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1999-04-09_SPECIAL MEETINGS
memorandum Date: 04/9/99 To: Edina Board of Review Members From: Rick Petersburg, SAMA RE: Board of Review Meeting -April 12, 1999 - 5:00 p.m. -Council Chambers This packet of information includes: • Introductory letter to Board members. • The complete list of Board applicants #1 through #51 applied by 4:30 p.m. April 511999. Of those 51 applications seventeen (17) have withdrawn. • Individual assessor's commentaries with recommendations for each case (if time allowed) along with a photocopy of their application, history screen, and supporting evidence. The Board case worksheet. Note: Any additional applications will be presented to the Board members on April 12th. Case number 51 may contain NON - PUBLIC DATA. 04/01/98 1 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY 4 William H. 7727 Pondwood Dr st, TIV Application Withdrawn Not . . ...... .;4 . ... . ... .. Required Robert J. 6517 Limerick. Dr 244,900 220,000 230,000 $ 230,000 3/0 (14,900) Malby 05-116-21-14-0043 2 r1rhotKy D. 5414 Creek View Ln $ 255,800 $ 230,000 $ 255,800 $ 255,800 3/0 5 -Asgrimson 05-116-21-44-0054 1 �Z. r.- A— z "A7 Application Withdrawn Not 3 John E. 7740 Marth Court $ 331,700 $ 290,000 331,700 $ 331,700 3/0 Elkins 08-116-21733-0151 4 William H. 7727 Pondwood Dr st, TIV Application Withdrawn Not Egan 08- 116 -21 -43 -0051 .. .... Required 5 Hal C. 7731 Pondwood Dr 1 �Z. r.- A— z "A7 Application Withdrawn Not Ransom 111 08- 116 -21 -43 0052 a Required 6 Beedik 7735 Pondwood Dr Application Withdrawn Not Eklo 08-116-21-43-0053 s Required 7 Douglas D. 4205 Alden Drive Application Withdrawn Not Roy 07-028-24-41-0080 Required 8 M. Katharine 7741 Pondwood Dr c Application Withdrawn Not Taveggia 08-116-21-43-0055 Required 9 M6rk A. 6816 Brittany Rd Application Wit hdrawn Not Thompson 30-028-24-33-0092 Required Page 1 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 2 . . . . . . . . . . ........ ...... ............ 10 Robert R. 5428 Halifax Ln 217,500 $ 204,000 $ 217,500 $ 217,500 3/0 $ Pfefferle 19-028-24-11-0039 11 Jokn,O. 4018 W 65th St Application Withdrawn Not Murrin 30-028-24-14-0003 Required 12 Gladys 7212 West Shore Dr $ 185,300 $ 175,600 $ 185,300 $ 185,300 3/0 $ Mitchell 31-028-24-24-0099 13 Julie M. 5300 Glenbrae Circle $ 320,000 $ 269,000 $ 320,000 $ 320,000 3/0 Harper-Wyli6, 32-117-21-11-0023 14 Nancy J. 4525 Vandervork Ave $ 94,900 $ 75,000 $ 94,900 $ 94,900 3/0 $ Van-Zile 28-117-21-23-0114 15 Christopher 5232 Lochloy Dr $ 341,600 $ 320,000 $ 380,000 $ 380,000 3/0 $ 38,400 Krug 29-117-21-44-0036 16 Carl R. 7503 West Shore Dr Application Withdrawn Not Olson 31-028-24-33-0007 - Required 17 Thomas N. 4703 Towne Rd $ 413,900 $ 353,000 $ 370,000 $ 370,000 (43,900) Awsumb I 18-028-24-11-0076 OwnerjAccepted 18 Ga6yl 5705 McGuire Rd Application Withdrawn Not Kanter 05-116-21-34-0037 j Required Page 2 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY -A S. ............. . .... ....... ....... C- HA N-G- 6: ...................................... 4i ...... .......... ........ . . ............................................... ..... .......... V.07 19 Karla K. 5226 Green Farms Rd $ 568,400 530,000 568,400 568,400 3/0 Jones 30-117-21-34-0026 20 Gregory G. 5801 Drew Ave S $ 145,400 $ 127,000 $ 145,400 $ 145,400 3/0 Roth 20-028-24-32-0065 21 Rodney J. 5804 Kemrich Dr 269,100 ? 269,100 $ 269,100 3/0 Olson 08-116-21-24-0008 22 Joseph H. 4404 Branson St 219,100 $ 208,000 219,100 $ 219,100 3/0 Andersen 07-028-24-43-0059 Raymond H. 4212 70th St W $ 144,900 136,900 144,900 $ 144,900 3/0 Ehlers 30-028-24-43-0023 Deborah A. 6212 Beard Place 4-� Application Withdrawn Not 24 Crawford 29-028-24-22-0068 e Required -U, Not 25 Syd'ney, G. 3 Cooper Ave Application Withdrawn Schultz 29-117-21-14-0005 Required 26 JC cquerine-s. 5308 Halifax Ave 205,100 195,000 245,000 245,000 3/0 39,900 Mithun—'\ 18-028-24-44-0067 27 Daniel J. 5517 Kellogg Ave = Application Withdrawn Not Gionet 19-028-24-12-0' 1 10 Required Page 3 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 4 .......... . . ........... sire, ................. 28 Andy A. 4909 Trillium Ln $ 181,600 $ 170,000 $ 174,000 $ 174,000 3/0 $ (7,600) Poncius 31-028-24-22-0074 29 Norman P. 4622 Edgebrook Place Application Withdrawn Not Chapel 18-028-24-23-0058 Required 30 Sam P. 6113 York Ave S Application Withdrawn Not Cheolis 20-028-24-34-0123 Required 31 Lowell E. 6004 Hansen Rd $ 168,000 $ 145,000 $ 168,000 $ 168,000 3/0 $ Johnson 33-117-21-33-0049 32 Gregory J 6805 Dakota Trail $ 699,600 $ 553,260 $ 699,600 $ 699,600 3/0 Dovolis 06-116-21-43-0032 33 Scott M. 5019 Bruce Ave $ 307,600 $ 260,000 $ 307,600 $ 307,600 3/0 $ Busyn 18-028-24-42-0036 34 Peter V. 6109 Ridgeway Road $ 257,100 $ 246,000 $ 257,100 $ 257,100 3/0 $ Hall 32-117-21-43-0041 35 James 6805 St. Patricks Ln $ 227,800 $ 215,600 $ 227,800 $ 227,800 3/0 $ Huettl 06-116-21-44-0047 36 James F. 4622 Casco Ave $ 344,900 $ 278,000 $ 344,900 $ 344,900 3/0 $ Gehrke 18-028-24-13-0022 Page 4 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 5 Ricke . ...... .... ................................ ...... .... : . ............ .... .. tA P.-"' .............. ...... ....... DANE..... George E. 6419 Timber Ridge ................ Not . ..... . Fleet Jr. 37 Michael L. 5309 Blake Rd 137,200 $ 100,000 171,100 $ 171,100 3/0 $ 33,900 Page 5 Ricke 29-117-21-33-0004 38 George E. 6419 Timber Ridge Application Withdrawn Not Fleet Jr. 06-116-21-13-0056 Required 39 Randy T. 5615 Schaefer Rd 531,900 415,000 495,000 495,000 3/0 (36,900) McKay 31-117-21-14-0037 40 Mary A. 6400 York Ave S Application Withdrawn Not Stuart 29-028-24-21-0077 Scheduled 41 Daniel A. 6728 Rosemary Ln 272,100 233,000 $ 258,000 258,000 3/0 $ (14,100) Rutman. 06-116-21-41-0048 42 Clara 5824 Halifax Ave $ 164,400 152,300 $ 164,400 164,400 3/0 Gooding 19-028-24-41-0021 43 Michael W. 6332 Limerick Ln Application Withdrawn Not Dreis 05-116-21-13-0045 Required 44 Gary M. 6508 Ridgeview Dr Application Withdrawn Not Braun 05-116-21-14-0056 Required 45 Namron 5632 Chowen Ave S 176,100 158,000 $ 176,100 $ 176,100 4/0 Company: 20-028-24-23-0102 Page 5 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 6 AN E 46 James M' Normandale Ct $ 285,700 $ 265,000 $ 279,000 $ 279,000 3/0 $ (6,700) ,Ostlund 33-117-21-24-0027 47 John F. 4808 Upper Terrace $ 357,000 $ 276,250 $ 336,800 $ 320,000 4/0 $ (37,000) Healy 30-028-24-33-0090 48 James 6300 Valley View Rd $ 134,200 $ 127,500 $ 134,200 $ 134,200 3/0 $ Voss 05-116-21-11-0060 49 Demetrios J. 5416 Creek View Ln $ 221,300 $ 212,600 $ 221,300 $ 221,300 3/0 $ Villas 05-116-21-44-0053 50 Grand View 6901 Maloney Ave $ 509,400 $ - $ 509,400 $ 509,400 3/0 Cemetary 1 30-117-21-23-0002 $ 297,200 $ - $ 297,200 $ 297,200 $ 123,400 $ - $ 123,400 $ 123,400 51 Wayne 7200 France Ave S $ 2,969,000 $ 1,368,400 $ 2,511,000 $ 2,511,000 4/0 $ (458,000) Rice 31-028-24-14-0001 52 John A. 5101 W 62nd St $ 202,900 $ 177,000 $ 202,900 $ 202,900 Not $ Palmer 04-116-21-21-0054 Owner wishes to withdraw Required Signed & dated 4-14-99 53 Robert 5618 Concord Ave $ 221,600 $ 200,000 $ 221,600 $ 210,000 410 $ (11,600) Benham 19-028-24-23-0041 $ 175,000 54 Lorraine 6321 Mildred Ave $ 159,100 ? $ 159,100 $ 159,100 410 $ Chalker 04-116-21-22-0021 Page 6 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 7 ........... . . .......9. . . . ... . . . ....... ...... R ....... . .... . 4., 55 G. Kelsey 4801 W 44th St $ 197,100 $ 175,000 $ 197,100 $ 197,100 3/0 $ Smith 18-028-24-22-0006 56 -Made 4007 Sunnyside Rd $ 158,400 $ 145,500 $ 145,500 $ 145,000 3/0 $ (13,400) Hidern 07-028-24-44-0050 Owner Notified 57 John J. 6613 Galway Dr $ 244,600 $ 239,000 $ 244,600 $ 244,600 3/0 $ -Raich," 05-116-21-42-0033 58 Virginia A. 6216 Ewing Ave $ 166,500 ? $ 166,500 $ 166,500 3/0 $ Borgeson� 29-028-24-22-0057 59 John S. 5216 Larada Lane $ 540,000 $ 450,000 $ 450,000 $ 450,000 3/0 $ (90,000) Newhouse 30-117-21-43-0050 60 Dwight P. 4514 Edina blvd $ 822,800 $ 762,800 $ 822,800 $ 822,800 3/0 $ Hager 18-028-24-21-0061 Application arrived 4/13/99 Letter I Robert 6505 Nordic Drive $ 290,400 $ 290,400 $ 290,400 3/0 $ Quirk 06-116-21-14-0063 Letter 2 John E. 5701 Code Ave $ 214,400 $ 214,400 $ 214,400 3/0 $ Bryan 33-117-21-23-0017 Letter 3 Phyllis S. 6601 Field Way $ 395,800 $ 395,800 $ 395,800 3/0 $ Locke 31-117-21-24-0081 Page 7 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 8 �9 .. ............. 'AN . ........... -6444 b A - 'A Letter 4 Dr. George W. 6409 Indian Hills Rd $ 418,800 $ 418,800 $ 418,800 3/0 $ Lund 06-116-21-42-0022 Letter 5 Dorothy 5909 Ashcroft Ave $ 104,200 ? $ 104,200 $ 104,200 3/0 $ Kronlokken 19-028-24-31-0125 Letter 6 Edina 3400 Edinboough Way $ 8,946,000 $ 7,800,000 $ 8,946,000 $ 8,946,000 3/0 $ Hawthorn 32-028-24-34-0025 Suites 29-028-24-21-0009 $ 3,458,000 ? $ 3,458,000 $ 3,458,000 $ Letter 7 Heritage 29-028-24-21-0099 $ 2,371,400 ? $ 2,371,400 $ 2,371,400 3/0 $ of Edina 29-028-24-21-0101 $ 3,352,000 ? $ 3,352,000 $ 3,352,000 $ 29-028-24-21-0010 $ 2,584,500 ? $ 2,584,500 $ 2,584,500 $ 29-028-24-21-0100 $ 50,100 ? $ 50,100 $ 50,100 $ Walk In Frank R. 6125 Wilryon Ave $ 412,400 ? $ 412,400 $ 412,400 3/0 $ Cardaielle 33-117-21-34-0122 Walk In Robert G. 4200 Philbrook Ln $ 217,800 ? $ 217,800 $ 217,800 3/0 $ Winter 19-028-24-14-0075 Left before end of meeting Walk In Mona 5132 Abercrombie Dr $ 152,100 152,100 $ 152,100 3/0 $ Andrews 04-116-21-34-0056 Leff before end of meeting Page 8 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY 5 -k Page 1 ---- ----------- 9. .... 0-0. i i i ....... A kc I Robert J. 6517 Limerick Dr 244,900 $ 220,000 230,000 Malby 05-116-21-14-0043 2 Timothy D. 5414 Creek View Ln 255,800 $ 230,000 255,800 Asg(imson 05-116-21-44-0054 3 John E. 7740 Marth Court 331,700 $ 290,000 331,700 Elkins 08-116-21-33-0151 4 liam H. 7727 Pondwood Dr Application Withdrawn No 08-11 ........ . equi red 5 al C . 731 Pondwood Dr A H t* . ......... . ................. .. Not . . ........ Ransom Ill . Required --/7S&,Pondwood 6 Bend Dr Not 08-113- 0053 ire � 420 5Al�deive Not Roy 07-028-24-41-0080 Required Katharine M. Ka 741 Pondwood 3d Apphsakon WithdrQwa— Not ��Tala 08-116-21-43-0055 Required A. 68 1 rittany Rd Application Withdrawn Not Thompson 30 -028 -24 _ Fequife R Rd' Page 1 rpm nfflr.�WFATT CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 2 ................. . . . . . . ............ ............. . . . . A 10 Robert R. 5428 Halifax Ln 217,500 204,000 217,500 Pfefferle I 19-028-24-11-0039 John O. John 4018 W 65th St Application Withdrawn Not in 12 Gladys 7212 West Shore Dr $ 185,300 $ 175,600 $ 185,300 Mitchell 31-028-24-24-0099 &3 Julie M. 5300 Glenbrae Circle $ —320-,000- -1-----2_69000- -I�er- �ytie— 32-117_-21-i�� -------------- 14 Nancy J. 4525 Vandervork Ave $ 94,900 $ 75,000 $ 94,900 Van-Zile 28-117-21-23-0114 15 Christopher 5232 Lochloy Dr $ 341,600 $ 320,000 $ 380,000 Krug 29-117-21-44-0036 gjcd-R—_,. 7503 West Shore Dr Application Withdrawn Not Olson 17 Thomas N. 4703 Towne Rd $ 413,900 353,000 $ 370,000 $ 370,000 Awsumb 18-028-24-11-0076 Owner Accepted 1 5705 McGuke_Rd__ Application Withdrawn Not --I�aGae nter -21-34-0037 Required Page 2 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY 19 , Karla K. "a 5226 Green Farms,-Rd- -T----568,400 $ -----530,000 IV'-/ Jones s ones 39�-117-- 4-0026 20 Gregory G. 5801 Drew Ave S $ 145,400 $ 127,000 $ 145,400 Roth 1 20-028-24-32-0065 21 Rodney J. 5804 Kemrich Dr $ 269,100 ? $ 269,100 Olson 08-116-21-24-0008 22 Joseph H. 4404 Branson St $ 219,100 208,000 $ 219,100 Andersen 07-028-24-43-0059 23 Raymond H. 4212 70th St W 144,900 $ 136,900 144,900 Ehlers 30-028-24-43-0023 Deborah A. 6212 Beard Place A lication Withdrawn 'L.Nat --CrawfoT6, 29-028-24-22:,0068 'Wrej 25 Syd --a-Cooper Ave Application WithdPOWD, Schultz 29-117-7r-i,*-0005—, Required 26 Jacqueline S. 5308 Halifax Ave $ 205,100 $ 195,000 $ 245,000 Mithun 18-028-24-44-0067 27 Daniel J. _-55J_7 Kellogg Ave Application Withdrawn Not Page 3 Qi CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY 28 Andy A. 4909 Trillium Ln $ 181,600 $ 170,000 $ 174,000 Poncius 31 -028 -24- 22-0074 29 Norman P. 4622 Edgebrook Place Application Withdrawn __ _ _ Not hapel 1 - 0058 - - - equired 30 Sa 6113 Ave S _ _. - - J "�^- App lic CV* drawn T Not Required heolis 20-028 -24 -34 -0123 31 Lowell E. 6004 Hansen Rd $ 168,000 $ 145,000 $ 168,000 Johnson 33- 117 -21 -33 -0049 32 ory J. 6805,D kf rail $ 9,600 $ 5532 699,600 co Dovo is -- --06--TI 6-21-43-0032 33 Scott M. 5019 Bruce Ave $ 307,600 $ 260,000 $ 307,600 Busyn 18-028 -24 -42 -0036 34 er V. 9 Ridgeway Road $ $ $ 257,100 r 1 Hall 32 -1 - 35 James 6805 St. Patricks Ln $ 227,800 $ 215,600 $ 227,800 Huettl 06- 116 -21 -44 -0047 36 James F. 4622 Casco Ave $ 344,900 $ 278,000 $ 344,900 Gehrke 18- 028 -24 -13 -0022 Page 4 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY 44 Gary M. Ridgevie r ----Ncrr __A��Withdrawn Braun 05-116-21-14-0056 Required JJ Namro 5632 Chow-en Ave S 17,6� -F--411-80100 p y 0.4 _T02 any 20-028-24-23-0 Page 5 A... ..... ........... Ira Q .... .. ---------- 12 L7 Michael L. 5309 pke Rd' -42L2oo ,000 171,100 -s, 100 kqk e _-2Pff7-21-33-0004 38 George E. 6419 Timber Ridge Not Fle 39 Randy T. 5615 Schaefer Rd 531,900 415,000 495,000 McKay 31-117-21-14-0037 40 _,,6400 York Ave S wn ilhd�ra Not 41 Daniel A. 6728 Rosemary Ln $ 272,100 $ 233,000 $ 258,000 Rutman 06-116-21-41-0048 42 Clara 5824 Halifax Ave $ 164,400 $ 152,300 $ 164,400 Gooding 19-028-24-41-0021 43 Mlcho �.6� 332 Limerick Ln 1* t* Withdrawn Not reis 6 -21-13-0 Required J. 44 Gary M. Ridgevie r ----Ncrr __A��Withdrawn Braun 05-116-21-14-0056 Required JJ Namro 5632 Chow-en Ave S 17,6� -F--411-80100 p y 0.4 _T02 any 20-028-24-23-0 Page 5 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY -9 .......... . . . . . . . . . . ----------------- 46 James M. 5020 Normandale Ct $ 285,700 $ 265,000 $ 279,000 Ostlund 33-117-21-24-0027 47, John F. 4808 Upper Terrace $ 357,000 $ 276,250 $ 336,800 od ",-�y –29-0 - - -0090 48 James 6300 Valley View Rd $ 134,200 $ 127,500 $ 134,200 Voss 05-116-21-11-0060 49 Demetrios J. 5416 Creek View Ln $ 221,300 $ 212,600 $ 221,300 Villas 05-116-21-44-0053 50 Grand View 6901 Moloney Ave $ 509,400 $ - $ 509,400 Cemetary 30-117-21-23-0002 $ 297,200 $ $ 297,200 $ 123,400 $ $ 123,400 Wayne 7200 France Ave S $ 2,969,000 $ 1,368,400 $ 2,511,000 tA- rc—e--- E:94�-000 �l 52 John A. 5101 W 62nd St $ 202,000 $ 177,000 $ 202,900 Palmer 04-116-21-21-0054 Owner wishes to withdraw Signed & dated 4-14-YY obert 5 Ave $ 221,600 $ 2QQ,QQQ $ 221,600 Benham 19-028-24-23-004 175,000 r r ine Mildre 159,100 ? 159,100 1-59 raine ra Chalker 04-116-21-22-0021 Page 6 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 7 ........... Ra MAf ... .... ...... . ...... .. ..... 55 G. Kelsey 4801 W 44th St $ 197,100 $ 175,000 $ 197,100 Smith 18-028-24-22-0006 56 Marie 4007 Sunnyside Rd $ 158,400 $ 145,500 $ 145,500 Hidern 07-028-24-44-0050 Owner Notified 57 John J. 6613 Galway Dr $ 244,600 $ 239,000 $ 244,600 Raich 05-116-21-42-0033 58 Virginia A. 6216 Ewing Ave $ 166,500 ? $ 166,500 Borgeson- 29-028-24-22-0057 59 John S. 5216 Larada Lane. $ 540,000 $ 450,000 $ 450,000 Newhouse 30-117-21-43-0050 60 Dwight P. 4514 Edina blvd $ 822,800 $ 762,800 $ 822,800 Hager 18-028-24-21-0061 I Application arrived 4/13/99 Letter I Robert 6505 Nordic Drive $ 290,400 $ 290,400 Quirk 06-116-21-14-0063 Letter 2 John E. 5701 Code Ave $ 214,400 $ 214,400 Bryan 33-117-21-23-0017 Letter 3 Phyllis S. 6601 Field Way $ 395,800 $ 395,800 Locke 31-117-21-24-0081 Page 7 CITY OF EDINA 1999 BOARD OF REVIEW 'MARKET VALUES AND CLASSIFICATION SUMMARY Letter 6 Edina 3400 Edinborough way $ 8,946,000 $ 7,800,000 $ 8,946,000 .�: ..::..� ::::: �::: IstfJ_,:;.:.:.:.:. � . .• . ::::::::�::. siPf�! L��N. 1•:..:.:.:.:., ..�.. � � ::::::::'::':'::��. 51f�A�D�ESS ...... ...........£�RICi.I.d,Al......, .:: ..: . • .... :::::::::::�:RE�G�it9�F4Q51D�4 ...... RFSTfD.. .............................4� . •• .�.:���. ..........................: �ET.QK........... ::.:........ € ` .....4) .........:.. . Suites Letter 4 Dr. George W. 6409 Indian Hills Rd $ 418,800 ? $ 418,800 Letter 7 Lund 06- 116 -21 -42 -0022 $ 2,371,400 ? $ 2,371,400 Letter 5 Dorothy - 5909 Ashcroft Ave $ 104,200 ? $ 104,200 Kronlokken 19 -02824 -31 -0125 $ 2,584,500 ? $ 2,584,500 Letter 6 Edina 3400 Edinborough way $ 8,946,000 $ 7,800,000 $ 8,946,000 Hawthorn 32 -028 -24 -34 -0025 Suites 29- 028 -24 -21 -0009 $ 3,458,000 ? 3,458,000 Letter 7 Heritage 29 -028 -24 -21 -0099 $ 2,371,400 ? $ 2,371,400 of Edina 29 -028 -24 -21 -0101 $ 3,352,000 ? $ 3,352,000 29 -028 -24 -21 -0010 $ 2,584,500 ? $ 2,584,500 29 -028 -24 -21 -0100 $ 50,100 ? $ 50,100 Walk In Frank R: 6125 Wilryan Ave $ 412,400 ? $ 412,400 Cardarelle 33 -. .117 -21 -34 -0122 Walk In Robert G. 4200 Philbrook.Ln . $, ' `_ 217,8W $ 217,800- Winter 19 -028 -24 -14 -0075 Left before end of,meefing 'Walk In Mona 5132 Abercrorr bib Dr,$ - `152;100 ? $ ,• 152100,, Andrews: 04 -11.6 21= 34 0056 Leff before40d of meeting Page 8 I Robert Benham 5618 Concord Ave. S. Edina, Mn 55424 Dear Robert, After review of your home's features, condition, amenities, comparatives and current market conditions, your homes current value is about $175,000. Due to the deferred maintenance of the - exterior, mechanics, and decorating, you may not be able to achieve a value more than this. Should we be of further service, please feel free to give us a call. We would be happy to assist you with your real estate. needs. Cordially, Jane and Charles Paulus REALTOR, GRI, CRS JCP /sr .f EDINA 550TH & FRANCE OFFICE 3930 West 49'/2 Street Edina, MN 55424 PHONE 612.920.1960 FAX 612.924.95 10 CITY OF EDINA 1999 BOARD OF REVIEW 1 Robert J. Malby 6517 Limerick Drive 05- 116 -21 -14 -0043 N `I 2 Timothy D. Asgrimson 5414 Creek View Lane 05- 116 -21 -44 -0054 Q- 3 John E. Elkins 7740 Marth Court 08- 116 -21 -33 -0151 ,Ue, 4 William H. Egan/Trustee Application Withdrawn 08- 116 -21-43 -0051 5 Hal C. Ransom III Application Withdrawn 08- 116 -21-43 -0052, 6 Bendik Eklo Application Withdrawn 08- 116 -21-43 -0053 7 Douglas D. Roy Application Withdrawn 07- 028 -24-41 -0080 8 M. Katharine Taveggia Application Withdrawn 08 -116 -21-43 -0055 9 Mark A. Thompson Application Withdrawn 30- 028 -24 -33 -0092 10 Robert R. Pfefferle 5428 Halifax Lane 19- 028 -24 -11 -0039 Np�Q 11 • John O. Murrin Application Withdrawn 30- 028 -24 -14 -0003 12 Gladys Mitchell 7212 West Shore Drive 31- 028 -24 -24 -0099 13 Julie M.Jonason 5300 Glenbrae Circle 32- 117 -21 -11 -0023 14 Nancy J. Van -Zile 4525 Vandervork Avenue 28- 117 -21 -23 -0114 15 Christopher Krug 5232 Lochloy Drive 29- 117 -21-44 -0036 16 Carl R. Olson Application Withdrawn 31- 028 -24 -33 -0007 17 Thomas N. Awsumb 4703 Townes Road 18- 028 -24 -11 -0076 18 Gaeyl Kanter Application Withdrawn 05- 116 -21 -34 -0037 19 Karla K. Jones 5226 Green Farms Road 30- 117 -21 -34 -0026 JV P 20 Gregory G. Roth 5801 Drew Avenue South 20- 028 -24 -32 -0065 N 21 Rodney J. Olson 5804 Kemrich Drive 08- 116 -21 -24 -0008 22 Joseph H. Andersen 4404 Branson Street 07- 028 -24 -43 -0059 N - 23 Raymond H. Ehlers 4212 70th Street West 30- 028 -24 -43 -0023 N 24 Deborah A. Crawford Application Withdrawn 29- 028 -24 -22 -0068 25 Sydney G. Schultz Application Withdrawn 29- 117 -21 -14 -0005 26 Jacqueline S. Mithun 5308 Halifax Avenue 18- 028 -24-44 -0067 27 Daniel J. Gionet Application Withdrawn 19- 028 -24 -12 -0.110 28 Andy A. Poncius 4909 Trillium Lane 31- 028 -24 -22 -0074 29 Norman P. Chapel Application Withdrawn 18- 028 -24 -23 -0058. 30 Sam P. Cheolis Application Withdrawn 20- 028 -24 -34 -0123 31 Lowell E. Johnson 6004 Hansen Road 33- 117 -21 -33 -0049 Q 32 Gregory J. Dovolis 6805 Dakota Trail 06- 116 -21-43 -0032 33 Scott M. Busyn 5019 Bruce Avenue 18- 028 -24-42 -0036 p� 34 Peter V. Hall 6109 Ridgeway Road 32- 117- 21- 43- 0041(�J 35 James Huettl 6805 St. Patricks Lane 06- 116 -21 -44 -0047 36 James F. Gehrke 4622 Casco Avenue 18- 028 -24 -13 -0022 37 Michael L. Ricke 5309 Blake Road 29- 117 -21 -33 -0004 38 George E. Fleet Jr. 6419 Timber Ridge 06- 116 -21 -13 -0056 N p 39 Randy T. McKay 5616 Schaefer Road 31- 117 -21 -14 -0037 �j Q 40 Mary A. Stuart Application Withdrawn 29- 028 -24 -21 -0077 41 Daniel A. Rutman 6728 Rosemary Lane 06- 116 -21-41 -0048 42 Clara Gooding 5824 Halifax Avenue 19- 028 -24-41 -0021 43 Michael W. Dreis Application Withdrawn 05- 116- 21 -13- 0045' 44 Gary M. Braun Application Withdrawn 05- 116 -21 -14 -0056 45 Nanron Company L LC 5632 Chowen Avenue South 20- 028 -24 -23 -0102 46 James M. Ostlund 5020 Normandale Court 33- 117 -21 -24 -0027 Page 1 of 2 CITY OF EDINA 1999 BOARD OF REVIEW 47 John F. Healy 4808 Upper Terrace 30- 028 -24 -33 -0090 48 James Voss 6300 Valley View Road 05- 116 -21 -11 -0060 49 Demetrios J. Villas 5416 Creek Valley Road 05- 116 -21-44 -0053 50 Grandview Cemetary 6901 Maloney Avenue 30-117-21-23-0002. N-p 51 Wayne Rice d 31- 028 -24 -14 -0001 s 1�1 Page 2 of 2 City of Edina 1999 Board of Review Applications received after April 5th and Letters to be read into the minutes. Additional Applications Letters Name Name Address PID # EMV EMV 1 John A. Palmer 5101 W 62nd St 04- 116 -21 -21 -0054 $ 202,900 2 Robert Benham 5618 Concord Ave 19- 028 -24 -23 -0041 $ 221,600 5*' Lorraine Chalker 6321 Mildred Ave 04- 116 -21 -22 -0021 $ 159,100 4 G Kelsey Smith 4801 W 44th St 18- 028 -24 -22 -0006 $ 197,100 5 Marie Hidem / Michael Mankey 4007 Sunnyside Rd 07- 028 -24-44 -0050 $ 158,400 6 John J / Mary Jane Raich 6613 Galway Drive 05- 116 -21-42 -0033 $ 244,600 7 Virginia A. Borgeson 6216 Ewing Ave 29- 028 -24 -22 -0057 $ 166,500 Letters Name Address PID # EMV 1 Robert Quirk 6505 Nordic Drive 06- 116 -21 -14 -0063 $ 290,400 2 John E. Bryan 5701 Code Ave 33- 117 -21 -23 -0017 $ 214,400 3 Phyllis S. Locke 6601 Field Way 31- 117 -21 -24 -0081 $ 395,800 4 Dr. George W. Lund 6409 Indian Hills Rd 06- 116 -21-42 -0022 $ 418,800 5 Dorothy A. Kronlokken 5909 Ashcroft Ave 19- 028 -24 -31 -0125 $ 104,200 6 7 8 0 aE- -a4 -3z -camas r- Page 1 of 1 CASE WORKSHEET - April 12, 1999 Page 1 of 7 Preliminary Case # Parcel Descri tion Opinion Comments 1 Sustain a,� y Cl crO Robert J. Malby 6517 Limerick Dr 05- 116 -21 -14 -0043 Increase Decrease � � 3d J �� 2 �tain Timothy D. Asgrimson 5414 Creek View Ln Increase 05- 116 -21-44 -0054 Decrease `fin` �d- 3 Austain John E. Elkins 7740 Marth Court Increase 08- 116 -21 -33 -0151 Decrease 4 Sustain William H. Egan/ Trustee Application Withdrawn 7727 Pondwood Dr Increase 08- 116 -21-43 -0051 Decrease 5 Sustain Hal C. Ransom III Application Withdrawn 7731 Pondwood Dr Increase 08- 116 -21-43 -0052 Decrease 6 Sustain Bendik Eklo Application Withdrawn 7735 Pondwood Dr Increase 08 -116 -21-43 -0053 Decrease 7 Sustain Douglas D. Roy Application Withdrawn 4205 Alden Drive Increase 07- 028 -24-41 -0080 Decrease 8 Sustain M. Katharine Taveggia Application Withdrawn 7741 Pondwood Dr Increase 08- 116 -21-43 -0055 Decrease Page 1 of 7 CASE WORKSHEET -April 1Z 1999 Page 2 of 7 Preliminary Case # Parcel Description Opinion Comments 9 Sustain Mark A. Thompson Application Withdrawn 6816 Brittany Rd Increase 30- 028 -24 -33 -0092 Decrease 10 Sustain 1� Robert R. Pfefferle 5428 Halifax Ln Increase 19 -028 -24 -11 -0039 Decrease 11 Sustain John O. Murrin Application Withdrawn 4018 W 65th St Increase 30- 028 -24 -14 -0003 Decrease 12 Sustain / Gladys Mitchell 7212 West Shore Dr Increase 31- 028 -24 -24 -0099 Decrease o'; 13 Sustain Julie M. Jonason 5300 Glenbrae Circle Increase 32- 117 -21 -11 -0023 Decrease 14 Sustain Nancy J. Van -Zile 4525 Vandervork Ave ncrease 28- 117 -21 -23 -0114 Decrease C 1 l� 15 Sustai 0�- Christopher Krug 5232 Lochloy Dr Increase 29- 117 -21-44 -0036 Decrease 16 Sustain Carl R. Olson Application Withdrawn 7503 West Shore Dr Increase 31- 028 -24 -33 -0007 Decrease Page 2 of 7 CASE WORKSHEET -April 1Z 1999 Page 3 of 7 Preliminary Case # Parcel Description Opinion Comments 17 Thomas N. Awsumb Sustain l �� Increase 4703 Towne Rd lar- 18- 028 -24 -11 -0076 Decrease 18 Sustain Gaeyl Kanter Application Withdrawn 5705 McGuire Rd Increase 05- 116 -21 -34 -0037 Decrease 19 Sustain Karla K. Jones 5226 Green Farms Rd Increase ( t y lSz 30- 117 -21 -34 -0026 Decrease 20 Sustain (AS) Gregory G. Roth � L 5801 Drew Ave S Increase 20- 028 -24 -32 -0065 Decrease 21 Sustain Rodney J. Olson �Qq 5804 Kemrich Dr Increase 08- 116 -21 -24 -0008 Decrease 22 Sustain Joseph H. Andersen 4404 Branson St Increase 07- 028 -24-43 -0059 Decrease 23 Sustain Raymond H. Ehlers 1 0 4212 70th St W Increase l 1 30 -028 -24-43 -0023 Decrease 24 Sustain Deborah A. Crawford Application Withdrawn 6212 Beard Place Increase 29- 028 -24 -22 -0068 Decrease Page 3 of 7 CASE WORKSHEET -April 1Z 1999 Page 4 of 7 Preliminary Case # Parcel Description Opinion Comments 25 1 Sustain Sydney G. Schultz Application Withdrawn 3 Cooper Ave Increase 29- 117 -21 -14 -0005 Decrease 26 Sustain �� l Jacqueline S. Mithun 5308 Halifax Ave Increase 18- 028 -24-44 -0067 b Decrease 27 Sustain Daniel J. Gionet Application Withdrawn 5517 Kellogg Ave Increase 19- 028 -24 -12 -0110 Decrease 28 Sustain V 1 1 Andy A. Pontius 4909 Trillium Ln Increase 31- 028 -24 -22 -0074 Decrease 29 Sustain Norman P. Chapel Application Withdrawn 4622 Edgebrook Place Increase 18 -028 -24 -23 -0058 Decrease 30 Sustain Sam P. Cheolis Application Withdrawn 6113 York Ave S Increase 20- 028 -24 -34 -0123 Decrease 31 Sustain Lowell E. Johnson 6004 Hansen Rd Increase 33- 117 -21 -33 -0049 / Decrease vvv S UVv 32 Sustai Gregory J. Dovolis 6805 Dakota Trail Increase 06 -116 -21-43 -0032 Decrease Page 4 of 7 CASE WORKSHEET - April 1 Z 1999 Page 5 of 7 Preliminary Case # Parcel Description Opinion Comments 33 Sustain Scott M. Busyn 5019 Bruce Ave Increase 18- 028 -24 -42 -0036 Decrease 34, Sustain Peter V. Hall 6109 Ridgeway Road Increase 32- 117 -21-43 -0041 Decrease 35 Sustain James Huettl 6805 St. Patricks Ln Increase 06- 116 -21-44 -0047 Decrease 36 Sustain James F. Gehrke 4622 Casco Ave 18 -028 -24 -13 -0022 Increase Decrease c V v 37 Sustain Michael L. Ricke 5309 Blake Rd Increase 29- 117 -21 -33 -0004 Decrease 38 Sustain George E. Fleet Jr. 6419 Timber Ridge Increase 06- 116 -21 -13 -0056 ' Decrease 39 Randy T. McKay Sustain \ W 5616 Schaefer Rd Increase 31- 117 -21 -14 -0037 Decrease 40 Sustain Mary A. Stuart Application Withdrawn 6400 York Ave S Increase 29- 028 -24 -21 -0077 Decrease Page 5 of 7 CASE WORKSHEET - April 12, 1999 Page 6 of 7 Y yr-, Preliminary Case # Parcel Description Opinion Comments 41 R-4v-eL e1g[o Daniel A. Rutman Sustain -;�--A a 1 Vv 6728 Rosemary Ln Increase y 06- 116 -21-41 -0048 Decrease 42 Susfain Clara Gooding 5824 Halifax Ave Increase 19 -028 -24 -41 -0021 Decrease 3 43 Sustain Michael W. Dreis Application Withdrawn 6332 Limerick Ln Increase 05- 116 -21 -13 -0045 Decrease 44 Sustain Gary M. Braun Application Withdrawn 6508 Ridgeview Dr Increase 05- 116 -21 -14 -0056 Decrease 45 Nanron Company L LC Sustain S 5632 Chowen Ave S Increase 20- 028 -24 -23 -0102 Decrease _ 46 Sustain James M. Ostlund O 5020 Normandale Ct Increase a� i 33- 117 -21 -24 -0027 Decrease 47 Sustain John F. Healy 4808 Upper Terrace Increase v 30- 028 -24 -33 -0090 Decrease 48 Sust R James Voss 6300 Valley View Rd Increase 05- 116 -21 -11 -0060 Decrease V" Page 6 of 7 Y yr-, CASE WORKSHEET - April 12, 1999 Page 7 of 7 Preliminary Case # Parcel Description Opinion Comments 49 Sustain I l Demetrios J. Villas 5416 Creek Valley Rd Increase 05- 116 -21-44 -0053 Decrease C) 50 Sustain Grandview Cemetery This appeal contains three parcels 6901 Maloney Ave Increase 30- 117 -21 -23 -0002 Decrease 51 Sustain Wayne Rice 5100 Edina Ind Blvd Increase 31 -028 -24 -14 -0001 Decrease 52 Sustain Increase Decrease 53 \ 0-L - Sustain Increase Decrease berg r ha 54 Sustain Increase Decrease 55 Sustain Increase Decrease 56 Sustain Increase Decrease Page 7 of 7 Robert W. Quirk 6505 Nordic Drive` �` R MAR 11 1999 Edina, MN 55439 612- 942 -5268 March 8, 1999 Assessor's Office City of Edina 4801 West 50" St. Edina, MN 55424 -1394 re: Property ID: 06- 116 -21 -14 -0063 @ 6505 Nordic Drive; 1999 valuation. We wish to appeal the valuation for 1999. Your recent notice reflected a estimated market value increase of 14% over 1998 and a limited market value increase of 12 %. We believe this increase is out of line with real values as well as with neighboring properties. Just a year ago we had an independent appraiser provide a valuation to our mortgagor in connection with a refinancing of the property and we believe that number was in the $260,000 range. There is a copy of that appraisal in our records in Edina but we are at our winter address in AZ and will not return to Edina until mid -May. Is there a way to put the matter on hold until we return? If not, please let us know and we will try to find another way to deal with the matter. Sincerely, ert W. Qui Patricia A. Quirk Winter address: 47 E. Horizon Circle Oro Valley, AZ 85737 520- 498 -2181 Case # City of Edina Board of Review Assessor's Commentary Property I.D. Number: 05- 116 -21 -14 -0043 Date: 4/12/99 Property Address: 6517 LIMERICK DRIVE Owner /Agent Name: ROBERT / HELEN MALBY Comments: This is a 2 story home in good to average condition. Improvements made to the property are a very good 3 season porch added in` 1990, and a 3rd garage stall added in 1978. Comparable number 3 is very similar but is a better location. Comparable number 2 has has a similar location but is not a very desirable design. Recommend decrease in value to $230,000. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 05- 116 -21 -14 -0043 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6517 1/ LIMERICK DR 55439+ Right: CURR 319 NEXT Mt.Adr: Back: Left : Ownerl: MALBY ROBERT J Owner3: Owner2: MALBY HELEN J Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1971 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT Own 1999: 65200 179700 244900 H R 100 1998: 42200 176500 218700 3193 H R 100 1997: 42200 172300 214500 3331 H R 100 Legal Description: LOT 5 BLOCK 6 EDINA VALLEY ESTATES 2ND ADDITION Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 05- 116 -21 -14 -0043 6517 1/ LIMERICK DR SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 7/1971 45000 Make changes: press ENTER: or F1 F2, F5 F8 Address PID # Case # 6517 LIMERICK DRIVE 05- 116 -21 -14 -0043 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 6517 LIMERICK DR 05- 16 -21 -14 -0043 6403 LIMERIK DR 05- 116 -21 -14 -0002 6521 LIMERICK DR 05- 116 -21 -12 -0044 5709 SUSAN AVE 05- 116 -21 -31 -0054 SALE DATE Oct -97 Jun -98 Jun -98 Sale Price $ 216,000 $ 220,000 $ 265,000 ime Adjustment $ 26,600 $ 13,200 $ 8,500 Adj. Sale Price $ - $ 242,600 $ 233,200 $ 273,500 Price / Sq Ft $ - $ 113.47 $ 108.26 $ 139.33 Style 2/ /S 2/S 2/S 2/S 1 st Floor Area 1,120 1,242 1,098 1,131 12nd Floor Area 1 775 896 1,056 832 Total Sq Ft 1,895 2,138 $ (6,000) 2,154 $ (6,500) 1,963 $ (1,700) Quality Year Built 1971 1969 1973 1962 Condition I GOOD/ AVG GOOD /AVG GOOD /AVG AVG # of Bedrooms 4 4 4 4 BATHS - Dlx Full 1 1 1 1 3/4 1 1 2 $ (3,000) 1 1/2 1 1 1 1 Basement Area 1070 896 1056 1131 Finished Bsmt '300 MIN 500 $ (2,000) 700 $ (4,000) 0 Walkout NO NO NO NO Fireplaces 2 2 2 2 Heat / Cooling FA/CA FA/CA FA/CA FA/CA Garage Size/Type 3 CAR ATT 2 CAR $. 5,000 2 CAR $ 5,000 2 CAR $ 5,000 Deck YES PATIO PATIO PATIO Porches 3 SEASON V -G $ 5,000 3 SEASON $ 3,000 3 SEASON $ 3,000 Lot Size 90X160 IRR 88X132 Location RR/ POWER SIM SIM GOOD $ (20,000) Other HWY $ 10,000 Other GOOD DESIGN SIM DESIGN DESIGN /FAIR $ 5,000 SIM DESIGN Other Other Restrictions Net Adjustment $ 12,000 $ (500) $ (13,700) Adj. Sale Price $ 254,600 $ 232,700 $ 259,800 I r. L r. 16.0 3 Season 1E.C1 16.10 i2.o Deck Porch qES.o E. C, 0 .0 1Z C1 Garage r. OP POE 6517 LIMERICK DRIVE 05-116-21-14-0043 Tot Livable: = 1,118 FILE : 6517LIME Total Livable = 1,11 EMENTS -20.0 x 5.0 = -100.9 -20.0 y 1.0 = -20.0 20.0 Y 13.0 = 260.0 31.0 Y 30.0 = 930.0 -5.0 Y 0.75 = -3.8 5.0 Y 10.25 = 51.3 Tot Livable: = 1,118 FILE : 6517LIME Total Livable = 1,11 Total Garage = 70 Total Deck = 26 Total Porch = 28 Case # 2 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 05- 16 -21 -44 -0054 Date: 4/12/99 Property Address: 5414 Creek View Lane Owner /Agent Name: Timothy O Asgrimson Comments: 5414 Creek View Lane is in good condition with some updates and a family room addition built in 1984. Comparable number 1 and 2 are simmilar in style, but not on the creek. Comparable number 3 is on the creek and about the same size. Recommend no change in value. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 05- 116 -21 -44 -0054 HOUSE# FRACTION STREET NAME UNIT ZIP +4 5414 1/_ CREEK VIEW LA 55439+ Ownerl: ASGRIMSON TIMOTHY D Owner3: Owner2: ASGRIMSON KATHLEEN L Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1969 Area: Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: Mkt -Land 1999: 80000 1998: 53000 1997: 53000 Legal Description: Mkt -Bldg Mkt -Mach. 175800 175400 171000 .LOT 7 BLOCK 1 OTTO'S 3RD ADDITION CURR 319 NEXT Pt.Con: Mt.Adr: Front: Back: Right: Left: Acres: .00 01 Width: 80 Depth: 130 Mkt -Tot Tx Capacity 255800 228400 3358 224000 3507 Hd PT %Own H RL 100 H RL 100 H RL 100 Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID -------- -- - ---- Address ---- -- -- - --- NEXT 05- 116 -21 -44 -0054 5414 1/ CREEK VIEW LA SALE TYPE SALES DATE PRICE OF SALE RATIO '9/1996 224000 5 _ 3/1972 48250 — _ Make changes: press ENTER: or F1 F2 F5 F8 REMARKS City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 P.I.D. # Os—[l L -oLi - U �(" - CEO Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review I Date Returned: 3 -1'? (Time: `-1 'OQ) Received By: 'DK Case # Z. :.n11y for.- off�e use .o ...y. . Application Date: 3.- 1 % - Attach any supporting documentation Owner Name: a A- ,,,c, Owner Address: 5 t1 mac.' L Home Phone Number: 7. 07 Business Phone Number: G%iJ Cl Yoe o Property Address: ti 1 ��' r�= 1,� t :. Assessor's estimated market value for January 2, 1999: Land: Buildings: Total: I believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: a� (7 Ot' Purchase Date: Total purchase price (land & bldgs.): Year Built:. House: 1101 Garage: Additions (Explain):, nq Condition of Structures (Explain): (�D� Description & value of additions and improvements since your purchase of this property: ............ ............................... .... ............................... •.. ............................... n : e e . . r� ra :Piofess�onal:A � pratsais.�.•.•..•....(P�ease :attach:a:�cgp � :of �a.. Y �..c... t.ap ....sa. � .. �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: Appraisal Date: Indicated Value: Ex lamahe:reasonsfor. our :ob'ectiori:aaahe:assessors:es #iii afed: m: arket: �iatue :::::::::::....::::::::::•:.:. :.:.:.:.:.:.:.:.:..:.:...:::::: I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. A Signature of applicant: RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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. TIM D. ASGRIMSON Edina Assessor's Office 4801 West 50`h St. Edina, Mn 55424 -1394 CPA March 5, 1999 MAR 081999 Re: Property Id 05- 116 -21 -44 -0054 5414 Creek View Lane Edina In regards to the market value classification for taxes payable in 2000 please note my disagreement with the valuation assessed. I purchased the home in September, 1996 for $ 224,000 and as the schedule shows it was over assessed by $ 13,800 ($237,800)or 6.1 %. After noting that point with the assessor's office in 1997 the now retired assessor agreed verbally to reduce the value to the purchase price for two years to offset the overpay in taxes that occurred in 1997. The assessor did not keep it at purchase value for two years as agreed to and when I called to note that I did not get a response. Now I have been assessed a 9.9% increase from $228,400 to $251,200 ($22,800) WHEN NO HOMES IN THE NEIGHBORHOOD HAVE SOLD FOR OVER $225,000 and the closest sale was for $190,000 in December, 1998. Plus, you list Market Value at $255,800 for my property have had a real estate agent look at my property and in no way could he imagine my home being sold in the $250,000 range. I have included a history of assessment and a schedule of overall price increases for your informational purposes. I look forward to hearing from you in writing about reducing my valuations or I will seek other means that are available to address this outrageous valuation and tax increase of my property. Sincerely, Tim D. Asgrimson, CPA 5414 CREEK VIEW LANE EDINA, MN • 55439 PHONE: 612/948 -9412 • FAX: 612/881 -8114 Edina Assessor's Office Re: Property Id 05- 116 -21 -44 -0054 Est. Market Value -2- MARCH 5, 1999 5414 Creek View Lane Edina Taxable Market Value 1997 $ 237,800 $ 237,800 1998 $ 224,000 $ 224,000 1999 $ 228,400 $ 228,400 2000 $ 255,800 $ 251,200 % Change 1 *2 1.9% 9.9% 'j-1 Over assessed $ 13,800 or 6.1% and therefore should have received a real estate tax credit /refund of $ 301.98. ,2 Purchase price /market value of home bought less- then 2 1/2 years ago. Which is gross price and does not include Realtor's commission and other selling costs which are at least 5% to 10% of price for realized selling price of approximately of $ 202,000. 1999 increase occurred even after meeting with assessor to keep value at purchase price for two years to compensate for 1997 over assessed. Since that did not happen no benefit has been received to me from the 1997 over assessment. 2000 increase is based from taxable market value and the increase to market value is $ 27,400 or 12% an incredible jump with the CPI index of 1.6 %. CONSUMER PRICE INDEX ALL URBAN CONSUMERS (1982 -1984 = 100) Source: U.S. Bureau of Labor Statistics To figure the percentage increase between any two months: Subtract the index for the earlier month from that of the later month. Divide that number by the index for the earlier month. And then multiply by 100 by moving the decimal two places to the right. Year Jan. Feb. Mar. Apr. May June July Aug. Sep. Oct. Nov. Dec. Dec.- Dec. Increase 1972 41.1 41.3 41.4 41.5 41.6 41.7 41.9 42.0 42.1 42.3 42.4 42.5 3.4% 1973 42.6 42.9 43.3 43.6 43.9 44.2 44.3 45.1 45.2 45.6 45.9 46.2 8.7% 1974 46.6 47.2 47.8 48.0 48.6 49.0 49.4 50.0 50.6 51.1 51.5 51.9 12.3% 1975 52.1 52.5 52.7 52.9 53.2 53.6 54.2 54.3 54.6 54.9 55.3 55.5 6.9% 1976 55.6 55.8 55.9 56.1 56.5 56.8 57.1 57.4 57.6 57.9 58.0 58.2 4.9% 1977 58.5 59.1 59.5 60.0 60.3 60.7 61.0 61.2 61.4 61.6 61.9 62.1 6.7% 1978 62.5 62.9 63.4 63.9 64.5 65.2 65.7 66.0 66.5 67.1 67.4 67.7 9.0% 1979 68.3 69.1 69.8 70.6 71.5 72.3 73.1 73.8 74.6 75.2 75.9 76.7 13.3% 1980 77.8 78.9 80.1 81.0 81.8 82.7 82.7 83.3 84.0 84.8 85.5 86.3 12.5% 1981 87.0 87.9 88.5 89.1 89.8 90.6 91.6 92.3 93.2 93.4 93.7 94.0 8.9% 1982 94.3 94.6 94.5 94.9 95.8 97.0 97.5 97.7 97.9 98.2 98.0 97.6 3.8% 1983 97.8 97.9 97.9 98.6 99.2 99.5 99.9 100.2 100.7 101.0 101.2 101.3 3.8% 1984 101.9 102.4 102.6 103.1 103.4 103.7 104.1 104.5 105.0 105.3 105.3 105.3 3.9% 1985 105.5 106.0 106.4 106.9 107.3 107.6 107.8 108.0 108.3 108.7 109.0 109.3 3.8% 1986 109.6 109.3 108.8 108.6 108.9 109.5 109.5 109.7 110.2 110.3 110.4 110.5 1.1% 1987 111.2 111.6 112.1 112.7 113.1 113.5 113.8 114.4 115.0 115.3 115.4 115.4 4.4% 1988 115.7 116.0 116.5 117.1 117.5 118.0 118.5 119.0 119.8 120.2 120.3 120.5 4.4% 1989 121.1 121.6 122.3 123.1 123.8 124.1 124.4 124.6 125.0 125.6 125.9 126.1 4.6% 1990 127.4 128.0 128.7 128.9 129.2 129.9 130.4 131.6 132.7 133.5 133.8 133.8 6.1% 1991 134.6 134.8 135.0 135.2 135.6 136.0 136.2 136.6 137.2 137.4 137.8 137.9 3.1% 1992 138.1 138.6 139.3 139.5 139.7 140.2 140.5 140.9 141.3 141.8 142.0 141.9 2.9% 1993 142.6 143.1 143.6 144.0 144.2 144.4 144.4 144.8 145.1 145.7 145.8 145.8 2.7% 1994 146.2 146.7 147.2 147.4 147.5 148.0 148.4 149.0 149.4 149.5 149.7 149.7 2.7% 1995 150.3 150.9 151.4 151.9 152.2 152.5 152.5 152.9 153.2 153.7 153.6 153.5 2.5% 1996 154.4 154.9 155.7 156.3 156.6 156.7 157.0 157.3 157.8 158.3 158.6 158.6 3.3% 1997 159.1 159.6 160.0 160.2 160.1 160.3 160.5 160.8 161.2 161.6 161.5 161.3 1.7% 1998 161.6 161.9 162.2 162.5 162.8 163.0 163.2 163.4 163.6 164.0 164.0 163.9 1.6% THE KIPLINGER 'HINGTON LETTER Address PID # Case # 5414 CREEK VIEW LANE 05 -116 -21-44 -0054 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 5414 CREEK 7146 VALLEY VIEW RD 5913 VIEW LANE 6605 CAHILL ROAD Sale Date Sep -96 Oct -98 Jun -98 Mar -98 Sale Price $ 224,000.00 $ 234,000 $ 264,250 $ 288,000 ime Adjustment Adj. Sale Price $ 224,000.00 $ 234,000 $ 264,250 $ 288,000 Price / Sq Ft $ 113.88 $ 160.71 $ 150.48 $ 138.53 Style S/E S/E S/E 1/S 1st Floor Area 1,967 1,456 1,756 2.079 12nd Floor Area Total Sq Ft 1 1,967 1,456 $ 12,700 1,756 $ 5,300 2,079 $ (2,800) Quality Year Built 1969 1973 1973 1962 Condition GOOD GOOD GOOD GOOD # of Bedrooms 4 5 3 3 BATHS - Dlx 1 $ 5,000 $ 5,000 $ 5,000 Full 1 1 1 1 3/4 2 2 2 2 1/2 Basement Area 1900 1344 1756 2079 Finished Bsmt 1575 1300 $ 2,800 800 $ 7,700 1185 $ 4,000 Walkout YES NO YES YES Fireplaces 2 2 2 2 Heat / Cooling FA -CA FA -CA FA -CA FA -CA Garage Sizerrype 2 CAR 2 CAR 2 CAR 2 CAR Deck YES PATIO YES YES Porches 3 SEASON $ (5,000) Lot Size 80X130 IRR 95X130 115X117 Location CREEK NO $ 10,000 NO $ 10,000 YES Other KIT RMDL $ (10,000) Other Other Other Restrictions Net Adjustment $ 30,500 $ 23,000 $ (3,800) Adj. Sale Pri ce $ 264,500 1 $ 287,300 $ 284,200 0 y;,,ii m:W 7.0 Garage 2-3.0 1/0 9. 