 e 2(ce 101101 HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Signature of applicant: RETURN THIS APPLICAWN TO THE EDINVASSESSOR'S OFFICE BY THURSDAY, APt1L 3, 2003. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YO WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. �Tr Joseph Jellen 5221 Minnehaha Blvd. Edina, MN 55424 March 31, 2003, Mr. Richard Nelson City of.Edina Assessors Office 4801 W. 50th Edina, MN 55424 Dear Sir. This letter is in response to the 2003 Notice of Valuation and Classification. Reference Property ID 18-028- 2444-0087 I was impressed by the valuation of $552,100. This valuation represents a 53.7% increase in two yam- I reviewed all the valuations on Minnehaha Blvd. and also the valuations of my immediate neighbors to the east on Halifax Ave (5216, 5220, and 5224). The lots on Halifax are about 100 bigger than my lot but the listed value of my lot is substantially higher ($385,500 versus $156,200). The lots on Halifax Ave have city water whereas mine does not In my opinion, the premium for being next to Arden Paris should not exceed $50,000. Therefore I sincerely believe that my lot is dramatically overvalued. My home is comparable with the homes at 5216 and 5224 Halifax, so I used their home valuations for mine. The MidEast crisis is a drag on the economy and has yet to be determined consequences. This may impact the time it takes to sell my home and/or the selling price. I request that my valuation be lowered to $416,200 with the land valued at 206,000$ and my structures at $210,000. Thank you in advance for considering this request. Sincerely, Joseph Jellen Board i e Assesso li and Equalizati ®n Commentary Case #: 8 Property ID Number: 18- 028 -24 -44 -0087 TDat 04/08/03 Property Address: 5221 Minnehaha Blvd. Owner/Agent Name: Joseph and Rosemary Jellen 2003 EMV $552,000 Requested Value $416,,200 Recommended Value $552,000 2001 $236,200 $122,800 Comments: Shortly after the valuation notices were mailed we received a telephone call from Mr. Jellen questioning his 2003/04 Estimated Market Value. During that conversation we attempted to answer all of his questions. We also explained thoroughly the "Appeal Process ". We explained that until someone from our office was given *he opportunity to inspect the interior and exterior of his property, the "Local Board of Appeal and qualization" may not adjust the estimated market value of his property. He indicated that he would speak with his wife and call us back. On April 10, 2003, Mr. Jellen called and asked if we could do the inspection that same day at 9:00am. We obliged his schedule and did a complete interior and exterior inspection. At this time we are in the process of completing an appraisal on the subject property. Land $432,200 Building $56,600 Total $488,800 Value 2002 History 2001 $236,200 $122,800 $359,000 2000 $135,000 $164,200 $299,200 Sales 08/1976 $51,000 History Case #: Board Appeal and Equalization Assessor`s Commentary Property ID Number: 18- 028 -24 -44 -0087 Date: 04/11/03 Property Address: 5221 Minnehaha Blvd. Owner/Agent Name: Joseph and Rosemary Jellen 2003 EMV $552,000 Requested Value $416,200 Recommended Value $552,000 Blvd. 08/2002 $1,800,000 Comments: SUPPLEMENT On April 10, 2003, our office made a complete interior and exterior inspection of the subject property. The ubject is a 2,313 square foot wood frame two story home originally built in 1946. It has wood shake siding with some brick trim and an asphalt shingled gable style roof. The house is nicely elevated above street grade and has views of Arden Park and distant Minnehaha Creek. There is a 440 square foot two car detached garage at the rear of the site accessed by an alley. The subject has well water only. The site appears typically landscaped with mature trees, shrubs and lawn. In approximately 1987 an addition consisting of a new basement, a new main level living room with built in hutch /wet bar, a new second level master bedroom with a new full bath with whirlpool tub was built. At approximately that same time the double detached garage was built and the kitchen was remodeled and updated. A new open porch and entry foyer were also added at that time. The basement is partially finished and in fair condition and has one fireplace. The main level has the living room, dining room, kitchen, breakfast room, bedroom, a full bathroom and two fireplaces. There is access from the breakfast room to a 10'x 12' glazed porch. The second level has the master bedroom and full bath, plus three additional bedrooms (two with wood paneling) and a 3/4 bath. This is a unique ""micro-neighborhood" of approximately 14 homes. They share similar public service conditions and similar views. It is a homogeneous neighborhood and as a result is not very transient in nature. The most recent sales (over the past 12 years) are as follows: • 5321 Minnehaha Blvd. 09/2002 $949,000 • 5333 Minnehaha Blvd. 08/2002 $1,800,000 • 5241 Minnehaha Blvd. 09/1995 $425,000 • 5217 Minnehaha Blvd. 03/1991 $236,000 Je reviewed current comparable sales that were considered to be reasonable reflections of the subject property and "normal arms length transactions ". They shared similar design, style and appeal. These sales included, but were not limited to the following: • 5321 Minnehaha Blvd. 09/2002 $949,000 • 4502 Oak Drive 02/2003 $550,000 • 5401 Kellogg Ave 04/2002 $500,000 These sales well bracket the subject property and after making the necessary adjustments, it is our opinion that they reflect and support an "Estimated Market Value" of at least $552,000. Therefore, we respectfully request the City of Edina Board of Appeal and Equalization to sustain the current "Estimated Market Value" as of January 2, 2003 at $552,000. Land $432,200 Building $56,600 Total $488,800 Value 2002 History 2001 $236,200 $122,800 $359,000 2000 $135,000 $164,200 $299 200 Sales 08/1976 $51,000 History City of Edina Assessor Photo Review Tue, April 8, 2003 4:05 PM Page 1 Selection Criteria and Sort Order: Selected 1 of 1 possible records All Parcels Natural Parcel Order PDF +Parcel Number ComputerlD Deedholder Location - Class Contract Route Map Street Address Map Area 006 +18 - 028 - 24-04 -0087 5221 MINNEHAHA BLVD URBAN - RESIDENTIAL 013 -001 -250 6 Brucewood Photo 1 of 1 Date Taken: 8/10/2001 Photo Last Edit: 8/10/2001 Comments: 2 0 /7- O,Zt - 251- YV' MY> S22/ A�IwANA RIA lJ,£ SsoRY /-� fmp-y 8,�e.fENr l�IN iz' eoc�vr ACR SWAN Is,/ I 2i/ • M I 9' I � � 9'1 I I I J _ L -- I 3, 3' 7' -ru✓o ftRy ovsk ePSJW.ENT I �� —12 — — — 29' 29 ' oPEAl 6 (Pmecw ) pHF acQ iS' �a9EiW�ir 9' /S' OAAC b7a�1 cy L /! 9' �arE srokY ' �E` o, � NqN� J ty = L yl } f A ter: _• .r :!` 4.4 AN CASE 9 CARLSON � ) 5509 \L _ 1 CHRCLE city of Edina Assessor's Office .ono \nt # rmth CtrP_Pt Edina, MN. 55424 -1394 Phone:'( 1 952) 826-0365 Fax: (952) 826 -0390 (TDD (Deaf Only): (952) 826 -0379] Board of Appeal and Equalization Residential Request for Review P.I.D. # 1-7 _C9 'l ,/ Date Retumed: Z -Z - U 3 : o Received By- (��- ±Clasle # ::= ::For = ofF%ce `iis oiat : :: :: ::::: ::: : : :: : : ................. :. fit.:....,:..::.., ::::..::..:.. ithdrawn.- _ Date: Application Date: - Attach any supporting documentation Owner Name: Owner Address: Home Phone Number:9 Business Phone Number: Property Address: ._. Assessor's estimated market value for January 2, 20003: ,l �1 Land: 16? a i 0 0 Buildings: 1 l v v Total: a -7 i v I'believe the estimated market value on January 2, 2003 should be: Buildings: Total ���, �� [Land: Purchase Date: ( l ! Total purchase rice land & bldgs.): v Year Built: House: x'153 Garage: n OS7 Addition (Explain): Condition of Structures (Explain): p Description & value of additions and improvements since our pufchase of tf property. e-� . 0 ::::.:...:• .:.::.:....:......•.................• :::. ::.•.::..•. :::....::.:::.:: .:............ .. .... .. ..........:......•.•::.•.•:.•:: • • •.•::::: ::..... ..::. :•:.•.:. :..... . . . �l!'ro 6W.6ii4Ap isai ::= :: please atta�cki a:+cQ nf =ia sisal Appraisal Date: Indicated Value: :�J4 . �1�::tff$�Fe�r�g5:fpr:• . 'Nr:Qb eGXlgl}: t9: tFie: �$ �QSS!? N.' �: 45tgnat�f�Riatk�' ��lUe.:-:•:;•::•:•::•::::.•:::.•: ::.•.•.•.•.•::.•:.•.•.•.•.:•.•: : In 1999, the estimated market value was $175,000. On January 2, 2003, it was valued at $271,900, making it an increase of 55.3 %. The -land value in 1998 was $48,800. It is now valued at $162,000, which is an increase of 332 %. I would like to request a hearing with the Board of Equalization. Thank you for your consideration of this matter. I DO HEREBY AFFIRM THAT THE ABOVE INF TI IS CO PLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIE Signature of applicant: RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY THURSDAY, APRIL 3, 2003. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. - - - Case #,: 9 CITY OF EDINA. Board Appeal and Equalization /^,\���//1 \\A\ i Assessor's Commentary Property ID Number: 32- 117 -21 -12 -0047 Date: April 9 2003 Property Address: 5509 Merritt Circle Owner/Agent Name: John J. Carlson 2003 -EMV 271 900 Requested Value $215,000 Recommended Value $271,900 Comments: Owner has estimates of $223,000 for remodeling and updating to his property, including $56,000 to install central air conditioning. He indicated to me that he might expect a 50% return on the market for his planned improvements. The property is 1963 sq. ft. on the main level, with an additional 825 sq.' ft. of finish in the lower level. The home was built in 1953 with a 2 stall tuck garage. The main floor has 4 bedrooms, living, dining, kitchen, family room, one full and one half bath, and one fireplace with two openings. The lower level has a bedroom and recreation room, as well as another fireplace and a, 3/4 bath. Comparable #1 is close to the intersection of Hwy 100 and 70"' St. It was marketed as having great decorating potential with room for improvement. It's main floor square footage is the same as the subject, it is the same style, and it has 4 bedrooms on the main level. It sold for $271,000. Comparable #3 is a typical rambler on the same block as subject. Our most recent inspection was August 2001 and stated it was well maintained throughout with standard updates, although nothing recent. It has traffic on two sides. It is 2007F sq. ft. smaller than subject above grade with about equal amount of basement finish and sold for $392,000. .Having analyzed the comparable sales, no decrease is recommended. Homes in better condition in the neighborhood have sold in the $400,000 - $500,000 range. Land $133,000 Building $112,00.0 Total $245,000 Value 2002 History 2001 $133,000 $105,800 $238,800 2000 $95,000 110 900 $2051 900 Sales 3/70 $114,000 History PDF +PIN: OY4 +32- 117 -21 -12 -0047 28 LF 112 STN 4 LF 1S STN Sketch 1 of 1 Wed, 4/9/2003, 8:00 PM rage 2 Photo 1 of 1 INGLES & GUTTERS & DOWNSPOUTS BOTH IN 1999 L DEEP LOT ORIG INTERIOR FOR THE MOST PART; TWO BACK BED- ROOMS RECARPTED (1990+/- SHINGLES 10,400 GUTTERS & DOWNSPOUTS. HAS INDOOR/OUTDOOR CARPET. NO UPDATES HAVE BEEN MADE, STANDARD MAINTENANCE ONLY. CARPET OLD THROUGHOUT. Atli Ia � �ri�� ' f s �r M �i Y." `^'� ;. � "'°' X11 �"•�"•� � i f �tr:x "'(air 3 April 13, 2003 Board of Equalization and Appeal City of Edina 4801 West 50`h Street Edina, MN 55424 -1394 Re: P.I.D.# 32- 117 -21- 112 -0047 My house at 5509 Merritt Circle, has always been compare and evaluated with other homes in the immediate area, according to the Edina Assessor's Office. I have been living in this area for over 24 years and have yet to see any land for sale at the present time or in past years at these values of which I am being compared. I have not done any landscaping, remodeling, updating, or have not put in central air and heating (my house having an old boiler system), because of the high cost of materials and labor and yet I am continuously being compared to houses in this area that have new additions, remodeling, updating, new cement work, new kitchens, bathrooms, central air, decks and many more construction items that I have not mentioned above. One issue that needs to be mentioned is the water problem in the basement that has become worse over the years. Both houses on the north and south sides of me have drain tile and sump pumps. My wife and I have maintained our home to live in, not to rebuild it to sell it. Based on the current outdated condition of the house it would not sell for over a quarter of a million dollars, unless I put over $200,000 into it. I am well aware of the inflated real estate market and high increases, but I have not had my head below ground for my seven -eight years of life except for the time I spent in fox holes in France and Germany. In 1999, the estimated market and taxable property value was $175,000. On January 2, 2003, the estimated market property value was $271,900. This is an increase of 55.3% in three years. In 1998, my land market value was $48,800. On January 2, 2003, my land market value was $162,000. This is an increase of 332% (three - hundred and thirty -two percent) in four years. These market values do not accurately reflect the true value of my property. Thank you for reading my letter and your consideration regarding this matter. I am hear to answer any questions that you may have. Sincerely, no�� �� CASE RO EVHNGER i (J City of Edina Assessor's Office 1.8 L GA.6 406 YVV 1 V . Edina, MN. 55424 -1394 P.I.D. # - '1 - - g Phone: (952) 826 -0365 Fax: (952) 826 -0390 Date Returned: — O Time: a : ?.m C..' [TDD (Deaf Only): (952) 826 -0379] Received By: Case # ion Board of Appeal and Equalization ...... ::::Fcr:ofFice:u5. o ............................. ....•...• ...................... ..... Withdrawn: Date: Residential Request for Review Application Date: 3 10-3 AHach an su orting documentation / 14 Su Owner Name: i� `� G hh �v► w ✓ Owner Address: M i ri 0 o t �`r7 �SO� Home Phone Number: 9s� W6 30?-3 Business Phone Number: / M e l A h e Property Address: ri Assessor's estimated market value fQr January 2, 200: a, �'( a 3 a 3 IO( T Buildings: hire4vz /I'M Total: Land: I believe the estimated market value on January 2, 2003 should be: !, ? Land: ? Buildings• Total: Purchase Date: J" • I &W Total rice (land & bldgs.: -�/ r► rten' Year Built: House: 1717- ;4arage: Additions (Explain): - Lem- �! 7ea✓ �iurvn vs. n,�„ Condition of Structures Ex lain : t lvkpv Description & value of additions and improvements since your purchase f this pleKr � �� 1� :PiroFes; laiial a' .... isa�a ::::::::' P�+ ase aMaacM ..... ''.' g' ::::::::::::::::::::::::::::::::::: ::::::::::::::::::::::::::::::: :+cOR '-of�aii :i eiif a ' a3saf A sisal Date: .S h �t a�t/n (e ' X06 Sfrac ed Value: ,..... :EX t#S:fVR:• . ur.:ofi eC IgR:t+ :f e:asseSSQr. 5ii �x�d hark :Y X19. ::::::::::::::::........ . .ai[1::tf%e:Feas 1, 4 W 0 ly,Pi1'i lane rd "#1 aaa �v>' 7 S ODU, T h; s ✓ WAII n &'W/ rt 3W Gds: f �f v M�.r', he / 7// �r7� Va.iuec � e' f3 m 1, � ✓� �� same vR.�.c 1,�� a�.t WUOd Ufa �aftle� I DO HEREBY AFFIRM AT THE ABOVE INFORMATION COMPLETE AN TRUEO HE BEST OF MY n1G KNOWLEDGE AND BELIEF. Signature o f applicant: 2003. RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY THURSDAY, APRIL 3 , PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED. TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. s; w .� H^I -70/ .LhhAwn ol?t 3, 59-(/5- � S y ec ~ /� /f h �f 7Gl .Q r►v►� 'u�q � ► S ��"" H �'Y d r S v6y 1 IA&4w a14A"i .. w' 51/wly •l+`YV Board Appeal /4\1\ Assessor's and Equalization Commentary Case #: 10 Property ID Number: 29- 117 -21 -12 -0008 Date: April 10 2003 Property Address: 4 Menlane Owner/Agent Name: David and L nn Evin er 2003 EMV $2,323,100 Requested Value 1 700,000 Recommended Value Comments: Owner filed the request for review April Tu. The property has been inspected ana the appraisal is in process. Land $1,050,000 Building $1,227,600 Total $2,277,600 Value 2002 History 2001 $600,000 $966,600 $1,566,600 2000 $500,000 $482,600 $982,600 Sales None $ History -7:t'. property Information Search by Street Address Result page Page I of 2 veereh Tips Property Information Search Result 1 The Hennepin County Property Tax web database is updated ---�° - -- - - daily (Monday - Friday) at approximately 9:15 p.m. (CS7) Search By: Parcel Data for Taxes Payable 2003 Click Here for State Copy of Payable 2003 Tax Statement Property I D View Map I Taxes Due Payment Options ' Address Property ID: 29- 117 -21 -12 -0008 -- - Address: 4 MERILANE Addition Name Municipality: EDINA School Dist: 273 Construction year 1999 HOUSE or BUILDING #: Watershed: 3 Parcel Size: N176X280X F- - Sewer Dist: STREET NAME: Owner Name: D S EVINGER & L M EVINGER (et least t[rst8 charactem) Taxpayer Name DAVID S & LYNN M EVINGER Merilane & Address: 4 MERILANE UNIT # (M appncable) EDINA MN 55436 F- Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value ai warranted to represent arms- length transactions. Sale Date: January, 1999 20 records per page Sale Price: $650,000 Transaction Type: Warranty Deed Tax Parcel Description Addition Name: REPLAT ROLLING GREEN -PT LOT 6 Lot: 001 Block: 001 Metes & Bounds: Value and Tax Summary for Taxes Payable 2003 Values Established by Assessor as of January 2, 200 "' Estimated Market Value: $2,277,600 Limited Market Value: $1,705,100 Taxable Market Value: $1,705,100 Total Improvement Amount: Total Net Tax: $25,585.63 Total Special Assessments: Solid Waste Fee: $323.79 http://www2.co.hemepirLmmus/pinstaddffesult.jsp 03/20/2003 - Property Information Search by Street Address Result page Total Tax: Page 2 of 2 $25,909.42 'Taxes flue Property Information Detail for Taxes Payable 2003 Values Established by Assessor as of January 2, 200A' Values: Land Market $1,050,000 Building Market $1,227,600 Machinery Market Total Market: $2,277,600 Land Limited $786,100 Building Limited $919,000 Total Limited: $1,705,100 Qualifying Improvements Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status 9 760 RESIDENTIAL HOMESTEAD Hennepin County is providing this information as a public service. Have a tax related question? Send e-mail to taxinfo @co.hennepin.mn.us Experience a problem searching database, have a technical question or wish to c Hennepin County Tax web site? Send e-mail to Don.Kopel @co.hennepin.mn.us Have a comment on any of Hennepin County's web sites or E- Commerce applicf Send e-mail to Henn. Net @co.hennepin.mn.us Home _ Services Taxpa±er §eryn sj, Assessort. Ma Copyright ©1998 - 2001 Hennepin County http://www2.co.hennepirLmn.us/pins/addrresult.jsp 03/20/2003 property Information Search by Street Address Result page Search By: HOUSE or BUILDING #: Iv STREET NAME: (at least first S characters) Merilane UNIT # (H applicable) 20 it records per page Page I of z e ne,pin County, 11. Search Tips. Property Information Search Result The Hennepin County property Tax web database is updated daily (Monday - Friday) at approximately 9:15 p. m. (CS7) Parcel Data for Taxes Payable 2003 Click Here for State Copy of Payable 2003 Tax Statement View Ma taxes Due Payer nt 0,gons P Property ID: 29- 117 -21 -12 -0009 Address: 5 MERILANE Municipality: EDINA School Dist: 273 Construction year. 1936 Watershed: 3 Parcel Size: W 872X331 Sewer Dist: Owner Name: H DAVID WARNER ETAL Taxpayer Name H D WARNER & Address: 5 MERILANE AVE EDINA MN 55436 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value ai warranted to represent arms - length transactions. NO SALE INFORMATION ON FILE FOR THIS PROPERTY. http://www2.co.hemepimmn.us/phWaddffesult.isp 03/20/2003 Tax Parcel Description Addition Name: ROLLING GREEN Lot: 005 Block: Metes & Bounds: Value and Tax Summary for Taxes Payable 2003 Values Established by Assessor as of January 2, 200'' Estimated Market Value: $1,929,200 Limited Market Value: $1,176,200 Taxable Market Value: $1,176,200 Total Improvement Amount: Total Net Tax: $17,222.94 Total Special Assessments: Solid Waste Fee: $223.36 Total Tax: $17,446.30 taxe5 Due http://www2.co.hemepimmn.us/phWaddffesult.isp 03/20/2003 :Property Information Search by Street Address Result page Page 2 of 2 Property Information Detail for Taxes Payable 2003 Values Established by Assessor as of January 2, 200s Values: Land Market $1,648,500 Building Market $280,700 Machinery Market Total Market: $1,929,200 Land Limited $1,005,100 Building Limited $171,100 Total Limited: $1,176,200 Qualifying Improvements Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status 9192 RESIDENTIAL HOMESTEAD Hennepin County is providing this information as a public service. Have a tax related question? Send e-mail to taxinfo@co.hennepin.mn.us Experience a problem searching database, have a technical question or wish to c Hennepin County Tax web site? Send e-mail to Don.Kopel@co.hennepin.mn.us Have a comment on any of Hennepin County's web sites or E- Commerce applicf Send e-mail to Henn.Net @co.hennepin.mn.us Home �j i Services � Ta�ayerSeivices(� ; Assessors0ep Mee Copyright ©1998 - 2001 Hennepin County http://www2.co.hennepin.mn.us/pWaddffesult-isp 03/20/2003 property information Search by Street Address Result page Search By: HOUSE or BUILDING #: Iv STREET NAME: (at least first S characters) Merilane UNIT # (it appkable) 20 77, records per page Page 1 of z Henn pin County, MN Search -rips j Property Information Search Result The Hennepin County Property Tax web database is updated daily (Monday - Friday) at approximately 9:15 p.m. (CS7) Parcel Data for Taxes Payable 2003 Click Here for State Copy of Payable 2003 Tax Statement View Map Taxes Due Payment Dptions Property ID: 29- 117 -21 -12 -0010 Address: 6 MERILANE Municipality: EDINA School Dist: 273 Construction year 1974 Watershed: 3 Parcel Size: N 190X308) Sewer Dist: Owner Name: ANDREW M O'BRIEN Taxpayer Name ANDREW M O'BRIEN & Address: 6 MERILANE EDINA MN 55436 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value ai warranted to represent arms - length transactions. Sale Date: July, 1999 Sale Price: $850,000 Transaction Type: Warranty Deed Addition Name: Lot: Block: Metes & Bounds: Tax Parcel Description ROLLING GREEN 006 W 1/2 Value and Tax Summary for Taxes Payable 2003 Values Established by Assessor as of January 2, 200s Estimated Market Value: $1,442,300 Limited Market Value: $1,023,600 Taxable Market Value: $1,023,600 Total Improvement Amount: Total Net Tax: $14,809.48 Total Special Assessments: http://www2.co.hemepin.mrLus/pins/addffesult.jsp 03/20/2003 ' • Pxoperty Information Search by Street Address Result page Yage L of L Solid Waste Fee: $194.38 Total Tax: $15,003.86 Taxes Due Property Information Detail for Taxes Payable 2003 Values Established by Assessor as of January 2, 2002 Values: Land Market $1,050,000 Building Market $392,300 Machinery Market Total Market: $1,442,300 Land Limited $745,200 Building Limited $278,400 Total Limited: $1,023,600 Qualifying Improvements Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status 9216 RESIDENTIAL HOMESTEAD Hennepin County is providing this information as a public service. Have a tax related question? Send e-mail to taxinfo @co.hennepin.mn.us Experience a problem searching database, have a technical question or wish to c Hennepin County Tax web site? Send e-mail to Don. Kopel @co.hennepin.mn.us Have a comment on any of Hennepin County's web sites or E- Commerce applicf Send e-mail to Henn.Net @co.hennepin.mn.us _ Home _ j _ _Services t ± S i AssessorsyDept.ey ; _ Ma e v Copyright ©1998 - 2001 Hennepin County http://www2.co.hemepin.mn.us/pins/addrresult.jsp 03/20/2003 Property Information Search by Street Address Result page Search By: HHOOUSSEE or BUILDING #: I" STREET NAME: (at least first 8 characters) IMerilane UNIT # (H applicable) 20 +~ records per page Search Tips Property ID: Address: Municipality: School Dist: Watershed: Sewer Dist: Page I of 2 Hennepin County, MN Property Information Search Result The Hennepin County Property Tar web database is updated daily (Monday - Friday) at approximately 9:15 p.m. (CS7) Parcel Data for Taxes Payable 2003 Click Here for State Copy of Payable 2003 Tax Statement View Map Taxes flue Payment Options 29- 117 -21 -12 -0012 7 MERILANE EDINA 273 Construction year: 1991 3 Parcel Size: SW200X290) Owner Name: 10 POHLAD ET AL Taxpayer Name J POHLAD /M INGEBRAND- POHLAD & Address: 3700 DAIN BOSWORTH PLAZA 60 6TH ST S MPLS MN 55402 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value ai warranted to represent arms -length transactions. Sale Date: October, 1990 Sale Price: $670,000 Transaction Type: Warranty Deed Tax Parcel Description Addition Name: ROLLING GREEN Lot: 008 Block: Metes & Bounds: COM AT MOST WLY COR OF LOT 8 TH NELY ALONG THE DIVIDING LINE BET LOTS 5 AND 8 A DIS OF 290 FT TO SW COR OF LOT 6 TH E ALONG S LINE OF Note: This is a Partial Metes & Bounds Descril To receive full tax parcel description, email re. taxdescription @co.hennepin.mn.us Value and Tax Summary for Taxes Payable 2003 Values Established by Assessor as of January 2, 200: Estimated Market Value: $2,418,400 Limited Market Value: $1,770,200 Taxable Market Value: $1,770,200 http://www2.co.hemepin.mrLus/pins/addrresult.jsp 03/20/2003 - Property Information Search by Street Address Result page Total Improvement Amount: Total Net Tax: Total Special Assessments: Solid Waste Fee: Total Tax: $26,615.24 $336.16 $26,951.40 Taxes Due Page 2 of L Property Information Detail for Taxes Payable 2003 Values Established by Assessor as of January 2, 200' Values: Land Market $1,050,000 Building Market $1,368,400 Machinery Market Total Market: $2,418,400 Land Limited $768,600 Building Limited $1,001,600 Total Limited: $1,770,200 Qualifying Improvements Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status 9225 RESIDENTIAL HOMESTEAD Hennepin County is providing this information as a public service. Have a tax related question? Send e-mail to taxinfo @co.hennepin.mn.us Experience a problem searching database, have a technical question or wish to c Hennepin County Tax web site? Send e-mail to Don.Kopei@co.hennepin.mn.us Have a comment on any of Hennepin County's web sites or E- Commerce applim Send e-mail to Henn.Net @co.hennepin.mn.us Horr�_ _ Services ] Taxpayer Services Assessor s Depth Ma Copyright ©1998 - 2001 Hennepin County http://www2.co.hemepin.nm.us/pins/addffesult.jsp 03/20/2003 Property Information Search by Street Address Result page Page I of 2 ax -'arsei Descript' Addition Name: BECKSTROM ADDN Lot: 002 Block: 001 Motes & Bounds: _:;nd T-ax 5¢t9 5¢t9 A of Estimated Market Value: $2,554,700 Limited Market Value: $1,785,400 Taxable Market Value: $1,785,400 Total improvement Amount: Total Net Tax: $26,855.60 Total Special Assessments: Solid Waste Fee: $339.04 Total Tax: $27,194.64 http://www2.co.hennepimmn.us/pins/addffesult.jsp 03/21/2003 R The Hennepin County Property Tax web database is updated daily (Monday - Friday) at approximately 9:15 p. m. (CS7) Oa ce ruiata Click Here for State Copy of Payable 2003 Tax Statement A. d O!"C' S, S Property ID: 29-117-21-24-0002 Address: 4812 BYWOOD WEST Municipality: EDINA School Dist: 273 Construction year: 1996 HOUSE or BUILDING Watershed: 3 Parcel Size: NE214X339), 4812 Sewer Dist: STREET NAME: Owner Name: CARL R POHLAD (at least first 3 chafactm) rByw_ood —West Taxpayer Name CARL R POHLAD CO 3700 DAIN BOSWORTH PLAZA & Address: UNIT # (M applicable) 60 6TH ST S MPLS MN 55402 Curreint Wlfor-i a4fionl Sales prices are reported as listed on the Certificate of Real Estate Value ai warranted to represent arms-length transactions. NO SALE INFORMATION ON FILE FOR THIS PROPERTY. 20 - records per page ax -'arsei Descript' Addition Name: BECKSTROM ADDN Lot: 002 Block: 001 Motes & Bounds: _:;nd T-ax 5¢t9 5¢t9 A of Estimated Market Value: $2,554,700 Limited Market Value: $1,785,400 Taxable Market Value: $1,785,400 Total improvement Amount: Total Net Tax: $26,855.60 Total Special Assessments: Solid Waste Fee: $339.04 Total Tax: $27,194.64 http://www2.co.hennepimmn.us/pins/addffesult.jsp 03/21/2003 Property Information Search by Street Address Result page Page 2 of '2 Y^yi Y���'J.E 3Y �.. wdT_...+L. ,.l �-.• i . ^aLr ...� .p: �..�'•� .3' Z -<Y f��w. ..w w�.h,w n, r tg Land Market $1,050,000 Building Market $1,504,700 Machinery Market Total Market: $2,554,700 Land Limited $733,800 Building Limited $1,051,600 Total Limited: $1,785,400 Qualifying Improvements Property Type RESIDENTIAL LAKE SHORE Homestead Status HOMESTEAD Relative Homestead Agricultural Exempt Status Hennepin County is providing this information as a public service. Have a tax related question? Send e-mail to Experience a problem searching database, have a technical question or wish to c Hennepin County Tax web site? Send e-mail to Have a comment on any of Hennepin County's web sites or E- Commerce applicf Send e-mail to -o ^^ - n Copyright ©1998 - 2001 Hennepin County httl)://www2.co.hennepimmn.us/pins/adduesult.jsp 03/21/2003 property Information Search by Street Address Result page Search By; rroperty 10 Address.- ..:z....:.,,. Addition Name HOUSE or BUILDING #: 4801 STREET NAME: (at least first S characters) Bywood West UNIT # (if applicable) 20 records per page Search =irs Property ID: Address: Municipality: School Dist: Watershed: Sewer Dist: Owner Name: Taxpayer Name & Address: Page 1 of L Hennepin County, MN Property Information Search Result The Hennepin County property Tax web database is updated daily (Monday - Friday) at approximately 9:15 p. m. (CS2) Parcel Data for Taxes Payabie 2103 Click Here for State Copy of Payable 2003 Tax Statement i'ie',v lAar Tams Due I pawmant Orations 29- 117 -21 -24 -0010 4801 BYWOOD WEST EDINA 273 Construction year. 1989 3 Parcel Size: W 381X299 RC &RCPOHLAD ROBERT C POHLAD 4801 BYWOOD WEST EDINA MN 55436 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value ai warranted to represent arms4ength transactions. Sale Date: August, 1989 Sale Price: $386,000 Transaction Type: Addition Name: Lot: Block: Metes & Bounds: Warranty Deed Tax Parcel Description REPLAT ROLLING GREEN -LOT 30 001 Value and Tax Summary for Taxes Payable 2003 Vaiues rstabiished by Assessor as of January 2, 200s Estimated Market Value: $2,361,700 Limited Market Value: $1,671,900 Taxable Market Value: $1,671,900 Total Improvement Amount: $40,300 Total Net Tax: $25,060.65 Total Special Assessments: Solid Waste Fee: $317.49 bttp://www2.co.hemepin-mrLus/pinsladdffesuh.jsp 03/21/2003 4Property Information Search by Street Address Result page rage L o2 L Total Tax: $25,378.14 xe5 Du Property Information Detail for Taxes Payable 2003 Values Established by Assessor as of January 2, 200A' Values: Land Market $1,050,000 Building Market $1,311,700 Machinery Market Total Market: $2,361,700 Land Limited $743,300 Building Limited $928,600 Total Limited: $1,671,900 Qualifying Improvements Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status �0101 RESIDENTIAL HOMESTEAD Hennepin County is providing this information as a public service. Have a tax related question? Send e-mail to taxinfo @co.hennepin.mn.us Experience a problem searching database, have a technical question or wish to c Hennepin County Tax web site? Send e-mail to Don.Kopel @co.hennepin.mn.us Have a comment on any of Hennepin County's web sites or E- Commerce applim Send e-mail to Henn.Net @co.hennepin.mn.us Home Taxpayer Se-me.. Assevss� Copyright ©1998 - 2001 Hennepin County http://Www2.co.hemepin.mn.us/pins/addffesult.jsp 03/21/2003 f#operty Information Search by Street Address Result page Page 1 of 1 The Hennepin County property Tax web database is updated daily (Monday - Friday) at approximately 9:15 p.m. (CS7) Addition Name: ROLLING GREEN SECTION 2 Lot: 054 Block: Metes & Bounds: vptue ana -i'ax ummary for i'axes ravaDee uU3 values tstabissned pv Assessor as of January . ; Utie Estimated Market Value: $2,095,200 Limited Market Value: $1,489,300 Taxable Market Value: $1,489,300 Total Improvement Amount: Total Net Tax: $22,172.85 Total Special Assessments: Solid Waste Fee: $282.81 http://www2.co.hemephLmrLus/pins/addffesWt.isp 03/21/2003 r.1r I-+ .' /il•:4 i-i >G: lire r3 !'£t fll: r P +1 ..': /:�•l� /:�" ' .dui �lT. .:e��5 w'>i `_.:'j V'.l v> w r U• 7.F.+ [.v1 ., a ��'. .:., Property ID: 29- 117 -21 -21 -0025 Address: 4701 ANNAWAY DR Municipality: EDINA School Dist: 273 Construction year 1997 HOUSE or BUILDING #: Watershed: 3 Parcel Size: N 277X185} 4701 Sewer Dist: STREET NAME: Owner Name: D D & P H MURPHY (at Wastflrst3charactm) Taxpayer Name DAVID D & PATRICIA H MURPHY Annaway Drive g Address: 4701 ANNAWAY DR EDINA MN 55436 UNIT # (H applicable) Sales prices are reported as listed on the Certificate of Real Estate Value ai warranted to represent arms4ength transactions. Sale Date: September, 1996 20 records per page Sale Price: $610,000 Transaction Type: Warranty Deed Addition Name: ROLLING GREEN SECTION 2 Lot: 054 Block: Metes & Bounds: vptue ana -i'ax ummary for i'axes ravaDee uU3 values tstabissned pv Assessor as of January . ; Utie Estimated Market Value: $2,095,200 Limited Market Value: $1,489,300 Taxable Market Value: $1,489,300 Total Improvement Amount: Total Net Tax: $22,172.85 Total Special Assessments: Solid Waste Fee: $282.81 http://www2.co.hemephLmrLus/pins/addffesWt.isp 03/21/2003 ' Ftoperty Information Search by Street Address Result page Total Tax: rage L or z $22,455.66 Property Information Detail for 'Taxes Payable 2003 Values Established by Assessor as of January 2, 200` Values: Land Market $1,050,000 Building Market $1,045,200 Machinery Market Total Market: $2,095,200 Land Limited $746,400 Building Limited $742,900 Total Limited: $1,489,300 Qualifying Improvements Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status 41 RESIDENTIAL HOMESTEAD Hennepin County is providing this information as a public service. Have a tax related question? Send e-mail to taxinfol@co.hennepin.mn.us Experience a problem searching database, have a technical question or wish to c Hennepin County Tax web site? Send e-mail to Don.Kopel@co.hennepin.mn -us Have a comment on any of Hennepin County's web sites or E- Commerce applies Send e-mail to Henn.Net @co.hennepin.mn.us r „m sere Ices Ta)wy�er 5er mess ;�ssesser 5 Deft, s Sa _ . _. _ .. , _ . - - -- -- Copyright ©1998 - 2001 Hennepin County http://www2.co.hennepin-nimus/pins/addffesult-isP 03/21/2003 Property Information Search by Property ID Result page Property ID: 2911721210026 rage i or z EDINA MN 55436 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value an warranted to represent arms - length transactions. Sale Date: July, 1998 Sale Price: $685,000 Transaction Type: Sale Excluded from Assessment Analysis Tax Parcel Description Addition Name: ROLLING GREEN SECTION 2 Lot: 059 Block: Metes & Bounds: Value and Tax Summary for Taxes Payable 2003 Values Established by Assessor as of January 2, 2002 Estimated Market Value: $2,458,900 Limited Market Value: $1,705,000 Taxable Market Value: $1,705,000 Total Improvement Amount: Total Net Tax: $25,584.31 Total Special Assessments: Solid Waste Fee: $323.77 Total Tax: $25,908.08 Taxes Due http:// www2. co.hemepin.mn.us/pins/pidresult jsp?pid= 2911721210026 03/20/2003 Hennepin County, MR Search Tips = dOWNWANOW Property Information Search Result The Hennepin County Property Tax web database is updated daily (Monday - Friday) at approximately 9:15 p.m. (CS7) Parcel Data for Taxes Payable 2003 Click Here for State Copy of Payable 2003 Tax Statement View Map Taxes Due P nt Options Property ID: 29417 -21 -21 -0026 Address: 5805 MATT LA Municipality: EDINA School Dist: 273 Construction year 1999 Watershed: 3 Parcel Size: N 162X199X Sewer Dist: Owner Name: R J SHEEHY & A KMETZ- SHEEHY Taxpayer Name R J SHEEHY & A KMETZ- SHEEHY & Address: 5805 MAIT LA EDINA MN 55436 Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estate Value an warranted to represent arms - length transactions. Sale Date: July, 1998 Sale Price: $685,000 Transaction Type: Sale Excluded from Assessment Analysis Tax Parcel Description Addition Name: ROLLING GREEN SECTION 2 Lot: 059 Block: Metes & Bounds: Value and Tax Summary for Taxes Payable 2003 Values Established by Assessor as of January 2, 2002 Estimated Market Value: $2,458,900 Limited Market Value: $1,705,000 Taxable Market Value: $1,705,000 Total Improvement Amount: Total Net Tax: $25,584.31 Total Special Assessments: Solid Waste Fee: $323.77 Total Tax: $25,908.08 Taxes Due http:// www2. co.hemepin.mn.us/pins/pidresult jsp?pid= 2911721210026 03/20/2003 Property Information Search by Property ID Result page Page 2 of 2 Property Information Detail for Taxes Payable 2003 Values Established by Assessor as of January 2, 2002 Values: Land Market $1,050,000 Building Market $1,408,900 Machinery Market Total Market: $2,458,900 Land Limited $728,100 Building Limited $976,900 1 Total Limited: $1,705,000 Qualifying Improvements Classifications: Property Type RESIDENTIAL LAKE SHORE Homestead Status HOMESTEAD Relative Homestead Agricultural Exempt Status �0 Hennepin County is providing this information as a public service. Have a tax related question? Send e-mail to taxinfo @co.hennepin.mn.us Experience a problem searching database, have a technical question or wish to c Hennepin County Tax web site? Send e-mail to Don.Kopel @co.hennepin.mn.us Have a comment on any of Hennepin County's web sites or E- Commerce applica Send e-mail to Henn.Net @co.hennepin.mn.us Home _ �YServices Taxpayer Service, s Assessor's Depth Maii Copyright ©1998 - 2001 Hennepin County http:// www2. co .hennepin.mn.us/pins/pidresult jsp9pid= 2911721210026 03/20/2003 Noonan's House 4700 Merilane Market Value: $1,186,400.00 2002 Taxes: $17,189.56 Sold to Stuarts for: $2,475,000.00 w t, �� /,� NO I n�� - �, j P Y--,z CASE R R VOLK rn--� 630R BEL.M,�U,RE LAN-�E City of Edina Assessor's Office ,ion4 %Ainei rnth CtrP_P_t tWw . ....... ---. --• - -- Edina, MN. 55424 -1394 -- P.I.D. # 30 -117 -,'al -_ DO Date Returned: Time: () Phone: (952) 826 -0365 Fax: (952) 826 -0390 [TDD (Deaf Only): (952) 826 -0379] Received By: Case # Board of Appeal and Equalization :::Fcir ofiFce:use ............................... ............................... 11withdrawn: Date: Residential Request for Review Application Date: b 03 Attach an su orting documentation Owner Name: 8C a Vo 1k ,,1ah_u 30 r� Owner Address: /'B�'/�'/�M Home Phone Number: S5- '7 "F Business Phone Number: Ini y 7� Property Address: 3v Mmqa essor's estimated market value for January 2, 2003: and: Buildin s: Total: '.r] O elieve the estimated market value on January 2, 2003 should be: F Land• Buildings: Total: 000 Purchase Date: �QQ,�i Total purchase rice (land & bidgs.: AV, 50 Q Year Built: House: Garage: 1 Addittiions Explainl : Condition of Structures (Explain): SQ De scription & value of additions and im rov ments since your purcha a of th s property: No �- Pe a a afesetoiiarl lea Appraisal Date: Indicated Value: ................ :fix aiR�: #�ii:�ea;;:t�n5: #Q�:• : uc:�i eetivi�:# v: iF���: asseesQr' s: e��ir��k�d�marke�: K�i�e:: �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: :: �: �: � :�:�:�:�:�:�::�:�:�:�:�:�:�:•:• . or'5 M 4 `" a �u�er red 04 ibfxlS J� co �� ohs � � � c��vacter�s icS. R„ rriSUrve or! r��nef � on 35 (4 e to ock n ►' laira4w �lixudE no i m ✓P c iS ri adz�%r�e � dd e ' A&CffV- 1v iPaJ I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Signature of applicant: RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY THURSDAY, APRIL 3, 2003. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. Case #: 11 CITY OF EDINA Board Appeal and Equalization ���//'\'\nA11\n Assessor's Commentary Property ID Number: 30- 117 -21 -11 -0073 Date: April 8 2003 Property Address: 6301 Belmore La Owner/Agent Name: Ted and Tatyana Volk 2003 EMV $273,600 Requested Value $200,000 Recommended Value $273,600 Comments: The property was viewed on April 4, 2003. It is a 2 story, with 1600 sq. ft. above grade, built in 1969. The first floor has a kitchen with informal dining area, living room, half bath, and formal dining area. Four bedrooms, one full bath, and one 3/a bath are on the second floor. It is in mostly original condition, including the windows and furnace. Updates include vinyl siding, family room finish in the basement in 1974, and a deck. It also appears that the kitchen cabinet doors have been updated /replaced, since they are a different style from the other cabinetry. Three sales were drawn from a comparable neighborhood. As adjusted for differences from the subject, they indicate a range of $270,600 to $293,400. Two other sales were also considered. One is located next to highway 100 on Aspasia Lane and adjusted to the subject at $274,900. The other is on John St in the same neighborhood as the subject. It was given less weight than the others since the property was never exposed to the open market and is the least comparable in size and age. The adjusted value indicated for the John St property is $265,500. Having considered the 5 sales mentioned above, keeping in mind the points and concerns of the applicant, it is our opinion that the original value of $273,600 is fair and supported by market analysis. Land $89,000 Building $174,100 Total $263,100 Value 2002 History 2001 $89,000 $130,600 $219,600 2000 $60,300 $157,700 $218000 Sales 2/92 $124,500 History 8• 12- 16 6 WD OK 16 [448] 1S FR 8 [32] 26 24 1S FR GAR 124 2S B FR (MAIN) [528] [768] 32 1S FR [32] 54 LF 112S BRK Photo 1 of 1 Sketch 1 of 1 Count Notes 1 IBSMT-REC RM W/ 1/2 CARPET & 1 /2•VINYL FLR. WELL MAINT INT, NO RECENT UPDATES. 1990 t MASTERBATH & FLR COVERINGS. a C r � OCL . -'j. X ,Frti ••11'T -, _�� ram "� �• y�v1' d t �•'� t r� r•:�t� ' 4F'� CASE- R2 THORP 5305 MHKR"nuR. LAKJES DMVE City of Edina Assessor's Office nQn1 WPCt 50th Street Edina, MN. 55424 -1394 P.I.D. # o? / —// 7—dl'-3 ! -d 0-3 1 Date Returned: L-1 — !� Time: Phone: (952) 826 -0365 Fax: (952) 826 -0390 [TDD (Deaf Only): (952) 826 -0379] Received By: Case # Appeal and Equalization Board of Aplpe :....... :::.:.:• or ::ofFce:uS wa . .... ...............•............... ............................ Withdrawn: Date: Residential Request for Review Application Date: Attach any supporting documentation Owner Name:iArn Owner Address: Home Phone Number. %5� --gad -yav/ Business Phone Number: Property Address: 3dS i'Yu ►' rUy Lac, CAS ' Assessor's estimated market value for January 2, 2003: Land: Buildin s: Total: 1 believe the estimated market value on January 2, 2003 should be: Land: Buildin s: Total: 3 Purchase Date: 3 Total purchase price (land & bidgs.: %CO 71 S Year Built: House: S� Garage: Additions (Ex lain Condition of Structures (Explain): jar i Pi Description & value of additions and improvements since your purchase of this property: I....fss.6ialap' �' �����Pi�.$ .atfaicki� ts���'�:�of�ar��'��e;��n��a aisa>Is ' ::::::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::.... . Appraisal Date: Indicated Value: :.;.;.;.;.;.; .:.:.:......... ..•...•...........•....•...:... 'blot tivt :t�:tF�e::elses.$o�'s: titn� d arke a�u®: RN m 111 h s e 1ol Z ,Q4/ p '000 r`�i d��s Sdv%Zi J).e r-0A / r""!/too) LJ5'jvj' 15G/J's 147 hleid s i 5'7--41W L Es L ark /��✓�- -ro % ve, Y� v� s .va✓ -o rd- DO HEREBY AFFIRM THAT ME ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY ,I KNOWLEDGE AND BELIEF.I Signature of a licant: RETURN THIS APP I TION TO THE EDINA ASSESSOR'S OFFICE BY THURSDAY, APRIL 3, 2003. PLEASE ATTACH pY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. Case #: 12 CITY OF EDINA Board Appeal and Equalization /&1\.1/& //"\\ //"\\ //"\\ //"\\n Assessor's Commentary Property ID Number: 29- 117 -21 -34 -0031 Date: April 9 2003 . Property Address: 5305 Mirror Lakes Dr Owner/Agent Name: James Thor 2003 EMV $328,000 Requested Value $300,000 Recommended Value Comments: Application for request to review was received April 3rd at 2:45. Appointment to view property is set for April ih'. Land $137,200 Building $158,300 Total $295,500 Value 2002 2001 $1.37,200 $130,000 $2671200 History 2000 98 000 $132,400 $230,400 Sales 3/91 $167,500 History CONC PATIO 12 [144] 12 70 iS FR EP [132] 12 11 13 1S FR (MAIN) [1816] 1S FR GAR 18 [576] 24 19 4 14 2 3 20 24 155 LF 112S BRK Sketch 1 of 1 Count Notes 1 NO BSMT. HOUSE WELL MAINTAINED WITH STANDARD. MAINTENANCE. 1989± FLOOR COVERING. GAS INSERT IN FIREPLACE. Photo 1 of 1 CASE R3 C(:� ojWAN,SON BRA, 5720 ==Jflu'N�U` T.R,AHL City of Edina Assessor's Office AQn•i wpct 5nth Street Edina, MN. 55424 -1394 Phone: (952) 826 -0365 Fax: (952) 826 -0390 [TDD (Deaf Only): (952) 826 -0379] Board of Appeal and Equalization Residential Request for Review P.I.D. # p Date Returned: ' ?J Time: U Received By: Case # 6 11] :.:.:.:. .: .:.:.:.:.:.:.'.:.:.:.:.:.:.:.:. :::For:c fFidd.. o .. y ....................... . ............................. Withdrawn: Date: Application Date: —3 �.3 Attach any supporting documentation Owner Name: /EliA6,416Fi 14 '6i64A mss° Owner Address: Home Phone Number. 6-:4 941 6`3 7 Business Phone Number: Property Address: 46:7-P-4 Assessor's estimated market value for January 2, 2003: Land: c5241d/ 4 Buildings: .41a.4 Total: I believe the estimated market value on January 2, 2003 should be: Land: Buildings: Total:���/ Odd Purchase Date: 9g� 77Z, purchase price land & bldgs. : Year Built: House: /%90 Garage:/ Additions (Explain): Condition of Structures (Explain): 1 �� A&I 7' J) . De ription & value of additions and imp r ements since our purchase Whis property: ��'raF�s;�[onal�ap •isafa..•.•.•.•.•.•.•.• PJea �se�at�: a�c�i�: a: t: a•'•• • of :ai�•.:i�.e��•.'