5414 CREEL{ VIEW LANE 05-116 -21 -44 -0054 M, 11 "n V Y 11 "I1"111 V 2810 X 4610 1 A v A n = 1,2881 2810 X 20.0 = 560. 710 X 9.0 = 63. 2810 X 210 = 56. Tot Livable: = 1,967 FILE = 5414CREE Total Livable = 1,967 Total Garage = 581 Case # 3 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 08- 116 -21 -33 -0151 Date: 4/12/99 Property Address: 7740 Marth Court Owner /Agent Name: John / Mary Elkins Comments: See attached report for body of Appraisal. Recommended Action: We recommend that the assessment be sustained at $ 331,700. Property I.D. Number: 08- 116 -21 -33 -0151 Property Address: 7740 Marth Court The subject property is located at the intersection of Marth Court and 78d' Street. The site is located on the City's southern border and is adjacent to a moderately to heavily traveled street. Marth Court is a newer and is a fairly small development, consisting of 9 building sites. These houses were constructed in the 1980's and 1990's, are predominantly 2 story, and are well built and maintained. Of all the houses on this street, the subject residence is the only house located directly at the intersection; however, the houses located north of the subject are situated on more heavily sloped lots. The subject property intersection location has been accounted for in the attached appraisal. 7740 Marth Court summary characteristics: Lot was purchased in 1993 for $117,900; old house subsequently removed to create new building site. The house was built in 1994 and consists of. split entry w/ 2 "d floor, 2709 sq.ft. gross building area, 3 bathrooms, 3 bedrooms, a fireplace, family room, and a 3 stall attached garage. The house also contains more than 1000 square feet of basement finish. The owner has estimated the 1994 construction and land acquisition cost at $310,000. In valuing this property, we examined three other split style houses, and paid particular attention to the location issue. The comparable properties included: 6009 View Lane, 5800 Dewey Hill Road, and 6401 Glacier Place. The characteristics and adjustments relating to those properties are summarized on the attached appraisal grid. Please direct your attention to comparable property #1, 6401 Glacier Place. Amongst the three comparables, this property, which sold for $375,000 in 1998, provides the best evidence of the market value of the subject property. Not only do the subject and comparable #1 closely match on all significant characteristics, both houses are located on very similar arterial streets. It is safe to state that moderate to fairly heavy traffic passes each house, at about the same time of day. The inherent market effect of that traffic /location influence is thus reflected in the Glacier Place home sale; no further location adjustment is necessary. The adjusted value of comparable #1, accounting for both characteristic differences and time, is $389,600. It is also important to note that while Mr. and Mrs. Elkins appeal suggests an assessment of $290,000 to $295,000, their residence was listed for sale in 1996 at $411,000, and subsequently expired at $387,000 in 1998. Given the weight of data, that is, an initial 1996 cost of $310,000, a highly comparable adjusted value of $389,600, and an expired listing of $387,000, we recommend that the assessment of 7740 Marth Court be sustained at $331,700. PROPERTY DATA SYSTEM Type PID or ADDRESS: press ENT ER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - --- Address --------------- NEXT 08- 116 -21 -33 -0151 7740 1/ MARTH CT SALE TYPE SALES DATE PRICE OF SALE RATIO 4/1993 117900 5 _ Make changes: press ENTER; or F1, F2 F5 F8 REMARKS TAXPAYER INQUIRY Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity CURB 319 PROPERTY ID 95000 236700 331700 NEXT 0 08- 116 -21 -33 -0151 80000 239000 319000 5086 R 0 1997: 80000 Pt.Con: Mt.Adr: R HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 130 Back: 130 7740 1/_ MARTH CT 55439+ Right: 153 Left: 153 Ownerl: ELKINS JOHN E Owner3: Owner2: ELKINS MARY B Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1994 Area: 19890 Acres: .00 Sch.Dst: 227 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: 130 Depth: 153 Type PID or ADDRESS: press ENT ER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - --- Address --------------- NEXT 08- 116 -21 -33 -0151 7740 1/ MARTH CT SALE TYPE SALES DATE PRICE OF SALE RATIO 4/1993 117900 5 _ Make changes: press ENTER; or F1, F2 F5 F8 REMARKS Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 95000 236700 331700 R 0 1998: 80000 239000 319000 5086 R 0 1997: 80000 239000 319000 6549 R 0 Legal Description: LOT 1 BLOCK 1 BRAEMAR HILLS 11TH ADDN Type PID or ADDRESS: press ENT ER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - --- Address --------------- NEXT 08- 116 -21 -33 -0151 7740 1/ MARTH CT SALE TYPE SALES DATE PRICE OF SALE RATIO 4/1993 117900 5 _ Make changes: press ENTER; or F1, F2 F5 F8 REMARKS City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 11 P.I.D. # 08416 -21 -33 -0151 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379) Board of Review Residential Request for Review I Date Returned: 3-1f3-179 Time: 9' o 0 Received By: k Case # . 3 Application Date: 3/3/99 Attach any supporting documentation Owner Name: JOHN / MARY ELKINS Owner Address: 90 S E ANDREW CIR DR,. SHELTON, WA 98584 _ Home Phone Number: I Business Phone Number: Property Address: 7740 MARTH CT Assessor's estimated market value for January 2, 1999: Land: 95,000 Buildings: 236,700 Total: 331,700 1 believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: Purchase Date: Total purchase price (land & bldgs.): �,3/ 0 00. Year Built: House: )Qgq Garage: Additions (Explain): p �✓[ Condition of Structures (Explain): ou-b Ai j<(- Description & value of additions and improvements since your purchase of this property: Owe .. . :::.::...::.::.:::.:..:..... ::.:............... �aisa Professional :Appraisals :::::.::::::::::: f P:lease.:attch :a .copy: of :any: iecen.: app ................... ............................... . Appraisal Date: Indicated Value: z la:iii the: real iis:for: aur. objectiorr:to:ftieassessor s esiii»ated rrtarlret v tue ::.::::: :::::............:::::::::::::: : &A P.,c�,7✓ (o�� Hu+sC- ►a 1 'g3 IN 199Y' w gab F 0 "o Ho"S'. &Wvep A p r L-V mr MW.V& p.N _ o� r Co n/ 000 H. C r l �1 r Or Vve �� 0 x. vn/ Tw ^' 'TI14e YQ ke J TRA 00 he/l We '-- a/4,K A Wa.MACE& 4S Qua W E ZAI c osr 1,0 6 1#4 ,U60V A% A, WA) a 1 �av — u �6y7Gt� l,4l —j#"-6 YdJ 100 HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE KNOWLEDGE AND BELIEF. r Signature of applicant: BEST OF MY Cap RETURN THIS APPLIWON TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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. 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A: Nan[' rl��'�� �'y�$i� -�� ►n>c, g'2%- yHc/J � ,urC.ti 7� 4►�� City of Edina Board of Review Address 7740 Marth Court PID # 08- 116 -21 -33 -0151 Case # Assessing Dept. 4/8/99 Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 6401 Glacier Place 31- 117 -21-43 -0069 6009 View Lane 31- 117 -21-44 -0040 5800 Dewey Hill Road 08- 116 -21 -24 -0077 Sale Date 1/15/98 Aug -98 Jul -98 Sale Price $ 375,000 $ 399,900 $ 370,000 rime Adjustment $ 18,000 $ 6,700 $ 14,800 Adj. Sale Price $ - $ 393,000 $ 406,600 $ 384,800 Price / Sq Ft $ - $ 152.74 $ 219.31 $ 167.74 Style Split Split Split Split 1st Floor Area 1,928 1,550 1,854 1,674 2nd Floor Area 781 1,023 620 Total Sq Ft 2,709 2,573 $ 4,760 1,854 $ 29,900 2,294 $ 14,500 Quality Average Average Average Average Year Built 1994 1988 $ 3,900 1970 $ 16,300 1982 $ 7,700 Condition Good Good Good Good # of Bedrooms 3 3 3 5 $ (4,000) BATHS - Dlx 1 1 $ - 0 $ 5,000 1 Full 1 2 $ (3,500) 3 $ (7,000) 2 $ (3,500) 3/4 1/2 1 1 $ - 0 $ 2,000 0 $ 2,000 Basement Area 1948 1550 $ 3,980 676 $ 12,720 1674 $ 2,700 Finished Bsmt 1224 1500 $ (5,520) 0 $ 24,480 1674 $ (9,000) Walkout Yes Yes $ No $ 2,000 Yes Fireplaces 1 2 $ (4,000) 2 $ (4,000) 2 $ (4,000) Heat /Cooling FA & AC Same $ - Same $ - Same $ - Garage Sizerrype 3 Car Aft Same $ - Same $ - 2 Car Aft $ 5,000 Deck None 310 Sq. Ft. $ (3,100) None $ - 750 Sq. Ft. $ (7,500) Porches None None $ - 224 Sq. Ft. SC $ (16,000) Lot Size Standard Standard Standard Standard Location I Busy Street Same $ - Superior $ (40,660) Better $ (19,240) Other Pool $ (15,000) Other Other Other Restrictions Net Adjustment I $ (3,480)1 $ 9,740 $ (15,340) Adj. Sale Price I $ 389,600 1 $ 416,400 $ 369,500 Assessing Dept. 4/8/99 i A=i'i1 . Al �y. , i'43Aov "'�" ► r ', , ..f.,a +.T MEMEMENTS TOTAL r ��1 v. -38,5 � 22.0 = -847.0 27.0 X 46.0 = 1,242.0 9.0 X 44.0 = 396.0 24.5 X 46f0 = 1,127.0 22.n 10.0 X 1.0 = 1010 5.0 X 4.0 = 20.0 2 /i /B Tot Livable; = 1,948 1. 38.E HE. C, BSMT = 1948 --------- - - - - -- 4.0 1ST = 1928 Garage 24.r 1st /Gar 2ND = 781 1/B GBA = 2709 9., FILE = 7740MART Total Livable = 1,948 7740 MARTNG4l1RT Total Garage = 288 08- 116 -21 -33 -0151 Case # 10 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 19- 028 -24 -11 -0039 Date: 4/12/99 Property Address: 5428 HALIFAX AVE ,Owner/Agent Name: ROBERT / AMY PFEFFERLE Comments: Home was purchased 3 years ago this month for $190,500. Since purchase owners have installed drain tile and reroofed home. The style and location are desirable. The values range widely on Halifax Lane. Subject has creek side influence, although is not located directly on creek. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 19- 028 -24 -11 -0039 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5428 1/_ HALIFAX LA 55424+ Right: Ownerl: PFEFFERLE ROBERT R Owner3: Owner2: PFEFFERLE AMY B Owner4: Zoning: 0000 Prim /sec: Yr.blt: 1958 Area: Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: Depth: 267 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 95000 122500 217500 H R 100 1998: 43400 154400 197800 2838 H R 100 1997: 43400 149600 193000 2933 H R 100 Legal Description: LOT BLOCK 2 " ELMWOOD TERRACE SECOND ADDITION" LOT 1 AND THE N 10 FT OF LOT 7 BLK 3 ELMWOOD TERRACE CURB 319 NEXT Mt.Adr: 65 Back: Left: -Type.PID or ADDRESS: Press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - -- -- Address -------- - -- --- NEXT 19- 028 -24 -11 -0039 5428 1/ HALIFAX LA SALE TYPE SALES DATE PRICE OF SALE RATIO 4/1996 190500 5 _ 8/1993 186000 5 _ Make changes: press ENTER; or F1 F2 F5,- F8 REMARKS City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 P.I.D. # 19- 028 -24 -11 -0039 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review 11 Date Returned: _ 7 --:26- 9 9 I Time: 9;3o 9/),1 11 Received By: I Case # 10 : .:.:.:......:.:..:r .:..:.:.:.:.:.:.:.:.:.:......:.:. :.:.:.:.:.:.:.:.:..:.:.:.....:. . F:ar.afifice, use...... :......:::::::::: Residential Request for Review Annlication Date: 3/4/9911 Attach anv supporting documentation Owner Name: ROBERT / AMY PFEFFERLE Owner Address: 5428 HALIFAX LA Home Phone Number: 7 5W I Business Phone Number: 3,Z —q97/ Property Address: 6- Z $ LIF L +HE Assessor's estimated market value for January 2, 1999: Land: 95,000 Buildings: 122,500 Total: 217,500 1 believe the estimated market value on January 2, 1999 should be: Land: 81,5DD Buildings: ZZ,SDO Total: 57041 OG� Purchase Date: I& /M Total.purchase price (land & bidgs.): 5pD Year Built: House:/q:5', Garage: C+tL -Additions (Explain): Condition of Structures (Explain): p L, jqce-o5 FX;��cioa Description & value of additions and improvements since your purchase of this property: ........................... raisals ::: :::.:.:.:.:.:. .:.:. .:.:.:.:.::::::: :Professional Appraisals : ::..:.:.:.:..:(Please: attach::a: copy :of:aiijl:�ecent:apP.........) ..... _ ..................... . Appraisal Date: /L IL ql /q14 Indicated Value: D DO Ex fain aheleasohs:for: our objectiorraoahe sssessar's estitr afed: markef iatue :.' ::::::::::: �E I UV MtKtt$T ArrIKIVI 1 HA 1 1 r7C ADUV C IINrumnA I Ivlr IQ i v— mump 1 rwr. 1 v l a KNOWLEDGE AND BELIEF..� nature of applicant: RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE COI TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. March 25,1999 Mr. Edward Pederson City of Edina Assessor's Office 4801 West 50'' Street Edina, MN 55424 -1394 Dear Mr. Pederson, I am writing to protest the estimated market value of $217,500 for 5428 Halifax Lane as noted on the Value Notice from your office (dated January 2,1999 and received in our home on March 2,1999).'l feel the 1999 valuation and should not have been increased more than 2.5% (the amount your office increased the value from 1997 to 1998). As a licensed Minnesota Real Estate Broker I am familiar with the various methods of real estate valuation and assessment procedures. Though I am unfamiliar with the specifics of the City of Edina's methods for determining value, it is clear that you are not basing the annual valuation on individual property assessment. If you had been, you would not have increased my home's value as you did. As you review my property please consider the following facts: • We purchased the home in April 1996. Prior to the purchase the home had been on the market for over 1 year, and the price had been reduced several times. This would indicate that the property (although in a nice neighborhood) lacks the charm and curb appeal of many of the other homes in the area. • No significant improvements to the home have been made to the property since the purchase. Additional repairs needed that might affect value (such as exterior painting, carpet replacement etc.)_ are scheduled but have not yet begun. Landscaping is inferior to most of the neighborhood. • When we purchased the home the appraiser had a hard time justifying the purchase price due to the size and age (1959) of our home as compared to other 3 bedroom homes in this area of Edina. The appraiser eventually had to use w•5 comparables from the west side of Highway 100. Our house, as you may know, is on the small and less plush side as compared to others in the area and it would be inappropriate (as the appraiser determined) to compare our home to others of similar size but superior finish. • I requested a review of your office's valuation back in 1997 based on the same circumstances that exist today. Your appraiser visited my home and subsequently made an appropriate adjustment of the value. I am sure you will see that a similar adjustment is appropriate in1999. • The Board of Review Request Sheet sent to me from your office estimated land value at approximately $95,000. The original assessment of the land when we bought the house less than 3 years ago was $70,000. This $25,000 increase would equate to an excessive annual increase in value of approximately 14 %. Though we have a large lot compared to many homes the majority of the lot lies in a flood plain and is the lowest lying area in the neighborhood. Our "low lying" lot contributed.to significant flooding problems we experienced in 1997. These problems included persistent water and moisture in the basement areas throughout the spring and summer seasons. The flood plain issue and the recent basement water problems, as you know, will negatively impact our ability to sell this property. Although your method of valuation may be justifiable for most of the homes within our area, I think you will find that our home is not one of them. It is my request that you have the appropriate person in your office review the valuation for 5428 Halifax Lane. I have attached for your use and review a couple of recent comparables of homes that have sold in the immediate area. I appreciate your prompt attention to this matter and can be reached by phone at the following numbers: Work: 332 -9271 Home: 927 -5964 Sing ely, Robert R. P efferle -f 1i Ir. + 1 11 GULDSETH APPRAISALS APPRAISAL OF: 5428 HALIFAX EDINA, MN. 55424 APPRAISAL FOR: FIRSTAR HOME MORTGAGE 2121 CLIFF DRIVE STE, 205 EAGAN, MN. 55122 ATTN:LEON DUDA X X I Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT File No- HAL04602 Properly Address 5428 HALIFAX City EDINA State MN Zip Code 55424 Legal Description LOT 1, BLOCK 2 AND THE NORTH 10 FT. OF LOT 7, BLOCK 3 ELMWOOD TERRA06 HENNEPIN Assessor's Parcel No. PID# 1902824110039 Tax Year 1995 R.E. Taxes $ 3864 Special Assessments $ NONE _ Borrower ROBERT & AMY PFEFFERLE Current Owner GEOFFREY & MARY HEIDBRINK Occupant: Owner enant X Vacant . Property rights appraised X Fee Simple I 11-easehold Project Type: PUD Condominium (HUDNA only) HOA$ /Mo. Neighborhood or Project Name Map Reference 78 -5D Census Tract 238.01 Sale Price$ 190500 Date of Sale 3 -24 -96 Description and $ amount of loan charges /concessions to be paid by sailer NONE Lender /Client FIRSTAR HOME MORTG. /LEON DUDA Address 2121 CLIFF DR. STE 205 EAGAN MN. 55122 AppraiserJAMES A.B. GULDSETH Address 4005 W 65TH ST. EDINA MN 55435 Location nUrban asuburban ORural Predominant Single family housing Present land use % Land use change Built up OOver 75% 025 -75% OUnder 25% occupancy $RICO) AGE One family 95 ONot likely OLlkely Growth rate ❑Rapid OSlable OSlow OOwner 130 Low 20 2 -4 family 5 Din process Property values Olncreasing OStable O Decllning Tenanl O To: 27 0 High 50 Mull'- family %) 111111111 Predominant 111111111 Commercial Demand /supply OShonage Oln balanceOOver supply OVacant (0 -5 Marketing time X Under 3 Mos. -6 Mos. Over 6 Mos. avant (aver 5%) 190 36 ( ) Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: SUBJECT IS LOCATED IN A PREDOMINANT RESIDENTIAL NEIGHBORHOOD ON THE EASTERN EDGE OF THE CITY OF EDINA. SEE ADDENDUM - Factors that affect the marketability of the properties In the neighborhood (proximity to employment and amenities, employment stability, appeal to market etc.): ACCESS TO THE METROPOLITAN INTERSTATE FREEWAY SYSTEM IS VIA CROSSTOWN HIGHWAY 62 LOCATED ONE MILE • SOUTH OF THE SUBJECT. A MAJOR SHOPPING CENTER CALLED SOUTHDALE IS ALSO LOCATED ONE MILE SOUTH OF THE SUBJECT. SEVERAL CITY PARKS GOLF COURSES THE MINNEHAHA CREEK AREA AND OTHER SMALLER LAKES ALL WITH THEIR RECREATIONAL ACTIVITIES ARE IN GOOD PROXIMITY TO THE SUBJECT. SEE ADDENDUM. a , Market conditions in the subject neighborhood (including support lot the above conclusions related to the trend of property values, demand/supply, and marketing lime - - such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.): THE MARKET APPEARS TO BE STABLE TO GOOD IN THE SUBJECT NEIGHBORHOOD WITH PROPERTY VALUES REMAINING STABLE AT THE PRESENT TIME. THE HOMES IN EDINA PRICED OVER $250,000 TEND TO CREATE A SLOWER MARKET HOWEVER THERE STILL APPEARS TO BE A GOOD DEMAND FOR HOMES WHICH ARE PRICED PROPERLY AND IN GOOD CONDITION AND UNDER $250 000. MORTGAGE MONEY APPEARS TO BE READILY AVAILABLE THROUGH BANKS AND MORTGAGE COMPANIES IN THE EDINA AREA. Project Information for PUD's (1 applicable) - - Is the developer/builder In control of the Home Owners' Association (HOA)7 _ Yes ON. • Approximate total number of units in the subject project . Approximate total number of units lot sale in the subject project Describe common elements and recreational facilities: Dimensions 65X267 Topography LEVEL ON GRADE Site area 17355 SgFt Corner lot [—]Yes allo Size SEE ABOVE Specific zoning classification and description RESIDENTIAL Shape RECTANGULAR Zoning compliance OLegal OLegal nonconforming (Grandfathered use) 011iegal ONo zoning Drainage ATE Highest& best use as Improved X Present use Other use (explain) RE View RESI ENTIAL/CREEK Landscaping AVERAGE Utilities Public Other Off -site Improvements Type Public Private Electricity O Street BLACKTOP XQ O Driveway surface CONCRETE Gas Q curb /gutter CONCRETE OX Apparent easements UTILITY Water O Sidewalk NONE O O fEMA Special Flood Hazard Area )( es No E Sanitary sewer D Street lights NONE O O FEMA Zone B, C Map Date 5 -1-80 Storm sewer X Alley NONE FEMA Map No. 270160- 0004 -B Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or nonconforming zoning use, etc.): THE SITE APPEARS TO BE TYPICAL FOR THE NEIGHBORHOOD WITH NO ADVERSE EASEMENTS, ENCROACHMENTS OR CONDITIONS NOTED. SEE ADDENDUM. • GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units 1 Foundation CONC. BILK Slab NO At- Sq. FL 1336 Root O No. of Stories 1 Exterior Walls CDR SH. /BR ,Crawl Space NO % Finished 54 Coiling X _ Type (DeL /AIL) DETACHED Root Surface COMPOSITIO asement YES Ceiling TEXT./TILE Wells X Design (Style) RAMBLER Gutters & Dwnspts. ALUMINUM Sump Pump YES Walls PANEL Floor 0 Existing /Proposed EXISTING window Type CASEMT /DB III&pness NONE OBS. Floor CARPET None Q Age (Yrs.) 38 Storm/Screens COMBO. Settlement NONE OBS. I Outside Entry YES Unknown O e Effective Age (yrs.) 12 -16 Manufactured House NO infestation NONE OBS. ROOMS Foyer Living I Dining I Kitchen I Den I Family Rm. Rec. Rm. Bedrooms Baths Laundry Other Area Sq. Fl. • Baird 1 1 .75 1 SCR. PR H 721 Level 1 1 1 1 1 3 1 1,388 Level 2 • Finished area above grade contains: 7 Rooms; 3 Bedrooms; 1 Baths; 1388 Square Feel of Gross Living Area - INTERIOR Malefials /Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: • Floors HRDWD /CRPT Type FRCD AIF Refrigerator O None O Fheplace(s) 0 2 None Q Wails DRYWALL Fuel NAT. GA Ran O 9 a /Oven X Stairs O Patio O Garage 0 of ears Trim/Finish NAT. WOOD Condition GOOD Disposal Q Drop Stair O Deck WOOD 0 Attached 2 COOLING Bath Floor CERAMIC Dishwasher O Scuttle Q Porch SCREENECM Detached Bathwain —t CERAMIC Central FRCD Al Fan/Hood O Floor Fence Built -In Doors HOLLOW CORE Other Microwave Heated Q Pool O Carport Condition GOOD Washer /Dryer Finished Driveway CONCR. Additional features (special energy efficient items, etc.): THERE IS A 10X18 DECK WITH ITS ACCESS OFF OF A BEDROOM AT THE REAR OF THE HOME. SEE ADDENDUM. • Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.: PHYSICAL DEPRECIATION IS TAKEN DUE TO AGE AND CONDITION OF THE PROPERTY. THE HOME HAS HAD EXTENSIVE UPDATING AND REMODELLING WHICH INCLUDES NEW FURNACE, CENTRAL AIR CARPETS ETC. SEE ADDENDUM. Adverse environmental conditions (such as, but not limited to. hazardous wastes, toxic substances, etc.) present in the Improvements, on the site, or in the immediate vicinity of the subject property: THERE ARE NO KNOWN OR APPARENT ADVERSE ENVIRONMENTAL CONDITIONS WHICH WOULD HAVE A NEGATIVE IMPACT ON THE VALUE OF THE PROPERTY. •reedie Mac orm 70 6-93 .� .. muse mae rorm ,uu4 e-9J g.v,t.,.. UNIFORM RESIDENTIAL APPRAISAL REPORT Fit -No. HAL04602 ESTIMATED SITE VALUE ...................... = $ 70,000 Comments • ESTIMATED REPRODUCTION COST -NEW OF IMPROVEMENTS: site Dwelling 1388 Sq. FL p E 80.00 = $ 111,040 estimated BASEMENT 721 Sq. Fl. QS 17.00 = 12,257 DATA PORCH DESK __ 6,000 COUNTY • Garage /Carport 440 Sq. FL @$ 15.00 6,600 IN Total Estimated Cost -New . , ..... = $ 135,897 Less Physical I Functional I = E External • 20385 20,385 • Depreciation Depreciated Value of Improvements ................ = $ 115,512 'As -is' Value of Site Improvements.. , , , , , = $ 5,000 INDICATED VALUE BY COST APPROACH ......... - 190,512 on Cost Approach (such as source of cot value, square loot calculation and, lot HUD. VA ane Frm:s. r r i remaining economic life of the property): LOCAL COST MANUALS TOGETHER WITH THE CITY AND RECORDS WERE CONSIDERED AND USED THE COST APPROACH. ITEM I SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 5428 HALIFAX 3509 Address EDINA EDINA 55TH ST. WEST 5932 HALIFAX AVE. EDINA 5816 CREEK VALLEY RD. EDINA Proximity to subject 3 ELKS 5 BLKS 1+ MILES Sale Price $ 190, 500 11111111111111111111111 E 176 soo 11111111111111111111111 $ 17s o0o 1111111 $ 197 800 Price /Gross Uv. Area $ 137.25 L� $ 173.35 11 $ 136.85 0 $ 131.17. 14 Data and/or Verification Sources MILS COUNTY & RECORDS MLS & COUNTY RECORDS MLS & COUNTY RECORDS VALUEADJUSTMENIS PTION DESCRIPTION +(- )$Adjustment DESCRIPTION +(- )$Adjustment DESCRIPTION +(- )SAdjustment Sales or Financing Concessions PEDINA CONV. CONV. CONV. -4,450 Date of SaleRme 10 -2 -95 7 -21 -95 8 -1 -95 ' Location EDINA EDINA E DINA Leasehold/FeeSimple PLE FEE SIMPLE FEE SIMPLE FEE SIMPLE Site GOOD -CREEK SIM. -CREEK CREEK -INF. +2 500 SIM -CREEK View GOOD SIMILAR SIMILAR SIM. -POND • Design and Appeal RAMBLER /AVG SIMILAR SIMILAR SIMILAR Quality of Construction AVERAGE SIMILAR SIMILAR SIMILAR Age 1958 1951 1952 1965 Condition AVERAGE SIMILAR SIMILAR SIMILAR Above Grade • Room Count Gross Living Area Total ;Bdrms; Baths Total ;Bdrms; Baths : 2 :1 +4,000 Sq. Ft. ; +7,000 Total ;Bdrms; Baths 6 ' 3 '1 +2,000 1308 Sq. FL ; -1,500 Total ;Bdrms; Baths 6 3 '1.75 . 1508 Sq. Ft. ; -2,500 7 ' 3 '1 5 1388 Sq. Ft. 1032 Basement & Finished - Rooms Below Grade GAME RM,3 /4 BA 13R, FAM RM W.O. FAM 3/4 BATH RM W.O. FAM RM, 3/4 BAH BR DEN W.O. 2 BR, 3/4 BATH ; FAM RM W.O. Functional utility AVERAGE AVERAGE AVERAGE AVERA E • Heating /Cooling CENTRAL AIR CENTRAL AIR CENTRAL AIR CENTR L AIR Energy Efficient Items Garage /carport 2 CAR ATT. 1 CAR ATT. -2,000 2 CAR ATT. 2 CAR ATT. Porch, Patio, Deck Fireplace(s), etc. DECK SCREENED POR BYFERIOR .3 000 FENCE +1,000 SCREENED PORCH FENCE, ,DECK -1,500 PATIO SCR. PRCH Fence, Pool, etc. 2 FIREPLACES 11 FIREPLACE +1 000 2 FIREPLACES 2 FIREPLACES Net Adj. (total) )( + - $ .17 000 X + - • E .7 000 + X - ' E -8,450 Adjusted Sale Price of Comparable E 195 900 S 186,000 E 189,350 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.): COMPARABLE NUMBER ONE WAS CLOSEST IN PROXIMITY AND LOCATED ON THE SAME CREEK AND RECEIVED LARGE CONSIDERATION EVEN THOUGH THE SIZE WAS SMALLER AND WITH ONE CAR ATTACHED GARAGE AND ONLY ONE FIREPLACE. COMPARABLES TWO AND THREE WERE LOCATED ON NEIGHBORING CREEKS AND PONDS AND WERE ALSO FELT TO GIVE A GOOD REPRESENTATION OF THE SUBJECT WITH ADJUSTMENTS. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data Source for prior sales within year of appraisal NONE IN PAST N YEAR YEAR NONE IN PAST ]NONE YEAR IN PAST YEAR Analysis of any current agreement of sale• option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: N /A. INDICATED VALUE BY SALES COMPARISON APPROACH , , , , , , , , ,,, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , $ 190'500 INDICATED VALUE BY INCOME APPROACH II A licable Estimated Market Rent S N A /Mo. x Gross Rent Multiplier N/A = $ N/A This appraisal is made M'as -Is' Esubjecl to the repairs, alterations, inspections, or conditions listed below /_/subject to completion per plans and specifications. Conditionsol Appraisal: THE INCOME APPROACH WAS DISREGARDED DUE TO LACK OF SUFFICIENT DATA. THE HOME HAS BEEN WELL MAINTAINED AND HAS HAD EXTENSIVE UPDATING ESPECIALLY IN THE MECHANICALS NO REPAIRS REQUIRED. Final Reconciliation: THE COST APPROACH AND THE MARKET COMPARISON APPROACH WERE CONSIDERED AND SUPPORT EACH OTHER. IN ARRIVING AT AN ESTIMATE OF FAIR MARKET VALUE. • 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 and the certification• contingent and limiting conditions, and market value definition that are stated In the attached Freddie Mac Form 439 / Fannle Mae Form 10048 (Revised 6/93 ). I (WE) ESTIMATIETHE MARKETVALUE, AS DEFINED, OF THE REAL PROP EFITYTHAT IS THE SUBJECTOFTHIS REPORT,AS OF 4-5 -96 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 190,500 APPRAIS /J SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature ll Signature • QDId ODId Not Name JAMtS A.B. GULDSETH Name Inspect Property Date Re rt Signed 4 -9 -96 Date Report Signed Slate Certification a stare MN state Certification a State Or Stale License p 4000446 State MN Or Slate License p State n o s mac rorm ru "i PAUL 2 Ur 2 Fannie Mae Form 1004 693 NARRATIVE ADDENDUM Borrow,r /Client ROBERT & AMY PFEFFERLE Property Address 5428 HALIFAX City EDINA County HENNEPIN State MN Zip Code 55424 Lender FIRSTAR HOME MORTG. /LEON DUDA CONTINUED FROM "DESCRIPTION OF NEIGHBORHOOD BOUNDARIES" THE NEIGHBORHOOD IS BOUNDED BY THE EDINA CITY LINE TO THE EAST, CROSSTOWN 62 HIGHWAY TO THE SOUTH, HIGHWAY 100 TO THE WEST, AND 50TH STREET TO THE NORTH. CONTINUED FROM "FACTORS THAT AFFECT MARKETABILITY" ' ELEMENTARY SCHOOLS ARE SCATTERED THROUGHOUT THE CITY WITH MAIN JUNIOR AND SENIOR HIGH SCHOOLS LOCATED APPROXIMATELY THREE MILES SOUTHWEST OF THE SUBJECT. CONTINUED FROM "COMMENTS THE SITE BACKS UP TO A CREEK AND IS THEREFORE LONGER IN LENGTH THAN THE TYPICAL SITE. SEE ENCLOSED FLOOD HAZARD DETERMINATION SHEET WHERE IT STATES THAT THE SUBJECT PROPERTY IS PARTIALLY WITHIN A SPECIAL FLOOD HAZARD AREA. THE STRUCTURE, HOWEVER, IS NOT AFFECTED AND IS NOT IN THE FLOOD PLAIN. THIS DETERMINATION WAS BASED ON LEGAL DESCRIPTION WHICH WAS PROVIDED TO THE FLOOD DATA SERVICES. THE SITE IS IMPROVED WITH A SINGLE FAMILY ONE STORY RESIDENTS AND A TWO CAR ATTACHED GARAGE. SEVERAL MATURE TREES TOGETHER SMALLER SHRUBBERY PROVIDE LANDSCAPING ON THE SITE. CONTINUED FROM111ADDITIONAL FEATURES" ON THE LOWER LEVEL THERE IS A 16X12 SCREEN PORCH WHICH WALKS OUT TO THE BACKYARD WHICH EXTENDS TO MINNEHAHA CREEK. THE FAMILY ROOM CAN ALSO BE USED AS AN INFORMAL DINING AREA AND IT HAS SEVERAL BUILT IN CABINETS. CONTINUED FROM "CONDITION OF IMPROVEMENTS" AT ONE TIME THERE WAS A MOISTURE PROBLEM IN THE HOME WHICH WAS CORRECTED BY A PREVIOUS OWNER WHO INSTALLED THE BEABER SYSTEM AND ALSO RE— EXCAVATED WHICH CORRECTED THE PROBLEM BACK IN 1987. MICROFORM Apprefwa"ew.mt914)425a5S3 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 arc typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best inter- est; (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 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 of tradition 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 he made to the comparable pro1wrty by comparisons lu financing tenus uttered by a Third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be cal- culated 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 thorfinancing or concessions based on the appraiser's judgment. STATEMENT OF LIMITING CONDI'T'IONS 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 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 appraiser's determination of its size. 3. The appraiser has examined the available flood maps that arc 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 ques- tion, 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 improve- ments at their contributory value. These separate valuations of the land and improvements must not be used in conjunc- tion with any other appraisal and are invalid if they are so used. G. 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 the 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 [lie presence 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 war- ranties, express or implied, regarding the condition of the properly. The appraiser will not be responsible for any such conditions that do exist or if 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 con- sidered as an environmental assessment of the properly. 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. ti. 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 satis- factory 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 [lie property value, the appraiser's identity and profes- sional 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; con- sultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United Slates or any state or the District of Columbia; except that the lender /client may distribute the properly description section of the report only to data collection or reporting service(s) without hav- ing 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 Form 439 6-93 Page I of 2 Fannie Mae Form 1004B 6-93 APPRAISER'S CERTIFICATION: The appraiser certifies and agrees that 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most simi- lar 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 . significant item in a comparable properly is superior to, or more favorable than, the subject property, I have made a negative adjusUuenl 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. 1 have not knowingly withheld any significant information from the appraisal report and 1 believe, to the hest of my knowledge, Ihal all slatements and information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclu- sions, which are subject only to the contingent and limiting conditions specified in this form. 4. 1 have no present or prospective interest in the properly that is the subject of this report, and 1 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 /or 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 properly. 5. 1 have no present or colitemplated future interest in the subject property, and neither my current or future employ- ment nor my compensation for performing this appraisal is contingent on the appraised value of the subject properly. 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. I 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 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 defini- tion of market value and the estimate 1 developed is consistent with the marketing time noted in the neighborhood scc- tion of this report, unless 1 have otherwise slated in the reconciliation section. 3. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. 1 further certify that I have noted any apparent or known adverse condi- tions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject prop- erty of which 1 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. 1 have also commented about the effect of the adverse condi- tions 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. 1 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 report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and 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 appraiser's certi- fications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 5428 HALIFAX A�PRAISER:. SUPERVISORY APPRAISER(only if required) Signatu 4-45, Signature: Name: J ES A.B. GULDSETH Name: Date Signed: 4-9-96 Date Signed: State Certification #: State Certification #: or Slate License #: 4000446 or State License #: Slate: MN State: Expiration Dale of Certification or License: a -31 -96 Expiration Dale of Certification or License: ODId QDid Not Inspect Property Freddie Mac Form 439 6 -93 Page 2 of 2 Fannie Mae Form 1004B 6 -93 Ll :2 G 1 146 s1 fT 92 Sg fr 8 QEDRaaM 12 x��i C C- I C- (� EAR caws /li XIYY �i 0 0 M /07g1, a3 Xl6 p o� ✓�- �0 p2.2. - qk 010 17 t« s �If .Rvi 1 :; fi :A. �+J Gxt1 ��R�VI`'Ra 1. 'r�1Rt . ••.i '.. 7 ! � f. t �_ ; r -' ,: ti¢�•.r..;Y f• 4il,Rf /43; r , N j�c1 t i C rl,ilsll�.Iw. s �If .Rvi 1 :; fi :A. �+J Gxt1 ��R�VI`'Ra 1. 'r�1Rt . ••.i '.. 7 ! � f. t �_ ; r -' ,: ti¢�•.r..;Y f• 4il,Rf /43; r , �y' S �r t'tyt T� j�c1 C rl,ilsll�.Iw. OR OR �yIINI�h��elyFi ;Y:it "��?`rk1'ri� . `• s �If .Rvi 1 :; fi :A. �+J Gxt1 ��R�VI`'Ra 1. 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L't• L •— p °� e' — � H111,1 1 PH(lT(1r;RAPH AnnFKinijM Borrower /Client ROBERT & AMY PFEFFERLE Property Address 5428 HALIFAX City EDINA County HENNEPIN State MN Zip Code 55424 Lender FIRSTAR HOME MORTG. /LEON DUDA Y `srr y4•r,T {MC�'. aa��..v�.4.�.r.�J� f � �T � �, MICROFORM n,.�..�., c,.,rr.,... ,or n�noc.n.•ae COMPARABLE SALE #1 3509 55TH ST. WEST EDINA COMPARABLE SALE #2 5932 HALIFAX AVE. EDINA COMPARABLE SALE #3 5816 CREEK VALLEY RD. EDINA I Address PID # Case # 5428 HALIFAX AVE 19- 028 -24 -11 -0039 10 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 5428 HALIFAX lA 19- 028 -24 -11 -0039 5412 HALIFAX LA 19- 028 -24 -11 -0026 5328 HALIFAX AVE 18-028 -24-44 -0072 5525 HALIFAX LA 19- 028 -24 -11 -0029 SALE DATE Apr -98 Jun -98 Jun -96 Sale Price $ 265,000 $ 219,000 $ 225,000 ime Adjustment $ 8,000 $ 4,400 $ 22,500 Adj. Sale Price $ - $ 273,000 $ 223,400 $ 247,500 Price / Sq Ft $ - $ 161.44 $ 127.73 $ 174.42 Style RAMBLER RAMBLER RAMBLER RAMBLER 1 st Floor Area 1,420 1,691 1,749 1,419 2nd Floor Area Total Sq Ft 1,420 1,691 $ (6,800) 1,749 $ (8,200) 1,419 Quality B -2 B -2H B -1 B -1 Year Built 1958 1941 1947 1954 Condition AVG -GOOD GOOD $ (15,000) AVG NEWLY DEC $ (15,000) # of Bedrooms 1 BSMT 4 3 3 3 BATHS -Dix Full 1 2 $ (5,000) 1 1 3/4 1 1 2 $ (3,000) 1/2 Basement Area Finished Bsmt 900 749 750 950 Walkout YES NO $ 2,500 NO $ 2,500 NO $ 2,500 Fireplaces 2 2 2 2 Heat / Cooling YES YES YES YES arages Size/ryp 2 CAR 2 CAR 1CAR $ 5,000 2 Deck 200 PATIO 400 $ (1,500) $ 1,200 Porches 156 NO $ 2,000 $ 2,000 120 Lot Size 65X267 135X183 60X275 75X118 Location GOOD+ GOOD $ 10,000 GOOD $ 10,000 GOOD $ 10,000 Other CREEK INFULENCE Other Other Other Restrictions Net Adjustment ..> $ (12,300)1 $ 9,800 $ (4,300) Adj. Sale Price $ 260,700 $ 233,200 $ 243,200 VO :u +, 71 vt �y • � �� r \� � 1' �' � e' ` to ' 4`. �N� `� �_ 1y }; t,.�:.�1�at�.•�� y� °�`.3gy: -Q t r 1`" - l�' ��� • � a r ��'�► � �o �,� � � �¢/e ��a �sg �� a yip' p�'!�,'k � . . E:h� , �,`ey„i`F''4�.�'.A �` '��• �'��,��r ��'�R X171 t net `. ; , ``, , - _ -_ 1 � -:: '� .r, - • � �. �i. .fir.. . `} I MW MEASUREMENIS '101A 713 26.0 k 45.0 = 1,170, 1; .r, 26 e 0 X 1.0 = 26 . Deck 1'•'" 16e0 X 14e0 = 224e S Tot Livable, = 1,420 H-5.0 14.01 Garages; FILE = 5428HALI lm Total Livable = 1, 20'" Total Garage = 5428 HALIFAX LANE Total Deck = 19- 028 -24 -11 -0039 Total Porch _ Case # 12 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 31- 028 -24 -24 -0099 Date: 4/12/99 Property Address: 7212 West Shore Drive Owner /Agent Name: Gladys Mitchell Comments: See attached report for body of Appraisal. Recommended Action: We recommend that the assessment be sustained at $ 185,300. Property I.D. Number: 31- 028 -24 -24 -0099 Property Address: 7212 West Shore Drive 1999 Assessment: Land: $67,300; Buildings: $118,000. Total: $185,300 The subject property is located at 7212 West Shore Drive. It is located in a neighborhood of predominantly 1960's constructed homes. The homes are generally well maintained; most are ramblers or split levels; many have undergone recent renovations. The subject property is typical of the neighborhood. 7212 West Shore Drive summary characteristics: Lot dimensions are 80 feet of frontage and 135 feet of depth. The house was built in 1960. It is a typical rambler with a walk -out basement. Features include 1,596 sq.ft. first floor area; 615 sq.ft. basement finish; three 3- fixture bathrooms, 3 first floor bedrooms, 2 fireplaces, central air conditioning, and an attached two car garage. While the home components and finish are mostly original, it is well maintained. There is no apparent abnormal depreciation. In valuing this property, we examined three- other ramblers. All three comparable properties are located in the same assessment district as the subject property , district # 18. The comparable property characteristics and adjustments are summarized on the attached appraisal. While Mrs. Mitchell has suggested a 1999 assessment of $175,600 for her residence, no market evidence, recent appraisals, or comparable sales were submitted to support that request. While Mrs. Mitchell does list those original items that will eventually need to be replaced, the accrued depreciation of those items is already reflected in the sale prices of the comparable properties. The three comparable properties did not sell as new homes; neither is the subject property assessed as a new home. Given the indicated value range of the subject property, between $194,900 and $208,200 as evidenced by the comparable sales, we recommend that the assessment of 7212 West Shore Drive be sustained at $185,300. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 31- 028 -24 -24 -0099 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 7212 1/ WEST SHORE DR 55435+ Right: CURR 319 NEXT Mt.Adr: Back: Left : Ownerl: MITCHELL GLADYS Owner3: Owner2: Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1960 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: 80 Depth: 135 Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID ------- -- - - - - -- Address -------- - -- - -- NEXT 31- 028 -24 -24 -0099 7212 1/ WEST SHORE DR SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS Make changes: press ENTER; or F1 F2 F5 F8 ___ Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 67300 118000 185300 H R 100 1998: 48300 124900 173200 2419 H R 100 1997: 48300 116700 165000 2415 H R 100 Legal Description: LOT 4 BLOCK 7 SOUTH GARDEN ESTATES 4TH ADDITION Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID ------- -- - - - - -- Address -------- - -- - -- NEXT 31- 028 -24 -24 -0099 7212 1/ WEST SHORE DR SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS Make changes: press ENTER; or F1 F2 F5 F8 ___ City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Assessor's Office Application Date: 3 -18 -99 Attach any sup oiling documentation Owner Name: GLADYS MITCFIELL Owner Address: 7212 WEST SHORE DRIVE 55435 Home Phone Number: Business Phone Number: Property Address: nvJi/ Assessor's estimated market value for January 2, 1999: Land: 67,300 Buildings: 118,000 Total: 185,300 1 believe the estimated market value on January 2, 1999 should be: Land: 47, 906 Buildings: / 3 d p Total: 175-60d Purchase Date: Total purchase price (land & bldgs.): Year Built: House: Garage: Q Additions (Explain): Condition of Structures (Explain): GfMj Description & value of additions and improvements since your purchase of this property: a� s ::::::::::::::::::::::::::::::::::::::::::::: ::::::::::::::::::::::::::::::: : Profe;;. sivii�l�A���p►' a�sais: �: ���/ �� :�:�:�:�:(P�ease�:attach:a�:cop � �Qf�ar�y. c..c... t.ap r. . Ap raisal Date: ; R va%te L Indicated Value: ;..... . ....... ted: market: iatii :.:.::.:.:.::.:.::.:::.::::::::: ::....::::::::::::::....::::::: ::E�c: :plain: #ti�e::�easons:foi;.� our:ob'ectiori::fo:: the :assessor.s.estlrr}a ........... . . . .................. . c.7 0fJ QO — 1! 7J -d , f, I' -rd0 . 111✓ i a � 1 DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEFF../ Sinnatum of anolicant: ✓U ^�� v RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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. ���,,,�,�,� - �r�,v✓ t -�riG� .�,t�,�! � .c, f �..�L�„�✓ .� arc- G�.,4.. �-_:�% -ua-� _ �G .-w �m:� -� =�.� �:y:w:� � --a, =mac -th.�i �� -�C•� `�?� �,��; _... ; ..�,� � -,o.:P,�;r- ..✓_may =� , o0�!%r �',:�u,G .cB �;r - ���.,�.r� - - -. � p •` r/�_ _ _ - �_ _ � "iL�.✓Rfj ^ � "✓rr /(�[/ �Y/ � �X/{F�a'bLGV _ M • � V,� !'� �- AzZ�.(/ - fl a , �ii/ `'��Q Qom' �.�::.�� -::r� ^tr'��•� .. �f�_:.. .:'�,: :, :r: `.:._. LC� , i 7 f — _.. S r .r,. ... _ J± f , Y•,� ' -: i Yn1ll ... -`L.�L .,. _`max .t t , �.,^.. , T:.�1 - .. :: i,1,'- .)Yt.. =~ _ a ., ,.�n`: _^ �,�1� .l +fv }�r tE',:wJ'. wry.....,�,}1 _, �.;=. r,� -• + !�... _.- ._,,. _fi ... _, acf •} 17s..iA Tf fi•�i�r..'.JC _ .J Address PID # Case # City of Edina Board of Review 7212 WEST SHORE DRIVE 31- n2R -24 -24 -0099 Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # Same Same 7300 West Shore Drive 31- 028 -24 -24 -0104 4509 Belvidere Lane 31- 028 -24 -21 -0034 4904 Aspasia Lane 31- 028 -24 -22 -0047 Sale Date 3/1/98 Jul -98 Aug -98 Sale Price $ 190,000 $ 206,000 $ 184,900 rime Adjustment $ 9,975 $ 6,000 $ 4,300 Adj. Sale Price $ $ 199,975 $ 212,000 $ 189,200 Price / Sq Ft $ - $ 120.47 $ 139.11 $ 147.58 Style 1 Story 1 Story 1 Story 1 Story 1st Floor Area 1,596 1,660 1,524 1,282 2nd Floor Area - - 0 - 0 - 0 Total Sq Ft 1,596 1,660 $ (1,280) 1,524 $ 1,440 1,282 $ 6,280 Quality Average Same Same Same Year Built 1960 1959 $ - 1958 $ - 1959 $ - Condition Average Same Same Same # of Bedrooms 3 3 $ - 3 $ - 3 $ - BATHS - Dlx 0 0 $ - 0 $ - 0 $ - Full 3 1 $ 7,000 3 2 $ 3,500 3/4 0 0 $ - 0 $ - 0 $ - 1/2 0 2 $ (4,000) 0 0 Basement Area 1556 1660 $ (1,040) 1524 $ 320 1282 $ 2,740 Finished Bsmt 615 Sq. Ft. Similar $ - 798 Sq.Ft. $ (2,745) 1002 Sq.Ft. $ (5,805) Walkout Yes No $ 1,000 Yes $ - No $ 1,000 Fireplaces 2 2 $ - 2 $ - 2 $ Heat / Cooling FA + AC Same $ - Same $ - Same $ - Garage Sizerrype 2 Car Aft Same $ - Same $ - Same $ - Deck None None $ - None $ - 12 X 26 $ (3,120) Porches 4 X 22 Open 4 X 24 Open $ - 3 X 26 Open $ - None $ 1,060 Lot Size Standard Lot Same $ - Same $ - Same $ - Location Average Average - $ - Average $ - Average $ - Other 12 X 16 Scr Pr $ (2,880) Other Other Other Restrictions Net Adjustment $ 1,680 $ (3,865)1 $ 5,655 Adj. Sale Price $ 201.7001 $ 208,200 $ 194,900 Assessing Dept. 4/8/99 It !7��i�ca �.► .rE$ : dr Fit 0�31 + iJ.; �,ti1 ►'t'�` .Fi y� �� At �ip "':`.ate:`. Al rTT 9 lr� • p 11 .0 0ii•p Garage ,•r, Parch H.C' '2 i.o 123.4 7212 WEST SHORE DRIVE 31- 028 -24 -24 -0099 MEASUREMENTS TOTAL 23,0 X 36.0 = 828 +0 22,0 X 29.0 = 638.0 10.0 X 9.0 = 90.0 10.0 X 4.0 = 40.0 Tot Livable; = 1,596 FILE = 7212WEST Total Livable = 1,596 Total Cara ye = 464 Total Porcf, = 88 Case # 13 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 32- 117 -21 -11 -0023 Date: 4/12/99 Property Address: 5300 Glenbrae Circle Owner /Agent Name: Julie M Harper -Wylie Comments: Left message 4/1/99 11:05 and 4/5/99 10:30 A.M., no response to messages left. Permit was taken out May 1998 for remodeling of kitchen and dining area. Owner did not let appraiser in after several attempts were made. No change in value recommended. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 32- 117 -21 -11 -0023 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5300 1/ GLENBRAE CIR 55436+ Right: CURR 319 NEXT Mt.Adr: Back: Left : Ownerl: Owner2: Zoning: Sch.Dst: HARPER -WYLIE JULIE M Owner3: Owner4: 0 Prim /sec: Yr.blt: 1963 Area: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Acres: .00 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 105000 215000 320000 H R 100 1998: 60100 209700 269800 4062 H R 100 1997: 60100 189800 249900 3986 H R 100 Legal Description: LOT 5 BLOCK 5 "EDINA HIGHLANDS" THAT PART LYING NWLY OF SELY 5 FT THOF Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID ---- ----- - - - - -- Address -------- -- - - -- NEXT 32- 117 -21 -11 -0023 5300 1/ GLENBRAE CIR SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 2/1984 156000 5 _ 10/1972 73000 — _ Make changes: press ENTER; or F1 F2 F5 F8 City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Assessor's Office P.I.D. # 32- 117 -21 -11 -0023 Date Returned: 4-1-? 4 Time: 9 , DO A rp Received By: Q a, Case # 13 �: .or vff e.01s6......y ............ . Application Date: Feb. 23, 1999 Attach any supporting documentation Owner Name: Jul i e M. om-0 - JL Owner Address: 5300 G1 enbrae Circle 5543 Home Phone Number: t Z qL9- 9 383 Business Phone Number: Property Address: 5300 s 1;- Y Assessor's estimated market value for January 2, 1999: Land: Buildings: Total: %D o o D I believe the estimated market value on January 2, 1999 should be: KID W or.,- -tLax Land: Buildings: Total: 2l0�, 00 0 Purchase Date: Total purchase price (land & bldgs.): Year Built: Housejj Garage: Additions (Explain): Condition of Structures (Explain): Ay jaA-(r, Description & value of additions and improvements since your purchase of this property: ::::.......... ........................ : .. . ..... : : : : :::::::: :::::: ::::ina�a praoessc : :::::::: Appraisal Date: Indicated Value: Ex laiii:tlie :�easoiis fac . oiir:ob'ection::to::the: assessor 's:estirriateii::maiket:vatue :::::::::::::::: ::::::::::::::::::::::::::::::: 7 p ......................... ........1...... ............................... R� ?��� Y U S�SS£1� A- 2b9 00o AA or- 9k;e-- c�e£fs[h To 3zc�o00 0� 1 49 �Nc4 CA- SF oC' s`l ooa. ^�..��es 7aILlb -I& SASS T T £ /NC2 FMS£ G✓.�S c ��'� � � �UIG,d /N6 �£e�.% .�/L z % D 00 Po(L IV ed,45 ':2�,v4 7b AA-10'74-1,v 044VE ¢ A!FPZA-4i ocb 1r7rc &$ '771-15 lNe-Af.4S£ OL' N F L 1 DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE.BEST OF MY KNOWLEDGE AND BELIEF Signature ohapplic. a'"'�%� RETURN THI /APPLICATION TO THE FD A ASSESS�R'SgFFI.CE BY MONDAY, APRIL 5, 1999. PLEASE ATT CH ANY DQCUMENTATIOt YOU FEEL WILCSUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOU -R13QPE -kTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. Case # 14 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 28- 117 -21 -23 -0014 Date: 4/12/99 Property Address: 4525 VANDERVORK AVE Owner /Agent Name: NANCY JEANNE VAN -ZILE Comments: The property was purchased in 1985 for $70,000, subsequently half of land was sold off in 1988 for $25,000, and a new 2 car garage was added in the same year for $9,000. This property has been previously reviewed and reduced for condition in the 1996 assessment. The house has had some remodeling, but the workmanship and quality of improvements were of a poor nature. The realtor's opinion letter does not seem well supported. There are very few homes that have sold in Edina for less than $100,000, and they are generally not located in the subject neighborhood. This house could be rehabbed but may also be a potential lot for new construction. PROPERTY DATA SYSTEM TAXPAYER INOUIRY PROPERTY ID 28- 117 -21 -23 -0114 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 4525 1/_ VANDERVORK AVE 55436+ Right: Ownerl: VAN -ZILE NANCY J Owner3: Owner2: Owner4: Zoning: 0 Prim /sec: Yr.blt: 1920 Area: Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: Depth: 145 CURB 319 NEXT Mt.Adr: 50 Back: Left: Mkt -Land 1999: 54500 1998: 33500 1997: 33500 Legal Description: Mkt -Bldg Mkt -Mach 40400 54400 51900 LOT 18 BLOCK 3 CLEVELANDS SUBDIVISION OF EMMA ABBOTT PARK Mkt -Tot Tx Capacity Hd PT %Own 94900 H R 100 87900 969 H R 100 85400 942 H R 100 Type PID or ADDRESS: Dress ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- --- --- Address -------- - --- -- NEXT 28- 117 -21 -23 -0114 4525 1/ VANDERVORK AVE SALE TYPE DATE PRICE OF SALE 3/1985 70000 6 SALES RATIO Make changes: Press ENTER; or F1 F2 F5 F8 REMARKS City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Assessor's Office P.I.D. # 8- 117 -21 -23 -0114 Date Returned: - 9 9 Time: .; 4 0 �- Received By: Its Case # 1 •v .::.. e:s..::•: r. Ia ... a .on .::=: : : Application Date: 3 -8 -99 Attach any supporting documentation Owner Name: Owner Address: 4525 VANDERVORK AV 55436 Home Phone Number: 161A - 9AT -O X51- Business Phone Number: &12- -ga 7 D }5 Property Address: LjgA. 5 %eY Assessor's estimated market value for January 2, 1999: Land: Buildings: 40,400 Total: 94,900 1 believe the estimated market value on January 2, 1999 should be: Land: q 5'. o oo Buildings: Total: 5 U o p Purchase Date: Total purchase price (land & bldgs.): 45105 obo Year Built: House:/f2-2— Garage: TIA Additions (Explain): M22 - 5LL*,, /t01n,,,. Condition of Structures (Explain): ,fix Description 8 value of additions and improvemenLgAince your purchase of this property: Pl:::;:•:•:::: h:::;:::::•::: f;::::::::•:•:::•:• ::: =::: : :: :::::::::::::::::::::::::::::::::::::::::::::::::::::: ::::::::::::::::::....:::::.... c ..a. Cop . .arty recertt.ap alsafa ............. ............................... . Appraisal Date: _?19a- -cJ - 3, J Y 4Y Indicated Value: 5, o&0 :� : hain:?ttiE:iea3oiis fob . oiir:ob'ectioi: to the: assessor 's:estiiriiaferf:iaiaiicet: vatii ::::::::::::::::::::`:: :::::.:.:.:.:.:.:.:.:.:.:.:.:.: P .......... ............................... 1 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 MONDAY, APRIL 5.1999. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED .r^ „A %Ir- %If^I Or% rl r'1/\r1r•r1TI r+r-, ..... - - ...... --... .-- . __ __ qZ 7 -G75% An affiliate of Edina Realty Home Services, a complete real estate services company 1999 March 24, 1999 To Whom It May Concern: Re: 4525 Vandervork Avenue Edina, MN 55436 I have been asked by the owner, Nancy Van'Zile, to provide an appraisal of said property I have toured the subject property and found that it has reached functional obsolescence. The general condition of the dwelling is poor. Evidence of settling, mechanical and structural integrity was noted. The floor plan and improvements such as cabinetry, woodwork, etc. were not of even moderate value, as typically found in Edina homes. The windows are in need of replacement. It is my estimation, that, if a suitable buyer were found for this property, they would raze the building, and purchase the property for land value only - less the costs of home removal, fill, etc. A major concern I have is that the lot size is 50 X 145, per tax records. This is not sufficient to build a new dwelling. It is my understanding that a new owner would need to acquire a city building variance to build. This has a major impact on the value of the property. With the above stated information, I feel the value of the property at 4525 Vandervork to be no more than $75,000. Should you have any questions, please call. Sincerely, - -- - -- - . -- - -- - - Laure Green, Realtor 612 -927 -1131 cc: Nancy Van'Zile EDINA OFFICE 4015 West 65th Street Edina, MN 55435 PHONE 612.927.1 100 FAX 612.927.1675 Address PID # Case # 4525 VANDERVORK AVE 28- 117 -21 -23 -0114 . 14 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 525 VANDERVORK AV 28- 117 -21 -23 -0114 4536 RUTLEDGE 28- 117 -21 -23 -0075 317 JEFFESON 30- 117 -21 -22 -0030 315 VAN BUREN 30- 117 -21 -21 -0041 SALE DATE Apr -98 Nov -98 Jan -98 Sale Price $ 70,000.00 $ 102,500 $ 101,500 $ 85,000 ime Adjustment $ 3,100 0 $ 5,100 Adj. Sale Price $ 70,000.00 $ 105,600 $ 101,500 $ 90,100 Price / Sq Ft $ 48.61 #VALUE! $ 93.98 $ 90.10 Style 1/B AN 2/13 1/B OR SL 1.5 1.25 STY 1st Floor Area 960 686 861 768 12nd Floor Areal 440 Total Sq Ft 1,440 990 W /BSMT $ 9,000 1,080 $ 7,200 1,000 $ 8,800 Quality A A A A Year Built 1901 1942 1913 1950 Condition POOR AVG $ (20,000) SOLD AS IS $ (10,000) AVG $ (10,000) # of Bedrooms 3 3 3 3 BATHS - Dix Full 1 3/4 2 1 $ 1,200 $ 1,200 1 $ 1,200 1/2 1 $ (500) Basement Area Finished Bsmt Walkout Fireplaces Heat /Cooling CAC $ 1,500 $ 1,500 $ 1,500 Garage Sizerrype 2 CAR 1 $ 2,500 1 $ 2,500 $ 2,500 Deck Porches GLAZED $ (4,000) Lot Size 50X145 50X145 46X131 55X131 Location AVG AVG INFERIOR $ 10,000 $ 10,000 Other Other UNUSUAL FLOOR LOWEST MLS Other PLAN LISTED SALE Other Restrictions Net Adjustment I $ (6,300) $ 8,400 $ 14,000 1 Adj. Sale Price 1 $ 99.3001 $ 109,9001 $ 104,100 M.I, ... .W Ck- x ' f.: i�'J � • I 1 ,.fly ?�s ✓--- .. , ,,,,,,.. - •�rw;"•�!'. � Cam. •�D =.. .i"%; �. X4.4 ' 20,0 X 46.0 = 800,E 8.0 x 20,0 = 160,E Garage Tot Livable; = 960 5 UANDERU4RH AUENHE 28- 117-21 -23 -0114 1 Story -- - - - - -- 4' '•' 2 Story FILE = 4525VAND Total Livable = 96 Total Garage = 44 Case # 15 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 29- 117 -21-44 -0036 Date: 4/12/99 Property Address: 5332 LOCHLOY DRIVE Owner /Agent Name: CHRISTOPHER / GAILEN KRUG Comments: This home was extensively remodeled in 1998. A second floor was added to the house of approximately 900 sq. ft. which included 2 bedrooms, bath, and sitting area. The main floor was also extensively remodeled, restoring the living room to it's original size. The original den and main floor 1/2 bath were removed to create new main floor family room. New hardwood floors in kitchen and family room. Opened stairwell to basement. Mechanical system is completely new with furnace, central air conditioning, and electrical update. Other misc. remodel included some new windows, roof, etc. Extensive renovation of house on beautiful large lot in a highly desirable neighborhood. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 29- 117 -21 -44 -0036 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5232 1/ LOCHLOY DR 55436+ Right: CURB 319 NEXT Mt.Adr: Back: Left : Ownerl: CHRISTOPHER KRUG Owner3: Owner2: KRUG GAILEN Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1947 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: 95 Depth: 234 Mkt -Land 1999: 95000 1998: 52800 1997: 52800 Legal Description Mkt -Bldg Mkt -Mach 246600 201000 182200 LOT 4 BLOCK 2 "EDINA HIGHLANDS" Mkt -Tot Tx Capacity Hd PT %Own 341600 H R 100 253800 3790 H R 100 235000 3710 H R 100 Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID ------ --- -- - --- Address -------- --- - -- NEXT 29- 117 -21 -44 -0036 5232 1/ LOCHLOY DR SALE TYPE SALES DATE PRICE OF SALE RATIO 7/1985 144300 5 _ Make changes: press ENTER; or F1 F2 F5 F8 REMARKS City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Assessor's Office Application Date: Attach an sup orting documentation /�'3`- Owner Name: CA /j' S Owner Address: 5=-;�- &-" Home Phone Number: �Z.Cf ' Business Phone Number: Property Address: L)6—, Assessor's estimated market value for January 2, 99: Land: Buildings: Total: 3 J C70 I believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: Purchase Date: 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: .. ..... .......................... ............................... . ............ ............................... :...:.:..:..... .......... ... ra Professwnal.A pra► sail :.......:(Pease >atfach:a::cop :pf �a.rty. c..c... t.ap .... �:.. �>: �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: �: ���������� ?�����������������. <�............� sa. Appraisal Date: Indicated Value: . laii:the:reaso:nsfor. our: ob' ectiori:: to:the:asses:sor's:estin�aferl: market: iatue :::::::::::::::::::::::::::::::::::::::::::::::::::: ::::::::::::::.:•:•:.;.:.:•;•:. :. Ex. p .. ............................... i.. . I DO HEREBY AFFIRM THAT THE AB O E INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Signature of applicant: j RETURN THIS APPLICATION TO THE EDIN SSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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. Address PID # Case # 5232 LOCHLOY DRIVE 29- 117 -21 -44 -0036 15 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 5232 LOCHLOY 29- 117 -21 -44 -0036 5277 LOCHLOY DRIVE 29 -117 -21-44 -0012 5320 KELLOGG AVE 18- 028 -24 -43 -0043 5200 AYRSHIRE BLVD 29- 117 -21-44 -0033 SALE DATE Jul -98 Jul -98 Oct -98 Sale Price $ 325,000 $ 425,000 $ 352,500 !me Adjustment $ 9,800 $ 12,800 $ - Adj. Sale Price $ - $ 334,800 $ 437,800 $ 352,500 Price / Sq Ft $ - $ 117.89 $ 173.11 $ 182.08 Style 1.5 STRY 1.5 STRY 1.5 STRY 1.0 RAMBLER 1 st Floor Area 2,150 1,940 1,549 1,936 12nd Floor Area 900 900 1 980 NONE Total Sq Ft 3,050 2,840 $ 8,400 2,529 $ (12,400) 1,936 $ 44,600 Quality Very Good Good Very Good Good Year Built 1947 -8 1948 1940 1952 Condition I Excellent Sold as is $ 30,000 Excellent Good -Exc # of Bedrooms 4 4 3 3 BATHS - Dix 1 $ 10,000 1 1 Full 1 1 $ (5,000) 1 3/4 2 3 $ 3,500 1 $ 3,500 2 1/2 1 $ (2,000) Basement Area Finished Bsmt 650 800 $ (2,300) 300 $ 5,300 572 $ 1,100 Walkout No No No No Fireplaces 2 2 4 $ (10,000) 3 $ (3,000) Heat / Cooling New New New New Garage Size/Type 2 car bsmt 2 car $ (2,000) 2 car $ (2,000) 2 car $ (2,000) Deck Porches 3 Season 3 Season No $ 10,000 3 Season Lot Size Over .5 Acre .36 Acre $ 20,000 .25 Acre $ 20,000 .5 Acre Location Good Good Good $ (40,000) Good Other Other Greenhouse Other Patio /Gar. Other Restrictions Net Adjustment $ 67,600 $ (32,600) $ 40,700 Adj. Sale Price $ 402,400 1 $ 405,200 1 $ 393,200 CITY OF EDINA o PROPERTY CHARACTERISTICS 5232 LOCHLOY DRIVE 29- 117 -21 -44 -0036 Case # 17 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 18- 028 -24 -11 -0076 Date: 4/12/99 Property Address: 4703 Townes Road Owner /Agent Name: Thomas N / Jacqueline Awsumb Comments: Mr.'Thomas Awsumb requested a review of their property value on 4 -1 -99. Because Mr. Awsumb has been on vacation we have been unable to review his concern until now. We are currently in the process of reviewing his concern and an appointment to inspect their residence has been scheduled for 4- 12 -99. We will update you on the progress of our review on Monday evening and if possible indicate what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 18- 028 -24 -11 -0076 Pt. Con HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 4703 1/_ TOWNES RD 55424+ Right: Ownerl: AWSUMB THOMAS N Owner3: Owner2: AWSUMB JACQUELINE Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1938 Area: Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: Mkt -Land 1999: 195000 1998: 100400 1997: 100400 Legal Description CURB 319 NEXT Mt. Adr: Back: Left: Acres: .00 120 Depth: 140 Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 218900 413900 H R 100 301500 401900 6307 M R 100 278800 379200 6378 H R 100 LOT 20 BLOCK AUDITOR'S SUBDIVISION NO. 319 Type PID or ADDRESS: press ENTER* or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID ------- --- ----- Address ------ -- - ----- NEXT 18- 028 -24 -11 -0076 4703 1/ TOWNES RD SALE TYPE SALES DATE PRICE OF SALE RATIO 1/1998 352700 5 _ 4/1979 169000 — _ 5/1977 110000 Make changes: Press ENTER• or F1 F2 F5 F8 REMARKS City of Edina Assessor's Office ,801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Application Date: 3 -30 -98 Attach an supporting documentation Owner Name: Thomas N. /Jacqueline F,wsumb Owner Address: Home Phone Number: (v /2 ZO 2 Business Phone Number: 12 fZ (P 7 8 c tk1 Property Address: 0 3 TWA! E S G� S S 2 Assessor's estimated market value for January 2, 1999: Land: 195,000 Buildings: 218,900 Total: 413,900 I believe the estimated market value on January 2, 1999 should be: Land: ! 155,000 Buildings: 11% ov o Total: 3 5 3 00 O Purchase Date: 2 • i . Total purchase price (land & bldgs.): Z S O O Year Built: House: Garage: Additions (Explain): Condition of Structures (Explain): Description & value of additions and improvements since your purchase of this property: NoNF ;.:.�;. a9s .................... ............................... Professional:A p prarsal5:: ?:(P�eas:attach a: :copy A raisal Date: Indicated Value: Iain:tFi�e;:�.easons:fo�:. o r:obieetion::fo: the: isssessor. s: est ......ed::market:�ra.ue;:;:;:;: .... . !. 5.4 i PkR C �'�' L E 5 S Ti .4^A Z 5 9' 4 F r- 2. P-009 d0iv i r" ov N O C. r 7' tv T 2 O� W t O *v nee E 3. SS jdLE F w4 r k N WlvTEA I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. 3.31. f T aiyi,oau�c RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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 # 19 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 30- 117 -21 -34 -0026 Date: 4/12/99 Property Address: 5226 Green Farms Road Owner /Agent Name: Karla Jones Comments: See attached report for body of Appraisal. Recommended Action: We recommend that the assessment be sustained at $ 568,400. PROPERTY DATA SYSTEM Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 185000 383400 568400 H R 100 1998: 111400 414900 526300 8422 H R 100 1997: 111400 404600 516000 8909 H R 100 Legal Description: LOT 6 BLOCK 2 PARKWOOD KNOLLS 21ST ADDITION Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID ---- --- -- -- ---- Address -------- ---- -- NEXT 30- 117 -21 -34 -0026. 5226 1/ GREEN FARMS RD SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 8/1986 — — 2/1984 435000 6 X PARTIAL CONSTR Make changes: press ENTER• or F1 F2 F5 F8 TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 30- 117 -21 -34 -0026 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 106 Back: 160 5226 1/_ GREEN FARMS RD 55436+ Right: 135 Left: 163 Ownerl: JONES KARLA K Owner3: Owner2: Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1983 Area: 19950 Acres: .00 Sch.Dst: 270 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: 133 Depth: 150 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 185000 383400 568400 H R 100 1998: 111400 414900 526300 8422 H R 100 1997: 111400 404600 516000 8909 H R 100 Legal Description: LOT 6 BLOCK 2 PARKWOOD KNOLLS 21ST ADDITION Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID ---- --- -- -- ---- Address -------- ---- -- NEXT 30- 117 -21 -34 -0026. 5226 1/ GREEN FARMS RD SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 8/1986 — — 2/1984 435000 6 X PARTIAL CONSTR Make changes: press ENTER• or F1 F2 F5 F8 PROPERTY ID #: 30- 117 -21 -34 -0026 PROPERTY ADDRESS: 5226 GREEN FARMS ROAD 1999 ASSESSMENT: LAND: $185,000; BUILDINGS: $383,400. TOTAL: $568,400 The subject property is located at 5226 Green Farms Road, in the Park Knolls (New) neighborhood. The homes along Green Farms Road were constructed in the 1980's, and are predominantly large ramblers. These are very good quality homes; most with special features. The recent market demand in this neighborhood has been strong and quite similar to the overall City average. For example, while the 1998 -99 residential values increased by 8.4 percent, the Park Knoll (New) district increased by 8.0 percent. 5226 Green Farms Road summary characteristics: Irregular lot measuring 106' X 163' X 160' X 135'. The house was constructed in 1983. It is a large rambler, consisting of 2577 first floor square feet and 1224 square feet of basement finish. The house includes 3 bedrooms, 3 bathrooms and 1 half bathroom, 3 fireplaces, central air conditioning, and numerous exterior improvements (swimming pool, gazebo, several decks, screened porch, and pool appurtenances). This is a high quality home with very good `curb appeal'. A 04 -07 -99 frontal image is as follows: The Request for Review form was filed with the Assessment Department on 04- 01 -99. While phone messages were left at the owner's phone on 04 -05 and 04 -06 to schedule an inspection appointment, no inspection has been scheduled and conducted as of this date (04 -07). The owner did submit an appraisal with her request. Our review will respond to that appraisal and its value conclusion. Ms. Jones submitted an appraisal in support of her reduction request from $568,400 to $530,000. We have reviewed that appraisal and have two concerns: 1) the comparable properties employed in the adjustments; and, 2) the absence of any time adjustments to those comparable sales. We will comment about those two issues and, at the conclusion of this review, ask you to support the current assessment. The appraisal looked at five comparable sales. Of those sales, the top three used in the URAR form are not located on the subject street. The fourth and fifth comps are located on Green Farms Road, but are 1995 sales. However, an additional highly comparable home sold on Green Farms Road in 1996 and was not used as a comparable sale. Including this 1996 sale, there were three comparable sales on the subject street, the same number that is usually employed in the adjustment grid. Ordinarily, we would not seek out three and four year old sales in appraising a property. However, since Ms. Jones has presented these sales to us as evidence of market value, we feel compelled to use those sales and add the 1996 Green Farms Road sale. We agree that the two 1995 sales were indicative of 1995 market values. Further, we would suggest that the 1996 sale was indicative of 1996 market values. However, the Edina real estate market has not been price stagnant; home values have not been `frozen' as of their last sale date. To the contrary, market values — which form the basis of our annual assessments — have been steadily rising over the past several years. Ms. Jones' appraisal reinforces this, stating "There is very good demand for homes in this area" and "Most homes in this area sell in less than 90 days with conventional financing, if properly priced and marketed ". We are amenable to valuing the subject property using those 1995 -96 sales; however, those sale prices must be adjusted for time (between the sale date and the assessment date). The time adjustment is a market derived `real' number. It is based on actual arms - length sales and is used by the Assessment Department to trend our annual assessments. It is, further, the first market adjustment on the URAR (which was submitted to us in support of an assessment reduction). During the past several years, the annual market adjustment for the subject neighborhood has been: 1995 -96 = 3 %; 1996 -97 = 3 %; 1997 -98 = 2 %; 1998 -99 = 8 %. The annual adjustments are compounded. Had those adjustments been applied to the adjusted sales prices of the two 1995 Green Farms Road properties, the values would have been: 5116 Green Farms Road: $530,900 X 1.03 X 1.03 X 1.02 X 1.08 = $620,500 5234 Green Farms Road: $535,000 X 1.03 X 1.03 X 1.02 X 1.08 = $625,200 If those adjustments are applied to the 1996 Green Farm Road sale, the adjusted sale price would be: 5214 Green Farms Road: $580,000 X 1.03 X 1.02 X 1.08 = $658,100 The subject property compares favorably with the three Green Farm Road 1995 -96 sales. All four homes were built in the 1980's; all are large well built ramblers; all have similar first floor living areas (about 2500 square feet). These are similar homes with similar features. Had time permitted, a more formal analysis would have been prepared utilizing the three same street sales. The January 2, 1999 adjusted value of the three Green Farms Road sales is $634,600. The market data simply does not indicate that an assessment reduction is warranted. We therefore recommend that the assessment of 5226 Green Farms Road be sustained at $568,400. a City of Edina Assessor's Office 301 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review P.I.D. # ^p -11 - — 3 ti Z- Date Returned: 41, Time: ` : L O Received By: Case # 19 USA:: OR. Y :.:.:..:.:.................... ettmrh ante cunnnrtina documentation Application vatc. L e—z- I. Owner Name: K Pyk A ' Owner Address: S 2 7-� 4J \`- Home Phone Number: 733-0755— Business Phone Number: Property Address: 50';�,(o Assessor's estimated market value for January 2, 1999: Land: 1 gs 6,--3 d Buildings: 13V3 't t &0 Total: b 4-t C C� I believe the estimated market value on January 2, 1999 should be: Land: 5- 0 0 0 Buildings: 345, 00 0 Total: cS DOC7 ?urchase Date: I q'9 3 Total purchase price (land & bidgs.): 00 (f--> Year Built: House: �[ g Garage: / Additions (Explain): / g g Condition of Structures (Explain) Description & value of additions and improvements since your purchase of this property: �e�u (0 4 00 , 06 CO-aM w1 �~�o� .A a- #30,5-00.0(3 :� 0(6� .sivna)t:A• •.`raisais..::::::::::EPlsase ..tta.. p :Q •a.r!• q t fa: A raisal Date: P? d Indicated Value: s3 OOd . 0C) Faiia:he;rea5oiis:fo�:. oiir:ob- e:cfion:;to:;f9e: assessor .s:estirnated:ir}arke>*:va. ue,.;.;.; .•.•.•.• �S X00 0c) - a jet a 00 I DO HEREBY AFFIRM THAT THE AB E 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 MONDAY, APRIL 5, 1999. 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. Residential Research, Incorporated A Real Estate Appraisal and Consulting Firm APPRAISAL OF A SINGLE FAMILY DWELLING LOCATED AT: 5226 Green Farms Road Edina, MN 55436 FOR: Ms. Karla Diehl 5226 Green Farms Road Edina, Minnesota 55436 AS OF: May 18, 1998 BY: Steve Cassellius 4002979 Residential Research, Incorporated A Real Estate Appraisal and Consulting Firm May 29, 1998 Ms. Karla Diehl 5226 Green Farms Road Edina, Minnesota 55436 File Number: 23227 Dear Ms. Diehl: In accordance with your request, I have personally inspected and appraised the real property at: 5226 Green Farms Road Edina, MN 55436 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 18, 1998, is: Five Hundred Thirty Thousand Dollars ($530,000) The attached report contains the description, analysis and supportive data for the conclusions, final estimate of value, descriptive photographs, limiting conditions and appropriate certifications. Sincerely, Steve Cassellius SC /ac Residential Research, Incorporated A Real Estate Appraisal and Consulting Firm NEIGHBORHOOD FACTORS THAT AFFECT MARKETABILITY: The subject property is located in an established residential development comprised of large, custom -built homes, which are primarily two -story, with one -story homes scattered throughout. Homes in the subject development were primarily built to the 1980's and 1990's. The newer homes are located to the north of the subject property. The larger surrounding area was developed primarily in the 1950s through 1980, and contains a diverse range of housing styles, and values, etc., including some homes with values in excess of one million dollars. There is very good demand for homes in this area. Shopping and support services are most closely available one mile north of the subject property, or at a larger shopping area which is located two miles east. Good highway and freeway access. A new development of large, custom -built homes is currently under construction directly west of the subject property. Otherwise, very little new construction is taking place in the area. NEIGHBORHOOD MARKET CONDITIONS: Financing is readily available in the area. Interest rates have been stable over the past twelve months, and are currently in the 7 to 7.75 percent range for a typical 30 year fixed rate mortgage. Due to low interest rates, this past winter sales market has been "better -than- average" and the summer months should continue the trend. There are no special sales concessions in the area. Most homes in this are sell in less than 90 days with conventional financing, if properly priced and marketed. -- SITE COMMENTS: The subject property is an interior, northeast- facing site on a quiet residential street. The site slopes to the southwest to provide a lower level walkout. The site is landscaped with lawn, rocks, trees, bushes, and shrubs. There is an in ground swimming pool in the rear yard, and a wood privacy fence surrounds the area. Appealing views of wetlands area to the rear. No adverse site conditions were noted upon inspection by your appraiser. ADDITIONAL FEATURES: The subject property is a good quality custom -built home. Features of the subject property include: Wide plank wood floors Princeton millwork Built -in bookcases in the den Beamed ceilings Security system Decking Screened gazebo Four fireplaces Center island kitchen with Corian countertops, skylight, and custom cabinets Built -in stereo system Sunken living room with wet bar Whirlpool tub in master bath Bay window "His and Hers" walk -in closets sprinkler system Built -in swimming pool Three car attached garage Greenhouse The lower level walkout includes: Finished family room Office /exercise room Two bedrooms 3/4 bath Partially finished dark room /shop Large unfinished storage /utility room Residential Research, Incorporated A Real Estate Appraisal and Consulting Firm CONDITION OF THE IMPROVEMENTS: The subject property is a well - maintained home and exhibits average to good overall condition, typical physical depreciation for a home of this age. The subject property exhibits good quality construction material with good attention to detail. The subject features a Functional floor plan, with adequate room sizes and closet space. The subject faces a quiet residential street, no external or functional obsolescence noted. ADVERSE ENVIRONMENTAL CONDITIONS: In making this appraisal and report, 1 am not aware of any testing for the existence or presence of radon, asbestos, toxic substances, or other environmental pollutants in the buildings, land, or surrounding areas, and that the values assigned herein to the land and buildings assume that no such contaminants exist. I further recommend that if you have knowledge of or reason to suspect the existence of such contaminants, that you obtain an environmental assessment of the property. To the best of my knowledge, there are no environmental risk factors which may affect the real estate being appraised. COST APPROACH COMMENTS: Cost figures are obtained through Marshall and Swift Valuation Service, as well as through local builders and cost services. No functional or locational obsolescence was noted by your appraiser. Physical depreciation is calculated using the age /life method, where the ratio of the improvement's effective age to the improvement's economic life is applied to the current replacement cost of the improvements to arrive at a lump sum deduction. The site value was derived from available market and assessor's data. ITEMS INCLUDED IN COST FEATURES: Basement finishing, fireplaces, kitchen appliances, security system, stereo system, sprinkler, swimming pool and patio, greenhouse, screened gazebo,'and decking. SALES COMPARISON COMMENTS: 1 have completed a search of the properties which were listed and sold during 1997 and 1998. through the Regional Multiple Listing Service in an attempt to locate sales of similar style _ walkout ramblers in the subject's high demand neighborhood area. In addition, I have completed a search of Hennepin County Assessor's records and MLS in an attempt to locate the most recent sales of similar style, quality, and age walkout ramblers on the subject's street I have included two of the most recent comparable sales on Green Farms Road in this report. Although these sales are older, they are considered to be good indicators of value for the subject property due to their close -by location, and similar style, features, quality, condition, and age. The following comparable sales are considered the best and most recent sales available. Comparable sales kl through q3 have all closed within twelve months of the effective date of this appraisal. All sales are closed sales, are located in the subject's general market area, and have been adjusted for items of variance. Comparable Sale Nl is located just south of the subject property, in the immediate "Parkwood Knolls" neighborhood. The site is much larger in size and is wooded. This is an older "vintage" home originally built in 1954. However, the structure exhibits superior overall condition due to extensive renovation in 1990, i.e. new decor, new "gourmet" kitchen, new ceramic and refinished hardwood floors, etc. This structure also exhibits somewhat superior overall quality with leaded &lass and custom windows, vaults, etc. This home features somewhat inferior basement finished area, three fireplaces, a three car garage, and a built in stereo system. Much larger, superior home. Comparable Sale A2 is located in the competing, high demand "Indian Hills" neighborhood south of the subject property. This site is somewhat larger in size, is elevated, and features wooded and panaramic "skyline" views -- overall similar in appeal to the subject's wooded and wetlands views. This also is an older "vintage" home built in 1961, that has been updated and 7 10 , ,:,&t I A10 Residential Research, Incorporated A Real Estate Appraisal and Consulline Firm SALES COMPARISON COMMENTS: (continued) remodelled over the years and exhibits overall similar condition and quality. Features of the home include somewhat inferior basement finished area, built -in bookcases, beamed ceilings, three fireplaces, a screen porch, a patio, and a two car garage. Similar size home with many similar features. Comparable Sale k3 is another walkout rambler located south of the subject property in "Indian Hills ". This is a smaller rambler of similar age, style, quality, and condi is smaller in size and offers somewhat inferior views and privacy. Feat tion. The site ures include a "gourmet" kitchen with Corian counters, built -in cabinets and bookcases two fireplaces, and somewhat superior basement finished area. Much smaller home with inferior features and site. Comparable Sale #4 is located on the subject street. The site is similar in size and backs to the same wetlands area. This is a somewhat newer, smaller two bedroom rambler of similar overall age, quality, condition, and features. The walkout level features overall similar finishing, there is an in- ground swimming pool, extensive decking, patio, two fireplaces, and a three car garage. This home was inspected and appraised by Residential Research, Inc. Data was obtained from Office files and verified with Assessor's and MLS data. Comparable Sale #5 is another home located on the subject's street. This site is similar in size, does not back up to the wetlands area, and offers somewhat inferior wooded views to the rear. This home is similar in age, style, quality, condition, and one bedroom floor plan. The walkout level features superior finished area. Other features includes deck, porch, two fireplaces, and a three car garage. Summary: These sales are considered the best indicators of value available at this time, in terms of walkout style ramblers located in the subject property's high demand neighborhood area. SALES COMPARISON ANALYSIS OF CURRENT AGREEMENTS OR PRIOR SALES: 1 am not aware of a current purchase agreement, option to purchase, or listing for sale of the subject property. There is no record of any previous sales of the subject property s or of any of the comparable sales during the past twelve months, per Hennepin County. CONDITIONS OF APPRAISAL: The subject property appears to be in generally good overall condition, and has been appraised in its "as is" condition. No items of personal property have been included in this estimate of value. The purpose of this appraisal is to estimate the market value of the subject property as defined herein. This appraisal and report has been prepared expressly for the client, Karla Diehl, and is not intended for any other use. No warranty of the appraised value is given or implied. No liability is assumed for the structural or mechanical elements of the property. This estimate of value assumes all special assessments, if any, are paid in full. FINAL RECONCILIATION: The Cost Approach tends to set the upper limit of value. The Sales Comparison Analysis represents the actions of buyers and sellers in the market, and has been given the most credence in the final estimate of value. The subject property is located in an area of primarily owner- occupied single family residences and the Income Approach is not considered to be meaningful. For this reason, the Income Approach was not used. 5955 Q.1jc V "Illy Nand, Sui,c IOU G.dL„ pop- State County Minnesota Henne in 1� Edina Lencer 1. T N A i I screened 1 Oazebo I l / 2B' Gtar�ge AREA CALCULATIONS SUMMARY Area Name of Area LIVING AREA CALCULATIONS Pool Area A FI Ltpl Firs[ Floor I 2720.00 E SSW Basement 230.00 2698.00 A voR Gazebo 2.00 x 44.00 88.00 Deck R 1892.00 C Greenhouse 800.00 .9.00 0 r - - - - 5 Decking 43' I Deck V I C GAR Garage E I U -72.00 -17.00 x 7.00 M I 1(rounded)2720 -2.00 12' �udy - - I Decking I E - T T iving Room 25' N IC N T IHCL S r, S I 2720 v�` Offic tm WBar CL C Bedroom S K Foyer E Dining 8' T Room 0' 3/4 Bath W.I.C. W 5' l6' IC..I 5' e, Hath W.I.C. I 2B' Gtar�ge AREA CALCULATIONS SUMMARY Area Name of Area LIVING AREA CALCULATIONS Totals A FI Ltpl Firs[ Floor x 46.00 2720.00 E SSW Basement 230.00 2698.00 A voR Gazebo 2.00 x 44.00 88.00 Deck 1892.00 C Greenhouse 800.00 .9.00 A - 144.00 5.00 769.00 L Deck x 10.00 738.00 C GAR Garage - 150.00 -8.00 U -72.00 -17.00 x 7.00 L -1.00 1(rounded)2720 -2.00 A x 2.00 -2.00 T 0 N S TOTAL LIVABLE 2720 2720 ,�-r•i C p-' It Sla'•i ,0 eaPol�s SCALE: t inch - 17 Will LIVING AREA CALCULATIONS Breakdown Subtotals 2.00 x 46.00 92.00 5.00 x 46.00 230.00 2.00 x 46.00 92.00 2.00 x 44.00 88.00 43.00 x 44:00 1892.00 25.00 x 32.00 800.00 .9.00 x 16.00 - 144.00 5.00 x 13.00 65.00 -5.00 x 10.00 -50.00 -15.00 x 10.00 - 150.00 -8.00 x 9.00 -72.00 -17.00 x 7.00 -119.00 -1.00 x 2.00 -2.00 -1.00 x 2.00 -2.00 2720 ,�-r•i C p-' It Sla'•i ,0 eaPol�s r' UNIFORU RESIDENTIAL APPRAISAL REPORT cn. N.. 21227 Pa . Aadress 226 Green Farms Road city Edina State MN v code 4 6 La- :.stn ItonPARKW00D KNOLLS 21ST ADDITION BLOCK 2 LOT 6 coup Henna in Ar s—'s Parcel lio. 0 11 21 4 0026 Tax Year 1998 RE Taxes 112 2 86 S dal Asssssments iio.rwer Current Owner Karla K. Jones Occli ant %Owner Tenant Vaunt - ar: err n Ise ralsed Fee Slm le Leasehold ProeclT Was PUD Condominlum HUD Aon HOA 0,00/ma. n.. uamoodor Praect Name arkwood Knolls Ma Reference 119-Cl (King's) Cane 2 0 Saar Price N. Date of Sae N/A Description and agrorrM of Nan wr tames to be d roller N/ tender /ClienlKarla Diehl (Jones) Addre s 226 Green Farms Road Edina MN 55436 A raiser Steve Cassel ius Ad as 5955 Go. den Vallev Roa d 100 Golden Valley, MN 55422 Location Urban Suburban Rural Built uD ® Over 75% 25 -75% Under 25X Growth rate n�--1Rapid Stable Slow Properlyvalues U Inc .,ng StrMe Declining Demand/supply Shortage NbaWlce oversupply Magkelin time Under 3mo 3-6m a r6mos. Prodommant occupancy ® Owner Tenant Varat(D-5%) vw-r s.