•.ai<sa� A raisal Date: Indicated Value: :Xi�i:lfi Fea;gii5: #FAR: .. �r :o#i'eC119f1:1Qi:F�e:~;sessQr.s �Stlirat�d Alark: v��N9 . ........... . ...... X. I DO HEREBY AFFIRM THAT THE ABOVE INFORMATI IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BE Signature of a licant: t 'a v RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY THURSDAY, APRIL 3, 2003. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. CITY OF EDINA Board pp Assessoir and Equalization n //"\\ /4�1\ Commentary Case #:13 Property ID Number: 08- 116 -21 -31 -0056 Date: 4 -9 -2003 Property Address: 5720 Long Brake Trail Owner/Agent Name: Margaret / David Swanson 2003 EMV 661,000 Requested Value 600,000 Recommended Value Comments: Owner filed the request for review April 3rd. The property has been inspected and the appraisal is in process. Land $240,200 Building $421,200 Total $661,400 Value 2002 History 2001 $240,200 $357,700 $597,900 2000 $155,000 $367,500 524,500 Sales History None i i 'I I .I i 1 04/02/2003 16 :19 REMRX RE5UL1-5 t17 t NH I 'y'y41dddU Single Family Residential Property Comparative Market Analysis Sales Price Recommendation Prepared for Peggy & Dave Swanson Average Sales Price from Comparable. Closed Properti$s Adjustments to Sales Price 4168002 Adj. for Square Feet ,5158,007 Sum of Adjustments Adjusted Sales Price Suggested Sales Price Range $604,081 to $604,081 Prepared W Jan: hlobe fg 8s2:848 -2400 ReW X Results jandianmoberg.aom NU —)LI iOWW'.) I $ 762,083 - - - -- 1 a NENNEPIN COUNTY COMPLETE TAX REPORT —.. arr TYPE: R • Rasldef1ml g7Z0 LONG nun TR &WM UN OM pmpe 4► Add mU DONV HILL 2ND ADM LA7 OW "U" L,4* 00000000 9" 1�M3 1000 H1LL?NC ADD" Asm YrfT ew 2M Lolls" oil aphoolDletriet •®►NA pm" mm m X Colo R - Rr�f V01 pods N 0* gPee Tom � D kh" Cody Lady N fjoPro PT COde — 1 3 s t1 1 10 and Fkwr dwdbXT.jjeqdMkjq 9MW"�x••" Ri1111 l@W.2W.wM, RRVft � btsd >1en -1 !� ibr Lis exaiv�e u� of e� �MA4 R'41 o R" 'roved, Copp d 2001 2003 Rr0io� Muflplt Urtlrg Servloa of MU►tiasoEr. or erY�e6{O1- adl•3ees8. For N,,UvnaAALS PfobWM 01' ev➢gpolo� P�eM �brlladthe Jim WQARETAWPJMONM Oee�ff at20 LONO BRNt! (6130 k pyyher Addleee MARWET A UPm TMw Name 5T70 L0N0 OR=TFAL EDIMAMK !6490 TjxprYer Addraes Tot !elf VM x J Vol Afe I 1 Tixes t But ree W i ► Texas do nw l s adua �>hCub Texee 9940.200 sass Tax. dpmAO YlAetw*" � Land: 5431.200 Aamn� Wm �g,921J®0 seAar /OA-WA AN Tea w1 Axwd: Tdllh �11iOTlile�bM PreVbIP ads Deb 1 R"Wd Ida Deb P seb Prbi Nper Re0erd MM Ma PraYlOw sale Oade 31oAf RtrKd LaN aed• lied DMmllin CliamawMko rl;AMMER TbW IWMO "o arose !Oda 84" 3m er eraAa + Tortl qaIn L WAS 84" 300 wAwhv lamps FW AY I Lmna RM Dwq f0dw Fkm Ptdpbvr sword reaw s4R BWidlnp Whod 9ke lCbhen sommo d w '210 a~ w i OrpeoRY ATTAONED r mmftm aws" * I APOMN Had Oslo J PrOAo S l Type i ev'rr blt odor Wails Woll Air pwok"m Pbd / Poe1 >I¢f even:=# N f IARAIIe Sheettodl l Tell Raome Let 7o1dn0 Ldw �►Dr mmm LLaw oom $ehedul® frt Plvor And F+ssr TWO herd s o 000001 BMhe Rtdl.Sp,FWf 0 1 y*4R"M 0 1 1 +Gfdw+ 1 Dow "m O 1 Pl►ePleae Ha lydorartb� 0 Ba IIOCW11+a 1 3 s t1 1 10 and Fkwr dwdbXT.jjeqdMkjq 9MW"�x••" Ri1111 l@W.2W.wM, RRVft � btsd >1en -1 !� ibr Lis exaiv�e u� of e� �MA4 R'41 o R" 'roved, Copp d 2001 2003 Rr0io� Muflplt Urtlrg Servloa of MU►tiasoEr. or erY�e6{O1- adl•3ees8. For N,,UvnaAALS PfobWM 01' ev➢gpolo� P�eM �brlladthe Jim �+y r+c� tuns 16 :19 RE"!AX RESULTS ED t NA -) 99412228 Single Family Residential Property Comparative Market Analysis ftpafm for Njjw & DM Swenson lub�sat s72O L" 9rala Tram Nopseb► NLW Adereeu 2121211 8018 CHAPEL OR 202M 6302 Mel ra Pante 2101878 IS ANTRIM TERRACE RssMdae11a1 Mwd List Mw DOi ONA :418800 123 NA 1$1.3XMM 1389 N=bnr a NO. 311 D002 1 qty StMus: A4tWe 3 1 S 1 91160 13210 1 Rannbler 1980 edAs Odke 1 MF 1 F8Z 1 " I Yalu 4 174 2874 ONEST 1861 a 619 2864 ORM 200 4 V411,5146 S0 3100 ONEST 1887 4 3008 — primed Of .110 Mobero 962.84822400 REIMAX Rosub a�psy.coen AND W& flloa �fAHLaT%9 /tN0 (A" PDF +PIN: 029 +0&116 -21 -31 -0056 28 1S FR SCRNP 14 P.13 [227] 1S BRK GAR _ [790] 7 36 18 - 66 3 3 5 4 165 16'; [360] 8 WD OK 6 [120] 16 16 1S B FR 8 24 1S B BRK (MAIN) 10 12 [3188] 10 38 33 8 8 2 .7 6 3.10 7 8 10 2 10 2 Sketch 1 of 1 Count, Notes 1 HVAC 2000. VERY WELL MAINTAINED INT &.EXT, HIGH QUALITY. Wed, 4/9/2003, 2:04 PM Page 2 CASE R4 6 CHRCLE WEST City of Edina Assessor's Office nam VVcct nth Street Edina, MN. 554241394 Phone: (952) 826 -0365 Fax: (952) 826 -0390 [TDD (Deaf Only); (952) 826 -0379] Board of Appeal and Equalization Redidential Request for Review P.I.D. # Date Returned: Time: Received By: Case # .>ta] : ::::For:cfiFice:use ............................... ............................... Withdrawn: Date, Application Date:. 3 ? Attach any supporting documentation Owner Name:. I' . MAiT- (C A&4 -- Owner Address: Home Phone Number: — 172,55?-1Yo q Business Phone Number: Property Address: Assessor's estimated market value for January 2, 2003: O Land: qOU Buildin s: - g - C)-C) Total: 1 believe the 7 �/ esVmated market Value on January 2, 22003 shhou�ld_ be: (,Ph S --t-ha-601— � Land: m Buildings• �'E' ( 4P ) Total: Purchase Date: Total urchaggse rice (land & bldgs.): 8 Year Built: House: t L% Garage: 1 (�F1Additions (Explain): C.AVe �dY" Condition of Structures (Explain): Description & value of additions and improvements since your pu hase of this property: pp l9 �l3 ,firsa►�- ��r�- , �t�of�s�iorial�ap 1N+.ase.atta icM a Q ::o -any ivao a�..t.•.ais raisal Date: Indicated Value: 1. ..... ............................... :f*74 • . eiR�:t.���Feas�niS: #+DF:• . •ur.�Qii eC�14�:# Q:# F���a55�sSQr': s. ��sili�?e# ���efk��l �l aeG: �:•: �: �: �: �: �: �: �: �: �: �: �: �: : �:,: �: �............������������• �: r v K Lip CA-- I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. � ` P Signature of a licant: l`'�� RETURN THIS APPLICATION TO THE EDINA ASSESS�R'S OFFICE BY THURSDAY, APRIL 3, 2003. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. Case #: -14 CITY .O Board Appeal and Equalization Assessor's Commentary Property ID Number: 29- 117 -21 -14 -0045 Date: April 9 2003 Property Address: 6 Circle West Owner/Agent Name: Robert & Marcia Rinek 2003 EMV $978,400 Requested Value Less than $835,000 Recommended Value Comments: The residential request for review was received by our office on April Tu at 4:05 p.m. An appointment to view the property has been set for April 10th at 4 p.m. Land $400,000 Building $578,400 Total $978,400 Value 2002 History 2001 $400,000 $450,400 $850,400 2000 295,000 $450,500 $745,500 Sales 7/92 $392,000 History IS FR [27] 15 -3 6 WO OK 9 [170] 6 20 4 16 7 FR QUAR 10 [460] 30 24 4 1S FR GAR [840] —[ 6 6 35 4 13 20 40 14 2S B FR (MAIN) [1760] 5 16 8 10 30 34 1S FR OP [80] 1S FR 3 S PORCH [176] Sketch 1 of 1 Count Notes 1 1993 THIS RAMBLER WAS COMPLETELY RMDLED 2ND FLR ADDED TO WHOLE HOUSE IN- CLUDING GARAGE. RMDL OF MAIN FLR ALL BATHS, KIT MECHANICE, ECCTERIOR, ETC GOOD QUALITY WORKMANSHIP AND MATERIALS CASE.R5 B LE s 0 N. 56R7 McGUHRE ROAD - 04/03/2003 16:28 F.AX 6123050116 NEW DEP.ARTUREs 04/03/03 15:4 952 826 0390 CITY OF EDINA _l s 0A._.ZY0 7" ig� qxee'L City of do pia lk.sosessor's 4801 West 50th 3Vft! Edina, MN. 55426-139a. AND": -C.111. TO TF _ P.I.D. # S - �D ' C:V -419 `Cry Phone: (952) 31!1- Fax: (952) 626 -0390 Date Returned: _ _ Time: lease [TDD ( eaf Only): (952) 826 -0379) Received gy: _ _ # Res- rderr1181 Name: Assessors est Land: i I bellsve the e Pumhaee Date: Year Suitt: Ho Condttlon of St» Description i v A✓ /A , , s r� - fcir Review 21•L er: 7�5-2 - 7V4 - -75- D 1 Business Phone Number. 1 d Market value for January 2,2003: G 8ulldinsw 3 Total. 7 y 3 .,�.- rt u market value on January 2, 2003 should be: Lt. ?I Totel purchase price (land & bldge.): (,7 Garage: Additlons (Explain): 'es txplain): of addidons and improvements since your purdtase of this prq. *[ t : ;v.:,e ,j - o.:ti.s 3,11 _l s 0A._.ZY0 7" ig� qxee'L 42 4,w QZ27oalv. cl g:� ZM THAT THE ABOVE INFORMATION IS COMPLIETE AND": -C.111. TO TF KNOWLEDGE AND BEJJEF. Si nature of applicant�arr�J . RETURN THIS ARPLIV.TION TO THE EDINA ASSESSOR'S OFFICE BY THURSI 1A'r, APRIL 3.2003. PLEASE ATTACH ANY CIOCUMENTATION YOU FEEL WILL SUPPORT YOUR C+ :.S a. YOU WILL BE CONT TO HAVE YOUR PROP E:RTY REVIEWED PRIOR TO THE SCHEDULED BOARD 1::f F5---VIEW MEETING, 1601 001 CITY OF EDINA Board Appeal A11\ //"\\ //"\\ Assessor`s and Equalization A1\ //"\\ A\\ Commentary Case #:15 Property ID Number: 05- 116 -21 -43 -0026 Date:4 -9 -2003 Property Address: 5617 MCGUIRE RD Owner/Agent Name: David /Sandra Benenson 2003 EMV 474,300 Requested Value 423,500 Recommended Value Comments: Inspecting property Friday 4 -11 -2003. Land $108,000 Building $335,300 Total $443,300 Value 2002 History 2001 $108,000 $272,000 $380,000 2000 72,000 .$261,400 $333,400 Sales $144,500 History 12 -1978 PDF+PIN: .- - .05-116-21-43-0026 " I - tem` I-D-e-s—c-d-Dtions- Count Adjustments 3 of 3 Adtn (+) 1 Story Frame Heat: FHA - Gas Air conditioning Units 32 SF Residential Bida TOTAL CONC PATIO 16 [512] IS FR [32] 32— 2S B FR (MAIN) 2S FR [832] [442] 26 26 32 17 IS FR [32] IS FR GAR 1650] 25 26 Wed, 4/9/2003, 12:36 PIVI rage 2 ,rade --T I lAa Fctd' , De r. Total 1 I - A rNalue Cond Year I Fo sO JEob,s%JOther-/4 (Rnd to dollar) nd to $100) _Mult 113hys% Fo N IVIL 1967 1.100 20.00 - 0 01 01 $1,5661 IS LF IS BRK Sketch 1 of I 1.000 $1-33,000 Photo 1 of 1 CASIE R6 THORSTAD 6DR2 TINCL:N��'DALE AVEI\\\17-UE City of Edina Assessor's Office- aani VUcet -rnth Street Edina, MN. 55424 -1394 Phone: (952) 826 -0365 Fax: (952) 826 -0390 [TDD (Deaf Only): (952) 826-0379] Board of Appeal and Equalization Residential Request for Review P.I.D. # Date Retumed: • -! --x —0 Time: 'Received By: Case # : : : :l= or. :ofiFice :use o . .. . . . . . . ........................ . ........................... Withdrawn: Date: n Date: y���3 Attach an supporting documentation ame: �r�a '� iz ,(�71'a° ddress: one Number: 9sd - c/Ap -0 9Y Business Phone Number: Property Address: to O / a rAssessoes 's estimated market value for January 2, 2003: O Buildin s: Total: S the estimated market value on January 2, 2003 should be: Buildings: Total: 13E&r '�a 9 0 O d• o z� Purchase Date: / D .3 Total purchase price (land & bldgs.: a 9 D oU a- Year Built: House: J75-4, Gara w/9s6 Additions (Explain): Condition of Structures (Explain): Description & value of additions and improvements since your purchase of this property: 4671 PraFesstoiial A Ap ' ' ac ::::::::' PJ ase'attaski a :r~a : of:aii•••:rspen :0 ism.................... ............. :: ....:::::...:: :: ::. ADorai Date: �� d o'Z Indicated Value: 311 S`O 6 :F7c .$ijn :t�T :rNatio0 ioF: ur:Qiieetivn:ta:th ssessor' s: estiiated:' tnar ;at �ra���.:,:•:•:::•:::•:•.•.. •....•.•......•.• .:............ �d usQ r e e sa 90 Q� o f�� ,6 e.., 7' . A"— v G a SeSSP© tJa A.Ie :A oa ne,-z ow f DO HEREBY AFFIRM THAT THE ABOVE, INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Signature of a licant. RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY THURSDAY, APRIL 3, 2003. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. O� q L cl �5 A s�f EII A SUMMARY REPORT OF A SINGLE FAMILY RESIDENCE LOCATED AT: 6012 Tingdale Avenue Edina. MN 55436 FOR: Wells Fargo Nome Mortgage. Inc. 8353 Crystal View Road Eden Pralrte, MN 55344 BORROWER: Tlrorsted AS OF: November 22, 2002 BY: DAVE ROBB Certified General Real Property ApPIVISer P)25 F.JFcwaner Place, Victoria, blimwou 55386 (952) 4434030 (Faa) 443 -10SI It: 41 In tR I. , kOBB S, )"VA I. IV CA1T.esvaIctr 001.7820846 Fno No. 02 -12150 12/71/2002 - Tom Raymond/All Massa Wells Fargo Home Mortgage, Inc. 8353 Crystal View. Road - Eden Prairie. MN 55344 File Number: 02.12150 In accordance with your request. I have personally inspected and appraised the real property at: 6012 Thlgdak: Avenue Edina, MN 55436 The purpose of this appraisal Is to estimate the market value of the subject property, as improved. The properly rights appraised are the fee simple interest in the site and improvements. In my opinion, the estimated market value of the property as of November 22, 2002 is: $311,500 Three Hundred Eleven Thousand Five Hundred 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. .DAVE ROBB Certified General Real Property Appraiser Minnesota License Number 4001054 _ Dfamn 1'125 f•.Jpearata_I'Incc, Vidufia, klb-0 -53386 (953)443403U (Fu)4434041 ROBE'S REAL ESTATE SERVICES 001- 7820846 uncnoru occlnCAIT1A1 APPRAMAI RFPART o,cn P'Opwsy Discrisitim, — - — - -- -- - - - ss 6012 TI dal Avenue Ca Edina Sen. MN Come 6 Least Dena a Lot 3 Block 3 Clover Lane Addition 3rd Unit Casa Hennepin Assessors Parch No. 33- 117 - 21.34-0076 Tas Yea 2002 RE. Tees s 3,576.50 - Assencrcmu s 0.00 Bartorm The lad Carax Owns Swanson em: Owns Tanenm Vaont t n Isa ascd I-S Leasm.m PUD Cmammeam HU A OAS NIA IMo. •• N rmanaaa P Naas: N/A M RMarae 119.4 Cam , Tran 7.00 sue Phte, 290 000 Dole of Smr Unknown D— mm S "moue, m man cnm aslcaomias ton own by snrs Unknown LendalCkent Wells Farclo Home Mortgage, Inc. Andress 8353 Crystal View Road Eden Prairie MN 55344 AVER BB ""arts 1925E aware lace Victoria Minnesota 55386 Lorauan Strains. Ran Pradomrrlrwsa "w Shot farNly haaing A Pmara land rasa % Land oea ehanga ❑limy Burt W Omr 75% 25.75% Uma 25% = ° i�E Uma (,,,ay Na tvsy Getwmmte Reed Smmbm Sim. ®Ownrd 150 Lea 20 2-4 family L„J In amens 500 H, n 50 P+openysekmes ® Lee cog ❑ Same ❑ Declining ❑ Towns Mornay 10% To: Denladsmppy ❑ Shortage U) It a ❑ Q ra4 ft ® vaua RA6) �� •-` • Camrcrcim 1 300 30 Vacant leis Unfer3mo, 3 -smos. 0-6-1 Nola: Race and the racial compa ution of the nalghbombaad are was "plants' Iael"rs. Nelgneorhand bdumarics and cnmenm.ehcs The 'Market Are a' is bordered an the rrollh Vernon Avenue east by Slate Highway 100 south by Interstate 494 and the west by U. S. HiQhw8Y 169. ' Factors chat aarct the manmaellity of the popalirs In 1M neighborhood (Pra.imary to emplgment and ammmums. tmplopnmm+ataWily, appear d mafkm. etc.): There no a are t fact which would dve N the sub 'e arketa Ili I a 1 d end a reasonable marketina •• time demonstrate a stability In suDDIV and demand. The area has shown a good amprerlallon factor for the last vea r on most all stvie of dwellings and most all neighborhoods. It had not been uncommon in the recent post for modest value homes to receive multi le offers after a very short time of being expos to the market. It was also not uncommon for many of the offers to be above the marketing price, established for the home. Maraet emmmmns in me wbjoct nrigneomond (mMuang auppon tar the cm-- Berens reined to mnrecd M popmty.m c.. msnaslsupphy. am makminq erne - - such as data on eompecltm: popish— la sale rn the neighborhood. des -pumm of tn. pn•wect- al soma ..it iss nnq conei:aaite s. arc.): Local market conditions reflect increasin market values. Typical market time is a roximale hen des o three months although u er- bracket housin ma std on the market or a Inn er eriod. Financ is readi available at corn etitive rates. Seller costs of -0- to hr int " is considered hroical, Project Information for PUD" (If applicable) - - h the dmauopmhWadr in canal m me Hama Gainers' Assoclallon (HOA)) U YES NO • App adm Mau mmmear Mums a tad wajee pojbn NIA App en ate eau da nms M -us la sue In Inc sutgdel Promo NIA Dasomm common elements . materml nauair : N/ Dimensions 75 x 135 TaW9W7 L192ing Ssm ace 1 n 175 cn FI Cad. Lm UY. DON. San Typical for area specdk +on�ng crossd etch and nracrrpwcr R -1 Sap Rectangular Lap rsunpl.mu' ®I mgu ❑ l yt,mG ma No coming Drainage. Appears adequate uate x a g e m my vle e. un v.n. Good land -ov See below utllllhaa Public IN". On -sit Ynpre•wnada Typn Rtl. I' rat I��1[ Sreet Cc rate Concrete Dmcamy sates: concrete Appaw csamds Pub. UDIJT kal USI ® Cmablyaa siel.alb None ❑ ❑ FEMA Spacial Flood NetaN Arne Yn No ® Sbmas poems At Comers ® ❑ FENA Lone C Map One 51111 kntleSearch Ala. F MA No. 270 B pperem adsersh eanemems ichar —nei spocial assnsmem.. slldn areal mega a legal m incantami g nnmg. use. ale.): U ood landwa ' with mature trees and shrubs. No adverse easement or encroachments were observed. Please check to verify. GENERAL DESCRIPTION ExTFRIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units One Faunaa.m Con. BI Stn No At- Scift. 1 Roo' %Fumhed No.MSoms One Edam wales Wood GmaSw@ o Clung Type(OmlAa.) Detached Rom sate, Asphalt Its—. Yes cc" CeilinaTile was access No ❑ Wads Paneling Fate Design (51111e) Multi -Lev. Gahm 6 Dam ate, None Sop Parry None Noted Fm ❑ Eretngill' as condo"" Type Dampnmm Nano Inada. OawseEny Wallcoul Age (Yes) 50 StarlYSaeae Thermortact Seidemorn None Noted poled,_❑ . Nh Man edam xwsa No I IMeoation None Noted through norms As u ad ad ROOMS F I.' China Ktrd.sm Dan F Rm Roc. Rm. Beooms M Barns Loserift Una I lace SaTi. y 1 1,350 Bxsemm 1 2.490 h 1 1 1 2 5 1 • I Fknheo ace avow .em: rantekn: 7 Reims: 3 Bemoan l: 2.5 BWm s : 2.490 arc Feet M Gen Li. Area INTERIOR kuwd Condncn HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: ❑ Nam ❑ Fkptexh) #2 ® Nome ❑ Fame t d - Type FA(31 Rablgaaa - Wan Drywall-Averacte Foal Gas Rage*,- Sas Pau° Garage Yes IMUrs (}❑1{ dap Su. pack AdeMea TraMFimse tai a era ve D'eposa Ban Flea Ceramic - Averse COOLING Oiaumsner lJ Sett► Pumsm 3Season Omeded ❑ 3 Bsmwamca Ceramic - Averse Gana Y FamNeod ❑' Flea ® immcc' Eeua19 Bea -m ❑ pons Stain flush voll Omar None Miodaem ❑ Hems ® Pmt no value Cape, l w Iii. N n in I• The mechanical s tems In Jude• es -fired F A. flan s• central air units• 0- slavenal rnergy enaiem erne", mc.f ater and 200-a . electricals tem. A Well•bUpl e impe reseems, depreciation 1physaet. (unnional, ale anneal). frpahs mead - quapty of conswctmn famodahngladdiUans, etc: L5 Ica' with ad ual sized rooms end a [and maintained dwe li that ro'ects dated interior condition Functional util' I this llin W me is nctio al and aes tl ex cta s f n t re reate elin of nti n ld and s es d va ue Ad.erx dmtromnrnla caldlt iana ISaMr aes, can not limited td, haierdaus rasma. heals sueatenrns, cic.) assent to my m epro•emenrs ate roc an.. �. Immediate oeimty of me snbtrn pmp,ny: No obvious environmental conditions were observed during Uhe PreDerty inspecton that would _ adversely affects the sublecfs marketablllN Please consult an expert if any coming exists EI 21F 2W ROBS'S REAL ESTATE SERVICES 001-7820846 UNIFORM RESIDENTIAL APPRAISAL RFPnRT ESTIMATED SITE VALUE ... .. - .... ........ • S ESTIMATED REPRODUCTION COST -NEW OF IMPROVEMENTS: O.cong 2,490 5% Ft. e S 95.00 • S 236,550 L Fn Sq. Ft. o S 35.00 43.750 • 22.500 GeegdGrpon 886 Sq. Ft. a S 18.00 15.948 Tar Estimated Can Nea ................ - S 318,748 _ Les 75 Pnysrr Faimww E.trmr Est. Rmaamg Ecm. Cunt 55 Chprt®tsm B4 999 D • S 84.999 Duaaooted vane d Imp—. _.... •S 231 4 -As Va . ar She Impramatenis.DrivelLandscape S BANCATED VALUE BY COST APPROACH Rounded • S 338.700 Comments on Cost Approach !such as, source o f t ast hsumale, sec vane•, egtmn root catculid on and for HUD. VA and FmHA, me nsdmated re —nirq manamc tire or the Property): te al Functional O w observed, Se ate Ian addendum or Improvement dimensions, D o the extremely limited available sale date On multWevel style dwellings, it was necessary to use tWO Sales over six months old. No negative time-of-sale ad ustment was considered appropriate. - REM SUBJECT COMPARABLE NO. I COMPARABLE NO.2 COMPARABLE NO.3 6012 Tingdale Avenue Edina 6625 Nordic Circle 5705 Edina 5 39 Dale Avenue dl 36 6621 Umeridt Lane i 54 9 Blocks 7 Blocks S.esPlca s 290000; s 322000 ,ti':r.- s 300000 i- r`Y +;'�. s 340.000 POpdGwLr•. Anm 1[8.47 s 159.01 ;:,'< s 112.85 - ';;a!r „� -t� s 182 g4 Drs artala vaa<a-m oun:n Inapedion Ci /COun R Drive -0 y /MLS CN ICoun Record Drive- byIMLS I !C Records Drive- byIMLS CI n Record V AD MEATS 5 RIPTION DESCRIPTION s r.... D SCRIPTION t ESCRIPT N Sala a Fv a tenng cmcnsrons Co7enllon sl - b4;Costs Conventional Connventional -G. Costs -a- Costs Conventional -0-Costs r inve, Un - 1013012002 02127 -0- 0411212002 rpan Similar il r 1 _a Fee Simple Fee Sim Fee Simple im b SAe 10.125 Sq.FL 26.082 S .FL -8,000 111.390 SaTI. 17.336 Sq.Ft. -0- vn. Good Similar Similar Similar aura am MUID-Lev /Good Split/Good -0- Muftkay tGood Multi-L r Good Similar Similar Caeourr 1956IDaled LVME 196glUpdated 1959/Similar 1959/Similar 1961111.1 Su rior - 15,000 Similar Su rlor -15000 Above Grant • RanmCoum rh,r , — ' — n.,t • a.., a— . 81 3- 2.001 +1,500 t 2 -16.300 , .—' _ 2.00• +1,500 f r..' ea.. ' am, 0 . +1,500 F + 4 7' Beam,■& Fhvred Gade 550 Sq.Ft fn +10,500 300 .5 BethAVO -1500 1BathIWO Sq.FI In. +14,300 -3000 1100 ScI.Ft fn. +2,300 1Bath/WO -3000 F—eiw Ilk Similar Oli Similar P1250Sq.Ft1n. a it F r i i 3 BI Gar e 1 Gar a +2 50 G re e + 500 Path. Pato. Deta. F . , eu. 2 Poe aces Deck +4,000 2 Fire laces 1 Porch Fhe lace +2.500 Deck +4,000 2 Fire ces F n Pod mc. I N/A / A NIA I Da. •s 0 's 11.7001 28,600 AgAekeo Sacs Pent d me .` Nat '- 2396 ; > s 314 800 311 '00116i :4' -.. i s 311 400 Cmahents m Sams Caopaism (inaudmg the sugat prapmj s compatmiaty to the migabahoom ac. 1: No value was considered for personal AD sales are confirmed dosed. All have similar style and sweet. Sales #1 and #3 have been updated, atl superior economic aae and condition. Sale 103 possesses upgraded nt ri r finishing, creallno superior overall Duality, Sale #2 was considered to be the most similar to the subJect and was niven primary emphasis in establishing the final figure. ITEM SUBJECT COMPARABI ENO 1 I COMPARABLE NO. 2 COMPARABLE Data. Pram xrrd Dan Saarahepro stets vlran a No prior eels within last 12 Months No prior sales found No within last 12 Months wllntn other than stated above. other Drior sales found last 12 Months than stated abwa. No prior sales found within lest 12 Months other than stated above. ArWysis tl arry [ulrlM eyoarelY d me. ppor, a ay.g tl e'=” d Ina Fee tl arry par vrotlaugjm and mnp•peanarndno yeatl de died ra xrsr lbeclient did ed u e te ---VALUE BY SALES COMPARISON APPROACH. .. .... S 311,500 VWATED VALUE BY NCONIE APPROACH 01 AppiaiMl Esarwdd Mayan Rem S W 111 —G—Rm WA -S 4)- Hwappeornmem W 'tne U sWN aaerryac ate— fteepxtnnamrtYosweaboo. U arelmtamrpaseepa w-rans sDrtdlgtue earwave d Appass The cost Per scruare foof was derived Ih Marshall Cost Handbook or a survery of local builders costs and ad*usted for fime and I' Finwit amaamn: The Cost Approach was included however, The Market Data Approach was considered the best Indicator Of value. No rental data was available to utilize the Income Approach. Financing char ea paid by the buyer and seller were taken Into consideration in Is apprelsal. Comoarable photos are file pholclarsobs. IOM ESTIMATE THE MARKET VALUE AS DEFWED, OF THE REAL PROPERTY TWIT S THE SUBIECTOF TI6 REPORT, ASOF 11/222002 (MOOCH IS THE DATE OF NSPECTON AND THE EFFECTIVE DATE OF THIS REPORT) TO BE a 311,500 APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQU RED): Signature ~�"��- Aasmad QOe QDid Na 10'soral,can,of The Patent, a dvs appelsr a to astarata die maaet •,aa tl the fear propeny par n mn "im. tl ryas repot. based at de above cortmgm anede are ataaa mrlaua% atnmwWvaaadamimdwmwtanmc ataMMffra*Mw Fam UYFwm*Mmfam1W1B1Nwhm 6193. 1. N— D No—, Inspda Peopmy Dad ReportSmear 12!112002 Darn Report Sioned Sure CmVrrlonM 4001054 Sire MN Skate Cangeamona Sate Sut Or a r a•trrsa sat GenITIM Uenefal Heal YrOpeny PAGE 2 O 2 retrsstar au Robb's Real Estate Services SUBJECT PROPERTY PHOTO ADDENDUM FRONT VIEW OF SUBJECT PROPERTY Appraised Date. November 22, 2002 REAR VIEW OF SUBJECT PROPERTY STREET SCENE 18.9' 9.0' 35.6' -1/2 z. Olnl!g Room fFamIlly om N Dining b Entry Kitchen Bedroom 76 . .o Area- v � 9.0' Hell LIVIng Room �,.' Master _ Bath Bedroom 25.9' c " ry 26.6' 5!a7d! mrNYYY!OON'• AFVA: C<LQJULTM SLIMMARY Cad. O..e9r0.len s1z. T.W. OGl n— Ram 779..70 7107.90 nn. nm 777.00 N.0.70 TOTAL LIVABLE (ran 4 2490 U PG AFFA B*-NmQMJ Bmww— aueeMW .lnt .loot ]... • M.. 7107.90 ..0 • U.. W." 7.0 . a.. 09.70 9.0 . 74.0 770.0 4 AraasTttel (ras!dea) 2790 Plae, Vlaari., Min—wo 55386 (952)443- 4030(Fe7) 443-4081 COMPARABLE PROPERTY PHOTO ADDENDUM COMPARABLE SALE #1 6625 Nordic Circle Edina, 55439 Sale Price: $ 322,000 COMPARABLE SALE #2 5705 Dale Avenue Edina, 55436 Sale Price S 300,000 COMPARABLE SALE #3 6621 Limerick Lane Edina, 55439 Sale Price: S 340,000 M a� ptt: S3t7SiS"� 4 .. LOCATION MAP Borrower: Thorstad File No.: 02.12150 Prooeny Awrwxc 6012 Tsme,Na Avenue Case No.: 001. 7820846 City. Edina Slate: MN Zip: 55436 Lender: Wells Fargo Home Mortgage, Inc. 4RK TRl PINE OROVE RV 7 OR W ,E � w� .. � 1 eRmo Comp 2 :t 000 w NwooD: ,IiFxT FIEID WAY Lid -. 8;� ;H� VIM mlttY tdy �. L i .. Ste?` ; 2� j ?. I . Ayfy„I,o -_ ; WBBTII L If .� fowflg "'_ i 010 I S� ^� ick kOOK GA •6WIoa f $$t `.A>iPEN W�1M S; RD - c COUNTRY810fiR wT� RD '• � ERR Opl �°�, -N 'T' - `LI HNGax "AT C7 S. A 1 0 R.M WOIfiT BIRCNCREBT�``� C AnC WAY 6ANOWcrB ,� �,._•R�FW Ong3 14 rn.lAdliRr• a g -... 4RafamrWPa1' `Lgyq is r a!�' a weeiN .. f WaBiN- -ACM r [REEK VAL 'RD NOB M - coal pLoRD _ { ipaislYAM O VALLEY VIEW RO' 1 O'.. Q may'.i7�"' C bAl 1 �BEU,� i BWfANZRD__. q .'RY ro •tl9pRpnnyPak .. •._ W S ., �,� ocxliR tee. + M.trP111W w RD 1923 F,dP —m ]'Lax, Vim i•, Min.0 i 55386 (952) 443.4030 (F•x) 4434M] ROBBS REAL ESTATE SERVICES USPAP COMPLIANCE ADDENDUM RI, No. 02.12150 Renames Thoretad Orders Propety, Admen 6012 Tbaldak Avenue City Edina Canty Henneoln Sine MN Zip Code 55436 Lendamica Wells Far Home Mort a e Inc. Cleans( rent, 001 - 7820846 Our,• /hare l,rmr rherf.� / ©he /nu• r.nn /v /n rhir rcnun. PURPOSE, FUNCTION AND INTENDED USE OF THE APPRAISAL OThe purpme of the appmlul is an pruride m opinion of mute. ralm, of the mbitct property a defined in this mpon, on behalf of the appraiul company failimtin, the eaipmem for the afcrenecd client a the inreakd user ul.Iw repot. The on /r rmco,m of the .ppr.i,.l is m aniu the client mentioned in this report in evalum,ng the subject property for lending purposes. The use of this Appraisal by anyone other then she sutod intended user, or fn my ats. use than the sated intended use, is prohibited. OThe purpose of the appnw is .o provide an s91.i. of market value of tho mi jitc, pc pas y, a deflated in this report, on behalf of the app.i.i company, (aili.nting the usignmwn for the rcfcreucrd client w be intended user ofthis mPon. The only function of the appraisal is 1. assist the .lien. mentioned in this report in — luoting the subject property Real Estonia Owned (REO) primates. The use of 1hi. appraisal by my am other than the sated intended user, m for ony other use than the mutual intended use, is prohibited ' The purpnsc of this appraisal ism an heMlfafthe app.,.l e—p..y radimting the naignmem for the refererced client n the intended user of this report. The only funainn of the appraisal is to assist the client nrcmiurad in that r •port to n- stinting the object property fv The use ofrho appnial by anymc other then the .used intended ere,. a for may other use• dean the stored Wended use is prohibited. TYPE OF APPRAISAL AND APPRAISAL REPORT - (yl This is a SUMMM Appraisal written in a Form Repon Inmost millho USPAP Departure Rule has fast been invoked. LTJS This is a Limited Appraisl written in a Report fmo.t and do USPAP Unpanme Rule ASE been invoked as disclosed in the body or addeeda of the report. The client ha sgnrcd thus a Limited AppNal is sufficient fn its p,apma. I SCOPE (EXTENT) OF REPORT I 1X1 t uc appn.at is owed on UK mfmmauon ptheml by the opprorse, from public meads. other identified source. tnpction or the inbjat pmW. y .red ncighbmho d, and sclmion of.-pu abic alas, listings. Dodo, rentals within the subject marks sea. The migirml so u — of the comparables is shown in the Data Sanc ration of the ronkm grid alarg with the sourc. of esifimation. ,f aysiuble. Thc original source is prescnted rim. The sources and dau am considered reliable. When conlllaing information war provided, the source deemeJ mom rclisblc ha been used. Data believed to he mrelinhl, wan not included in the repon nor used u a buis for the value conclusion. The eaten of snolysis applied m this wsigwrcnl nay be further tmpsrted with.. the report, the Appridwes Cenifcatim baler s uPor my other Sutcment of Limiting Conditions said Appmisce. Cenifieotion such a may be uUlt.ed within it. Freddie Ma fur. 439 or Fsonie Ma form 10041, filmed 6193), when MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY ® A --ble mok.ting it— for tM subject propny is 10 - 60 dtayl.) utilising rnrtn -n diti... pertinent to the eM i.1 auignmen.. O A reusonst, exposure aim fa the subiln propny is day(s). APPRAISER'S CERTIFICATION I certify then. to tka beat of my knowledge and belies` • The matemcma of fan --d in this report arc tie said cornet. The reported aaalyas• opinions. and coMmions am limited only by the reported —pi— said limiting condition.• and ere my pnoonl. impartial, said ordained ed poleralonl molyea, opinions, reed conclusions. 1 have on present or Prospective interest in the property that is dm abject of this sport, and on pasooal interest with —face, an the p.n.n involved• unless otherwise mated within the report. I have no bun with —post to tie property that i, the voty., or this rcrari or .,he penis involved with this asngnaeat. My mpgemrm in this asopanert wo, son contingent upon dcrekping or rrpommy pnde.conimd ..oil,. My compmmion for computing this assignment is not contingent upon the development or manning of a pads ermined value a direction in valor dual favor the cause of the client, the arminl of tb< Who opioiaq tM ataia,nem of a 4ipntatad —nit, a .M oecunence of • .ub.equent event dircnly slued u the intended ese of this sppmism. My madyses. apioims, and conclusions ware developed, -and this report has been prepared, in conformity with the Uniform Sum aril. of P.11, i4 I Appraisal Practice. • I have Iiil a has. rot O made a PenoaI hupecri m of the property Oal is the subject or this mp"L (irmnre dos one Persian sign this Rpim thiscmification corm clearly apecil?r which iodiviciatah did soil which ladividals did not intake a pr I in.pction of the appraisal property.) No sac provided ngrull— I —1 property tappntnl uaid.= to the person signing this certification. Illthere w eaeepion. the ante of eah indiriJual pmviJiny rigaificam pmfis,ional awisamec roan be mmcd.l h'OTEr In /q,• mrr ..Jane aonflln w /rh u di,wr pn.vidrd,rrr!lmvr/un septet. Fwa/r .Nut a Freddfe Mue /. rhir nr,srd rrrrpcnnon abaft rode rrrvleu Sapenisory Appraher'a Cerd0ca16so: If o supra tsory appmiscr aiµmd the appraiul report, he car she certifies sod sgracs rho: 1 di —ey sopmi., the apPmisc who prepared the appraiul repro• have reviewed aim appraisal report• agree with the statements and conelusioaa of the epproi aer. ag— o be bound by the sppneisefs emir —bona numbered 2.7 and 9 tea the aorta ping. of Freddie Ma Form 439 6.93/1'annie Mae Form 10048 6.93, or the third pm. of Form 2055, and am taking full responsibility fur the • rstul re on. APPRAISER'S.AND SUPERVISORY APPRAISER'S SIGNATURE APPRAISER: SUPERVISORY APPRAISER (oa41f ragared): Sip—: Nunn: DA Dan the Rryon we, 54ae:1211112002 State fortification s: 4001054 or Sate Locate s: Stile MN Eap'usim Date of cerancmus or License: 06/312004 awvteww,.— a,. tam I of I Sps- Nmnc: Rate the Repot am SiViod, Sum cro il're bon a. e Sum Licv.x a: Smte: E.pirwar Dim of cenifiarion or Limos: O Didm.peclnmjnctpWcoy O m+edC Olatera6 Exterior O banner a Ermior O Emrvmh O FXJOioronly - - - .001. 7820846 File No, 02 -12150 DEFINITION OF MARKET VALUE: The most probable price which s property should bring In a competitive and open market under all conditions requisite to a lair sale, the buyer and seller, each acting prudently. knowledgeably and assuming the price Is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of o specified date and the passing el title from seller to buyer under conditions whereby: (1) buyer and seller ate typically motivated; (2) both parties are well Informed or well advised. and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposuro in the open market: (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (S) the price represents the normal consderetion for the property sold unaffected by special or creative financing or sides concessions granted by anyone associated with the sale. 'Adjustments to the comparables must be made for special or Creative Financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area: these costs are readily Identifiable since the senor pays these costs m virtually all sales transactions. Special or creative financing adjustments can be made to the comparable propeny by comparisons to financing terms offered by a third party institutional lender that Is not already Involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for tlollar . cost of the financing or concession bur the tlollar amount of any adjustment should approximate the markets teaction to the fmargrg or concessions based on the Appralser'sjuagment.: STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears In the appraisal report Is subject to the flanva4ng conditions: . 1. The appraiser will not be responsible for ouluers of a legal nature that affect either the property being appraised or the title to It. The appraiser assumes that the title is good and marketable and, therefore. will rot render any opinions about the title. The property Is appraised on the basis at it beat/ under responsible ownership. . 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the Improvements and the sketch is included only to latest de reader of the report In vbsua4zmg IM property and understanding On appraise 's determination at its size. 3. The appraiser has examined the available Oood maps oral are provided by the Federal Emergency Management Agency (or other data sources) and has noted In the appraisal replan whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor. he or she males no guarantees. express or implied. regarding this determination. 4. The appraiser will not give testimony or appear In court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made tadore end. - S. The appraiser has estimated the value of the land In the cost approach at its highest and best use and the Improvements at their cortiibuory value. -These separate valuations of the land and Improvements must not be used In Car junCtiOn with any other appraisal and we areal d A they are so used. - 6. The appraiser has noted in the appraiser report any adverse conditions (such as, needed repairs, depreciation. the presence or hazardous wastes, toxic substances, etc. ) observed during the Inspection of the subject property or that he or she became aware of durng the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has rto knowledge at any hidden Of inapparent conditions of the property or adverse environmental conditions (Including the presence of hazardous wastes, toxic substances. etc. 1 that would make the property more ar.less valuable, and has assumed that there are no such conditions and makes no guarantees Or warrantios. express at implied. regarding the condition of the property. The appraiser will not be responsible for any such. conditions that do exist or far any engineering in resting that might be required to discover whether such conditions exist. Because the - - appraiser is not an expert in the Field of emmonmenlal hazards, the appraisal report must not be considered as an environmental assessment of to property- 7. The appraiser obtained the information, estimates, and opinions mat were expressed in the appraisal report from Sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items them was hevsted by auto parties 8. The appraiser will not disclose the contents of the appraisal report except as provided for In the Uniform Standards of Professional Appraiser Practice. 9. The appraiser has based his or her appraisal report and v8lualioll conclusion for an appraisal that Is subject to satisfactory Completion, repairs, OF abermidns an Me esmngien Iler cmglardw of de otrprovattera will be performed in a amtktnartnke ttmvw. 10. The appraiser must provide his or her prior written consent before the lender/client specified In the appraisal report can distribute the - appraisal report (including concluslons about the ptopeny value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or me firm with which the appraiser is associated I to anyone other than the borrower; the mortgagee at Its succeswrs and assigns: the mortgage insurer; consultants: professional appraisal orgenliationsf any slate or federally approved financial Institution: or any department. agency, or instrumentality of the United States or any state or Ire District of Columbia: except that the lender /client may distribute the properly aes[Opnon suction of the report only to data collection or reporting services) without having to obtain the appraiser's prior will" consent., The appraiser's written consent and approval must also be obtained before the appraisal can ha conveyed by anyono to the public through advertising, public relations. news, sales. or Other media. Freddie Mac Form 4396.93 Pagel of 2 Fannie Mae Farm 1004B 6.93 001. 7820846 s Now. 02.12150 APPRAISERS CERTIFICATION: The Appmkser certifies arm agrees mat: 1. 1 have researched the subject market area and have selected o minimum of three recent sales of properties most similar and proximate to the subject property Ins consideration In the sales comparison analysis and have made a dollar adjustment whegappropriate to reflect the . _ market reaction to those items of significant variation. 11 a significant Item In a comparable property Is superior to , or more favorable than, the subject property. I have made a negative adjustment to reduce the adjusted sales price of the comparable and. if a significant Item in a comparable property is interim lo, or less favorable than the subject property, I have made a positive adjustment to Increase the adjusted sales price of me temperable.. - 2. 1 have taken into consideration the factors that have an impact on value In my development of the estimate of market value In the appraisal report. I have net knowingly withheld any significant Information from the appraisal report and 1 believe. to the best of my knowledge. mat all statements arm k4ormation in the appraisal retort era Me and forted. 3. 1 stated In the appraisal report may my own personal, unbiased. and professional analysis, opinions, and conclusions. which are subject . only to Old contingent and Wdwrg conditions specified in des form. 4. 1 have no present or prospective Interest in the property that is the subject to aids lotion, and I have no present at prospective personal - imerast or bias with respect to the participants in the transaction. I did hot base, either partially or completely, my analysis and /or the esliffwu d market value in the appraisal report on me race, - color, religion, sex, handicap. familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the staged pimpterty. - 5. 1 have no present or contemplated future interest In the subject property. and neither my current or future employment nor my compensation for police. ring ails appraised is contingent on the appraised value of the property. 6. ,1 was not iequired'to report ,a predetermined value or direction in value that favors the cause of the client or any related party. me amount of the value estimate, the altalmnent d,o specific result, or Isle occurrence of a subsequent event In order to reeelve my compensation andlor employment for performing the appraisal. 1 did not base the OppIratsal report on a requested minimum valuation, a speak vahad mk or the reed to approve a speak mortgage loon. 7. 1 perlormed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the em pillion of the departure provision of those Standards. which does not apply. I acknowledge that an estimate of a reasonable time for exposure In the open market is a candle" In the definition of market value and the estimate 1 developed is consistent with the marketing time noted in the regnbonnod section of this report. Wes! I have othentlse slated In the raconvikathn section. 8. 1 have personally inspected the interim and exterior areas of the subject property and the exterior of all properties listed as comparables . in the appraisal report. I further cenlly that 1 have noted any apparent or known adverse conditions in the subject improvements. on the subject siia. or on any site within the immediate vicinity of the subject property of which 1 am aware and have made adjustments for mesa adverse conditions in my analysis d the property value to the extent that 1 had market evidence to suppml them. I have also commented about the effect at the adverse conditions an the marketability Of the su tiled property. 9. 1 personally prepared all conclusions and opinions about the real estate that were set (mill in the appraisal report. It 1 relied on significant professional assistance Iron any individual or Individuals In rho performance of the appraisal m the preparation of the appraisal report. I have named such individual(s) and disclosed the specific tasks performed by them in the reconcllladan section at this appraisal - report. I certify that any individual se named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in - the report; therefore, it an unaWtmized charge Is made to the appraisal repor4 I wa lake rte respansei0sy fa k. 1 is aduewledpad mm hegmmess d wtlo silted d® rapid Paton)'DaW Robb. Cynmis D. Robb (MN I Item 111,1141011053) and Michele Tinter (KIN Llcwm x20339813) cmmUftd s gO=ft m gWmlkg ft data. cm4leled Ow msulch em d&valepod tie Mal Ovakm wL AMotgh an kspeWte hea been porker, d, me appr®e Is not an algal in aw Bald Of home kispacilorw mm/or engtrwerIng. APPRAISAL REPORT IS SUBJECT TO FUTURE VALUE REVISIONS BASED ON ANY NEW REPAIR ESTIMATES. TECHNICAL EVALUATIONS. NEW EVALUATIONS OF ENVIRONMENTAL, ENGINEERS OR ANY OTHER EXPERTS, SUPERVISORY APPRAISER'S CERTIFICATION: II a supervisory appraiser signed the appraisal report, he or she certifies are agrees that: I directly supervise the appraiser who prepared the appraisal report. have reviewed the appraisal repoiL agree with the statements and conCusions of the appraism, agree to be bound by the appraiser's certlficadms numbered 4 through 7 above. and am taking hA responsibility Ins de appraised and the appraisal report. - ADDRESS OF PROPERTY APPRAISED: 6012 Tinadole Avenue, Edina. MN 55436 APPRAISER: SUPERVISORY APPRAISER (only If requlrec(I Signature: Signature: . - - Name: DA Nerve: Date Signed: 112F11112002 - Dale Signed: - State Cendiicadm F 4001054 Stale Certification I: Of State License f: or State License a: Stye: MN State: Expiration Dale d Certification to License: 081312004 Expealbn Date d Cer ifreflm or license: - ❑ Did O Dm Not Inspect Property Certified General Real Property Appraiser Freddie Mac Form 439 6A3 .. Page 2 d 2 Famie Mae Form 10048 6 -93 y QUAUR C ATIONS OF DAVE ROBS Borrower: Thorstad Property Address: 601 File No.: 02-12150 2 Tingdale Avenue Case No.: 001- 7820846 ity. Edina State: MN - Zip: 55436 Lender: Wells Fargo Home Mortgage, Inc. QUALIFICATIONS OF DAVID ROBB Over twenty four years of residential real estate experience. This experience Includes sixteen years of full time opprobal exped.6ince, seven yearsOfirsal estate sales and management, and a year of tionitruction of residential property. Personally performed over nine thousand conventional fee appraisals, with a told vabje,well In excess of 3 billion dollars. CERTIFIED FEDERAL GENERAL REAL PROPERTY APPRAISER Minnesota Staite Appraiser License Number 4001054 PROFESSIONAL HISTORY. 19pi-pretont owmat, Roes,3 Red Estate serviceL victoria. mimimnota. Proviav convention6l fee and NIA miombdre"Imt0owdevarlettraidients. 1985-1990 SENIOR APPRAISER WILEY APPRAISAL, INC.. Minneapols, Minnesota. AC&O In Convenlionai raid estate ,appro"and niviewing. Top Invokirrie: 1987.178%,1987 and 1990. , 1994 - IM ELECTRICIAN. KOENES ELECTRIC Arkoheirn. Calltomlo. Invoked in now con*mtion and 19f2 - 1964 SALE MANAGER, OUTDOORSMAN REALTY, Minneapolis, Mirmsota. Taught ackill education comses an builing. Telling. and ftwg*g of real estate. Reviewed all p=how agreements and rnarlost eflimates for ocajocy and legality:. 19". Im SHIES MANAGG. 6ALMOCIN REALTY, Minneopo6, MinnerAo. Five year holder of Million Dollar Proxitzer. Award. and W other production awards. tArsnoged a start of thity sales EDUCATION: PeOM' 19" Now to taw thow IDUCA Cpqn:isw rte HotnaK IntDriff SWL Dad" L FINOm Movan: EnVkr a,td Hama; In Me none Name Inspeclorw Beirond tie Basics -Pon 2 USPAP Standards and EINCI UPdole 1996 kifldng Codes, eftWand 60M. horn BL*pdnb to Bteavolon. I"s &ntomnwl Inver In Rod EsIoNTtonsoclons "o'"Ing In"paiCUOM 1494 HatardoW Wo"a cWCOM I.W101M RO*Mdd Agxdttl Repad 1993 ReAdeAld Tom Conshcoon I a It"oonlid Now Corntruckn 0 mmmoto morvoite Low Iwo.j"3 VW. is ond clmtef pouTded by Tie bed Chcpft of tq APPICISMIMIkOD 1991 Approlten Guido To Reddenflid Cansbruckn Hake ToWdWADS"WrAlrolibn Report JIM Red Edda Ap * 'Aft"Nonditeddenikolvakalan 1986- IM slawards at proteownd proctice R4000" Real r;skft APTIM" Reklenfid dousing Combmflon Amning cind Be Hw rAnnesoto Tax Low 19M urbanni, of mmouft Coaxes In Red blae Appidilma 1986 Ando4to"MyConumonityColeip Cmnm in Red Male Apposing 1977- IM Andarnardob of Red ESICU. Advomed KA KIM M tdS Artonoilve hnmckp Inl0d0ys h4arket irnstusanod RMM*Q Creative Financing Theo h r.*-d ham ofinstrueflon an R.E hAnUft Borrower: Thorstad Property Address: 601 UCENSE(S) ISSUE BY THE STATE OF MINNESOTA Borrower: Thorstad File No.: 0242150 Property Address 6012 Timdale Avenue Case No.: 001- 7820846 City Edina State: MN Zip: 55436 Lender. Wells Faro Home Mort a Inc. ,.