« s Single family housing PRICE AGE. PRICE b. 200 Low Preterit land caw % Lard One Iamlly 0 1 2-4 family me Chang. ® Nat likely ❑ Likely ❑ In process Mil+ High Multi- toady 0 To: `?Predominant Commercial 00 20 Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristic .: Neighborhood boundaries are typically considered to be city limits to - the north and west Vernon Avenue to the south and State Hi hwa 100 to the east Factors that affect the marketability of the properties In the neighborhood (proximity to employment and amenities, employment stability. appeal to market. etc.): See Attached Addendum. Markel conditions In the subject neighborhood (including support fog the above conclusions related to the trend of property values. demand /supply and marketing time - - such as data on competitive properties for sale In the neighborhood. description of the prevalence of sales and financing concessions. etc.): See Attached Addendum. �2�, Project Information for PUDs (II applicable) - - Is the developer /builder In control of the Rome Owners Association (HOA)? U YES U NO - Approximate total number of units in the subject project Approximate NMI number of mile for safe in the subject project tribe common elements mod recreational a iliti Dimensions 42.3/64.66/163.81/26.08/160/135.68 Topography SloRing to the rear Size Conforminit shape Rectangular Drainage ApRears ads to View Homes /Wetlands Landscaping Good -Lawn rocks etc. Driveway Surface Asphalt ren Apparent easements None a t FEMA Special Flood Hazard Area Yea W. FEMA Zone C Map Date 05 101180 FEMA Ma No. 270160 0001191 Siteares Approximately 19400 Square Feet Cornertat Cj Yes No Specific zoning cl assitication and description R -1• Single Dwellin Unit District Zoning compliance ®Legal IegalnmmAamrng(Grandatereduse) Illegal No zoning Wariest d be t v se as Improved, I XJPresent upe 71 Other use ex lain utilities Public Omer Electricity ©200 d 100 amp Gas © Water © Sanitary sewer ❑X Storm sewer X Off -sit. Improvements Type Public Private Street Asphalt ] ❑ curb /gutter Concrete oJ ❑ Sidewalk. , None C] Street lights None ❑ ❑ Alle Non@ Comments (apparent adverse easements. encroachments, special assessments• slide areas. Illegal at legal nonconforming zoning. use. etc.): See Attached Addendum. GENERAL DESCRIPTION No. of Unite One No. of Stones Two Type(Det. /Att.) Detached Design (Style) Rambler Existing /Proposed Existing Age (Y18.) 15 ciiv r 8-10 EXTERIOR DESCRIPTION Foundation Conc.Block Exterior Wells Wood /Stone Pont Surface CedarShake Gutters d Dwnspls. Aluminum window Type Casement Storm /Screens Included 1 Manufactured No FOUNDATION slab No Crowispece NO - Basement Yes sutrp Pump None noted Dampness None noted Settlement None noted Inlestatdon None noted Ito BASEMENT Area Sq.Fl. 2698 INSULATION Root Cncl. ❑ Calling Cnel. walls Cncl. Floor Cncl. None w Assume ade e e %Finished Appr 0% Ceiling Text Shtr walla Sheetrock Floor Carpet Outside Entry Walk -out te rear - ROOMS Fo er Livina Dinina Kitchen Den Family Rm. Rec. Rni. Bedrooms . Baths Laundw Other Area S . . B—ment 1 1 2 1 Shot) 2,698 Leven 1 1 1 1 1 1 1 2.5 x Offoe 2,720 Level 1,649 0 Finished area above arade contains- Ao..a 1 Bedroom( it 2.5 Balh(s) 2.72OSou e is Feet f Gross Living Area INTERIOR Materials/Condition Floors Wood /C t /Good - Wells Drywall/Good Trim/Finish Wood /Stained Bam Floor Carpet Bath Wainscot Ceramic Tile Doors 6 Panel /Staind Avg-Good overall cond HEATING Type FA KITCHEN EQUIP. Refrigerator © Range /Oven ® Disposal © Dishwasher ® Fan /Mood Microwave Washei Wash ATTIC AMENITIES None ❑ Fireplace(s)84 Stairs ❑ Patio Drop Slait ❑ Deck Scuttle Porch Floor Fence ..led Pool Concrete 521 sq ft Screened Privacy in ground CAR STOOGE: None Garage sal cars Attached Detached Buill -In capon Driveway Fuel Gas canaitionAde . COOLING Central Yes Omer None CondilfonAde . Additional features (special energy efficient items. 011C.): See Attached Addendum. Condition of the improvements. depreciation (physical. functional, and external). repairs needed, quality of construction. remodeling/additions. etc.: See Attached Addendum. Adverse environmental conditions (such as. but not limned to. hazardous wastes, toxic substances, etc.) present in the improvements. an the site. or in the .-A ..f.te...a-- F r .0 wenowaGwa ocDnnT .._'7777 winlar-seres se- E. r.l EL Si1E VALUE ............ . ............ • f 200 000 Los— IED REPRDDUCTION COST-NEW OF IMPROVEMENTS: 2.720 Sq Ft. a f 80.00 S 217,600 :sat 2698 Sq. FL a f 20.00 53.960 See attached addendum. 100,000 :a-.yvt+rpon 738 Sq. Ft. o f 18.00 • 13.284 tow Esumaled Coal New. . ....... ... $ 384.844 �... Physical I Functional Exlernal • impren.ean 14% 0% Ox • S 57.878 Depreciated Value of Improvements ... . ............... • $ 0 66 'AS -i3_ Value of Site Improvements ................... • f 10,000 INDICATED VALUE BY COST APPROACH _ ... - . - .. 941.000 Comments on Cost Approach (such as. sourde of coal ealimale. ells value, square loot calculation and for HUD. VA and FmHA. the estimated remaining economic file of the property): See Attached Addendum ITEM SUBJECT 5226 Green Farms Road 6620 AddreeeEdina Minnesota Proximity toSueeel 2 K ,Z: , :z1/4 Sales Price N/ Price Gross Llv. Area 0 000 Data and /or Inspect /Oune Verification sources Count Record COMPARABLE NOT ParkWOod Road 6536 dine Minnesota Edina Mile Sou 1-1/4 >;` 8 000 1 2. 2 t ,<s S /County Records MLS Drive B Inspection Drive COMPARABLE NO.2 Navaho Trail Minnesota Aile South 420,000 186.0 :.,... �� /County Records B Inspection COMPARABLE NO.3 6419 Timber Ridge Edina Minnesota 1 -1/4 Mile South :' 4 0 000 208.14 MLS /County Records Drive B Ins ection VALUE ADASTAFMS DESCRIPTION DESCRIPTION • - u _ DESCRIPTION • - fed DESCRIPTION • - b e�nl Sales or Flnen Ing - Concessions Dale of Sale Ime "• / ' "C10Sf: Conventional Conventional / GlOSe / 8 Conventional G10Se / B Location Suburban /Goo uburban �'•' Subur Subur lsaseldd/FLe Si Fee Sim le Fee Simple Fee Sim le Fee Simple site View Design and A eel 1 400 SF +/- Homes /Wetlan Rambler /Good 1.16 Acres -29.000 12480 omes/Woods +10000 Homes Rambler /Good Rambler So. Ft.: -5.000 /Sk line /Good 13144 SF +/- +5,000 Homes /Woods +10,000 Rambler /Good auaiih,ceconsoucton Good u erior -25,000 Similar Similar A e 19811 lqr,4 -10.000 1 61 +10,000 1clas Condition Good u erior -10 000 Cood Good Above Grade Roam Count Gross Living Area tole ' Bd,.s B.m, T-1; Ill Wh, 8 2. J,383SgJI. ; -23,200 t.w' mi.. a.m. 2 2 6 4 S . FI. +3.000 IoW ; ACS.' A". 6 ; 2 : 2 ; .11500 2,162 S . Ft. +19,500 7 1 2.F 2 20 Sq Ft. • Buernenl6Fmlahed Rooms &Io. Grade Bath,Walkout,Bath,Walkout.: 4 +RMS 1 04sf Rms /101 SF' +10,000 Bath,Walkout,; Rms /1 40 SF' *2 00 Bath,Walkout,: 3 Rms 1 OOsf -1.000 - Functional Utility Good E crua l Eggal Eaual Heetin Collin FA /CA FA /CA FA /CA FA /CA _ Eneca Efficient items Gera a Car ort Insulation Car Att Go Insulation Car Att Gar: Insulation 2 Car Att Car: -4,000 Insulation 3 Car Att Gar: Porch, Patio. Deck, Fire laces etc. Cazebo,Decks 4 Fire laces ecking +3,000 Fireplaces +2,500 Porch, Patio +39000 3 Fireplaces -2,500 SCPorch,Patio: +2,500 2 Fireplaces +5,000 Fence Pool etc. Pool Fence one +10,000 None +10,000 None +10,000 Kit. E 1 Secial Feat.E al +140.000 Inferior +10 000 Inferior +10,000 Net AO'. total + X 'f 00 • - X - 'f 60 '00 Adjmled Salsa Pna of Com arable _:.�; 170 S9:22 0` - 4 4 00- Cross: T9 -.2i 0 000 Gross..l p:8> - - 4? f 510,500 Comments on Sales Comparison (Including the subject property's compatibility to the neighborhood, etc.); See Attached Addendum. ITEM I SUBJECT COMPARABLE NO.1 1 COMPARABLE NO.2 COMPARABLE NO.3 Date. Price and Data Sourcetorpdarsales witinywofopond st/ IND record of sale during st 12 mos. No record of previous sales in the last ear per Henn. Co. 1year, No record of previous sales in the last per Henn Co. No record of previous sales in the last 1year, per Henn. Co. Amlysis of any current agreement of sale, option, or listing of the subject properly and analysis of any prior sales of subject and winparables within ore year of the &Is of appraisal: See Attached Addendum. INDICATED VALUE BY SALES COMPARISON APPROACH .............. ..... .. .. .. _ ...... _ S 530,000 INDICATED VALUE BY INCOME APPROACH (If A pliable) Ellimaled Markel Rent. f N/A /MO. x Gmss Aen1 Midti tier N/A • S N/A This appraisal is made 'as is' subjeLibtle regain, alleretiona. impectiom or conditions listed below subject toro etionper plane and specibatiNu Conditiumot Appraisal: See Attached Addendum. Final Reconciliation See Attached Addendum. 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 and that certification. contingent and Writing condition. and nerkel value definition that are staled in the attached Freddie Alec For m 139/1'annie Mee Form 10D1B(Revised 06/93 ). a I (WE) ESTIMATE THE MARKET VALUE. AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT. ASOFMBY 18 1998 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE f 530.000 - • APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature Signature O Did O rid Not Name Steve Cassellius Name Inspect Property Dale Report Signed Friday, May 29, 1998 Date Report Signed IINIPnRU RPqinFUTIAL APPRAISAL REPORT 11117 COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 5225 Green Farms Road .5116,Green E131na. Minnesota Farms Road Edina. Minnesota 5231 Green Farms Road Edina, Minnesota 5" Cr ne Block North - Some Block $ 20 000 ,` 000 Am. S 0.000 212,1 0 ,, 206.800 $ 0 S4-- .11.ec.�.nsoufce Inspect /Owns Count Recor S/County Records/ Office Files/Drive By MLS/County Records Drive By InsDection ;ALLEAtIUSTMENTS DESCRIPTION DESCRIPTION DESCRIPTION -01mm—i DESCRIPTION -OlAdm—i Samson Financing Concessions Conventional Conventional C-et of Sale /Time Closed (IO/q'i LoCilion Subu n/Goo uburba—n70—, Suburban7M—, Fee Sim le Fee Simple Fee Simple Site 19400 SF +/— 18999 Sq. Ft.: 18078 Sq. Ft.: Vie. Homes/ WetlancHomes/Wetland: Homes/Wooded +10.000 Design and Appeal Rambler/Good Rambler/Good Rambler/Good Q.1ayalConsbuction Good Similar Similar Age 1983 —4,000 1981 Condition Good Eo!d Good Above Grade Room Count Gross Lwing Are. W., w...: a.- 7.5: 2.451 So. Ft. ; -9,400 I—: Gd— I N.. 5 ; 1 : 1. -3,000 2,587 Sq Fl. : -4.700 7...,: Sq. Ft. 7 1 : 2. 2 .720 So. Ft. Basernerd1kFinishad Rooms Below Grade Bath,Walkout,Bath,Walkout,: 4+RMS.1704Sf 2.500 1.5 Baths,WO,: I+Rms/2450 SF; —15,000 Functional Utility Good E al Equal • Heating/Cooling FA/CA FA/CA FA/CA EnerwElficientili.3 Insulation Insulation Insulation Garage/Caron 3 Car Att Ga 3 Car Att Car: I Car Att Car: Porch. Patio, Deck, Fire laces etc. Gazebo,Decks 4 Fire laces Decking,Patio: +3,000 2 Fireplaces +5,000 Porch,Decking: 3 Fireplaces 2.500 Fence, Pool, etc. Pool. Fence Pool, Fence None +10,000 Kit. Eggip. S ecial a clugi E al Net Ad. (total) !t x 10,900 x 15.20o F 0 Adjusted Sales Puce of Compare a ' r09 6 r,1A0 - q0O Gross. t = f 550,200 '$ 0 Comments on Sales Comparison (including the subject properly's compatibility to the neighborhood. etc. See Attached Addendum. ITEM SUBJECT COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Dais. Price and Oeta Source for prior ,a JNO l:eCorrd of St. during Past 12 mos. �o,rec.,:d,o previous as it the t ear, per Henn. Co. INo record of previous t sales in the lest year, per Henn. Co. ,witanyearolappisisal Analysis ol " current agreement of sale, option, or listing of the subject property and analysis of any prior sales oll subject and mWarables within one year at On date of appraised: Case # 20 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 20- 028 -24 -32 -0065 Date: 4/12/99 Property Address: 5801 Drew Ave S Owner /Agent Name: Gregory Roth Comments: Subject home at 5801 Drew Ave S is in fair to normal condition and does need some paint. Comparable number 1 is across the street, same size but is painted on the outside. Comparable number 2 is similar in size and style and remodeled kitchen after the new owner moved in. Recommend No Change. 1 PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 20- 028 -24 -32 -0065 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5801 1/ DREW AVE S 55410+ Right: CURR 319 NEXT Mt.Adr: 50 Back: Left : Ownerl: Owner2: Zoning: Sch.Dst: ROTH GREGORY G Owner3: Owner4: R -1 Prim /sec: Yr.blt: 1952 Area: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Acres: .00 Width: 50 Depth: 135 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd;PT %Own 1999: 46900 98500 145400 H R 100 1998: 27900 109300 137200 1807 H R 100 1997: 27900 102800 130700 1780 H R 100 Legal Description: LOT 28 BLOCK AUDITOR'S SUBDIVISION NO. 312 SUBJECT TO ROAD Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID ------ -- - --- --- Address --- -- --- - ----- NEXT 20- 028 -24 -32 -0065 5801 1/ DREW AVE S SALE TYPE SALES DATE PRICE OF SALE RATIO 7/1985 82000 3 _ 9/1976 53000 — _ Make changes: press ENTER: or F1 F2 F5 F8 REMARKS City of Edina Assessor's Office 4801 W s t 50th Street e Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review P.I.D. # 20- 028 -24 -32 -0065 Date Returned: Ll -2 —i Time: yS Received By: & Case # ZD Application Date: 4/2/9911 Attach any supporting documentation Owner Name: GREGORY ROTH Owner Address: 5801 DREW AVE S Home Phone Number: ao .-/ U FBusiness Phone Number: $-3 & —f 7 -6 �- Property Address: 5801 DREW AVE S... Assessor's estimated market value for January 2, 1999: Land: 46,900 Buildings: 98,500 Total: 145,400 1 believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: % V v0 Purchase Date: Total purchase price (land & bidgs.): 197a Oo Os Year Built: House: /IK� Garage: Additions (Explain): 2 Condition of Structures (Explain):rz Description & value of additions and improvements since your purchase ofAhis property: ADDraisal Date: /& /z e W �31 J. q rj � I Indicated Value: ./L-,z 71,000 .I gz�: ,n .-C l'o �i¢iiZ �oN oir�v �/ .F EI>-s /?W `� I 17 I WHEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE B KNOWLEDGE AND BELIEF. /j re .of applicant: RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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. Comprehensive Valuation Services, Inc. Fie No. CVS00552 APPRAISAL OF LOCATED AT: 5801 Drew Ave. S. Edina, MN 55410 FOR: Gregory G. Roth 5801 Drew Ave. S. Edina, MN 55410 BORROWER: Gregory G. Roth AS OF: March 31, 1999 BY: William R. Hughes Suite 652, Edina, MN 5! .�'-' a x LOCATED AT: 5801 Drew Ave. S. Edina, MN 55410 FOR: Gregory G. Roth 5801 Drew Ave. S. Edina, MN 55410 BORROWER: Gregory G. Roth AS OF: March 31, 1999 BY: William R. Hughes Suite 652, Edina, MN 5! 6 FannieMae Desktoo Underwriter Quantitative Anaivsis Appraisal Report File No.: CVS00552 THIS SUMMARY APPRAISAL REPORT IS INTENDED FOR USE BY THE LENDERICLIENT FOR A MORTGAGE FINANCE TRANSACTION ONLY. Property Address 5801 Drew Ave. S. city Edina State MN Zip Code 55410 Legal Desori tion Lot 28 Auditor's Subdivision No. 312 subject to road county Hennepin Assessors Parcel No. 2002824320065 Tax Year 1998 RE.Taxes E 2139.86 S Assessments E None wer Gregory G. Roth Current owner Gregory G. Roth Occupant: Owner X Tenant Vacant borhood or Project Name "Summa Appraisal Report". Project Type PUD Condominium HOAE N/A Imo. Prices N/A Date of Sale N/A Dena' tion/E amount of loan char esiconcessions to be act b seller N/A ert rights appraised X Fee S' le Leasehold Ma Reference 120 -A3 Census Tract 238.02/5120 : Race and the racial corn csltlon of th e neighborhood are not appraisal factors. ion Urban X Sububan Rual up QOver75 %❑ 25 -75% ❑ Under 25% th rate Ra id X Stable Slow rN Properly values X Increasing Stable Declining Demand/supply ❑ Shortage ❑X In balance ❑Oversupply Marketin time X Under 3 mos. 3-6 coos. Over 6 mos. Single family housing PRICE AGE E(000(yrs) 11 D Low 40 C�rr�nha�� PRICE AGE E(0 -00) (vrs) IV /A Low N/A N/A H' h N/A borhood boundaries The area described in the above neighborhood analysis is bordered by 50th 175 H' h 70 o the north Minneapolis city limits to the east Crosstown 62 to the south, and France Ave. to <<`f Predom pant ' < "<i< ":<` Predominantwest. 150 45 N/A N/A Dimensions 50 x 135 Site area 6750 SF / .15 Acres Shape Rectangular Specific zoning classification and description R -1 / Single Family Residential Zoning compliance ❑X Legal ❑ Legal nanoordarrreng (Grandfathered use) U Illegal, attach description 0 No zoning Hi hest and best use of sub'ed property as improved or as proposed per plans and s cations): X Present use Other use attach description. Utilities Public Other Public Other Electricity ❑X 60 Amp /Fuse /CB Water ❑X Gas X sanitary sewer X ORaltelmprovemenb Type Public Private Street Asphalt ❑X ❑ Ailey None F1 Fi Are there any apparent adverse site conditions easements encroachment assessments slide are etc)? Yes X No If Yes attach description. Source(s) used for physical charaderislics of property: X Interior and exterior inspection Exterior inspection from street LJ Previous appraisal files FX1 MLS X Assessment and tax records n Prior Inspection n Property owner Other Describe No. of Stories One Type Dot. /Att. Detached Exterior Walls StoneNVd Shks Roof Surface Comp. Sh I. Manufactured Housing Yes FXJ No Does the property q nerally conform to the neighborhood in terns of style, condition and con ruction materials? [XI Yes Ll No It No attach description. Are there any apparent physical deficiencies or conditions that would affect the soundness or structural integrity of the improvements or the livability of the property? Yes X No If Yes attach description. Are there any apparent adverse environmental conditions (hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject property? n Yes X No If Yes attach description. I researched the subject market area for comparable listings and sales that are the most similar and proximate to the subject property. My research revealed a total of 6 sales ranging in sales price from E 125,000 to E 157,000. My research revealed a total of 3 listings ranging in list price from E 142,900 to E 159,900. The anal sis of the comparable sales below re fleds market reaction to significant variations between the sales and the subject FEATURE I SUBJECT SALE 1 SALE 2 SALE 3 5801 Drew Ave. S. Address Edina 5737 Ewing Ave. S. Edina 6021 Zenith Ave. S. Edina 6008 Drew Ave. S. Edina oSubied " 1 Block Northwest 5 Blocks Southeast 2 Blocks South V E �: : ><z:? >:: >< »:: ?;: <.;.�.:.:.,<., E 13 50 ,.:... ..<. E :' 134 000 <, �f' >:> .......... �s:z . ' 151 000 Lin. Area E 0.000 E 124.53 �'6:.:> .:,» .::.::::....:::::::::..? E 109.84 0:.: a,• ;::_ *;:;:a.;:<.;;s >.<,�,.;:;;:. Data& Vert. Sources > >; ':' _ MLS Agent's Office MLS Plat System Services MLS Plat System Services VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION .1- lsogisrron DESCRIPTION .p)srgimicn DESCRIPTION •t >segimiea Sales or Financing Concessions v4 `< =r ` Conventional 0 Points Conventional 0 Points Conventional 0 Points Date of SaleTmai`:: °` <' Closed 12/98 Closed 7/98 Closed 4/98 Location Suburban/Av + Suburban/Av + Suburban/Av + Suburbarl/Av + site 50x135 /ResCnr 80x135 /ResCnr -2,000 60x135 /Resid. -2,000 75x135 /Resid. -3,000 view Residential Residential Residential Residential Design (Style) Rambler/Avg. Rambler/Avg. Rambler/Avg. Rambler/Avg. Actual Age re. 47A/25E 49A/20E -3,000 43A/25E 47A/15E -6,000 Condition Average Average Avera e+ -2,000 Good -5,000 Above Grade Tan ' Boma ' Dnm Tahl ' 04— ' aauu rt a >r> %'` >- ''''' " %` Tow ' earn, ' I.M. Taal ' eanu ' eathw . RoomCounl GrossLiviriqlArea 5 2: 1.00 5 2 1.00 1,066 S . Ft: +2,100 5 3 1.00 1,220 S . Ft: -1,800 5 2 1.00 1 178 S . R.: -800 1 148 S . Ft. Basement aid Fn'sw Rooms Below Grade 1148sf 574PFin Rm Ct 2 -0 -RI 998sf 286Fin. Rm Ct 1 -0 -0 1220sf 446Fin. -1,300 Rm Ct 1 -0-.75 -1,500 1178sf 48OFin. -1,500 Rm Ct 2 -0 -.50 -1,000 • Garage/Carport 1 Att. Garage 2 Det. Garage -2,500 1 Att. Garage 1 Att. Garage Deck etc ScrPorch/Fair 3SPorch -3,000 3SPorch -3,000 None Frpl. 2 Frpls. No Frpl., C /Air +2,000 No Fr I. C /Air +2.0 ripils., C/ it -1,000 Net Ad'. total + X - ' E 6 400 + X . ' E 9,600 + X - ' E 18 300 Adjusted Sales Price of Co arables «;f <r ; <: ;:;;r:; ? ::::::::::.:.a.i �.' >:>.`> wj &?%<:<:::`: E 126 350: 2!+fo > <. >4 E 124 400 : W <:> »: I,.*.''_ 132,700 Dare of Prior Sales None w /12mos None within prior 12 mos. None within prior 12 mo_s. None within prior 12 rhos. E N/A Price of Prior Sales E N/A E N/A l$ N/A Analysis of any current agreement of sale, option, or listing of the subject property and analysis of the prior sales of subject and comparables: No current agreement of sale option, or listing of the subject property is known to the appraiser. Summary of sales comparison and value conclusion: See Attached Addendum. is appraisal is made X 'as -is', or subject to completion per plans and sperdxations on the bas's of a hypothetical condition that the improvements have been completed, or sub'ecl to the following repairs, alterations or conditions: BASED ON AN EXTERIOR INSPECTION FROM THE STREET OR AN X INTBiIORANDDGE RIORWSPELTION, IESIMATETHEMARKETVALUE ,ASDEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT TO BE S 127,000 AS OF March 31, 1999 LOCH. - PAGE 1 OF 3 Fannie Mae Form 2055 9.96 Tim U. a a a Paaistl m f a0 Da+tlo~ ftli m q(M)23"n7 AO FannieMae Desktoo Underwriter Quantitative Analvsis ADoralsal Report Fie No.- CVS00552 FEATURE I SUBJECT SALE 4 SALE 5 SALE 6 5801 Drew Ave. S. Address Edina 6016 Zenith Ave. S. Edina zimA to sub'ea <``' 5 Blocks Southeast s Price E N/A '.'` a ::�c:;<::: >•: >::.::,::::s�:: >�E 146 000 :; »E ; �z >:s:;.':i'<::s; >v :x:: <: >::r..E Liv. Area 0.00 E 121. 6700; E E 0.00 0 Vii.'.><,.;. ;.;.;..' .."...' . .�...<.:.:.:..,.:...::. .>.t.s..<. Data a vad. sources < > €' €' € <;! ' ' "' > >' ML S Plat S tern Services VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION .(- )sA*M -1 DESCRIPTION •010*. DESCRIPTION .(•)s/r}eonen Sales or Financing Concessions > s 'a >?s Conventional 0 Points Date ofSaleRme µ1i`:z' #' €^ 's> ^` >' Closed 9/98 Location Suburban/Av + Suburban/Av + Ste 50x135 /ResCnr 75x135 /Resid. -3,000 view Residential Residential Design (Style) Rambler/Avg. Rambler/Avg. Actual Age (Yrs.) 47A/25E 43A/25E Condition Average Avera e+ -2,000 Above Grade Room Count Q=UrinpArsa rani same' eerro real ' aoTU ' eerro c;'�`r`g ?<:£ >; >_> .,<s;... row ' eane ' eerro n :...,.c.,e�>�ZS�s. S . Ft: row ' emma ' eerro .,;...;,..:...M...,.. S . Ft: 5 2 1.00 6 3 1.50 -1,500 1,200 S . Ft: -1,300 1 148 S . Ft. Basement and Frim Rooms Below Grade 1148sf 574PFin Rm Ct 2 -0 -RI 1200sf 728Fin. Rm Ct 1 -0-.75 -3,500 -1,500 Garage/Carport Garage/Carport 1 Att. Garage 2 Att. Garage -3000 Deck etc ScrPorch /Fair 3SPorch/Av . -2,000 Fr I. 2 Fr Is. 2 Fr Is. C /Air -1,000 Net Ad'. total 3;< r >sd > ?> : + X - ' E 18,800 X * E 0 X + E 0 Adjusted Sales Price of Co rabies :,: " ". :, , �s; >; ;::..::>;.. .......�:.• <:pacs �ioSe ;i2/g# X. >s.1 =2:1)9?0:. E 127,200 >i r•s :1?i�«s::,`:I! >�/d=::.. E 0 �<zilil°,�o >.... E 0 Date of Prior Sales None w /12mos None within prior 12 mos. Price of Prior Sales E N/A E N/A E E ADDENDUM File No. CVS00552 Summary of Market Data Subject is located on the corner of Drew Ave. and moderate traffic 58th St., with front door facing Drew and driveway entry ,om 58th St. No adverse easements or encroachments are visually apparent. Subject is an average quality rambler ,eaturing wood shake exterior, stone accent, cove ceiling and wood - burning fireplace in living room, gas HW baseboard heat, raised panel oak kitchen cabinets in average condition, 2 bedrooms plus walk -thru 3rd (den), screen porch along side of home, and 60 amptfuse electrical service. Basement is partially finished, with exposed joists and damaged ceiling tiles, dated carpet, paneled walls, and .50 bath which is not functional. Furnace is older and exhibits areas of rust. Carpeting and hardwood flooring air in good- condition. Deferred maintenance includes severely peeling paint on home's exterior shakes, fascia, and storm windows. Porch has unstretched screens, old indoor /outdoor carpet, warped panel wainscoting, and is assigned no value. The roof surface appears to be in functionally adequate condition, with a remaining economic life of 5 years. All comps are average quality, similar vintage ramblers in the subject neighborhood. Adjustments are made to all comps for superor site locations, either larger or on a low traffic residential street. Subject's effective age reflectsminimal. mechanical and exterior updating. All comps are adjusted a lower effective age and/or superior cosmetic updating and maintenance. All comps were given equal weight. i t t seu.�.� 1 �� �'. ate`.` -� i/ 1 /�� - ,s�l'ei `. �,i � � � _ y���.`^X rc��� .';';at'�"'a�,ar:�'Y'FR'"�»r,� aw.�r..�,•e*p�d3r ��ii��,,,,.�,,� �:� �r�y bra � ��-, �'�<Yyn of iX�iYF`r —. xT �r�i -t � u,. �'�,.� 3 a'�. .�y�,.v . 4y. •1y � , !. 1 ,` -.w: t. _ ..� 3YM Y �kk�4'' �L�� ��i ��4 ' x~ � � � 6 �' � J � 3 ? ire ��'��� _ 2':��y����:. „ ... .�_� ._ . A � Sly 4n.�x "��r!�".'"�b.� .. j� �� � � � ) F � r� _ 777 T^ ' � ,_ ��� ,r �' t � '�� X11 .. xt� �u �!i r , P %. ..� iA �w kt �..� � f•`,,�wy�.h � �{ 4 �Y "''�l. �j$���}',�,�� �n,�1p,��'�+�. Y.(�y°' (� Yee 3�',Y. � `.,�pl b .. COMPARABLE PROPERTY PHOTO ADDENDUM Borrower Gregory G Roth File No.: CVS00552 Property Address: 5801 Drew Ave. S. Case No.: City: Edina State: MN Zip: 55410 Lender: Gregory G. Roth 1 � I I' rf %;; �},'I l 1 I - ._.... 1 I� 1 1 � I I' rf %;; �},'I l - ._.... 1 COMPARABLE SALE #1 5737 Ewing Ave. S. Edina Sale Date: Closed 12/98 Sale Price: $ 132,750 COMPARABLE SALE 02 6021 Zenith Ave. S. Edina Sale Date: Closed 7/98 Sale Price: $ 134,000 COMPARABLE SALE 03 6008 Drew Ave. S. Edina Sale Date: Closed 4/98 Sale Price: $ 151,000 COMPARABLE PROPERTY PHOTO ADDENDUM Borrower Gregory G Roth File No.: CVS00552 Property Address: 5801 Drew Ave S Case No.: City: Edina State: MN Zip: 55410 Lender: Gregory G. Roth COMPARABLE SALE #4 6016 Zenith Ave. S. Edina Sale Date: Closed 9198 Sale Price: $ 146,000 COMPARABLE SALE 85 Sale Date: Sale Price: $ COMPARABLE SALE 06 Sale Date: Sale Price: $ W4y_` '• .Yr` L.L. � 1. � .: _� ��,«J'�� G'x eu.... COMPARABLE SALE #4 6016 Zenith Ave. S. Edina Sale Date: Closed 9198 Sale Price: $ 146,000 COMPARABLE SALE 85 Sale Date: Sale Price: $ COMPARABLE SALE 06 Sale Date: Sale Price: $ 'fL (6 Building Sketch zo I CL (3wdroc+K ct I I CL I 3e rev sa Po�� w DK ' 8 �9rx.q U I't (N PL•00 P{ 27 27 x '+2.s = If 4 8 Not To Scale t Address: TfoJ -brew Arm- 6 N Ede a r»nl 554/c) O'PHIS IS NOT A LEGALLY RECORDED MAP. IT.,RTEAPRE ol SEWS A COMPILAND ATON STATE OF INROAD FORMATION AUTHORITI AND ES S 1/2 SEC. CITY, COUNTY, -1 - — — — — — -- — — — - -- — —7 — — — — — — — -- -- — — — — — — — — — — — — sf — — — — — — — — — — --- — — — — -- --,-n- Subject ..... .... .. .... ...... _7 A"M & . . ........ .. . ..... ... ..... ... . ...... ........... - — .. . ........ n- ..... ...... . .................. ... . . ...... seeo .. . ...... ......... ..... i L - -- . . .. . .. . .. . . TF77T. 1-1 WT -- - — 7-Tl ------- -1 ow .. .....r.•...... .......... O O NO jrzo _7 ow .. .....r.•...... .......... O O NO nmakiinn ttnderwriter Quantitative Analvsls AnDralsal Reoort FieNo_• CVS00552 Project Information for PUDs (if applicable)—Is the developer /builder in control of the Home Owners' Association (HOA)7 0 Yes No Provide the following information for PUDs only if the developedbuilder is in control of the HOA and the subject property is an attached dwelling unit: Total number of phases Told number of units Total number of units sold Total number of units rented Total number of units for sale Data Source(s) s the project created by the conversion of existing buildings into a PUD? ❑ Yes No If yes, slate date of conversion: es the project contain any nukidwelling units?' ❑ Yes ❑ No Data Source: Are the common elements completed? ❑ Yes ❑ No If No, describe status of completion: Are any common elements leased to or by the Home Owners' Association? LJ Yea LJ No If yes, attach addendum describing rental tams and options. Describe common elements and recreational faddies: "' N/A - The subject is not located in a PUD project. "' Project Information for Condominiums (if applicable)-4s the developer /builder in control of the Home Owners' Association (HOA)? LJ Yes No Provide the following information for all Condominium Projects: Told number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sate Data Source(s) Was the project created by the conversion of existing buildings into a condominium? 0 Yes No If yes, date of cowerson: Project Type: ❑ Primary Residence ❑ Second Home or Recreational ❑ Row or Townhouse ❑ Garden ❑ Midrise 0 Highrise Condition of the project, quality of construction, unit nix, eta: Are the common elements completed? Yes LJ No If No, describe status of completion: Are any common elements leased to or by the Home Owners' Association? LJ Yes Ll No If yes, attach addendum describing rental terns and options. Describe common elements and recreational facilities: "' N/A -The subject is not located in a condominium project.— PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report based on a quantitative sales comparison analysis for use in the mortgage finance transaction. DEFI NITION O F 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) 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 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 of tradition 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 - nmparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the verty or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the praiser's 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 any required 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 appraiser's determination of its size. 3. 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. 4. The appraiser has noted in the appraisal report any adverse conditions (such as, but not limited to, needed repairs, 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 the 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 valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, expressed 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. 5. 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. 6. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 7. 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 lendericlient may distribute the report to data collection or reporting service(s) without having to 'ain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10gt, PAGE 2 OF 3 Fannie Mae Form 2Wb 6196 mabma pods oft AaeamtpoNeapur�&) �mMZ344771 Underwriter ouantltatIVOAnmysis Appraisal Kepori Fie No.: k,v000OOc SER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. 1 performed this appraisal by (1) personally inspecting from the street the subject property and neighborhood and each of the comparable sales (unless I have otherwise indicated in this report that I also inspected the interior of the subject property); (2) collecting, firming, and analyzing data from reliable public and /or private sources; and. (3) reporting the results of my inspection and analysis its summary appraisal report. I further certify that I have adequate information about the physical characteristics of the subject ,party and the comparable sales to develop this appraisal. 2. 1 have researched and analyzed the comparable sales and offerings /listings in the subject market area and have reported the comparable sales in this report that are the best available for the subject property. I further certify that adequate comparable market data exists in the general market area to develop a reliable sales comparison analysis for the subject property. 3. 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 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 1 am aware, have considered these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them, and have commented about the effect of the adverse conditions on the marketability of the subject property. 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. 4. 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 form. 5. 1 have no present or prospective interest in the property that is the subject of 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/or the estimate of market value in the appraisal report on the race, color, religion, sex, age, marital status, 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 or on any other basis prohibited by law. 6. 1 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. 7. 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. 8. 1 estimated the market value of the real property that is the subject of this report based on the sales comparison approach to value. I further certify that I considered the cost and income approaches to value, but, through mutual agreement with the client, did not develop them, unless I have noted otherwise in this report. 9. 1 performed this appraisal as a limited appraisal, subject to the Departure Provision of 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 the place as of the effective date of,the appraisal (unless I have otherwise indicated in this report that the appraisal is a complete ,raisal, in which case, the Departure Provision 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. the exposure time associated with the estimate of market value for the subject property is consistent with the marketing time noted in the Neighborhood section of this report. The marketing period concluded for the subject property at the estimated market value is also consistent with the marketing time noted in the Neighborhood section. 11. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. I further certify that no one provided significant professional assistance to me in the development of this appraisal. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certified and agrees that; I directly supervise the appraiser who prepared the appraisal report, have examined the appraisal report for compliance with the Uniform Standards of Professional Appraisal Practice, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 5 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature: Al eao. , A V14,11I&I-2 Name: William R. Hughes Company Name: CVS, Inc. Company Address: 4940 Viking Dr., Suite 652 Edina, MN 55435 Date of Report /Signature: March 31, 1999 State Certification #: 4003024 or State License #: State: MN Expiration Date of Certification or License: 8/31/99 ADDRESS OF PROPERTY APPRAISED: 5801 Drew Ave. S. Edina, MN 55410 APPRAISED VALUE OF THE SUBJECT PROPERTY $ — °FECTIVE DATE OF APPRAISAL/INSPECTION 3/31/1999 ADER/CLIENT: Name: Company Name: Gregory G. Roth Company Address: 5801 Drew Ave. S., Edina, MN 55410 Signature: Name: Company Name: Company Address: Date of Report/Signature: State Certification # or State License #: State: Expiration Date of Certification or License: SUPERVISORY APPRAISER: SUBJECT PROPERTY Q Did not inspect subject property Q Did inspect exterior of subject property from street ❑ Did inspect interior and exterior of subject property COMPARABLE SALES ❑ Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street LOCH. YAUt J Ur J rmwe wo ram 4— rw Tie*,. —Pmtm b AO a+d*-d .PY 000WN777 CVS, Inc. City of Edina Board of Review Address 5801 DREW AVE S PID # 20- 028 -24 -32 -0065 Case # Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 PID # 5801 Drew Ave S 20- 028 -24 -32 -0065 5804 Drew Ave S 20- 028 -24 -32 -0073 5804 Ewing Ave S 20- 028 -24 -32 -0135 5901 Chowen Ave S 20- 028 -24 -32 -0022 SALE DATE Mar -98 Feb -98 Apr -98 Sale Price 149,900 $ 140,900 $ 169,900 rime Adjustment $ 6,800 $ 7,000 $ 6,800 Adj. Sale Price $ $ 156,700 $ 147,900 $ 176,700 Price / Sq Ft $ $ 137.94 $ 150.92 $ 152.59 Style Rambler Rambler Rambler Rambler 1 st Floor Area 1,148 1,136 980 1,158 2nd Floor Area Total Sq Ft 1,148 1,136 980 $ 4,200 1,158 Quality Year Built 1951 1951 1951 1952 Condition FAIR AVG $ (5,000) AVG $ (5,000) AVG $ (5,000) # of Bedrooms 3 3 2 3 BATHS - Dix Full 1 1 1 1 3/4 1 $ (1,500) 1 $ (1,500) 1/2 1 $ (500) Basement Area 1148 1136 980 1158 Finished Bsmt 574 500 400 550 Walkout Fireplaces 2 2 2 2 Heat / Cooling 1 FA FA FA/CA $ (1,000) FA Garage Size/Type 1 CAR 1 CAR 1 CAR 1 CAR Deck YES $ (1,000) Porches SCREEN 3 SEASON $ (3,000) NONE $ 2,000 3 SEASON $ (3,000) Lot Size 50X135 60X135 51X133 66X135 Location Other Other Other Other Restrictions Net Adjustment I $ (9,500) $ (300) $ (10,500) Adj. Sale Price $ 147,200 1 $ 147,6001 $ 166,200 Case # 21 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 08- 116 -21 -24 -0008 Date: 4/12/99 Property Address: 5804 Kemrich Drive Owner /Agent Name: Rodney Olson Comments: At the request from the potential new owner (purchase agreement has been signed) of 5804 Kemrich, two appraisers from our office reviewed the property. The owner, an elderly widower, was not present at the time of inspection, but we were met by the realtor and the potential new owner. The house was on the market for 2 -3 days before an offer was accepted in excess of the original listing price of $240,000. The realtor and buyer were unable to disclose the purchase price to us, until the property has been closed on June 1, 1999. The home shows signs of deferred maintenance but is of excellent quality, most desirable style type, and very good location. There are numerous sales of similar properties in adjacent, yet inferior, neighborhood locations that would support the current estimated market value. We would recommend sustaining the value so that they may appeal to the County Board of Review after the sale is completed and the selling price disclosed. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 08- 116 -21 -24 -0008 HOUSE# FRACTION STREET NAME UNIT ZIP +4 5804 1/_ KEMRICH DR 55439+ Ownerl: OLSON RODNEY J Owner3: Owner2: Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1968 Area: Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: Mkt -Land 1999: 95000 1998: 75000 1997: 75000 Legal Description: Mkt -Bldg Mkt -Mach 174100 178900 178900 LOT 2 BLOCK 1 FJELDHEIM 2ND ADDITION CURR 319 NEXT Pt.Con: Mt.Adr: Front: Back: Right: Left: Acres: .00 01 Width: 97 Depth: 135 Mkt -Tot Tx Capacity 269100 253900 3791 253900 4060 Hd PT %Own H R 1.00 H R 100 H R 100 Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - -- --- Address -- ------ - -- - -- NEXT 08- 116 -21 -24 -0008 5804 1/ KEMRICH DR SALE DATE TYPE SALES PRICE OF SALE RATIO Make changes: press ENTER: or F1 F2 F5 F8 REMARKS City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Assessor's Office Application Date: Attach an su porting documentation Owner Name: Owner Address: �r%'�� �'�' �� ✓6 Home Phone Number: Business Phone Number: Property Address: 511M Assessor's estimated market value for January 2, 1999: Land: Buildings: Total: o°� & 9 /0 I believe the estimated market value on January 2,1999 should be: Land: Buildings: Total: Purchase Date: Total purchase price (land & bidgs.): Year Built: House: Garage: Additions (Explain): Condition of Structures (Explain): Description & value of additions and improvements since your purchase of this property: ................... ............................... Profess�o.nal:A (Ple.asQ:atlach�::cop Appraisal Date: Indicated Value: e:asgiis4Q -. our:ob- ection:fo:: the: assessors.: estimate >d;:market:vatue ...:........... 