- < C-715�i 6IV19IM b pa of r.ar�nrte i2 a" 1aMphee: (O61�pB869iq Zy 71� IalaoeEalL Stis Eli" Eddese, mmnaae®sfarAeraa ,.. ,;yal/�I1G'IS1Q6 .A t6gi' V16at1dr�C CIS +""� ► i eneraf R " l.. praiserucense lwmc JOHN DAVE R0�8 comp.noen Addeto 1985E ily DGEW)IA ?'. rk 1 ,EDOEWATMRACE V!C`TbR1A,1+W`" C, i �4.:yK;TONNeAeB i Ne wwoP l�l3b�J rt.)w7+..~ss r 4 r r f af�J "'7•S "L i�` �{�J � �A�ieilAl�d�s !ka�OS /aMMfdpr�riyp�dnMpRyiMl• . COr�111�19 �dWe00R ;i9�plla by /tenor erpYallm Aar 1p' .. I�vn4"EFUS,:, r r £r, 3VV�' " ,7iev 1567Ytii Ay.> IV �� t Apatton tlorsad ht4,nY0uy onpahtn Vreaeasya� h - - 85 -TOI �.fSiq.�1�..00�� E `ni�F1�Od/fMhV•60111p11I�.AnJi i� _ a B�P�{.�F�`6>�(If� : „fig} �,L'4 .111Y41�1�1dIMF >1�rM�,aElEllniROr � z r• A i ” MW License ROBR s;. if�iu4ESr�tESENmCES gMr�IIC�HE�L�L j�D %.• .. E AplrauROi�a�OM�Iaegi�OwaYyeYeappalaW 'dam YO 3 Wi1N00tlpp % 3 ' +b -8i TT 9YA_ 7pi rP'�Orr► j! ti�P�d �.aJ� t -, `,a'.'.�'•'L •� SMnan(l� ra0i(ntN;iY�♦ti. _;,�pygi onflom 15,iaedlb "die by al�l�i"4- °rR ?!d9PR?�'F'!eb• ;+r %1114 31 r 1925 Fdpwater Piave, Viaoria, Min. e a 55386 (952) 4+3.4030 (Fax) 443.4001 City of Edina April 14, 2003 Edina Board of Appeal and Equalization Re: Letters Board Members: Six letters have been received by our office asking for review of their 2003 Estimated Market Value. One (received March 24th, 2003) simply wishes to go to the Hennepin County Board of Appeal and Equalization, another is still in the process of collecting data and wishes to preserve their appeal rights while the others were received after close of the filing deadline - three on April 4th and one on April 7th, 2003. We have not had an opportunity to review those in detail. In order to preserve the appeal rights of these residents I ask that the Board sustain our 2003 - estimated market value and allow them to apply to the Hennepin County Board of Appeal and Equalization. The Hennepin County Board will have ample time to fully. address their concerns. Richard R. Petersburg, SAMA Edina City Assessor City Hall (952) 927 -8861 4801 WEST 50TH STREET FAX (952) 826 -0390 EDINA, MINNESOTA 55424 -1394 TDD (952) 826 -0379 CASE R7 o-)HMONET 7708 GLEASON 'RflUAD Case #: 17 Board Appeal and Equalization Assessors Commentary Property ID Number: 08- 116 -21 -33 -0140 TDat;April 14 2003 Property Address: 7708 Gleason Rd. Owner/Agent Name: Michele Simonet 2003 EMV $425,600 Requested Value Unknown Recommended Value Unknown Comments: The subject property (7708) is the north half of a "half- twin" (zero lot line) property recently purchased 11/2002 for $345,000. Although Ms. Simonet never initiated contact with our office, we did hear from the owner of the south half (7710) of her building regarding his estimated market value. As a direct result of his request for review on his property located at 7710 Gleason Rd. (08- 116- 21 -33- 0139), and the subsequent reduction of his value, we realized that the north unit (7708) might need attention as well. 'Ie began pursuing contact with Ms. Simonet. Our reason was that if they were in fact "twins ", it seemed -asonable to believe that a reduction might be in order for her unit also. Approximately April 7, 2003, Ms. Simonet returned our messages while out of town on an extended trip. We explained the situation to her. However, because she was out of town until approximately April 15, 2003, she could not fill out our request for review nor send any formal request for review. We do have an inspection appointment set for April 16, 2003. Land $20,000 Buildifig $387,300 Total $407,300 Value 2002 History 2001 $20,000 $337,200 $357,200 2000 $20,000 $299,000 $319,000 Sales 11/2002 $345,000 History 12/1993 $272,000 12/1981 $147,000 LETTER 2 m I WJ ��I 7 OVERIH-OLT PASS 24 March 2003 Mr. Richard R. Petersburg Assessor, City of Edina 4801 West 5& Street Edina, Minnesota 55424 -1394 In Re: PID 06- 116 -21 -34 -0047 Dear Mr. Petersburg: RtCt1VtD W � 7X443 ,Jtcdi�n '�e.• �Sf�9PS- -.9080 I acquired the aforenoted property in April of 2000. Since that date, I have been engaged in an almost comic struggle with your department to achieve a correct assessment of the property. It would appear that previous corrections obtained in 2000, 2001 and 2002 by my efforts are each year assailed upon by your staff, in some juvenile private battle. This year:is again no different, as I received a valuation notice suggesting an 11.6% increase in the value of this property. Not so coincidentally, your staff suggests.the value of $881,300...the identical value your staff argued and lost before the County Board of Equalization last year. As you are aware, I have an appraisal for $700,000 dated June 6, 2002 in hand, and have filed a Tax Court appeal on the County Board finding of $790,000 for taxes payable 2003. In a softened market for homes in this category, with ever lengthening days "on market," your staff s recommendation is clearly more than ironic. In fact, the "gamesmanship" is downright unprofessional. Of all the positive experiences I have had with municipal services in Edina only your assessment staff stands out as petty, petulant and vindictive. This is made more troublesome by a clear pattern of deference shown by the Edina City Council, sitting as the Board of Appeal and Equalization who individually have no professional appraisal experience to counter -act rouge staff behaviors. I am prepared to again challenge the assessment. I take no personal pleasure in this, and in fact welcome the opportunity to expend my time in more profitable pursuits. However, I also now hold no illusions about the local board outcome. In my view, only the dispassionate County Board of Appeal and Equalization; or the Minnesota Tax Court are neutral venues, and therefore only those bodies are worthy of preparation and presentation. Mr. Richard R. Petersburg 3/25/2003 Page 2 I wish to preserve my rights for appeal and small claims due process. Therefore, I ask that this property be placed on the local board list for review for taxes payable 2004. I do not plan to appear before: the local - boards -nor will I entertain entry to the premises by Edina Assessor staff. -1 think we can both dispense with: those exercises. If there is the m_ after of forms to be completed, kindly'forward those to me .so that I may comply with the ministerial requirements of -due process. Confirmation of the appeal in writing would be appreciated. In one last observation, I wish to note that there is an exception to the dissatisfaction I have experienced in your department in the persona of one Came Fox. Ms. Fox -.is most pleasant and'accommodating, and presents herself well to the public. I have found her to be quite professional. Perhaps your assessment staff could learn by example? Ve truly yours, Stev M. Minn SMM:pc cc: Gordon Hughes/City Manager SShWVaSteve\STM NMNAUCORREWNDENCE\W= Assessor 3W3.doc City of Edina March 27`x, 2003 Mr. Steven M. Minn 7 Overholt Pass Edina, MN 55439 In Re: PID 06- 116 -21 -34 -0047 Dear Mr. Minn: This is to notify you that we are in receipt of your letter, dated March 24, 2003. It.is my understanding that you wish to appeal your 2003 estimated market value. We will submit your letter on your behalf to the Edina Board of Appeal and Equalization and inform them.that you are preserving your appeal rights at the County Board of Appeal and Equalization. No further action is required on your part at this level of appeal. Please refer to your value notice for the date and time of the County Board of Appeal and Equalization. Make sure to contact the Hennepin County Assessors office to schedule an appointment. Very truly yours, Richard R. Petersburg, SAMA j Edina City Assessor Cc: Gordon Hughes/Edina City Manager city Hall (952) 927 -8861. ty FAX (952) 826 -0390 4801 WEST 50TH STREET TDD {952) 826 -0379 EDINA, MINNESOTA 55424 -1394 PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID ^5- 116 -21 -34 -0047 Pt. Con: _JUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 7 1/ OVERHOLT PASS 55439+ Right: Ownerl: MINN STEVEN M Owner3: 100 Owner2: MINN LUCILLE B Owner4: Zoning: R -1 38 Prim /sec: Yr.blt: 1971 Area: 28058 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: CURR 319 NEXT Mt.Adr: Back: Left: Acres: .00 Depth: Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity 419300 881300 419300 790000 8224 370000 700000 7363 LOT 1 BLOCK 2 OVERHOLT HILLS GEORGIA 2ND ADDITION Type PID or ADDRESS: press ENTER; or F1, F2, F8 Hd Mkt -Land 2003: 462000 2002: 370700 2001: 330000 Legal Description CURR 319 NEXT Mt.Adr: Back: Left: Acres: .00 Depth: Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity 419300 881300 419300 790000 8224 370000 700000 7363 LOT 1 BLOCK 2 OVERHOLT HILLS GEORGIA 2ND ADDITION Type PID or ADDRESS: press ENTER; or F1, F2, F8 Hd PT %Own H R 100 H R 100 H R 100 LETTER 2 STADHUM 63 R 2 MHLDRED AVv,ENUE 31 PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID '4- 116 -21 -22 -0021 Pt. Con: _.JUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6321 1/ MILDRED AVE 55439+ Right: Ownerl: STADIUM ELIZABETH A Owner3: Owner2: Owner4: Zoning: R -1 20 Prim /sec: Yr.blt: 1958 Area: 8577 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Mkt -Bldg Mkt -Mach 160100 160100 144500 LOT 5 BLOCK 1 HAWKINSON ADDITION CURR 319 NEXT Mt.Adr: 63 Back: Left: Acres: .00 63 Depth: 135 Mkt -Tot Tx Capacity Hd PT %Own 273700 H R 100 273700 2033 H R 100 201300 1848 H R 100 Type PID or ADDRESS: press ENTER; or F1, F2, F8 Mkt -Land 2003: 113600 2002: 113600 2001: 56800 Legal Description Mkt -Bldg Mkt -Mach 160100 160100 144500 LOT 5 BLOCK 1 HAWKINSON ADDITION CURR 319 NEXT Mt.Adr: 63 Back: Left: Acres: .00 63 Depth: 135 Mkt -Tot Tx Capacity Hd PT %Own 273700 H R 100 273700 2033 H R 100 201300 1848 H R 100 Type PID or ADDRESS: press ENTER; or F1, F2, F8 RESIDENTIAL. RESEARCH, INCCRRQRATF_D A Real Estate Appraisal and Consulting Firm August 4, 2002 BurnotHome loans 7550 France Avenue South SUlle 11340 Edina, MN 55435 File Number: K10267 Loan #6012926895 Flo No. $/30267 In accordance with your request, I have personally inspected and appraised the real property at: 6321 Mildred Avenue Edina, h1N 56439 T -he purpose of this appraisal is to estimate the market value of the subject.property, as irnproved. The property rights appraised are the fee simple interest in the site and improvements. III my opinion, the estimated market value of the property as of July 31, 2002 is: $255,000 Two HUndeA Fifty. FK e "I huusand Dollars The attached report contain^ the description, analysis and supportive data for the conclusions, linal estimate of value, descriptive photographs. limiting conditions and appropriate certifications. Sincrrely, Paul Grace, SPA ...._ .._ iIS —Gild--n n V�,IIc, Itnnd, . irilo 2. C rJdi >n Valle"', Nt nne:.cria aul2 ?. -4472- 763- 540 -0174 ,,' l=ax: 763.rAO -0149 RESIDENTIAL RESIEAIRCVI, II1JC0RPofzA'rED Loan 110012926805 UNIFORM RESIDENTIAL APPRAISAL REPORT File No. #302.67 Irm—_ state MN zifictidt, 55439 . ......... . .. ......... . .... ... . . .. . ...... Do Mildred Averia.10 (,ourd, Hennepin GOD wi0ijol, HAWKINSON ADDN BLK 1 LOT 5 ................ . . q-116-21-22-0021 fax Year ' 2002 R,E, Taxes $ 2,200.76 Spodal.Assessments s No_ rte Current Heibert X Owner FTJT�nc;�_ .............. . .... .................. . . . ... . ....... .. Borrower Elizabeth A. §iTju'lll and Lorraine Chal��T�r Occu Int: t 1 mit NIA jMo. Pro odytilthisnprimised JX Fee Wplri 1 Lo.ohold Q �A 0 Ypq J19 .... .. ........ L)fo� i1q. Census 239.01. _ _�ANRP t L ----- _ _,tqyq, .6-2002 Description art ft a rioncomionslobli . idtflimiIior $3000 .f!�R3_L53.000 Imio of Sale & . . . . ...... ...... !9 Londolffilient 131.11`1101 Horne Loans Address 7550 France Avenue. South Suite #340 Edina, MN 55435 I... . � ...... ...... A .111ser Paul Grace, SRA Address 5905 Golden Valley Road Suite 11237 Golden Valle y, MINI 55422 Localion ulliall X sublul'a" Rural Predominant single jainny houshig Present land use % Land use change Built up X Over 751A 25-76% Under 25% occupancy PRICE AGE One fatnh [��]Ntlllikoll Likely it 1 MR, Rapid __2 24 farnity Growth rate ,:able Slow Owner 175 Low In process Increasing AND DadininD Tenant 400t High 5.5 Mul.bfarnitj TO: Proport v values _Shortage .In Manou Ove 4TA Vamil(GSIA) Prmlanvilant Corin orcial AarkLl ILglin10 j Ineines.. 3-6 r . ..... . j ove 6 ana V_'t Park Note: Race and the racial composition of the nalahlinrhood are not appraisal factors. NoighborhoDd boundaries and obaractorWics: See Attached Addendum. . .. . ........ .... ........ .. . .......... .... .. ........ ...... . ...... . .. ...... ..... Factors that affect the inarRetabilily of the properties in the neighborhood (proximity to employment and altionilies, rijapioyntiont slanily, appeal to market, rite.): See Allached Addendum. . . .......... ......... ....... . . . . . ... ............ . . . . . . . ... .... ................ . ......... ....... . . . . .... ...... ....... . .......... . ...... ..... . ..... . — ---------- - .... ...... ............. . ____ . . . .... ........... . ...... .. .. ....... ...... ..... .. . ................ . .. ......... .. . . .. ....... ...... . . . ....... . . ..... . Nlafkol conditions in the subject neighborhood (including support for the above conclusions related to the liend rf proppily valum dentandratipply, and marketing linio -- such as data on compolitive prDpoflier, la, role in the neighborhood, description of the provilloaGo of sales and financing concessions, etc.): See Attached Addendum. . . ..... ...... _._'_.______.11 ......... . ..... - .. ... ....... . . .. .... . . . . . . . . . .......... .......... . ... . ....... . ..... . . ............. - - ---- . . ..... ........ .... . . . . . . . .......... . ......... . .......... . Protect it j fonnati or, for P I) D s (if applicable) - - Is the developw1bil8dor in mnbel of the I lame Owners' Mir ociation (HOA)? [7 YES NO Artimiltiale total "miner of 11"lls in the subject project Approximate Mal nuffilm of moils for Vile in the subject project DO.-Cribi) CE)"UH011 010111ants and Wrfialil)1101 laldlili0s: Dimonslonf-, X 135 (Per Henllepjn_COunty) I 'pography uain Feet (Per HeimepkrL�'Ourlly Cornet Lot F1 sitil area L3 Yes NO Sim Specific zoning clacsiticafion and description Rmsiden(lrtl Shape ReclarlgUlar Orainage A ars adequate Zoning contplianco fffl Legal Illegal l Nanning Highosl,d bast use as imprenmd: ox s I I" 19nn __.aces .. . ........ . .. . . .............. ... view Similar reside utilities Public Other off.site Improvemont5 Type Public Pirvalu I.Bridscaping fvMtura . . . . .......... . Electricity IXI '100 AmRs� street Bituminous [,7<] Driveway -Mirlarm, Bituminous . .. ........... . ..... ollpp GGm; Im Goliclele Apparent eitimin t!3 N ot1e i steal Wafer Sidewalk Non[ ... . ...... FEMA Special Flood Hazard Area 0 Yms ONO Sanitary mwor Street lights Ye S 1 Fi-MAZone Zone ,G mrip Data 6-1-80 .Siorni sower FLIAA Map Nu ........... ... . ......... ... Cornmoilti; (itp1mrrivil ndvotsn ome"Jonts, cucroaclunmrls, special mmsilscments, slide areas, il1vqaI w legal noor.onf0frairtf, Zoning See Allached Adderi(ILIM . . ...... . . .......... . .................... . . .......... . . .. . . ........... . . . . . . ........ .... ...... . . . . . ..... . ........... . ......... . . . .. . . .... rENrRAL DI-SCRIMION EXTERIOR —DESCRIPTION _--1 FOUNDATION BASEMENT INWLATION No.of ljnifs Clue ke Foundation COm. Dock 1 Slob M", Area 700 Roof crici. No. of Slur i(-r l Extorict Wails C i cmm,:pao 2% FiniGhod 7 6 Ceiling Cnd- ... ....... .. . ................. Type (DOIJAIL) !LNAacl�o�L Roof fmfilco Asph ShqLlss_ Bumnerif W % coiling Acouslk, wall, cricl. P W_ noor -7 Vesifill (Style) 'um Pump IS Wall Slo!y utalvis,% DrmspN'. N�Q��Wlnl XiAl vVindimly" .... . ... . .... u-slinalpiopo,jud E Carpet Now) lnjpa&5l, rioled Meat 958 slorittl8cfeenD . ...... ....... ...... Aye (Yrn.) Ther"lo/yes Selthiment None notec Side Entry it Elfed� ✓eAr�n Y( is . ............... ... Mnnufachan, I lellsO No Infestation None riot Concealed 1U 15 ROOM K R�n R rc I Ila Bodmorc Is -0-1—mll Other ArosSq.Ft. 700 . ... .......... . ......... . ...... — - -- ------------ e at .6 . . . .......... ........ .. 3 . . ........ .... ........... .. . .................. .. -- -------- - -- ...... ..... . ......... .. ....... .. . ....... ........ . - - ---- .......... ... 6 Roorns, 3 Badryao 1.6 Li:jil s _1.416 S (p ato Foit of Goss Ujilq AL L a_ INTERIOR WdollaWcondili-6'r) HE KITCHENEOUIP. AlTiC. I A41-NIIIES ff UJI S'I 0 - RACE: Flow ow I I(jW C, !�znjjjic. type FHA RiAriliwalor None #2 None f I cl, A Pl, is 0� G a S' RangelOven 1FAI slaifs Pnlia Lj Gatago 11 of cal r !f , cn?�� _. . Trinill-im,;1i .0100WIP2illi (,j)ljjIAjaaGm)d____ Dl�pa_Ml IX] rhop Star Op.ck 3il1 SF Allached 2 .. . .......... I balli i1ow (CODLING Faddo M I'mcil I Delachad . ........ . 11,111) Vvi'mm.1 �(rijlllic 'I ile Conlin) Y"S Fanillood Floor renc.o F.Zo-ar Yi.,11 lonill-In Um3rr f' Zi Calporl Other Lii(x.,ave n Held Colld&nGuod W"whiii/fIlyel ( 'I FmiAnid Driveway As hit dilli Addiliorml feal0tes(silolrilil ellvlf)Y Officrillot ilmlM. 010.) S t�u Allacl we Addandurn- . . .... . ........... . .. - __ - ............... .. - .. I—- . ..... . ....... Condilion of Plo innprnvommtfa, deplocl;'lion (Pilysiull' I'ladionai. rind extellial), lopaili; needed. )I elv.: See - Attached ,ect, its, bill eel li;1ni,,d lo, liazmdmic vii.M us, lexic eic.) pjc,e.jj iij liji- iljjprovoineats, oil file site, at in the immodialo vicinity of the oulijoil property : .S uo _All "clmd Addendum. . .. .. . ...................... . . - - ----- - ........ . ... .... ...... ........... r..& �" I �i 5.1 PAGE I OF 2 IIWI• 17'j RE-SIDENTIAL. RESEARCH, INCORPORATED Loan 400'17.926895 11AllMPM P2r-SIDENTIAL APPRAISAL REPORT PIInMo- 1130267 ESTIMATED SITE VALUE... , .......... _ $ 80,000 Comments on Cost Approach (such oB, source of cool osiidnole, ESTIMATED REPRODUCTION C,OS'F -NEW OF IMPtiOVEMENTS: site value, square feel calculation and for Hill), VA and FmHA, the Dwelling 1-,446 Sq. Fl, @ $_...._90 00 = $ ._ „_,,,.,__._........_130,140 octimaled rernnining economic life of the property): ___-- Bsmt. 700 Sq. Pt. Cnr $ 21,000 See Allached Addendum. -_— . BFih,FL)lcs,ScSysI,Apincs,Dl <,Rlc -- _ 35, 000 _.- ... _ ....... _.......loos -__ _._._.__ -- _......._ .... . ...._._._ ...............__..... _ GamgdGarpoii 4116 St} Ft. S 30.00 14,550 _ $ 200,690 - Total Estimated Cost Now _______ _ .... . ........... -. _......__ Loss Physical Functional Ezlemal Est. Roninhillg Econ. Lile: ells- __- _._._.- .- - Depredation $30,00010 _ - Q_._......_._ = S .._..._.___- 30,000 Deplodaled Value of 1 rovemonts , , , .. • .. _ $ 170,090 "As -le Value of Site lmprovormeills .. ................. = 10,000 _..__.......__-.- loll. --- INDICATED VALUE BYCO27 APPROACHI.. • .. • • .. • . = $ 260,700 SUBJECT COMFARAF3LE NO._1 COMPARABLE NO.2 _ _COMPARABLE NO. 3 6301 Rolf Avenue 0321 Mildred Avenue 6409 Rolf Avenue 6317 Mildred Avenue Ad._d..ms_s Edina Edina = dlna -- -dins Edina 'rnAittit to subject _. _ k _ 1hC- +St NeD 2 Blocks Northeast Salon Price _---- $ 247,000 Pr(odaa�alN_a__ ! 171,07 to $ _ 16351 G1 fi.`.r ;.- $. 100.01 (n 4'.,• _ .01 - $ 171 53 Imo' :,., n Data andlor Assessor/ VerRrationSTU= Ins (yclion_ MLS/Assessor loll MLS!Assessor �raaGam�+ hr1LS /Assessor - UL'SCRII''fION r•c-)4ap.M11 VALUEADJU.e,TMENTS DESCRIPTION DESCRIPTION shfjuuretl L.._ , lL- _ DESUUPTION _ 1 sales orfinandng n w� Conventlonal; Conventional: s is [i,Li`.20A 0% to Seller 0% to Seller Acllvo : _._.� Closed 2 -7 -02 : Closed 9-30-01 Uata olSalelNme Location ,., . . : Suburban /Good- - ...__,._ ......... _ Suburban/Good i loess -- _._ Suburban /Gpod ; - - - --- - -'- SuburbaniGood - lxriieritivw'�n,TJu- Fee Simply -- Fee Sele, Fee unlade - - _Foe Simple_._.. Silo (1577 SF 6750 SF ...__, _.- 8370 f ..- ......_.. ._-- .T_._- .-'-- --__. 13500 SF!(rffc --- - -.... View Residential Residential ___..,...__ ................_._. Residentiai Residential r _ __......_..____.-- - two Slob• /Good - , _ -. Two Story /Good -_ -- --- ...___.- Desxlnand Appaal Ywo Slor /Gem ,od . Two 51o� /GOCxi _. Avora e /Good : __.� _.- . --- -, Ave, a•. a /Good 9 3.... C1udl�dCen�udon Averlr riGc od - __.. Avr ra, e /Uood _N- ndition Average /Good Superior 117 000 Aver'allelGooc %nod _ ._. - Above Grade 7 6 a tTAverl v _ 3; 2 2,000 ReomCeunl Gross L�...........__ i, o. 1.511 ,....-- .-2000 1,716..'1L!`! :,.__ : -._ - 0.100......_ - .__...1,423 >4p_4.._._ :_. ................. loll :00� - 1,440 s .. _......._._....___.... _._ Basellwnt &F'irdshad 700 SF, No WC) 943 SF, No WO 700 SF, No WU I 0 SF, No WO ; Rooms eElow Credo 1 -CLO SF 525 2 -0-0 44 SF 5 -, _ 1 -0 -0 286 SIF - _ +2,000 - 1 -0 -0 440 SF Fundioral Utility Goorl ... Good .._ - :- — Geed Neallrrgteoafing C as FI iA C /Air Gas FI IA C /Air _ sole__ Gas FHA C/Air i _ Gas FHA C !Air __- - ,_ _ -- .,,,. EregyL'B)Ciardgoirr: Standard Standard Slanrl�rd _ Standard —_ --.� - GoraaolG•vpmt 7 Car Attached 9 DAM Aftac hod- -- -- _3_000 2 Car Attached : 2 Car Detached _- - Porch, Polio. Deck, Deck, Fence Patio +2.000 Deck, F -ence Deck : +2,000 Fimplares 1 Fireplace _ ;_... -__... :13,500 2 Fireplaces -solo No Fireplace _..- ...- ..,..._L_....___- 'x7.000 FelrcoPOOl.,elo.,.,,. SeiSlelal None r15OU fJo)tr 11,500 None +1,100 T-- Kit. f quip. Ap Ip lances Ap harx r s Nel Ad�_Cot, + S. - A Ali +sees A If ms 16 100 + �� 3,500 X -- -- Pries Adjusted Sales ofCorrlparatln + 1¢Ia a' _- ?99 800 1 !� °u <. � ;: ! _ _____ 244,U0ti `3 °!0 $ -- 255,500 loos _ _ -. loll.. _ ._- - Comments on Sales Comparison (including the subject property's coinpaiibrhty to file neighborhood, ote j Sr c Altae:hed Addendurn - . - - - -- ITEM SUBJECT Dale, Price and Dula No reseed of No record of sale.: _MP__ ARAIiLE � NO. 2 _._ N e of sale -..__. ....._....__.._ _. COMPARABLE N0, 3..._.. - -- No record of sale during 12 nu,nlhs ufior'12 months during I :rior 12 months sale during prior wdYrm rr ofagxaF d past 12 imfill'is t)er Henneplll Cprll i t — -_ _f!! -r 1 lonnep'dn Caun(y per lieline n C:OUnIy Analysis of any aermd arireement of tale, option, or Iislutq nl the m1hjud prnpu.ty nnrl analysis of any p;ua sales of cufriect anri cnaiparotlm williie mte yra;r of the dale of appini�d: SeeAllached Addondum. _- __._.._.._...___..___......_ ................... _- ...._____�. ._._.._...., - - .............. --- --' - --- --- ...... ...... _loos .._._._.... INDICATED VALUE 13Y SALES COMPARISON APPROACH- -- --- - .............. -- .... ..._ .... __._.... ............. . . $ ._...__..._- 255,000 �1 N/A AAa. x Gros I�tmil lAU w NIA $ N/A K INDICATED VALUE BY INCOP.IE AI'PRGiAC II Appl nhlo)Fstui clod tAarkat Iir;M $ This appmtaal is foado [Xf "as is' l) sul4est M the repa%r , ul6wahrnrs, mspertrms or anw111011s lisle(] catnw 1..,_l uusw., r,.wuy,� wisp r,.,.....: L'ond'dimsot/+ppa�.l: Sou Allnrlic:cl Adr.iendurn. . ......... ...___. - -- -' -- .. --- - .- __. -... _.__._- - .. -- - - -- fhn purpose of tilts appraisal Is Ion haute Ilan rnmke.t value o iho rand properly that is tha sutijarl of this ropnrL hasnd on Inn above conditions and true uat6ic;itiun, mMingmrt and limiting coeditiona, cn it nrukol value defmilion ilml are uiNed Lo Iho atlard,ed Freddie Mac Fam4':eJA °romio Mate Fomt 10048 (Revised 6.1.9 3 (WE) ES fIlAA7E'fHG )1ARRFT VALUE, AS OPINED, OF THE REAL PROPERTY THAT IS TfiE SUBJECT OFTFIIS Rf lh7Ri', A5t)F 3L Ci 1, 2C)0? (wli1rt115 Yl1t`nlyxE P INSPECTION ANL7'I "HE rFFGC1lVE DA1 E 01- 'rF115 r�EPORT)'f0 BY: $ 2,551.000 _.__ - APPRAISER: X_ Z L SUPERVISORYAPPRAI ER(ONLfIFI:EQUIRED): (�,(,� Num, I'aul Grace., SRA LImperl hoer. Otte!z oxt_signed August I ?Oii, 1) aIoRrpeitSyjj - - -- Stain Cerlification # t u ohle Celli fr ti n a _. _ __. t do --- •-- ,...__..._-- - --- - -- solo... _.. Lr Slab LicenreW 114000926 ,;late MIN rh Stale LiComeN State nrauv:ra,r.rr�n1'ro aara�__.��-- .____._._ FAGL-2C•t'? r.,w:�n�.unvrnrr. ;e r.ra RI_SiDEN I IAL. RESIT :AR0 1. )Id(,, RESIDENTIAL RESEARCH, INCORPORATED Loan 110012926895 11kLayiontal'Valuation Section UNIFORM RESIDENTIAL APPRAISAL REPORT Fit. Nm 1130207 — I �NQ. OMPARABLE NO. 5 rO PA A L - 0 .. ........ -- ---- '6321 Mildred Avenue 6413 Rolf Avenue Address Edlm ... . ..... . Ldina Ploxw1j.Lo S11 .7, 2 Blocks Southeast 253 000 $ 265 000 10N'vA: 0, .'- PriaelGrocslN. Area $ 174.97 0 137.50 0� x n . ........... Data andfor Assossor/ yonfi-ti.n !ourcts ns- eclLan MLSIAssesmor L L_ .9 -SCRIPIION DESCRIPTION 1) lip VALUE ADA)SIMERM DE J_ -Isp4z' Sales or Financlog FHA' 0% to Seller Concessions Closed 2-18-02 D' 010 Of 8;110[fiffe . . . . . . ............... . .... ..... .. ..... ...... . . ..... Location Suburban /Good Suburban/Gooci . . ...... . . ............... tonsdKilwee Fee Simple Fee Simple . ........ . ..................... TdTl_s� 10125 SF View Residential Residential Design and AaRaj Yvan Story /Good I+ Story/Good Avfl /90 d_ rage /Good . ........... Ade 968 1948 . . ........... . Condition Av e ra(je/Good Averng&G cod Above Grodu t' T. �11_h� F�.l - : _Le*_ L nil. RoninCount 6 3 1.50 6.___ �1�' -'1,000 0 §_ q t � 14,400 . ......... Hatemii! & ffislioa 700 SF, No WO 1326 SF, No WO 11 r, Bojowrgrado 1 -00 525 SF 1-0-0 490 SF Fu ()flat Utoily Good Good ....... . ... fleTA—iov Doling Gas FHA ChAir Gas FHA C/Air . ..... ................. kS!gy FArdeol 11wo Standard .. . . ....... . . . .... . .................. .. . ......... . 2 Car Attached I Caf AtUiched 0,000 . ......... __- ...... ............. ........ Patch, Patio, Dock, _56ck, Fence Enclosed Porch Fite bre&atc � Fir!�placcs No Fireplace — ^b ce 4'j,()00 . . . . . ........... . ... _'L9 --!--- ____ Fouco, Pool, etc, Bee SVrlem None 41,500 . . ...... . ... ...... . . .... . .. . ......... Kit. E_qujp. e lianc.0s Wiances .............. 06 x 0 . ..... . vie P3 0 $ $ coovuvos on Swa• coropanson (inducting tho Eubjocl propoity's cornlmlibifily to 11to neighbothood, etc.): _..______. .... ..... ................. .... ....... .... . .... ....... . . .... .... . ....... .......... . ......... .. .. .... ............ ................... .... ........ . .. . ...... — ----- ................... . ....... . . . ..... ... . . ...... ........ . .. . . ......... ..... . ...... . . . ........... IT14 NO. 4 COMPARABLE W. 5 COMPARABLL NO- 6 . ..... . .. . . . .... . . . .................... ......... . __ - — - - ------- .. . ...... ... ....... ... Data. Price anil Data No re('ord of Source (Of rK4 w4n ti }la during v,AW vjw of Ipprainj p,2 t'12 111olitigi _J� coL!iment ---- . . . . .... ... . ...... .............. . ... ...... ____ — __- ------ oplion, properly and owaiysis of any pimp desofvAj-dand conVwuWvjvQin one r-01 of lhothludapfwa W: ADDENDUM Borrower: Elizabeth A. Staduni File No.: #30267 ............ I .. . ....................... ....... . . .................... ......... 632Ihfiared —Avenue Case No Loan tIO012926895 City: Edina Slate: MW Zip: 5CA30 I-ender., Burnet Home Loans Neighborhood Boundaries The general neighborhood boundaries appear to be Slats Highway 62 to Ile north, State I-ligtrway 100 to the east, 66111 Street West to the south, and Ridgeview Dr" to the west. This area iiiaosurc-,, approximately l"2 square rnile. The surrounding areas of Edina comprise the larger market area Neighborhood Market Factors The subject property is located in the south central section of the city of Edina, approximately ton miles southwest of the Minneapolis downtown area. The area consists mainly of sinr gla family residences which vary somewhat in ago and slyle. The subject property confoirns well with the surrounding properties. Shopping facilities and schonisnie located nt convenient distances. Recreational facilities Include several area parks and Grzernar Park and Golf Course. Freeway access is via State Highway 62, State Highway 100, 1-494, an(] U.S. Highway 169, which are located within one In two miles. The general subject area exhibits a degree of ambient traffic i wise due to the proximity of State Highways 62 and 100. However, the area enjoys consistent good demand due to the proximity of all residential amenities. Neighborhood Market Conditions Demand for the subject area appears good. There had been trend over the past several months toward a limited Inventory and Increasing prices. Supply has increased somewhat and appears to be catching up with demand. Marketing times for properties in the general subject area, when property marketed, appear to be under 90 days. Three months is considered to be a reasonable marketing period for the subject property. Conventional and FHAIVA financing is available at rates which are attractive to potential buyers. Sellars typically do not need to make concessions. Silo Comments The subject is a generally level, west facing inside site. There is bituminous driveway and a concrete walk and front steps. The site contains established lawn area and is landscaped will) shrubs, Dees, and rock. The rear yard is enclosed bychoin-linkfencing. No apparent easements or end'oaclv)aenis were noted. According to Hennepin County records, the 2002 taxes for [fir, subject properly are $2200.76, with no special assessments. Additional Features 40 gallon gas water healer; water softener; newer forced air turnacovVilh central air conditioning, air cleaner, awl humidifier; security system; 100 amp eleciric"JI service; finished basement larnilyfrPic room with brick fireplace; ceramic life flooring at the hunt door and In the kitchen/dinette; brick fireplace in the living room; built -in cornor china cabinetry in file dining room; ceiling fan in the kitchen; 38'1 sq. ft. deck; chain-link fenced tear yard. Condition of Improvements The subject property is a two-story design detached single family dwelling which was constructed in 1958. The property exhibits generally average to good overall quality materials and finishing and appears to be in generally average to good overall condition. The exterior sitting, roof covering, and furnace and central air conditioning have been replaced during the past several years. Overall utility appears good with adequate room sizes, :ample closet spaco, and an efficient floor plan. No functional or external obsolescence was noted. Adverse Environmental Conditions In making this appraisal and report, I om not aware of any in-sling for lho existence OF presence of radon, 'It"be'lloo, toxic substances, at, any other environmental pollutants in the buildings, larld, or surrounding areas, and that tho values assigned herein to the lands and buildings assume that no such conlaminaols exist. I lurlher recommend that it you have reason to suspect the existence ol' such conlaminants. that You obtain an environmental assessment of the property. lo the best of my knowledge, there are no environmental risk factors which wlay affect the real estate being appraised. Cost Approach Continents Accrued Depreciation is calculated using the Agell-ife Method, where the ratio of the improvement's ellective age to its total economic life is applied to the current replacement cost of the irnproveinLrits to arrive at a lump sum deduction, The Marshall and Swift cost service along with local cost dale were utilized in lhe oslinialion of replacement cost for the subject property- The subject properly has an 03111naled felylailling et;ononilc life otapproxiinalely 55.60 years, Comments on Sales Comparison I have completed a lholough search of the properties which v.,ere listed and sold dunlig 2002 arld 2001 thrutigh the Regional Boald of Realtors Multiple Listing Service in an allorll)l 10 IDC'310 Sa1.2S Of similar piopertie,:; in file ininto-diale subject area. The sales included arc located will iin two blocks of 11 jti s, ltijtyr;t properly and have been adjiwled for items of variance. CoInparah-le Saie 111 is located IW(.') blorks southeast of It'le s[.1J)jecI property. 'I his site is similar in size. The struclure is a two story desi(M with similar exterior appeal. The stfuciure was built ill This property exhibils superior recent updatinUand general overall condition. Tirew, are three bodsooiwi and two bathrooms above, grade, aid sorne-what larger above grade: living area. conditioning, a three cat detached garage, a single car attached gaingo, ;i patio, nnd one I here is no security system. This properly was listed for sale at $314900 al the lime Of this appraisal and report. Comparable Sale 112 is located next door to the subject J)Iupolty. -1 his sile is, similar in size's. The structure is a two story design with similar wl(tr-i io[ appeal. The StniCtIA0 W.35 built in 1055 .and exhibils similar general ovol all quality, 11pdali'lo, and (.olldilion, There arc three tmdrriorw; and 1 112 lxamiooirs abovii, gyndo, nr)d niinflar above gi-vin living )Fem Thele is Add,-ndi,m iln-w'l of 2 ADDENDUM Borrower : Elizabeth A. Sladum File No.: f.113.01267. I.... .............. .. ............... . . ....... .. .- Properly Address: 6321 PAildredAvenUe Case No Loan #00 12926895 qi�t._Fq�ILI a State: MN Zip: 55439 .. . .. .... .. ...... .. . ... ... . Lender: Burnet Home Loans somewhat Inferior basement finishing, central air rondif ioning, a two attached garage, a deck, a foncod yard, and Iwo fireplaces. There is tie securdy system. Comparable Sale 113 is located two blocks northeast of the SUbjOCI. property. This site is larger than the subject site, but exhibits a traffic noise influence due to the proximity of State Highway 62, which is just to the north. The structure is a h-Vo story design with similar exterior appeal. The Structure was built in 1939 and exhibits similar general over-all quality, updating, and condition. There are three bedrooms awl two bathrooms above grade, and sirrilliar above grade living area. There Is similar basement finishing, central air conditioning, a Iwo car detached garage, and a deck. There is no fireplace and no security system. Comparable Sale 114 is located two blocks southeast of the subject properly. This site is similar in size. Thera, structure is a 1+ story design with similar exterior appeal. The structure was built in 1948 and exhibits similar general overall quality, updating, and condition. There are three bedrooms and 1 V4 bathrooms above grade, arid somewhat larger above grade living area. There is similar basement finIshing, central air conditioning, a single car attached garage, and an enclosed porch. There is no fireplace and no security system. The sales included are located within two blocks of the subject property. Comparable Sale 1111 was listed for sale at $314900 at the firne of this appraisal and report, Comparable Sales 112-414 have closed. These sales are fell to best indicators of value available for the subject properly. Analysis of Current Agreernont There is cuirontly a signed PLII-Chase a(peametil for the subject protx)rly. The buyer is Elizabeth A. Sladum. The awriers of record are Herbert and Lorraine Chalker. The date of the purchase agreement is June 6, 2002 with an addendum dated ,July 0, 2002, The purchase price is $253000. -rhe sailers are reporter) to be paying $3000 in closing costs- The property Was listed for sale Itirough the Regional Board of Realtors Multiple Listing Servkro at $269000 at the time of the sale. Thelo is no record of sale of the subject properly or of Comparable Sales #143 during the previous twelve months, per Hennepin County. According to Hennepin County and MullirAr, Listing Service records, Comparable Sale 1/4 last set(] in f,')eptonibei of 2001 at $1189900. Conditions of Appraisal The Subject property appeals to be in generally average to cloy overall condition and has been appraised in its 'as is" condition. No Hems of personal property have been included in this estirrk.mp of value. As staled elsewhere in [his appraisal and report, the sellers are paying $3000 In dosing costs. This has been considered throughout this appraisal and loporl. `I ho purpose of this appraisal is to estimate the market value of the subject properly as defined herein. The function of the appraisal is to assist the client in evaluating the subject properly for financing purpose,,. This is a federally ruled transaction, 'I he foregoing appraisal has been completed utilizing the Uniform Residential Appraisal Repoli (FNMA Form 100,I), and is considered to be a "S1.11"flim.iry Appraisal Report". Ibis iis SurnmaryAppraisal Report is intended for use by the londericlicint onc I/or their assigns for a nior[Wigo fit war ice transaction only. This report is not intended for any other use. Final Reconciliation The Cost Approach [ends to set the ripper limit of value. The Sales Comparison Analysis represents the actions of buyers and sellers in the market and has been given primary credence in the final estimate of value. The SLwbJCC1 I)FOPFirly is located In an area of primarily owner' - occupied single family residences and the Inconio, Approach is not crinsidored Io he n'.0allingfUl. For this reason, the Income Approach was not used, A01111)"U'ri I -al., - '.. ,: nlrpnn�sc�l's.rl!?!!�n nui,e;li3unti I. ibdu >z adhalvrl.0 indiculud k, IhlS Iupall, Ow dahl V1 tills lulwil In tho Millon J„lo k,5 III,- dulu :,1 ill. upplalaul. I hdnas gllloomi5. incllcfllad ill tills Iapoll, II financial 111miii. lion boiwu is 10 rr>a tills Iup Jri Ill dwl'I. Moo Ow nuukol vams, ul Ills sub+aol plopody 1w pi,Pa.us 01 urunliuu u I- lowliy u,hlu,d olultunuo loon ;l. Will— "ll —wiso kldicolud in this wpiid, Ills anhlucl pu,pudy'n nlmhol valu0 wus buswl ou Ilia cosh 4 lhdoss o111olvdaa k,dlcaloJ In Ilda 1lgmrl, all daual vaiuulion oppwuclwa wm. tdilit-1. ly Il.iik)>a alh..wlau tnJicolud In list. ouparl, I. uah auo Jisnry lah.osc.s lu to un.uilunis, I. :I. icllan.- anrwnbrooca s, lansos, ,os o lvalions, uovuuuu11, wa ucls,'l —Isil usauselnmda) on nlmkul vuWo u.lal 6, thol-a utl,mwisu bslic•ulud and cpuclliunlly ilun11 /uJSVilh u vldou 01,60100- Ilk) parsunnl p.opwIV, Irudo baba 04, of Inlallutblu llonla took, klcludotl hi ihu nplo-6.1 rl Ibu sublucl plopaly. 7, thdnss rAh.uwiso kldicolad in this iopult. Ilia aubloct plopully is not cusmwly lisiad lol s,d. or :ubjucl 10 ugly aalu .unaunlo111 of 0plium a thdusa athorwlsu Isdie'.1ud In ill" rlyuul and Sp.0,111y Ila izu 1. awcuidiglu lu pubtit s,<::,I J1,, li.linp .mvlc u> and ilia llolnuuw1m. It'. Stllolocl plopully hua uul buon 1lwnsfad.J In till punt 12 month S. it Wo oluns ulbu.vrizu kldlunlud 1.1 tills 1.131,11. Ibu unlinlulnd nmikafiglu limo too Ibu ssblucl pop—sy wus dclwudnud horn uvailubl. rlal0 sO.Vlcaa muI bslisp sutvicaa. Unless olbmwisu kldlculod In this mpod. Inlmnwlion bsgl Such Jule and ilslind .alvhros Is 1,00vad to be lullabla and —'s consldmod hl Ilia final focuncillnllnn ul nludwl volnu. Ito. Unless 011.1.14. Iudicalod in Iht> sy>od, the luusuuluu usud 10 daudninu I1.'s aub.r.tiuu rl 'bp;rouslutj , ':dnl)Li , ui 'JUCtlnb,lj In Ibu nuiublunhoud aucllor of cununl aakul cunditlun5 ono honJa ul Ibis wpuu, war. LnseJ on InlJUUndou InnvbluJ by adullablo data amvlros and 161inp .wvlcoa. 11 . Urllas. alhonvlst, Indicated In till. lopoll, 11115 lopoll 1. bu5od ou durum Iwnd use .opulnli.,,,a uud Iha i,.ibwbdily of in-Rilcatlon 1,I QUIt0111, land vau .or)ulullouu la .odll,aly. i;. I11duss u1110lar1s0 lndlculud In Ibia lapel, Ibu .il +r vohw (1Slud k, Iho nphi ulsul 1, 006;.o0uu.1 05 lhoupll Iho l.nA Is Vuco tl old availabl. (at d.,.•olupnluglt to Its hfuhunl hwusbumd nso uud Ill. lit,p,uiaul of la ill uvur -0, i. lu•.o.l .n: Ill.i, —1-1 cc.niilbuflrn to Ill. Sim. 1:1 1110.15 olhovrisu iuJi —tu:l in thia wilml, Ibu app +i,isod vulna is 1:01 uuoclud I-y anti "ipaunl puhhc .n pnvatu 6upwvunlad5. 1'1. l/r.1+' -•: ulbuivisu li+llr: ulu,l In tl,iu .apart, it p.upos..l i..spluv urio..l> :•>urr. „p{i:,i:.::.1 Ibu I:•Ilov.l,:d war.. bu,:l .ur.l:.i,l 1,vuib.11lu lu 1.u) Isspuulu d: I'I.o,: .poa:iii,;ulia.,s e•lul rulnlud rl.,rsnan.,hitiu„ 1.. I,I.,I,lify >...,I,u n,wl �:lial:::.h,. :;1 bill „.•vv. ?ruin:,: u;i.ioncu inrllcuiluU p.:`)hohlu Ilrlsu at e. o,oplali.m; nsd claa, uud appo,lpiiuh, aviJonel wpp.nl{up d,ry alulnl:Jii ::,�:In. oili.;ip ul•,J uu,,:i. qo -, u....+:p nney pn,lur.IWns r rIJ uniicilvlhsd ,,,1,i Milian ton ..J1np1.0141 1 S. Ihrb,sa ehmwlao InJicwluJ In lilts rupurl, Ibu .sill... prapmly la Sol a it ncllan,;1 Inh,i.;a, phy>Icul sujpuunl, camponuni a/ pnotlul holdluu ul o p.up+nly. IG. U.duaa oliwrwisa inallr.blod In this roped. Ildouur.lfuu air .md..l d.•1n, opm ulinu oapok.— and ,a.pllnli,r ull.w, •.vau will W.Mud duo to Il,o lurk tot :wliubio fwa.l doll fill nlnpiu huuily 1.0.1105 is Ibu nuhluul plapudy•a ualllhb „rb....J. 11 llnloss od.mwl.0 Intliculud in lids -pull. Ibu aublucl prupully is era is lo, sod Ir:o m loa_.0 1.01,1 o,lulo. too. Ihdus uthmwisn buliculu.l In Ihl. lapud. Ibu .el >hiuco !:1 haiwduns ra.baluu —, i i!6niinil wnllw„11 IIII IIIsnluls, w.bUaoy, pulyclaludnutnd bi13huiyls, pub uluwn laukauu, u. uu1lu'diuud r:hv u,iuuls, which uioy o: ,any k,.•1 1— j;- : —.o .,n ihu tor.l,:,efy, o. nlhul unvlrnrnlm dsd 6Gpa114IJn3, cusu ., vl r. ulh:d Iv Ilia allumir.m ul Sul did Ili. oppn.ieur buornuu waaoo 01 su•.h duriwu Il.v apps r:is ul'a inulm!.tion. i1.. .51313. nl.a1 bus nu (:n v.1, ..1 .such anh >hulc, :,, auch us usbu>h,>. ....... o1 .;:isim.cu of mu:il m:.im 1.J:: an 1,1 In 11.. pullluny la d.un •:Ih.nl-,Lu :ioh., i. tl i1.. ,., u. LlIkii. Iosn,.Wuhyd., 1.i11111.1rhg1rin, UI onnn b0rad..... >.iL >Imu: w, o. mwi in uou.rs,l J.,. 141iu u:. unry e4l u.:i Ilw vnluo of Ibu pn,pudy, Ibn vutua "Amold•uI Is p.orllcl.ul 01, it u>wnnplion that thaw la su .u.al cup.lili.•n ton r. h. i1.,. pr•,p-dy .:. b: .. u:.1. po o,cimily thm tow Iho 11 wor:bl cuu.0 is l,ss hl vatuu. 19. ilnlusa .11m ko in.licatud In tills sopml, too alllul liulili1gl can diliuua m -11- nli...i,y us>uuipUun> (o tl : (.nn+iinil l.1,:,., ulyplrai Pouni 111f), c,aupl.lion of iuyNOVauurnlsl ofil —fly :dl—f It,,, npp.ul >ul 01 Ill') unaly>u,, .:pinions, u.rJ :.r:n.Ju�inna :;iidud Iluluin. 20. Addilianul emliileullons: A. lhdass Jlhonvhu anwal In lilt. .aped. In nveoilouu. wlih Iho u.•u.pul.nay pwvi>ion •.t li,o ibauflu Stand.IJs of t'.ot ... I —ul App.ulsul I'.uUlm,. I Ivwu voliliud Ih:d my I:nuwlmlllu !Sol u.pu.lun.;o 01.. >uili 41.,:1 Ito o16,.v .ou to uuwpolalllly r: JIltplalu IIiIu 4p(NOIs uI. 11 1 look— nn palannol kllawsl 01 bins wilh mspucl to its,, p.lw— pn,porny C 160 up(suisul nssilp nail 1,l wus Sul husuJ nn u .uquualu•1 nllnll,liU❑ vr,h odious a .I•o:. d.v v dl?ikl m. or ilm nl'i's —al 11 II (man, and Illy nq,uisufiull is Sul rennin uogll up•;n diiuul {in is, v,di:, Itud h• +:, r. Ina ...0 r:.,, :.1 d:•: •.U.-I Inc '0110 it of Iho vulun uSIlunslu, Ibu ullubaru.il of a >Ilp..l.,lual .•.:.soli m Ibu un,:ni ilia; •1 0l .. >ulr,o< {u.: ref .:�onl. Ir My +.rusly.u., npini:;ua, a ,.1 a..:,.:ii:;lor,> worn duv•�1.�130,1.:,ii:1 Ilii> 1,:l •:,,1 i. »; i,,:..0 I.i •.13..,.;:4 lu .: o?durr�ily :vll{r I.Inl1.l. k)1 �iiul ?da.ds 01 ihi,lu >siuglul Apla:da wl P. aril.: n. ihu daq,:oluw p+�.vl.i...: of 11..: 11,:i1�•iu; .,n:•ha,l; ••1 Iti.,l•,:.:.i.n:ul P.lynuis:u I1. a.. tics wilir.d iu prvpwali ,n of till. t: l b1, r.riuul unaly s.rs, opinion.. niJ r:unr.lu >ku,:. nn, linutua only 1,y 1i"o :..I:.riuJ :......wplio0a, inonin{t cundiliots wool all say pe sonul. un1.1w..J onnlynm:, opinions and runchslonz. p lh0uar, uillmwlsu nlulod in IN* lup.ol, 1,0 ono 134uvirlua siq ... licunl p.c,l.:::•if,m,l un:.l:.lnn,.0 In n.:, in Ow plopwalion of lhis nqu»I. r: 1 . -.Sul{ Ihol, l0 Ill. bast of u,y A.:uv,ludllr. wul 6ubu1, Ili. :sd:,i...... in Ihi: n: l : Ina loot 11. 1 em illy lilt!1! n it ,1�uu ul ihu npprnis;d. r.pa l I was ucliv. ly lu:.:u:r.l i:y Iglu upli.:p.t.. u::.tuln uuwncy 1. paa I'm's Ibu aublucl app, '.1 -1. �/ � 4, ?it02 ° iunwlm. of Appioisol �'q oil ",l C.('.1 S R A ill upplknhl'•1 'Doti 103 Residential Research, lllcorperated No.#/ Estafe Appsalsers Mid Cvrisullarals 1 CERTIFY TIIAT, -1-0 TIIE REST OF MY KNOWLEDGE AND BELIEF, TIIE REPORTED ANALYSES, OPINIONS AND CONCLUSIONS WERE OEVFLOPED, AND TIIIS REPORT HAS BEEN PREPARED, IN CONFORMITY WIT" TIIE REQUIREMENTS OF TIIE CODE OF PROFESSIONAL ETIIICS AND TIIE STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE OF THE APPRAISAL. INSTITU'T'E. I CERTIFY THAT 'TIIE USE OF TIIIS REPORT IS SUBJEC -r TO TIIE REQUIREMENTS OF TIIE APPRAISAL INSTII'UlE RELATING 1-0 REVIEW DV ITS DULY AUTIIOFtlZED REPRESENTATIVES. AS OF TIIE DATE OF TIIIS REPORT, 1 PAUL_ D. GRACE, SRA, IIAVE COMPLETED TIIE REQUIREMENTS OF TIIE CONTINUING EDUCATION PROGRAM OF TIIE APPRAISAL INSTITUTE. SIGNED.--_.---.- _ ......... Paul D. Grace, SRA _ .... SKETCH/AREA TABLE ADDENDUM File NO: #3 U2 +17 CALCULATIONS ADDENDUM niL 3 0 2 6 7 q floor (GLAD , 12.00 x 26.50 = 318.00 28.00 x 26.(10 728.00 11.00 x 25.00 — 275.00 5.00 x '5.00 125.00 Total for Area 718.00 Total for Area 720-00 :silsernent Vs m."101 Deck (Pori) L M 00 x "15.00 70U-00 20.00 x 18,00 :360.00 " u 3.00 x 7,00 00 A: 0 N S. B R K D Total for Area Total for Area 3111.oO N! 777-77777-7�1 17.00 x "1.2.00 376.00 3.00 x 22-00 66-00 3.00 x 15,00 = 45.00 Total for Area 485-00 it it rZ SUBJECT PROPERTY PHOTO ADDENDUM BMMK. FO.abeth A. Stodurn File No.: 30267 Preperty Aaqress:-63-2-1 -M-ildjr-e-d Avenue Case L-0-af-1 0--0--1-2-9- -2 68-9-5-- .... ......... .. .... - . ... ... ....... .... ............ ..... . .. ... .... Ql) ,�..55439 City Edina Stote:,MN tonjW bulne'l Name Loan's . .................. . ......... . .......... FRONT VIEW OF SUBJECT PROPERTY Appraised Value: $ 255.000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE COMPARABLE PROPERTY PHOTO ADDENDUM . . ........ File No.: 30267 Borrower: Elizabeth A. Stadium . . .. . .. . .. ....... . ... ................ .. ..................... .Rtp . ........ Borrower; ....... .. . .... Case No.: Loan #0012926805 pqrly.A�ddrq lgreO .. . . . .............. . ... ... — ;taie. MIN Zit): 56439 .. ............ ...... . ... ..... ... . .. . .......... .......... ..... .............. . ......... tender: Bumet Home Loans ....... . ...... ...... ................. ..... . .. . . ...... . .......... . ... I .... . . . .... . ......... ............. COMPARABLE SALE #1 6409 Rolf Avenue Edina COMPARABLE SALE #2 13317 Mildred Avenue Edina COMPARABLE SALE #3 6301 Rog Avenue Edina A"ZI COMPARABLE SALE #1 6409 Rolf Avenue Edina COMPARABLE SALE #2 13317 Mildred Avenue Edina COMPARABLE SALE #3 6301 Rog Avenue Edina COMPARABLE PROPERTY PHOTO ADDENDUM 'er: Elizabeth A. St um File. N.9.: .............. P9 ................... Case No.j.pan #0012926895 ly_MAEq§tL632'J_M!!qr ........... .. . . . ..... dine - ' * -- -, . ......... . . .... . ........... S..lqlq:-WN . .......... .. ..... . Burflet Home Loans ... ............ . ............. ... . ........ . . . ... . ...... . .......... ........ .... COMPARABLE SALE #4 6413 Rog Avenue Edina COMPARABLE SALE 05 COMPARABLE ;TALC #6 Plat Map 7 �e Ix 13s V4 q (G6) Ah (77) q5 ass (65) 4 13 R t 4 + (IR) (a) (6n) a (78) ass 13 135 a , IR (78) T C 19) A(69) C63) i3i... ,r• ` IS9 S 135 104) a ? _ _ (21) 1? tz (62) rs Y- i -3;-- (103) IBS 175 10 4 0 51 ti n 05 I35 Ip u 19S d 135 (e4) 13r 7 — - -- - - - st In _ i -- -- �35 61 IDS i � N PAIYA � Lill ly �l]9 135 e Io (85) y Yl [tocation r pp. Loan #0012920895 Fit. ado. #30267 DEFIMTION OF MARKET VALUE: The most probable price which a properly should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affeclod by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified data and the passing of title from sollor to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both purtios nro wail informed or well advised, aid each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash In U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal coils tdoration for Iho property sold unaffected by special or creative financing or sales corlcossions` granted by anyone associated with Zile Sale. 'Adjustments to the conlparabies must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; those costs are readily identifiable since the seller pays these costs to virtually all sets$ transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a Third party institutional lender that is not already involved in the properly or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate ft market's reaction to tile financing or concessions based on the Appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appralser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not Mettler any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2, Tile appraisar flea provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist ilia reader of the report in visualizing file property and understanding the appraisers detorrninatkln of its size. 3. 1-110 Appraiser has examined the available flood maps that are provided by the federal Emergency Mahagonent Agency (tit other data source:;) and has noted in the appraisal report whether the. subject site is located th an identified Special Flo 1 Hazard Area. Because Iho appraiser is not a surveyor, he or she makes no guarantees, express or Implied, regal duu3 this detannInation. 4. The appraiser will riot give testimony or appear In court because fro or she made an appraisal of Tile property in question, unless specific onangorrxnlls to do so have been made beforehand. 5. The appraiser lies estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. Theso separate valuations of the land and improvements mist not be used in conjunction with any other appraisal and are invalid it they are so usod. G. Thu appraiser has rioted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous writes, toxic substances, etc. ) observed during the inspection of the subject property or that he or she became awaro of during lire normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparont conditions of the properly or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc. ) that would make the properly more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, oxpiess or implied, regarding the condition of the inoperty. The appraiser will not he responsible for any such conditions that r10 exist or for any engineering or testing that might bo required to discover lvtielhor such conditions exist. Because the appraiser is not an expert in the fiat() of environmental hazards, the appraisal repot must not be considered as an environmental assessment of tho property. 7. The appraiser obtained the information, estimates, and opinions that were uxprossed in Ilia appraisal repot from sources that he or she considers to be reliable and believes thorn to be true and correct_ The appraiser #loos not assume responsibility for [he accuracy of such items that were furnished by other parties. B. The appraisor will not disclose the contents of the appraisal report except as provided for in tiro Uniform Standards or Professional Appraisal Practice. 9. Iho appraiser has basod his or her appraisal roport and valuation conclusion for an appraisal that is subject it. saiisfacdury completion, repairs, or allorations on the assumption that completion of the improvomonts will be pefornied in a wwcrkinar like manner. id. l'ho appraisor must provide his or hot prior written consent before the lendericlient specified in the appraisal report can dishibulo the appraisal report (including conclusions about the property value, the appraisor'$ identity and professional designations, and references to ;illy profns sional appraisal organizations or the firth wills which the appraiser is associated ) to anyone other than the borrower, the nrorigagoo or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizrdtolls; any state or federally approved financial institution; or any department, agency, or instrumentality of till) United States or any slate or the District of Columbia; oxcopl that the lender /client any distribute the property description section of ilia report only to data collection or reporting sarvice(s) without having to obtain the appraiser's prior written consent. 'file apixaisar's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to Iho public through ndvortising, publin relations, news, salos,, or nthc,r mall ;;. fru#lche iliac Form 43:1 t3-93 Pace 1 of 2 Fannie Mao Fore 1004H 6-93 Loan 1100129261395 FR. No, 113(Y)67 APPRAISERS CERTIFICATION: The Appraiser carlifros and agrees that: 1. 1 have researched the suhjoct market area and have selected a minimum of lives recent sales of properties sliest similar and proximate to the subject properly for consideration in tho solos comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to Ihoso items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to roduco the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, 1 have made a positive adjustment to increase flan adjusted sales price of Ilia comparable. 2. 1 have taken into consideration the factors that have an Impact on value in my development of the eslimala of market value in the appraisal report. I have not knowingly withheld any significant Information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. 1 slated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this torch. d. 1 have no present or prospective interest in the property that Is the subject to this report, and I have no present w prospective personal interest or bias with respect to the participants in the transaction. I did.not base, either partially or completely, my analysis and /or tine estimate of market value in the appraisal report on the race, color, religion, sox, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject pmporly. 5. 1 have no present or contemplated future interest in the subject properly, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6- 1 was not required to report a predetermined value or direction in value that favors Ito cause of Ilia client or any related party, Ilia amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event fn order to receive nay compensation andlor employment for performing the appraisal. I did not base Ilia appraisal report on a requested rninimuni valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performers this appraisal in conformity with the tJnlform Standards of Professional Appraisal Practice that were adopted and Inumutgaled by the Appraisal Standards Board ot'rle Appraisal Foundation and that worn in place as of the elfaetivo (late of this appraisal, with the exception of the departuro provision of those Standards, which does not apply. I acknowledge that an osliniato of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in Ilya neighborhood section of this report, unless I have otherwise stated In the reconciliation section. tl. 1 have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparablus in the appraisal report- I further certify that I have noted any apparent or known advarso conditions in the subject Improvements, on the subject site, of on any site within Ilia irmnodiato vicinity of the subject property of which I am aware slid have inado adjustments for those adverse conditions in my analysis of Ilia property value to the extent that I had market evidence to support them. I have also commented about the affect of ltw adverse conditions on tine maiketabitily of the subject property. 9. 1 personally prepared all conclusions and opinions about the foal estate that were set forth in the appraisal roport. If I relied all significant profossional assistance from any individual or individuals Ia the porformance of the appraisal or the preparation of the appraisal roport, I havo named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any Individual so named is qualified to porfornt the tasks. I have not authorized anyone to make a change to any item in the report: therefore, it an unauthorized change is made to the appraisal report, I will lake no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: if s supervisory appraiser signed the appraisal report, he or she certifies and agrens that: I (litoctly supervise tiro appraiser who prepared the appraisal report, have reviewed the appraisal report, agro ,with file statements and conclusionas of the appraiser, agroo to be bound by Ilia appraiser's certifications numbor'ed A through 7 above, and am taking full responsibility for tho appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 6321 Mildred Avenue, Edina, MN 55439 APPRAISER 1 ..._ - _ -- - — Nsmo: Paul G r ace. SRA Da10 SigwAi Aur)u_,I 41 2002 _.............. Slime Ceitification 11: –_- . _ or State license fl: 84000029, Slate: Mtd I.xpir lion Dalo of Cerflic atien ry t_icense: 6 -31 -03 SUPERVISORY APPRAISER (only If required) Sicanal(no: Name: ._ _ —_ [late Signed: _ State Certification fl: or State l_icrmso9: ��_._. _,. __......._.._..__. ._..__..._.._.__.,,.,.,._..._.. State: Expiration Dale rA Gel ili(.irtiwh or License Did U Did No; Inspect Property ._...- --- . -- -- Fjoildio hoar. I ixm 439 ti Sat Page 2 of 2 Fannie nie floe I rx in 101A, 10.93 IiESI I2ILi'11AL_ 111: 5L/l1iS�11,_iL�L�:s213I'S�I3.t� 1'LT� .C��l il. 11?1�AI' i4ly�_ QL.I'_A?.�L._�I31iC:L,_.>�i3.t1 I'mil Grace was horn in Kansas City, Missouri in 1959. He graduated front York 0mimunity High School in Elmhurst, Illinois in 1977. Ile received Bachelor of Business Administration degrees in .Economics and Administration Management front the University of Iowa in 1981 - He was awarded the SKA designation by the Society of Real listate Appraisers in 1988. ApprnisaLbutitate FHA and the Appraisal Process (1999) Supporting Sales Comparison Grid Adjustments for Residential Properties (1999) Standards of Professional Practice Pans A and 11 (1998) Appraising High Value atd.Historic I'luuaes (1997) Appraisal Practices for Litigation (1996) The Appraiser as Expert Witness (1996) Fair lending and the Appraiser (1995) Understanding Limited Appraisals and Reporring Options (1994) The New Uniform Residential Appraisal Report (1993) Reviewing Appraisals (1991) Sacicty_ elf -Iz caLEstatt:-tlppraisgrs. Professional Practice (1989) Applied Residential Property Valuation (Course 102, 1985) Appraising Residential Property (Course 101, 1984) C.-mifinuing-Eduvation- FI lA Appraisers Training (Mortgage Bankers Association, 1997) Appraiser /Underwriter Townhall Meeting (Mortgage Bankers Association 1995) flow 11, Perform F1 '1A ,Appraisals Within IIIJD Guidelines (Prusollme, 1994) Itivesuoent and Property Appraisal (Pro-Sotlice, 1993) Investment and financial Analysis, Mathematics of Appraisal (I'rotiourrc, 1292) L' - dessionaLLxpericltce Experience in the appraisal of single- and multi- family residences, townhouses, individual condoutinium units, and vaclnt lalld. Residential Rereurcb, Incorparned - 1995 to present - Vice President, Appraiser, Review Apptuiser Gitwe Appraisal Sel vices - 1993 to 1995 - President, Appraiser, and.Quality Control Reviewer Cbese- Bracken Company - 1987 to 1993 - Secretary- Treasurer, Appraiser, and Quality Control Reviewer cli.ads. Ametrican Mortgage Corporation, Burnet Home Loans, City of Minnetonka, Corporate Transfer Service, I kraut :pin County Parks, fit;sia 11:utk, N.A., Minneapolis Commtnity Development Agency, North Star [teal Estate Services, lncurporated, Nomest hank, N.A., Ryland Mortgage, T'CF Mortgage Corpolarion, and The Appraisal (:roue. Liccum Lict -oserl as a real estate appraiser (Certified Residential Real Property Appraiser, License Number 4000926) in the slate of MltttlesOW, Memil.e ships Paul (rare holds the SR.A designation, awarded by the Appraisal Institute. The Appraisal Institute was iortned by the unilication of the American institute of.Rcal Estate Appraisers and the Society of Real Estate Appraisers, t t ' State (1f Minnesota: ' Department tsf Canun.erre Licen ring Ulvision v z':' U 1p.�rUruxtl of r rnnm reu tclajshtutn ( 051 '119 8 or (000) 657 -397E3 r.. 8, - 71h Place Fast, Strafe 600 L m alt address: hcen51n0;cnrnrnnrceQalata.mn.us ; Sr. Paul. MN 95101 -3165 W ©bsltu address: cormnorcestalts , mn,us Certified Residential Reai'PropertyAppraiser License I_m;nI Name: PAUL D GRACE Coulparry Amilallim: . 4SIDFNTIAI_ RUSEARC11 INC _ Add!oss: 5421 t' ORGAN AVE SO . $905 GOLDEN VALLEY fit) . MPLS, MN 55419 Sul re 237 �,OLDFN VALLEY, MN 51A22 -4475 A porcon licensed hl this entegory can Iwltnnn appraisals ror tlllerally- rula!ed Ifan�aellall9. I lumme Idmtllicallun Numl -r: AP- 4000926 License Fr lhallon Dnte: 1113112003 A Per9oll lipme :ml In INS Ctlh!gmy Hull, xaisu fesulonUll w o;yivadhnal lool —ly f caltla!ut roord to Imr.'ralim,'111,0 or conyllekily. PURCHASE AGREEMENT 4 ZL: / 41 J �i �� J1`r •� / (J ! This I approved by the Minnesota Association of REALTORS& which disclaims any liability BURNET / arising out of use or misuse of this loan. n 2001, Minnesota Association of REALTORS@, Edina, MN 1. Date 2. Page 11._- - -_ 3. RECEIVED OF �(.1 Z1.G� -tip_ ��Lle-Ilt 4�;_!� --_ -- 4. 5. the sum f N 1'J�,�, i�..Z��� } /1- 'd�11�. -- _ -- - - -- Dollars 6. by CHEC / CASH I NOTE as earnest money to bdeposited upon acceptance of Purchase Agreement by all parties, on or {c;re /e one) .................. A, t It1` J I is • r 1r` r . 7, before the third business day after acceptance, In the trust account of listing- brotcerbut to de returned to Buyer if Purche 8. Agreement Is not accepted by Seller. Said earnest money is part pay rent for the purchase of the property located at: 9. Street Address: ��t�u -(-�. U7 r _.- __. __ -- 10 City of ✓' Col -) Stale of Minnesota, 11. Legally described as:_ ✓ - 12. - - -- -- - - -- - -- -- 13. including the following property, if any, owned by Seller and used and located on said property: garden bulbs, plants, shrubs, and 14. trees; storm sash, storm doors, screens and awnings; window shades, blinds, traverse and cr.rrlain and drapery rods; attached lighting 15. fixtures and bulbs; plumbing fixtures, water heater, heating plants (with any burners, tanks, stokers and other equipment used in 16, connection therewith), built -in air conditioning equipment, electronic air filter, water soltene (OWNED) / RENTED /NONE, buill in ••..&Ircin ona) ...................... 17. humidifier and dehumidifier, liquid gas lank and controls (if the property of Seller), sump pump: attached television antenna, cable TV jacks and 16. wiring; BUILT-INS: dishwashers, garbage disposals, trash compactors, ovens, cook top stoves, microwave ovens, hood fans. intercoms; 19. ATTACHED: carpeting; mirrors; garage door openers and all controls: Smoke detectors; fireplace screens, doors and heatilalors: AND: the following 20. personal property: - - - - - -- - -- - - - - -- -�#r - - - - - -- - -- - -- -- 21. - -- -- - - - -- - - -- 22. 23. all of which property Seller has this day agreed to sell to Buyer for sum of: ($ _ -- 24, %7 ,6 aa.�1.B.� _ _4l_1✓�,�- r,t-C� - - - - - -- Dollars, J r 0112 d".J�cL` :. /nJ? �_il -.• 25. which Buyer agrees to pay in the following mariner: Earnest fioney of $ �+ �✓ n 26. and $- T�� . !C) cash on - jt �, _ � -, the dale of closing, and 27, the�alance el- - Z7y 0:.,by financing in accordance with the attached addendum: 28. Comrentlonal FHA DVA Assumption Contract for Deed Purchase Money Mortgage Other: -... - w.w.. ... .:' .......................................................... lorc /e ,9# InBI e<, 'o/y) ................................................ ............................... 29. This Purchase Agreemen IS IS NOT subject to a Contingency Addendum for sale of Buyer's property. (if answer is IS, see attached addendum.) /e one).... 30. (II answer is IS NOT. the closing of Buyer's property, if any, may still affect Buyer's ability to obtain financing, if financing is applicable.) 31. This Purchase Agreement IS / IS NOT subject to cancellation of a previously written Purchase Agreement dated ... IC; /e o 32. Buyer has been made aware of the availability of property inspections. Buyer elects /declines to have a property inspection performed at le one) ........... 33. Buyer's expense. This Purchase Agreement IS NOT subject to an Inspection Addendum, (If answer is IS, see attached addendum.) {c;rc/o ono) 34. DEED/MARKETABLETITLE: Upon performance by Buyer, Seller shall deliver a Warranty Deed or Other:_ -- Deed ............................. ......................'�.rrr. /n nrrnr............................. ............................... 35. joined in by spouse, if any, conveying marketable title, subject to: 36. (A) Building and zoning laws, ordinances, state and federal regulations: (B) Restrictions relating to use or improvement of the 37. property without effective forfeiture provisions; (C) Reservation of any mineral rights by the State of Minnesota; (D) Utility and 38. drainage easements which do not interfere with existing improvements: (E) Rights of tenants as follows (unless specified. not 39. subject to tenancies): --------- - - - - -- 40. (F) Others (Must be specified in wriljnga;. 41. BUYER SHALL PAY SELLER SHALL PAY on date of closing any deferred real estate taxes (i.e. Green Acres, etc.) or special 42, assessments, payment of which is required as a result of the closing of this sale. 43. BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING /' SELLER SF)A(.1,._QAY ON DATE OF CLOSIN all installments ---- ..... ........... -- ... - ...................................... _.. ............................... -- - - •-- ... - -- ........... /circle trial .................... ----. �-....:..................: ....:.......................... 44. of special assessments certified for p2ymenI with the real estate taxes due and payable in the year of closing. 45. BUYER SHALL ASSUME SELLER SHALL PAY �n dale of closing all other special assessments levied as of the date of this Agreement. 46. BUYER SHALL ASSUME /'SELLER SHALL PROVIDE FOR PAYMENT Of special assessnlnnts penrlinq as of Ih. date of this Agmemenl - - - - -- ---.....---- ........__......_....... - /r,�s APL.._ ____•___r :: _:.. 47. for improvements that have been ordered by any assessing authorities. (Seller's provision lot payrne,nt shall be by 46. payment into escrow of two (2) times the estimated amount of the assessments, or less as required by Buyer's lender.) 49. Buyer shall pay any unpaid special assessments payable in the year following closing and thereafter, the payment of which is not otherwise 50, herein provided. 51. As of the date of this Agreement, Seller represents that Seller HAS /,HAS NO� received a notice regarding any new improvement 52, project from any assessing authorities, the costs of which project may be assessed against the properly. Any such notice 53. received by Seller after the dale of this Agreement and before closing will be provided to Buyer immediately. If notice of n pending 54, special assessment is issued after the date of this Agreement and on or before the date of closing, Buyer shall assume payment of 55. ALL PL / OTHER: of any such special assessments, and Seller shall provide lot payment on date of 56. closin NONE (O THER: of any such special assessments. If such special assessments 57. or escrow amounts for said special assessments as required by Buyer's lender shall exceed $ _ . then either 58. party may agree in writing on or before the date of closing to assimrte, pay or provide for the payment of such excess. In the absence of 59. such agreement, either party may declare this Purchase Agreement null and void: the parties shall immediately sign a cancellation of 60. Purchase Agreement and all earnest money paid hereunder shall be refunded to Buyer. MN:PA•1 (9/01) CDR 1041 (9/01) 0 Indenendently Owned and Overaled Itv NRT. Incorporated. PURCHASE AGREEMENT 61. Page 2 62, TITLE & EXAMINATION: Within a reasonable time after acceptance of this Agreement, Seller shall provide 63. evidence of title, which shall include proper searches covering bankruptcies, state and federal judgments and liens, 64, and levied and pending Special Assessments to Buyer or Buyer's designated title service Provider, as follows: 65. If property Is abstract, Seller shall provide: (1) a commitment for an owner's policy of title insurance on a current 66. ALTA form issued by an insurer licensed to write title insurance in Minnesota. If the Seller chooses to provide an 67. owner's policy of title insurance rather than update an abstract of title, Seller shall pay the entire premium, title 68, examination fee and the costs of evidence of title for such title insurance policy it. no lender's policy is obtained; or 69. only the additional cost of obtaining a simultaneously issued owners policy if a lender's policy is obtained. (Buyer 70. shall pay the premium and the title examination fee for the lender's policy); or (2) an abstract of title certified to date. 71. If Seller chooses to update an abstract, Seller shall pay for all abstracting fees. Seller shall surrender any abstract in 72. Seller's possession or control to Buyer at closing. 73. If property Is Torrens, Seller shall provide, at Buyer's option and request, either (1) a Registered Property Abstract 74. (RPA) certified to date; or (2) a commitment for an owner's policy of title insurance on a current ALTA form issued by 75. an insurer licensed to write title insurance in Minnesota. Seller shall be responsible to pay, under either option, only 76. those costs necessary to prepare the RPA or commitment. Buyer shall, at buyer's option, pay for either the Attorney's 77. Opinion or the title insurance premium and examination fee. 78. Seller shall use Seller's best efforts to provide marketable title by the elate of closing. In the event Seller has not 79. provided marketable title by the date of closing, Seller shall have an additional 30 days to niaotl title marketable or, in 80, the alternative, Buyer may waive title delects by written notice to the Seller. In addition to the 30 clay extension, 81. Buyer and Seller may by mutual agreement further extend the closing clate. Lacking such extension, either party 82, may declare this Purchase Agreement null and void; neilher parly shall be liable for damages hereunder to the other 83. and earnest money shall be refunded to Buyer; Buyer and Seller shall immediately sign a cancellation of Purchase 84. Agreement. 85. SUBDIVISION OF LAND: If this sale constitutes or requires a subdivision of land owned by Seller, Seller shall pay 86, all subdivision expenses and obtain all necessary governmental approvals. Seller warrants the legal description of 87. the real property to be conveyed has been or will be approved for recording as of the date of closing. Seller warrants 88. that the ,buildings are or will be constructed entirely within the boundary lines of the properly. Seller warrants 89. that there is a right of access to the property from a public right of way. These warranties shall survive the delivery of 90. the deed or contract for deed. 91. Seller warrants that prior to the closing, payment in full will have been made for all labor, materials, machinery, 92, fixtures or tools furnished within the 120 days immediately preceding the closing in connection with construction, 93. alteration or repair of any structure on or improvement to the property. 94. Seller warrants that Seller has not received any notice from any governmental authority as to condemnation 95. proceedings, violation of any law, ordinance or regulation. If the property is subject to restrictive covenants, Seller 96. warrants that Seller has not received any notice from any person or authority as to a breach of the covenants. Any 97. such notices received by Seller will be provided to Buyer immediately. 98. Seller agrees to allow reasonable access to the property for performance of any surveys or inspections agreed to herein. 99. RISK OF LOSS: If there is any loss or damage to the properly between the date hereof and the date of closing, for 100. any reason including fire, vandalism, flood, earthquake or act of Cod, the risk of loss shall be on Seller. If the 101, property is destroyed or substantially damaged before the closing date, this Purchase Agreement shall become null 102. and void, at Buyer's option, and earnest money shall be refunded to Buyer,- Buyer and Seller shall immediately sign a 103. cancellation of Purchase Agreement. 104. TIME OF ESSENCE: Time Is of the essence in this Purchase Agreement. 105. ENTIRE AGREEMENT: This Purchase Agreement, any attached exhibits and any addenda or amendments signed 106. by the parties, shall constitute the entire agreement between Seller and Buyer, and supercedes any other written or 107. oral agreements between Seller and Buyer. This Purchase Agreement can be modified only in writing signed by 108. Seller and Buyer. All monetary sums are deemed to be United States currency for purposes of this agreement. Buyer or seller may be 109. required to pay certain closing costs which may effectively reduce the proceeds from the sale or increase the cash outlay at closing. 110. ACCEPTANCE: Buyer understands and agrees that this Purchase Agreement is subject to acceptance by Seller in 111. writing. The delivery of all papers and monies shall be made at the listing broker's office. 112. DEFAULT: If Buyer defaults in any of the agreements herein, Seller may terminate this Purchase Agreement, and 113. payments made hereunder may be retained by Seller as liquidated damages. If this Purchase Agreement is not so 114. terminated, Buyer or Seller may seek actual damages for breach of this Agreement or specific performance of this 115. Agreement; and, as to specific performance, such action must be commenced within six months after such right of 116. action arises. MN:PA•2 (9 /01) . iA 1• bra IY CJ■ ' PURCHASE AGREEM NT , 117. Address BRNET 1 118. Page 3 Date._ .- ."-° -�'_, -- 119. Buyer shall pay, RORATED FROM DAY OF CLOSING, _12ths, ALL, NONE real estate taxes due and payable in the year,.�y_ ....................................................... ............................... 120. Seller shall pay RORATED TO DAY OF CLOSING -- ___12ths, ALL, NONE real estate taxes due and payable in the year�D.r ., . If the ....................... ............................... Cirf. e r }..................... ............................... 121. closing date is changed, the real estate taxes paid shall, if prorated, be adjusted to the new closing date Seller warrants taxes due and 122. payable in the years�23''i'V111 be DC -PART NON- homestead classification. If part or non - homestead classification Is circled, 123. Seller agrees to pay Buyer ///at closing - 124. toward the non - homestead real estate taxes. Buyer agrees to pay any remaining balance of non - homestead taxes when they become 125. due and payable. Buyer shall pay real estate taxes due and payable in the year following closing and thereafter, the payment of which is 126. not otherwise herein provided. No representations are made concernin the amount of subsequent real estate taxes. 127. POSSESSION: Seller shall deliver possession of the property not later than ' _ -- -- _.after closing. 128. All Interest, homeowner association dues, rents, fuel oil, liquid petroleum gas and all charges for city wa r, city sewer, electricity, and 129. natural gas shall be prorated between the parties as of date of closing. Seller agrees to rernove ALL DEBRIS AND ALL PERSONAL 130. PROPERTY NOT INCLUDED HEREIN from the property by possession date. 131, ENVIRONMENTAL CONCERNS: To the best of the Seller's knowledge there are no hazardous substances, or underground storage 132. tanks, except herein noted: - -- - -- 133. _. -- - 134, SELLER WARRANTS THAT THE PROPERTY IS DIRECTLY CONNECTED TO: CITY SEWER LIB 4ES ❑ NO / CITY WATER LP-YES ❑ NO 135. SELLE / BUYER AGREES TO PROVIDE WATER QUALITY TEST RESULTS IF REQUIRED BY GOVERNING AUTHORITY AND/OR LENDE e one) ......... 136. LE / BUYER AGREES TO PROVIDE, IF REQUIRED BY THE TERMS OF THIS PURCHASE AGREEMW OR BY GOVERNIP b Ono) ........... 137. AUTHORITY AND /OR LENDER, A LICENSED INSPECTOR'S SEPTIC SYSTEM INSPECTION REPORT OR NOTICE INDICATING Iq 138. THE SYSTEM COMPLIES WITH APPLICABLE REGULATIONS. NOTICE: A VALID CERTIFICATE OF COMPLIANCE FOR TH 139. SYSTEM MAY SATISFYTHIS OBLIGATION. NOTHING IN LINES 136TO 139 SHALL OBLIGATE SELLERTO UPGRADE, REPAIR O 140. REPLACE THE SEPTIC SYSTEM UNLESS OTHERWISE AGREED TO IN THIS PURCHASE AGREEMENT. 141. BUYER HAS RECEIVED THE WELL DISCLOSURE STATEMENT OR A STATEMENT THAT NO WELL EXISTS ON THE PROPERTY, 142. AND A SEPTIC SYSTEM DISCLOSURE STATEMENT OR A STATEMENT THAT NO SEPTIC SYSTEM EXISTS ON OR SERVES THE 143. PROPERTY, AS REQUIRED BY MINNESOTA STATUTES. 144. SELLER WARRANTS THAT CENTRAL AIR CONDITIONING, HEATING, PLUMBING AND WIRING SYSTEMS USED AND LOCATED ON 145. SAID PROPERTY WILL BE IN WORKING ORDER ON DATE OF CLOSING',. EXCEPT AS NOTED IN THIS AGREEMENT. 146. BUYER HAS THE RIGHT TO A WALK- THROUGH REVIEW OF THE PROPERTY PRIOR TO CLOSING TO ESTABLISH THAT THE 147. PROPERTY IS IN SUBSTANTIALLY THE SAME CONDITION AS OF THE DATE OF PURCHASE AGREEMENT. SELLER AGREES 148. TO NOTIFY BUYER IMMEDIATELY IN WRITING OF ANY SUBSTANTIVE CHANGES FROM ANY PRIOR REPRESENTATIONS 149. REGARDING THE PHYSICAL CONDITION OF THE PROPERTY. 150. BUYER ACKNOWLEDGES THAT NO ORAL REPRESENTATIONS HAVE BEEN MADE REGARDING POSSIBLE PROBLEMS OF 151. WATER IN BASEMENT, OR DAMAGE CAUSED BY WATER OR ICE BUILD -UP ON ROOF OF THE PROPERTY AND BUYER RELIES 152. SOLELY IN THAT REGARD ON THE FOLLOWING STATEMENT BY SELLER: 153. SELLER HAS HAS NOT HAD A WET BASEMENT AN HAS (HQTyIAD ROOF. WALL. OR CEILING DAMAGE CAUSED BY WATER ..... clrcie one)........ ... .�c, .. .. 154. OR ICE BUILD -UP. BUYE AS H RECEIVED A SELLER'S PROPERTY DISCLOSURE STATEMENT. 155. BUYER HAS RECEIVED THE INSPECTION REPORTS, IF REQUIRED BY MUNICIPALITY. 156. NOTICE 157. ��� b� Q��.��� is Seller's Agent / uyer's Agent Agent /Facilitator ( Licensee) ............................ rICIM75 one)........... ............................... 158. A 44,c A "-� - (Company) 159. is Seller's Agent / Buyer's Agent / Dual Agent / Facilitator (Licensee) - ................... ........................(circle one) ........... ............................... 160. (Company) '161. THIS NOTICE DOES NOT SATISFY MINNESOTA STATUTORY AGENCY DISCLOSURE REQUIREMENTS. 162, DUAL AGENCY REPRESENTATION 163. PLESE CHECK QMOFTHE FOLLOWING SELECTIONS 164. Dual Agency representation DOESHOTapply in this transaction. Disregard lines 165.178. 165. O Dual Agency representation DOESapply in this transaction. Complete the disclosure in lines 166 -178. 166. Broker represents both the Seller(s) and the Buyer(s) of the property involved in this transaction, -which creates a dual agency. Thi 167. means that Broker and its salespersons owe fiduciary duties to both Seller(s) and Buyer(s). j3erlause the parties may have conflictinc 168. interests, Broker and its salespersons are prohibited from advocating exclusively for eilhtjpeffty. Broker cannot act as a dual agent in IN, 169. transaction without the consent of both Seller(s) and Buyer(s). Seller(s) and Buyer .. nowledge that: 170. (1) confidential information communicated to Broker which regards price. ��, or motivation to buy or sell will remain confidentia 171. unless Seller(s) or Buyer(s) inslrurls Broker in writing to cfi ose this information. Other information will be shared; 172. (2) Broker and its salespersons will not represent the ' -rest of either party, to the detriment of the other; an 173. (3) within the limits of dual agency, Broker and its sale p..rsons will work diligently to facilitate the mechanics of lf�e sale. 174,, With the knowledge and understanding of the explana icrfi-above, Seller(s) and BLlyer(s) authorize and instruct Broker and it 175.'.' salespersons to act as dual agents in this transaction , , 176. - -- Seller Buyer 177. - -- - - -- - -- Senor '' ' ° ' Buyer "./ 178. _._ ------ -- - - -- - - -- -------- - - - - -- - Dale - - -- Dalc - -- - -- -- -- - - - -- -- - -- MN:PA -3 (9/01) tv--1 A-1 (Innenrnrl 0.o• NN'r 1!%rnvni efPl) r. ■e Jt u■ a BURNET PURCHASE AGREEMENT 179. Address 180. Page 4 Date; —� 181. 1 ACKNOWLEDGE THAT I HAVE RECEIVED AND HAD THE OPPORTUNITY TO REVIEW THE ARBITRATION DISCLOSURE AN 182, RESIDENTIAL REAL PROPERTY ARBITRATION AGREEMENT. �f GJ 183. SELLER �. L 4c�' ✓' (S C� ' �' BUYER(S)_ - -. -_. 184. SELLER(S) 185. OTHER -.- — — - 186. 187. 188. 189. 190. Attached are other addenda which are made a part of this Purchase Agreement. (Enter total number of ,gages of this Purchase 191. Agreement, Including addenda, on line 2 of page 1.) �' 192. I, the owner of the property, accept this Agreement and I agree to purchase the property for the price and In accordance 193, authorize the listing broker to withdraw said property from with the terms and conditions set forth above. 194. the market, unless Instructed otherwise In writing. I have reviewed all pages of this Purchase Agreement. 195. 1 have reviewed all pages of this Purchase Agreement. ( t 196. X \ .i J- E,CSL� { }�-L-G�cJ�' f -' _G`L'X _� 1- iGJ��� (Seller's Signature) (Date) (Buyer's Sigrure) (Date) 1 197. 'jPZ L '�f f%"L/r h'. X 4 '-7-7-f (Settees Printed Name) (Buyer's Printed Name) 198. X v' C G X (Social Security Number • optional) (Marital Status) (Social Security Number - optional) (Marital Status) 199. X a�L � X Seller's Sig atu e) (Date) (Buyer's Signature) (Date) 200. X �/ . � ✓� X — Seller's Printed Name) (Buyer's Printed Name) 201. X /' 1 � �/ X _ (Social Security Number • optional) (Marital Status) (Social Security Number - optional) (Marital Status) 202. FINAL ACCEPTANCE DATE 203. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS AND SELLERS. 204. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. The Following is not part of the Minnesota Association of Realtors approved form. A home protection plan covering the buyer I1otne Protection flan (Name) purchased in the amount of '$365.00 - $680.00 to be paid for by the �t th`d time df` loSilig" (Seller's Signature) Date will be will not be (Circle) (Circle) (Seller) (Buyer's Signature) (Buyer) Date (Seller's Signature) Date (Buyers .`ignalme) Dale *Please see the Coldwell Bankci' Gums Itrotection Plan Application for more information regarding exact pricing. _.__ .. .__ .. .- .. • . . ., n J n.. -.._.• J A.. \rf•T f------ - - - -.r FII LACING ADDENDUM CONVENTIONAL OR PRIVATELY INSURED CONVENTIONAL MORTGAGE This form approved by the Minnesota Association of BURNEFT REALTORS ®, which disclaims any liability 1 arising out of use or misuse of this form, ©2000, Minneso a sociatio of REALTORS 0A, Edina. MN 1. Dates 1� 2. Page 3. Addendum to Purchase Agreement between parties dated � 20-62,:�---- pertaining to the purchase 4, and sale of the property at _: ' " ' 5. - -- 6. Buyer will apply for and secure at Buyers expense CONY NTIONAV. I PRIVATELY INSURED CONVENTIONAL ,. ..... ._ ... {Urcle One) ... _ ....... _....'__.. 7,t ,> ~. mortgage in the amount stated in the Purchase Agreement amortized monthly over a period of (Filed. ARM, etc.) - (t 8. not more than %� years with an initial mortgage interest rate of no more than . ! _percent per annum.. 9. The mortgage application.IS TO BE MADE WITHIN FIVE BUSINESS DAYS after the acceptance of.this Purchase Agreement =V7. 10. Buyer agrees to use best efforts to secure a commitment for such financing and to execute all documents required to 11, consummate said financing. 12. ,FINANCING CONTINGENCY: This Agreement is contingent upon the following financing contingency. (Check one) 13�f Buyer cannot secure a pommitment for such mortgage, this agreement shall become null and void and earnest money ^' 14. paid by Buyer herein shall be refunded to Buyer; Buyer and; Seller shall immediately sign to can citation of Purchase 15. Agreement: ` 16, ❑ Buyer shall provide Seller or Seller's Agent with a final underwriting approval commitment for the-loan specified in this 4 17. Purchase Agreement, including completed appraisal, and stating all conditions required,by the lender to close the loan; on or 18. before 20 If said commitment is not provided by said dale, Seller may, at Seller's option, declare this 19. Purchase Agreement null and void. Buyer and Seller shall immediately sign a cancellation of Purchase Agreement, and all 20. earnest money shall be refunded to Buyer. 21. Upon delivery of said commitment to Seller or Seller's Agent, the- responsibility for: satisfying all conditions, except work 22. orders, required by said commitment is deemed accepted by the Buyer. In the event the Purchase Agreement does not close 23. on the stated closing date for ANY REASON relating to financing, other than Seller's - failure to complete work orders to the ing but not limited to interest ;rate and discount points, 24. extent required by the Purchase Agreement, includ 25. If any; Seller may, at Seller's option declare this Purchase Agreement null and void. Buyer and Seller shall immediately sign 26. a cancellation of Purchase Agreement, and all earnest money shall be forfeited to Seller as liquidated damages, or, in the 27: alternative, Seller may seek all other remedies allowed by law. 28. PRIVATE MORTGAGE INSURANCE (PMI): PMI may be required by the lending institution. Buyer agrees to pay all subsequent 29. year's mortgage insurance premiums as required by the lending institution. The said mortgage insurance. premium will 30. Increase the mortgage amount unless paid in cash at closing. 31. DISCOUNT POINTS: Nothing in this Purchase Agreement shall prohibit the Buyer from paying any discount points the Buyer 32. elects to pay. If Seller elects to pay discount points, a Mortgage Discount Points Addendum must be attached. 33. LOCKING OF MORTGAGE INTEREST RATE ( "RATE "): The interest rate will be locked with hB_IendBLb.Y_ltle -BuaCer_ 34. WITHIN FIVE BUSINESS DAYS OF FINAL ACCEPTANCE OF THIS PURCHASE AGREEMENT (P IOR TO CLOSING AS REQUIRED -BY LENDER. CL 7777�= 35. LENDER' COMMITMENT WORK ORDERS: Nothing in this Purchase Agreemen( shall be construed as a. warranty that the 36. Seller will make repairs required by the Lender commitment. However, the Seller agrees to pay up.to $ _f �� �' .._�'= to 37. make repairs as required by the Lender commitment. If the Lender commitment is subject to any work orders for which the cost of 38. making said repairs shall exceed this amount, the Seller shall have the following options: '39: (A) Making the necessary repairs; or 40. (B) Negotiating the cost of making said repairs with the Buyer; or Declaring, the Purchase Agreement null and void and earnest money paid shall be refunded to the Buyer; 42. Buyer and Seller shall immediately sign a Cancellation of the- Purchase Agreement, unless the Buyer provides for payment of 43. lhe:costof said repairs or escrow amounts related thereto above the amount speci fied on line 36 of this Addendum. l Le, - 44, OTHER: 45. � :, (c7 , �: (l L • C.C.• -C. > [ ..� 6: V CR �; t�tSL Cc,<.,�C_�.rz... G 1�`�� (vale) 4 - (9eller) �- (D le) (Buyer) c/ . .-I (oele (9eller) , (Buyer) 48. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS AND SELLERS. "'49 . "" " " IF,YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. MN:FACM (9 /00) Independently Owned And Operated By NRT, Incorporated. CBR 1047 (9/00) • INSPQCTIUN UUN I INULN1,:Y ADDENDUM • This form approved by the Minnesota Association of REALTORS®, which disclaims any liability arising out of use or misuse of this form. BURNET 02001, Min esota ssociation of REALTORS ®, Edina, MN 1. Date v 2. Page THE PROPERTY, IF NOT NEW, CANNOT BE EXPECTED TO BE IN NEW CONDITION. ROUTINE MAINTENANCE ITEMS ARE NOT PART OF THIS ADDENDUM. 5. Addendum to Purchase Agreement between parties dated , 201J-1/ , pertaining to the 6. purchase and sale bf the property at �' ,�A:G=� , 7. - - - -- -... -. - 8. This Purchase Agreement is contingent upon an inspection(s) of the property to determine the condition and 9. performance relative to the intended function of the following checked items: 10. Q Basement Q Electrical System Q] . Plumbing System 11. Q Ceilings Exterior QQ Roofs 12. Q Central Cooling System Q Floors [Q Walls 13. Q] Central Heating System Q Foundation [Q Windows 14. Q Other (specify): _ - - -- - 15. 16. - - - -- -- - - - - -- - -- 17. - - - -- - - -- 18. Complete Home Inspection 19. Any inspection shall be done by an inspector of the Buyer's choice. The Inspector should be qualified to do the 20. inspection as evidenced by a license or professional designation. Buyer shall satisfy Buyer as to the 21. qualifications of the Inspector(s). 22. Said inspection(s) shall be at the Buyer's sole expense. 23. Seller agrees to make the property reasonably available for said inspection(s). 24. Any inspection or test done by FHA, DVA, or any other governmental unit shall be done and paid for in accordance 25. with the applicable regulations and are not part of this Inspection Contingency. 26. For the purposes of this Addendum, "business days" shall end at 11:59 PM and do not include 27. Saturdays, Sundays, and state and federal holidays. 28. All inspection(s) shall be done within -rL- business days of final acceptance of this Purchase Agreement. If Buyer 29. or anyone representing Buyer discovers any defects in the above specified components of the property, Buyer must 30. notify Seller or Seller's agent in writing, describing such defects, within , _- business days after all the inspection(s). 31. If the Buyer notifies the Seller or Seller's agent of such defects, and if within _....__ -__ business days after such notice 32. Buyer and Seller have not agreed in writing as to whether repairs will be performed, defects waived, or an 33. adjustment to the purchase price made, the Purchase Agreement will automatically become null and void 34, without further notice required, and all deposits of earnest money paid by Buyer will be promptly refunded. 35. Buyer and Seller agree to sign a Cancellation of Purchase Agreement, and thereafter neither party will have any 36. further liability to the other. 37. However, notwithstanding any provision to the contrary, or any notice given, the Buyer may unilaterally waive 38. defects, providing that the Buyer notifies Seller or Seller's agent of waiver in writing within the time specified. If Buyer 39. fails to have the inspection(s) performed within the time specified above, or does not notify Seller within the time specified 40. above, then this contingency shall be deemed removed and the Purchase Agreement shall be in full force and effect. 41. Notwithstanding any other provision of this Agreement, Buyer may, based on the inspection(s), declare this 42. Purchase Agreement null and void by so notifying the Seller or Seller's agent in writing within - 6_ business 43. days of the inspection(s). In the event Buyer declares the Purchase Agreement null and void, Buyer and Seller 44. shall immediately sign a Cancellation of Purchase Agreement and earnest money shall be refunded to Buyer. 45. Nothing herein invalidates the warranties agreed to in lines 144 -145 of the Minnesota Association of REALTORS@ 46. approved Purchase Agreement. 47. Seller or Seller's AgenESHAL / SHALL NOT have the right to continue to offer the property for sale until this (�- -- .4c,iele one) ................... 48. continge cy is removed. I 49. b l iGu us (,Csz�� -� -v� U 9 U� (Saner) (Dare) 50. 6- (Dale) L (Buyer) (Dale) (Buyer) 51. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS AND SELLERS. 52. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. MN:ICA (9/01) CBR 1123 (9/01) Independently Owned And Operated By NRT, Incorporated. (Dare) I IIVLI G1`aV 1 P'11JVtV114vV1e4 • This lornt approved by the Minnesota Association of CJ REALTORS ®, which disclaims any liability arising out of use or misuse of this form. BURNJET 02000, Minnesota Association of REALTORS®, Edina, MN 1. Date .- 2. Page 3. Addendum to Purchase Agreement dated 1 20 2_ pertaining to purchase and sale of the property 4. at 5. HOUR CONTINGENCY 6. IN COMPUTING ANY HOURS HEREIN,THE PERIOD FROM 12:01 A.M. SATURDAY THROUGH 12:01 A.M. 7. MONDAY ANDTHE 24 HOUR PERIOD OF ANY STATE OR FEDERAL HOLIDAY SHALL BE EXCLUDED. 8. This Agreement is contingent upon the Buyer entering into a valid purchase agreement for the sale of Buyer's property 9. located at ZL_ % �� ��'� -,�� `� '� 10. on or before_�� 20 S '�.G -- - , which is listed or will immediately be listed for sale with 11. �.��,Q) (�L. , �� ��-. �L��------------------. ..-------------------- ... - - - - -- - -- broker. 12. In the event a valid purchase agreement is not signed by the dale specified on line 10 of this Agreement, this Agreement is null 13. and void and the earnest money will be refunded to Buyer. The Seller and the licensee representing or ,2pi gting Seller shall have 14, the right to continue to offer the property for sale unless this contingency is removed. Seller may demand removal of this 15. contingency at any time by service of a written notice in the form as shown on the Request For Removal of Contingency (form 16. MN:RFR). If Buyer does not remove this contingency as specified herein within the above specified ho(irs of service of the 17. written notice, this Agreement shall be null and void and the earnest money shall be refunded to Buyer. The above specified 18. hours shall start when the Request for Removal of Contingency is served upon the licensee representing or assisting Buyer, or 19. any licensee of that person's office. The licensee upon whom the written notice is served shall immediately accept, date and time 20. the notice. It is the responsibility of the company representing or assisting Buyer to deliver the papers to the Buyer for the Buyer's 21. immediate consideration. Both Buyer and Seller shall immediately sign cancellation papers in the event the contingency is not 22. removed. 23. To remove the contingency, Buyer shall serve upon the licensee representing or assisting Seller, or any licensee of that person's 24, office, a Notice of Intent to Remove Contingency in the form as shown on the Request for Removal of Contingency 25. (form MN:RFR), within the above specified hours. The licensee upon whore the notice is served shall accept, date and time the 26. notice. It is the responsibility of the company representing or assisting Seller to deliver the notice and accompanying documents 27. to the Seller for the Seller's immediate consideration. The Notice of Intent to Remove Contingency must be accompanied by a 28. true copy of a valid purchase agreement for the sale of the Buyer's property. To be valid, the purchase agreement must not be 29. contingent upon anything other than financing and must have a closing date not later than the closing date in this Purchase 30. Agreement. 31. In the alternative, the Notice of Intent to Remove Contingency may be accompanied by written proof of the Buyer's ability to 32. consummate this transaction without the sale of the Buyer's property. Irrespective of such written proof that Buyer may 33. provide, the decision whether to accept or reject Buyer's proof shall be solely that of the Seller. 34. If the Notice of Intent to Remove Contingency is accompanied by a valid purchase agreement, as specified above, the Seller shall 35. accept the removal of this contingency. If the NVc of Intent to Remove Contingency is accompanied by anything other tf�an a 36. valid purchase agreement, Seller shall have hours from the time noted on the Notice of Intent to Remove Contingency, 37. within which to review the documentation and accept or reject the attempted removal of this contingency. Unless the Seller 38, specifically rejects, by so indicating on the form and delivering same to the licensee representing or assisting Buyer, or any 39. licensee of that person's office within the period as specified in line 36, the contingency shalt be deemed removed and the 40. transaction shall proceed accordingly. L, 41. In the event there is, more than one Buye or Seller, the parties agree that any one Buyer or Seller may sign the Request for 42. Removal of Contingency or the Notice of Intent to Remove Contingency. 43. OTHER: 1 . (ZA45. L' (seller) (Date) 46. (Licensee AepresentinglAsalsiing Seller) 47. (Company Name) 48. 49. MN:CNTG (9/00) (Date) (Date) Z (Buys') (Date) (Buyor) (Date) y, censeeit9presenling/Assisting Buyer) (Date) (Company Name) (Date) THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS AND SELLERS. IFYOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. InrlPnPnrl.-nlly Owns- l And Onersitt-A Rv NRT. Incornnrated. w ^ REQUEST FOR REMOVAL OF CONTINGENCY n", form approved uyme Min*cswpx,,nnnw"m ncm7nnS(F). which */sc/xo"p ,"rlinx^1y =w=onmofvmv' */n/`r*w'sform (P2000. Mir-inesola Association of rZFAI_I0RS00. Edinn. M61 / 1. To Buyer: � Demondiskp�hyn`ndpU`*mocooU/gx"cvinV,r Pvpconooxg�o^»entVmod-_' 20__ ...... 3. betwpen you and [lie undersigned Seller. mlating to the sale of the SoUor(o)nmpe/ty * ____��_____-_�____-_______ � -------------'�ms �ndcondUinnmo/'heCno\mUencyAdUendov`riUon_� �___^ov'sn/U`n e=im . ^'--i--�'--ai�''m remove the contingency within said |in`p period s/`oo ,e"ue, o.e Purchase xy/oo"`pnt ovn and void. / . , 7 GmUm: 8. Seller: & 8m0n - AOpv ' 10. Date � --_-_-______ �2O_��a�___� n/oo: - . --_ 11. Selling Agent or iny licensoolof file Selling Agenl'9 office: 12. NOTICE Or/NTsNrn} REMOVE CONTINGENCY 13 Seller ishe/nhynoVopdn[Doye/'s intent Nwi/mv,xm_ _ /�' --_.^ `n"/,o'vi/gy/v9 it, the |'o/rl.xsnxu/,eoeutdnlod 114 ' / _��L^______�%O___�_ _��,�e8oxe'(s)�ope/�|nco�dx/ _^'_ _��/' L_''c^L-'�i ' |. ' 16. ' ` -___-------'----' ----------- -- - - ------ - -----' '--- 1S, ------Accompanying U�nNntkwn| Intent w Remove Cno\/ngoncy.sthe fnnmwng �xmrx"/v1 17, [-] A copy of valid Puichune Agreement for the Rvyp.(s)nmnp/ty located aL_ ---- _-_-'_--__- �O 19 with no other than financing and a- e not late, Ihan the closing date! in 7ie subject Purchase closing @I y~^'—`'- ° ( nu | �x %1. � VnU evidence, unmmno nn orvo. , .v..v o 22. sale of the Buyer(s) property located 23. � 2o ��ncnpymovao� pu�unnexg,eemnm ".�°."w "., .=,".`..".`. .. ... .^--"_` '��__ _ , wmmn r abi|y �on ` /o the 25. sign this notice and, the contingency shift b p em»«e x U olop vi�eoce � m a 26. transaction is submitted. Seller / ll have h v,smexommo said evidence and accept o,»-jeu the allempled 'enwvv| ^� . 28. Buyer wIgn*,= ! 29. Listing Agent's Receipt� 31. Listing Agent m any licensee n[ the Listing xgem'nnmcni 32. SELLER(S) ACCEPTANCE /REJECTION: 33. F] Seller hereby accepts removal n( the contingency. ~� 3*. 35. Seller: . ' . 36. M Seller hereby rejects removal o/ the contingency. 37. Seller: 38. Snuoc /»w=*~ 39. Listing Agent's Recpipt� wI Doted: ----'- Ar~/ (Print Nanie) 4 1, Listing Age nt or any licensee of the Listing Agent's office (P-1 Nan,e/ THIS |SA LEGALLY BINDING CONTRACT BETvvEEwBUYERS AND SELLERS. 42� - mFYdV�E�|R�L6��LoRTA%ADv|cE.CONSULJANApPROPe\oJEpROFESSK]wxL. *u� ' En 109 (12/00) wm:RrR(§10o ) '' 11 , V I ,.Ibv& AV . as , ib• �vr vr� .. .. .. .... .. .... .. -._ . _ . _ - _ . . -. 2 3, 4 5 6 7. 8. 9. 10. 11. 12 13. 14, 15 AMENDMENTTO This form PURCHASE AGREEMENT approved by the Minnesota Association of u bill REALTORS®, which diselelms any a y arising out of use or misuse of this form. 02000. Minnesota Association of RFALT SO, Edina, MN 1. Date_ 20 _��^ pertaining to The undersigned parties to a Purchase Agreement dated /1C the purchase and sale of the property at____L- / hereby mutually agree to amend said Purchase Agreement as follows: ( 00• tea �7v i A 16. 17. 18. 19. 20. 21. 22. 23. 24. 25, 26 27 28. 29. All other terms and conditions of the Purchase Agreement to remain the same. -7 r/ a30• learnt (Oars) IPu (9,ens/r) �I 31. V loeul (betel (euYerl (Seller) 32. THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS AND SELLERS. 33. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. Independently Owned And Operated By Wr, incorporated. MN -AMD (9100) CSA 1043 (9/00) P. PP RESIDFNTIAt_ RESEARCH, INCORPORATED A Real Estate Appraisal and Consulting Firm Loan #0012926895 rao No. #30267 August A, 2002 Burnet Horne loans 7550 France Averwe South Suite #340 Edina, MN 55435 File Number: 030267 In accordance with your request, I have personally in pacteci and appraised the rent property at, 6321 Mildred Avenue Edina, NIN 66439 The purpose of this appraisal is In estimate the market valor: of the subject.propeTty, as improved. Thn property rights appraised are the, tee simple interest. in the site, and. improvements. In nay opinion, tho estimated market value of the property as of July 31, 2.002 is: $255,000 Tvro Hundred Fiftv-Fbee Ttiousand Dollars The attached report contains the descriplioll, analysis and supportive data forthe conclusions, iinrll uslimatn of value, descrilitive photot3rnphs, limiting conditions and appropriate 6ortitications, Sincerely, „t ` % r Pool Gracr% SRA neSIosmnALnsosmMn moom"omnso ' Loan mw/uozsops ldred Avenue 111 state IMN zirl('orl. 56430 once 1119-E4 ConalasTrad Hey Road Slid #237 Golden alley, MN 55422 occupancy CE AGE Bull up F;�] Over 7.5-A 25-76-A 1'3 tinder 25-A occupancy One famly Net likely L&dy owns( H in process OrviAh rate Ropitl Stable slow 75 Low 2A family Property V H_ inannsing X SIOND Declining F Tonaid 400+ High 55 muruani*ly To: Moto: Race and the racial composition of the neighborhood are not appraisal factors, floiglibnrilood boundaries and characteristics, See Attached Addendum. Factors lhat affect file morhelabilRy of the properties it) the neighborhood (proximity to employment and turveriffics, employment slabilitY. 11131110al to market, etc.): See Attached AdderidUM. Market conditions ill the su bjoct neighbor hood (Irldoding sappoi I for the above condusiona related to the trend of property values, dentand1rupply, and marketing time See, Attach d Addunduni. JLJ YES NO Alipfrixinvale total noniber of units in the- subject project Approximate total rwtYW of units for rate in Ilia subject project Dimermiona (32.5 (Fiont) x 135 (Per 1- limp Silo area Lkj�r to Ln tnt I opography Goner al1V - level C nor Lot Specific zoning clas-siticalion and description Residential Shape !Iecian_QL lar UtIlItIo., Public Other Off-site Improvements Type r bits Private LitatIscaping Fledriciiy 1371 '100 Airlps Street o0voway Surface BiklmlnDUS _Ln��2 apparent Sanitary sawor Street lights. Yes tr (appife.Til ndver�o etewelonts, wicloadinloills. npocial ="ssmenis, slide areas, illegal at lii4al nonconlarmifigzonIng, tire, etc.): §ee Attached - Concealed vin Dodloont; )s__l Laundry oil 3 728 '01is'ed 1, �Ilah( Ile I-olitains: 6 3 ticdmm .1 1.446 sq M Feet Of C4095 Living Area _) Fliapiasw ype F, 11A Reffifterator None g2 E None [J Dow� �)anc,i-11c,d/Point Other I 1 0 MilTowave Heated carport -------- �� �*����o=�w*��w��.~m�=�.w�"~����w=~wm��°��we�a= ........ ... ...... ____-_ .... - ........ ... ____-__- ^*"�xl "w^vion�<=m "m.*wa.^. ^,^""="=u°^/ox/. e^>p""~, ill the '^rro.^m"ws. ono° silo. ° ill m" ;eo AIL RESIDENTIAL RESEARCH, INCORPORATED Loao V0012926805 ve All ."M MW%A e Al nr."^nlr -f-IXM 11A F%GIWrtl File N., 0267 FSTIWTEDSATE VALUE .... . ........ .......... 80,000 Commonts on Cost Approach (such or., source of cost ostimals, ESTIMATED REPRODUCTION COST -NEW Or IMPROVEMENTS: site value, square fool rawulation and for HUD, VA and FmHA, the Dwelling 1,446 S9, Fl. 90-.00 130,140 estinialod remaining omnornic; life of the property): Bs"ll. 700 . ... . .. . ...................... ... . . . . .............. Sq. 1-1� 21,000 Spe Attached Addendurn. _EFhj,fplc�%Sc 1,Ap!nc,,;,Dk,Fm. 8.8.88_ .- 3 5,000 . . .... ............. Carager—wport 4175 I;q.FL gs 30.00 8 ....... .......... Total Estimated Cost Now .... 200,690 . . .......... . ...... Lv,q PhIlsloal I Functional I External Ed. Remaining Econ. Life: - - - - ----------- . ..... . DefIracialion $30,000 = S . ..... 30,000 . .... . Depreciated Valuo oTi;;rov0rm;rIs ....... ........... = 17Q600 'As-W Value of Site lnlPr(nelaefils. .... 06 INDICATED VALUE BY COST APPROACH... .• .. ... $ 266,700 --------- ---- irEM _._SUBJECT COMPARABLE, NO. I COMPARABLE N0.2 _-COMPARAAE-N-0. 3-- 656i Rolf Avenue - - --------- 6321 Mildred Avenue 6409 Rolf venue 6317 Mildred Avr:nue Addiaist; Edina Edina Edina . . . .. .... ... .......... . ... Edina PruxuttitytoSub' d Nexl Door 2 Blocks Northeast 14, 00 247.000 Sales Price 253,000 240,500 Rhal0form 1-14. Area $ 174-97 0 183.5 $ 160.01 v) $ 171,53 N@ N . ....... - _ .--n A. �j Data awynr Assessori MILS/Assessor Vp fifir,ation sources Inspection bli-SlAssessor MLS, _... V&IJEAMiiiENTS DF, �RPTION DES613 FFTi6N DESCRII-112Y -O jAmya�?q_ Sales or - itantSng ConvonlhoWal: Convention, on ons 0% to Seller 0% to Seller 00100 . f _ 6losed Closed 9�30-01 o�frlao ctrvo ... ...... .... ��PL �_ f `� ...... . .. .. ------- . ... ............. ... ..... . . .......... . ......... Suburban/Good Suburbon/Good Subu UbUrban./Goo-a ltsr9dd7ooSnyla fee Semple Fee Simple Fee ShnjAe Fee Simple ............... . ........ 370 13500 SF/-fi,ffc Etta 8577 SF 6756 SF ............. .._ _ ........ . .. -_ _ __ .......... low Residential Residential Residential .... ....... .... .. ..... . . .. . ............... . . . ...... id Apptal rm Sto Tvvo . ....... 2 n-i !!A�' Two Stu /Good Two SlorV/Good 2Av_fm".qv/Good Average/Good Aver-arle/Good -- Avmaqe/Good ...... - ----- - _1 W'35 Condition Aver ac jelGood Superior 10,000 Avurafle/Good Avern, "lood 8888 b"u. ' Room Count 1.50 7 3: zoo .2,000 6: 6: 3: 2.00 9,000 - 1,423 Gross L -8,100 1,440 s!Lri._ . .............. .. . ........ . ..... Rawroent & Finished 700 SF, No VV0 943 SF, No WO -"60 si�-R'11-) wo 750 SF, No WO Rooirm Below Credo 1-0-0 526 SF 2-0-0 13,14 SF 1-0-0 286 SF +2,000 1- 0- 0_44.0 SF . . . ............. - ...... ......... ...... ........ - --------- 90ocl e-w-VI -G- -as F- H A--d.!'Ai r . .... . _Ll- A C/Air 3 as FHA C/Air a o St9ndar ..... . ... . . . ..... . St r _d d _Z E�gcitnt gl: oa Gar Attached 3 Det/1 Attach< d -3,000 2 Car All ached 2 Car Detached Parch, PoliD, Dec*, Deck, Fence patio +2,000 Deck. Fence Deck +2,OCG 2 Fireplaces +3,500 2 Fireplaces No Firepla..c..e ... .. +7,000 ... 11.500 Notie F1,500 None +1,500 ICII Ie None Appliances A hances c 8 A flat ice _qu ...... ---ox � ; S Ls .... ........... . _ 16 166 + x + 8,600 Adjuniod ialo,' ftkv 0 1 244,0100 $ . . . . .. . ...... ... .......... . ...... ........ ...... ... --------- . . . . . ...... . .. . ..... ......... . . ................. . .. . .. . . ......... ..... . .... . ......... ........... ...... . ........... .. . ........ . . . ... . .. .... .... . . . ........................ .. .. .... .. ....... ... ............ In C . ... . ..... . u I)MIARABLE NO. I i'Q�Lp,��RABLENO,2 OMPAFU��E . ..... Me -d of sale No record of sale cord of s, "'prior 12 mordlis, (juring' 5,,mforptjmsa,Os swileourillo during ririor'12 month:: during prior 12 months per I-lelimpill Count I., -to f mr, pin County_ _per Hennepin Cot inty pn,,3112 montlis .-Y . . ..... pffipody;md lllaly:mof any jxior sales oftur ad and rnntparadrm w;lhira aide ydr:,r of the tlata of appraisal: See Attached Addendum. . . ........... .......... . ... .. ... .. . ......... . . .... ... ... INI)ICXI'ED VALUE BY SALES, COMPARISON APPROACH . . . ..... ............... _ .......... ...... J 2fT),000 INDICATED VALUE BY INCOME APPROAClj 'lLT'j e I$ N/A we. x cross Itm mot Oil �14/A �_$ INIA to lite afhxa,tj,,[m, virprdilo-,or midilii%vis lirted IA)v wLjeei Io "Invokin per Illans, and "enligm- Guriditims olApjxa'r',A hid ------- - ----- ----- -------- - - . .. .. ... ....... . ..... .. . .. . . . ... . .......... .. ... . .. . ............ .. .... . ...... Final Soo Attached Aciderldirril- . ............ .. .. ......... ..... . . . . . . ...... . . ..... .... . .. ....... ... . ......... __ ...... .. . .... . . . .. ... ... ............. ... ......... ... . and liirjilbwj condifiant, and =t .nf valut) dotinitim IN iIm,!1dOd i•l 1110 "thdied FIPddO Ww rcqj 11 FrA In 1094B (RO%ISW Una d . . ........... I(WF)ESTIMATETH& ARKFTVAI-t)E-.A!iDr-FINFI).OFIHERFALPROPER'rYTIiATISTOFquB.IEC'I'OFTHISRE-POI".ASOFAjlj_31.L,002 INSPECTION AND 'I I IF EFFECTIVE DAI F CY;- i I its ierf PORT) TO 13F $ 255000 APPRAISER: SL;I1[.RVIS.0RY APPRAISER (ONLY ff-'KV:,QUIFa D): . q . . . _11)id Nam Paul Gr..ILO, , ;RA N n Impect Plop.rty ........... Dale Pii Sirined Aki(just 4, 2002 Sigird ...... .. .. . .. . .... ... . _�Wo ___ _...._...... _... 'lle Slato State Certification V ... .......... _ . . . .. . ......... . .... .. ........... . . .... 11,100a)20 Stale IAt'l Ot Shia I inonce ✓ RI--SIDLN I liM RE1,3EARCI 1, INC. .... . ....... RESIDENTIAL RESFARCH, INGORK)RATED Loan 110012926895 Section UNIFORM RESIDENTIAL APPRAISAL REPORT File N-, 1130267 . . .......... _,COMPARABLE NO. 4 . ....... .. ..... COMPARABLE NO. 5 COMPARABLE- NO. 6 Mildred Avenue 6413 Rolf Avenue Addresn Edina Edina -- - ------ ----- ............ .... ...... ......... . ... Pro% tci�Libjed 2 Blocks Southeast . .. . . . . . . . . . $ 165 �OO Mee Ptimftw L�'. /V 174.97 0 $ V) Data aniffor Verification S(Alfcet, IALSIAssesror .... ..... ... ............. ... ...... VALUE At) 0 ISTME14r.' P'n0N-' . OE"Clil . . t�;d . .. ...... DEM,; 11`1 1011 Sales Or Financing j7j\ lip-dom ce 0% it) S'ller . . . ... . ........... . - . ..... . Data of stooffirm . .............. Location Suburban/Good ........ . . .. Suburban/Good Fee Slinp e lvmodm'cashy Fee Simple silo 65T ! D 10125 SF Resi entlal Resid 1. 31 and g� T tr Good .._.._____Y- -.----- ._.......___ .. ... .. .. cmuction AverageiGood Average/Good . . . ..... . ......... ........ . ..... . . . . . . . .......... . ....... .. . .. ..... . .. . ............. Condition Average /Good Ave rnge/Good .... . ........ . . . . . .............. Grado I- Y.40 " tub- t T0ove :1*-: ruft RontmCmint 6: i: -w I 0 : �15-" -1,000 Gross LWDA9 ....... .. ..... -'---1.446Sq.Ft. 1,926 FL -14,400 .. . ........... . . .. ----l�q _ ......... . . Fla-ermA&FInishod 700 SF, JoW0 1326 SF, NoWO; Room Delow Grado 1-0 0 525 SF 1-0-0 00 SF Functlowil 1.1111!ly. qooq, ... ... ..... ---- --- Gas Fl IA C./Air Gas F1 JA GlAir 1.1---l- Slandt"d Siandard . .. � —1--.. ---- - i--1 1 -:-- . ........ . ..... ......... ........ . ...... . .............. --- - ------- 2 Car Attached 'I Car Allar.hpd .0,000 . ............ ........ .. .... .. ........................... . .... . . . .. . .... . .. . Palo, Polio, Dock, be('k. t.-nclosed Porch No Filcpj.pic' Felice. 'to, pw'..� au!c mem Wile 01,500 Y-�.. � 11.1--11111- - -- - � 11 -- . ... . . .............. .. KIL EqLull'. ndi -=-- -L.PJ)l in n( r A II -'- x 666 x Nei (ir'Z6' Adjuslod Jr - .1 .. . ........... 'off nra e of G 261JOO $ 0 $ 0 .............. . .. Conflients On Suler, compaoson (inelucling Iho tubjacl poporty'n wqxilibility, to tho noigWoihood, etc. ........... .. . .. ......... ... .. ......... . .... . ......... . . . .......... . . .......... I --- — ----- - .. . . ......... . .......... . . ..... ...... rf .M .... ... . ... ----- -------- . . ..... . ............ . ...... . ........ .. ........... . . ...... .. it CM�lf 4 COMPARABLE N0.6 ..................... .. . . ....... Date, FInceand Data No ref.-ord of sourmforlitkmit- 5'-ilu dul-itlf4 . .. ........ . . . . ..... . ........ . .. ................ Analysis of tiny oij rent m5mumei.l ot.ialn, oplic.l., of fislinu W thiowbioN poperly andapiattysin of any pim &,-dea of Eubjed and compavublUt %Altin one yon al lho data d lWabal; ADDENDUM 6321 Mildred Avenue, Neighborhood Boundaries The general neighborhood boundaries appear to be Stale Highway 62 to the north, Slab Highway 100 to the east, 86111 Street West to the south, and Ilidgeview Drive to the west. This area measures approximately 1,'2 square mile. The surrounding areas of Edina comprise the larger rnaiket area. Neighborhood Market Factors The subject properly is located in the south central section of the city of Edina, approximately ten miles southwest of the Minneapolis downtown area. The aroa consists mainly of single family residences which vary somewhat in ago and style. The subject property conforms well with the surroundin0 pro perties. Shopping facilities and tx :hool s are located at convenient distances. Recreational facilities include several area parks and Llraennar Park and Golf Course. Freeway access is via Slate Highway 62, ;elate Highway 100, 1 -494, and U.S. Highway 169, which are located within one to two miles. The general subject area exhibits a degree of ambient traffic (wise due to the proximity of State Highways 62 and 100. However, the area enjoys consistent good demand due to the proximity of all residential amenities. Neighborhood Market Conditions Demand for the subject area appears good. There had been a trend over the past several months toward a limited Inventory and incioasing prices. Supply has increased somewhat and app ears to he catching up with demand. Marketing firms for properties in the general subject area, when property marketed, appear to be under 90 days. Three months is considered to be a reasonable markeling period for the subject property. Conventional and FHA/VA financing is available at rates which are attractive to potential buyers. Sellers typu:alty do not need to make concessions. Site Comments The subject is a generally level, west facing Inside site. There is a bituminous driveway and a concrete walk and front steps. The site contains established lawn area and is landscaped will) shrubs, Ilees, and rock. The rear yard is enclosed by chain -link iencirtg. No apparonl easements er encroachments were noted. According to Hennepin County records, the 2002 taxes for the subject papoity are $2200.76, with no special assessments. Additional Features 40 gallon gas water healer, water softener; newer forced air furnace %mil) central air conditioning, air, i leaner, and humidifier; security system; 100 amp electrical service; finished basement lamily/mc room with brick fireplace; ceramic life flooring at till) Irani door and In the kitchen /dinette; brick fireplace in the living room; built -in corner china cabinetry in the dining roorn; ceiling fan in the kitchen; 361 sq. ft. deck; chain - link fenced rear yard. Condition of Improvements The subject property is a two -story design detached single family dwelling which was constructed in 19511. The property exhibits generally average to good overall quality inaleriais and finishing and appears to be in generally average to {food overall condition. The exlerux siding, roof covering, and furnace and central air conditioning have been replaced during the past several years. Overall utility appears good with adequate room sizes, ample closet space, and an efficient floor plan. No functional or exlemal obsnlesrencr, was noted. Adverse Environmental Conditions In making this appraisal and reporl, I am not aware of .itiy lesting for the existence or presence of radon, asboslo s, toxic substances, or any other environmental potlulants in the buildings. I arid, or surrounding auras, and that lho values assigned herein to the lands and buildings assume that no such contaminants exist. I further recomnu:nd that if you have reason to suspect the existence of such contaminants, that you obtain an environmental assessment of the property. "fo the best of my knowledge, there are no environmental risk factor, which tray affect fine teat estate being appraised. Cost Approach Comments Accrued Depreciation is calculated using the Agell_ife Method, where the ratio of the improvement's effective age to its total economic life, Is applied In the cuirent replacement nest of the improvements to arrive at a pump sum deduction. The Marshall and Swift cost service talon) with leral cost Bala wore utilized in the e5firnaton of replacement ce9t for the subject poperty. The subjecl properly has an esillonted remaining economic life of approximately 55 -60 years. Comments on Sales Comparison I have completed a thorough searc1i of the proper it ^s whir..lt were li ,led and sold durng 2002 and 2001 through the Regional Roaid of Realtors Multiple Listing Service in en alrempl to lac ito sales of : <onilar poperlies in the irrn'rnAiate subject area. The sales included are, located within two blocke. of the subject prnpw ty and have been adjiusted tot items of variance. Comparable Sale 111 is located fvo blocks souitheasl of lh't subjecl p :rotx-'rty. This rile is similar in Size. The structure is a two story design with sirnifar exterior appeal. `lice strurlure wad, built in if i5 and exhibits sintiinr general overall quality. This property exhibilssuperior receril updating and genoral overall co, oil There are Three be_droonr; <:rnl hung halhr"oums above grade, and sonowhal larger above ura(Je living area. - rlieie is similar basement finishing, cenlraf air rondilioning, a three car detached garage, a single car alfachcxd g<rage., a patio, and one fireplace), Them, is no security system. This properly was listed for sale at $314900 at the line of this appraisal and report. Comparable Sale. 112 is mended next door to file subject property, 'this elk; is silolai in size. Tile structure is :a two story design with Similar exlerinr appeal. The structiae ,wos builf in 1058 and exhibits slrnilar gene -,ral over ati quality, updalinf7, and condition. I here aro threes wxlrooms: and 1 112 bathmorr; abovo t111d5s, and similar nbnve drsde living are.n. Theirs is AArlr�nrleem "r': leer. 1 nl L ADDENDUM Londer: Burnet Home Loans somewhat inferior basement finishing, ceniml air rondilioning, a two allachod garage, a deck a ferried yard, and two fireplaces. There is no security system. Comparable Sale 413 is located two blocks noliheasl of tho subject property. This site is larger Than the subject site, but exhibits a traffic noise influence due to the proximity of State Highway 62, which isjust to the north. The structure is a Iwo story design with similar exterior appeal. The structure was built in 1939 and exhibits similar general overall quality, updating, and condition. There are three bedrooms awl two bathrooms above grade, alxi similar above grade living area. There Is similar basement finishing, central air conditioning, a two car dotached garage, and a deck. There is no fireplace and no security system. Comparable Sale 114 is located Iwo blocks southeast of the subject pupr;rty. This silo is similar in size. There structure is a 1+ story design with similar exterior appeal. The structure was built in 1948 and exhibits similar general overall quality, updating, and condition. There are three bedrooms and 1 3/4 bathrooms above grade, and sanewhazl larger above grade living area. There is similar basement finishing, central air conditioning, a single car attached garage, and an enclosed porch. There is no fireplace and no security syslern, The sales included are located within two blocks of Ina subject property. Comparable Sale, 011 was listed for sale at $314900 at the tinge of this appraisal and report. Comparable Sales 4/244 have closed. These sales are felt to best indicators of value available for the subject property. Analysis of Current Agreement There is currently a signed purchase agreerruhnt for the subject property. I'he buyer is Elizabolh A. Sladurn. 'I he owners of record are Herbed and Lorraine Chalker, The date of the purchase agrrummmt is June 6, 2002 with an addendum dated July 8, 2002. The purchase price is $ 253000. The sellers are reported to tx: paying $9000 in closing costs. T he properly was listed for sale through the Regional Board of Realtors Multiple Listing Service at $269000 at the lime of the sale. Thera is no record of sale of the subject property or of Comparable Sales 01 -413 during the previous twelve months, per Hennepin County. According to Hennepin County and Multiple Listing Service records, Comparable Sale #4 last sold in Septeiriaei of 2001 at $199900. Conditions of Appraisal The subject properly appears la be in generally average to good overall condition and Ihas been appraised in its "as is" condition. No items of personal properly have been included in this estirnale of value. As :;tahhd else:vlhena yr Ina; appaisal and report, the sellers are paying $3000 In caosing coals. This has lien considered ihmughout Ihis appraisal ranch report, Tho purpose of this appraisal is to estimate the rnarket value of file subject properly as defined herein. 'the function of the appraisal is to assist the client in evaluating the, subject properly for financing purposes. This Is a federally mlahted Iransactlon. 'I he foregoing appraisal has been completed utilizing the Uniform Residential Appraised Repoli (FNK4A Fenn 1004), and is considered to be a "Sun it Appraisal Repoli 1 ". This Summary Appraisal Report is in!endod for use by the lmhderlcliont and /or their assigns for a moitgage finance hansarc:tion only. This report is not intended for slay other use. Final Reconciliation The Cost Approach lends to set Iihe upper limit of value. The Sales Comparison Analysis rupresents the aclions of buyers and sellers in the market and has been given primary crLdence in the final e,-Innate of value.. The subject properly is located in an area of primarily owner- occupied single family residences and the Income•, Approach is not connkio d 10 be meaningful. For this reason, the Income Approach was 1101 used. Aprnnlse��:.�.rii7!�en nnivaenun� 1. llulnss ulhalwlul Indiudud 11, this wpoll• Ow dulu of Ibis lufroll Is Ild/ dull. dale us Ill" duw of 1110 uf,pud >al. Ibdor.6 olkonvisu inllicolud in Ibis lop.A. it lin"nclul Inslilldioll Inh:ndy to use this I"poll hl did 111 Online 11.11 nmlhul vaim. a1 111. plofmdy 1111 pmjkuakos al unwi inu u ludundly 11.1111611 wollunpu l.un- ;1. t1. +loss Wholwis., llldicoWl In 1I1i6 Inpwl, Or. eublucl 6".1ulty'6' n1whol v.duu wa Lu +1.+.1 on Ihu cosh pric.. 4 Unloss u11,MV4.6 11. lival.d In 11,15 /upml, .11 usual valuallon nJ,Jm -ruhus v,aw utifit.d. fop, 0110111 >; I1.: Uirdoas, w:iauuh.oncua, lu.eva, luamvnllone, , IJ,duea nlhe+wbu lndLWod u+ Ihls ropurl, no oadau /Jiumy Inlhuumue 1.e+ mvou.ul >, w+nu oche, epur.lul usauseluunle' o1. I.-W vldaa .646 G. Ihdu56 01110Mfa. hulic"lod Irmo cpodlicnlly humft 1.d with u vutuu 061inudo, no p -Gli"I pwpu,Iv. I+uJ. halwoa, 1.l Inl1.nulk,lo bon /s o.a {ncluJod Irk Ihu ptop..ly. 7. Ihdnss nlhmwisu ilulicalod 6111,15 /.pull, Ihu subloct plopudy Is nut cimowly Wort lot 521+1 o, 1"bioct fo any salu uf11..111./11 of opliun, p JIM -& olllu,KIsa I+ull+:ulud In fill. lopod +1.+d >pudully bolra .I. nccul ding b:, pafitia Iu<,.,IS, linlinp >Ulv{.as N,1111.011011mowlim. It'll 5111110d plopoily lugs 1,.t bu011 11u11c1u11od In Ili. 1u61 12 oluallm 11 I.JIdn66 Al.misu Iudlcnl-I Irk (III. top .11, III..61ir11u1.1) ulaik 1111110 lido, IW profrmly wns Jvlollulbod 110111 avalfabl. Jain earvicun 111111 bellnu nmvicaa• 11111055 olhunvfsv kiJlculod 61 This -pent, Inlwnullimt bmn si +.:h dale and Ilstinp bolvfros 15 bullovnd to bo lollabla and w11a co1.sldu -d Ill silo fil,nl IaconCllhllh.n of nlulllol Within. 111. 1111JU03 .Ihulwlsu Illtllralud In this wpod, 111. wusu.lnu usud 41. rlolumi l'. Iba s- lucl{.,u .:I 'In+;+ousinlj . '6lnbhi , 1.1 'ducllnlnu' In 1110 nolpl+buill -I 511111110 of cutr.nl I,tnikul co11dillon6 and bund21.l Ihla mp.d, w- hus.d on 1dolll1a110++ fuovldud by nvollnbio 001a salvlcos 1.n+) 161inu Ern VI.U6. 11. I1rllusc olllonW15. 111dIcatoll 11111116 lapoll, 11112 fopoll le basoll .II G'nlr.rll Inn.l 1+50 rvvnlalia,l+:. '-d Oro I+robubility of 111- 1111nulloll no cullblll land UaU luO111adn114 la uhlih6ty. i 14.1023 uthmv.l6o fluliculud In Ibt6 -poll, Ibu sit., value u>lod h, 1161 upp -ds"f i:, Jnl+n 01106,1 a5 Ihaullh I1.11 fund is vac1.ul avid nvallabin 101 <Invuhgnnu.,l to 14, Wjjh.61 IlIVw>1u. U1,l tlsa ,.++d Ihu l:pp +. +is 1.l 111 Iu,piovouw ..l;i is hi.-A , +n Ihuir "r,l -d c "Allb'dirn Io Iha silo. IJ Unb:us nII1l.15Yiaa ilydic llnd 11/11115 -pad, Ibu upp+rdsod v.hw i'7 boo .,lb,0o1 I +y onli"ip..I-I pukhe ul povirto Ilnptuvvlpuol2. I •1. lhd+r:.x ulhunvisn 1-ditiaf.11 11. Ibir, r.:pud, it fm,p....u.I wgw-ulu+.+11:, Lulu upla::i.+:d 11'. I;,lu,v,n:i1 w•..1. fu ..,l -..la fn r:vnih+hlo 11. 1.v) Ina p.c to ll: I'lau+. afwcili,:01101111 1.-1 .ulumod d„cunwulod.... 1,. hlunlily >1:up. 1...d ,:har..,.l1.1 0l 1..+11. ••'.•umunle; +.. i,ia..cu Indlc.:linp prnLublu 11.... 111 wnglluilo r; and duo+ an.l upplopduhl uviJ.ucu ,.app -linp .....ir41 °....+:p.n+:y ploiudlons w-d 0111 {clf:nluJ ..umpufiliun .111 cuMill.lia1.. IS. 41"l-b otl,mlvlon Indlaak -i In rills ngeurt, 11111 aubi -A onupony is -N a h ".alit wl Inlw-A. phy>icul saipn.r,l, eou,ponunl .1 p+utlul boldlnu of u pn,pmly. 11+110.5 ull+mwisu Indlcnlod In kills ..pg11. inlouwdluu on rwd..l Orlin, opmuliull 0.1,005 u:, arol n,plh.li, utl.u+•.vus nut obluw.d W. to Iho Inch 1.l -Iiubin 111111.1 amo fill slnulu family fr.mo5 1.1 11111 >u1,1-1 pmpudy'n I1 11"1"'5 lik1.ulwfsu ludic.lud In Ills -poll, ki snbjud pwpnity Is 11c1 a lo;rwd lun of bv-- hold u:.luiu- l1.. thdosa od -l- I... ho"tud In IIJs nq 1. Ibu 11515lanco 111 lry +mdo Ili sub >Inm:+: =, is n. iu:linp wllir -d 11milnllnu, n >bn >lus, poly+ad+.+,l+mlod biplunryls, p.u.lu,n❑ lauhupu, 1.r updc,nluud 1:hurnlcul wilful, uwy u+ nary r1..+ 1.0 10,::..,1111.11 nu. 1.+,p,,,,fy, m alhur unvlr+•ranuulul N 1:.11-1 to If." r.11.r..11u:1 61 µu1 did I1.„ uftpr..1 >ur buu.imu n+v:nu 1.l :.1...h :1u+wu 11- app, „Ys 1.l':; f11spul:llon. Ibu t.pp ..+151.1 11as 1.0 6,n'nvfa m of ."Ao,wo d r, ..A, nm0l.lbdtr nu o. la Ihu ftn,pmry -duu> udwnrofsu :.fah., i. II I1.., f:. ..01:..1, ,;I ..urh auh >tw 1.:r::.. curb 1.3 1151..1 >los, ..run hen ..dJu1.y.l., 10.111 1li6++laliun, .1 oll'.r (.1.11.r .f „1r> >..b >lu +a:1.+. r1. 0:1:00 ..„1.,,11.,1 ;..0;. hlia:.:.u,y..ait 1.,:1 If.. 121..2+ of it.. prupu:ly, 11.. vuhru n:.liuudu,l 1> p..:dl,aud 1.n thu a >urfugYliun Ihul Ihvn, 12 n<. s +fah marion 1.0 o. i., Ihu (n •,I,1. dy ,:: In ,.1.,.h piomn,ily th-k.o Ibwl 0 w. ;ki .:0062 n µus i1. vulnu. IU, Ih.luss .I1ulwisu twlIcab.d 11. Ihle 1.p -1, no .11.01 liwilinlf coadilions 1.l u,.lr.,:ad {n+:;y n.,..-npi1.>,r. {n it finndinfJ 1005., ulypicul lin+dw111fi. Vomplullull of inrl)(ov.111n1,1S) dlwclly Mlocl Ibu opp.,&M m Il.0 amdy„o a,pl..li,..s, 0.11.1 o-.h:sku+s ::Inlud howill. :;0. Addilinunl cmlflfcullal6: A. Ord... alhorwlso chd+,d In 11r1s spud. In 'r-o"ho". mill, 111. ...a ry,,.lm. +:y p, uvi >i:,n 1.i li,. 11,+11,1111, stundalJ..I F'101U 62IUIlaI I +.jga.il6ai Pn,cl {e1., I bnvu- .11101 Iha n,y hnowl+,dp0 .1.J u.pu.Lnmo wa :.:dli.lu,a 1., .;tl:rv: uiu to ".mil" wfllly nomplulu Iola upppJsul. p 1 hnvu 1.0 p.1somd hllulual or 1.106 Whh mspacl 11. it.. 11111105 hry „IvI:J .I Ibu C i h1. 1111.01501 assipwrwill was .;d hsud rut . IwfuauluJ o,inimuw v"hGdiou, a .100111. v „hudiun, Or itui nirp.uvnl nl a loon. and ,Ity ,.01511110.. 112 1101 u•,+.11.+Ilunl +rp.;., +Illa,.1111r1 11:1 vulnu Ibul I:+u;,r. II:•• 1.011'.0 :.1 11:,: ,.110;11, 11.,: wouur it of Illa vuluu uulh..nl U, 1110 ullailmr-1 ,I a stlpnl.+l+,:l -s.. It 1, JAY un"lyaa>, ..(,1:+1,,.15, .-.1 +.o:,e h.ai•:.I+s -uru +luv+,lup 1..l. ;,:1..l fl:i. r.:f, -;d i..> i,:,.:n l.r,:l +::,,.;t i1. - ,do ...lily mill thril m `1.011.nde of t'r.,lussiunnl Apla ni >al I'nmlil:n. 1116 1111-'i'll , la .vivi, •1+ of Ihu Ihol -- :; h,+.•Iw,l. :d V, A- App-i-1 l "o, Oz. w 1.,l ..lilir,l,l i1. prupun+li „n 1.l Ills ugon 1. b Ihu wpml omdysa., „111111 +1.n .,1.d com.6ml+m;, iuu lmul -1 tn+ly by li u, 101:.,1,11! ;,;.:.un+yli++u:,, I.io'linp W+ld11i.ii6 it ofo Illy pU,60r1Ui, unbin >od wady auu, opinions and +;1.n duslor" i t h.low; ollu0:vis. 6lalrid in Ihtc, 11,1191, 1.n .,nu p1:.vfJu,1 sirJndicma fn:a0o:.i�n, „1 +,.1:.10116 a .+ +o++ in Ihn pbgnuuhnn of Ibis m pool. +: 1 :.1.d11y Ihul 11. Ibu Lo_I of -Y Lr:uwh,dlp. 011:1 huhol, Ii+u 51:d.n:on1:. +.: ;:11,1,.,,:1 11. 112:;.+1 I:uo 11111 curl ur.l i' 11. I+: 1.r illy Illa11111114 �t1. 1.l 1110 1111,.12 +11..(:11.1 f e'.'µ5 U+:IIv +'1'y 111:u..:.Ud I,y 1112 .pp +,11 +r I.a 1:: 1:1"10 npnrl,:y 11.1 >.:1 1011(1 Illo if! fuel uppr ufs al. � � - � AlitJll:1 4 2002 :iipn0hnu of Appl.isol Pa 111 �i 1'il C,Ea .rah A Liau _.. ... . siym,i..ro of Ii.Wi �„ Afy rot t+ 1 .n1. pl +.f >pllcab.d 711Yi Iya 1Steal E.sbuto Aloplalsot-S. plod "I'sullanls 1 CERTi1"Y T@IAT,'TU TIIF HEST OF MY KNOWLEDGE AND BELIEF, TILE REPORTED ANALYSES, OP114IONS AND. CONCLUSIONS VVERE DIEVI LOPO ID, AND THIS REPORT IlAS IDEEN PREf'11IItlD, 11d..CONFORMi1'Y WITIl TIIE REU DIREMENTS OF T.1lE CODE OF PROFESSIONAL ETHICS AND TIIE STANDARDS OF" PI2i3FE551UBJAL APPRAISAL PRACTICE:OF THE APPRA1SA1. INSTITUTE. 1 CERTIFY THAT TIIE USE OF THIS; REPORT IS SUBJEC'r "I'D TIIE IIEQUIREMENTS OF THE 'APPRAISAL INSTI.'I'UTE RELATING TO REVIEW RY 1i 5. DULY AUTIiOft1YlD REPRESENTA- rivES. AS OF TIIE IDNT E OF TiIIS REPORT, 1. PAUL D. GRACE, SRA, IIAVE COMPLETED :TIIE REQUIREMENTS OF TIIE CONTINUINO EDUCATION PROGRAM OF I'llE APPRAISAL INSTITUTE. SIGNED... ___.__....__.._._........._.._. _.. _ ...... ....... ____....____ .............. Paul ID. Grace SRA DATE:—_.—_._ SKETCH/AREA TABLE ADDENDU!j ARFA Area CALCULATIONS Name of Area SUMMARY Size Totals GLAI First Floor 718.00 lo." Srcrrxi F t 7211.00 1446.00 lia'cli.nt 700.00 700.00 VOR Dock 381.00 381.00 GAR Oar l'! 405.00 ".fts .fllj I-OTAL LIVABLE (rounded) i 116 b: CALCULATIONS ADDENDUM HIBNO: #30267 . 14. ;. IT je. 1 Qj Sk.6nd'Roor (GL A 1 28.00 x 26.00 = 728,00 Total for Area 728.00 Mck, - (POR) 20.60 x 18100 00 3.0 x 7.00 21.00 Total for Area 381-00 X 22.00 = 374.00 3.00 x 22.00 66-00 3.00 x 15,00 45.00 Total for Area 485-00 . 14. ;. IT je. 1 Qj Sk.6nd'Roor (GL A 1 28.00 x 26.00 = 728,00 Total for Area 728.00 Mck, - (POR) 20.60 x 18100 00 3.0 x 7.00 21.00 Total for Area 381-00 SUBJECT PROPERTY PHOTO ADDENDUM .................... - .......... 8321 Mildred Avenue ... ..... ... ......... .... . .. . ... . ........ . ........................... ... .................... . ..... State: MN ....... . ... ........ ...... ............ -.5p. �.55439 Mme Loans FRONT VIEW OF SUBJECT PROPERTY Appraised Value: $ 255,000 REAR VIEW OF SUBJECT PROPERTY STREETSCENE COMPARABLE PROPERTY PHOTO ADDENDUM actum File,No, :...30287._..... _ _ -._. .._.. _ __ 10dred Avanua _ . _.Case No_; E.oan #0012926895 ..... State: MN Zip: 55439,-- _...... COMPARABLE SALE #1 6409 Rolf Avenue Edina COMPARABLE SALE #2 6317 Mildred Avenue Edina COMPARABLE SALE #3 6341 Rolf Avenue Edina GONIPARAULE PROPERTY PHOTO ADDENDUM File o.: N 30267 ......... . . .... .. ...... P!Ap iy.A4*qsL. (33?j M*jfed Case No.: Loan #0012926895_ City: Edina Stale: MN ............... .... ..... ...... . L-e;4"r,-fee,-t Ho*iy)e -Loan-s .... ..... .... - -- ...... .............. ...... ........ - . .... . . . ..... ------- - --- - COMPARABLE SALE #4 6413 Rolf Avenue Edina COMPARABLE SALE. #5 COMPARABLE SALE #6 ro yyyy M W - c�i) — ms 1 y ►33 �� 61 (65) (Tr) in 13 2 to 4 (14) [s} t64) � (7D) ►is 73 115 (79) t 18) "t691 (G3) —� �] ... 6 � 4: 13 :r'_' - -ate --------- ✓' _-.. (80) v, 4 ! * (70) (20) 1 ry --------- - yr-- - - -- ( 104) n (81) il AL. w IiS i33 (D2) r-+ : "Zl.S -�- -- -� -3- -• (103) 1zV3 135 _ 135 n (22) ti (72) - 1xs _ -( a]s 6.2) R i0 x(83) 4 S 0 ti to -- ti3 10 10) 1i5 t 7 �s',r( 13 � 1d st :(84) 1� r -- --- ` -- - --- 135 (60) I] 1r raa�t OF actt 13 n5 135 — - - - +— (85) — 1 ` (73) 1e la r� 1� ��`'� t51 ra 1. ( s1 ,It ,• t_oan fi0012920895 Fao ilia ft3026 7 DEFINITION OF MARKET VALUE: i he most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and sailor, each acting prudently, knowledgeably and assuming Ilia price is flat afforled by unduo stimulus. Implicit in this definition is the consummation of a sa!o as of a specified data and t o passing of title train sailor to buyer under conditions whereby: (1) buyer and sailor are typically motivated: (2) both parties are well infornod or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash In U.S. dollars or in forms of financial arrangements comparable thereto; and (5) the price represents Ilia normal consideration for the property sold unaffected by special or croativo financing or solar concessions* granted by anyone associated with Ilia sale. 'Adjustments to Ilia comparabies must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law In a market area; those costs are readily identifiable since the seller pays those costs in virtually all solos transactions. Special or creative financing adjustments can be made to Ilia comparable property by comparisons to financing terms offered by a third party institutional lender that is not already Involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjushmnt should approximate the market's reaction to the financing or concessions based on the Appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's codification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for maltors of a legal nature that affect nither the property being appraised or the title to it. The appraiser assumes that the title is good and markelabla and, therefore, will not randor any opinions about the title, The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the Improvements and Ilia sketch is inchded only to assist the readar of the repel in visualizing the property and understanding tho appraiser's determination of as size. 3. 'the appraiser has examined the available flood maps that are provided by the Federal Emergency Mmragement Agency (Or other data sources) and has noted in ilia appraisal report whether tho.subjecl site is located In an identified Special Flood hazard Area. flocauso Ina appraisal is not a survoyor, he or she makes no guarantees, express or implied, i ogai ding this detarralnation. 4. The appraiser will not give testimony or appear In court because he or situ made an appraisal al the property in question, unless specific arrangomonls to do so have boon made beforehand. 5. The appraisor ties estimated rho value of the land in the cost approach at its highest and best use and the Improvements at their contributory value. Theso separate valuations of the land and improvements must not be used iii conjunction with any other appraisal and nra invalid it Choy are so used. 0. The appraiser has noted in the appraisal report any adverse conditions (such as, neoded repairs, depreciation, Ilia presence of hazardous wastes, toxic substances, etc. ) observed during the inspection of the subject properly of [hat he or she hccame aware of during tiro normal research Involved in performing the appraisal. Unless otherwise stated in the nppraisal report, the appraiser ties no knowledge of any hidden or unapparont conditions of the property or adverse environmental conditions (including the prosonce of hazardous wastes, toxic substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, oxpross or implied, regarding the condition of Ilia property. 'rho appraiser will not he responsible for any such conditions that do exist or for any engineering or testing that might he raqub ed to discover wholhur such conditions exist. Because the appraiser is net an expert in the field of environmental hazards, the appraisal roporl must not be considered as an environmental assossrnonl of the properly. 7. The appraiser obtained the information, estimates, and opinions that wore expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser lines not assume responsibility for the accuracy of such items that warn furnished by other parties. n. Tla appraiser will not disclose the contents of the appraisal report excapl as provided for in Iho Uoilorm Standards of Protossionial Appraisal Practice, 9, Who appraiser has basod his or tier appraisal repair and valuation conclusinn for an appraisal that is subject ir, satisfactory completion, repairs, of alterations on the assumption that comphelian of the improvements will be performed in a worknxmlike Mannar. 10. Tho appraiser must provide his or tier prior written consent beloro Iho londerlc!ient specified in the appraisal report can dislrlbuta the appraisal report (including conclusions abort the property value, the appraisor's idonlity awl professional dosignatiuns, and rolorencas in any profassianal appraisal organizations or the firm with which file appraiser is associated 1, to anyono other than Ilia borrower; the mortyageo or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any slate or federally approved financial institution; or any department, agency, or instrumentality of urn Unil=-d Stnlos or any state or the District of Columbia; oxropt that tha landerfclient may distribute the property description section of tho report only le data collection or reporting service(s) without having to obtain the appraisers prior written consent. Tito appraiser's iwilton consent and approval must also he obtained before Inn appraisal can be convoyed by anyone to the public•. through advertising, public retaken::, news, salon, ar other Media, _—._.__........... Freddie filar, Forn1439 6-03 Page i of 2 Fanniio Man Fom 100.113 6.93 Loan 1100129'.?6895 Fie Nn. #30267 APPRAISERS CERTIFICATION: The Appraiser cortifios and agrees that: 1. 