1 DO HEREBY AFFIRM THAT THE ABOVE IN R ATl N IS C�OMVI E AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. RETURN THIS APPLICATION TO THE�D.INAA S�ESS BR'S OFFICE BY MONDAY, APRIL 5, 1999. PLEASE ATTACH ANY DOCUMENTATION -YOU WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. March 31, 1999 Robert Cuperus 1144 Dionne Street, Apt. #207 Roseville, MN 55113 Edina Property Tax Assessor 4801 West 50'h Street Edina, MN 55424 -1394 Dear Tax Assessor: This letter is to officially contest the property tax for 5804 Kemrich Drive. I will be purchasing this house on June V, 1999. The property tax is $5,081 despite the fact that the property is in a very neglected and distressed condition. A Counselor Realty Realtor listed the house for $240,000. At the open house, the Realtor boasted of slightly underpricing the house to generate multiple offers on a house that most people would find uninhabitable. The Realtor said the house needs at least $50,000 of repair work. Per the disclosure statement, 5804 Kemrich Drive is being sold "as is ". The house was inspected by HouseMaster and the following items where discovered: Exterior — • siding along the garage roofline rotted • brick in the front crumbling • fascia and sofit rotted • columns rotted • several leaks in the gutters • windows rotted • seals on the windows broken • no decking in the back yard Interior — • walls and ceilings smoke damaged • carpeting smoke damaged • kitchen cupboards and counter tops burned • kitchen ceiling damaged • bathtub and shower have exceeded their lifespan • refrigdrator, dishwasher, stove, furnace, a/c all need to be replaced • cement driveway cracked While looking for a house in Edina, we saw a number of 2 story houses with more square footage and either in more upscale or comparable neighborhoods with lower property taxes. Here is a sample of those properties: 6504 Cherokee Trail - $346,500 1/30/99, $5170 tax 5224 Interlachen Drive - 336,000 9/18/98, $3314 tax 6613 Nordic Drive - $330,500 11/20/98, $4613 tax 5813 Amy Drive - list price (hasn't closed yet) $320,000, $4769 tax 6508 Creek Drive - $315,000 2/20/99, $4777 tax 6813 Hillside Lane - $293,000 8/29/98, $4429 tax 4516 Oak Drive - $280,000, $3917 tax 6525 Gleason Road - $260,000, 5/22/98, $3641 tax We ask you to look the state of the property, our comparison houses and the property taxes assessed on 5804 Kemrich Drive. We hope that you will find it equitable to reduce the property taxes. Thank you for your time and consideration. S' ely, Ro d L. upe Case # 22 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 07- 028 -24 -43 -0059 Date: 4/12/99 Property Address: 4404 BRANSON STREET Owner /Agent Name: JOSEPH & SARA ANDERSON Comments: Mr. /Mrs. Anderson requested a review of their property value on 4 -5 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence has been scheduled for 4 -9 -99 at 1:30. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 07- 028 -24 -43 -0059 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 50 Back: 4404 1/_ BRANSON ST 55424+ Right: Left: Ownerl: ANDERSEN JOSEPH H Owner3: Owner2: ANDERSEN SARA H Owner4: Zoning: R 1 Prim /sec: Yr.blt: 1926 Area: Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: 50 Depth: 214 Type PID or ADDRESS: press ENTER; or F1, F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 07- 028 -24 -43 -0059 4404 1/ BRANSON ST SALE Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 75000 144100 219100 H R 100 1998: 30500 168700 199200 2861 H R 100 1997: 30500 157500 188000 2841 H R 100 Legal Description: LOT 25 BLOCK "GRIMES HOMESTEAD" W 1/2 OF THAT PART OF LOT 25 LYING S OF THE N 215 FT THEREOF EX ST Type PID or ADDRESS: press ENTER; or F1, F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 07- 028 -24 -43 -0059 4404 1/ BRANSON ST SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 4/1986 134900 5 _ 12/1979 89500 9/1973 38000 Make changes: press ENTER: or F1 F2 F5 F8 City of Edina ',801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Assessor's Office Application Date: 3 -16 -99 Attach any supporting documentation Owner Name: JOSEPH H. /SARA H. ANDERS N Owner Address: Home Phone Number: �Z� ��� Z� Business Phone Number: Property Address: '7i Q7 � Assessor's estimated market value for January 2, 1999: Land: 75,000 Buildings: 144,100 Total: 219,100 1 believe the estimated market value on January 2, 1999 should be: / Land: 7 Buildings: �7 C�� Total: Purchase Date: / / Total purchase price (land & bldgs.): Year Built: House: 192 % Garage: //;?7 Additions (Explain): r4,1 j / �' <� z � r �' -'G 'r Condition of Structures (Explain): De ription & value of additions and improvements since your purchase of this property: .... ::.:::.:.:.:.:.:.:•:•:•:•:•:•:.:•:•:•:::...:.:.:.::::::::::::::::::.:...:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:...:.:.:.:.:.:.:.:.:.:. :.:.:.:.:.:.:.:.:•:•:•.•.•.•.•. r.:::::: � ::::::::::::::::..... '. ... .::.:.:.::::::::::::::::::::::: P�of�l:A� �prais: ais.•.•. �. •.•.•.�.�.(Pleas�:attachcvP � fr�y:fecent:ap � faisa�� :.•.•.•.•.•.•.�r''� Appraisal Date: 7 1 ,_ Indicated Value: � . ... .............. .........:.. ............... ..... or's est'. . p ........:.. ............................... Etc; Iain.th:.reasons:loc.. or.ob ection .:to.:the.assess..:•....... iafed: market: iatue ::::::::::::::::::::::::::::: :::::::::•::::::::::::::::::::: 5� rY02 fir/ b4 o .ear AZ- Z-r6v, LvE' /moo Q4-' I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEf --;' ature of a RETURN THIS.APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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 # 23 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 30- 028 -24 -43 -0023 Date: 4/12/99 Property Address: 4112 70th Street W Owner /Agent Name: Raymond H Ehlers / Kathleen A Lucus Comments: Mr. Ehlers brought in a 7 page hand written letter on Friday, April 2, 11999, concerning land and overall value changes. We are unable to view the interior of his home at this time, for they-are preparing for a vacation leave. We would like this information included so that he may appeal to the County Board of Review. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 30- 028 -24 -43 -0023 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 4212 1/ 70TH ST W 55435+ Right: CURB 319 NEXT Mt.Adr: Back: Left: Ownerl: EHLERS RAYMOND H Owner3: Owner2: LUCAS KATHLEEN A Owner4: Zoning: 0000 Prim /sec: Yr.blt: 1957 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt - Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 52800 92100 144900 H R 100 1998: 34800 97000 131800 1716 H R 100 1997: 34800 93200 128000 1731 H R 100 Legal Description: LOT 33 BLOCK 4 SOUTHDALE FIRST ADDITION Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- ---- -- Address -------------- NEXT 30- 028 -24 -43 -0023 4212 1/ 70TH ST W SALE TYPE SALES DATE PRICE OF SALE RATIO 4/1977 69500 Make changes: press ENTER; or F1 F2 F5 F8 REMARKS City of Edina Assessor's Office S t 801 West 50th tree Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review P.I.D. # 30- 0.28- 24 -43 -0023 Date Returned: L4 -Z ° c) Time: Received By: Case # Residential Request for Review Attach anv sunnortina documentation - Owner Name: RAYMOND H E.HLERS KATHLEEN A LUCUS Owner Address: 4112 70TH STREET LEI Home Phone Number: c) Ssto Business Phone Number: Property Address: LVX 5 t 7 Q -X• S . Ed( (n Atli, • S�5 3.5— Assessor's estimated market value for January 2, 1999: Land: 52,800 Buildings: 92,100. Total: 144,9G 1 believe the estimated market value on January 2, 1999 should be: / �7 Land: 3/ cn 0 Q Buildings: � n 0 Total: l k� Purchase Date: ?- /1— 7 Total purchase price (land & bldgs.: % Sv 0 Year Built: House: Garage:/ ?.5'1 Additions (Ex //plain): Condition of Structures (Explain): $-e s- Cc, see %74 s—,fLj Descri ti on & value of additioryg and improvements since your purchase 6f thff property: sa :e ' eri a' ; Pio�es:siol:A praisais.•.•..•.•....(P�ease' attach a:c� . :pf arxy. F..c... Appraisal Date: Indicated Value: _.... .. :_ .............. G0 IF— T-4 S.- a I -Q-c i -ad '/ /7 a 9 .-es . * 11 I DO HEREBY AFFIRM THAT TH KNOWLEDGE AND BELIEF. ture of a ION IS COMPLETE AND TRUE TO THE OF MY RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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. vv� s0�`�iJH Ar G .� ► / _ rte/ /. � �' 4�6S000(..3XSSou�� i �- /l�a�,ua.._ (� Y,u o Xr All 5/- X -u u GOO c+, ::"� 420 a jr &( 7-v X* are 1 4 / 999 ,� `�13G 9� �• C( t o��, 2-u 21) .-d4 cy �- C3� �r 3� �s) CC )—.C, cl) ��" �,,�.�� C z sz � .�) CSr7 � U ?o cl ----------- qC3 7.0 C-404. ttj-q� -ZU-1 ? 7 13 rjf jo; (j) C I kZ4� LO CA- cl A-2 C r s J7!r - -/ 7 v u tat., 14VI- �'�,L/CYZ- �--c_� �z q OCA C3 a Nlurte- l37, 't3 �l -7oq /3 7 co G 59 Cl Q 0) .3 C3 CA- �- 1 �' • � Cam- cl 4 c� c`''�°� n oo .- '�- L�' cc. � 1, v t4 Cf 23 Led Cut c (I q qu u ��-- 411CLIAI-L,1517 Ai I V .'At 9.5 Garage Total Cara e 492 WD Sep p 1C .C, For 41 .ii Total Deck = 152 Garage 3.11 3.G L�.Ci 5308 HALIFAX AVENUE 18-028-24-44-0067 20.0 X 33.0 = 660. 14.0 X 34.0 = 476. 3.0 Y 33.0 = 99, -22.0 y 1.0 = -22. Tot Livable: = 1,213 FILE = 5308HALI Total Livable = 1,213 Total Cara e 492 Total PorN, = 156 Total Deck = 152 Case # 26 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 18- 028 -24 -44 -0067 Date: 4/12/99 Property Address: 5308 HALIFAX AVE Owner /Agent Name: JACQUELINE MITHUN Comments: 5308 Halifax is a 1 1/2 story home and is in normal condition. The three comparable homes are similar in size, and location. Recommend increase in value to $245,000. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 18- 028 -24 -44 -0067 P.t.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5308 1/ HALIFAX AVE 55424+ Right: CURR 319 NEXT. Mt.Adr: 60 Back: Left : Owners: MITHUN JACQUELINE S Owner3: Owner2: Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1947 Area: 14700 Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: 60 Depth: 245 Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID -------- - - - ---- Address ------- - - - --- NEXT 18- 028 =24 -44 -0067 5308 1/ HALIFAX AVE SALE Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 95000 110100 205100 H R 100 1998: 73000 113500 186500 2646 H R 100 1997: 73000 104700 177700 2650 H R 100 Legal Description: LOT 14 BLOCK 2 "SOUTH HARRIET PARK, 2ND ADDITION" Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID -------- - - - ---- Address ------- - - - --- NEXT 18- 028 =24 -44 -0067 5308 1/ HALIFAX AVE SALE TYPE SALES DATE PRICE OF SALE RATIO 2/1992 176000 5 _ 6/1986 137900 5 _ _8/1981 101000 6 _ Make changes: press ENTER: or F1, F2 F5 F8 REMARKS City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Assessor's Office P.I.D. # IS -cat • - y4-00 � Date Returned: Time: Received Bv: 91 Case # 2 A Residential Request for Review Application Date: 4/2/99 Attach any supporting documentation Owner Name: JACQUELINE MITHIUN Owner Address: 5308 HALIFAX AVE Home Phone Number: �� 6, — 3 Business Phone Number: Property Address: 5308 HALIFAX AVE Assessor's estimated market value for January 2, 1999: Land: 95,000 Buildings: 110,100 Total: 205,100 I believe the estimated market value on January 2,1999 should be: Land: Buildings: Total: / �! Purchase Date: Total purchase price (land & bidgs.): Year Built: House: Garage: Additions (Explain): Condition of Structures (Explain): Description & value of additions and improvement since your purchase of this property: isal Date: Indicated Value: PE 11 �JIF O HEREBY AFFIRM AT THE ABOVE INPRMATION IS COMPLETE AND TRUE'TO THE BEWOF MY KNOWLEDGE AND B IEF. 4 Signature of applican� , RETURN THIS APP ATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. PLEASE ATTACH AW DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. i i Address PID # Case # 5308 HALIFAX AVE 18- 028 -24 -44 -0067 26 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 5308 HALIFAX 18- 028 -24-44 -0067 5124 HALIFAX 18- 028 -24-41 -0113 5313 HALIFAX 18- 028 -24-44 -0037 5121 INDIANOLA 18- 028 -24-41 -0117 SALE DATE Dec -97 Dec -98 Jul -98 Sale Price $ 220,000 $ 312,500 $ 266,000 ime Adjustment $ 22,000 $ - $ 11,000 Adj. Sale Price $ - $ 242,000 $ 312,500 $ 277,000 Price / Sq Ft $ - $ 148.19 $ 154.40 $ 148.92 Style 1 1/2 1 1/2 1 1/2 1 1/2 1st Floor Area 1,213 1,183 1,264 1,056 12nd Floor Area 1 527 450 760 760 Total Sq Ft 1 1,740 1,633 $ 2,700 2,024 $ (7,000) 1,860 $ (2,000) Quality Year Built 1947 1940 1946 1940 Condition -NORMAL AVG $ (5,000) V -GOOD $ (10,000) V -GOOD $ (10,000) # of Bedrooms 4 3 4 3 BATHS - Dlx Full 2 1 1 1 3/4 1 1 1 1/2 Basement Area 1213 1158 1144 1056 Finished Bsmt 485 MIN 579 MIN 500 400 Walkout NO NO NO NO Fireplaces 2 1 $ 2,000 1 $ 2,000 2 Heat / Cooling FA/CA FA/CA FA/CA FA/CA Garage Size/Type 2 CAR T 1 CAR $ 5,000 2 CAT T 1CAR $ 5,000 Deck DECK $ 1,000 DECK DECK Porches SCREEN 3 SEASON $ (5,000) 3 SEASON $ (5,000) 3 SEASON $ (5,000) Lot Size 60X245 .75X108 $ 5,000 60X195 75X108 $ 5,000 Location Other Other KIT RMDL $ (5,000) KIT RMDL $ (5,000) Other Other Restrictions Net Adjustment $ 5,700 $ (25,000) $ (12,000) Adj. Sale Price $ 247,700 $ 287,500 $ 265,000 Case # 28 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 31- 028 -24 -22 -0074 Date: 4/12/99 Property Address: 4909 Trillium Lane Owner /Agent Name: Andy A Poncius Comments: Mr./ Mrs. Poncius requested a review of their property value on 4 -5 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence will be scheduled. Message left on 4/9/99 for an appointment. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 31- 028 -24 -22 -0074 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 4909 1/ TRILLIUM LA 55435+ Right: CURR 319. NEXT Mt.Adr: Back: Left : Owners: PONCIUS ANDY Owner3: Owner2: Owner4: Zoning: 0000 Prim /sec: Yr.blt: 1960 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - --- Address -------- - - -- -- NEXT 31- 028 -24 -22 -0074 4909 .1/ TRILLIUM LA SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS Make chances: press ENTER; or F1 F2 F5 F8 __ Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 60500 121100 181600 H R 100 1998: 41500 128300 169800 2.362 H R 100 1997: 41500 120300 161800 2356 H R 100 Legal Description: LOT 4 BLOCK 4 LAKE EDINA ADDITION Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - --- Address -------- - - -- -- NEXT 31- 028 -24 -22 -0074 4909 .1/ TRILLIUM LA SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS Make chances: press ENTER; or F1 F2 F5 F8 __ City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review °� ° Residential Request for Review Application Date 3-24-99 II Attach any supporting documentation Owner Name: ANDY A. PON I S Owner Address: 4909 TRILLIU14 LANE 55435 Home Phone Number: Business Phone Number: Property Address: Assessor's estimated market value for January 2, 1999: _ Land 60,500 Buildings: 121,100 Total: 181 600 I believe the estimated market value on January 2, 1999 should be: Land: Buildings: C1 Total: -101 000 Purchase Date: i b Total purchase price (land & bldgs.): SSASSd RIs 0 7 Additions (Explain): N 10 AJ A" L+ Year Built: House: Garage: ) !� Condition of Structures (Explain): g L Description & value of additions and improvements since your purchase of this property: N6 AIS .......................... ............................... _:of::arry.:Fecent:ap J .r... a.;; ....... Appraisal Date: Indicated Value: p K ��5� 3 �.,2 -�►-r 1CAi©ujS C-6 A(9) 1, + 7 U N . `r '-iW P !,� -[�c.! �-f S f�,�i 6 tr, t ,�l Gs c r ; y () F �► S i �9 99 —( I b V A—L—u E E. —ni c S i S (� rf ti �Oi AiA- ,4 S-S 5-(o `r D��� [i I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIED 11 _ R Sianature of applicant: ( W0112)l RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5 1999. PLEASE ATTACH ANY DOCUMENTATION OR TO THE SCHEDULED BOARD OF REVIEW MEETING. CONTACTED TO HAVE YOUR PROPERTY REVIEWED R g } A-" Z 'D S C04/ J (p wA-S p � !61700 . - , t F 4-q I), ^P, 1Li,( UM r S aA,, wD r c1 C^ O() ► T-{ �. ✓ M `( f f G S A-cT- 4-q 0 '"ice l (- L[ C)1-4 I c7 cu a �`�( O N '� 1.7 V M P 5 V M 7-r f H N'D ScL� c( -)>o N cr7 CC) M —M M R o v S -rR l LL-1 v M ► S L� l �0 a-1 U V t? g� . 1 �'H �—S 0 N Adc) NI SENCE- FA-MIL`( MU✓ tti'� E cl� SAS A-- t YS1 c) 0� q U 0 1 �' 15 `fit E N w S, t–o v tL „ 'fit S �X OIL E S �v uJr[ E ! T Case # 31 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 33- 117 -21 -33 -0049 Date: 4/12/99 Property Address: 6004 Hansen Road Owner /Agent Name: Lowell E / Patricia L Johnson Comments: See attached report for body of Appraisal. Recommended Action: We recommend that the assessment be sustained at $ 168,000. PROPERTY ID #: 33- 117 -21 -33 -0049 PROPERTY ADDRESS: 6004 HANSEN ROAD 1999 ASSESSMENT: LAND: $60,400; BUILDINGS: $107,600. TOTAL: $168,000 Note: This is an abbreviated analysis due to 4 -5 -99 filing of "Request for Review ". Property Summary: This is a 1 story (rambler) house, built in 1955, with 1376 square feet of gross building area. The house contains 3 bedrooms, 2 bathrooms, 2 fireplaces, partial basement finish, and a 1+ car basement garage. Although the house is mostly original, it is well maintained and in good condition. The accrued depreciation is consistent with a house built in 1955. Owner's Request: Owner has verbally declared his opinion of market value at about $145,000; the value declaration has not been stated on the filed form. The owner has also requested that his property tax rate be reduced. Summary Analysis: In support of his request, Mr. Johnson did submit assessment comparisons with five other houses. All are ramblers with attached garages. Mr. Johnson did not submit any supporting sales or market data. The purpose of this abbreviated report is to estimate the market value of the subject property on January 2, 1999. With that objective in mind, we reviewed our data base and sales records to identify those recent home sales that are most similar to the subject property. Specifically, we looked for homes of similar age, size, features, and, most importantly, with a basement garage. We also included in this sort split entry or split level houses. Although split design houses have generally sold for less money per square foot than ramblers, and will consequently tend to understate the value of the subject property, we wanted to broaden our sales pool to the extent possible. Those comparable sales included: 5112 Abercrombie Drive: $179,900 (6 -98). Split level; built in 1956; 3 bedrooms, 2 bathrooms, 2 fireplaces, partial basement finish. Sold for $124.41 per GBA. 5181 Abercrombie Drive: $168,900 (10 -98). Split level; built in 1958; 3 bedrooms, 2 bathrooms, 2 fireplaces, partial basement finish. Sold for $126.33 per GBA. 5120 Tifton Drive: $187,000 (3 -98). Split level; built in 1957; 3 bedrooms, 3 bathrooms, 2 fireplaces, partial basement finish. Sold for $126.95 per GBA. 5124 Valley View Road: $192,500 (1 -99). Rambler; built in 1962; 3 bedrooms, 2 bathrooms, 1 fireplace, partial basement finish. Sold for $131.13 per GBA. 5324 Birchcrest Drive: $229,500 (8 -98). Split level; built in 1956; 4 bedrooms, 3 bathrooms, 2 fireplaces, partial basement finish. Sold for $138.34 per GBA. 5721 Hansen Road: $170,000 (12 -98). Split level; built in 1960; 3 bedrooms, 2 bathrooms, 2 fireplaces, partial basement finish. Sold for $161.14 per GBA. Median Sale Price of 6 Comparable Properties = $129.04 Mean Sale Price of 6 Comparable Properties = $134.72 (Note: mean is skewed by sale #6) Indicated subject property value range = $177,600 (1376 GBA X $129.04) to $185,400 (1376 GBA X $134.72). The 1999 assessment falls below the lower end of this range. There were 63 residential arms- length sales in the subject assessment district in 1998. The average sale price was $192,511. Mr. Johnson has suggested that the value of his home is about $47,500, or nearly 25 percent, below the district average. We have not seen any evidence to support that contention, nor has any been submitted. Given the six recent comparable property sales, and the 1998 district sales average, we recommend that the 1999 assessment be sustained at $168,000. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 33- 117 -21 -33 -0049 Pt.Con: HOUSE #.FRACTION STREET NAME UNIT ZIP +4 Front: 6004 1/ HANSEN RD 55436+ Right: CURB 319 NEXT Mt.Adr: Back: Left : Ownerl: Owner2: Zoning: Sch.Dst: JOHNSON LOWELL E Owner3: JOHNSON PATRICIA L Owner4: 0 Prim /sec: Yr.blt: 1955 Area: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Acres: .00 Width: Depth: . Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 60400 107600 168000 H R 100 1998: 35400 114600 150000 2025 H R 100 1997: 35400 109600 145000 2045 H R 100 Legal Description: LOT 2 BLOCK 2 "BIRCHCREST THIRD ADDITION" Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - ----- Address -------- - - - - -- NEXT _ 33- 117 -21 -33 -0049 6004 1/ HANSEN RD SALE TYPE SALES DATE PRICE OF SALE RATIO 10/1989 117000 5 _ 8/1980 95000 6/1971 39000 Make changes: press ENTER: or F1 F2 F5 F8 REMARKS City of Edina 1801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [fDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Assessor's Office P.I.D. # 33- 117 -21 -33 -0049 Date Returned: Lt —s 9 c) Time: Received By: Case # 31 Application Date: 4/2/9911 Attach any suppor Owner Name: LOWELL E / PATRICIA L JOHNSON Owner Address: 6004 HANSEN RD Home Phone Number: (L �a -9 aa..a;q So Business Phone Number: & Property Address: 6004 HANSEN RD Assessor's estimated market value for January 2, 1999: Land: 60,400 Buildings: 107,600 Total: 1 believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: Purchase Date: 1gy Total purchase price (land & bldgs.): Year Built: House: Garage: Additions (Explain): &f -OA;I r— Condition of Structures (Explain): i Description & value of additions and improvements since you purc se oft s property: Ai t) ki F— raisal Date: 14 — V KNOWLEDGE AND BELIEF. Signature of applicant: �- Indicated Value: 4--5 ❑r documentation TH � J4 168 RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5,,1999. 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 # 32 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 06- 116 -21 -43 -0032 Date: 4/12/99 Property Address: 6805 Dakota Trail Owner /Agent Name: Gregory J & Barbara S Dovolis Comments: See attached report for body of Appraisal. Recommended Action: We recommend that the assessment be sustained at $699,600. Property I.D. Number: 06- 116 -21 -43 -0032 Property Address: 6805 Dakota Trail 1999 Assessment: Land: $255,000; Buildings: $444,600. Total: $699,600 The subject property is located at 6805 Dakota Trail. The site gently backs onto Indian Head Lake and is in the Indian Hills neighborhood. This is a popular area within Edina, recording a market value increase of fifteen percent during the past two years. Dakota Trail is a nicely shaded, `quiet', meandering street. The homes along Indian Lake are well maintained and attractive. 6805 Dakota Trail summary characteristics: The lot has 100 feet of street frontage and gently slopes to Indian Head Lake. The house was constructed in 1959 and is a walk -out rambler. A major addition was built in 1997 -98, adding approximately 665 square feet of first floor living area and a new three car attached garage. The house includes: 4 bedrooms, 4 bathrooms, 2 fireplaces, fully finished basement, and central air conditioning. In valuing this property, we examined three other water front properties. All are walk -out ramblers. The comparable properties included: 6624 Cheyenne Trail, 5700 Long Brake Trail, and 6711 Indian Hills Road. The characteristics and adjustments relating to those properties are summarized on the attached appraisal grid. Please direct your attention to comparable property #1, 6624 Cheyenne Trail. Amongst the three comparables, this property, which sold for $810,000 in 1998, provides the best evidence of the market value of the subject property. Both properties are located on Indian Head Lake. Both homes are walk -out ramblers, constructed in 1959. Both homes were significantly renovated in the mid -late 1990's. The adjusted value of comparable #1, accounting for both characteristic differences and time, is $726,600. It must be mentioned that this property has an unusual floor plan, with the kitchen and much of the living area located in the basement. We did not adjust for this obvious functional obsolescence. Had an obsolescence adjustment been made, the adjusted value of 6624 Cheyenne Trail would have been higher. The inferred subject property value would also have been higher. The subject property assessed value increased significantly between 1997 and 1999, due principally to the remodeling/addition. The Assessment Department makes a concerted effort to inspect all new construction prior to valuing any improvements. Despite several requests to schedule an appointment to view the residence interior, we were forced to estimate the extent and quality of the 1997 -98 project. Only after the 1999 Value Notice was received did the property owners schedule the previously requested appointment. The property owners have included a summary of their 1997 -98 construction costs in support of their reduction request. The appraisal adage that `cost does not equal value' certainly applies. As you are aware, Minnesota property assessments are based on market Value, not replacement cost. While historical numbers, as well as recent costs, are interesting, they do not address market value. The appellants have not submitted any supporting comparable sales or market data. Given the indicated value range of the subject property, between $726,600 and $872,700, as evidenced by the comparable sales, we recommend that the assessment of 6805 Dakota Trail be sustained at $699,600. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 06- 116 -21 -43 -0032 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6805 1/ DAKOTA TR 55439+ Right: CURR 319 NEXT Mt.Adr: Back: Left: Ownerl: DOVOLIS BARBARA S Owner3: Owner2: DOVOLIS GREGORY J Owner4: Zoning: R -1 Prim /sec: Yr.blt.: 1959 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: 100 Depth: 308 Type PID or ADDRESS: press ENTER; or F1, F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- -- - - -- Address ------- - - - - - -- NEXT 06- 116 -21 -43 -0032 6805 1/ DAKOTA TR SALE Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx,Capacity Hd PT %Own 1999: 255000 444600 5 _ 699600 H RL 100 1998: 180000 480000 660000 10131 H RL 100 1997: 180000 235300 415300 7046 H RL 100 Legal Description: LOT 2 BLOCK 1 OVERHOLT HILLS, JAMES ADDITION THAT PART OF LOT 2 LYING NLY OF SLY 5 FT FRONT AND REAR Type PID or ADDRESS: press ENTER; or F1, F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- -- - - -- Address ------- - - - - - -- NEXT 06- 116 -21 -43 -0032 6805 1/ DAKOTA TR SALE TYPE SALES DATE. PRICE OF SALE RATIO 6/1990 385000 5 _ 4/1984 185000 5 _ 3/1983 198000 6 _ 8/1978 138000 Make changes: press ENTER: or F1 F2 F5 F8 REMARKS City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Assessor's Office Application Date: :Z46-/9911 Attach any supporting documentation Owner Name: GREGORY J. AND BARBARA S. D91VOLIS Owner Address: 6805 DAKOTA TRAIL Home Phone Number: 9 `t'y - 1IT 4 Business Phone Number: Property Address: 6805 DAKOTA TRAIL Assessor's estimated market value for January 2, 1999: Land: 255,000 Buildings: 444,600 Total: 699,600 1 believe the estimated market value on January 2, 1999 should be: Land: ;2.2, 1, 10 `f Buildings: 1161.9S& Total: 5 3, Purchase Date: 19 9 o - 9 t I Total purchase price (land & bldgs.): 3 4s S o 0 0 Year Built: House: 19S0'sGarage: Additions (Explain): 5EE ATTAGI4EO Condition of Structures (Explain): Description & value of additions and improvements since your purchase of this property: 5EE 14TTAcH -Eh :n# a Professional A rarsais Please attach a co' ni�.aray rece .... pp ........} ........................... . .. pY.. App raisal Date: Indicated Value: Lz ia:in tFie: re:asris:for: aiir. ob'i�ciion :fti:tle assessar.'s estirtiatd iriai ket iatu+ �:: :....:.:::::::::::::: -rAt AT74e-AE -n woizi4st- ce-r iNoicA -res -roe c-os? of -r*e N-ovse /MP¢ovrcH6�lTr S DoN'r GEL,EvE TµEp -e Arc Acv`( Comes wA—H REPLECr' Ti-t vALV6g Ad.0w14 DAKeTA TA.( 4L . 7f V�4� vC = l��{+/C EsTIFR�L�s�{ /g Me2C GON'$ IST�lUT W1rH My- NE(aNts02.s 'rb -r*er NoA -TIS, 5ev7r4 ¢ Acn.oss THe 57ZeET, &CaA-11SE op 714E UN jqvE NATuae of 7'H� Alf." = Wovi.O 40106 You u/ovLD 41Ve IWE A1E440- 60ILNeCO ✓A�uGS 4 A1y fkc�vA -r Nv►ti/3e-ms THE 41LEATe-s-s wE/449T /W 1)67EW1# -1w4 VAtvC. f'E't x Y o w go A- i o v -" w, s, o eK n -r, o .✓ I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF KNOWLEDGE AND BELIEF. Signature of appi icant: - '+ RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE COI TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. Address PID # Case # 6805 DAKOTA TRAIL 06- 116 -21-43 -0032 City of Edina Board of Review Assessing Dept. 4/8/99 Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # Same Same 6624 Cheyenne Trail 06- 116 -21-42 -0035 5700 Long Brake Trail 08- 116 -21 -31 -0075 6711 Indian Hills Road 06- 116 -21 -23 -0035 Sale Date 8/31/98 Aug -98 Feb -96 Sale Price $ 810,000 $ 800,000 $ 650,000 rime Adjustment $ 16,200 $ 10,700 $ 181,800 Adj. Sale Price $ - $ 826,200 $ 810,700 $ 831,800 Price / Sq Ft $ - $ 348.61 $ 264.24 $ 302.47 Style 1 Story 1 Story 1 Story 1 Story 1st Floor Area 3,029 2,370 3,068 2,750 2nd Floor Area I - - - - Total Sq Ft 3,029 2,370 $ 32,950 3,068 $ (1,950)1 2,750 $ 13,950 Quality Very Good Very Good $ - Very Good Excellent $ (27,500) Year Built 1959/1998 1959/1995 $ - 1979 /Same Eff $ - 1978 /Same Eff $ - Condition Very Good Very Good Very Good Very Good $ - # of Bedrooms 3 4 $ (2,000) 5 $ (4,000) 4 $ (2,000) BATHS - Dlx 0 1 $ (5,000) 0 $ - 1 $ (5,000) Full 1 1 $ - 1 $ - 3 $ (7,000) 3/4 3 1 $ 6,000 1 $ 6,000 0 $ 9,000 1/2 0 1 $ (2,000) 1 $ (2,000) 0 $ - Basement Area 1827 1811 $ 160 3068 $ (12,410) 2750 $ (9,230) Finished Bsmt 1827 1611 $ 4,320 2532 $ (14,100) 900 $ 18,540 Walkout Yes Yes $ - Yes $ - Yes $ - Fireplaces 2 1 $ 3,000 2 $ - 3 $ (3,000) Heat / Cooling FA + AC FA + AC $ - FA + AC $ - FA + AC $ - Garage Size/Type 3 Car Aft 3 Car Bsmt $ - 4 Car + 3 Car $ (20,000) 3 Car Aft $ - Deck 372 Sq.Ft. 800 Sq.Ft. $ (4,280) 224 Sq.Ft. $ .1,480 0 $ 3,720 Porches 0 185 Sq.Ft. Scr $ (2,775) 460 Sq.Ft. Enc $ (13,800) 5 X 11 Open $ (660) Lot Size 100 X 308 165 X 270 $ (130,000) Irregular /Pond $ - Irreg /Inferior $ 50,000 Location Very Good Very Good $ - Very Good $ - See Lot Adj. $ - Other Pool $ (15,000) Other Other Other Restrictions Net Adjustment $ (99,625) $ (75,780) $ 40,820 Adj. Sale Price $ 726,600 $ 735,000 1 $ 872,700 Assessing Dept. 4/8/99 r {� r • t z r � � � • ��� !l�.. �>. 2�� tlr ���t. .aY.i� • l � fro � '�'�.•�:/ r. 'mss _ MEASUEEMENTS TOTAL 23.0 X 33.0 = 75918 31.0 k 27.0 = 837.0 _�. 21.0 X 33.0 = 69310 2.0 X 20.0 = 4010 3.0 X 21.0 = 63.0 ------ - - - - -- 6.0 X 22.0 = 13210 i /FBLA 3.0 X 21.0 = 63.0 33.1 2.0 X 20.0 = 40.0 1/S 110 X 20.0 _ 20.0 31.E 910 X 10.0 - 90.0 3,5 X 11.75 = 41.1 E.C, 1/0 `1'° 6.0 Y 13.5 = 3.5 Y 11175 = 81.0 41.1 y'`' 7.0 Y 6.0 = 4210 q C' 87 X 1 = 8710 Garage Tat Liable; = 3,029 FILE = 6805DA}{4 Total Liable = 3,029 e'o Total Garage = 846 6805 DAKOTA TRAIL 06- 116 -21 -43 -0032 r {� r • t z r � � � • ��� !l�.. �>. 2�� tlr ���t. .aY.i� • l � fro � '�'�.•�:/ r. 'mss _ Case # 33 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 18- 028 -24 -42 -0036 Date: 4/12/99 Property Address: 5019 Bruce Ave Owner /Agent Name: Scott Busyn Comments: Mr. Scott Busyn requested a review of their property value on 4 -5 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence has been scheduled for 4 -14 -99 at 10:00. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 P.I.D. # 18- 028 -24 -42 -0036 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Date Returned: Time: Received B Case # 3 b :. Affic usdbnly: : Residential Request for Review Annliratinn natp• 3/23/99 Attach anv supporting documentation Owner Name: SCOTT M / MARGARET L BUSYN Owner Address: 5019 BRUCE AVE Cof i S -�-W- Home Phone Number: 017E -01 Z Business Phone Number: C13Z 7Z 4?_? Property Address: 5019 BRUCE AVE Assessor's estimated market value for January 2, 1999: Land: 110,000 Buildings: 197,600 Total: 307,600 1 believe the estimated market value on January 2, 1999 should be: Land: J/0 U uJ Buildings: %�% 000 Total: �60, 0 0 v Purchase Date: Total purchase price (land & bldgs.): V1 0 ov Year Built: House: 0 Garage: Additions (Explain): See &✓ Condition of Structures (Explain): 4*00 Description & value of additions and improvements since your purchase of this property: �e w c c i 3 X/ S Seth goA (n� is- - SC'Aaf'oi-, o%T/h ... .. .. ............ . :......:...:...............; .:..... .: .::::.: faisa cettit : Professions) Appra►sais ::::::::::::::(I?: lease: attach :a::capy, of:anj.re , .. pP ........) ........................... . Appraisal Date: Indicated Value: Ez taJn tti�: reasiins:for: aur. otr ectaorl :to:the assesso.r.'s esti ttiated: rrmarket vatue: :::::::::::::::::::::::: .5e c i�� 2 c err w LIM TP911L' TA -r �CG•T AC 1 UU MtKtt$T Hrrimivi 1,1H 1 i nr- mio 111— wiml 1v1. w Wv .. .�...- • • - -- • — • • -- - -- - -- KNOWLEDGE AND BELIEF. Siqnature of applicant: 5A T RETURN THIS APPLICAT16N TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE COI TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 18- 028 -24 -42 -0036 Pt. Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5019 1/ BRUCE AVE 55424+ Right: CURB 319 NEXT Mt.Adr: 60 Back: Left : 125 Ownerl: BUSYN SCOTT M Owner3: Owner2: BUSYN MARGARET L Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1940 Area: 7500 Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: 60 Depth: 125 Tyne PID or ADDRESS: press ENTER; or F1 F2 F8 _ PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - ---- Address -------- -- - - -- NEXT 18- 028 -24 -42 -0036 5019 1/ BRUCE AVE SALE Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 110000 197600 307600 H R 100 1998: 61300 197300 258600 .3871 H R 100 1997: 61300 197300 258600 4147 H R 100 Legal Description: LOT 10 BLOCK 2 "BRUCEWOOD" Tyne PID or ADDRESS: press ENTER; or F1 F2 F8 _ PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - ---- Address -------- -- - - -- NEXT 18- 028 -24 -42 -0036 5019 1/ BRUCE AVE SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 5/1996 281000 5 _ 3/1993 255000 5 _ 6/1987 194000 5 _ 5/1981 125000 6 _ 7/1972 45500 — _ Make changes: press ENTER; or F1 F2 F5 F8 3 :A Case # 34 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 32- 117 -21 -43 -0041 Date: 4/12/99 Property Address: 6109 Ridgeway Road Owner /Agent Name: Peter V / Pan Faye Hall Comments: Mr. Peter Hall requested a review of their property value on 4 -5 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence has been scheduled for maybe next week. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY . PROPERTY ID 32- 117 -21 -43 -0041 Pt.Con HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6109 1/_ RIDGEWAY RD 55436+ Right: Ownerl: HALL PETER V Owner3: Owner2: EBERHART HALL PAN FAYE Owner4: Zoning: 0 Prim /sec: Yr.blt: 1964 Area: Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Mkt -Land 1999: 80000 1998: 43800 1997: 43800 Legal Description: Mkt -Bldg Mkt -Mach 177100 187200 180500 LOT 3 BLOCK 5 "COUNTRYSIDE" CURB 319 NEXT Mt.Adr: Back: Left : Acres: .00 Depth: Mkt -Tot Tx Capacity Hd PT %Own 257100 H R 100 231000 3402 H R 100 224300 3512 H R 100 Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT _ 32- 117 -21 -43 -0041 6109 1/ RIDGEWAY RD SALE TYPE SALES DATE PRICE OF SALE RATIO 10/1996 224300 5 _ 3/1972 52700 — _ Make changes: press ENTER; or F1, F2, F5, F8 REMARKS City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review P.I.D. # 32- 117 -21 -43 -0041 Date Returned: 4 -.5- 9 9 (Time: 1', Received B Case # 3 ice : use: Qnl ::::: ::::::::::::::::::::::::::::::: Residential Request for Review Annlication Date: 3/9/9911 Attach any supporting documentation Owner Name: PETER V HALL / PAN FAYE HALL Owner Address: 6109 RIDGEWAY RD Home Phone Number: L12 925----577 cl 113usiness Phone Number: 5 y Property Address: 6109 RIDGEWAY RD Assessor's estimated market value for January 2, 1999: Land: 80,000 Buildings: 177,100 Total: 257,100 1 believe the estimated market value on January 2,1999 should be: Land: ?G © Buildings: 16 Q-OD Total: �7�'b 000 Purchase Date: % 6 Total purchase price (land & bldgs.): 2 2 SGT Year Built: House: % ����{ Garage: Additions (Explain): � rd urr 5,.7y/ % 1 y y Condition of Structures (Explain): G- Gi1C�1'z�'�% d aOr C/17, Description & value of additions and improve ents since your purchase of thi$ property: �r :::::::::: ..... = a :::::::::::::::::::::::::::: salsa s : Profesignat :Apprarsais:::::::::: EPaease::attach:a::copy:nf: arty: iecerat: .P. P ....... ............................... Appraisal Date: Indicated Value: � vv CY U d - ��s ; f qA Ih � �;26 Sr t-� �q I0 01 S rf C-1 ein ULtY15 �i1 r S b7 0/1 J--- I^l' �1ll vl e S � i yI o i% r a % / t Zi �, = 2..5 v ZJ -7- r o tor- 1,1cctc C' di,,, -lv tl� 3r GtY�i C' S ��1� �t� Yl ` Gr yJ c «� i h � . f'� G {•- _�'�- i h�GE c(,S Ci. 1 L)U HtKtt$T ArrIK1V1 MA1 KNOWLEDGE AND BELIEF. Signature of applicant: 9 pp RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CON TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. re/J /�cchieh7 • Case # 35 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 06- 116 -21-44 -0047 Date: 4/12/99 Property Address: 6805 St Patricks Lane Owner /Agent Name: James E / Frances C Huettl Comments: Mr. /Mrs. Huettl requested a review of their property value on 4 -5 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence has been scheduled for 4 -12 -99 at 1:30. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 06- 116 -21 -44 -0047 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6805 1/ ST PATRICKS LA 55439+ Right: CURR 319 NEXT Mt.Adr: Back: Left : Ownerl: HUETTL JAMES Owner3: Owner2: HUETTL FRANCES C Owner4: Zoning: R 1 Prim /sec: Yr.blt: 1968 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: 90 Depth: 187 Mkt -Land 1999: 76800 1998: 53800 1997: 53800 Legal Description: Mkt -Bldg Mkt -Mach 151000 149600 145700 LOT 3 BLOCK 1 ELM VIEW 1ST ADDITION Mkt -Tot Tx Capacity Hd PT %Own 227800 H R 100 203400 2933 H R 100 199500 3053 H R 100 Type PID or ADDRESS` press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID -=-- - -- - -- Address -------- - - - - -- NEXT 06- 116 -21 -44 -0047 6805 1/ ST PATRICKS LA SALE DATE PRICE / TYPE SALES OF SALE RATIO REMARKS Make changes: press ENTER; or F1 F2, F5, F8 City of Edina Assessor's Office 1801 West 50th Street -- —_7 Edina, MN. 55424 -1394 P.LD. # 0& —00 41 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review II Date Returned: V lsi qq Time: I:3o API Received By: ::.:.:.poi Case # 6:ot6: :only:::::::: Application Date: L - Attach any supporting documentation Owner Name: �%} f; J CL 5 C, g a T--r Owner Address: 3-05- -ST P14r/?/cxs L f Home Phone Number: C7 41 ~ 5 8'S I Business Phone Number: —" Property Address: 1,F65- 5i , r 1 C Assessor's estimated market value for January 2, 1999: Land: Buildings: Total: I believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: / J� 0 U Purchase Date: l0 C1 Total purchase price (land & bidgs.): 0 C, t? Year Built: House: q (� Garage:/q& g Additions (Explain): Condition of Structures (Explain): �o Description & value of additions and improvements since your purchase of this property: /Y ©Al ::::i::�: ::: � .... f s : Piofess.al: A• �• pr- atsats.•.•. .•. •....lP};ease��attach:a::cop • Hof •a.. y. r..c... t.ap . . Appraisal Date: Indicated Value: :ob'ectiori:fo: fMe:asses:sor's:estiniaied: market: iatue :::::: ::::::::::::::::::: Iain:tFie::�easoi�:s:fo�:.� oar ... i ................. . :::::::::::: .:.:.:.:.:.:::::::::::: f /A 1 o --7 Uu4-1% ill wr v . R rf 3 3 L2 V aJt a o 12, - I DO H REBY A FIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Signature of applicant: RETURN THIS APPLICATIOr TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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 # 36 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 18- 028 -24 -13 -0022 Date: 4/12/99 Property Address: 4622 Casco Ave Owner /Agent Name: James & Judith Gehrke Comments: See attached report for body of Appraisal. Recommended Action: We recommend that the assessment be sustained at $344,900. PROPERTY ID #: 18- 028 -24 -13 -0022 PROPERTY ADDRESS: 4622 CASCO AVENUE 1999 ASSESSMENT: LAND: 119,900. BUILDINGS: $225,000. TOTAL: $344,900 Note: This is an abbreviated analysis due to 4 -5 -99 filing of "Request for Review ". We requested an interior inspection on 4 -6 -99 (left message on home answering machine); owners have not yet returned our phone call. Property Summary: This is a 2 story, stucco sided, tudor design Country Club home. It has excellent curb appeal. The house was built in 1931; it contains 3 bedrooms, 1 and %z bathrooms, 2 fireplaces, partial basement finish, and has a 2 car detached garage. The house was re- shingled in 1998. Owner's Request: Owner has requested that the 1999 assessment be reduced to $278,000. The owners did not submit any market data or comparable sales to support their request. Summary Analysis: Country Club is a very popular Edina neighborhood. It is an area of stately, high quality homes. While there is value fluctuation in Country Club, it is an active market area, with many 1998 sales. There are numerous comparable property sales to support the 1999 assessment. There were 68 residential sales in the Country Club assessment district in 1998. The average sale price was $476,354; the lowest sale price was $257,000, while the highest sale price was $925,000. Of the 68 sales, only two sold for less than the requested assessment. We reviewed the 1998 Country Club home sales, looking for similar Tudor appearing, stucco sided, `classic' Country Club Homes. There were three 1998 sales of highly comparable homes. 