1 have rosoarched the suhjoct market area aiRt have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment whon appropriate to reflect the market reaction to those iterns of significant variation. If a significant ilem in a comparable property is superior to , or more favorable than, the subject proper ty, 1 have made a negative adjustment to reduce the adjusted solos price of file comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, l have made a positive adjustment to inaf aso the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an Impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withhold any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject oily to the contingent and limiting conditions specified in this form. d. 1 have no present or prospective interest in the property that is the subject to this report, and I have no prosenf or prospective personal interest or bias with respect to the participants in the transaction. .1 did not base, either partially or completely, my analysis and /or the estimate of market value in the appraisal report on the race, color, religion, sox, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject pmporly. S. I have no present or contemplated future interest in the subject properly, and neither my current or future employment nor my componsation for performing this appraisal is contingent on the appraised value of the property. G. I was not required to report a produlorrnined value or direction in value that favors ilia cause of the client or any related party, the amount of the value estimate, ilia attainment of a specific result, or the occurrence of a subsequent event in order to receive illy compensation andlor omployment for performing the appraisal. I did not base the appraisal report on a requested minimum vaiurilion, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of'fhe Appraisal Foundation and that were in place as of the effective (late of this appraisal, with the exception of the departure provision of those Standards, which (fees not apply. I acknowlodgo that on estimate of a reasonable limo for exposure in the open market is a condition in ilia dolinition of market value and the estimate f developed ir. ronsistert with the marketing time noted in the neighborhood section of this roport, unless I have otherwise stated In the reconciliation section. a. I have per inspected the interior and exterior areas of the subject propoity and file exterior of ail properties listed as compambles in the appraisal report. I further ceitily that I have noted any apparent or known adverse conditions in the subject improvements, an the suhjoct silo, of on any site within the immediate vicinity of rho subject property of which I am aware and have mado adjustments for those adverse conditions in my analysis of the properly value to the extent that 1 had market evidence to support them. I have also commented about file effect of the advoi'so conditions on the marketability of the subject property. 9, 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal roport. If I relied on significant professional assistance from any individual or individuals In the performance of the appraisal or the proparaton of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by there in the reconciliation section of [his appraisal report. I corlify that any Individual so named is qualified to porform the tasks. I have not authorized anyone to make a ciango to any item in live report: therefore, if an unnuthor¢ed change is made to the appraisal report, I will lake no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, ho or she certifies and agrens that: I duortly supervise tho appraisal who prepared the appraisal report, have reviewed the appraisal report, agree with tho stalamants and conclusions of the appraiser, agroo to be bound by the appraiser's certification numbered 4 through 7 abovo, and am taking full rosponsibiity for tho appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 5371 Mildred Avenue, Edina, MN 55439 r.. APPRAISER 7 Signatu: o: . ._ ...... ... . _...._......— ---_.__. - ....._ ......... _...._.__._._._. Name: Paul Carace. SRA Darn Sicpm ;l: Augjjst 4, lUD2 'Stota Certification tl: or state Licenso 1r: 1l40U0'J2f - - - -- . ............... -.._ — , iio: MN Expiration Dale of Certilcatirn 1.r License! 0 -31 -03 SUPERVISORY APPRAISER (only If required) S ignaluro: ......................... __ -- -._........................... Dote Signed: ..... ......... ._.._.. Slate Codification 0: or State License State: F.xokation Dale of Cailikc lion or License'. Did l_] Did Not tn.^.pcid Properly _ _ ..... _.__ ...... ................ ------- . __ -___ __. -- fuoddiu Mac Folio m 439 U-11:3 Paga 2 of 2 f .curie ,elae Four] rm fur 1t. G - 143 t i l3ES1I2 IY11 lil:SLtlli�l1>1I�L45213I 1 :1' D- QrUALIFIC -A MN5 Q-ETAU L.-GRACL,-51kA Paul Grace was born in Kansas City, Missouri in 1959, lie graduated from York Community High School in Elmhurst, Illinois in 1977, lie received Bachelor of Bminess Administration degrees in Economics and Administration .Management front the University of lnwa in 1981. He was awarded the SRA designation by the. Society of Red Estate Appraisers in 1988. AppraisaL.lnscisu t� PHA and the Appraisal Process (1999) Supporting Sales Comparison Grid Adjustments felt Residential Properties (1999) Standards of Professional Practice Parts A and B (1998) Appraising High Value and,l-listoric Homes (1997) Appraisal Practices for Litigation (1996) The Appraiser as Expert Witness (1996) Pair Lending and the Appraiser (1995) ].hulersrandiug Limited Appraisals and Reporting Options (1994) The New Uniform I(esidenrial Appraisal Report (1993) Reviewing Appraisals (1991) S.acie y- O.f- ReaLE"c App.raistrs Professional Piactit:e (1987) Applieid Residential Property Valuation (Course 102, 1985) Appraising Residential Property (Course 101, 1984) t ::c?utiiiuillg- EclllsaiiuiiL I'I I A Appraisers -Training ( Mortgage Bankers Association, 1997) Appraiser /Underwriter Townhall Meeting (Mortgage 133111ers Association 1995) linw to I'erlor n FI ]A Appraisals Within HUM) Guillchncs (Prosource, 179.1) hrvesunent and Property Appraisal (PioSource, 1993) Investment and Financial Analysis, Mathematics of Appraisal (Prosource, 1992) P_rolosilinaLii:xpx.rimnc e I; xpericuce in Lite appraisal of single- and utulti- family residences, townhouses, individual condominium units, and vacant land. Retidenthil Researcb, hlcorporaled- 1995 to present - Vice President, Appraiser, Review Appraiser ( yace Appruisal Scra,ices - 199) to 1995 - President, Appraiser, and Quality Control Reviewer Cbase-RracAell Comprrity - 1983 to 1993 - Secretary- Treasurer, Appraiser, and (duality Control Reviewer c)ialf .s Ammicin Mortgage (',orporation, tlurnet Home Loans, Utty of Muuteromtta, t..orporate rranst:r aervice, Hennepin County Parks, Firstar Bank, N.A., Minneapolis Community Dovelopment Agency, North Star Real 13sotte Services, Incorporated, Norwest Bank, N,A -, Ryland Mortgage, TCF Mortgage Corporalitnt, and 'file Appraisal Group. Liscusc.s. Licensed as a real est:ve appraiser (Certified Residential Real Propeny Appraisci, License Number 400092 30 it) the stale of Minnesota, Mc"Ibuslups Paul (;race holds the SRA designation , awarded by the Appraisal InSIiltllC. 'I'ht Appraisal Institute wa lornted by the unification of the American Institute of.Rcal Estare Appraisers and the Society of Real Estate Appraisers. [7e arlrnenEof Coinrnerco Licen rinr� t)ivisitin 1 $tale of MiFIRID.Sl71a f5- t, 1.. D r.mynhnt W Cominercn rot phwa, (051) r06.6310 ?7 .or (000) 637 -:r8 u, ` 65 - 71h Plam Eaat• Sulte 600 E-mAll adt)resn[ Iltr_nslnR a stalumnrims ;;L Natil, MN 555-01 -3165 Websii4 address: cormnorce.state.mmus Certified Residential. Real - Property; Appraiser License L.uq tl None: PAUL C7 GRACE t oritparty Armlauun: RESIDENTIAL RESEARGH ING Addloss: 542'1 PAORGA14 AVE SO : 6905 GULDEN VALLEY RD . MPLS. MN 55419 SME 237 GOLDEN VALLEY. MN 55-122-2275 A pomon {icftn .od ht 0116 category can {wrfmnt - -Wiisain tro hsdrrNly-rolaled thm.'.ncrwne. - I.1mime Identllicaibn Nuodmn AP 4460926 . License trt ibdlnnDnc: 8/3112003 Apesonlemu- Mlitltscaaltprymnynpptalore ^islanualnrrpifuuur;,lpu,le�r! without r"ard to tronsactim vnlun en dire,001ty. LETTER 3 FRABONH STREET. Board of Review (% City of Edina Assessors Office 4801 W. 5.0th' Street Edina, MN 55424 Dear Sir: -- - - The purpose of my letter is to question the market valuation level and trend on my home at 5505 Grove Street in Edina. (Property ID #. 32- 117 -21 -41 -0080) The recent 2003 Notice of Valuation-form show my home's market value for 2002 at $351,000.and for 2003 at $383,000. These valuations represent increases of 13 % for 2002, 9 % for 2003, on top of a 14% increase in 2001. I attempted to gauge the reasonableness of these valuations by checking a.recent,sale of another home on my block. -The 'sale took place at 5424 Grove Street in March, 2002, at a sale price of $435,000. While this home is much larger than mine, the market value assigned to this house on January, 2002, was $504,000. This discrepancy between valuation and true sales price leads me to question the valuation placed on MY home, especially when we are on the same block, but have less square footage, smaller lot size, and less amenities. I would appreciate your review of my home valuation in light of the information I have provided concerning valuation and true selling price. Thank you for your consideration. Sincerely, Ron Fraboni 952- 925 -9327 PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 32- 117 -21 -41 -0080 Pt. Con .OUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5505 1/ GROVE ST 55436+ Right: Ownerl: FRABONI RONALD J Owner3: 288900 Owner2: FRABONI BARBARA B Owner4: 100 Zoning: R -1 25 Prim /sec: Yr.blt: 1976 Area: 10858 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: CURR 319 NEXT Mt.Adr: Back: Left : Acres: .00 75 Depth: 136 Type PID or ADDRESS: press ENTER; or F1, F2, F8 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2003: 95000 288900 383900 H R 100 2002: 94500 256700 351200 3165 H R 100 2001: 94500 217500 312000 2877 H R 100 Legal Description: LOT 1 BLOCK 2 WARDEN ACRES AUSTIN REPLAT Type PID or ADDRESS: press ENTER; or F1, F2, F8 LETTER 4 MCG,RAW w 1111111-01 ill I i April 4, 2003 Daniel J. McGraw 6829 Point Drive Edina, MN 55435 City of Edina 'City Assessor 4801 West 50`h Street Edina, MN 55424 Dear City Assessor, This letter is in reference to Property ID 30- 028 -24 -43 -0077. I am writing to ask if you could be so kind to review my property tax assessment for taxable year 2004. I have enclosed a copy of the appraisal taken within the last year on the property. A "neutral" appraiser in a divorce case took this appraisal. As you can see, the estimated market value is different from the value the city has placed on the property. I am asking if you could please bring your value closer to the actual value of the home. Sin O/ Daniel J. McGraw H= 952- 927 -4455 W- 612 - 861 -6088 0 ,. _171 111 File No. 02 -11250 U IAT R CO) b APPRAISAL OF Is ' a I w "u � a win A SUMMARY REPORT OF A SINGLE FAMILY RESIDENCE LOCATED AT: 6829 Point Drive Edina, MN 55435 FOR: Daniel McGraw 6829 Point Drive Edina, MN 55435 BORROWER: N/A AS OF: May 16, 2002 BY: DAVE ROBB Certified General Real Property Appraiser 1925 Edgewater Place, Victoria, Minnesota 55386 (95Z) 443 -4USU (pax) 443 -4vat 05/28/2002 Daniel McGraw 6829 Point Drive Edina, MN 55435 File Number: 02 -11250 In accordance with your request, I have personally inspected and appraised the real property at: 8829 Point Drive Edina, MN 55435 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 May 16, 2002 is: $359,000 Three Hundred Fifty -Nine 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. DAVE ROBB Certified General Real Property Appraiser Minnesota License Number 4001054 DR/mrt 1925 Edgewater place, Victoria, Minnesota 55386 (952) 443 -4030 (Fa:) 4434081 • ROBB'S REAL ESTATE SERVICES nu —rCrr%1E!1LtT1A1 ABODA1C11,1 DGDADT n uecn Pro e rtv Description " "" "••••• • -- - •- -- - -- - - -- - - -- - - -- -- Properly Address 6829 Point Drive City Edina State MN Code 55435 Le alDesnl lion Lot 5,Block 2, Southdale 3rd Addition Countv Hennepin Assessor's Parcel No. 30- 028 -24-43 -0077 Tax Year 2002 R.E. Taxes f 3 651.82 Special Assessments S 0.00 Borrower 'N /A CurtentOwrrer McGraw Oau ant: Owner Tenant Vacant Pro rights appraised Fee Sim ale Leasehold Pro act T PLO Condominium HUDNA on HOAS N/A IMo. Neighborhood or Pro'ect Name N/A Map Reference 134 -A1 Census Tram 240.01 Sale Price S N/A I r Date of Sale N/A Description and S amount of loan char eslconcesslons to be paid by Sella None Lender/Client Daniel McGraw Address 6829 Point Drive Edina MN 55435 Appraiser DAVE ROBB Address 1925 Egg ewater Place Victoria Minnesota 55386 Location Urban - Suburban Rural Predoi diumt . Single famlly housing Presets tend use % Lend use change Built tip Over 75% 25.75% Under 25% occupancy PRICE E One firmly 65% ® Not likely ❑ Ukdy Growth rate Rapid Stable Slow ® Owns 200 Low 20 2-4 family o In process Property values ® Increasing ;Stable ❑ Declining ❑ Tenant 500 High 50 Mratl fantay 15% To: Demand/sup larc� supply Shortage ❑'Inb ❑ Oyu suppy ® V'Fx(65 %) Predominant Commercial 20% Marketin rime Under3mas. 3 -6mos. Over 6mos. v.®. —S% 350 40 Vacant Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: The "Market Area" is bordered on the north by 66th Street, east by France Avenue south by Interstate 494 and thei'wesflby State Highway 100. Factors that affect the marketability of the properties In the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): There are no a anent factors which woulif'advers II affect the sub'eet's marketabili . Increasin rices and ' a'ressonable marketin time demonstrate a stability in supply and demand. The area has shown a good appreciation factor for the last year.on most all style of dwellings and most all nei hborhoods.' It had not been uncommon in the recent t ast for modest value homes to receive multiple offers after a ver short time of being exposed to the market It was also not-uncommon for many of the offers to'be above the marketin , rice' established for the home. Market conditions In the subject neighborhood (Including support for the above conclusions related to the trend of property values, demandlwpply, and marketing time • - such as data on competitive properties for sale In the neighborhood,, description of the prevalence of sales and financing concessions, etc.): Local market conditions reflect Increasing market values. Typical market time is approximately ten'da s to three months although upper—braacket housin ma std on the market for a longer period. Financinti is readily available at competitive rates. Seller costs of -0- to three points is considered typical. vice Mn Project Information for PUDe (u applicable) - - rs me aeveiuyc��uuuvc. ,�....., N/A .•..• ..• •••- • • °•••- _...._._ ..____.___ -- , _ _ -, Ap{xoxlmate total number of units for sale in the subject project N/A 4 Bedroom I s); Approximate total number of units In the subject project ' Mints): � cr � ua�e rm � ��° �••• CARSTORAGE: • INTERIOR Matedals/Condidon Describe common elements and recreational facilities: N/A - ATTIC ❑ AMENITIES Dimensions 95 x 135 'None ❑ Topography Slopina to the West C tlwood- Averse Plaster - Averse Type FA Fuel Gas Ske area 12,825S g Ft Corner Lot Yes No Size Typical for area Fireplace(s) 02 Patlo - Specific zoning classification and description R -1 (Single Family Residential Shape Recfan ular TrmJFlnlsh Stained - Averse Zoning compliance ® Legal ❑ Legal none nfamalg (GrandfaNaed the) Illegal U No zoning Drainage Appears ade uate Stair I Highest & best use as Improved: ® Resent use - ❑ Other use (explain) View Good Bath Floor Ceramic-Average Utilities Public Other off-sne hnWovenrsrts Type . Public Private Ewiticiry nx Street Bituminous ® Landscaping See below Driveway Surface Concrete Scuttle Curblgusa Bituminous ® Apparent easements Pub. Uti l./T feel Detached BathWalnscot CeramiCrAvera a Gas Water S9fewalk None' ❑ ❑ FEMA Special Flood Hazard Area Yes W No ® ® Street lights At Comers ® ❑ FEMA Zone C Map Date 5/1/80 Doors Stain flush w/ Sanitary sewer Alley None n n FEMA Ma No. 27016000068 Heated ® Storm sewer Comments (apparent adverse easements. encroachments, special assessments, slide areas,, illegal or legal nonconforming zoning, use. etc.): The sublect 0 Carport possesses good Is dscaping with mature trees and shrubs. No adverse easement or encroachments were observed. Please check Title Search to ve ' GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units One Foundation Con. Block Slab No Area Sq.Ft. 1133 %Flrdshed 79 Rod Calling No. of Stories Two Exterior Walls Wood Shake Cram Space No Type(Detffl -) Detached Roof Surface L Asphalt Basement Yes Ceiling . Drywall Wags access No ❑ Design (Style) 2-Story Gutters & Ownspis. Metal Sump Pump None Noted Walls Paneling Floor ❑ ExistmyProposed Existing Window Type DH Dampness None Noted Floor Camet None Iliad noted. ❑ Age(Yrs.) 45 StomdScreens ThermONes Settlement None Noted OutsldeEntry None u,rt ..- - ° -- ni,.s Ki!!,w (Assumed adeq. • Finished area above arade contains: 7 Rooms; 4 Bedroom I s); Z.b ' Mints): � cr � ua�e rm � ��° �••• CARSTORAGE: • INTERIOR Matedals/Condidon HEATING KITCHEN EQUIP. ATTIC ❑ AMENITIES ® 'None ❑ Floors `Wags C tlwood- Averse Plaster - Averse Type FA Fuel Gas Retrlgeratm Rases ❑ None � Fireplace(s) 02 Patlo - O Garage Yes /dears 2 TrmJFlnlsh Stained - Averse CondtionU dated DI Stair I ,Deck �� Bath Floor Ceramic-Average COOLING Dishwasher Scuttle Porch 3 Season l}nE�l ❑ Detached BathWalnscot CeramiCrAvera a Central Yes Fan/Hood ❑ Floor ® Fence' Equals Built -In Doors Stain flush w/ Other None Microwave 0 Heated ® Pool no value 0 Carport wrr ical millwork and trim Cbridtio U dated Washed 'Additional features (special energy efficient items, etc.): The mechanical sy' unit; newer 40=ga1 water heater and 100 -amp. electrical system. Condition of the improvements, depreciation (physical, functional, and external), needed; quality of construction remodelingladditlons, etc.: A WelhbUilt dated and needs decorating Functional utility is typical. with 'actively, meets functional and aesthetic expectations of th Adverse environmental conditions (such as, but not limited to, hazardous wastes. toxic substances, etc.) present in the improvements on the site, or m e immediate vicinity of-the subject property: No obvious environmental conditions were observed during the pro perty inspection that would adversely affects the subjects marketability. Please consult an expert If any concerns exists Feaa. Mx Form 70 6-93 PAGE 1 OF 2 F ..v M . F 1oa 6-93 Rm e.yra.maw+sum".ao,..00234JU27 "a..� ROBB'S REAL ESTATE SERVICES UNIFORM RESIDFNTIAL APPRAISAL REPORT crretu„ n2 -11250 Valuation Seetlon -- --- -'- -- - -- ESTIMATED SITE VALUE ........................... . = S 125.000 ESTIMATED REPRODUCTION COST -NEW OF IMPROVEMENTS: Dwelling 2,271 Sq. Ft. 0 f 110.00 = f 249,810 900 SF LL Fn Sq. Ft. as 35.00 = 31.500 2 F Ics/3 Season Porch = 22.500 GaragelCarport 462 Sq. Ft. ® f 28.00 = 12.936 Total Estimated Cost New ................ . f 316,746 Less 75 Physical Functional I External Est. Remaining Econ. Life: 55 Depredation $84.465 0 0 = f 84.465 Depreciated Value of Improvements ................... - f 232.. 281 'As4s' Value of Site Improvements. DflvolLendscape.... - f 7,5001 INDICATED VALUE BY COST APPROACH Rounded • -S 364, 800 - - – -- — - - -- - Comments on Cost Approach (such _as, _source of cost estimate, site value, square foot calculation and for HUD, VA and FmHA, the estimated remaining economic life of the property): No Extemal or Functional Obsolescence was observed. See floor plan addendum for improvement dimensions. ITEM F SUBJECT COMPARABLE NO.1 COMPARABLE NO. 2 COMPARABLE NO.3 6829 Point Drive Address Edina 4529 Gilford Drive 6905 Edina Edina West Shore Drive 4817 Aspasia Lane Edina Proximitv to Sublect 5 Blocks 3 Blocks 5 Blocks Sales Price f N/A f 349,900 f 350,000 f 388 000 PricelGross Llv. Area f 0.000 f 148.70 0 f 177.13 (d f 143.020 Data and/or Verification Sources Inspection Ci /Coun Rec. Drive- by/MLS Drive- Citv/Countv Records Citv/Countv by /MLS Records Drive- by/MLS Ci /Court Records VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION s DESCRIPTION s — DESCRIPTION s n, Sales or Financing Concessions Conventional . -0- Costs Conventional Conventional -0- Costs -0- Costs Conventional -0- Costs Date of Sele/Tlme N/A 4/2002 9/2001 -0- 12/2001 Location Suburban Similar Similar Similar LeaseboldlFeaSimpie Fee Simple Fee Sim le Fee Simple Fee Simple Site 12,825 S .Ft 10.800 S .Ft. 10.010 S .Ft 7 175 S .Ft -0- View Good Similar Similar Similar 'Design and Appeal 2-Story/Good 2-Story/Go 2-Story/Good 2-Story/Good Quafto(Construdion A e Good Similar Superior -5,000 Similar 1957/Dated 1961 /Similar 1964/U dated -7.500 1962/Remodel. -12,500 Condition Averse Similar Superior -7,500 Superior -12.500 Above Grade Room Count Gross LIW Area Twtl ' BMro ' eaun %W' ll m ' Bme Taal 101 4 2.50' 2,353 S .Ft. 1 -2,900 ' Btrma ' Bem, 81 41 2.00' +1,500 1,976 S .Ft. 1 +10,300 TaW ' Bxnn, ' Brne 91 41 2.50' 2.713 Sa.FL 1 -15,600 71 4 2.50 2,271 S .Ft. Basement &FlNsted Rooms Below Grade 900 Sq. Ftin. 1 Beth/No-WO 350 Sq. Ftin. +8,300 400Sq.Ftin. 0 Bath/No-WO +3,000 0 +7,500 Bath/No -WO +3,000 500 Sq. Ftin. +6,000 0 Bath /No-WO +3,000 - Functional Utility Tvoical Similar Similar Similar Headn Cooun Gas FA Ci /Air Gas FA C /Air Gas FA C /Air Gas FA C /Air _ Ener Efficient Standard Similar Similar Similar Gare a /Ca Porch, Patio, Deck, Fire aces, etc. 2 Att. Gars e Porch 2 Fireplaces 2 Att Gara e Porch 2 Fireplaces 2 Att. Garage Deck +4,000 1 Fireplace +2.500 2 Att. Gera e Deck +4,000 2 Fireplaces Fence Pool etc. N/A N/A N/A N/A Net A . total . Fl. 8,400 + 8 800 F1 + 27,600 Adiusted Sales Price of Com able Gros: 4.1% Net 2.4% f 358,300 Gross: 13.9% Net 2.5% S 358,800 Gross: 13.8% Nat: -7.1 % f 360,500 Comments on Sales Comparison (Including the subject property's compatibility to the neighborhood, etc. ): No value was considered for personal orooertv. All sales are confirmed closed. All have similar style and appeal. Sales #2 and #3 have been updated/remodeled, creating inferior economic age and condition. Sale #2 has a cedar shake roof, creating superior overall quality. Due to the stability of this nei hborhood as well as the limited available sales data on older, two story style dwellings, it was necessary to use one comparable sale over six months old. No negative time-of -sale adjustment was considered appropriate. Sale #1 was considered to be the most similar to the subject and was aiven primary emphasis in establishing the final ff ure. ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO. 2 COMPARABLE NO. 3 Date. Price and Data Source for prior sales within Year ora No prior sale within last 12 Months No prior sales found within last 12 Months other than stated above . No prior sales found within last 12 Months other then stated above. No prior sales found within last 12 Months other than stated above. Analysis or any current agreement of sale, option. or listing of the subject property and analysis of any prior sales of subject and mmpaables within one year of the date orappralsal: No record of recent sale listina or option was obtained from normal reportina services for the subject property in the last twelve months. All Com arable's sales data is reported above. INDICATED VALUE BY SALES COMPARISON APPROACH ...................... ............................... f 359,000 WDICATED VALUE BY INCOME APPROACH Estimated Market Rent f N/A IMo. x Cross Rent N/A = f -0- This appraisal Is made 'as is subject to the repairs, alterations, Inspections or condtlarrs listed below U subject to completion per plans and spectifiaoo's• CowidomorAppraisal•. The cost er square foot was derived from the Marshall & Swift Cost Handbook and or a survey of local builders costs and adjusted for time and quality. Final Reconciliation: The Cost Approach was included however, The Market Data Approach was considered the best indicator of value. No rental data was available to utilize the Income Approach. Financing char es paid by the buyer and seller were taken into consideration . in this appraisal. Comparable photos are file chotooraphs. The purpose of this appraisal Is to estimate the market value of the real property that Is the subject of this report, based on the above conditions andthecertification.confingent and limiting conditions, and market value definition dot are slated In the attached Freddie Mac Form 439/Famle Mae Form 10048 (ReNsed 6/93 ). I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF , 5/16/2002 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE S 359,000 APPRAISER: r `�/ SUPERVISORY APPRAISER (ONLY IF REQURED): Slanature ��' r _ — y Signature QDid ❑Did Not Name DPrVEKVt3t3 Name Inspect Property Date Report Signed 05/28/2002 Date Report Signed State Certification # 4001054 State MN State Certification # State Or State License # State Or State License # SrateM FwOWMK Pon, 70 rr97 Gertlfleo General Keel rroperty nmoa wwemaaoW+ s AGE 2 OF GpIJlr771wrm.,omuma— Appraiser Robb's Real Estate Services ci rR IFrT PRnPFRTY PHOTO ADDENDUM Borrower: N/A File o.: 02 -11250 Property Address:6829 Point Drive Case No.: City Edina State: MN — - --- - Zip: 55435 Lender: Daniel McGraw FRONT VIEW OF SUBJECT PROPERTY Appraised Date: May 16, 2002 REAR VIEW OF SUBJECT PROPERTY STREET SCENE _I � f I, FLOORPLAN 1925 Edgewater Place, Victoria, Minnesota »sao tv3z) "Ja -- t—I PLAT MAP Borrower: N/A File No.: 02 -1 Caca Nn-- 7 O,Qq 78 %ti j/ 16.04 Cm CD 19 78). 136 is (77) 14. 6) 10.72 J (67) s Ln Ln an 132.12 1925 Edgewater Place, Victoria, Minnesota 55386 (952) 443 -4030 (Fax) 443 -4081 s 1 -7ati r. Ani r non000TV DNnTn AnnFNnl1M Borrower: NIA File No.: 02 -11250 Property Address:6829 Point Drive Case No.: City Edina State: MN Zip: 55435 Lender: Daniel McGraw COMPARABLE SALE #1 4529 Gilford Drive Edina Sale Price: $ 349,900 COMPARABLE SALE #2 6905 West Shore Drive Edina Sale Price. $ 350,000 COMPARABLE SALE #3 4817 Aspasia Lane Edina Sale Price: $ 388,000 � ri♦ nt d— Ni cN 4N. LOCATION MAP MN 1925 Edgewater Place, Victoria, Minnesota SS386 (952) 443-4030 (Fax) 443-4081 '-.56 -�' unto ROBB'S REAL ESTATE SERVICES ITSPAP COMPLIANCE ADDENDUM File No. 02 -11250 Borrower N/A Order - Property Address 6829 Point Drive City Edina county Hennepin state MN 73pcode 55435 Lendedclient Daniel McGraw CrentReferntra# Only those items checked below apply to this report. PURPOSE, FUNCnON AND INTENDED USE OF THE APPRAISAL OThe purpose of the appraisal is to provide an opinion of market value of the subject property as defined in this report, on behalf of the appraisal company facilitating the assignment for the referenced client as the intended user of the report. The only function of the appraisal is to assist the client mentioned in this report in evaluating the subject property for lending purposes. The use of this appraisal by anyone other than the stated intended user, or for any other use than the stated intended use, is prohibited. OThe purpose of the appraisal is to provide an opinion of market value of the subject property, as defined in this report, on behalf of the appraisal company facilitating the assignment for the referenced client as the intended user of this report. The only function of the appraisal is to assist the client mentioned in this report in evaluating the subject property Real Estate Owned (REO) purposes. The use of this appraisal by anyone other than the stated intended user, or for any other use than the stated intended use, is prohibited. OThe purpose of this appraisal is to , on behalf of the appraisal company facilitating the assignment for the referenced client as the intended user of this report. The only function of the appraisal is to assist the client mentioned in this report in evaluating the subject property for . The use of this appraisal by anyone other than the stated intended user, or for any other use than the stated intended use is prohibited. I TYPE OF APPRAISAL AND APPRAISAL REPORT (y1 This is a Summary Appraisal written in a Form Report format and the USPAP Departure Rule has h2lbeen invoked. �} J This is a Limited Appraisal written in a Report format and the USPAP Departure Rule.&" been invoked as disclosed in the body or addenda of the report. The client has agreed that a Limited Appraisal is sufficient for its purposes. SCOPE (EXTENT) OF REPORT The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales, listings, and/or rentals within the subject market area. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. The extent of analysis applied to this assignment may be further imparted within the report, the Appraiser's Certification below and/or any other Statement of Limiting Conditions and Appraisers Certification such as may be utilized within the Freddie Mac form 439 or Fannie Mae form 1004b (dated 6/93), when applicable. MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY ® A reasonable marketing time for the subject Property is 10-60 day(s) utilizing market conditions pertinent to the appraisal assignment. n A rrnsenahle exposure time for the subject property is day(s). V - APPRAISER'S CERTIFICATION I certify that, to the beat of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclustions are limited only by the reported assumptions end limiting conditions, end are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the Parties involved, unless otherwise stated within the report. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Profess' nal Appraisal Practice. I have to or have not ❑ made a personal inspection of the property that is the subject of this report. (if more than one person signs this report, this certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraisal property.) No one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant professional assistance must be stated.) NOTE: In the case of airy conflict with a client provided certification (i.e.. Fannie Mae or Freddie Mac), this revised certification shall rake precedence. Supervisory Appraiser's Certification: If a supervisory appraiser signed the appraisal report, he or she certifies end agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraisers certifications numbered 2 -7 and 9 on the second page of Freddie Mac Form 439 6- 93/Fannie Mae Form 1004E 6 -93 or the third page of Form 2055 and am taking full responsibility for the appraisal report. APPRAISER'S AND SUPERVISORY APPRAISER'S SIGNATURE APPRAISER Signature: Name: DAVEIVIMF Date the Report was Signed05/28 /2002 State Certification #: 4001054 or State License #: state: MN Expiration Date or Certification or License: 08/31/2002 Signature: Name: Date the Report was Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: ❑ Did inspect subject Property ❑ Inspected Comparables ❑ Interior & Exterior ❑ Interior & Exterior ❑ Exterior only ❑ Exterior only USPAP Cui0— PA7erdm -mar. SM 1 of 1 uwapffl h—coy ru.m rasp. s—war. File No. 02 -11250 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and, assuming the price is not affected by undue stimulus. 'Implicit in this,definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, - and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure In the open market; (4)'p r ayment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions' granted by,anyone associated with the sale. 'Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally. paid by sellers as a result oftradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions., Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the Appraisers judgment STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal -report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraisers determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property In question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in.conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc. ) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing.lhe appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc. ) that would make the property more or less,vatuable,,and has assumed thatthere,are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs; or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender /client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender /client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by, anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Forth 439 6 -93 r• Page 1 of 2 Fannie Mae Form 1004B 6-93 i File No -02 -11250 -- - - - APPRAISERS CERTIFICATION: The Appraiser cenifies and agrees that: 1. 1 have researched the subject market area and have selected a minimum of three recent sales. of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to , or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are We and correct. 3. 1 stated in, the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this forth. 4. 1 have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely; my analysis and /ot the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I.have no present or contemplated future interest in the subject, property, and neither my current or future employment nor my compensation for Performing this appraisal is contingent on the appraised value of the property. 6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and /or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless 1 have otherwise stated in the reconciliation section. 8. 1 have personally inspected the Interior and exterior areas of the subject property and the extertor.of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the'adverse conditions on the marketability of the subject property. 9. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such Individual(s) and disclosed the specific, tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change,to any item in the repot; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. It is acknowledged that irregardless of who signed this report. (John) "Dave" Robb and Cynthia D. Robb (MN License Number 4001053) contributed significantly in gathering the data, completed the research and developed the final evaluation. Although an inspection has been performed, the appraiser is not an expert in the field of home inspections and/or engineering. APPRAISAL REPORT IS SUBJECT TO FUTURE VALUE REVISIONS BASED ON ANY NEW REPAIR ESTIMATES, TECHNICAL EVALUATIONS, NEW EVALUATIONS OF ENVIRONMENTAL, ENGINEERS OR ANY OTHER EXPERTS. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:J directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for.the appraisal and the appraisal report. ' ADDRESS OF PROPERTY APPRAISED: 6829 Point Drive Edina MN 55435 APPRAISER: SUPERVISORY APPRAISER (only if required) Signature: Signature: Name: DA Name: Date Signed: 05/28/2002 Date Signed: State Certification t: 4001054 State Certification F: or State License ;:. or State License f: State: MN State: Expiration Date of Certification or License: 08/31 /2002 Expiration Date of Certification or License: 0 Did 0 Did Not Inspect Property Certified General Real Property Appraiser Freddie Mac Form 439 6-93 3.. Page 2 of 2 F: Fannie Mae Form 10046 6 -93 r._ n 7 � II hl 1925 Edgewater Place, Victoria, Minnesota 55386 (952) 443 -4030 (Fa:) 443 -4081 QUALIFICATIONS OF DAVE ROBS Borrower: WA File No.: 02 -11250 Pro Address: 6829 Point Drive Case No.: State: MN Zip: 55435 Edina Lender: Daniel McGraw QUALIFICATIONS OF DAVID - ROBB Over twenty four years of residential real estate, experience. This experience includes sixteen of full time appraisal experience, seven years of real estate sales and management, years and a year of construction of residential property. Personally performed over nine thousand conventional fee appraisals, with a total value well In excess of 3-billion dollars. CERTIFIED FEDERAL GENERAL REAL PROPERTY APPRAISER Minnesota State Appraiser License Number 4001054 PROFESSIONAL HISTORY: 1991 -present OWNER ROBB'S Real Estate Services, Victoria, Minnesota. Providing Conventional fee and FHA approlsol services to a wide variety of clients: 1985-1990 SENIOR APPRAISER: W ILEY APPRAISAL INC.. Minneapolis, Minnesota. Active I n conventional real estate "appralsing and reviewing. Top in volume: 1907. 1988.190 and 1990. 1984 - 1985 ELECTRICIAN. KOENES ELECTRIC, Anaheim Callifortila. Involved in new construction and remodeling of existing residential and commercial buildings. 1982-1984 SALE MANAGER OUTbOORSMAN REALTY, Minneapolk, Minnesota. Taught adult education. courses on buying, sexing, and financing of real estate. Reviewed all purchase agreements and market estimates for accuracy and legality. 1977-1982 ALES MAN LTW holder of LardFive year sales Producer AwOardRand other production g staff of tthhirty people. EDUCATION: 1998 How to solve Usose tough appraisal problems Houses: Interior Styles, Designs & Rnlshes Houser. Envlrorunentd Ha=ds In the horse _ Home inspections: Beyond Bre Basics —Port 2 USPAP Standards and BFda Update 1996 Building Codes. energy and lead: From Blueprints to EKcavation. 1995 Etwharvnent Issues In Real Estate Transactions Housing inspections 1994 Ha=dota Waste Concerns, Uniform Residential ApprOlsd Report 1993 Resldenfld New COmh cflOn 16 Residential New COn*mtlan It Minnesota Mortgage LOW 1990-1993 various sendnars and classes provided by One local chapter of the Appraisal Institute 1991 Appraisers Guide To Residential Construction How TO Write A Demonstrdlon Report 1989 Real Estate Appraisal Principles and Residential valuation 1986-1988 Standards of Professional Practice Residential Real Estate Appraising Residential Housing Constriction Assessing and the New Minnesota Tmr Law 1988 University ofMnnesO10 Courses In Red Estate Apprdsing. 1986 Anca4tomsey Community College Courses in Red Estate Appraising 1977-1985 Fundamentals of Red Estate, Advanced Fundamentals . ABemaflve Rnancing In Today% Market Institutional Rrancing Creative Ana sing Three hundred hours of Instruction on R.E. Marketing r._ n 7 � II hl 1925 Edgewater Place, Victoria, Minnesota 55386 (952) 443 -4030 (Fa:) 443 -4081 LICENSE(S) ISSUE BY THE STATE OF MINNESOTA IBorrower: N/A File No.: 02-11250 Property Address: 6829 Point Drive Case No.: I.— --- State: MN Zip: 55435 STATE OF MINNESOTA STATE OF MN DEPT. OF COMMERCE DEPARTMENT OF COMMERCE 133 Eut Swath SL 133 Eat Severth SL SL Pad, UN 55101 SL Plad, UN 55101 (651)296-019 (651) W&819 APPRAISER UCENSE APPRAISER UCXN= 0 mataotasa m"W1034 CERT GENERAL REAL PROP CERTGENERALREALYROP Expb,m 8/31/2002 E*m 801/2= 30Hm CE dueby 80V2= 30HrvCEducby813V2002 JOHN DAVE ROBB 19" EDGEWATER PL JOHN DAVE ROBB VICrOPIA, UK 5538&= 1925 EDGEWATERYL VICTORIA, MN 533864= CM4M50 °a Dspertmerlt fbciimerce Ucensind DIVII11011 29W DIG of m1mm", -3977b WA161i De Vq.&tatb"-U9 aS= 7tnPIac4. 1,11886800 °' 141185 Webskii;id.' cm. armstit6imAm Paul MN St: brfifled Resild raisei"L!66hse'� -ce 06041�901" oper[W�p 0- lan47 "'C;YNT "k0pas M, ai�4 HIA b ROB ESTA 1� . 105tMEWATERK6. _.VICT A. 'k, �7.g'dRLA. MN! -4� nti6i" i4 A '�A Lkl� ' 4001() P -MoaojjW 'th Zal"". '813 120d'. Apo -FF4A d 1925 Edgewater Place, Victoria, Minnesota S5386 (02) 443-4030 (Fix) 443-4081 PROPERTY DATA SYSTEM TAXPAYER INQUIRY Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity CURR 319 PROPERTY ID 2003: 113400 NEXT H 10- 028 -24 -43 -0077 100 2002: 108700 284400 393100 3179 H R Pt.Con: Mt.Adr: 108700 JUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 95 Back: 95 6829 1/ POINT DR 55435+ Right: 135 Left: 135 Ownerl: MCGRAW KATHERINE J Owner3: SOUTHDALE THIRD ADDITION Owner2: MCGRAW DANIEL J Owner4: Zoning: R -1 16 Prim /sec: Yr.blt: 1957 Area: 12888 Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: 95 Depth: 135 Type PID or ADDRESS: press ENTER; or F1, F2, F8 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2003: 113400 287500 400900 H R 100 2002: 108700 284400 393100 3179 H R 100 2001: 108700 210900 319600 2890 H R 100 Legal Description: LOT 15 BLOCK 2 SOUTHDALE THIRD ADDITION Type PID or ADDRESS: press ENTER; or F1, F2, F8 LETTER 5 LHFSON F rn- � 6200, �UX MEADOW LAN,E 5140 Hankerson Avenue Edina MN 55436 - - USA Tel: 952 922 1933" Email: douglasandalison @aol.com 4th 2003 Dear Sir/Madam, , 6200 Foi Meadow Lane1 Edina, MN 55436 We are due to purchase the above listed property next month with a closing date of the P May 2001 We have agreed a purchase price of $614,000 and therefore would like to appeal against the 2003 taxable market value of $637,600 and market value of $697,000 that we understand has been assigned to the property. We have moved from England and were unaware of the timescales and protocols involved in the property tax process m the USA. The current owner did not inform us that she had had notification of a tax valuation higher than the open market price that we have agreed to pay or the timescales for appeal. We now understand that the owner has to appeal: in writing and that the Board of Review deadline was in fact yesterday. After speaking with a member of the Assessing department, we are writing this letter in the'hope that our appeal can be heard, if not by the Board of Review then by the Hennepin County Board of Equalization that we understand meets in June. At that stage we will be the owners of the property . We would be grateful if you could advise as to whether there is anything else the current owner or ourselves could do in the short term with regard to the appeals process. Yours sincerely, Douglas and Alison Gregory L1,3 PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 30- 117 -21 -44 -0043 Pt. Con: _OUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6200 1/ FOX MEADOW LA 55436+ Right: Ownerl: LIFSON ALEXANDER Owner3: Owner2: LIFSON OLGA Owner4: Zoning: R -1 34 Prim /sec: Yr.blt: 1983 Area: 15594 Sch.Dst: 270 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: CURR 319 NEXT Mt.Adr: 103 Back: Left : Acres: .00 Depth: 150 Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 427500 697700 H R 100 451700 661700 5866 H R 100 362400 572400 5219 H R 100 LOT 6 BLOCK 1 OAK PONDS OF INTERLACHEN Type PID or ADDRESS: press ENTER; or F1, F2, F8 Mkt -Land 2003: 270200 2002: 210000 2001: 210000 Legal Description: CURR 319 NEXT Mt.Adr: 103 Back: Left : Acres: .00 Depth: 150 Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 427500 697700 H R 100 451700 661700 5866 H R 100 362400 572400 5219 H R 100 LOT 6 BLOCK 1 OAK PONDS OF INTERLACHEN Type PID or ADDRESS: press ENTER; or F1, F2, F8 EDCA RS OF ' I 04/68/2003 22:34 9528354802 PETERSON GROUP T.H'E` PETERSON GROUP 73.40, GALLA,;GHER DRIVE EDINA, MN 55435 952 -835 -9232 PAGE 02102 = April 7; 2003 Richard R Petersburg, SAMA City Assessor City of Edina 4801 West 50t' Street Edina, MN 55424 -1394 Re: Cedars of Edina Dear Mr. Petersburg, We are in the process of gathering the material needed for your formal review regarding our appeal of the increase in the assessed value of Cedars of Edina for taxes payable in the year 2004. We are requesting that you represent the Edina 300 Limited Partnership and the Edina Cedars Limited Partnership, the two partnerships that own Ccdars of Edina, as we want to keep the appeal process open at the County level. Thank you for your attention to this matter. David L. Peterson. General Partner - LETTER ` PEDERSON 7029 LAN,HAM LANIE April 10, 2003 7029 Lanham Lane Edina, MN 55439 Local Board of Appeal & Equalization RECEIVED APR 10 ?Ro3 City Hall 4801 West 5& Street Edina, MN 55424 Re: 7029 Lanham Lane property tax for 2004 Dear board members: I am writing to dispute the taxable market value of my home for 2004 taxes. I spoke with Diane in the Assessor's Office and she suggested I write this letter. Seventeen months ago, my home was appraised while I was refinancing it. The appraised value at that time was $528,000. In spite of this, my home received a taxable market value of $543,000 for 2003. Now I find out this will increase to $570,000 for 2004. The best estimate of a home's value is to compare what other comparable homes in the area are actually selling for. The home directly across the street, which was built the same year as ours, has the same exterior beauty, and is 200 -300 sq. ft. larger than ours (I called our neighbors to verify this), sold for $526,000 in December 2002. I fail to see how my home should be assessed at $570,000, in comparison. Incidentally, their taxable market value for 2003 was $505,100 vs. $543,000 for ours. I understand your desire to extract as much revenue as possible, but I am merely asking that the values be applied equitably to each homeowner. Thank you for considering this matter. E. Pederson PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT -9- 116 -21 -21 -0055 Type PID or ADDRESS: press ENTER; or F1, F2, F8 Mkt -Land Mkt -Bldg Pt.Con: Mt.Adr: _.OUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 7029 1/ LANHAM LA 55439+ Right: Left: Ownerl: PEDERSON JONATHAN F Owner3: 391000 543000 5538 Owner2: PEDERSON KATHLEEN L Owner4: 2001: 152000 Zoning: R -1 28 Prim /sec: Yr.blt: 1982 Area: 15786 Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: M. P. Type PID or ADDRESS: press ENTER; or F1, F2, F8 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2003: 169000 401000 570000 H R 100 2002: 152000 391000 543000 5538 H R 100 2001: 152000 382400 534400 5021 H R 100 Legal Description: LOT 1 BLOCK 1 M. P. JOHNSON'S PROSPECT HILLS 3RD Type PID or ADDRESS: press ENTER; or F1, F2, F8 if7D (o) ardof Ay peaC and Equa r-v&-oz at woon 4C14, 2003 A 0 ,Pri I - III Orm", Qn s n10 Anno �L AN D EQUALIZATION Dennis Maetzold Mike Kelly Scot Housh Linda Masica Jim Hovland 2003 Mayor Council Member Council Member Council Member Council Member This unpublished work is protected by copyright and other laws. In the event of publication, the following notice shall apply: © Copyright 1998, 1999, 2000, 2001, 2002 and 2003 City of Edina TABLE DF CONTENTS 2003 BOARD OF APPEAL AND EQUALIZATION Table of Contents �1K . L • K- _ . t. . Letter of Transmittal Richard R. Petersburg ��7D�MOTM i �• Ten Year History of Value and Homestead Taxes Section III Report on the Residential Assessment 2-15 Residential Statistical Summary Residential Assessment District Legend & Maps Real Estate Sales Articles 2 -5 6 -11 12-15 iz�i • +. =!