4624 Casco Avenue: This property is next to the subject. It sold for $340,000 in June, 1998. It was built in 1928, contains 1088 first floor square feet, 3 bedrooms, 1 and %2 bathrooms, 2 fireplaces, partial basement finish, and a 2 car attached garage. The first floor area sale price was $312.50 per square foot. 4618 Bruce Avenue: This property sold for $330,000 in June, 1998. It was built in 1932, contains 1002 first floor square feet, 1 and %2 bathrooms, 2 fireplaces, partial basement finish, and a 2.car detached garage. The first floor area sale price was $329.34 per square foot. 4622 Bruce Avenue: This property sold for $349,000 in June, 1998. It was built in 1931, contains 1023 first floor square feet, 1 and '/2 bathrooms, 2 fireplaces, partial basement finish, and a 2 car detached garage. The first floor area sale price was $341.15 per square foot. The average first floor area sale price of the three comparable properties was $327.66 per square foot. The subject property contains 1059 first floor square feet. By extension, the indicated market value of the subject property is $346,700 ($327.66 X 1059). Given the very high quality of the comparable sales, we recommend that the assessment be sustained at $344,900. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 18- 028 -24 -13 -0022 . Pt. Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 4622 1/ CASCO AVE 55424+ Right: CURR 319 NEXT Mt.Adr: Back: Left : Ownerl: GEHRKE JAMES F Owner3: Owner2: GEHRKE JUDITH F Owner4: Zoning: 0000 Prim /sec: Yr.blt: 1932 Area: Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: Depth: Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID ------ --- - - -- -- Address -------- - - - - -- NEXT 18- 028 -24 -13 -0022 4622 1/ CASCO AVE SALE TYPE SALES DATE PRICE OF SALE RATIO 9/1992 252000 5 _ 10/1977 88000 — _ Make changes: press ENTER; or F1, F2 F5 F8 REMARKS Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 119900 225000 344900 H R 100 1998: 56900 259600 316500 4856 H R 100 1997: 56900 244600 301500 4940 H R 100 Legal Description: LOT 12 BLOCK 8 COUNTRY CLUB DISTRICT FAIRWAY SECTION Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID ------ --- - - -- -- Address -------- - - - - -- NEXT 18- 028 -24 -13 -0022 4622 1/ CASCO AVE SALE TYPE SALES DATE PRICE OF SALE RATIO 9/1992 252000 5 _ 10/1977 88000 — _ Make changes: press ENTER; or F1, F2 F5 F8 REMARKS City of Edina Assessor's Office ,801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -03791 Board of Review Residential Request for Review 11l c I� Attach any s Application Date: _Owner Name -) C1 Ai-\,- S cl- `'� I Owner Address: -9 c Home Phone Number: % 1 Z I Business Phone Number: Property Address: Case # 3b I documentation Assessor's estimated market value for January 2, 1999: _Land: Buildings: 225 oIn Total: 3 I believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: © 0 Purchase Date P ( urchase price (land & bldgs ): Z �Z coo _ % y � L Total Year Built: House: Garage: Additions (Explain): Condition of Structures (Explain): Description & value of additions and improvements since your purchase of this property: •'is' '•e n a ":'•" :.::::::::: :::::::: "•'"'�':a.:'e�•attach•� cop • .vf•:ar;<y.r PP �D: niocdinrial�LCnDra15215 .•.•.•.•.•.•.•.•.(P• Q. -.�. Date: iie:�.easoiis for.yoilr:obie Indicated Value: I DO HE EBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF M` KNOWLEDGE AND BELI F. , Signature of a RETURN THIS APPLICATIO N O THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5 1999. PLEASE ATTACH ANY DOG ENTATION YOU FEEL WILL SUPPORT YOUR CASE. BOARD OF YOU WILL BE MEETING. CONTACTED TO HAVE YOUR PROPERTY REVIEWE D PRIOR TO THE Case # 37 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 29- 117 -21 -33 -0004 Date: 4/12/99 Property Address: 5309 South Blake Road Owner /Agent Name: Michael L Ricke Comments: See attached report for body of Appraisal. Recommended Action: We recommend that the assessment be increased from $137,200 to $171,100. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 29- 117 -21 -33 -0004 Pt.-Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5309 1/ BLAKE RD 55436+ Right: CURR 319 NEXT Mt.Adr: Back: Left: Ownerl: RICKE KYLE Owner3: Owner2: RICKE MICHAEL L Owner4: Zoning: 0 Prim /sec: Yr.blt: 1907 Area: Acres: .00 Sch.Dst: 270 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land 1999: 80000 1998: 62400 1997: 62400 Legal Description: Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 57200 137200 H R 100 64700 127100 1636 H R 100 62300 124700 1595 H R 100 LOT 1 BLOCK 3 IDYLWOOD THIRD ADDITION Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID ------ --- - ----- Address -------- -- - --- NEXT 29- 117 -21 -33 -0004 5309 1/ BLAKE RD SALE TYPE SALES DATE PRICE OF SALE RATIO Make changes: press ENTER; or F1 F2 F5 F8 REMARKS . City of Edina Assessor's Office 4801 West 50th Street —7 Edina, MN. 55424 -1394 P.I.D. # 29- 117 -21 -33 -0004 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -03791 Board of Review Residential Request for Review Date Returned: q —S -`� 11 Time: ) •. dam Received By: :F Case # ff'i�e� :iasie� :on :l��•. :.� :�: a Application Date: 3 -29 -99 Attach any supporting documentation Owner Name: Owner Address: 6248 SANDPIPER COURT 55436 Home Phone Number: I Business Phone Number: Property Address: 5309 SOUTH .BLAKE ROAD 55436 Assessor's estimated market value for January 2, 1999: Land: 80,000 Buildings: 57,200 Total: 137,200 I believe the estimated market value on January 2, 1999 should be: 9 1V f'O U OCJO iw Land: % 0 ao d '? 67J Buildings: Uvd = ` /Total: Purchase Date: / ` C / Total purchase price (land & bldgs.): '/ S� Z' Year Built: House:/70 % Garage: IT7 F Additions (Explain): Condition of Structures (Explain): Description & value of additions and improvements since your purchase of this property: :.:.:.::::. .;; :.:.• •.•.-•• • ; :: ;;•:•:•'''' '':'''..'''•'' :::•:•:•:.:•'' ................................. fa�S : :Pi'ofessio�al :A � pra�sais; : : : : : : : : : : : : :: :(Please : :attach�a : :coP :of:a :ny.7ecert� :ap .... a.;; ............... Appraisal Date: Indicated Value: :Ex- lt!hjhb::eeasons :fob :. our :objection:.to : :tlae:: ass. essor. s. estlrr�ate�d;:r nar . ............................... v s s , Ll X4 14 1 DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. lI Signature of applicant: RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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 #: 29- 117 -21 -33 -0004 PROPERTY ADDRESS: 5309 SOUTH BLAKE ROAD 1999 ASSESSMENT: LAND: $80,000; BUILDINGS: $118,000. TOTAL: $137,200 The subject property is located along South Blake Road, at the intersection of Blake Road and Evanswood Lane. The 1999 assessment is $137,200. The residence is an old farm house. It was built in 1907 and is in generally poor condition. Given the significant depreciation of the house, it is unlikely that a prospective purchaser would attempt major remodeling. If sold, the existing improvements would probably be razed in order to create a residential building site. The property owner has suggested that the site should be valued as a vacant parcel. We agree. The City of Edina is, for the most part, a fully developed city. That is, it is often necessary to raze an existing structure in order to create a building site for a new structure. The purchase of an improved site, the removal of the existing buildings, and the subsequent construction of a new house is common in Edina.. This appraisal will employ both a vacant land sale and two land residual calculations to estimate the market value of the subject property. The vacant parcel is located immediately west of the subject, while the two residually calculated parcels are located in the Morningside neighborhood. In his objection letter, Mr. Ricke stated "The best way I feel to determine the value of the property is the value of the land minus the cost of the removal of the dwelling ". This generally describes the land residual technique, and is both appropriate and applicable to this situation. The subject property is located in an area of modest homes. The area also contains newer, costly homes. South of the subject, custom homes were built at 5717 and 5721 Blake Road in 1995 and 1993, respectively. West of the subject, a new home was built at 5311 Evanswood Lane in 1998. The Morningside neighborhood has experienced a similar pattern; newer homes constructed amongst older residences. Two such sales are summarized below: 4217 Crocker Avenue Sold: March 1995 Price: $113,000 Annual Ave Adj.: 5% 1 -2 -99 Adj. Sale: $137,400 Lot Dimensions: 48' X 200' Lot Area: 9,600 Sq. Ft. 4208 Alden Drive Sold: September 1995 Price: $108,000 Annual Ave Adj.: 5% 1 -2 -99 Adj. Sale: $131,300 Lot Dimensions: 50'X 200' Lot Area: 10,000 Sq. Ft. $137,400/9,600 = $14.31 $131,300/10,000 = $13.13 The above data suggests that the value of a potential basic residential building site — a site with an existing older structure — is about $13.75 per square foot. Inherent in this figure is a discount to off -set the cost of razing the existing structures. If cleared and ready for development, it is reasonable to assume that these sites would be more valuable; more valuable by the cost of the structure razing. That would measure the premium cost of the razing. For the purposes of this appraisal, it is assumed that: 1) 10,000 square feet is a reasonable basic residential site area; and that 2) $13.75 per square foot is a reasonable value estimate of that basic site. Immediately west of the subject property, a vacant residential site sold in 1993 for $140,000 and resold in 1994 for $190,000. In 1997, a building permit was issued for the construction of a house on that site. The permit was in the amount of $450,000, and construction was partially complete on January 2, 1999. The 1994 transaction is summarized below: 5311 Evanswood Lane Sold: February 1994 Price: $190,000 Annual Ave Adj.: 5% 1 -2 -99 Adj. Sale: $242,500 Lot Dimensions: 119' X 186' Lot Area: 22,134 Sq. Ft. The Evanswood Lane site is larger than the two Morningside neighborhood sites. It is reasonable to view the smaller lots as basic building sites, and the larger site as including excess area (when compared to the Morningside lots) . Using the Morningside sales as an indication of the value of a basic residential site, the excess square footage value can be estimated as follows: $242,500 - $137,500 (10,000 Sq. Ft. X $13.75) = $105,000 Excess Value. 22,134 Sq. Ft. - 10,000 Sq. Ft. = 12,134 Excess Square Feet. $105,000/12,134 Sq. Ft. = $8.65 per Excess Square Foot Value. APPLYING THE RESULTS The subject parcel is 110' X 177', or 19,470 square feet. The value can be estimated in two manners, summarized as follows: Basic Residential Site Value @ 10,000 Sq. Ft. = $137,500 Excess Square Footage = 9,470 Sq. Ft. X $8.65 = $81,915 INDICATED VALUE _ $219,415. Call = = =+ $219,400 Adjusted Evanswood Lane Vacant Land Sale = $242,500 Excess Area Adjustment ((22,134- 19,470) X $8.65) = $23,043 Adjusted Base Value = $242,500 - $23,043 INDICATED VALUE = $219,457. Call —+ $219,500 To this point, the subject property has been compared with two Morningside neighborhood improved (but tear down) sales, and one nearby vacant land sale. The nearby sale, 5311 Evanswood Lane, is located on a more lightly travelled street. It is reasonable to then ask whether the Evanswood lane location, while very close to the subject, is more valuable. The sale of the 5721 Blake Road site will help address that question. It was noted earlier that two newer houses had been built along South Blake Road, south of the subject property. The parent site included an older residence. It was razed. The site was then split into two lots. A spec house was constructed at 5717 Blake Road, and the remaining vacant lot was sold in 1993 for $94,000. Like the Evanswood Lane sale, this was also cleared site sale in a developed neighborhhod. The sale is summarized below: 5721 South Blake Road Sold: May 1993 Price: $94,000 Annual Ave Adj.: 5% 1 -2 -99 Adj. Sale: $126,000 Lot Dimensions: Irregular: Front = 135'; Rear = 100'; Left Side = 139';Right Side = 158' Lot Area = 16,500 Sq. Ft. +/- This parcel is located at the intersection of South Blake and Eden Prairie Roads. Directly across from this parcel are two medium multiple housing buildings. It would be reasonable to assume that the value of the site would be adversely effected by its proximity to the multiple housing buildings, as well as its closer proximity to the intersection of South Blake Road and Vernon Avenue. The final piece of this appraisal puzzle adjusts for this locational disadvantage, as follows: 5721 South Blake Road 1 -2 -99 Adj. Sale Price: $126,000 1 -2 -99 Adj. Sale Price without locational effect: $193,200 (($137,000 + (6,500 X $8.65) = $193,225). Call $193,200. Value Loss to Multiple Housing and Location: $67,000. ($193,200 - $126,000). Percentage Loss to Multiple Housing and Location: 34.7 %. Call 35 %. Note: This property suffers from two forms of locational obsolesence vis a vis the Evanswood Lane property, i.e., traffic and multiple housing. The data does not facilitate a division of the obsolesence between these two factors. Reasonable people can and will differ, but, for the purposes of this appraisal, it will be assumed that the 35 percent locational obsolesence can be equally divided, or 17.5 percent per obsolesence factor. The final calculations would then be as follows: 5311 Evanswood Lane 1 -2 -99 Adj. Vacant Land Sale: $242,500 Lot Size Adjustment ((22,134 Sq.Ft. - 19,470 Sq.Ft.) X $8.65): - $23,000 Locational Obsolesence Adjustment ( @17.5 %) - $38,400 Razing Cost & Removal of Existing Residence: - $10,000 INDICATED VALUE AS OF 01 -02 -99 = =____= -------- ==-* $171,100 The property owner has requested an assessment reduction to $100,000, and stated that "The value of neighboring houses will not make 5309 Blake Rd. a premium building lot ". However, no market data or comparable sales were submitted to support that request. In fact, the land residual values addressed in this appraisal support an assessment increase. Given the weight of data, we recommend that the assessment of 5309 South Blake Road be increase from $137,200 to $171,100. 04 -06 -1999 PROPERTY PHOTO Case # 38 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 06- 116 -21 -13 -0056 Date: 4/12/99 Property Address: 6419 Timber Ridge Owner /Agent Name: George E / Patricia R Fleet Comments: Mr. George Fleet requested a review of their property value on 4 -5 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence has been scheduled for 4 -12 -99 at 9:00. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 06- 116 -21 -13 -0056 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6419 1/ TIMBER RIDGE 55439+ Right: CURR 319 NEXT Mt.Adr: Back: Left : Ownerl: FLEET JR GEORGE E Owner3: Owner2: FLEET PATRIIA R Owner4: Zoning: R 1 Prim /sec: Yr.blt: 1983 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land 1999: 150000 1998: 113800 1997: 113800 Legal Description: Mkt -Bldg Mkt -Mach 340700 349200 323000 LOT 17 BLOCK 1 THE TIMBERS Mkt -Tot Tx Capacity Hd PT %Own 490700 H R 100 463000 7346 H R 100 436800 7443 H R 100 Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- -- - --- Address -------- - - ---- NEXT 06- 116 -21 -13 -0056 6419 1/ TIMBER RIDGE SALE TYPE SALES DATE PRICE OF SALE RATIO 3/1998 450000 5 _ 3/1986 366000 5 _ Make changes: press ENTER; or F1 F2, F5 F8 REMARKS City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review P.I.D. # 06- 116- 2/1 - -13 -0056 ,7 Date Returned: l 51% % Time: PI'►'1 Received By: Case # -38 n�:' for�of ce use .o...y ........................ Application Date: 3 -16 -99 Attach any supporting documentation Owner Name: GEORGE E. FLE T, JR. (PATRICIA R.) Owner Address: r F 1 Home Phone Number: - {J Business Phone Number: 6 S -13( - w v Property Address: Assessor's estimated market value for January 2, 1999: Land: 150,000 Buildings: 340,700 Total: 490,700 I believe the estimated market value on January 2, 1999 should be: Land: Buildings: qo . % O 0 Total: 4-70 7 cw Purchase Date: 3 11503 Total purchase price (land & bldgs.): a 0d0 Year Built: House: 97 Garage: Additions (Explain): Condition of Structures (Explain): Description & value of additions and im rovements since your purchase of this property: f7. AiP4j S (AJ��L �QdZ1 :.:.:. :::. .......... Piofl: A..pi' a' rsaiP.eaattachcoP Appraisal Date: Z 21 l 9 9 Indicated Value: /,/SZ :... n foi .' our:ob'eetioii:fo: the:assessors;:estirriia:fed: market: value :::.::::::<::::?:::::.:< ::: :::...... ::Ex:plain:t#ia::�easo. s ..... ........ .......................... ............................... U 4bAA- ,� �- -f� Yf o o k eAt- o 601 L N d :ems o W e IV 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`IGIONDAY, APRIL 5, 1999. 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 # 39 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 31- 117 -21 -14 -0037 Date: 4/12/99 Property Address: 5615 Schaefer Road Owner /Agent Name: Randy T / Cathy L McKay Comments: Mr. /Mrs. McKay requested a review of their property value on 4 -5 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence has been scheduled for 4 -9 -99 at 3:30. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY ICURR 319 PROPERTY ID NEXT 31- 117 -21 -14 -0037 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 170 Back: 5615 1/_ SCHAEFER RD 55436+ Right: 140 Left: Ownerl: MCKAY RANDY T Owner3: Owner2: MCKAY CATHY L Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1963 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 131600 400300 531900 H R 100 1998: 86600 397000 483600 7696 H R 100 1997: 86600 374000 460600 7884 H R 100 Legal Description: LOT 4 BLOCK 1 PARKWOOD KNOLLS 11TH ADDITION Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 31- 117 -21 -14 -0037 5615 1/ SCHAEFER RD SALE DATE 5/1996 6/1990 3/1988 PRICE 415000 450000 400000 TYPE OF SALE 5 5 5 Make changes: press ENTER; or F1 F2 F5 F8 SALES RATIO REMARKS city of Edina' Assessor's Office ;801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Application Date 3 -23 -99 II Attach any supporting documentation Owner Name: RANDY T./CAT Y L . MCKAY Owner Address: 5615 SCHAEFER ROAD 55436 Home Phone Number: 612/ 938 -1843 Business Phone Number: 612/829-346-9 Property Address: EDINA MN 55436 Assessor's estimated market value for January 2, 1999: Land: 131,600 Buildings: 400,300 Total: 531,900 I believe the estimated market value on January 2, 1999 should be: Land: 7Q,000 Buildings: 345.000 Total: 415,000 Purchase Date: 5796 Total purchase price (land & bldgs.): $4_t 5 _ncl0 Year Built: House: 1963 Garage: 1963 Additions (Explain): Condition of Structures (Explain): GOOD Description & value of additions and improvements since your purchase of this property: Maintenance only. •���'�f�'••�ri<'•�` ecert:a... raise. � .: �: �: �: �: �: �: �: �: �: �: �: �: �: �: ���: ������ '•�•� <•�•�•���•���•�•�•�•�•�'�• Professi ria) A praisals :::: :....:.( ..... A raisal Date: Indicated Value: _ ............... . Property taxes increasing too rapidil . Neighbors taxes and assessments considerably lower than our property, $100,000 to $175,000 difference in matte @t value. See attached information on 4 properties that surroudd our property: front, back, and each side.. Our property has never been assessed at what we paid for it. I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF KNOWLEDGE AND BELIEF.,,, r .. i Signature of applicant: ry RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S SUPPORT YOUR CASE. YOU WILL BE CONTACTED PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUP TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. Case # 41 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 06- 116 -21 -41 -0048 Date: 4/12/99 Property Address: 6728 Rosemary Lane Owner /Agent Name: Andrea Weisberg / Daniel A Rutman Comments: Mr. /Mrs. Rutman requested a review of their property value on 4 -5 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence has been scheduled for 4 -9 -99 at 9:30. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 06- 116 -21 -41 -0048 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6728 1/ ROSEMARY LA 55439+ Right: CURR 319 NEXT Mt.Adr: Back: Left : Ownerl: RUTMAN DANIEL A 0wner3: Owner2: WEISBERG ANDREA R 0wner4: Zoning: R -1 Prim /sec: Yr.blt: 1965 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subre.cs: 01 Width: Depth: Mkt -Land 1999: 83000 1998: 55700 1997: 55700 Legal Description: Mkt -Bldg Mkt -Mach 189100 187300 182600 LOT 8 BLOCK 1 VALLEY VISTA Mkt -Tot Tx Capacity Hd PT %Own 272100 H R 100 243000 3606 H R. 100 238300 3771 H _ R 100 Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - ----- Address -------- = - - - -- , NEXT 06- 116 -21 -41 -0048 6728 1/ ROSEMARY LA SALE TYPE SALES DATE PRICE OF SALE RATIO 7/1996 175000 5 X Make changes: press ENTER: or F1. F2 F5 F8 REMARKS RELATIVE SALE City 't of Edina Assessor's. Office 101 West 50th Street Edina, MN. 55424 -1394 P.I.D. # Phone: (612) 826 -0365 Fax: (612) 826 -0390 (TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Date Returned: - ' �1 Time: 2 -3 0 Received B Case # 41 hv. ffi e.o.n-.w:Uw documentation ,'. , �q h o mg Application Date: 3 Attac an s Owner Name: ,. �,J e � Owner Address: Qv-1 Home Phone Number: E Business Phone Number: Property Address: Assessor's estimated market value for January 2, 1 9: Land: �3 �. O Buildings: I believe the estimated market value on January 2, 1999 should be: tend: Buildings: Purchase Date: -TJ( Total ntirchase Drice (land & bldgs. ): �, Year Built: House: Garage: Additions (Ex lain : .� Condition of Structures (Explain): . „) ` Description & value of additions and improvements since your purchase of this Date: I Indicated Value: I DO HEREBY AFFIRM THAT THE 'WOWLEDGE AND BELIEF. j Si nature of Total: 2 zz� Total: �, 0 % 'C� c�GQ ore- INFORMATION IS COMPLETE AND TRUE QL 0 GPI u.` 9 i,.- 4U. BEST OF RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE RT YOUR CASE. ,ARIL WILL BE CONTACTED PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. 7 � ' r Q G(i'1✓C1i �GL^ � � ��� C� �:,� b-c-- l'�� --� a �� � C,A�3,._�1 � � � ��-1i. -t� � /-.� �V I'Cfr► f.e- �,-�-vi i ry IV � Ln (1 Case # 42 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 19- 028 -24 -41 -0021 Date: 4/12/99 Property Address: 5824 Halifax Ave Owner /Agent Name: Clara Gooding Comments: See attached report for body of Appraisal. Recomended Action: We recommend that the assessment be sustained at $164,400 PROPERTY ID #: 19- 028 -24 -41 -0021 PROPERTY ADDRESS: 5824 HALIFAX AVENUE 1999 ASSESSMENT: LAND: $75,000. BUILDINGS: $89,400. TOTAL: $164,400 Property Summary: This is a 1 story (rambler), built in 1953, with 1312 square feet of gross building area. The house contains 3 bedrooms, 1 and % bathrooms, basement finish, and a 2 car attached garage. There is a creek behind the property. Owner's request: Freeze the assessment at the 1998 amount. Apparently, Mrs. Gooding feels that her property value has been adversely affected by the nearby creek. The City Engineer does not concur with Mrs. Gooding. No market data or comparable sales have been submitted to the Assessment Department to support Mrs. Gooding's request, nor have we witnessed such a market impact. We recommend that the assessment be sustained at $164,400. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 19- 028 -24 -41 -0021 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5824 1/ HALIFAX AVE 55424+ Right: CURB 319 NEXT Mt.Adr: Back: Left: Ownerl: GOODING CLARA Owner3: Owner2: Owner4: Zoning: 0000 Prim /sec: Yr.blt: 1953 Area: Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land 1999: 75000 1998: 38300 1997: 38300 Legal Description: Mkt -Bldg Mkt -Mach 89400 114000 111100 LOT 7 BLOCK 2 BORAN'S EDINA MANOR Mkt -Tot Tx Capacity Hd PT %Own 164400 H RL 100 152300 2064 H RL 100 149400 2126 H RL 100 Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 19- 028 -24 -41 -0021 5824 1/ HALIFAX AVE SALE TYPE SALES DATE PRICE OF SALE RATIO 2/1972 43900 Make changes: press ENTER; or F1 F2, F5 F8 REMARKS City of Edina Assessor's Office 301 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 (TDD, (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review P.I.D. # 19-028-24-41-0021 Date Returned: -5 -9q Time: : 3 Received B Case #47- is :::: Foy:: office:: is��: on. y :.:.:.:.:.:.:. ............................... Application Date 4-5-99 II Attach any supporting documentation Owner Name: CLARA GOODING Owner Address: 5824 .HALIFAX AVE 55424 Home Phone Number: /�0 5� Business Phone Number: Property Address: Assessor's estimated market value for January 2, 1999: _ Land `7 •000 Buildings: 894M Total: /7S y 5r0 a I believe the estimated market value on January 2,1999 should be: Land: Buildings: Total: Purchase Date : (Total purchase price (land & bldgs )• Year Built: House: / q SyGarage: A1t4` A dditions (Explain): /✓,, nuc Condition of Structures (Explain : Description & value of additions and improvements since your purchase of this property: /VC, /v Date: ire i easoiis foi 7yoiir:o e;cti6h::ti ��e �'•er�t c tach:a::c I �Q...a:r�y . P Indicated Value: ff4e assessor's e3 #irriiafed Fnarketatiies: : :::::::::::::::::::: Cam- �-� -�-� • l''`v I DO HEREBY AFFIRM THAT ABOVE INFORMATION IS COMPLETE AND RUE TO THE BEST O� M J I(I,L PLEDGE AND BELIEF. CLAP- �'�' ' � U.- Signature of sp licant: �. RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S 0 ICE BY MONDAY, APRIL 5, 1999. , PLEASE ATTACH ANY DOCUMENTATION YOU F O THE WILL SUPPORT YOUR CASE. YOU WILL BE SCHEDULED BOARD OF REVIEW MEETING.NTACT D TO HAVE YOUR PROPERTY REVIEWED PRIOR T Case # 45 City of Edina. Board of Review. Assessor's Commentary Property LD. Number: 20- 028 -24 -23 -0102 Date: 4/12/99 Property Address: 5632 Chowen Avenue South, Edina Owner /Agent Name: NAMRON Company, Mr. Norman P. B'ornnes, Jr. Comments: See attached narative report. Recommended Action: We recommend that the assessment be sustained at $176,100 PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 20- 028 -24 -23 -0102 CURR 319 NEXT Mkt -Land 1999: 80000 1998: 43700 1997: 43700 Legal Description: Mkt -Bldg Mkt -Mach 96100 122500 114600 LOT 14 BLOCK 2 "EDINA HILLS" Mkt -Tot Tx Capacity Hd PT %Own 176100 RL 0 166200 2300 H RL 100 158300 2291 H RL 100 Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - --- NEXT 20- 028 -24 -23 -0102 5632 1/ CHOWEN AVE S SALE TYPE SALES DATE PRICE OF SALE RATIO Pt.Con: Mt.Adr: HOUSE# FRACTION 7/1980 STREET NAME UNIT ZIP +4 Front: 61 Back: 5632 1/_ CHOWEN AVE S 55410+ Right: Left: Owners: NANRON COMPANY L LC Owner3: Owner2: Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1950 Area: Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: 61 Depth: 245 Mkt -Land 1999: 80000 1998: 43700 1997: 43700 Legal Description: Mkt -Bldg Mkt -Mach 96100 122500 114600 LOT 14 BLOCK 2 "EDINA HILLS" Mkt -Tot Tx Capacity Hd PT %Own 176100 RL 0 166200 2300 H RL 100 158300 2291 H RL 100 Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - --- NEXT 20- 028 -24 -23 -0102 5632 1/ CHOWEN AVE S SALE TYPE SALES DATE PRICE OF SALE RATIO 6/1998 158000 7 X 7/1980 93000 8/1979 85000 4/1975 45000 Make chances: press ENTER: or F1 F2, F5 F8 REMARKS COMPANY 04/01/99 15:53 FAX 927 7845 CITY OF EDINA IN UU1 City of Edina Assessor's office 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826-0365 Fax (612) 826-0390 [TDD (Deaf Only): (612) 828-0379) Board of R w Residential Request for Review Application Date: Owner Name. Owner Address: P.I.D. 20-028- 24-23 -0102 Date Returned: Time: 3: 3 0 1►'1 Received By: Case # i. "i <C6�8':. » ":.�.. '. •.::w::r« :w�i� ' ":r:`.�;: �:.:„oRw'o�` '�et�ii':: ;vcw "..�:.M nr"°` on•" xx.. � •...,,^.ww:::u::n5w'",°..`w:,�i +'v"o„iri ^:::�• l: ,�ji ...nw..s ::nxaoa"uiwr ie;`rw. MY.j:rP:�rr,.`?Hn �nwa.... �v.. :� w Y•�' 4111991 Attach any suPporfingt documentation NAMRON COMPANY 401 GROVELAND AVE MPL.$_, MN 55403 ATTN: POLLY Home Phone Number: 9 3 0 - 3 4 6 4 _ Business Phone Number: 8 7 4 -110 2' Property Address: 5632 CHOWEN AVE S Assessor's estimated market value fior January 2, 1999: Land: 80,000 au I believe the estimmded market value on January 2, 1999 should be: Land: 80,000 Buildings: 78,000 Purchase Date: 6-1-98 Total 100 Total: Total: 156,000 (land & bidgs.): 158,000 Year Built: Houser 19 5 0 %arage: sameAdd;tions (Ecplain): none Condition of Structures (Explain }: Fair _ Description 8& value of additions and improvements since your purchase of this propel r. General cleanup, painted living areas, installed Date: Indicated Value: carpet i We purchased the roperty_in an arms length transaction on for $158,000. The seller s a licensed *- -al estat_ hrnk_r' with 15+ years of experience. See Exhibit A attached. We initiated contact with Mr. & MRs. Fure. They were under no. compulsion. to sell. They. sold the property to us for cash without contingencies. See Exhibit B attached. They moved to a newer,.big. ily The I DO HEREBY AFFIRM THAT TFiE ABOVE INFORI1 A 110 COMPL E TO THE BEST OF MY KNOWLEDGE AND BELIEF. � Slaneture of applicant: RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1888. 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. PPR-01 -1999 16:41 927 7645 P.01 M PROPERTY IDENTIFICATION NUMBER: 20- 028 -24 -23 -0102 PROPERTY ADDRESS: 5632 CHOWEN AVENUE SOUTH, EDINA 1999 ASSESSMENT: LAND: $80,000; BUILDING: $96,100; TOTAL: $176,100 Note: This is an abbreviated analysis due to April 5, 1999 filing of "Request for Review ".. Property Summary: This a four level split house with a tuckunder two car garage. The main level of the house has 1,309 square feet. There are three bedrooms, one bath, two fireplaces, and a glazed porch. The basesment was not observable but records show there to be approximately 325 square feet finished with one of the fireplaces. The exterior is cedar shake sided with approximately one half of the front covered with brick veneer. The lot is contiguous to Minnehaha Creek and is typical for the neighborhood with many mature trees. It is approximately 61 feet wide and approximately 245 feet in depth. It is generally level at street grade but with some variation, notably around the front of the house. The rear of the lot slopes very gently to what appears to be the rear lot line at the creek. Owner's Request: The owner has requested that the 1999 Estimated Market Value be reduced to the June 1998 purchase price of $158,000. Fact Summary: Mr. Norman P. Bj6mnes, Jr., purchased the property from Mr. David Fure. Mr. Fure had lived there for approximately 18 years. In conversation with Mr. Fure, he stated that the purchase price was determined by an appraisal that was done in late 1996 for refinancing. He stated that he had not done any major maintenance and that the roof, furnace, wiring, windows, and porch were all in need of maintenance work. He believed he would have to spend a considerable sum to fix up the house for himself or to make it marketable. He stated that his family was growing and that the house was becoming too small. He and Mr. Bjornnes had known each other for many years, but were not close. When Mr. Bjornnes approached him about the end of 1997 with a proposal to purchase, he thought that this would be the easiest. It has been rumored that Mr. Bjornnes intends to remove the house and redevelop the site with the contiguous site to the north, 5628 Chowen, which his father, Dr. Norman Bjorness owns. This sale would also eliminated any realtors fee, the open houses, and other marketing hassles. At the time that the sale was first being discussed, the appraisal would have been only about one year old. At that time, market studies showed that the market had increased by 5% during that year. Then mid -year, the sale closed. The market studies by the Edina Assessor's Office from January 1998 to January 1999 showed a market increase of 6 %. The 1997 Estimated Market Value was $158,300. With these percentage changes, the indicated Estimated Market Value rounded down, is $176,100. Market Summary Analysis: There have been four recent sales within approximately 200 yards of the subject property. They are briefly described as follows: 1. 3712 West 57`x' Street sold November 1997 for $151,500. It is a smaller house, 1,142 square feet, with 2 bedrooms and a small one care attached garage. It has a smaller lot, approximately 78 x 135, that also is contiguous to the creek. 2. 3800 West 57' Street sold March 1998 for $190,000. It is a smaller house, 1,249 square feet, with 2 bedrooms, 1 and '/2 baths, and a glazed porch. It has a larger lot which is also contiguous to the creek. 3. 5725 Drew Ave. So. sold April 1998 for $179,900. It is a smaller expansion bungalow style with 2 bedrooms and 1 bath on the main floor, and 2 bedrooms in the expansion area. There is also approximatley 574 square feet finished in the basement with a '/z bath. There is an attached 2 car tandem garage. The lot is smaller and does not have creek frontage. 4. 5700 Drew Ave. So. sold July 1998 for $149,900. It is much smaller with only 852 square feet and 2 bedrooms and 2 baths, 1 is in the basement. There is about 330 finished square feet in the basement. There is a detached one car garage. The lot is a very small comer lot, 48 x 135. Summary: Without adjustments for time, size, and creek frontage, I believe it is apparent that the subject with a larger, newer house, two car tuckunder garage, and creek frontage would be worth more in an arms length, open market sale. It is also apparent that the appraisal may have been a good indication of market value at the time it was done, but that it was not adjusted for time to the current assessment date. It is also apparent that the Estimated Market Value for taxes payable in 2000, has taken into consideration the less than average condition of the subject property. Recommendation: Recommend no change to the 1999 assessment of $176,100. Case # 46 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 33- 117 -21 -24 -0027 Date: 4/12/99 Property Address: 5020 Normandale Ct Owner /Agent Name: James M / Jerrilyn K Ostlnd Comments: Mr. /Mrs. Ostlund requested a review of their property value on 4 -5 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence has been scheduled for 4 -9 -99 at 11:30. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 33- 117- 21 -24 -0027 Pt. Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5020 1/ NORMANDALE CT 55436+ Right: CURB 319 NEXT Mt. Adr: 120 Back: 270 Left: Ownerl: OSTLUND JAMES M Owner3: Owner2: OSTLUND JERRILYN K Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1958 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land 1999: 85000 1998: 56700 1997: 56700 Legal Description: Mkt -Bldg Mkt -Mach 200700 198400 189800 LOT 6 BLOCK 2 " NORMANDALE COURT" Mkt -Tot Tx Capacity Hd PT %Own 285700 H RL 100 255100 3812 H RL 100 246500 3923 H RL 100 Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID -------- - - - -- -- Address -------- - - - - -- NEXT 33- 117 -21 -24 -0027 5020 1/ NORMANDALE CT SALE TYPE SALES DATE PRICE OF SALE RATIO 3/1993 200000 5 X Make changes: press ENTER; or F1 F2 F5 F8 REMARKS RELATIVE City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] .Board of Review Residential Request for Review Assessor's Office P.I.D. # 33- 117 -21 -24- 0027 Date Returned: .i / . ,5 Time: " t'' 00 Received Bv: q Case # 4t Application Date: 4/5/9911 Attach any supporting documentation Owner Name: - JAMES M / JERRILYN. K OSTLUND Owner Address: 5020 NORMANDALE CT Home Phone Number: 6 a, 5 a 9 9 3'11 Business Phone Number: 6 i - k 7 U / 7 Property Address: 5020 NORMANDALE CT Assessor's estimated market value for January 2, 1999: Land: 85,000 Buildings: 200,700 Total: 285,700 1 believe the estimated market value on January 2, 199 should be: 02 65 C) oO (o /. IOV.00 �U 30 Land: Buildings: Total: Total purchase. price land & bld s.- con Purchas7Date: a. • ci 3 P P ( 9 ): Year Buse: i95S Garage: i GSY Additions (Explain): il) �t)� Condition of Structures (Explain): - —T eQ �y? , L�r Description & value of additions and improve ents since your purchase of this property: a d e� Y), CL c/ P� r1�_ Q G7/ d 1 o rh5 �� Appraisal Date Indicated Value. I Explain't ie reasons for your objec,.tion tothe assessor' est[mated market va ue -Th 'a is le e A �s f i C.r e A W 1-27 cz e- ci, cc� fj vp— fin \,6 ee _ J r)-) e� r i / i / G „ 1. _ _ _ ..., ✓ � _ � �,o „ <,.:> INF KNOWLEDGE AND BELIEF. Signature of applicant%' X RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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. 5033 MDr-ma.n da lei C? o «r- Baia i �� i99ff QQ,� /bOIL , b � ao I ct i n / 9 i X009 �� •� �t+lcl in t957o�' LA e-. G X5.5 el-5-6 / n / 0 D ;yip J 5033 5:5 eS50 K s e, p- ts 5 6e, /cC� T l> !" GU D i k d D a / 1),ala �� r n Pw eir r h lei -I,-00,4L A-) eA h o cc) e r v a-Ja--e 5 r1 C-on� re ct� �ich _r ��'ev�� {1om�S � %� b w C, -f 7� 7jF �> s �' ✓� 6 < "sue Case # 47 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 30- 028 -24 -33 -0090 Date: 4/12/99 Property Address: 4808 Upper Terrace Owner /Agent Name: John F / Laura C Healey Comments: Mr. John Healey requested a review of their property value on 4 -5 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence has been scheduled for 4 -9 -99 at 8:15. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID .30- 028 -24 -33 -0090 HOUSE# FRACTION STREET NAME UNIT ZIP +4 4808 1/_ UPPER TER 55435+ Owners: HEALEY JOHN F Owner3: Owner2: HEALEY LAURA L Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1961 Area: Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: Mkt -Land 1999: 79500 1998: 61500 1997: 61500 Legal Description: CURR 319 NEXT Pt.Con: Mt.Adr: Front: Back: Right: Left: Acres: .00 01 Width: 93 Depth: 143 Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity 277500 357000 263100 324600 4993 253700 315200 5194 LOT 9 BLOCK 9 WOODHILL EDINA) MINNESOTA Hd PT %Own H R 100 H R 100 H R 100 Type PID or ADDRESS: press ENTER: or F1 F2, F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --- --- --- -- - --- Address -------- - - - --- NEXT 30- 028 -24 -33 -0090 4808 1/ UPPER TER SALE TYPE SALES DATE PRICE OF SALE RATIO 6/1998 300000 5 _ 5/1974 96000 — _ Make changes: press ENTER: or F1 F2 F5 F8 REMARKS i �o ----------=- --------------------------------------------------- 17 A ct at - - - - - -- _� - - - - - -- - -- INA 4A I / q -A i k A . - . r-0- . of 04/05/1999 15:37 974 -1339 HEALEY RAMME - PAGE 02 `' Edina Assessor's Office City of .. 4801 West 50th Street Edina. MN. 55424 -1394 P.I.D. # _ - - t� Time: Phone: (612) 826 -0366 F:,x: (612) 826 -0390 Date Returned: —t'� •� [TDD (Deaf Only): 1612) 826 -03791 Received B Case # '� 'e '`ins ti �e is r .:,,.:Board of Se��..s w .':Residential Request for Rr:view Date: ° Owner Name: r. Owner Address• 3 -26 -99 'joi N F.ILAy 488 UPPER. documentation .•55435 ?Home Phone Number: Business Phone Number: 612.- `�7Y'13o10 .. Pro erly Address: si/IMB Assessor's estimated marl.:t:t value for January 2. 1999: ' Buildings: 277,500 Land: 79 , 500 �„ �• I believe the estimated rr :;rket value on January 2.1999 should be: Land: Buildings: Purchase Date:. 0M+1 8 Total: Total: 2- 76r250 . 3ee- 2i8, 000 . (#n. pfopgr77 : 2,a") Year Built: House: "7 —_ arage• _ - _ — - -- - - -- ' Condition of Structures E {Mein): Description 8 value of adritions and improvements since your purchase of this props RECE(zo. MA/b ....... . ............. ........... _. _a__t' 1: ::u_ti. ►•swv rolrOw�•��bf�tSS�H� :::.: Date: Ll 1 DO HEREBY AFFIRM KNOWLEDGE AND BELiI.EF. t bWAJI ok ABOVE INFORMATION IS CC Signature of a lIcant: , ZY :1, • RETURN THIS APPLICA''ION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY APRIL 5. 1999. �.> PLEASE ATTACH ANY C" SCHEDULED YOU FEEL WILL CONTACTED 80ARD O RM EW MEETING. TO HAVE YOUR PROPE ' tTY REVIEWED PRIOR TO THE 298 wo x 1.03 x J0% = 276,250 SPIN. 422 Average 88% Neighborhood Assessment Ratios DRAFT 1/2/98 Market Values Based on Actual Sales + Appreciation 1/2/98 Adjust tot /2/98 Assessor's Assessment Addres Off Mkt Date Sold Price @ 5 % /yr appr. Mkt Value Ratio Upper Ter 6/3/98 298,000 2921040 324,600 111% Upper Ter 11/21/97 299,000 299,000 225,600 75% Upper Ter 10/10/97 248,000 248,000 227,500 92% Wilford Way 10/7/97 260,000 260,000 212,000 82% Wilford Way 08/06/96 273,000 286,650. 249,000 87% Wilford Way 6/25/97 242,000 248,050 193,500 78% Southcrest 11/1/97 439,500 439,500 296,700 68% Southcrest 9/18/97 297,500 297,500 228,400 77% Southcrest 2/2/97 250,000 262,500 235,000 90% Brittany 10/22/97 278,000 278,000 299,000 108% Brittany 1/28/98 326,500 326,500 296,100 91% West Shore 6/19/97 229,500 229,500 208,400 91% West Shore 4/1/97 389,500 389,500 377,000 97% Balfanz 1/11/98 278,000 278,000 214,900 77% Creston 5/13/97 152,000 155,800 145,700 94% Creston 1/10/97 174,000 182,700 155,300 85% Average 88% Neighborhood Assessment Ratios DRAFT 1/2/99 Market Values Based on Actual Sales + Apareciatio Average 87% ( *) Assuming 1999 Mkt Value was increased 5% over 1998 Market Value. 