- • • F ll ' • Y. _ - 1 - Report on the Assessment Commercial Assessment District Map Real Estate Sales Articles 16 17-18 19 -25 Hennepin County Ratios - Residential 26 Market Value Adjustments • Residential • Townhouse • Condominium • Commercial • Industrial • Apartment 27 2003 BOARD OF APPEAL, AND EQUALIZATION Table of Contents Page 2 Section VII Review Areas 28-30 Residential and Commercial Review Areas for 2002 / 2003 28-30 Section VIII Exulanation of Homeslead Filing /Valuation Noticep 31 -36 Homestead/Valuation Notice Mailing Sample Valuation Notice 31-32 33-34 Maps Indicating Limited Market Value and This Old House exclusions 35 -36 Definitions 37 Tax Rates 38 -39 Total Tax Capacity Rate Comparison 40 1 �:� -o. � - .1 City of Edina 2003 Edina Board of Appeal and Equalization April 14, 2003 TO: The 2003 Board of Appeal and Equalization Members FROM: Richard R. Petersburg, City Assessor SUBJECT: 2003 Board of Appeal and Equalization Each year the City Council is required by State laws to act as the Board of Appeal and Equalization or appoint a special Board of Appeal and Equalization to review the work done by the City Assessor. As stated in M.S. 274.01, the duty of the Board of Equalization or Board of Appeal and Equalization is: "To examine and see that all taxable property in the City has been properly placed upon the tax list and duly valued by the Assessor." M.S. 274.01 continues, "On application of any person feeling aggrieved, the Board shall review the assessment and correct it as shall appear just." Simply put, the purpose of the Board of Appeal and Equalization is not to review the amount or level of a person's property tax, but to review the assessed value and classification of taxable property in the City as determined by the Assessor. The Assessor, as mandated by State law, is responsible for establishing values of property, while elected officials of cities, counties and school districts set the level of taxation, within State guidelines. There is a formal route of appeals of the Assessor's value on a property, starting with the Local Board of Appeal and Equalization. The next step is the County Board of Appeal and Equalization and, if necessary, State Tax Court. Any claims of an unfair assessment should be supported by evidence and submitted to the hearing body. During 2002 the Board of Appeal and Equalization heard 18 formal applications (fourteen in person and four by letter) at the Board to appeal their value or classification. State law requires that a taxpayer appear before each level of the appeals process before going on to the next level, with the exception of the Tax Court, which may be appealed to directly. An individual may not be prepared to present evidence at this time, but wish to have the protest read into the record to keep the avenues of appeal open. No Board action is required for these official appearances. Much of the quality of an assessment can be found in the development of statistics, which measure certain tendencies in the assessment. You will find attached in Section III and Section IV of the attached report, statistics that will provide you with concrete data upon which to judge the assessment. Also included, are various reports and charts that should help you get a feel for the assessment and an understanding of what property taxes have done in 2003. City Hall (952) 927 -8861 4801 WEST 50TH STREET FAX (952) 826 -0390 EDINA, MINNESOTA 55424 -1394 TDD (952) 826 -0379 ;� { 2. SECTION II Ten -Year Tax /Value History c)s Page lLzo Ten -Year History of Value and Homestead Taxes This chart shows three homes, a lower value home, an average value home and a higher value home. Each home is tracked for ten years for its value and homestead tax. None of the homes has been altered significantly during the study period. "D City of Edina Assessor's Market Value and Property Tax 10 Year History School District #273, Watershed #3 Pronertv 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 4628 Valley View Rd $ 97,000 $ 101,200 $ 108,200 $ 115,700 $ 115,700 $ 118,000 $ 123,900 $ 138,700 $ 163,600 $180,800 $199,000 19- 028 -24 -34 -0074 $ 1,616 $ 1,688 $ 1,942 $ 2,015 $ 1,993 $ 1,840 $ 1,833 $ 1,827 $ 1,899 $1,674 $1,897 4602 Moorland Ave $ 514,700 $ 558,000 $ 569,100 $ 574,700 $ 603,400 $ 633,500 $ 690,500 $ 814,700 $ 924,600 $1,037,100 $1,168,800 18- 028 -24 -24 -0071 $ 12,368 $ 13,195 $ 14,130 $ 13,420 $ 13,372 $ 13,361 $ 13,966 $ 14,552 $ 14,805 $11,453 $12,866 5325 Oaklawn Ave $ 177,700 $ 194,600 $ 204,300 $ 210,300 $ 220,800 $ 226,300 $ 248,900 $ 271,300 $ 300,000 $317,200 $338,400 18- 028 -24 -43 -0090 $ 3,693 $ 4,040 $ 4,461 $ 4,347 $ 4,445 $ 4,298 $ 4,381 $ 4,573 $ 4,735 $3,685 $4,116 Market Value $1,400,000 - $1,200,000 - - - - - -- 2 $1,000,000 --------------------------------------- m > $800,000 --- - - - - -- - --------- - - - - -- - ----- -- - --- $600,000 M $400,000 -------------------------------- $200,000 CP Assessment Year - 0 4628 Valley View Rd -0-4602 Moorland Ave -6 5325 Oaklawn Ave Net Homestead Tax $16,000 $14,000 - - - - - -- -- -- -- -- - - -- - - - -- -- $12,000 1 ------------------------------------- $10,000 - - - -- w$8,000 ------------------------------------------ E $6,000 ------------------------------- 0 _ $4,000 z $2,000 $- ^°0^� ^°oh I°'01 X000 O�� O�`h ti ti Assessment Year -� 4628 Valley View Rd f 4602 Moorland Ave 6 5325 Oaklawn Ave i SECTION III REPORT ON THE RESIDENTIAL ASSESSMENT c>s Page 2 -5 Lo 2003 Statistical Summary — Residential This report contains the following data: *Median Ratio - middle value in the study. *Mean Ratio - average value in the study. *Coefficient of Dispersion - measure of assessment uniformity, less than ten is considered excellent. •Index of Rearession - 100.30 indicates a perfect assessment. -Over 100.30 indicates lower value homes may be assessed higher than high value homes. -Under 100.30 indicates higher value homes may be assessed higher than low value homes. •Number of Sales - total number of valid sales. *Sample Sufficiency Gauge - under 1.00 indicates a statistically valid sample. *Average Market - average Assessor's value of the sample items. *Average Sale Price - average sale price of the sample items. SECTION III REPORT ON THE RESIDENTIAL ASSESSMENT Ncontinued- Assessment Quality, as dictated by the Department of Revenue and other sources, requires that there be uniformity among strata and that our ratios fall between 90% and 105% of market value. In addition, Single - family residences coefficient of dispersion should generally be 15.0 or less and for newer and fairly homogeneous areas, 10.0 or less. The following statistics will demonstrate that the overall assessment is good. There are some areas, where there is adequate sample sufficiency, that need attention for the upcoming assessment. c-3 Page 6 -11 L4,-) Residential Assessment District Legend and Maps This map and legend delineates 42 residential assessment districts in the City of Edina. These areas are studied each year and help to analyze valuations of single family homes within homogeneous neighborhoods. c>s Page 12 -15 Er-) Real Estate Articles n City of Edina 2003 Residential Statistical Summary Sales Period: October, 2001 through September, 2002 �isltrict Area Parcel Count 11 2002 EMV Sales Ratio C/D 2003 EMV Sales Ratio C/D Ave District Growth 1 Momingside 705 20 87.80% 13.8 20 95.50% 10.6 5.00 2 White Oaks 141 6 90.60% 7.6 6 95.00% 9.1 6.00 3 Country Club 566 21 84.30% 7.7 22 94.70% 9.0 14.10 4 Sunnyslope 73 0 0.00% 0.0 0 0.00% 0.0 14.0 10.30 5 Indianola /Juanita 135 3 87.50% 16.5 2 98.10% 4.40 6 Brucewood 111 7 98.60% 12.1 6 98.80% 3.2 -2.20 7 Golf Ter 96 3 101.00% 8.4 3 98.00% 3.1 0.10 8 N 58th /Sher /So Har Park 628 17 92.50% 8.4 15 93.20% 10.8 7.90 9 Woodland/Woodcrest 120 4 90.80% 5.0 4 94.80% 2.6 5.80 10 E France No 60th 847 29 86.00% 12.0 29 95.10% 10.6 11.40 11 E France So 60th 287 18 92.10% 5.7 18 94.90% 5.6 3.20 12 Halifax/Grimes 130 1 108.00% 0.0 1 108.00% 0.0 0.10 13 S 58th Fairfax Area 402 22 84.90% 9.5 22 92.20% 8.7 10.60 14 So. Jr High /Concord 478 16 86.30% 8.4 16 95.60% 8.5 10.90 15 Parnell /Ryan 84 1 73.90% 0.0 1 80.00% 0.0 2.70 16 Lake Cornelia 527 30 93.90% 10.4 30 95.80% 9.8 3.80 17 Oscar Roberts 141 4 92.60% 7.4 4 95.30% 7.4 3.20 18 So 70th /Lake Edina 532 19 92.00% 9.1 19 95.70% 9.1 3.90 19 Brookview Hts 433 18 91.30% 11.2 18 97.60% 9.3 6.00 20 Wilryan So Xtown 241 16 105.30% 15.6 16 105.30% 15.0 0.70 21 Richmond /Birchcrest 848 36 94.00% 9.6 34 95.40% 9.1 2.00 22 Brookside 446 13 86.00% 10.2 14 94.50% 9.8 10.00 23 Rolling Green 93 1 77.20% 0.0 1 94.90% 0.0 3.70 24 Highland 527 25 85.70% 9.2 23 95.60% 8.1 12.00 25 Countryside 649 22 93.00% 9.7 21 95.40% 8.8 3.80 26 Creek Valley /Limerick 724 33 89.50% 11.7 33 95.70% 12.0 6.70 27 Antrim /Dublin 57 6 87.80% 6.9 6 91.20% 7.0 3.80 28 Kemmrich /Shannon 274 11 91.00% 9.8 11 95.50% 9.8 5.10 29 Dewey Hill 104 6 104.30% 10.5 5 102.10% 10.6 0.10 30 Mendelssohn 243 5 92.10% 7.8 4 95.70% 5.4 6.00 31 Mpls Heights 279 11 91.10% 9.1 11 95.10% 7.5 6.90 32 W Kenneth 13 0 0.00% 0.0 0 0.00% 0.0 0.00 33 Malibu 33 2 102.70% 29.5 2 102.70% 29.5 0.10 34 Park Knolls New 350 9 76.20% 21.7 8 98.40% 17.2 11.80 35 Park Knolls Older 178 8 93.20% 10.0 7 96.10% 8.6 4.90 36 Park Knolls Middle 169 7 88.80% 10.2 6 95.40% 7.5 12.10 37 Artic Way/Tamarac 244 12 80.80% 8.5 li 95.70% 5.6 21.20 38 Indian Hills 283 10 101.60% 15.3 9 103.20% 9.8 2.10 39 Sioux Tr 206 6 85.20% 12.4 6 93.70% 10.3 7.00 40 Braemar 215 13 82.30% 12.8 13 93.00% 10.0 11.00 41 Glasgow 19 0 0.00% 0.0 0 0.00% 0.0 4.40 42 Hilldale 78 5 96.00% 12.6 5 96.00% 8.8 1.70 Residential City Wide B, 61, D, DJ,XP,R,RL, S, LR, LL & RM 12,709 496 89.80% 11.6 482 95.30% 8.0 7.00 04/09/03 Page 2 City of Edina 2003 Residential Statistical Summary Sales Period: October, 2001 through September, 2002 Page 3 Median Mean Coef. Index No. of Sample Average Ave. Sale Ratio Ratio Disp. Regres Sales Suff. Ga. Market Price Single Family Statistics 95.4% 96.5% 10.3 102.1 483 0.42 $ 400,670 $ 423,837 Styles /Stories Rambler 95.2% 95.2% 7.7 100.8 236 0.42 $ 339,103 $ 358,912 11/4 Story 91.8% 92.8% 7.5 98.8 10 1.29 $ 478,740 $ 509,950 11/2 Story 94.2% 94.1% 4.9 100.3 30 0.65 $ 320,583 $ 341,562 13/4 Story 93.5% 95.2% 9.4 100.2 19 1.17 $ 380,447 $ 400,258 2 Story 96.2% 96.3% 8.0 101.9 122 0.56 $ 571,915 $ 605,120 Split Entry 97.4% 101.9% 12.0 102.4 25 1.34 $ 307,492 $ 308,972 Split Level 99.0% 98.9% 6.8 101.3 39 0.71 $ 376,536 $ 385,633 Value Stratification 99,000 or Less 0.0% 0.0% 0 0 0 0 $ - $ - 100,000 - 199,900 94.6% 93.7% 6.6 100.6 40 0.66 $ 176,015 $ 188,886 200,000 - 299,900 95.2% 95.6% 8.1 101.1 162 0.48 $ 248,233 $ 262,571 300,000 - 399,900 95.7% 96.8% 8.9 101.7 125 0.65 $ 344,498 $ 361,762 400,000 - 499,900 97.1% 97.7% 7.6 101.2 60 0.76 $ 442,870 $ 458,711 > 500,000 95.2% 95.7% 6.8 101.3 95 0.56 $ 811,618 $ 858,983 500,000 - 599,900 95.9% 95.9% 6.5 100.9 32 0.85 $ 549,294 $ 577,682 600,000 - 799,900 95.0% 95.4% 6.9 100.7 30 0.72 $ 696,203 $ 734,913 800,000 - 999,900 101.3% 99.9% 6.2 100.5 18 0.97 $ 876,517 $ 881,400 > 1,000,000 ------------------------------------------------------------------------------------------------------------------------------------------ 94.0% 90.5% 6 99.8 15 1.08 $ 1,524,193 $ 1,680,333 No. of Average Ave. Sale Mean Sales Market Price Ratio Influence Positive 12 $ 1,039,875 $ 1,203,092 86.4% Neutral 448 $ 385,962 $ 405,953 95.1% Negative 8 $ 364,913 $ 372,398 98.0% No. of Average Ave. Sale Mean Sales Market Price Ratio Location Freeway 21 $ 252,700 $ 259,179 97.5% Railroad 6 $ 291,033 $ 299,667 97.1% Thru Street 33 $ 372,773 $ 413,183 90.2% Park 2 $ 522,950 $ 623,000 83.9% Flood Zone Ind. 15 $ 358,807 $ 362,957 98.9% River 10 $ 544,300 $ 569,290 95.6% Lake 25 $ 555,508 $ 593,476 93.6% Page 3 City of Edina 2003 Residential Statistical Summary bales veriou: ucrooer, iuui rnrouan Page 4 No. of Sales Average Market Ave. Sale Price Mean Ratio Age / (Yrs) Sample Average Ave. Sale Ratio Ratio 1 to 5 2 $ 1,077,900 $ 875,000 123.2% 6 to 10 4 $ 619,725 $ 665,475 93.1% 11 to 15 11 $ 1,057,418 $ 1,166,455 90.7% 16 to 20 10 $ 705,270 $ 835,850 84.4% 21 to 25 9 $ 679,078 $ 691,600 98.2% 26 to 30 10 $ 456,050 $ 463,119 98.5% 31 to 35 38 $ 396,129 $ 395,771 100.1% 36 to 40 69 $ 377,401 $ 399,218 94.5% 41 to 45 86 $ 351,583 $ 368,116 95.5% 46 to 50 107 $ 308,819 $ 336,393 91.8% 51 to 55 66 $ 275,411 $ 292,308 94.2% 56 to 60 12 $ 277,467 $ 312,554 88.8% 61 to 65 26 $ 575,100 $ 586,377 98.1% 66 to 70 12 $ 617,858 $ 650,692 95.0% 71 to 75 7 $ 822,000 $ 897,857 91.6% 76 to 80 5 $ 729,140 $ 711,480 102.5% 81 to 85 3 $ 282,567 $ 314,000 90.0% 86 to 90 2 $ 164,700 $ 194,500 84.7% 91 to 95 2 $ 205,650 $ 234,700 87.6% 96 to 100 0 Older than 100 2 $148,800 $139,500 106.7% Total 483 $400,670 $423,837 .94.5% Page 4 Median Mean Coef. Index No. of Sample Average Ave. Sale Ratio Ratio Disp. Regres Sales Suff. Ga. Market Price I Townhomes 96.4% 97.8% 5.2 100.2 42 0.63 $ 275,695 $ 282,560 Doubles 97.4% 96.2% 5.5 99.6 9 1.12 $ 360,544 $ 373,222 Zero Lot Line Res 95.6% 94.0% 6 101.7 17 0.95 $ 280,076 $ 303,029 Condominiums 95.5% 96.4% 6.1 99.9 225 0.36 $ 156,560 $ 162,217 Page 4 City of Edina 2002 vs 2003 Valuation Changes Edina Residential Properties Percentage of Change Number of Parcels Percentage of Residential Parcels -20% and Down 19 0.1550% -10% to -19% 63 0.5140% -5% to -90/0 209 1.7053% -10/o to -40/o 687 5.6054% No Change 942 7.6860% +10/0 to +5% 4172 34.0405% +60/o to +10% 4128 33.6815% +110/0 to +190/0 1767 14.4174% +20% and Up 269 2.1948% Total 12256 100.0000% Parcels where change is 5% or less - 6092 49.71% Parcels with declining values - 978 7.98% Parcels with increasing values - 10336 84.33% Page 5 City of Edina Residential District Legend District Area Parcel Count 1 Morningside 708 2 White Oaks 135 3 Country Club 564 4 Sunnyslope 74 5 Indianola /Juanita 140 6 Brucewood 112 7 Golf Ter 97 8 N 58th Sher /So Har Park 629 9 Woodland/Woodcrest 119 10 E France No 60th 844 11 E France Sp 60th 287 12 Halifax/Grimes 129 13 S 58th Fairfax Area 402 14 So. Jr High /Concord 466 15 Parnell /Ryan 83 16 Lake Cornelia 520 17 Oscar Roberts 139 18 So 70th /Lake Edina 531 19 Brookview Hts 444 20 Wilryan So Xtown 227 21 Richmond /Birchcrest 834 22 Brookside 440 23 Rolling Green 85 24 Highland 524 25 Countryside 645 26 Creek Valley /Limerick 744 27 Antrim /Dublin 56 28 Kemmrich /Shannon 260 29 Dewey Hill 89 30 Mendelssohn 228 31 Mpls Heights 278 32 W Kenneth 9 33 Malibu 32 34 Park Knolls New 281 35 Park Knolls Older 171 36 Park Knolls Middle 160 37 Artic Way/Tamarac 196 38 Indian Hills 257 39 Sioux Tr 196 40 Braemar 205 41 Glasgow 27 42 Hilldale 78 Page 6 NW Districts = Non - Residential District 21 22 23 M 24 25 — 30 31 32 33 34 35 36 37 42 1 S Districts ONon - Residential District 10 _ 15 16 17 LAM 18 19 2C 26 27 28 29 38 39 40 - 41 Residential Parcels by District B, BJ, D, DJ, LL, LR, P, R, RL, RM, S NE Districts = Non - Residential District 01 02 - 03 - 04 - 05 06 _ 07 - 08 - 09 10 11 L __. 12 ® 13 F—I 14 City of Edina N Assessing Department Pacle 7 0 . I I n othe Inventor: tem By Neal Gendler Star Tribune Stgff Writer Twin Cities- ar`'ea hg ie prices last month .brok6i" n= other record, with tl e.median pride for May climbing al- Most 7 percent to $180,000. However, a.large supply of homes for sale is helping to keep home =price `apprecia- tion., the single. digits, and sales4cdvity is steady but not as frenzied as in:; recent springs, according; to the Minneapolis Area Association of Realtors. pert sates pace "This makes for a healthy market," association Presi- dent Joanne Smaby said Monday. She said the market is more balanced than in the past several years, when a large number of buyers com- peted for a smaller inventory, rapidly bidding up prices. The 7,406 new listings Elast month were barely more than in the previ- ous May. PRWE$,contlnues on D4: P ' are rising while sales pending are down. PRICES from D1 Sales pending are down compared with last year At month's end, 18,726 al — but we're finding homes homes were listed on the mar - that are dated and don'ts how ket, 2,608 more than in May well are accumulating market 2001 and 5,289 more than May time." She said some multiple 2000, a spring when agents offers are for houses reduced in sometimes could not get buy- price. She said . she thinks that ers to new listings before they more price reductions are oc- were sold. curnng than in previous years, "Buyers are having more perhaps because of unrealistic homes to see," said Smaby, an aggressive pricing." Edina Realty agent. "We're still Although the number of finding multiple offers on good new listings processed barely properties — that's not unusu- budged from May 2001, it was ahead of the five -year. May av- erage of 6,548. Similarly, the number of dosed sales was up just 0:53 percent, but still ahead of the five -year average of 4,406. Closed sales usually reflect purchase agreements signed 45 to 60 days earlier. "Sales pending," those for which purchase agreements have been signed but which have not yet closed, reflect more- recent market activity; they totaled 5,357, down 7.72 percent from 5,805 in May 2001 but ahead of the five -year aver= age of 5,206. Prices are rising even though sales pending are fall- ing and inventory is not shrink- ing. In addition to a higher me- dian price, the total value of sales closed last month was $985 million,. up 11.61 percent from $882 million a year earli- er. "At least we're not accumu- lating inventory and not selling it;" Smaby said, but she and as- W. n CEO Mark Allen a mix of numbers a bit puzzling. At the end of January, about 15,000 homes were listed for sale. By contrast, that num- ber was 12,656 for January 2001; 11,369 for January 2000' and 12,420 for January 1999. "We have not found a way to explain that increase from 2000 and from 2001," Allen said. "The puzzling part of it is that sales have maintained a very similar pace over that time period for the past three years .. so where an easy assump- tion would be that fewer homes are selling, that is not the case to any substantive de- gree.. "The number of sales pend- ing through-May is off only about 1,000 from last year, he said. "The inventory increase is far more dramatic. In the low- inventory years, "the consumers were out there to buy real estate; that is mea- surable," he said. But for a two- year period, "fewer homeown- ers were willing to sell; what we don't know is why:" —Seal Gerdleriaat ngoendler@sawtribune.com. Metro home sales reach 5 -year high Neal Gendler Star Tribune Published Aug. 13, 2002 Despite national economic doldrums, more home sales closed in the Twin Cities area last month than in any month of the past five years, and the median price set a record for the fourth consecutive month: $190,000. The closings and price reflect a strong spring market continuing into summer. The median price -- the point with half selling for more, half for less -- is 8.63 percent ahead of $174,900 the previous July. Also, the value of July's sales were $1.30 billion, or 13.59 percent higher than a year ago, the Minneapolis Area Association of Realtors said Monday. Continued strength is evident in 5,201 purchase agreements signed last month in the 13- county metropolitan area for single - family homes, townhouses, twin homes and condominiums. That's 134 more than in June, when wet weather dampened buyer enthusiasm. Typically, purchases close in 45 to 60 days, so closing numbers are likely to remain strong into fall. "I think we're in the full summer swing of things -- at last," said Joanne Smaby, association president. Compared with the stock market, real estate has proven to be a good investment, one that not only has retained its value, but increased "sizably in the last four years," Smaby said. At first glance, prices seem to defy economic principles, rising despite increased supply. July ended with 20,161 listings on the Regional Multiple Listing Service, a 13.14 percent increase from 17,820 in July 2001. While the 28,352 sales that closed in the first seven months were up 2.41 percent from a year earlier, the number of purchase agreements signed but not yet closed were off 2.98 percent. Listings are "enormous compared with the last two years, but not compared with the five - year average," said association CEO Mark Allen. The market typically becomes more balanced in summer, as more houses are put up for sale. That's good news for buyers, who have more choices. and time to consider them than during the past two inventory- starved years. Page 13 Allen offered three reasons for price and supply rising together. One is "a reasonably strong job economy." Another is that in this area, median household income still is more than what's necessary for the median-priced home." And "unique to our marketplace, houses have been appreciating at a rate near 10 percent for the past few years, which has taught buyers that they're not going to pay any less for a house by waiting." Allen said that as long as median income exceeds what's needed to buy the median home, "that's going to keep upward pressure on home prices." He called that "a wonderfiil environment except for the pressure it puts on housing for those at lower income levels, such as teachers, police, nurses, firefighters and so on." Median income in the Twin Cities area is $76,700, and a household with good credit spending 30 percent of its income on principal and interest should be able to buy a house for about $230,100. Smaby said that interest rates, which remain below 7 percent, have helped keep many first -time buyers from being priced out of the market. Others have turned increasingly to attached home styles. Rising prices show in the value of closed sales: $6.124 billion through July, up 11.77 percent from the 2001 months. "It appears that we could have total sales near or even surpassing last year's record, which was 49,603 closed sales," Smaby said. -- Neal Gendler is at neendlerAstartribune.com. Page 14 'wnIQtes! homes still } increasing , , in value Local rise beats national average By Neal Gendler i Star.Tribune Staf j`'1Nriter . Twin Cities -area homeown- ers dismayed when they open their quarterly stock reports can take comfort that they may be readingthe_ dismal riews in- side one investment still gain- ing value their homes. . Twin Cities -area Realtor as- sociations released nine - month .sales reports Tuesday . showing that in the .13 -county metro area,, the.,median sale price was 8.3. percent higher' than .in the same period. last year, and 22.75 percent hi than two years ago. Milan price is the point at which half of sales are for more, half for less. "If . you purchased .a $150,000 house m 2000, your home would have increased in value by $34,000," .said Todd Jorgensen, president of the Southern Twin Cities. Associa- tion of Realtors. - Nine -month performance was ahead of the national mar- ket, with its 6.3 percent medi- an -price rise; according to. the National Association of Real- tors. Although closed sales in Oc- tober, the beginning of the fourth quarter, were down 5.2 percent from a year earlier, the PRICES frolin Di : median price rebounded to gional economy is a little more ,;. $1901000. stable, raising -buyer confi- dence ." dales ohg7� –e/ [�w /G(Jrnes For the first nine months, the median price was $184,000, ppushthe compared with $169,900 for / uj " median prlee the 2001 period, the associa- That rebound in median price indicated an increase in sales.of more - expensive homes; said Joanne Smaby, president of the Minneapolis Area Associ- ation of.Realtors. That price was 8.75 percent ahead of $175,000 for October 2001. Evidence for higher -end sales growth began in the third quarter, whet} the average price rdse faster than the med;- an price, said Minneapolis as- sociation CEO MazkAllen. Higher -priced homes typi- cally take longer to sell because there 'are fewer potential. buy- ers, and for the first half of this year, economic uncertainty ap- parently made. such sales even slower. By now, "if sellers had a home on the market and it hasn't sold, most likely they have reduced the price," said Smaby, an Edina Realty agent. "It also could be that the re- bons said, using Regional Mul- tiple Listing Service data. In those months, 38,587 home sales closed, an increase of 2.44 percent from the same period in 2001; last year set a record of annual sales, at 49,603 sales closed. The Min- . neapolis association said sales for the first nine months were 5.2.1 percent ahead of the five - year. average for'the period. The number of new listings processed continues to exceed last year's, and Smaby said there's "a strong opportunity", for another sales record. Despite -the economy and rising . home prices, "interest rates are very low and people are taking advantage of the growth in home value to sell and move up to a larger home, to one with more amenities, or to *a newly built home," said Jorgensen, a Prudential Pre- mier Realtors .agent.. "The low rates have given more renters the opportunity to buy, even with entry-level prises rising." — Neal Gendler is at ngendler@startrlbune.com. SECTION IV REPORT ON THE COMMERCIAL/ INDUSTRIAL ASSESSMENT c3 Page 16 Eo Report on the Assessment - Commercial /Industrial This report contains the following data: *County Ratio Study - compares the total Hennepin County Ratio Study to the City of Edina Ratio Study for the time period 10/1/01 - 9/30/02. Assessment Quality, as dictated by the Department of Revenue and other sources, requires that there be uniformity among strata and that our ratios fall between 90% and 105% of market value. In addition, Income - producing properties should have coefficients of dispersion 20.0 or less, and in larger, urban jurisdictions, 15.0 or less. Other real property (commercial /industrial) should have coefficients of dispersion which reflect the nature of the properties, market conditions, and availability of reliable market indicators. The following statistics indicate that the overall commercial /industrial assessment is good. cis Page 17 -18 L�ro Commercial /Industrial and Apartment Assessment District Maps c-s Page 19 -25 Er-�) Real Estate Sales Articles City of Edina vs Hennepin County C/1 Ratio Study 10/01 - 9/02 Commercial - Industrial Sales as of 1/04/03 Commercial -.Zbdustrial On average Commercial properties increased 1.7% while Industrial properties decreased 4.7%. After final adjustments to Commercial/Idustrial values the sales ratio data indicates: Median ratio - 98.7% Mean ratio - 97.5% COD - 9.9 Apartments .................................. . .................................. ............ . ................. ... ... ........................ ................................................ Number of Sales 8 112 Median Ratiio 106.60% 95.30% Mean Ratio (Average) 105.40% 94.80% Aggregate Ratio 107.20% 97.40% Coef. of Dispersion 14.2 14.5 On average Commercial properties increased 1.7% while Industrial properties decreased 4.7%. After final adjustments to Commercial/Idustrial values the sales ratio data indicates: Median ratio - 98.7% Mean ratio - 97.5% COD - 9.9 Apartments .................................. . .................................. ............ . ................. ... ... ........................ ................................................ .... .................... ..... .... ..................................................... t a CS:,::::,::6U ............. .... 0 ... ! .... :: .................................................................. ................................................... ...... ........................... ............ ...................................... ...................................... ....................... . ......... ... . ... .............................................. . ..... k Number of Sales 0 7 1 17 Median Ratio 77.70% 102.50% 89.90% Mean Ratio (Average) 76.80% 102.50% 90.50% Aggregate Ratio 76.70% 102.50% 94.50% Coef. of Dispersion 4.9 0 10.6 � ] On average Apartment property values increased 2.3%. After final adjustments to Apartment values the sales ratio data indicates: Median ratio - 102.5% Mean ratio - 102.5% COD - 0 04/09/2003 Page 16 ,I A .e a The Real Estate Outlook for 2003 A summary of remarks by Anthony Downs on December 4, 2002 Edited by Jack Rice'. General Economic Outlook for 2003 In his predictions for 2002, Downs was very accurate about real property markets but was too pessimistic about the economy in general, though not pessimistic enough about the stock market. Downs thought we would be in a mild recession for the first two quarters of 2002 and then start a slow recovery in the third quarter. In fact, real gross domestic product grew at a 5% pace in the first quarter of 2002, fell to 1.3% in the second quarter, then rose to 4% in the third quarter and will probably be around 2% in the fourth quarter, for an annual average of about 3.1 %. This is not a bad growth rate for the economy viewed from a long -run perspective. In the ten years from 1992 to 2002 the average real GDP growth rate was 3.3 %, yet the late 1990's was considered a high growth period. Downs said unemployment would rise to about 6% and it did in April. However, Downs thought unemployment that high would discourage consumer spending. Consumer spending as a percent of real GDP actually remained almost constant from 1992 to 1999, then rose in the period 2000 through 2002, probably because investment fell. But US consumer spending still powers economic growth all over the world. Consumers have been increasing their indebtedness more than their incomes are going up. In early 2002 their debt repayment burden rose to 14.1 % of personal disposable income, almost as high as the record of 14.4% in 1986. During the run up in stock prices in the late 1990's that escalated household net worth, consumer spending declined in relation to household net worth, from about 16% to 13% below its long term average of 15.3 %. The recent fall in stock prices has decreased household net worth, so this ratio is back to 15.1 %. So, from a long -term perspective, consumers are not spending excessively in relation to their incomes or their net worth, even though their debt has been rising recently. Therefore, if the economy continues to expand moderately as it has in of 2002, and unemployment does not rise much, there is no reason to expect consumer spending to decline sharply in 2003, which would really cause a fall in over -all economic growth. The world's major economic engine will keep on running. Downs pointed out last year that the American economy was not really in bad shape, and it has remained in that mild condition through 2002. Household incomes have remained high, unemployment stayed below past recession levels, interest rates remained sensationally low, housing markets have remained strong and total growth is not bad. In short, Downs says, 2002 was not a recession year at all but a year of moderately good growth. Yet, we felt bad about 2002 for several reasons: 1. First, the stock market took another nosedive. From the start of 2002 until November 27th, the NASDAQ composite index is down 25% and the S & P 500 has fallen 19 %. 2. Commercial real estate markets are suffering from adverse occupancy and rent conditions. The collapse of office space demand when the high tech stock bubble burst, has spread to a general decline in occupancy rates and rents. 3. Many specific sectors of the economy are doing very badly, and their plight affects many of us. The most obvious are airlines, hotels, and the travel world in general, plus the internet and telecom industries. These businesses are in the tank and many of their firms are near bankruptcy. State governments are also in a fiscal crisis as is shown by the 3-4 billion dollar deficit of the State of Minnesota. 4. Because of the above weak sectors, total employment has not grown much at all in 2002. In October 2002, there were only 300,000 more civilian workers employed than one year earlier /a growth of 0.2 %. There are fewer people working now than there were in 2000 or 2001. This lack of job growth affects both young and old people looking for work and is another reason we have not felt happy in 2002. Page 19 . + w 5. Another major reason we feel bad is the high level of generalized uncertainty we are living with l regarding terrorism and its implications for our lives. ➢ A major element of uncertainty is whether we will go to war against Iraq. What will happen if we do is impossible to predict reliably. Downs guess is there is a 60/40 probability that we will go to war, but not right away. Inspections and discussion will drag on through at least the first half of 2003 and perhaps for most of the year before a final decision about war is reached. In spite of all the above factors making us feel bad about the economy, it is not doing all that poorly. Incomes are high, unemployment is stable at low levels by historic standards, interest rates are low, inflation is nonexistent, housing markets Have remained quite strong, and certain sectors like defense and security are booming. Therefore Downs believes the economy will not go into a double dip recession in 2003 or 2004. Rather, moderate overall economic growth will continue in 2003, probably at a slightly steadier pace than in 2002. The MSP region will do even better. It's true that the rest of the world will not help us much. Japan is still in a deep deflation and cannot seem to overcome its banking bad debt burdens. Europe is bogged down with 10% unemployment and must restructure it's labor markets, (especially Germany), if it wants to remain competitive. Asia, outside of China, is not doing well either. China is growing rapidly 6 to 8% in real terms, but also has heavy bank debt burdens. (But China is becoming a key part of the worlds low -wage labor market for almost every developed nation, Downs quoted one study that claims there are 400,000,000 English speaking residents in China!) Overall state of the Twin Cities economy As usual, Downs says we are doing better than the nation as a whole in terms of almost all indicators. The unemployment rate in October 2002 was 3.6% in the Twin Cities area, up from 3.5% one year ago and 2.7% two years ago. But the national rate in October was 5.7 %. Total employment in this area was up 0.9% compared to 0.2% for the nation. Weekly hours and wages in manufacturing were about fiat in the last year. MSP has not really had any overall recession in our general economy here, though business has slowed, job growth has almost stopped, some people have shifted to lower income jobs and many corporations have announced big lay-offs. Commercial real estate markets in MSP have suffered and are experiencing rising vacancy. In fact, real estate markets have definitely experienced a recession and are still in It According to the NAIOP report, the overall office market experienced net negative absorption of 2.1 million st in the past year. Overall office vacancy rates soared to 17.3% from 12.5% one year earlier, and if sublease space is counted, the current vacancy rate is around 20 %. The Class A vacancy rate is 14.7 %. These vacancy rates are much higher than at any other time since 1992. The office market will not strengthen much in 2003. • The Industrial market is also suffering with the overall vacancy rate rising from 10.8% in 2001 to 13.5% in 2002. However, there was still positive net absorption of 400,000 st but that was 89% lower than the annual average of 3.5 million st in the preceding four years. The St. Paul east and Southwest sub markets, actually had negative net absorption. • Retail operations here have been relatively flat in the past year, with total sales about level except in the home furnishings business, whose high home sales have kept business brisk. Retail vacancy in this region is only 4.5 %. Across the nation, retail firms are still planning further expansion and leasing new stores — even though sales are not strong. • The housing market is a different story. Low interest rates and low unemployment have kept the demand for ownership housing strong. The number of homes sold in MSP in the first nine months was 38,000 plus, up from the record of one year earlier. The median priced home sold in October was $190,000, up 8.75% over one year earlier. Even high -priced homes, which had slumped in 2001, seem to being doing well. • However, the strong demand for home ownership has kept the apartment market weak, with vacancy rates in the 5 to 7% range, not the 2 to 4% levels, owners had loved. • Overall, the high diversified economy of the Twin Cities area, plus its excellently educated labor force will keep the economy in this region above that in the nation in 2003. Page 20 The National Election of 2002 and its implications • Downs feels that the most important change in the thinking of the American people as revealed by the 2002 election is the immense centrality of security in the thinking of the voters. The democrats greatly underestimated this factor, as they underestimated the president himself. The American people are very worried about domestic security, even though that has not yet had much direct effect upon their daily lives. They are not likely to support anyone who seems unconcerned about domestic security or defense, and will support those who are. ➢ However, the nation is not really much more secure today than we were on 9/11. Questions about the security of our seaports, the new government reorganization, which is just a paper change so far, the fact that local governments are still without much aid or intelligence from the FBI or anyone else in Washington and the whole questions about Iraq are uppermost in peoples minds. ➢ From an economic and real estate perspective, the pervasive uncertainty of all of these issues is constraining business investment, which we must revive in order to return to the mid 1990'x. Yet it is very unlikely that these issues will be resolved, so business investment will still be weak in 2003 and that will prevent the economy from moving into a much stronger economic expansion. • An important implication of the concern over the security to the real estate markets is the cost of insurance. Initial estimates of how costly insurance would be were too high, but insurance costs will go up a lot for all real estate properties. So will security costs of other types for real estate properties. Where are we in the real estate cycle? • Last year Downs pointed out that in late 2000 we entered the overbuilt phase of the three phase real estate cycle. He said that this overbuilt phase was not nearly as bad as the one we entered in 1990. Why not? Because this one was not caused so much by massive new construction, as in the late 1980's, as by a sudden shrinkage in demand. - especially for office space — when the internet bubble burst. Downs said the overbuilt phase would get worse throughout 2002, and it did. The overall office vacancy rate in 50 regional markets as reported by CB Richard Ellis, was 15.1% in the third quarter of 2002, versus 12% in the same period in 2001. • The overall industrial vacancy rate in 42 regional markets as reported CB Richard Ellis in the third quarter of 2002 was 11.4 %, up from 9.5% one year earlier. New industrial construction was about 9 million s.f. versus 34 million s.f. in the first quarter of 2000 a drop off of 74 %. • Apartment vacancy rates nationally were at 10.4% in the second quarter of 2002, versus 10.8% in the first quarter and 9.1% in the first quarter of 2001. This was the first quarter since mid 1999 that vacancy rates have not risen. Rents have stopped rising and in some markets are declining. • When will the overbuilt phase end, and the next phase — a gradual absorption phase — begin? That will happen when market conditions stop getting worse, but before they get good enough to stimulate more new development. This generally happens when the economy begins growing, but has not yet stimulated enough new demand to cause rents to rise. Office vacancy rates nationwide are about 5% below their peaks in the early 1990's, for both downtowns and suburbs. The rise in office vacancy from mid -2000 to now is the sharpest vacancy rise in the history of this statistical series, with both downtown and suburban rates doubling in two years. In the early 1990's, it took seven years for the national downtown vacancy rate to fall from about 17.5% to 9 %, it took 5 years for the suburban vacancy rate to do the same. The national development boom period of the late 1990's began in about 1997 and lasted for three years; so it began well before vacancies hit their low points. Thus the gradual absorption phase began about when vacancies started to decline in late 1992 or early 1993, and lasted from three to four years, after the overbuilt phase had also lasted three to four years. Therefore the current overbuilt phase — which began in 2000 — will probably last through 2003, and slowly transform into the gradual absorption phase as space markets start to soak up their present high vacancy levels. Downs does not expect any new office space development in 2003. But Page 21 by the last quarter vacancies may start falling. Probably the same forecast applies to the industrial market, though it has not seen as rapid an increase in vacancies as office markets. ➢ These projections indicate that the next development boom phase, the third phase of the cycle, will not start before 2005, and that would be early. If the gradual absorption rate lasts three years, the neat boom would not arrive until 2006 at the earliest. * ** According to Downs, one clear implication of the above analysis is that property management should receive primary attention from all property owners. During the overbuilt and gradual absorption phases, the key function to emphasize is management of existing properties, rather than acquisition or creation of new properties. This means tight expense control, proper investment in capital improvements, and no skimping on promotion of new business Maintaining your competitive advantages in periods of relatively low revenues is a continuing challenge to your management skills. There is one notable exception to the preceding cyclical analysis, and that is ownership housing. There has been a spectacular housing boom in the past few years. "Is it a bubble and will it burst ?" • New housing starts in 2002 have been averaging an annual rate of about 1.9 million units, including manufactured housing. From 1996 through 2002, the average annual number of units built — including manufactured housing — exceeded 1.8 million units. That is higher than at any comparable period since the early 1970's when we were building over 400,000 federally subsidized units per year. What has caused this boom in housing construction? 1. In the mid 1990's, strong general prosperity and low unemployment empowered more people to become homeowners. 2. Low mortgage rates have had a huge positive impact upon home buying. 3. There has been encouragement of home buying by federal housing and finance policies, with low down payments, the home 6 program, helping poor households buy homes, and massive mortgage finance from Fannie Mae and Freddie Mac, plus continued tax advantages for home ownership. 4. Steady increases in home prices that made owning quite profitable. From 1990 to 2002, the median price of single family homes sold rose 70% or a compound annual rate of 4.5 %. In the last half of the 1990's it rose 40% or at a rate of 5.8% per year. If you buy a home with a 20% down payment, and it rises in value 5.8% per year, that is a 29% return on your equity investment. 5. The last factor stimulating home purchasing has been the collapse of stock prices. That made home ownership seem like a much safer and more reliable means of saving. • But some observers believe home prices have risen so much that they are in a "bubble" and could experience rapid declines if that bubble burst, as it did in stock values. Downs does not believe there is any similarity between intemet stock prices in 2000 and housing prices. 1. Almost every home has an occupant household with an income that supports that home. Unlike office space, where occupancy can suddenly drop 20% as firms withdraw from the market or go broke, all households have to live somewhere, so there can be no sudden collapse of occupancy. 2. If mortgage interest rates rose suddenly, or unemployment soared, then the demand for homes could slow down and prices could stabilize or even decline. But in periods when that happened, such as in Southern California in the early 1990's, though prices declined, they did not collapse, and there was no massive withdrawal of demand from the market. 