1/2/99( *)Est. Adjust tot /2/9P Assessor's Assessment Address Off Mkt Date Sold Price @ 5 % 1yr appr. Mkt Value Ratio 4808 Upper Ter 6/3/98 298,000 305,450 356,000 117% 4820 Upper Ter 11/21/97 299,000 313,950 236,880 75% 4805 Upper Ter 10/10/97 248,000 _ 260,400 238,875 92% 4812 Wilford Way 10/7/97 260,000 273,000 222,600 82% 4808 Wilford Way 08/06/96 273,000 300,983 261,450 87% 4716 Wilford Way 11/5/98 210,000 220,500 198,135 90% 4816 Wilford Way 6/25/97 242000 260,453 203,175 78% 4804 Roycar 5/9/98 279,000 285,975 246,960 86% 6620 Southcrest 10/15/98 355,000 355,000 326,130 92% 6701 Southcrest 11/1/97 439,500 460,950 311,535 68% 6720 Southcrest 9/18/97 297,500 312,375 239,820 77% 6613 Southcrest 2/2/97 250,000 275,625 246,750 90% 6808 Brittany 10/22/97 278,000 291,900 313,950 108% 6616 Brittany 1/28/98 326,500 342,825 310,905 91% 6700 Brittany 7/29/98 265,000 271,625 245,385 90% 6604 Brittany 9/21/98 265,000 265,000 231,105 87% 6637 Brittany 6/16/98 325,000 333,125 289,275 87% 4701 Dunberry 4/17/98 289,000 296,225 249,375 84% 4721 Dunberry 8/9/98 192,000 196,800 194,250 99% 4717 Dunberry 6/25/98 279,000 285,975 233,520 82% 6821 West Shore 6/19/97 229,500 246,999 218,820 89% 6716 West Shore 4/1/97 389,500 419,199 395,850 94% 4524 Balfanz 1/11/98 278,000 291,900 225,645 77% 4501 Laguna 9/10/98 289,000 289,000 212,100 73% 6813 Creston 5/13/97 152,000 163,590 152,985 94% 6837 Creston 4/27/98 159,000 162,975 157,500 97% 6821 Creston 1/10/97 174,000 191,835 163,065 85% 6909 Creston 10/26/98 296,000 296,000 238,245 80% Average 87% ( *) Assuming 1999 Mkt Value was increased 5% over 1998 Market Value. Comparible Sales Analysis DRAFT 1/2198 Values Subject 4808 6720 4820 6808 UpperTe Southcres Upper Ter Brittany Sold Price 298,000 297,500 299,000 278,000 Year Built 1957 1956 1959 1968 Off Mkt Date 6/3/98 Sold 9118/97 11/21/97 10/22/97 FSF: Main/Total 2580/3180 2247/3859 2056/3221 2036/3296 Adjustment 15,000 25,000 25,000 Interior & Pergo Floor -Kitch Special Woodwk Brand New Kitchen, Screen Porch Updates Old Carpeting, Wall- Updated Kitchen Floors, Baths,Security, paper, Dated Decor- Main Level Ldry Fresh Air System, Fixtures, ating, orig bathes,kithch Marble Brick Driveway,All Hdwd Adjustment - 10000 40000 0 Lot .3 ac ..3 ac .3 ac /Premium View .5 ac Adjustment 0 0 -5000 Bsmt Not Walkout Newly Finished Newly Finished Full Walkout w/ Part Finished& Dated Partial Walkout Bright Walkout Door and windows w/ Windows Adjustment -10000 -15000 -10000 Garage 2 Car 2 Car 2 Car 2 Car Adjustment 0 0 0 Exterior Grade 7.5 9.5 9.5 7.5 Adjustment - 10000 -10000 0 Total Adjustments -15000 -30000 10000 Subject Value 282,500 269,000 288,000 Median 282,500 Sources: Mpls Area Assn of Realtors MLS Data Hennipen County Property Information Search Web Page Professional Tax Consultant Jim Brown Sold Price Year Built Off Mkt Date Appredation5 %lyr FSF: Main/Total Adjustment Interior & Updates Adjustment Lot Adjustment Bsmt adjustment Garage Adjustment Exterior Grade Adjustment Total Adjustments Subject Value Median Sources: Comparible Sales Analysis DRAFT 1/2199 Values Subject 4808 6720 4820 6808 Upper e Southcrest Upper Ter Ter Brittany 298,000 297,500 299,000 278,000 1957 1956 1959 1968 6/3/98 Sold 9/18/97 11/21/97 10/22/97 305,450 312,375 313,950 291,900 2580/3180 2247/3859 205613221 2036/3296 15,000 25,000 25,000 Redecorating in progress Special Woodwk Brand New Kitchen, Screen Porch Pergo Floor- Kitch, Updated Kitchen Floors, Baths,Security, Orig bathes,kitch Main Level Ldry Fresh Air System, Fixtures, Marble Brick Driveway,All Hdwd -10000 40000 0 .3 ac ..3 ac .3 ac /Premium View .5 ac 0 0 -5000 Not Walkout Newly Finished Newly Finished Full Walkout w/ Part Finished& Dated Partial Walkout Bright Walkout Door and windows w/ Windows -10000 -15000 -10000 2 Car 2 Car 2 Car 2 Car 0 0 0 7.5 9.5 9.5 7.5 -10000 -10000 0 -15000 -30000 1 297,375 283,950 301,900 299,638 Mpls Area Assn of Realtors MLS Data Hennipen County Property Information Search Web Page Professional Tax Consultant Jim Brown Comparible Sales Analysis 1/2/99 Values 6620 4804 4701 Southcrest R vcar Dunberry 355,000 279,000 289,000 1959 1958 1960 10/15/98 5/9/98 4/17/98 355,000 285,975 296,225 2520/4464 2001 /2809 1782/2750 0 25,000 +40,000 Chevy Gourmet Kitchen Main Ldry,Hardwd Vaulted Ceiling,Security New Cabinets, Hot tub System,Hardwood,Pool New Mechanicals &Patio,New Carpeting -30000 0 -10000 .4 ac .3 ac .3 ac (31000) 0 0 Finished Finished Finished Not Walkout (7,500) (51000) (5.000) 3 Car 2 Car 2 Car - 15,000 0 0 7.5 8.0 10.0 0 0 . (40,500) 20, L-39..") 314,500 305,975 266,225 DRAFT Case # 48 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 05- 116 -21 -11 -0060 Date: 4/12/98 Property Address: 6300 VALLEY VIEW RD Owner /Agent Name: JAMES / BEATRICE VOSS Comments: The property was last inspected in April of 1996. We believe the owner's statement that there have been no changes to the structure since that time. This is the third Board of Review appearance since 1994. Prior to that we have reduced the value on two previous assessments. The value dispute always concerns the location. The two sales (comparable properties) are very similar in location to the subject. These 3 properties represents 3 of the four quadrant with with the intersection being highway 62 and the perpendicular railroad and power lines. (See Map.) The structures on these properties are not entirely similar but the main difference between the subject and the comparable is the lot size and location. The subject is more that twice the size (1.09 acres), and has a much preferred setback to the most offensive factor of cross -town traffic. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 05- 116 -21 -11 -0060 HOUSE# FRACTION STREET NAME UNIT ZIP +4 6300 1/_ VALLEY VIEW RD 55436+ Owners: VOSS JAMES Owner3: Owner2: VOSS BEATRICE Owner4: Zoning: R 1 Prim /sec: Yr.blt: 1957 Area: Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: Mkt -Land 1999: 80000 1998: 39900 1997: 39900 Legal Description: Mkt -Bldg Mkt -Mach 54200 85600 82000 LOT 11 BLOCK 5 "VALLEY VIEW HEIGHTS" CURR 319 NEXT Pt.Con: Mt.Adr: Front: Back: Right: Left: Acres: .00 01 Width: Depth: Mkt -Tot Tx Capacity 134200 125500 1609 121900 1618 Hd PT %Own H R 100 H R 100 H R 100 Type PID or ADDRESS: press ENTER; or F1, F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 05- 116 -21 -11 -0060 6300 1/ VALLEY VIEW RD SALE DATE 7/1974 PRICE 41500 TYPE SALES OF SALE RATIO Make changes: press ENTER; or F1 F2 F5 F8 REMARKS City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Assessor's`Office P.I.D. # 05- 116 -21 -11 -0060 Date Returned: Y —,S 9( I Time: Received By: Case # �B Application Date: 4/5/9911 Attach any supporting documentation Owner Name: JAMES E / BEATRICE A VOSS Owner Address: 6300 VALLEY VIEW RD Home Phone Number: 707 9 - a 7.5:9 - Business Phone Number: Property Address: 6300 VALLEY VIEW RD Assessor's estimated market value for January 2, 1999: Land: ) 80,000 Buildings: � , - a� 54,200 Total: 134,200 I believe the estimated market value on January 2,1999 should be: Land: 7,g' "V Buildings: -5 a 6 0-� Total: /079 ,5 Purchase Date: - 97� Total purchase price (land & bidgs.): �="� Year Built: House: /9S% Garage: Additions (Explain): o Condition of Structures (Explain): Q Description & value of additions and improvements since your purchase of �this o perty: �1%o ivy Date: KNOWLEDGE AND BELIEF. nature of Indicated Value: M RETURN THIS APPLICATUN TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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. Address PID # Case # 6300 VALLEY VIEW RD 05- 116 -21 -11 -0060 48 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 6300 VALLEY VIEW RD 05- 116 -21 -11 -0060 6304 LIMERICK LANE 05- 116 -21 -11 -004 6232 HANSEN RD 05- 116 -21 -11 -0088 0 0 SALE DATE Nov -98 Apr -95 Sale Price $ 165,000 $ 133,700 $ - ime Adjustment $ 13,400 $ - Adj. Sale Price $ - $ 165,000 $ 147,100 $ - Price / Sq Ft $ - $ 98.68 $ 114.21 #DIV /01 Style RAMBLER 1.5 RAMBLER 0 1 st Floor Area 1,202 1,172 1,288 2nd Floor Area 1 500 Total Sq Ft 1,202 1,672 $ (9,400) 1,288 $ (1,700) - Quality B -3 B -1 BRICK $ (12,000) B -1 Year Built 1957 1938 1978 $ (15,000) 0 Condition AVG GOOD $ (25,000) GOOD $ (15,000) # of Bedrooms 41 BSMT 3 41 BSMT BATHS - Dlx Full 1 1 1 3/4 1 1 1 1/2 Basement Area Finished Bsmt 900 450 $ 2,250 700 $ 1,000 Walkout YES NO $ 1,500 YES Fireplaces 1 1 NO $ 3,500 Heat / Cooling CAC CAC CAC Garage Size/Type 2 CAR D 2 CAR D 2 CAR TUCK $ 2,000 Deck PATIO PATIO PATIO Porches Lot Size 1.09 ACRE <.5 ACRE $ 25,000 .52 ACRE $ 25,000 Location UNIQUE UNIQUE UNIQUE Other Other Other Other Restrictions Net Adjustment $ (17,650) $ (200) $ - Adj. Sale Price Is 147,4001 $ 146,900 1 $ - 6300 VALLEY VIEW ROAD 05- 116 -21 -11 -0060 MEASUEEMENTS 101A 46.0 X 26.0 = 1,156, 13.0 X 2.0 = 26. Tot Livable; = 1,222 FILE = 6300VALL Total Livable = 1,222 Case # 49 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 05- 116 -21 -44 -0053 Date: 4/12/99 Property Address: 5416 Creek View Lane Owner /Agent Name: Demetrius / Joyce Villas Comments: Mr. /Mrs. Villas requested a review of their property value on 4 -5 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence has been scheduled for 4 -12 -99 at 9:00. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID [NEXT _ 05- 116 -21 -44 -0053 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 60 Back: 120 5416 1/_ CREEK VIEW LA 55439+ Right: 130 Left: 138 Owners: VILLAS DEMETRIOS J Owner3: Owner2: VILLAS JOYCE A Owner4: Zoning: 0 Prim /sec: Yr.blt: 1968 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - --- NEXT _ 05- 116 -21 -44 -0053 5416 1/ CREEK VIEW LA SALE TYPE SALES DATE PRICE OF SALE RATIO 9/1993 184600 7 _ 7/1991 170000 5 X REMARKS TRUSTEE SALE Make changes: press ENTER; or F1 F2 F5 F8 __ Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 74300 147000 22.1300 H R 100 1998: 51300 146300 197600 2834 H R 100 1997: 51300 142500 193800 2948 H R 100 Legal Description: LOT 6 BLOCK 1 OTTO'S 3RD ADDITION Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - --- NEXT _ 05- 116 -21 -44 -0053 5416 1/ CREEK VIEW LA SALE TYPE SALES DATE PRICE OF SALE RATIO 9/1993 184600 7 _ 7/1991 170000 5 X REMARKS TRUSTEE SALE Make changes: press ENTER; or F1 F2 F5 F8 __ Cit of Edina Assessor's Office Y ,801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review P.I.D. # 05- 116 -21 -44 -0053 Date Returned: G% -,> -9 Time: 4- 30 PM Received B Case # o�::ofifie::us.on y :.:.:......................... Residential Request for Review Application Date: 4 -5 -99 Attach an su porting documentation Owner Name: DEMETRIO OYCE VILLAS Owner Address: 5416 CREEK VIEW L 55 Home Phone Number: lvfa 9W_i/ l -3U Business Phone Number: Property Address: -cello Ceetlli&w y�- Assessor's estimated market value for January 2, 1999: Land. 74,300 Buildings: 147,000 Total: 221,300 I believe the estimated market value on January 2, 1999 should be: Buildings: °� (% . Total: l0 00 Land: %; 3QD G Total purchase price (land 14 fd"gs.): _ Purchase Date: �� 2 p� Year Built: House: Garage: �S Additions (Explain): /j�'���y G�l�= e'.c�yve Condition of Structures (Explain): , Description &value of diti ns and improv ents since your purchase of hi pro y: s ;.�:.. s. ''':.:. •' Pl�.ase:�atia....a.. . p • c . t. f0 :P iotes�ioiia) :A•�• Appraisal Dater Indicated Value: :�s lairi:the:ieasoiis : to oiir;:ob'ection:to:fh, assessn r :'.s: *OiOIMOif:rn:arket:�iatue I DO HEREBY RM TH ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY '(NOWLEDG D E Signa r f a n RETURN THIS PPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL THE SCHEDULED BOARD OF REVIEW MEETING. TO HAVE YOUR PROPERTY REVIEWED PRIOR TO T City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Assessor's Office P.I.D. # 05--I l6 - 2-I — y q.00 S'3 Date Returned: y, %°� Time: 3 Z Received Bv: Case # 49 Residential Request for Review Application Date: Attach any supporting documentation Owner Name: DC-114e7RIU s Owner Address: C�ee% V /,e-W Home Phone Number: Business Phone Number: Property Address: Assessor's estimated market value for January 2, 1999: Land: -7 q, 3 OD Buildings:. / 1/ % 000 Total: I believe the estimated market value on January 2, 1999 should be: Land: 7q, 3 00 Buildings: l 3 i 000 Total: 3GQ i Purchase Date: eo q3 Total purchase price (land & bldgs.): 9( tel Q oa /- Year Built: se: /qiF' Garag YQ5 Additions (Explai ): ^ � /P. Condition of Structures xplain . DDes�criptio v�u$ of add- -ons i pox � � �in � se � �P�rwy. M E OF KNOWLEDGE AND BELIEF. C Signature of applica Z�- ��A-2/ RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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. D.Y. `,im " yiftas 5416 Creek*w Lane Mirauapo[is, Mn 55439.1310 April 5, 1999 Edina Assessor's Office City of Edina 4801 West 50th Street Edina, MN 55424 -1394 To: City Assessor re: Residential Request for Review on P.I.D.# 05- 116 -21 -44 -0053 at 5416 Creek View Lane, Edina, MN 55439 -1310 Mr. or Ms. Assessor: We feel that you assessment of the improvements on our split entry home are above the realistic price that we could get from a willing buyer and we under no stress to sell. We base that on our observation of values on our own culdesac, which we know reasonably well after 5.5 years here. Please see table A listing the other properties on the culdesac that appear to us comparable in design, with a finished lower level that when we lived in a large house in Minneapolis we would have referred toas a basement, since it has a concrete floor. Other properties for various reasons, among them having had major addtitions put on, would not be comparable in our opinion, and are excluded. We do not really know without further research how to evaluate your assessment of the land portion (supplied by your staff, but at least they all look somewhat proper from the standpoint of comparing one lot with the other. We are not addressing lot valuation here at all. For now, we accept that our is one of two assessed at the second highest value you used on this culdesac. From here on, we will refer to each other property individually briefly and only with respect to Improvements, not land. See table B for our comparison of the Improvements portion of your "Estimated .Market Value" on the Value Notice(s) as we comment here. 6913 Limerick: A very recent sale. Newly roofed, scraped, painted, etc. Totally finished off inside. Probably not same split entry design, but has walkout like ours, and in our minds ours is simply not worth $30,770 more to any sane buyer, let alone $44,500! 5404: We both have sprinkler systems, and we have a deck instead of a screened porch. Other than that, it is same floor plan, probably be same builder in about same year (1968). Where do you get even this modest difference? 5406: This house appears very comparable, except that they may not have a deck out back. We can't remember. And possibly not a sprinkler system. But otherwise, what? $16,100 difference seems way out of line. 5408: I have been in this home. Again, with their new screened in porch and a deck besides, we don't understand the difference. Even without the screened in porch, except that the deck may be a bit smaller. 5416: This is our home. There are no structural add -ons since built that we can see, and the original owner kept magnificent detailed records which are all here. The deck is the big project, and it is old. The decking needs major work this year. We removed a lovely raised (with huge timbers) big garden landscaping in the back yard a couple of years ago since the deer were the principal beneficiaries of it. Major task to remove it. Gone. No value added any more. 5420: This is a hard house to evaluate, because I have never been inside, and it is a different design. But valuing ours at $26,680 higher when that house has a concrete driveway versus our black top seems way too much higher. We have a deck and sprinkler system. $26,680 is too much a difference for our house. 5422: It seems like this lovely place has as much space as ours although it may not be a split entry, for whatever that is worth. Small deck in addition to the 3 (4 ?) season porch out back. We feel confident that ours would not bring $13,100 more on the market. 5426: Nice looking house. We suppose that $5,700 more value on our house may not be outlandish, but ours certainly is not in any better condition outside or inside. The lower level is breathtaking! It has a spinkler system as ours does, and a gazebo versus a deck. All in all, we feel we have a very good case for a lower improvements valuation for this particular house. It certainly would be of interest to hear from the actual drive -by assessor what points of this house caused it to be at $147,000 versus more in line with the other properties on tables A and B. We look foward to the next step in this process. Sincerely, Phone: 941 -4930 Fax:829 -7494 a' table A CREEK VIEW LANE CULDESAC 1999 EST. MARKET VALUES (ENV) PER EDINA CITY 6913 Limerick Lane and 5400, 5402, 5404, 5406, 5410, 5412, 5414, 5416, 5418, 5420, 5422, 5424 Creek View Lane -------------------------------------------------------------------- Year last sold 1999 Total = 1/99 Estim. + Jan 1999 Est and Sale Price Est.Mkt.Value Improve Val. Land Value 6913 Limerick Lane ERICKSON & WALKER 12/98 $193,000 $170,200 $ 102,500 (1) 193,000 116,230 5400 Creek View Lane 5404 Creek View Lane GROVES, Dona 172,300 103,300 KOLES, 011ie 210,500 140,200 $ 67,700 76,770 69,000 70,300 5406 Creek View Lane ROBINS 203,900 130,900 73,000 5408 Creek View Lane LANDBERG 07/96 $185,000 215,000 135,000 80,000 5416 Creek View Lane VILLAS 09/93 $183,000 221,300 147,000 74,300 5420 Creek View Lane FOLEY 189,700 120,320 69,400 5422 Creek View Lane WRIGHT 08/96 $187,000 204,200 133,900 70,300 5426 Creek View Lane RIDLEY 212,800 141,300 71,500 --------------------------------------------------------------------- (1) adjusted up to current market value (actual sale 12/98) in direct proportion that 193,000 is to 170,200 4 -1 -99 a:pers /pw:culdes2.TAX TABLE OF CREEKVIEW LANE CULDESAC "IMPROVEMENTS" VALUE COMPARISONS table B Source of figures is 1 -2 -99 "Value Notice " from City of Edina and Edina Assessor's Office. ADDRESS Improvements Value 5416 Value Higher B $ 5416 Value Higher B % Apparent Add -Ons to Ori 'nal Structure Sprinkler System 6913 (a) $ 102500 $ 44,500 43.4% none apparent no 6913 (a) (b) 116,230 30,770 26.4% none apparent no 5404 140,200 6,800 4.9% Screened Porch yes 5406 130,900 16,100 12.3% ? ? 5408 135,000 12,000 8.9% Deck and in 1997 -8 a 2nd- story Screened Porch ? 5416 147,000 0 0 - Deck out back. Elevated garden removed about `96 yes 5420 120,320 26,680 22.0% none apparent ? 5422 133,900 13,100 9.8% 3- Season Porch out back add -on or original??) I think so 5426 (d) 141,300 5,700 4.0% New Room (`97 -'98 ?) + Gazebo out back yes (a) - This one home has address on Limerick Lane at corner of Creekview Lane. Front door faces Limerick Lane. Garage driveway faces Creekview Lane. (b) - Improvement Value adjusted upward in exact proportion to 12/98 market value (actual $193,000 sale price) to $170,200 Value Notice Estimated Market Value. (c) - Some I watched go up, and some appear to be add -ons after original construction. (d) - Front door facing Limerick Lane yet has Creekview address. Driveway faces Creekview Lane on corner lot across from 6913 Limerick Lane. cxuldesl.doc Case # 50 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 30- 117 -21 -23 -0001 &0002 / 30- 117 -21 -24 -0002 Date: 4/12/99 Property Address: 6901 Maloney Avenue Owner/Agent Name: Grand View Park Cemetary Association / Robert D. Gisvold, Es q. Comments: The case in front of you consists of three parcels which make up part of the subject property. These parcels have been known as part of Grand View Park Cemetary and last year were classified and valued as taxable real property. At that time Grand View Park Cemetary appealed their value and classification and this Board upheld our decision to make the parcel taxable. Grand View Park Cemetary carried their appeal to the County Board of Equalization and. that Board upheld our decision. The County Assessor as well as this office still are waiting for required and promised information which as of this date still has not been produced. I am unaware of the current status of the 1998 assessment and whether they have appealed to the Minnesota Tax Court. We ask the Board to sustain the value and classification that we have placed on the property for the 1999 assessment. The applicant may proceed to the next level of appeal when, hopefully, they will have all of the required documentation. PID# EMV Class Hmst Status 30- 117 -21 -23 -0002 $ 509,400 R Non Homestead 30- 117 -21 -23 -0001 $ 297,200 LR Non Homestead 30- 117 -21 -24 -0002 $ 123,400 LR Non Homestead PROPERTY ID 30- 117 -21 -23 -0001 HOUSE# FRACTION STREET N 1/_ Ownerl: GRANDVIEW CEMETE RY Owner2: Zoning: Prim /sec: Sch.Dst: 270 Wshd: 01 PROPERTY DATA SYSTEM TAXPAYER INQUIRY Pt.Con: E UNIT ZIP +4 Front: 00000+ Right: Owner3: Owner4: Yr.blt: 0000 Area: Gr /Os /Ex: Subrecs: 01 Width: CURR 319 NEXT Mt.Adr: Back: Left: Acres: 6.86 Depth: Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- -- - --- Address -------- - - - - -- NEXT 30- 117 -21 -23 -0001 1/ SALE DATE TYPE SALES PRICE OF SALE RATIO Make chanties: press ENTER: or F1 F2 F5 F8 REMARKS Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 297200 297200 LR 0 1998: 297200 297200 5052 LR 0 1997: R 0 Legal Description: __= NO LOT AND BLOCK GIVEN UNPLATTED 30 117 21 THAT PART OF THE S 1 &2 OF NW 1 &4 CORRESPONDING TO BLKS 4 AND 5 MEALEYS GRAND VIEW REVISED NOW VAC INCL ADJ 1 &2 OF ST VAC Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- -- - --- Address -------- - - - - -- NEXT 30- 117 -21 -23 -0001 1/ SALE DATE TYPE SALES PRICE OF SALE RATIO Make chanties: press ENTER: or F1 F2 F5 F8 REMARKS PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 30- 117 -21 -23 -0002 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6901 1/ MALONEY AVE 55343+ Right: CURR 319 NEXT Mt.Adr: Back: Left: Owneri: Owner2-: Zoning: Sch.Dst: GRANDVIEW CEMETE RY Prim /sec: 270 Wshd: 01 Owner3: Owner4: Yr.blt: 0000 Area: Acres: 15.20 Gr /Os /Ex: E Subrecs: 02 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 415900 93500 509400 R 0 1998: 415900 93500 509400 8323 R 0 1997: R 0 Legal Description: __= NO LOT AND BLOCK GIVEN UNPLATTED 30 117 21 THAT PART OF THE N 1 &2 OF S 1 &2 OF NW 1 &4 CORRESPONDING TO BLKS 6 7 AND 8 INCL ADJ ST AND ALLEYS OF MEALEYS GRAND VIEW REVISED NOW VAC EX HWY Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID ------- -- - --- -- Address -------- - - - - -- NEXT 30- 117 -21 -23 -0002 6901 1/ MALONEY AVE SALE DATE TYPE SALES PRICE OF SALE RATIO Make changes: press ENTER; or F1 F2 F5 F8 ___ REMARKS PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 30- 117 -21 -24 -0002 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6707 1/ MALONEY AVE 55343+ Right: CURR 319 NEXT Mt.Adr: Back: Left: Ownerl: Owner2: Zoning: Sch.Dst: GRANDVIEW CEMETE RY Owner3: Owner4: Prim /sec: Yr.blt: 0000 Area: 270 Wshd: 01 Gr /Os /Ex: E Subrecs: 02 Acres: 4.00 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 123400 123400 LR 0 1998: 123400 123400 2098 LR 0 1997: R 0 Legal Description: __= NO LOT AND BLOCK GIVEN UNPLATTED 30 117 21 COM ON N LINE OF S 1 &2 OF NW 1 8,4 AT A PT DIS 829 58 &100 FT W FROM NE COR THEREOF TH S 688 75 &100 FT TO CTR LINE OF SUMMIT AVE TH AT RIGHT ANGLES . ..MORE LEGAL Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - -- - -- Address -------- - - - - -- NEXT 30- 117 -21 -24 -0002 6707 1/ MALONEY AVE SALE DATE PRICE TYPE SALES OF SALE RATIO Make changes: press ENTER; or F1 F2 F5 F8 REMARKS City of Edina Assessor's Office 301 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379) Board of Review Residential Request for Review Application Date 4-1-99 II Attach any supporting documentation Owner Name: GRANDVIEW CEMETERY Owner Address: 6901 Maloney Avenue, Hopkins, MN 55343 -8475 Home Phone Number: N/A Business Phone Number: 938 -1135 Property Address: 24 ( address unassigned) Assessor's estimated market value for January 2, 1999: Total: 297,200 Land: 297,200 Buildings: I believe the estimated market value on January 2,1999 should be: Land: Buildings: Total: Exempt $0.00 Purchase Date: 1866 Total purchase price (land & bidgs.): unknown Year Built: House: N/A Garage: Additions (Explain): N/A Condition of Structures (Explain): N/A Description 8 value of additions and improvements since your purchase of this property: N/A fats ............ .. ............................... Professional A � pra�sais :: ::(Please attach:agp' :�f:any.:cec�nt:ap A sisal Date: N/A Indicated Value: N A ,..... ; kpFain the ieasoiis fog your obieetion:fo;fhe: assessors :estirnafed:maiket:Vatu�.::::: The subject property is a cemeter and has alwa s been exem t from taxation urs to MSA 307.09 There has been no changes in the use of the property. and the iDuoposed Assessor's Market Value Subject to Taxation is unlawful. I respectfully request that the exempt status of the subiect property be rPinsta I DO HEREBY AFFIRM THAT THE ABOVE INFORMA77/-? OMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. . /-)/? / / /�� (/ Robert D. Gisvmld, Attorney l Signature of applicant �_ ! X3��- _ a meter! ��� RETURN THIS APPLICATION TO THE N YOU FEEL WILL SUPPORT OOURDCAS,E.PY PLEASE ATTACH ANY DOCUMENTATION WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. City of Edina Assessor's Office s01 West 50th Street Edina, MN. 55424 -1394 P.I.D. # 30- 117 -21 -23 -0002 Phone: (612) 826 -0365 Fax: (612) 826 -0390 Date Returned: Time: [TDD (Deaf Only): (612) 826 -0379] Received B 1z C- Pt Case # ........... Board of Reviewor:offlce.:us�::onl:y Residential Request for Review Application Date: 4 -1 -99 Owner Name: GRANDVIEW CEMETERY Owner Address: 6901 Maloney Avenue, Hopkins, MN 55343 -8475 Home Phone Number: N/A Business Phone Number: N/A Property Address: 6901 Maloney Avenue Assessor's estimated market value for January 2, 1999: Land: 415,900 Buildings: 93,500 Total: I believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: Purchase Date: 1866 Total purchase price (land & bidgs.): unknown Year Built: House: N/A Garage: N/A Additions (Explain): N/A Condition of Structures (Explain): N/A Description & value of additions and improvements since your purchase of this property: NIA ...Is '�'•'��c�:�:�:':�:�:�:�:'•��'� h.�� :co'•�•••:pf:�ny:Fece.rit�ap f... s�io' riai: A• �•Prars�ais,....•.•.•.•.•.�.fP� ease a. P sal Date: N/A Indicated Value: N/A to MSA 307.09 _ There has been no changes in the use of the property and the Market VAlue Subject to Taxation is unlawful. I respectfully request that the exem t•status of the subject documentation rom taxation pursuant .oposed Assessor's -ouerty be reinstated. 1 DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Robert D. Gisvold, Attorne Signature of a licant: for Grandview Cemetery RETURN THIS APPLICATION TO THE EDI YOU FEEL WILL SUPPORT OURDCASE.PPLEASE ATTACH ANY DOCUMENTATION YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. City of Edina Assessor's Office 801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review P.I.D. # 30- 117 -21 -24 -0002 Date Returned: 9-5 -ql� Time: 30 Received B Case # SO e:tis . o..:. y .:.:.:........................ . Application Date 4-1-99 II Attach any supporting documentation Owner Name: GRANDVIEW CEMETERY Owner Address: 6901 Maloney Avenue, Hopkins, MN 55343 -8435 Home Phone Number: N/A Business Phone Number: 938 -1135 Property Address: 6707 Malone Avenue Assessor's estimated market value for January 2, 1999: Land: 123,400 Buildings: Total: 1 I believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: Purchase Date 1866 (Total purchase price (land & bldgs.): Unknowr Year Built: House: N/A Garage: N/A Additions (Explain): N/A Condition of Structures (Explain): N/A Description & value of additions and improvements since your purchase of this property: N/A sisal Date: N/A Indicated Value: N The subject r err. is a —=:1-- - - - to MSA 307.09 There has been no changes in the use of the property and the Market Value Subject to Taxation is unlawful. I respectfully request that _the of the subject I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND KNOWLEDGE AND BELIEF. ��� n 7 Exempt $0.00 'rom taxation pursuant -oposed Assessor's -operty be reinstated. TO THE BEST OF MY Signature of applicant j Roberti D. Gisvold, � Attorney for Grandview Cemetery RETURN THIS APPLICATION TO THE YO FEEL WILL SUPPORT OUR CASE. YOU WILL BE CONTACTED PLEASE ATTACH ANY DOCUMENTATION TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. KALINA, WIILLS9 GISVOLD & CLARK, P.L.L.P. APR o 1999 RONALD S. KALINA (1944 -1991) ATTORNEYS AT LAW JAMES H. mss SUITE 200 1120 INDUSTRIAL BOULEVARD ROBERT D. GISVOLD 941 HII.LWIND ROAD NORTHEAST BRAINERD, MaNNESOTA 56401 ANDREW R. CLARK* NUNNFAPOLIS, MWNESOTA 55432 -5964 (800) 596 -5547 MICHAEL. C. GLOVER (612) 789 -9000 TELECOPIER (218) 829 -7210 THOMAS P. O'DONNEL.L* TELECOPIER (612) 5712418 AMANDA C. DUPONT REPLY7n b11NNEAPOL(SOFFICE OF COUNSEL CAROLE CLARK ISAKSON GRANT J. MERRriT -ADBU= IN bMqNESOTA AND WISCONSIN City of Edina City Assessor 4801 West 50th Street Edina, MN 55434 -1394 April 5, 1999 ROBERT D. GISVOLD Direct Dial - (612) 572 -3440 Via Facsimile and U.S. Mail Re: Grandview Park Cemetery Association Value Notice Property ID: 30- 117 -21 -23 -0001; 30- 117 -21 -23 -0002; and 30- 117 -21 -24 -0002 Dear Sir/Madam: Enclosed please find the Board of Review applications for the above three parcels. Also enclosed is a copy of Minn. Stat. §307.09, which supports the exemption from taxation. Yours truly, f ROBERT D. GISVOLD RDGyc Enclosures cc: Mr. Harry Lindberry MSA § 307.09, Exemptions *48179 M.S.A. § 307.09 MINNESOTA STATUTES ANNOTATED CORPORATIONS CHAPTER 307. PRIVATE CEMETERIES Current through End of 1996 Reg. Sess. 307.09. Exemptions Subdivision 1. All lands, not exceeding 100 acres in extent, and in the case of cemeteries owned and managed by religious corporations, or corporations solely owned and controlled by and in the interest of any religious denomination, 300 acres in extent, so laid out and dedicated as a private cemetery, shall be exempt from public taxes and assessments, and shall not be liable to levy and sale on execution, or to be applied in payment of the debts of any owner thereof, so long as the same remains appropriated to the use of a cemetery; and no road or street shall be laid through the same without the consent of the owners. Subd. 2. Nothing. contained in subdivision 1 shall be construed to exempt cemetery property owned or leased by any corporation, association, partnership, proprietorship or any other organization from any special assessment unless such corporation, association, partnership, proprietorship or other organization. (a) was formed for a purpose not involving pecuniary gain to its shareholders or members; and (b) pays no dividends or other pecuniary remuneration directly or indirectly to its shareholders or members as such. CREDITS) 1985 Main Volume Amended by Laws 1969, c. 980, f 2, eff. June 7. 1969. Page 1 <General Materials (GM) - References, Annotations, or Tables> HISTORICAL NOTES HISTORICAL AND STATUTORY NOTES 1985 Main Volume Derivation: St 1927, § 7633. Laws 1927, c. 295, § 3. Gen.St 1923, § 7633. Gen.SL1913, § 6323. Laws 1913, c. 137, § 1. Rev.Laws 1905, § 2965. Geri.SL1894, § 3134. Gen.St1878, c. 34, § 265. Gen.St1866, c. 34, § 115. Laws 1862, Ex.Sess., c. 12, § 1, part. Laws 1913. c. 137, § 1 changed the amount of acreage from 80 to 100 acres. Laws 1927, c. 295, § 3 added the reference to religious corporations. The 1969 amendment added the provisions of subd. 2. Constitutional Provisions Const Art. 10, § 1, provides, in part: "The power of taxation shall never be surrendered, suspended or contracted away. Taxes shall be uniform upon the same class of subjects and shall be levied and collected for public purposes, but public burying grounds • • • shall be exempt from taxation except as provided in this section." *48180 ANNOTATIONS NOTES OF DECISIONS In general 1 Constitutional rights 2 Construction with other laws 3 Determination of exemption 4 Local improvements 5 Private cemeteries 6 Profit operations 7 Religious corporations 8 1. In general Exemption granted by section 307.01 was not applicable to mere graves, and historical site where Indians massacred 21 Frenchmen was not exempt from ad valorem taxation. Copyright (c) West Group 1997 No claim to original U.S. Govt. works Case # 52 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 04- 116 -21 -21 -0054 Date: 4/12/99 Property Address: 5101 WEST 62ND ST Owner /Agent Name: JOHN A / MISUK L PALMER Comments: Mr./ Mrs. Palmer requested a review of their property value on 4 -6 -99. We are currently in the process of reviewing their concerns and an appointment to inspect their residence has not been scheduled. We will update you on the progress of our review on Monday evening and if possible indicated what our conclusion is (increase / sustain / decrease). City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365. Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Assessor's Office P.I.D. # t 04- 116 -21 -21 -0054 Date Returned: L` ' �o '� Time: i Received Bv: l I V Case # 1:7n Residential Request for Review Application Date: 4/5/99 Attach any supporting documentation Owner Name: JOHN A / MISUK L PALMER Owner Address: 5101 WEST 62ND ST Home Phone Number: Business Phone Number: Property Address: 5101 WEST 62ND ST Assessor's estimated market value for January 2, 1999: Land: 50,000 Buildings: 152,900 Total: 202,900 I believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: l 71 Purchase Date: L4 wig' 77otal purchase price (land & bldgs.): oZz Year Built: House: l i 0 Garage: ► 4G3 Additions (Explain): U R Condition of Structures (Explain): Ot Description & value of additions and impro ments since your purchase of this property: raisal Date: I Indicated Value: �C— t c wW // �1.� .n W/L Y� (bl �l 1 • �.'.) V 4A -a r f�2 ( ll�t�0 / ( dZ �j 0 1,J KNOWLEDGE AND BELIEF. OF Signature of applicant: I `J RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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 # 53 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 19- 028 -24 -23 -0041 Date: 4/12/99 Property Address: 5618 Concord Ave Owner /Agent Name: Robert / Barbara Benham Comments: Mr. Robert Benham requested a review of his property value by letter on 3/23/99. Because Mr. Benham as out of to we were unable to review his concerns until to day. We are currently in the process of reviewing his concerns and inspected his residence on 4/8/99. We will update you on the progress of our review on Monday evening and if possible indicate what our conclusion is (increase / sustain / decrease). PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID '19- 028 -24 -23 -0041 Pt. Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5618 1/_ CONCORD AVE 55424+ Right: Ownerl: BENHAM ROBERT Owner3: Owner2: BENHAM BARBARA Owner4: Zoning: 0000 Prim /sec: Yr.blt: 1950 Area: Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: Depth: 154 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 82500 139100 221600 H R 100 1998: 43500 158000 201500 2901 H R 100 1997: 43500 153100 196600 3000 H R 100 Legal Description: LOT 10 BLOCK 4 GOLF TERRACE HEIGHTS, FIRST ADDITION CURR 319 NEXT Mt.Adr: 84 Back: Left: Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - --- Address -------- - - -- -- NEXT 19- 028 -24 -23 -0041 5618 1/ CONCORD AVE SALE TYPE SALES DATE PRICE OF SALE RATIO Make changes: press ENTER: or F1, F2 F5, F8 REMARKS Assessor's office City of Edina , d01 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Application Date: y (Q q q I Attach any supporting documentation Owner Name: Owner Address: Home Phone Number: L —'l Lt 1 Business Phone Number: Property Address: Assessor's estimated market value for January 2, 1999: Land: Buildings: Total: I believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: Purchase Date: Total purchase price (land 8 bldgs.): Year Built: House: Garage: Additions (Explain): Condition of Structures (Explain): Description & value of additions and improvements since your purchase of this property: iorjal:A prasais:' ::::: (Ple:ase: ati al Date: t-. ell -ire 3 .... acl :v cop . :o.: a:rry . rec.. Indicated Value: [116 - assessor. ".s::estirr�ated i iarket: iafi e :::::::: ::::::::::::: ;: ;::::::::::::. . wi �d %�. T,i�r�T�` ` . �/U".Vv► (�'�`'`�. -� amt 1 DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TR KNOWLEDGE AND BELIEF. Signature of applicant: TO THE BEST OF RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5 1999. PLEASE ATTACH ANY DOCUMENTATION YOU WILL SUPPORT YOUR CASE. YOU WILL BE BOARD OF REVIEW MEETING. CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE , IAR 2, 3 19g i - D 28- 24 -23- 0041 AA Q °% ell, L O �r ZZ 14 PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 06- 116 -21 -14 -0063 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6505 1/ NORDIC DR 55439+ Right: CURR 319 NEXT Mt.Adr: Back: Left : Ownerl: QUIRK ROBERT Owner3: Owner2: QUIRK PATRICIA A Owner4: Zoning: 0 Prim /sec: Yr.blt: 1967 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land 1999: 83000 1998: 55400 1997: 55400 Legal Description: Mkt -Bldg Mkt -Mach 207400 203900 198900 LOT 41 BLOCK 3 VALLEY ESTATES Mkt -Tot Tx Capacity Hd PT %Own 290400 H R 100 259300 3883 H R 100 254300 4067 H R 100 Type PID or ADDRESS: press ENTER: or F1. F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- -- - - -- Address -------- - - - --- NEXT 06- 116 -21 -14 -0063 6505 1/ NORDIC DR SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS Make changes: press ENTER: or F1 F2 F5. F8 Mr. &,Yrs. John E. B-,yein 1401 Wdise Glill Df. P,-TS iSWi(i, FL JdVo' I 42 �7 PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 33- 117 -21 -23 =0017 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5701 1/ CODE AVE 55436+ Right: CURR 319 NEXT Mt.Adr: 90 Back: 90 135 Left: 135 Ownerl: Owner2: Zoning: Sch.Dst: BRYAN JOHN BRYAN JEAN R -1 Prim /sec: 273 Wshd: 01 E Owner3: H Owner4: Yr.blt: 1958 Area: Gr /Os /Ex: Subrecs: 01 12150 Acres: .00 Width: 90 Depth: 135 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 62900 151500 214400 R 0 1998: 37900 153600 191500 2919 R 0 1997: 37900 147200 185100 3737 R 0 Legal Description: LOT 6 BLOCK 3 MELODY KNOLLS SECOND ADDITION Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 33- 117 -21 -23 -0017 5701 1/ CODE AVE SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 5/1994 175000 7 _ Make changes: press ENTER: or F1 F2 F5 F8 PEALAA R 1 5 1QQ4 March 12, 1999 Edina Assessor's Office 4801 West 501h Street Edina MN 55424 -1349 Re: Property ID 31 117 21 24 0081 Gentlemen, We received our latest Value Notice of January 2, 1999, showing higher assessment value. We believe that a $40,000 rate increase in one year seems excessive. Are there a ways to reduce it? We will not be in town on April 12, 1999, nor the month of April, and so we would like some help with this matter. Thanking you in advance, Yours truly, Phyllis S. Locke 6601 Field Way Edina MN 55436 PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 31- 117 -21 -24 -0081 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6601 1/ FIELD WAY 55436+ Right: CURR 319 NEXT Mt.Adr: Back: Left : Ownerl: LOCKE MURRAY S Owner3: Owner2: LOCKE PHYLLIS S Owner4: Zoning: R 1 Prim /sec: Yr.blt: 1973 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- --- --- Address -------- --- - -- NEXT 31- 117 -21 -24 -0081 6601 1/ FIELD WAY SALE TYPE SALES DATE PRICE OF SALE RATIO Make changes: press ENTER; or F1 F2, F5 F8 REMARKS Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 118100 277700 395800 H R 100 1998: 88100 271800 359900 5593 H R 100 1997: 88100 266900 355000 5930 H R 100 Legal Description: LOT BLOCK 2 PARKWOOD KNOLLS 17TH ADDITION LOT 1 AND THE ELY 18 FT OF LOT 2 BLK 2 PARKWOOD KNOLLS 17TH ADDN Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- --- --- Address -------- --- - -- NEXT 31- 117 -21 -24 -0081 6601 1/ FIELD WAY SALE TYPE SALES DATE PRICE OF SALE RATIO Make changes: press ENTER; or F1 F2, F5 F8 REMARKS -- ', bow J y ow �-' '70 = 14 a O.`��2 ����- S7 -�.+c� � � ��� � �/ � • j w f�y1 GAL. Z `'2- �G .f . V PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 06- 116 -21 -42 -0022 HOUSE# FRACTION STREET NAME UNIT ZIP +4 6409 1/_ INDIAN HILLS RD 55439+ Ownerl: LUND GEORGE Owner3: Owner 2: LUND JEANNE Owner4: Zoning: 0 Prim /sec: Yr.blt: 1962 Area: Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: Mkt -Land 1999: 275000 1998: 180000 1997: 180000 Legal Description: Mkt -Bldg Mkt -Mach 143800 215100 192800 LOT 12 BLOCK 5 "INDIAN HILLS" CURB 319 NEXT Pt.Con: Mt.Adr: Front: Back: Right: Left: Acres: .00 01 Width: Depth: Mkt -Tot Tx Capacity Hd PT %Own 418800 H RL 100 395100 6192 H RL 100 372800 6259 H RL 100 Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 06- 116 -21 -42 -0022 6409 1/ INDIAN HILLS RD SALE TYPE SALES DATE PRICE OF SALE RATIO Make changes: press ENTER; or F1 F2, F5, F8 REMARKS 41500 ....................................................................................... ............................... : #noiea�:over..:. viow:y ::::::::::::::40. o::::::::::::::: Q: .................................................................. ............................... ACTUALLY SPENT . 