3. Most home owners do not have to sell their homes so they have reservation prices below which they will not go. Instead they will itay where they are and wait for improved market conditions. There are about 80 million single family units in the nation, and just under 6 million are sold in good years. That means only 7.5% of the inventory is sold each year — 92.5% of all owners stay put. This ability of owners to postpone selling keeps prices from plunging suddenly. Page 22 4. Housing market price weakness arises mainly in areas which are declining in population because of out - migration, or in growing areas where it is easy for builders to create new units and therefore over- supply the market. But today's home building industry is dominated by big firms that keep tight control on how many units they build. They can quickly stop production if inventory builds up. So market oversupply of single family homes are rare, except in declining areas. The present paradoxical aspect of commercial property markets • Why have market prices of many commercial properties remained strong in spite of basically deteriorating conditions in space markets? This is the opposite of what has normally happened in all previously overbuilt phases of the real estate cycle. ➢ One example of this paradox is that prices of REIT shares have moved in the opposite direction from the prices of most stocks. In the same period from the end of 1999 to now, when the major stock indices have all plunged, the NAREIT equity RETT index increased significantly. From the end of 1999 to its peak of 3900 in April of 2002, that index rose 77.7 %. Why should property prices be rising when the outlook in space markets is bad and getting worse? This is contrary to conditions in nearly all past real estate cycles. The answer is that investors believe both current yields and future prospects for well occupied real properties are superior to those in major alternative types of assets — namely stocks and bonds. The burden of having a risky reputation because of a possible value collapse has shifted from commercial real estate (where it was in the 1990's because of the debacle of 1990 - 1993) to stocks, especially high tech stocks, because of the bursting of the dot com and telecom bubble of 2000. ➢ This situation should prove once and for all that real estate is an asset class, separate from stocks and bonds, and that the values of real property moves in a cycle that differs in timing from the timing of stock and bond price movements. As a result, diversification of large asset accumulations by owning notable amounts of commercial property makes sense, .though pension funds have been slow to do so. However, the enthusiasm of investors for commercial properties is limited to those that are well occupied, preferably with good credit tenants who have leases that will not roll for at least the mid term. So the counter trend movement of property prices is confined to a sub portion of the whole market. • How long can this paradoxical situation last? Two risk factors might end favorable pricing for even well occupied properties. 1. The first risk is that space market conditions become so bad that investors become leery of buying even well occupied properties with solid credit tenants. 2. The second risk is that strong economic growth occurs, causing a significant rise in general stock prices. If yield seekers shifted capital away from real properties as yields on other assets rose, the upward pressure on property prices would diminish, and such prices might fall. However, this change would be partly offset by falling vacancy as demands for space rose along with general prosperity. • This means the best case for RETT shares is strong enough general prosperity to keep space markets from deteriorating further, but weak enough to keep other stock prices from having big appreciation. • Another factor in this situation is a huge amount of money in the hands of investors who want to put it somewhere that will earn them some returns. That overhang of cash is what has caused private investors to bid up prices of good properties in spite of poor market conditions. Until some other alternative emerges as superior to either properties themselves or REI T shares, some of the cash laden investors will stick with real estate as superior to others prospects. • An implication from the above analysis is that the attraction of any type of asset to investors is not based solely on its own absolute performance, but on its performance in relation to the alternatives. If the alternatives look terrible, an asset class can look good even if its own fundamentals aren't terrific. On the other hand, when an asset classes fundamentals are great — as were those of commercial property markets from 1996 through 1998 — with the Page 23 likely performance of other asset classes seems much more spectacular — as did those of internet and high tech stocks then — the first asset class may be ignored by investors, and languish in value as REITs did then. This is one of the results of more completely integrating real estate capital markets and all other capital markets in the 1990's. It means Downs cannot predict real estate conditions without also predicting stock market conditions which Downs says no one can do! 2. Until general economic activity rises enough to drive up yields on alternative investments, the current paradoxical situation in commercial real estate is likely to persist. ** *This means entrepreneurial owners of older, or relatively obsolete buildings with strong occupancy and yields should consider selling them now if they can still get good prices, before a return of general prosperity sucks yield - hungry money back into stocks and bonds. The most difficult decision in most asset markets is knowing when to sell, and now may be the time. Some results from the 2000 census that may be relevant to MSP real estate decisions: In a dispersion of jobs study of the 2000 census, the Twin Cities region was in a moderately centralized group — those regions that had 10 to 25% of their workers within 3 miles of the CBD and over 60% within 10 miles of the CBD. Specifically, MSP had 12.6% of workers within 3 miles, 50.8% from 3 to 10 miles and 36.6% beyond 10 miles. In population growth alone the MSP 13 county Metropolitan area grew from 2.539 million in 1990 to 2.964 million in 2000, a gain of 425,412 persons or 16.8 %. That was faster than the nation as a whole (13 %) and was one of the fastest growing Metropolitan areas in the Midwest. Our two central cities combined grew by 30,000 people, or about 5 %, which was only 7% of the total gain of our entire region. Thus the suburbs of the MSP region captured 93% of the MSA growth in the 19901s, though they contained only 77.2% of the region's population in 2000. The inner ring of suburbs within the MSA had virtually no population growth in the 1990's and of the 27 fully developed suburbs, 13 lost population. Traffic Congestion • Downs argues that although no one likes traffic congestion, traffic congestion is not the problem — it is the solution to another deeper problem. The real problem is that our society is organized so that too many people want to travel each day on the same roads during the same hours — because traveling then enables them to pursue certain basic goals they highly value. ' Yet we have a limited road supply that cannot handle all of them at once. Not only do most of our people want to work at the same time so they can interact easily with others making our economy work efficiently, this same need applies to schools where we need most of the students to be in school at the same time as well. In addition most Americans want to travel in privately owned automotive vehicles, rather than public transit, because such vehicles are usually faster, more private, more comfortable, more flexible as to timing, and more capable of multiple errands. • Downs argues there are four possible solutions to the resulting problem. The first solution is charging tolls to travel on all major roads during peak hours, and setting the tolls high enough so that the number of users is kept low enough to allow rapid traffic flows. 2. The second solution is building enough new roads to handle all the people who want to travel during peak hours without congestion. 3. The third solution is to shift enough people from private vehicles to public transit to get those still left on the roads down to a number where all travel fast at once. • Of the first three solutions, none are possible because of the regressive and politically unacceptable aspect of the first solution, the impossible cost of the second solution, and the fact that even if we triple the percentage using public transit, that would only move about 7% of cars to transit and that is less than 10% of those now using private vehicles. So doing that would not reduce congestion much. In fact, the regions with the best public transit systems Page 24 . are among those with the worst traffic congestion. Equally important, public transit can't efficiently serve low - density residential areas and the vast majority of growth areas in the U.S. have low density. Most of the growth in the MSP is occurring in outlying low- density areas. This implies that the new light rail system will not reduce our region's traffic substantially, or for very long. 4. The fourth solution to traffic congestion is having people wait in line to get on the limited supply of roads during peak hours, and move slowly once they are on those roads. That solution is what we call traffic congestion. It is the only method we can actually carry out. In fact, peak hour traffic congestion is inescapable and cannot be eliminated from any region, once it has arisen there. It is an inherent part of living in any large and growing metro area, especially in the U.S. where we will add 60 million people from 2000 to 2020. The overall real estate summary In 2002 the MSP economy in general was not all that bad, with moderate growth in production and low unemployment rates plus steady incomes, but almost stagnant employment. But we felt bad about 2002 for several reasons, especially affected those involved in the commercial real property markets. Looking ahead, 2003 in general will be a lot like 2002. The overall economy will continue to grow in the 3% range, driven by continued high levels of consumption and continuing but slowing housing market prosperity. Interest rates will remain relatively low, favoring real estate in general. Inflation will be non - existent. Real estate space markets will not get much better, though Downs doubts that they will deteriorate further nearly as much as they did in 2002. The depressed sectors of the economy, like airlines, are not going to do much better either. The nation will remain heavily influenced by feelings of insecurity in relation to terrorism and the big unknown factor of whether or not there will be a war with Iraq in 2003. Commercial property markets will remain in their overbuilt phase of the cycle in all of 2003, though they will stabilize towards the end of the year. What will happen to property values will depend heavily upon what happens to the stock market. If stocks in general remain low or fall lower, a lot of capital will remain focused on real estate, especially REIT shares because of their high dividends. If stocks start to move up significantly, there is a risk that at least some capital will move out of both REIT's and direct property purchases into stocks. • 2003 is a year in which property owners should emphasize property management because opportunities for developments will be almost non - existent. It is a year in which continued uncertainty about many of the elements Downs has discussed, makes all predictions unusually risky. So for the coming year, Downs motto is: "Much uncertainty, in 2003, means you won't have fun, until it's done." Bgr /downsrnw Real Estate outlook for 2003.doc Page 25 SECTION V HENNEPIN COUNTY RATIOS cis Page 26 �--) Hennepin County Ratios This report lists all sales ratios for residential properties in Hennepin County as determined by the Hennepin County Assessor's Office. Hennepin County Ratio Studies Spring 2003 Municipality Sales Median Mean CODI Municipality Sales Median Mean COD Bloomington 840 95.7% 96.6% 7.0 Medina 45 95.6% 97.3% 6.5 Brooklyn Center 376 96.5% 96.9% 6.5 Minneapolis ** 4970 96.5% 98.0% 11.1 Brooklyn Park 827 95.1% 95.3% 5.9 Minnetonka 475 97.5% 97.3% 5.5 Champlin 294 97.7% 98.0% 6.4 Mtka Beach 3 95.8% 98.3% 5.4 Corcoran 35 96.0% 98.2% 6.0 Minnetrista 54 96.6% 95.1% 8.4 Crystal 375 95.1% 96.0% 6.0 Mound 145 96.5% 96.4% 8.7 Dayton 29 96.5% 96.8% 8.3 New Hope 208 95.8% 95.6% 5.3 Deephaven 51 95.2% 96.8% 7.0 Orono 110 95.9% 96.9% 8.2 Eden Prairie 617 95.7% 96.0% 5.4 Osseo 26 94.8% 95.3% 6.6 Edina 503 96.1% 96.6% 8.3 Plymouth 596 95.3% 95.3% 6.8 Excelsior 25 95.0% 93.7% 5.9 Richfield 485 95.7% 96.0% 6.7 Golden Valley 238 95.6% 96.9% 7.7 Robbinsdale 245 95.1% 95.9% 2.7 Greenfield 15 97.0% 98.3% 8.2 Rockford 2 98.3% 98.3% 4.7 Greenwood 12 96.1% 95.5% 6.9 Rogers 57 95.3% 95.5% 4.7 Hanover 1 95.1% 95.1% 0.0 St. Anthony 55 95.8% 96.7% 7.1 Hassan 16 97.2% 95.8% 5.5 St. Bonifacius 33 96.0% 98.6% 7.6 Hopkins 108 94.6% 95.9% 6.3 St. Louis Park 597 95.7% 96.8% 6.9 Independence 22 96.6% 97.3% 4.9 Shorewood 90 96.5% 96.5% 7.6 Long Lake 26 95.4% 95.2% 6.1 Spring Park 6 96.3% 96.8% 4.8 Loretto 11 96.7% 96.2% 5.1 Tonka Bay 30 95.1% 96.6% 7.9 Maple Grove 606 96.1% 96.0% 4.7 Wayzata 32 96.8% 95.0% 5.7 Maple Plain 19 95.6% 95.6% 5.4 Woodland 7 95.6% 97.1% 3.5 Page 26 U SECTION VI MARKET VALUE ADJUSTMENTS c,>3 Page 27 Eo Market Value Adjustments This chart shows the percent change in actual dollars of market value for the major property type groups in the city. The gross change in market value includes new improvements made to properties for the 2003 assessment. The net change represents adjustments to value due to changes in the real estate market. GROWTH ANALYSIS REPORT AS REPORT YEAR: 2003 1 tEPORT: 601 )ATE /TIME: 01/28/03 12:10 PM CITY OF EDINA SUBMITTED PAGE: 2003 GROWTH ANALYSIS REPORT GROWTH 2002 PARCEL 2003 MKT -VALUE IMPROVEMENT AMOUNT NET CHANGE CHANGE PARCEL COUNT CATEGORY MKT -VALUE COUNT APTS 259,682,300 71 267,979,100 2,320,200 71,100 5,976,600 1,221,200 2.3 8.2 72 82 BLIND COMM 14,904,600 1,017,383,600 81 292 16,196,900 1,051,978,000 17,439,500 17,154,9000 1.70 29911 COMMON GRN CONDO 495,519,000 99 5470 555,730,400 16,376,500 43,834,900 8.8 5439 322 COOP(XC) 29,477,500 323 29,410,000 67,500- 49,400 .2- 2.4 12 DISABLED DUPLEXES 2,099,900 70,111,200 12 203 2,149,300 77,885,600 7,774,400 11._1 199 94 IND 183,383,000 90 175,452,400 724,400 8,655,0000- 4.70- LANDAPT 305,100 15,172,800 4 77 305,100 15,439,000 266,200 1.8 76 LANDCI LANDRES 24,762,000 265 27,848,500 3,086,500 261,400 - 12.5 21.6- 244 28 RAILROAD RES 1,210,400 4,155,770,100 28 11521 949,000 4,357,129,500 30,222,300 171,137,100 4.1 11368 1056 RESLAKE 542,386,700 951 660,207,000 4,341,100 113,479,200 246,800 20.9 5.6 18 ''ti SEASONAL 4,400,600 18 502 4,647,400 189,968,500 29,178,100 18.1 603 TOWNHOUSE TWINHOMES 160,790,400 71,216,600 259 76,639,800 5,423,200 7.6 263 3 tv v UTILITIES 64,800 3,395,900 3 5 -64,800 3,529,300 8,800 0 124,600 .0 3.7 OTHER TOTAL 7,052,036,500 20274 7,513,509,600 71,503,900 389,9�T200 5.5 20274 6.5 5.5 CHANGE V `, 1 SECTION VII 2003 REVIEW AREAS cis Page 28 -30 L)o Review Areas Description of upcoming review areas. SECTION VII 2003 REVIEW AREAS 2003 Residential Review Area During the upcoming year the goal of the Assessing Department will be to complete our first quartile review (since completion of the Vanguard Project) for the 2004 assessment. This will allow us to maintain property record data resulting in more equitable assessments. Then, with current and verified data in place, we will implement a computer aided mass appraisal system (LAMA) using LOGIS software. Our goal is to achieve a much higher degree of equalization between the varying structure types in Edina while maintaining our high ratio standards with Hennepin County and the Department of Revenue. Because we are dealing with an ever - changing market CAMA models will never be able to value 100% of all properties accurately every time. Studies however have shown that in most cases 85% of the properties fit the model. The remaining 15% require more constant attention from staff and in some cases will need to be valued manually on an annual basis once identified. Once new values have been calculated, edits run and ratio studies completed value notices will be mailed reflecting the results. We currently plan on holding what are called "Open Book" sessions prior to the Board of Appeal and Equalization if the results indicate large variations in value. This will allow residents the opportunity to come in and meet with an appraiser prior to the Board of Appeal and Equalization. They will be able to ask any questions they have about their value and the data we have on their property. 2003 Commercial Review Area • Continued Conversion of all Property Record data to Field Card system ( LOGIS) • Continued Review of Retail Properties • Exempt Assessment General Comments Each year we are faced with issues (be it legislative directive or other mandate) that may impede the progress of our review. Currently we are short one appraiser. He was called to active duty the first week of January and may be gone for up to two years. This makes accomplishing all of the above - mentioned goals challenging. In addition, 2003 will be a year of transition as we will be moving to an upgraded LOGIS property data system, working on CAMA tables and most importantly continuing development of accurate land values. Additionally, for 2004, we are required to complete the Exempt Assessment. This is required every sixth year and was last completed in 1997. The foundation for a sound CAMA system is the proper determination of land value — as indicated previously, we will maintain the work completed for the 2003 assessment and work toward improving the current system. The second critical area is to have fully completed property record cards that are maintained through quartile reviews. That requires an interior and exterior inspection of each home to collect all the pertinent characteristics for each property. The same process will apply to Commercial /Industrial properties for the upcoming assessment. Minnesota Statute 273.08 requires each county and city to complete quartile reviews. In other words, each year 25% of the jurisdiction (by law) is required to be physically inspected and reviewed. That information is then used to value the entire city each year. With current and accurate data characteristics the result will be an even more uniform assessment. Page 28 The City of Edina currently has approximately 12,809 single - family residential properties. This does not include doubles, zero lot line residential, condominiums, town - homes, apartments or commercial /industrial properties. Each year four staff appraisers are responsible for valuing 20,758 parcels in the City of Edina. This equates to 5,190 parcels per appraiser and 2,966 per employee. Page 29 SECTION VII 2003 REVIEW AREAS — continued— The International Association of Assessing Officers (IAAO) has conducted a study on staffing patterns and the affect of computerization. Their study included maintenance cities as well as cities which deal with complete reappraisal programs. The inclusion of maintenance cities tends to skew these numbers upward. If they were not included the resulting numbers would be more representative of the situation we are faced with in Edina. Their findings follow: Parcels per employee (rounded) Type of Gov. Sample Size Mean Median City 172 2,200 2,100 City with Computer 127 2,500 City without Computer 42 1,500 These finding compare to our 2,966 parcels per employee. In order for us to complete our quartile review (as required by law) we need to review 5,190 parcels per year with only four appraisers. As in the past, with the current staffing level, we will continue to struggle with the completion of review areas for 2004 and beyond. Our goal, as we continue our review process, is first and foremost to have a complete and thorough database enabling production of the most accurate assessment as possible with the current data at hand. Page 30 SECTION VIII HOMESTEAD & VALUE NOTICE EXPLANATIONS cis Page 31 -32 Eo Explanation of Homestead Filing /Valuation Notices Homestead explanation. Value notice explanation. cis Page 33 -34 �--) Sample Valuation Notice Example of 2003 value notice. c-s Page 35 -36 e-) Maps Indicating properties qualifying for Limited Market Value and This Old House exclusion. SECTION VIII EXPLANATION OF HOMESTEAD FILING /VALUATION NOTICES Homestead Filin To qualify for the homestead classification, a person must: • Be one of the owners of the property, or be a qualifying relative of at least one of the owners; • Occupy the property as his /her primary residence; and • Be a Minnesota resident. Minnesota Statute 273.124, Subd. 13 requires each person who meets the homestead requirements to file a homestead application with the assessor to obtain homestead for the first time. Once the initial homestead application is filed and the property is granted homestead status, there may not be a need to file a homestead application again as long as the property is owned and occupied by the same party. New owners and /or occupants are required to file an application with the City Assessor, and a homestead card is mailed, and must be returned, to verify initial occupancy. Valuation Notices On Tuesday, March 4, 2003, valuation notices were mailed to all owners of property in the City of Edina. (See sample at the end of this section) The assessor is required to include the following information on each valuation notice mailed to taxpayers: 1. Assessor's Estimated Market Value The most probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures. 2. Limited Market Value (M.S. 273.11, Subd. 1a) The Legislature passed a law imposing a limit on how much the previous year's limited value is permitted to increase from one year to the next. Under the law, assessors are required to continue to estimate the market value of all properties. However, the law requires the use of a limited market value for purposes of determining property tax bills for all classes of residential property. The limited value may be different from the assessor's estimate of market value depending on the amount of market value increase from one year to the next. 3. Oualifvinci Value of New Improvements (M.S. 273.11, Subd. 16) Qualifying homes 45 years of age or older may be eligible to receive a temporary exemption on all or a portion of the assessor's value estimate for certain newly constructed improvements. To qualify for exemption, the property must be 45 years of age or older at the time the improvement commences and the property must be receiving the homestead classification. In addition, a building permit must have been taken out if one is required and a timely application must be made with the assessor. More information may be obtained from the Edina Assessing Department. Page 31 SECTION VIII EXPLANATION OF HOMESTEAD FILING /VALUATION NOTICES — continued- 4. Taxable Value (After subtractina anv aualifvina imorovements) (M.S. 273.121 The taxable value is the final value used to calculate the property tax after the assessor's estimated market value is adjusted because of any and all limitations and reductions explained in items #2 and #3 above. 5. Properly Classification The Property Classification is the class that has been assigned to a property based upon the use of the property. If the property is vacant land and there is no existing use, the property is classified according to its highest and best use, the most profitable legal use of the land. Individual classes of property have different class rates, which are established by the state legislature and are uniform on like classes of property throughout the state. Depending on the class rate of the property, final taxes may be more or less than another property of the same market value with a different class rate. 6. Green Acres Green Acres is a tax deferment program for agricultural property. The deferment is designed to protect farm land from valuation increases and tax increases resulting from outside economic influences such as urban sprawl or the proximity of the farm to a lake or river. Page 32 City of Edina, Minnesota 4801 West 50th Street • Edina, MN 55424 -1394 ■ (952) 826 -0365 ■ FAX: (952) 826 -0390 ■ TTY: (952) 826 -0379 2003 Notice of Valuation and Classification For taxes payable in 2004 — This is NOT a bill Property Identification Number: (PID) Property Location: (SITE ADDRESS) (OWNER1) PRINT DATE (OWNER2) (OWNER3) (OWNER4) (OWNER5) The values indicated are for the January 2, 2003, Assessment for taxes payable in 2004. The prior data has been included for comparison purposes. 2002 for 2003 Taxes 2003 for 2004 Taxes Property Classification: (2002 PROP TYPE) (2002 2nd PROP TYPE) (2003 PROP TYPE) (2003 2' PROP TYPE) (2002 HMSTD) (2003 HMSTD) Estimated Market Value: (2002 MKT VAL) (2003 MKT VAL) Limited Market Value: (2002 LMV) (2003 LMV) Value of New Improvements: (2002 IMPROVE) (2003 IMPROVE) This Old House Exclusion: (2002 TOH) (2003 TOH) Taxable Market Value: (2002 TAX MKT ) (2003 TAX MKT Est. Market Value Deferred: (2002 G -O -P) (2002 DEF DESC) (2003 G -O -P) (2003 DEF DESC) Appealing the Value or Classification of Your Property If you disagree with the values or classification of your property for 2003, please contact the Edina Assessor's Office first to discuss your concerns. Often your questions can be addressed informally at this level. (952) 826 -0365 Appeal Option #1 — Boards of Appeal and Equalization I You may appear before the Boards of Appeal and Equalization in person, by letter, or through a representative authorized by you. Step #1 - City of Edina Board of Appeal and Equalization If you believe your value or classification is incorrect, you may bring your case to the Local Board of Appeal and Equalization. Please contact the Edina Assessor's Office for more information. The Board convenes at 5:00 PM, on Monday, April 14, 2003, in the Council Chambers, City Hall, 4801 West 50th Street, Edina, MN 55424. If you wish to make an appeal before the local board an application is required no later than Thursday. April 3. 2003. Step #2 - Hernepin County Board of Appeal and Equalization _ _ _ _ _ _ If the Local Board of Appeal and Equalization did not resolve your concerns, you may bring your case to the County Board; of Appeal and Equalization. The County Board of Appeal and Equalization begins on June 16, 2003, Hennepin County Government Center, 600 South Sixth St., Minneapolis, MN 55487. Application is required no later than June 9, 2003. To appear before the County Board you must have appeared before the Edina Board of Appeal and Equalization. Phone: (612) 348 -7050. [TTY (612) 348 -3461 Teletype] Appeal Option #2 — Minnesota Tax Court Small Claims Division You may take your case directly to the Small Claims Division of Tax Court if: ■ The assessor's estimated market value of your property is less than $300,000; or ■ The entire parcel is classified as a residential homestead (1 a or 1 b) and the parcel contains no more than one dwelling unit; or ■ The entire property is classified as an agricultural homestead (2a or 1 b); or ■ You are appealing the denial of a current year application for homestead classification of your property. Regular Division - - Regardless of your property type or the nature of your claim, you always have the option to file directly with the Regular Division of Tax Court. You have until April 30, 2004, to file an appeal with the Small Claims Division or the Regular Division of Tax Court for this year's valuation notice. For more information, contact: MN Tax Court, 25 Reverend Dr. Martin Luther King Jr. Blvd., Room 245, St. Paul, MN 55115 Phone: 651 - 296 -2806 [TTY Relay (800) 627 -3529 Teletype] Web site: www.taxcourt.state.mn.us E -mail: infoCa)taxcourt.state.mn.us Page 33 City of Edina 4801 West 50th Street Edina, MN 55424 -1394 IMPORTANT: Property Tax Information Valuation Notice ( OWNER1) ( OWNER2) (OWNERS) (OWNER4) ( OWNER5) IMPORTANT INFORMATION AND DEFINITIONS This notice is to inform you of the market value and classification of your property for assessment year 2003. The property taxes you will pay in 2004 will be based on this valuation and classification. If you believe your valuation and property class are correct, it is not necessary to contact the assessor or attend the meeting listed on this notice. Property Classification The statutory classification that has been assigned to your property based upon your use of the properly. A change in classification of your property can have a significant impact on the real estate tax payable. Please compare the 2002 and 2003 classifications listed on the other side of this statement: Estimated Market Value This value is what the assessor estimates your property would likely sell for on the open market State law (M.S. 273.11 Subd.1) requires assessors to value property at 100 percent of market value. Limited Market Value (M.S. 273.11, Subd.1a) Limits how much the taxable value of certain properties can increase. With the exception of new improvements, the value is limited to the greater of 1) 12 percent increase over last year's limited value or 2) 20 percent of the difference between this year's estimated value and last year's limited value. This only applies to agricultural, residential, timberland, or noncommercial seasonal recreational residential (cabin) property. Value of New Improvements This is the assessor's estimate of the value of new or omitted improvements you have made to your property. These improvements are not eligible for limited market value. This Old House Exclusion (M.S. 273.11, Subd.16) Applies only to homestead property 45 years of age or older and valued at less than $400,000. Improvements that increase the estimated market value by $5,000 or more may have some of the value exempted. Only improvements made before Jan. 2, 2003, and assessed for the 2003 assessment will qualify for this exclusion. More information on this exclusion may be obtained by contacting your Assessor's Office. Taxable Market Value (M.S. 273.121) This is the value that your property taxes are actually based on, after all reductions, limitations, exemptions and deferrals. Your 2003 value, along with the class rate and the budgets of your local government, will determine how much you will pay in taxes in 2004. Market Value Deferred -Green Acres -Open Space Only applies to agricultural -open space property that is facing increasing values due to development pressures not related to the agricultural - open space value of the land. The assessor anives at this lower value by looking at what comparable agricultural -open space land is selling for in areas where there is not development pressure. The taxes on the higher value are deferred until the properly is sold or no longer qualifies for the program. Market Value Deferred -Plat Deferment For land that has been recently platted (divided into individual lots) but not yet improved with a structure, the increased market value due to platting is added over a 3 year phase -in period. If construction begins before the expiration of the phase-in period, the lot will be assessed at full market value in the next assessment Commercial /industrial Property (M.S. 273.13, Subd. 24) Each parcel of commercial and industrial property has a reduced, "preferred" class rate on the first tier of market value ($150,000) and a "non- preferred" rate on the remaining market value, except in the case of contiguous parcels owned by the same person or entity. Contiguous properties are classed at the "non - preferred" rate. Please call your assessor for details and exceptions. Page 34 THIS OLD HOUSE 638 - This Old House Parcels N $7,582,700 - Value Excluded From Tax lase Id ■ I . • I] IL ■ ■ I 04 jp- MrT Prepared by Edina Assessing Office March 26, 2003 Page 35 =I PUT Id ■ I . • I] IL ■ ■ I 04 jp- MrT Prepared by Edina Assessing Office March 26, 2003 Page 35 =I LIMITED MARKET VALUE 15,199 - # of Parcels With a Limited Market Value $575,413,600 - Value Not Taxed Due to LMV 0I Prepared by Edina Assessing Office March 26, 2003 ia SECTION IX DEFINITIONS cq Page 37 � Definitions Definitions of various assessment terminology. SECTION IX DEFINITIONS • Median Ratio The midpoint or middle ratio when a set of ratios is ranked in order of magnitude; if the number of ratios is even, the midpoint or average of the two middle ratios. • Mean Ratio The result of adding all the ratios of a variable and dividing by the number of ratios. For example, the arithmetic mean of 3 and 5, and 10 is 18 divided by 3, or 6. Also called the arithmetic mean. • Coefficient of Dispersion (COD) The average deviation of a group of numbers from the median expressed as a percentage of the median. In ratio studies, the average percentage deviation from the median ratio. • Coefficient of Variation (COV) The standard deviation expressed as a percentage of the mean. • Price - Related Differential (Index of Regression) The mean divided by the weighted mean. The statistic has a slight bias upward. Price - related differentials above 1.03 tend to indicate assessment regressivity; price - related differentials below 0.98 tend to indicate assessment progressivity. • Assessment Progressivity An appraisal bias such that high -value properties are appraised higher than low -value properties. • Assessment Regressivity An appraisal bias such that low -value properties are appraised higher than high -value properties. • Sample Sufficiency Gauge High Range minus the Low Range divided by 2.0 times the Frequency. Result is then taken to the .5 power. Result under 1.00 indicates a statistically valid sample. Page 37 SECTION X TAX CHARTS cis Page 38 -39 Er.) Edina Tax Rates Payable in 2003 This chart shows the various Tax Capacity and Market Value Extension Rates, Effective Tax Rates, District Tax Rate Tables. cq Page 40 Er-) Comparison of 2002 and 2003 Total Tax Capacity Rates This chart compares the Tax Capacity Rates payable in 2002 with the Tax Capacity Rates payable in 2003 for 20 major metropolitan municipalities. The Tax Capacity Rates shown are actual rates representing the largest taxing district (School District / Watershed) in the municipality. In order to show relative taxing levels, the 2003 Tax Capacity rates were sorted from lowest to highest. HENNEPIN COUNTY TAXPAYER SERVICES DEPARTMENT - PROPERTY TAX - TAX ACCOUNTING - SETTLEMENTS Final 2003 Property Tax Rate Breakdown City or Town Rates Tax Capacity Market City/rownship and Code Rate Value Rate Minneapolis 01 63.883% 0.001840/6 Chanhassen 14 39.049% 0.051040/6 Woodland 15 11.099% 0.07697% 0.20339% Spring Park 17 39.730% Waconia 110 Greenwood 19 18.137% Watertown 111 Bloomington 20 34.715% Hopkins 270 Brooklyn Center 22 52.792 °k 0.05290% Edina 24 27.139% 0.01139% Shorewood 26 31.923% Edina 273 Golden Valley 28 46.954 °k Minnetonka 276 Hopkins 30 56.100% Westonka 277 Minnetonka 34 30.945% 0.00795% Minnetrista 36 33.547% Osseo 279 Orono 38 19.870% Richfield 280 Plymouth 40 23.455% 0.01029% Richfield 42 38.998% St Anthony 282 Robbinsdale 44 40.7950/6 0.02971% Saint Louis Park 46 36.390% Wayzata 284 Brooklyn Park 48 43.839% 0.03984 °k Champlin 50 38.572% Elk River 728 Corcoran 52 30.922% Buffalo 877 Crystal 54 39.458% Delano 879 Dayton 56 53.845% Rockford 883 Deephaven 59 20.115% Rockford (City of Rockford) 883 Eden Prairie 61 35.1920/6 0.00990% Excelsior 63 36.472% Greenfield 65 38.837% Hanover 67 48.946% Hassan 68 13.241% Independence 70 41.588% Long Lake 72 45.826% Loretto 74 41.002% Maple Grove 76 35.202% 0.01121% Maple Plain 77 44.943% Medicine Lake 79 45.050% Medina 80 19.529% Minnetonka Beach 82 31.450% Mound 85 36.460% New Hope 86 49.591% Osseo 88 38.113% Rockford 90 51.610% Rogers 92 42.0750/6 Saint Anthony 94 46.106% Saint Bonifacius 95 39.981% Tonka Bay 97 18.878% Wayzata 99 28.233% School Rates Tax Capacity Market School District and Code Rate Value Rate Minneapolis (Watershed 0) 001 33.555% 0.07697% Minneapolis (Watershed 3) 001 33.611% 0.07697% Minneapolis (watershed 6) 001 33.555% 0.07697% 0.20339% Anoka Hennepin 011 26.941% Waconia 110 28.011% 0.02478% Watertown 111 20.210% 0.05076% Hopkins 270 20.588% 0.17666% Bloomington 271 17.646% 0.084960/6 Eden Prairie 272 18.957% 0.15678% Edina 273 23.312% 0.19417% Minnetonka 276 24.215% 0.26351% Westonka 277 20.758% 0.12101% Orono 278 16.598% 0.10925% Osseo 279 35.042% 0.23035% Richfield 280 19.201% 0.13047% Robbinsdale 281 29.179% 0.18362% St Anthony 282 14.934% 0.20501% St Louis Park 283 26.238% 0.19446 °h Wayzata 284 23.264% 0.13342% Brooklyn Center 286 49.817% 0.17224% Elk River 728 41.352% 0.07597% Buffalo 877 35.71276 1 0.135799/6 Delano 879 36.7690/6 0.11602% Rockford 883 43.9920/6 Rockford (City of Rockford) 883 43.6550/6 County Rates Tax Capacity City/rownship Rate Minneapolis (Watershed o) 44.832% Minnepolis (Watershed 3) 44.872% Minneapolis (Watershed 6) 44.832% Rockford 50.352% All other Cities and Towns 50.607% Watershed Rates Tax Capacity Watershed and Code Rate Rate Nine Mile Creek 1 1.267% Lower MN River 2 0.418% Minnehaha Creek 3 1.236% Riley Purgatory Bluff 4 1.616% Rice Creek 5 1.208% Middle Mississippi 6 1 2.810% Sewer Rates Tax Capacity City/Township and Sewer Code Rate Minnetonka 01 0.360% New Hope 01 0.347% New Hope 02 0.2280/6 Osseo 01 1 14.158% Page 38 HENNEPIN COUNTY TAXPAYER SERVICES DEPARTMENT - PROPERTY TAX - TAX ACCOUNTING - SETTLEMENTS Composite Tax Rates by Unique Taxing Area Final Property Taxes Payable 2003 Fisc Disp Area Wide 132.885% State General Rate 54.447% Solid Waste Fee 0.01899% Fisc Disp Area Wide 132.885% State General Rate 54.4470/6 Solid Waste Fee 0.01899% Uni ue Taxing Area Local Tax Capacity Ref Mrkt Value city Mu Be I ws sw Minneapolis 01 001 0 0 150.197% 0.07881% 22.7745% 01 001 3 0 151.529% 0.07881% 0.17666% 01 001 6 0 153.007%10.07881% 0 Chanhassen 14 272 4 0 117.986% 0.20782% 0 14 276 3 0 122.864% 0.31455% Woodland 15 276 3 0 94.914% 0.26351% Spring Pads 17 277 3 0 120.088% 0.12101% Greenwood 19 276 3 0 101.952% 0.26351% aktomington 20 271 0 0 112.007% 0.08496% 38.5470% 20 271 1 0 113.274% 0.08496% 0.18461% 20 271 2 0 112.425% 0.08496% 111.133% 20 271 4 0 113.623% 0.08496% 0 20 272 1 0 114.585% 0.15678% 1 20 273 1 0 118.940% 0.19417% yn 22 011 0 0 139.326% 0.25629% Center Cante 276 4 0 115.140% 0.27146% 38.5470% 22 279 0 0 147.427% 0.28325% 38.5470% 22 281 0 0 141.564% 0.23652% 0.14137% 22 286 0 0 162.202% 0.22514% Edina 24 270 1 0 107.358% 0.18805% 0 24 270 3 0 107.327% 0.18805% 0 24 271 1 0 104.416% 0.09635% 111 24 272 1 0 105.727% 0.16817% 36 24 273 1 0 110.082% 0.20556% 24 273 3 0 110.051% 0.20556% 33.0980% 24 280 1 0 105.971% 0.14186% 0.11602% 24 280 3 0 105.940% 0.14186% 103.685% 24 283 3 0 112.977% 0.20585 0h Shorewood 26 276 3 0 115.738% 0.26351% 3 26 276 4 0 116.118% 0.26351% 1 284 26 277 3 0 112.281% 0.12101% Fisc Disp Area Wide 132.885% State General Rate 54.4470/6 Solid Waste Fee 0.01899% 2003 Final Composite Rate RepoM1zls Page 39 11:" AM 04/092003 Unique Taxing Area Local Tax capacity Ref Mrkt Value Fiscal Cont % city Mu sC WS Sw Golden Valley 28 270 0 0 125.906% 0.17666% 22.7745% 28 270 3 0 127.142% 0.17666% 22.7745% 28 281 0 0 134.497% 0.18362% 22.7745% Hopkins 30 270 1 0 137.144% 0.17666% 27.1178% 30 270 3 0 137.113% 0.17666% 27.1178% 30 273 3 0 139.837% 0.19417% 27.1178% 30 283 3 0 142.763% 0.19446% 27.1178% Minnetonka 34 270 0 1 110.257% 0.18461% 38.5470% 34 270 1 0 111.164% 0.18461% 38.5470% 34 270 3 0 111.133% 0.18461% 38.5470% 34 270 4 0 111.513% 0.18461% 38.5470% 34 276 1 0 114.791% 0.27146% 38.5470% 34 276 3 0 114.760% 0.27146% 38.5470% 34 276 4 0 115.140% 0.27146% 38.5470% 34 283 3 0 116.783% 0.20241% 38.5470% 34 284 0 1 112.933% 0.14137% 38.5470% 34 284 3 0 113.809% 0.14137% 38.5470% Minnetrista 36 110 3 0 119.371% 0.02478% 33.0980% 36 111 0 0 110.334% 0.05076% 33.0980% 36 111 3 0 111.570% 0.05076% 33.0980% 36 277 0 0 110.882% 0,12101% 33.0980% 36 277 3 0 112.118% 0.12101% 33.0980% 36 879 0 0 126.893% 0.11602% 33.0980% Oruro 38 276 3 0 103.685% 0.26351% 31.7076% 38 277 3 0 100.228% 0.12101% 31.7076% 38 278 3 0 96.068% 0.10925% 31.7076% 38 1 284 3 0 102.734% 0.13342% 31.7076% Plymouth 40 270 0 0 103.150% 0.18695% 38.0156% 40 279 0 0 117.604% 0.24064% 38.0156% 40 281 0 0 111.741% 0.19391% 38.0156% 40 284 0 0 105.826% 0.14371 % 38.0156% 40 284 3 0 107.062% 0.14371% 38.0156% 2003 Final Composite Rate RepoM1zls Page 39 11:" AM 04/092003 Total Tax Capacity Rate Comparison Payable 2002 vs. Payable 2003 Sorted Low to High by Tax Rates Payable in 2003 Municipality Name School District Water Shed Tax Rates Payable IEf Rate Change % Chan e 2002 1 2003 Eagan * 191 0 111.216 112.18 0.964 0.87% Shakopee* 720 2 110.157 116.646 6.489 5.89% Plymouth * 284 0 125.321 120.197 -5.124 -4.09% Bloomington * 271 1 121.085 121.770 0.685 0.57% Burnsville * 191 0 120.68 124.564 3.884 3.22% Minnetonka * 270 1 124.521 129.625 5.104 4.10% Edina * 273 1 128.331 130.638 2.307 1.800/0 Eden Prairie * 272 4 125.366 130.797 5.431 4.33% Richfield * 280 3 145.519 131.966 - 13.553 -9.31% Savage * 191 1 127.514 136.444 8.930 7.00% St. Paul * 625 C 129.972 137.318 7.346 5.65% St. Louis Park * 283 3 148.241 142.922 -5.319 -3.590/o Crystal * 281 0 154.171 146.592 -7.579 -4.92% Maple Grove * 279 0 132.837 153.065 20.228 15.23% Hopkins * 270 1 148.322 154.81 6.488 4.37% New Hope * 281 0 163.505 155.843 -7.662 -4.69% Golden Valley * 281 0 161.121 157.859 -3.262 -2.02% Minneapolis * 1 3 155.134 159.410 4.276 2.76% Brooklyn Park* 279 0 145.467 165.611 20.144 13.85% Brooklyn Center * 279 0 158.793 175.752 16.959 10.68% Note: The Tax Capacity Rates shown are actual rates representing the largest Taxing District (School District/Watershed) in the municipality, or ( *) inferred rates as calculated on $200,000 of market value using the rate for the largest taxing district and any prevailing market value referenda rates. The above rates do NOT include the Hennepin County Solid Waste Fee. Page 40 PUBLIC IMPROVEMENT HEARING: Special Assessments PUBLIC IMPROVEMENTS TO IMPROVE CITY'S INFRASTRUCTURE BASED ON CHAPTER 429 OF MINNESOTA STATE STATUTES 0 ems; L PROCESS FOR IMPROVEMENTS UTILIZING `°•_ �� CHAPTER 429 SPECIAL ASSESSMENTS • Initlation of Improvement project by Council (staff) or by petition. • Feasibility Report prepared and accepted with Council setting hearing date usually one or two Council meetings prior to the Public Hearing. • Ten days notice Is sent to affected property owners. Also, legal notice Is placed In paper (Edina Sun) prior to the hearing. • Public hearing to order the project Is then conducted. • Ordering of Improvement project requires a majority of Council If petitioned by residents (normally 9 of 5 Council votes If 45% signatures of assessed properties) or 4 of 5 Council votes If project Is not InIlisted by residents (or lacking 95% signatures). • Levy of special assessments Is usually held at the completion of the project through a Final Assessment Hearing. • The special assessment, In essence, Is levying a cost to the assessed property which reflects local Improvement value on a specific property. N.. , W PUBLIC HEARING A -194 MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS w can Sr i PROJECT ARLA MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS � P g \`` o emote M '�, saTM si F a I r n W 45TM ST — g 44D 1.2 STw TM MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS I i I MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS j ur N. PAVEMENT CONDITIONS: MAPLE ROAD MAPLE ROAD TO WHITE OAKS � JJ� ROADWAY IMPROVEMENTS PAVEMENT CONDITIONS: WEST 49TH STREET MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS a z. PAVEMENT CONDITIONS: WHITE OAKS ROAD MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS I rZ-;- Ir ?, PAVEMENT CONDITIONS: TOWNES ROAD MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS HISTORY: • CONSTRUCTED BETWEEN 1937 & 1999 • NORMAL MAINTENANCE • DRAINAGE PROBLEMS AT: *WEST 49TH STREET 8 TOWNES ROAD *MAPLE ROAD - 4800 BLOCK • LARGE TREES ALONG MAPLE ROAD MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS PROJECT: *RECONSTRUCT OR RECLAIM STREETS *ADD CURB 1 GUTTER ALONG MAPLE ROAD *IMPROVE EXISTING CURB AND GUTTER *PROTECT ALL TREES ADJACENT TO PROJECT *INSTALL DECORATIVE STYLE STREET LIGHTS *ADDRESS DRAINAGE AND CITY UTILITY CONCERNS MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS i Q l N w +r in. w a..�vKwn C= MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS PROJECT COST: (DOES NOT INCLUDE CITY UTILITY COSTS. THESE WILL BE FUNDED THROUGH THE UTILITY FUND) $794,000 MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS ASSESSMENTS: METHODOLGY: ♦ BASED ON RESIDENTIAL EQUIVALENT UNIT (REU) ♦ SINGLE FAMILY HOME IS 1 REU • DOUBLE HOMES ARE 2 RED'S • APARTMENTS ARE 55% OF 1 REU • ADJACENT PROPERTIES THAT ACCESS THE PROJECT WITH SIDE OR REAR YARDS ARE ASSESSED 113 REU MAPLE ROAD TO WHITE OAKS ' e ROADWAY IMPROVEMENTS ASSESSMENTS: • PAVEMENT RECONSTRUCTION = $5,500 PER REU • ADDITIONAL CURB AND GUTTER = $2,400 PER REU MAPLE ROAD TO WHITE OAKS ROADWAY IMPROVEMENTS STAFF RECOMMENDATION: *AUTHORIZE IMPROVEMENT PROJECT A -194 end