180000 Increase 17% Actually spent vs deferred mantenance 1950's rambler with everything original 180000 Roof on whole house: Taxes payable: Windows on whole house: 17000 New Driveway: 1997 1998 1999 2000 Improvements: 46000 170000 7000 Estimated Market Value 369300 415300 626800 689500 Dollar increase 46000 211500 62700 Sum of previous Market Value and Improvements 415300 585300 689500 41500 ....................................................................................... ............................... : #noiea�:over..:. viow:y ::::::::::::::40. o::::::::::::::: Q: .................................................................. ............................... ACTUALLY SPENT . 180000 Increase 17% Actually spent vs deferred mantenance 1950's rambler with everything original 180000 Roof on whole house: 15000 Windows on whole house: 17000 New Driveway: 8000 Move/Upgrade Elec Panel: 3000 Demolition of existing: 3000 Siding: 7000 Total of maintenance items: 53000 Actual Improvements: 127000 Increase on assessed new living space 127000 vs 210000 Increase on new living space 83000 ...................................................................... ............................... #?er err�:ilac.ease.... actual::ilTi igvemaats .:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ::::::::::::::::::::::::6'# °fo: Proposed assessed value: The improvements take into consideration a lot of the increase in value and a 10% increase every year is unreasonable. Improvement: 46000 81000 369300 415300 5170651 $ 553,259.55 5% 7% 20765 36194.55 From all the discussions I had with the architect and constructing people it takes from 4 to 7 years to realize the the value out of a remodel project. x'32 IL City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review P.I.D. # 04- 116 -21 -22 -0021 Date Returned: Time: Received Bv: Case # Application Date: 4/8/9911 Attach any supporting documentation Owner Name: LORRAINE CHALKER Owner Address: 6321 MILDRED AVE Home Phone Number: -D--)A'?-- Business Phone Number: Property Address: 6321 MILDRED AVE Assessor's estimated market value for January 2, 1999: Land: 40,600 Buildings: 118,500 Total: 159,100 1 believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: Purchase Date: I (, Q 777ta, urchase price (land & bldgs.): cA - O U Year Built: House: g Garage: 11 5y Additions (Explain): Condition of Structures (Explain): Description & value of addictions and improvements since your purchase of this property:e� -nom Appraisal Date: I Indicated Value: 1 DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Signature of applicant: Ilk 11 1 RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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 DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 04- 116 -21 -22 -0021 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: MILDRED AVE 55439+ Right: CURB 319 NEXT Mt.Adr: 63 Back: Left : 6321 1/_ Ownerl: CHALKER LORRAINE Owner3: Owner2: CHALKER HERB Owner4: Zoning: 0 Prim /sec: Yr.blt: 1958 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: 135 Mkt -Land 1999: 40600 1998: 33600 1997: 33600 Legal Description: Mkt -Bldg Mkt -Mach 118500 111100 108300 LOT 5 BLOCK 1 HAWKINSON ADDITION Mkt -Tot Tx Capacity Hd PT %Own 159100 H R 100 144700 1935 H R 100 141900 1988 H R 100 TyRe PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID ------- --- ----- Address ------ -- -- ---- NEXT 04- 116 -21 -22 -0021 6321 1/ MILDRED AVE SALE TYPE SALES DATE PRICE OF SALE RATIO Make changes: press ENTER; or F1 F2 F5 F8 REMARKS ,ity of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 P I D # lo— 0, 6 `- Z`l - z 2 p6Ca Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Hrracn any auvo— .... y ..... _.. - Application Date: - - Owner Name: Owner Address: GzD Home Phone Number: 2 - -(:A Z Business Phone Number: Property Address: Assessor's estimated market value for January 2, 1999: _ Land �)b -, Buildings: t 1T - lCx:' Total: G 1 U I believe the estimated market value on January 2, 1999 should be. �` J Buildings: Total: Land: Purchase Date: Total purchase price (land 6 Diogs. ' '. j _L v . Year Built: House: Garage: 1`1 G,1 Additions (Explain):r �ZY`C� I1� FI �•LS`; S Gr1 r�G'1 ��� Z Condition of Structures (Explain): X Description & value of additions and improvements since your purchase of this property: X AloO e- ifess-ional:A ,raisal Date: Indicated Value: I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST KNOWLEDGE AND BELIEF. . .,// 1 Signature of applicant: APRIL 5 1999. RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, . PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SH D 0 CONTACTED ED BOARD OF REVIEW MEETING T„ , , A% It: Vni 10 cRnPFRTY REVIEWED PRIOR TO THE SC PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 18- 028 -24 -22 -0006 Pt. Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 4801 1/ 44TH ST W 55424+ Right: CURB 319 I NEXT Mt.Adr: Back: Left : Ownerl: SMITH G KELSEY Owner3: Owner2: Owner4: Zoning: 0000 Prim /sec: Yr.blt: 1961 Area: Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 80000 117100 197100 H R 100 1998: 40600 138600 179200 2521 H R 100 1997: 40600 128500 169100 2491 H R 100 Legal Description: LOT 6 BLOCK 1 ARDEN PARK THIRD ADDITION Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - -- -- Address -------- - -- --- NEXT 18- 028 -24 -22 -0006 4801 1/ 44TH ST W SALE DATE 9/1982 PRICE 100000 TYPE OF SALE 6 SALES RATIO Make changes: press ENTER; or F1 F2 F5 F8 REMARKS City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Assessor's Office P.I.D. # 07- 028 -24 -44 -0050 Date Returned: f -( Time: ( ' Received By: Case # Residential Request for Review Application Date: 4/9/9911 Attach any suppc Owner Name: MARIE HIDEM / MICHAEL MANKEY Owner Address: 4007 SUNNYSIDE ROAD Home Phone Number: - n 7 % Business Phone Number: Property Address: 4007 SUNNYSIDE ROAD Assessor's estimated market value for January 2, 1999: Land: 70,500 Buildings: 87,900 Total: I believe the estimated market value on January 2, 1999 should be: Land: ;'rj_ Buildings: Total: Purchase Date: i� Total purchase price (land & bldgs.): � ) C)C)C) Year Built: House: " Garage: Additions (Explain): Condition of Structures (Explain):,, < Description & value of additions and i rovements sin 'your purchase of this property Date: iL-C- G ' 1 G� Indicated Value: rig documentation 4&ce ���Z% Ce n��C �ACEi �c.��� ! u L�`�U' DO HEREBY AFFIRM THAT THE ABOVE INFO MATION IS COMPLETE AND TRUE TO THE-BEST OF MY KNOWLEDGE AND B Signature of applic . f RETURN THIS APPLICATION TO/THE EDI ASSESSOR'S OFFIC Y A MONDAY, APRIL 5, 1999. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPOR YOUR CASE. YOU WILL BE CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO THE SCHEDULED ARID OF REVIEW MEETING. I. . . 'M PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 07- 028 -24 -44 -0050 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 4007 1/ SUNNYSIDE RD 55424+ Right: CURB 319 NEXT Mt.Adr: 50 Back: 50 187 Left: 186 Owners: HIDEM MARIE L Owner3: Owner2: MANKEY MICHAEL L Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1917 Area: 9350 Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: 50 Depth: 187 Mkt -Land 1999: 70500 1998: 29500 1997: 29500 Legal Description: Mkt -Bldg Mkt -Mach 87900 114500 113300 LOT 4 BLOCK 2 "BERKELEY HEIGHTS" Mkt -Tot Tx Capacity Hd PT %Own 158400 H R 100 144000 1957 H R 100 142800 2004 H R 100 Type PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- ------ Address -------- - - -- -- NEXT 07- 028 -24 -44 -0050 4007 1/ SUNNYSIDE RD SALE TYPE SALES DATE PRICE OF SALE RATIO 5/1995 140000 5 _ 9/1985 109000 5 _ 9/1979 75000 — _ 2/1971 22500 Make changes: press ENTER: or F1 F2 F5 F8 REMARKS City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review P.I.D. # 05- 116 -21 -42 -0033 Date Returned: - /2- cr Time: Received Bv: D�L Case # Application Date: 4/12/9911 Attach any supporting documentation Owner Name: JOHN J / MARY JANE RAICH Owner Address: 6613 GALWAY DRIVE Home Phone Number: C114 Business Phone Number: Property Address: 6613 GALWAY DRIVE Assessor's estimated market value for January 2, 1999: Land: 78,500 Buildings: 166,100 Total: 244,600 I believe the estimated market value on January 2, 1999 should be: Land: Buildings: Total: 239 ,kP Purchase Date: JArN i987 Total purchase price (land & bldgs.): Year Built: House: f 960 Garage: 1%6 Additions (Explain): Pi tJj- Condition of Structures (Explain): ABC TO cover) Description & value of additions and improvements since your purchase of this property: jQ£Mo 1 Z k rirrten(0,?)*jjb p00, ACM QCZ c^X -0V r t-Ove- <�S 43, off', II Appraisal Date: ft0 G 2-S' 1 qqF I Indicated Valued 235, e0 ° 11 bQ- �.t�► ` f �,,,,e T'� w' �..�. �Cu�a -�� �.,,r�%u� -j-� �o � v�.�•��' 24 �{ 6 a�' �;�., 16A� to I DO HEREBY AFFIRM THAI KNOWLEDGE AND BELIEF. ature of applicant: -1� D TR RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 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. 5272976 Ilk 1RU RFSInFNTIAI APPRAISAL P 'ORT rn•Wn FnAnCl7F4 rro eri i uescn Proe Address 661 Galwa Drive city Edina Slate MN Zip Code 55439-1311 Legal Description Lot 21 Blk 2 The Heights Coun Henna in Assessor's Parcel No. 0511621420033 Tax Year 1998 AE. Taxes S4 140.40 Special Assessments $ .4 Borrower RaiCh John /Mar Jane Current Owner Raich John /Mar Jane Occupant, X Owner Tenant Pro ert ri his a raised X Fee Sim le Leasehold Pro ecl T e PUD Condominium HUD A onl HOAS Nel hborhood or Project Name The Hei hts Ma Reference D4 -1 1 Census Tract 120 -2 Sale Prices Ref inane Date of Sale N/A Description and E amount of loan charges/concessions to be paid by seller N/A Lender /clienlMerrill Lynch Credit Cor /Mor Address6000 Atrium Way, Mount Laurel NJ 08054 AppraiserBobby J. Manizelsen Address222 Little Canada Road Little Canada MN 55117 Location Urban LXJ Suburban LJ Rural Predominant Single family housing Present land use % Land use change Built up ❑X Over 75% ❑ 25 -75% ❑ Under 25% occupancy PRICE AG s (�) (y One lamil 0 y ❑X Not likel y Likely Growth rate ❑ Rapid ❑X Stable ❑ Slow M Owner 100 Low New 2-4 family -0- ❑ In process 460 High 110 Mulb-family -O- To:NOt Properly values ❑ Increasing FX1 Stable ❑ Declining ❑ Tenant APRlicable y `: »> Predominant >r;:; ?: #_ Commercial Demand/supply ❑ Shortage ❑X In balance ❑ Over supply ® Vacard(WSX) 200 25 Vacant Marketin time X Under 3mos. 3-6 mos. Over 6mos. n v. t..rrsx Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics; The neighborhood boundaries are Highway 6 ' to the north Highway 100 - to the east 0th Street West to the south and Gleason Road to the crest. Factors that affect the marketability of the properties In the neighborhood (proximity to employment and amenities• employment stability, appeal to market. etc.): Calway Drive is a qqiet residential street. Highway 62 a local traffic artery is within one mile and offers access to shOPRing, schools employment centers freewa s and recreation. Property values have been stable. Demand for the area is good. Im r•ovements do conform to the surrounding homes. The neighborhood-has no apRarent adverse factors affecting the subject's marketability. See attached for additional comments. Markel conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand /supply and marketing time - - such as data on competitive properties for sale in the neighborhood• description of the prevalence of sales and financing concessions. etc.): For the subject's MLS marketing district #385, MLS statistics indicate that 64.07% of all listings are selling with an averse marketing time of 50 days. Sellers are receiving 96.50% of the asking rice. Financing at the present time is readily available from a variety of sources which benefits both Rotential buyers and sellers. Project Information for PUDs (If applicable) - - Is the developer /builder In control of the Home Owners' Association (HOA)? LJ YES 0 NO Approximate total number of units In the subject project N/A Approximate total number of units for sale in the subject project N/A Describe common elements and recreational facilities: Not Applicable Dimensions 91 x 159x 90 x 16 Topography S10 es Sltearea 14752 So.Ft. Per City Comer Lot Li Yes W No. Size 14752 SF Specific zoning classification and description R -1 Single Dwelling Unit District Shape Rectangular Zoning compliance ® Legal ❑ Legal roravnfomdng(Grandlathereduse) Ljlllegal LjNozoning Drainage Adequate Highest & best use as Improved: M Present use n Other use (explain) View Residential ' Landscaping laical Utilities Public Other Off- site hnprovements Type Public Private Electricity ❑X 150 AMP CB Street Bituminous ❑X Driveway Surface Concrete Gas ❑X Curb /gutter Concrete 0 Apparent easements Normal Utility Water ® Sidewalk None ❑ ❑ FEMA Special Flood Hazard Area Yea No Sanitary sewer X Street lights Yes © ❑ FEMA Zone "C" Map Date -1-80 Storm sewer Fl Allpv None F1 n I FEMAmapNo. 270160-0001B Comments (apparent adverse easements, encroachments, spacial assessments• slide areas. Illegal or legal nonconforming zoning• use. etc.): See Attached Comments GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units One Foundation C. Block-Av Slab NO Area Sq.FL 1814 Roof Avg. Q No. of Stories One Exlerlor Walls Wood-Ay g. Crawl space No %Finished % Ceiling Avg. Type(Del. /All.) Detached Roof Surface As.Sh9-AVR Basement Full Ceiling Drywall Wells Avg. ❑X Design (Style) Rambler Gutters 8 Dwnspls. Galt/-Ay . Sump Pump NO Walls DW /Panel Floor ❑ Existing/Proposed EXISt* Window Type Case-Avg. Dampness None Noted Floor Car et None ❑ Age(Yrs.) 8 Storm/Screens Yes-Avg. Settlement None Noted Outside Entry Yes /WO unkr ❑ Effective A e Yrs. 14 Manufactured House NO Infestation None Noted Plumbin - CP /Ca1V. Avers e ROOMS Fo er I Livino Dinina Kitchen Den Family Rm. Rec. Rm. Bedrooms 0 Baths I Laundry Other Area S .Fl. • : Basement 1 1 2 1 X Util. 1,814 Level 1 2 2 1,843 • Level -0- -o- Finished area above arade contains: 7 Rooms: 2 Bedrooms • 2 Bath(s): 1 .843 Sou re Feet of Gross LIvina Area INTERIOR Materials / Condltion HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STOOGE Floors HW /Cr /Vl /CT -A Type F. Air Refrigerator © None ❑ Fireplace(s) #3 ❑X None • Walls DW /Panel -AV . Fuel Nat Gas Range /Oven ❑Stairs ❑ Patio 40 x 14 ❑X Garage 0 of cars Trim /Finish Oak - Averse CondilionCOOd Disposal X) Drop Stair ❑ Deck 22 X 14 ❑ Attached 3 Car Bath Floor Ceramic Tile -A Dishwasher Scuttle O Porch open © Detached COOLING Bath Wainscot Ceramic Tile -A Central Yes Fan/Hood X Floor ❑ Fence ❑ Built-in Doors Flush-Average lother N/A Microwave ❑X Heated E) pact E) Carport ConditionGOOd Washer/Dryer n I Finished F n IDdveway Wide Additional features (special energy efficient items. etc.): The subject has a high eff ie ienC heating system and windows. The exterior walls are 2 x 6. See attached for additional features. Condition of the Improvements. depreciation (physical, functional, and external)• repairs needed• quality of construction, remodeling/additions. etc.: The subject is a good ggality four bedroom rambler. The interior decor has good appeal. The basement is % finished. See attached for additional comments. ...._. -_ ..e. . r.i AM... r. —h .. h.d ...r n...uaa r,. h..arenn....a.r•. rn.in suh.taneea etc I nresenl In the Imorovements. on the site: or In the _Y 5272976 `ti,• r Valuation Section UNI RM RESIDENTIAL APPRAISAL REORT File No. 60809753 A 55T,VATEC SITE VALUE = S 64.000 Comments on Cost Approach (such as• source of cult cstnnal \• - r EST.VATED REPRODUCTION COST -NEW OF IMPROVEMENTS: site value, square tool calculation and for HUD. VA and I n 11A to.• D.einr. 1 843 5 FL O S 75 00 = $ 138 225 estimated remaining economic life of the property) Cost e:;t. irn:rt r•:: •g_ q. Bsmt.Fin. 1404 Sq. Ft. es 25.00 35.100 Conv: 0 Pts. By Seller were derived from construction contrnct.:;, . See Additional Features 15,000 _. building contractors, office files, and Lhr• Garage /Carpod 616 sq.Ft. e $ 15.00 = 9,240 N /A< >;:` >•.,., - -> Marshall Swift Cost Service. The site valur- Total Estimated Cost New = $ 197.565 as vacant is based on market trends. Less Physical (Functional External E 2 5., 00.0, $ N/A Physical Depreciation reflects physical wear - Depreciation 27,.E 0- 0- = $ 27.659 Eggal Neigh. & is based on age /life method with n f of rt 1 Depreciated Value of Improvements .... I .... ...... = $ 16 06 economic life of 100 yrs. -.__If new - As- is' Value of site lnryrovements...,. -,, =$ 1 00 construction, Physical Depreciation does not, INDICATED VALUE BY t :OST APPROACH ........ 235. 400 8 1 . See attached for dimensions. ITEM SUBJECT Site COMPARABLE NO. 1 COMPARABLE NO. 2 _ _ COMPARABLF No 3 6124 Westridge Blvd 6613 Galway Drive 6601 Galway Drive 6120 Ridgeway Road Data and /or Sales or Financing Concessions Edina Conv: 0 Pts. By Seller Edina Conv: 0 Pts. By Seller Edina _..- _. Same Street -0- -0- • Miles North N /A< >;:` >•.,., - -> Miles North - $ Ref inane `: E 210,000 ": E 244 000 E 2 5., 00.0, $ N/A 114 2 �3 Equal Neigh. E 141 .4 p .. ,,,;: Eggal Neigh. E 1 �' Inspection LS -0- MLS Fee Sim le MLS City11 Days on Market 126 Days on Market Fee Simple 66 Days on Market Sales or Financing Concessions Refinance Conv: 0 Pts. By Seller -0- -0- Conv: 0 Pts. By Seller -0- -0- Conv: 0 Pts. By Seller -0- -0- Date olSale/Time N /A< >;:` >•.,., - -> Clsd 12 -2- -0- Clsd 2-22-98 -0- Clsd 6-1-98 -0- Location Residential Equal Neigh. -0- Eggal Neigh. -0- Egggl Neigh. -0- LessehokL/Fee simp le Fee Sim le Simple -0- Fee Simple -0- Fee Simple -0- Site __Fee 71g .SF _16464 SF -0- 21780 SF -5,000 10492 SF -10,000 View Residential Resid -E ual -0- Resid -E 1 -0- Resid -E 1 -0- Design and Appeal Rambler Rambler-Equal: -0- Rambler-Equal: -0- Rambler-Equal; -0- OLIalily OfConstnrution Age AvQ /Gd Qual_,_ 8_Yrs. _Equal Qua3it -0- Equal Quality: -0- Sup. Quality -10,000 39 Years -0- 44 Years -0- 39 Years -0- Condition Av /Gd Cond. Equal Cond. -0- E 1 Cond. -0- Ectuail Cond. -0- Above Grade Room Count Gross Living Area T =r•! ; Bd m, ' e,m; 2 1 84 s A 1.1.1 ; so,., ' e,te, 7 3 2; 1 .837 S . Ft. —0— - - - - - -- -0- Toth ' Sdrm, ' Bath, 6 2; 1 .725 S . Ft. - - - +2,400 —0— - - -- Total ; amm, ' Bath' 2: 1 .827 S . Ft. -0— - - - - - -- -0- BasemenlB Finished • Rooms Below Grade Full /WO 1404 ?1n /1Bt Full /WO 882 Fin /1 Bth' -0- +7,800 Full /WO 1550 Fin /1Bth' -2,200 -0- Full 1362 Fin /1Bth; +2,000 +600 Functional Utility Average Util Eqgal Utility; -0- EqN1 Utility: -0- Equal Utility; -0- Heating/Cooling GFA /CA GFA /CA -0- CFA /CA -0- CFA /CA -0- Enerav EKcientItems Good Good -0- Good -0- Good -0- Gare e/Carport Car Att. 2 Car Att. +2,500 2 Car Att. +2,500 2 Car Att. +2,500 Porch, Patio. Deck. Fire laces etc. Dk,Pat,opPor. Fire laces etbar 3 Fireplaces +3,500 -0- Deck, Porch 2 Fireplaces +11,500 -0- Deck. 2 Fireplaces +2,500 +11,500 Fence Pool etc. None Fence -1,000 None -0- -0- Vac /Fence HWF -2,000 -0- Other HWF None +2 00 HWF _ Net Ad'. total 15,300 + X - 800 + X - ; $ 12 00 Adjusted Sales Price rOSBi +,�:! Gass 6f GroSS :12.2'', of p5,31. et....'> E 22 00,NR.t. 0 E 24 200 Net - .1 E 242,100 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood. etc. ): All three :omparables_ chose_ n-_ have- - meaningful attributes and a blended value conclusion was utilized. Gross living- area.__-._ adiustments were made using 520 per square foot Basement finishing is adiusted at_$15,- per square foot See attached for Sales Comparison comments. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO 3 Date. Price and Data N/A See Comp Sales Grid See Comps Sales Grid See Comp Sales Grid Source for prior sales N/A within rot raisal N/A -_ -- Analysis of airy current agreement of sale, option, or listing of the subject property and analysis of arry prior sales of subject and comparables within one year of the date of appraisal INDICATED VALUE BY SALES COMPARISON APPROACH ................... ............................... $ __- 235,000 INDICATED VALUE BY INCOME APPROACH (If Applicable) Estimated Market Rent E N/A /Mo. x Gross Rent Multiplier N/A = S N/A This appraisal is made -as is- subject to the repairs, alterations. inspections or conditions listed below U subject to completion per plans and :;I .-cncf,,-w; ConditionsofAppraisal: This appraisal is being made "as is ". This is a "Summary Appraisal Report ". No liability is assumed for the structural or mechanical elements of the property. Final ReconciliationIndicated value by sales comparison• 5235 000• by cost approach: $235,400. 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 th above conditions and the certification, cuntrr-jent and limiting conditions, and Market value definition that are stated in the attached Freddie Mac Form 439/1annie Mae Form 10048 (Revised 6/93 ). I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF August 25_, 1998 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 235. 000 APPRAISER: �Y \r tP ` SUPERVISORY A ISE ONL 1 ED): Signature 1,'�•V, r �— Signature g Did X1 Drd Nut Name Bobby r�';ManQeLLg -Oh Name joh C. Forsyt e, SRA Inspect Property FORSYTHE APPRAISALS, INC. REAL ESTATE APPRAISALS 5272976 EXPLANATORY COMMENTS 6613 Galway Drive Edina, MN 55439 -1311 NEIGHBORHOOD FACTORS THAT AFFECT MARKETABILITY: Heights park and Normandale Park are situated within one mile from the subject residence, which adds to the recreation in the area. Edina High School and Valley View Middle School are conveniently located .5 miles west of the subject property. SITE COMMENTS: Improvements face west. Landscaping consists of trees and shrubbery. It is elevated approximately 3' above the street. The lawn is well maintained. Typical easements have been considered to estimate the market value. Special assessments fees pertain to solid waste. ADDITIONAL FEATURES: Additional features include: basement (stool /sink /shower), bookcases, one ceiling fan, central air, ceramic tile floors, deck, electronic air cleaner, exterior (brick/maintenance free), three fireplaces, garage, garage door opener, gutters, hardwood floors, kitchen appliances (built - in), master bath (double vanity /separate shower), open porch, patio, wall coverings, and a water softener. CONDITION OF THE IMPROVEMENTS: Basement finishing consists of two bedrooms, a family room, a rec room, and a bath. The basement laundry and utility areas were subtracted from the basement square footage to determine the total basement finished area. The subject was purchased in 1987 for $159,500. Recent improvements per homeowner - remodeled the kitchen in 1991, new furnace and air conditioning in 1993, deck in 1995, remodeled the basement in 1995, remodeled the entry way, landscaping, and new window treatments in the lower level. 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 86 years. The land to value ratio is 27 %. This is typical for the area. The square footage was arrived at using the following calculations. Gross Living Area First = 1843 First 45.00 x 27.00 x 1 = 1215 9.00 x 20.00 x 1 = 180 3.00 x 18.60 x 1 = 56 14.00 x 28.00 x 1 = 392 Total Sq. Ft. = 1843 SALES COMPARISON COMMENTS: Comps #2 and #3 do have superior site size. Superior quality adjustments to Comp #3 reflect a brick masonry exterior, a new roof, new windows in the family room, interior and exterior painting, new hardware and lighting. Comp #3 lacks a walkout basement structure. All comps do lack a three car garage. FORSYTHE APPRAISALS, INC. REAL ESTATE APPRAISALS 5272976 Re No. 60809753 SALES COMPARISON COMMENTS: (continued) Adjustments were made to Comps #1 and #3 for the lack of a patio and porch. Comps #1 and #3 were additionally adjusted for a fence. Comp #1 lacks hardwood flooring. Comp #3 does have central vacuum. 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 %. It was necessary to exceed the desired six months time due to the lack of most recent similar comparable sales within the subject neighborhood. IMPACTING SELLER PAID POINTS: There were no impacting seller paid points. ANALYSIS OF ANY CURRENT AGREEMENT: The subject has not been listed or re-sold in the past year. The owner of the subject residence are currently in the process of refinancing. The borrower has applied for a $106,912 mortgage. TRANSMITTAL LETTER: The subject was inspected on August 25, 1998. The estimated market value as of August 25, 1998 (effective date), is $235,000. The property was appraised by Bobby J. Mangelsen, Appraiser. It was reviewed by John C. Forsythe, SRA. As of the date of this report, I, John C. Forsythe, SRA, 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. This appraisal report is a "Summary Appraisal Report". It conforms to the 1997 Uniform Standards of Professional Appraisal Practice. No responsibility has been assumed for matters which are legal in nature, nor has any opinion on them been rendered, other than assuming marketable title. Liens and encumbrances, if any, have been disregarded and the property was appraised as though free of indebtedness. Please feel free to call us if you have a question. ADDITIONAL COMMENTS: 1. The purpose of the appraisal is to estimate the market value of the subject property for federally related mortgage loan purposes. 2. The legal description of the subject property can be found on page 1 of the 1004 form. 3. The reasonable marketing period for the subject property is 0 to 90 days. 4. According to the county and the homeowner, the subject property has not been transferred in the past 12 months. 5. The subject property was inspected on August 25, 1998, the report was prepared on August 25, 1998, the effective date of the appraisal is August 25, 1998. These dates coincide. FORSYTHE APPRAISALS, INC. REAL ESTATE APPRAISALS 5272976 Pil" No. 60809753 TRANSMITTAL LETTER: (continued) 6. The subject is an existing structure. This appraisal is made "as is." No repairs or inspections required. 7. Personal property was not included in the appraised value. 8. We have considered all three approaches to value. The income approach was not utilized due to lack of reliable rental data of single family homes in this neighborhood. 9. The subject is a single family residential property. It is not currently rented. Revenues, expenses, and /or vacancies do not apply. 10. Current and future employment or compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result or the occurrence of a subsequent event. 11. This appraisal report was completed in conformity with the Uniform Standards of Professional Appraisal Practice. 12. If the photos included in this appraisal are digital /electronic images, they have not been enlarged, enhanced, or altered in any way. 13. If electronic /digital signatures are used, it has been ruled acceptable appraisal practice by USPAP. km ..................... ...................... ....................... . . . . . . ...................... Bedroom Living Room I Family Room A A ---T— UP 3 is, 0 L 0 F.11 Bztj L .1 Kitchen rl ;> Dining 7' 3- Bedroom 20' 20, 14' Den I SKETCH/AREA TABLE AAENDUM RIeNo: 9812244 S Borrower /Client U Raich, John/Mary Jane B Property Address 6623 Galway Drive E. City County State Zip Code Edina Hennepin MN Lender ..................... ...................... ....................... . . . . . . ...................... Bedroom Living Room I Family Room A A ---T— UP 3 is, 0 L 0 F.11 Bztj L .1 Kitchen rl ;> Dining 7' 3- Bedroom 20' 20, 14' Den I PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 05- 116 -21 -42 -0033 Pt.Con: HOUSE# FRACTION STREET NAME- UNIT ZIP +4 Front: 6613 1/_ GALWAY DR 55439+ Right: CURR 319 NEXT Mt.Adr: Back: Left : Ownerl: RAICH JOHN Owner3: Owner2: RAICH MARY JANE E Owner4: Zoning: 0 Prim /sec: Yr.blt: 1960 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land 1999: 78500 1998: 55500 1997: 55,500 Legal Description: Mkt -Bldg Mkt -Mach 166100 162900 158700 LOT 21 BLOCK 2 THE HEIGHTS Mkt -Tot Tx Capacity Hd PT %Own 244600 H R 100 218400 3188 H R 100 214200 3325 H R 100 Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT _ 05- 116 -21 -42 -0033 6613 1/ GALWAY DR SALE TYPE SALES DATE PRICE OF SALE RATIO 11/1986 159500 5 _ Make chances: press ENTER; or F1 F2 F5 F8 REMARKS ^•ity of Edina Assessor's Off ice 4801 West 50th Street Edina, MN. 55424 -1394 P.I.D. # 29 -028-24-2- Date Returned:l��r y Time: q :3 AM Phone: (612) 826 -0365 Fax: (612) 826 -0390 Case # [TDD (Deaf Only): (612) 826 -0379) Received B 1 . .... :::::::::: Board of Review Residential Request for Review Attach any supporting documentation Application Date: 4 -9_99 Owner Name: VIRGINIA A. BORGESON Owner Address: 62116 EWING AV Home Phone Number: �d ` ��f Business Phone Number: % Property Address: Assessor's estimated market value for January 2, 1999: Total: 166,500 Land: 51,700 Buildings: 114,800 I believe the estimated market value on January 2, 1999 should be: , Land: Buildings: Total: Purchase Date: Total purchase price (land 8 bidgs.): Year Built: House: y" (% Garage:/v f'r Additions (Explain): Condition of Structures (Explain): aK Description & value of additions and improvements since your purchase of this property: f.1 rr''..�ecim: : �i�ofes�sio�na• �• prais.is: .��fPte:ase:�attac:h���:............ '.O..•a .y Indicated Value: Appraisal Date: o�ir:ob ecti,ori:To;t:Me:: ass: essor' s:: estirr ±ated::market:�!atue;:::::;:::: Ens pla +ri::tliP::(.easons .for. ... CD T Di---/yF-cc) ap o r- f9 % 3Q5 ��c �� Alos 0,0 .1 _S4, S� �D �� i v`:� /�z GG�� �z� ,Yrz�crJiJ 6 z �u T 19-e-ge- 16 7-- f'�`f �F/aiUl9 5/ ti��� /mot PBIl ;7' /S /�Y3C�� ,..1`� co Sig � FI DO HEREBY AFFIRM THAT THE ABOVE IIS As �oCl.Oc_)MPA����� KNOWLEDGE AND BELIEF. Signature of a licant: RETURN THIS APPLICATION TO THE EDI ASSESSOR'S OUP SUPPORT YOUR CAS.E.PYOU WILL BE CONTACTED PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL S to ovnPFRTY REVIEWED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 29- 028 -24 -22 -0057 CURB 319 I NEXT Mkt -Land 1999: 51700 1998: 32700 1997: 32700 Legal Description: Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 114800 166500 H A 100 118700 151400 2049 H R 100 111500 144200 2030 H R 100 LOT 1 BLOCK 1 0. B. ERICKSON ADDITION TVpe PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 29- 028 -24 -22 -0057 6216 1/ EWING AVE S SALE TYPE SALES DATE Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 6216 1/_ EWING AVE S 55410+ Right: Left: Ownerl: BORGESON VIRGINIA A Owner3: Owner2: Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1961 Area: 12160 Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: 76 Depth: 160 Mkt -Land 1999: 51700 1998: 32700 1997: 32700 Legal Description: Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 114800 166500 H A 100 118700 151400 2049 H R 100 111500 144200 2030 H R 100 LOT 1 BLOCK 1 0. B. ERICKSON ADDITION TVpe PID or ADDRESS: press ENTER: or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 29- 028 -24 -22 -0057 6216 1/ EWING AVE S SALE TYPE SALES DATE PRICE OF SALE RATIO 12/1995 155000 5 _ 3/1980 90750 — _ 4/1975 58000 Make changes: press ENTER; or F1 F2 F5 F8 REMARKS Cit y of Edina Assessor's office x+801 West 50th Street P.I.D. # 19- 028 -24 -31 -012 Edina, MN. 55424 -1394 5 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -03791 Board of Review Residential Request for Review Application Date: 4 -5 -99 Owner Name: DOROTHY KRONLOKKEN _Owner Address 5909 ASHCROFT AVE Home Phone Number•( - y) —1-2 0 Date Returned: Time: Received B Case # :::�:: For:; office. �us�: o. n.. y.:• :.... .............................•. . Attach any s Business Phone Number: Property Address• SYIc= 17 1�SNC' l d F % J-11e . Assessor's estimated market value for January 2, 1999: Land: 43,600 Buildings: 55,600 I believe the estimated market value on January 2, 1999 should be: , --A. Buildings: Purchase Date: ` 1 ITotal purchase price (land & Total: 104,200 Total: Year Built: House: /%S 3 Garage: / 04,_-Additions (Explain): � Condition of Structures (Explain): Description & value of additions and improvements since your p urchase of this property: ........... ..... p. ...•............•............ � •��ra.'iS�alst���:�:�:�:���:�:( Please :�atiac.h:a::c.op..:Qf:�:rr Profess'ir;:rial:A Aooraisal Date: Indicated Value: ........... _ I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF M KNOWLEDGE AND BELIEF. Signature of icant: RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. PLEASE ATTACH ANY DOCUMENTATION YOU F O THE WILL SUPPORT YOUR CASE. BOARD OF YOU WILL MEETING CONTACTED TO HAVE YOUR PROPERTY REVIEWED PRIOR TO el mo 9 �yy9 APR o g Iqi- C)2 g..2 �l -mil air c Ave, /p o a 7z�- All, f / , c -1 PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 19- 028 -24 -31 -0125 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 5909 1/ ASHCROFT AVE 55424+ Right: CURR 319 I NEXT Mt.Adr: Back: Left : Ownerl: Owner2: Zoning: Sch.Dst: KRONLOKKEN DOROTHY A Owner3: Owner4: R -1 Prim /sec: Yr.blt: 1952 Area: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Acres: .00 Width: 50 Depth: 136 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 48600 55600 104200 H R 100 1998: 30600 62500 93100 1058 H R 100 1997: 30600 57300 87900 989 H R 100 Legal Description: LOT 22 BLOCK 10 "FAIRFAX, HENNEPIN COUNTY, Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - --- NEXT 19- 028 -24 -31 -0125 5909 1/ ASHCROFT AVE SALE TYPE SALES DATE PRICE OF SALE RATIO Make changes: press ENTER; or F1 F2 F5 F8 REMARKS HC 586 (2/84) CERTIFICATION OF POSTING OF ASSESSMENT NOTICE State of Minnesota COUNTY OF Hennepin ss. State OF Minnesota I, Debra A. Mangen Clerk of the City of Edina in said County for the year 19 99, do hereby certify that on the 22nd day of March , 19 99, inconformity with requirements of law, I posted notices in each of three of the most public places in said City of Edina ten days before the time of meeting therein named, and also caused such notice to be published in a legal newspaper, of which the following is a true copy, to -wit: ASSESSMENT NOTICE NOTICE IS HEREBY GIVEN, That the Board of Review of the C i t y of Edina in Hennepin County, Minnesota, will meet at the office of the C i ty Clerk in said City Hall , at 5:00 o'clock . M., on Monday , the 12th day of Apr i 1 , 19 99 for the purpose of reviewing and correcting the assessment of said City of Edina I for the year 19 9 9. All persons considering themselves aggrieved by said assessment, or who wish to complain that the property of another is assess- ed too low, are hereby notified to appear at said meeting and show cause for having such assessment corrected. No complaint that another person is assessed too low will be acted upon until the person so assessed, or his agent, shall have been notified of such complaint. Dated the 15 t h day of March '1999 Clerk of the City of Given under my hand this i g t h day of Apr i l , 1 State of Minnesota, COUNTY OF HENNEPIN ss. Ctiy of Edina We, the undersigned, Board of Review of the City of Edina Edina in said County, do hereby certify that we, and each of us, attended at the office of the � i t- y Clerk of said City of Edina on the day set forth in the notice given by the Clerk of said C i t y and that we then and there remained in session the whole of said day as a Board of Review. , Witness our hands this 19th day of April 19 99 i A X ,� 1 r� NOTICE TO ASSESSOR Assessor must make the necessary footings at bottom of each page and carry them forward to the "Tabular Statement" form, and in so doing use all possible care. Minnesota Statutes, Section 274.04. The assessor shall foot each column in his assessment book, and make in each book, under proper headings, a tabular statement showing the footings of the several columns upon each page. He shall also foot the total amounts of the several columns under the respective headings. " ' ' Such return shall be verified by his affidavit substantially in the following form: To Be Signed By County Assessor To Auditor of the County of State of Minnesota County of 1, ASSESSOR'S RETURN OATH SS. , Minnesota. , County Assessor of the County of do solemnly swear that the book to which this is attached contains a correct and full list of all Real and Personal Properly subject to assessment and taxation in the of for the yeas 19 , so far as I have been able to ascertain the same, and that the market value, except as limited by statute, and the assessed value, except as limited by statute, set down in.the property column, opposite the several kinds and descriptions of property, is in each case the market value, except as limited by statute, and assessed value, except as limited by statute, of such property, to the best of my knowledge and belief, including all changes made by the Board of Review, and that the footings of the several columns in said book and the tabular statements returned herewith are correct, as 1 verily believe. Subscribed and sworn to before me this County of day of Auditor of CERTIFICATION OF NOTICE ON INCREASED VALUATIONS State of Minnesota Of SS. County Assessor ,19 County 1, County Assessor of County, Minnesota, do solemnly swear that the owner or occupant of each description of real property which was subjected to an increase in market value over the preceding year's assessment was given official notice of the amount of such increases. I further certify that all such notices were sent through the course of ordinary mail not less than ten days prior to the duly convened or on Monte Dal . Ye Of Moue Dad Ym ten days prior to the official adjournment thereof. Date Signature: on which Board of Review 9.0 • 1 memorandum Date: 04/16/99 To: Edina Board of Review Members From: Rick Petersburg, SAMA RE: Board of Review Reconvene -April 19, 1999 - 5:00 p.m. -Council Chambers This packet of information includes: • Updated assessor commentaries for Case #22, #28, #33 - 35, #39, #41 - 42, #46 - 47, #49 and #53. • New assessor commentaries for Case #54 through #58 if there was adequate time to review said cases. • Request for Review forms and History Screens for Case #59 and #60. • Letter, supporting owner evidence and our History Screen for Letter #6. • Letter and History Screens for three walk -in attendees at the 4 -12 -99 meeting. • 1 will also have a letter to read into the minutes for "Heritage of Edina ". This letter arrived two days after the Board of Review had met. In order to afford this • person every opportunity the County Assessor recommended that we read it into the minutes and allow him to move on to the County Board of Equalization. • Board Action Summary worksheet. 04/01/98 1 Case # 22 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 07- 028 -24-43 -0059 Date: 4/12/99 Property Address: 4404 Branson Street Owner /Agent Name: Joseph H / Sara H Andersen Comments: Supplement information provided for 4/12/99 Reviewed submitted appraisal, sales number 2 and 3 sold in 1997 and were not adjusted for time. Reviewed 3 other sales and they support the 1999 market value of $219,100. Recommend no change in value. City of Edina Board of Review Address 4404 Branson Street PID # 07- 028 -24 -43 -0059 Case # 22 Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Address 4404 BRANSON ST 4215 OAKDALE AVE 4105 MORNINGSIDE ROAD PID # 07- 028 -24 -43 -0059 07- 028 -24-42 -0119 07- 028 -24 -44 -0121 SALE DATE Aug -98 Apr -98 Sale Price $ 256,000 $ 260,000 $ .ime Adjustment $ Adj. Sale Price $ - $ 256,000 $ 260,000 $ Price / Sq Ft $ - $ 166.02 $ 131.51 $ Style 1 st Floor Area 1.782 2nd Floor Area 468 Total Sq Ft 2,250 17,700 Quality Year Built 1926 Condition AVG # of Bedrooms 3 BATHS - Dlx Full 2 3/4 1/2 Basement Area Finished Bsmt Walkout Fireplaces Heat / Cooling Garage Size/Type Deck Porches Lot Size Location Other Other Other Other Restrictions Net Adjustment Adj. Sale Price 1200 850 NO 2 H.W. 1 CAR YES NO 50 x 214 1,042 500 1,542 $ 17,700 1941 AVG 4 1 2 $ (2,500; 1 1042 $ 3,500 600 NO $ 3,000 1 $ 3,000 FA/CA $ (2,000 1 CAR $ 1,000 3 SEASON $ (4,000 74 X 125 1,277 700 1,977 $ 6,000 1920 AVG 3 1 2 $ (2,500; 1036 500 $ 3,500 NO 1 $ 3,000 FA/CA $ (2,000 1 CAR ATT $ (2,000) YES $ 1,000 50 X 200 $ (4,000) RMDL 1 $ (10,000) KIT RMDL I $ $ 4,700 $ $ 260,700 1 $ ■ Comparable #3 4238 LYNN AVE 07- 028 -24-42 -0088 Dec -97 199,000 19,900 218,900 152.23 1,018 420 1,438 $ 20,300 1916 AVG 4 '1 1 1018 650 NO 1 $ 3,000 FA/CA $ (2,000) 1 CAR $ 1,000 3 SEASON $ (4,000) 50 X 200 (2,000)1 $ 258,000 $ KIT RMDL 1 $ (10 8,300 227,200 Case # 28 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 31- 028 -24 -22 -0074 Date: 4/12/99 Property Address: 4909 Trillium Lane Owner /Agent Name: Andy Poncius Comments: Supplement information provided for 4/12/99. 4/14/99 This property was reviewed for the second time in the last 3 years. The condition of the property has deteriorated further and a considerable amount of work needs to be attended to on both exterior and interior of property. The comparable properties are similar in style type, location and size, but were in significantly better condition. All properties effected equally from traffic noise. We ask that the Board reduce the 1999 value from $181,600 to $174,000. Address PID # Case # 4909 Trillium lane 31- 028 -24 -22 -0074 28 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 4909 TRILLIUM 31- 028 -24 -22 -0074 4905 LANTANA 31- 028 -24 -23 -0005 7233 MONARDO LANE 31- 028 -24 -23 -0030 4809 ASPASIA LANE 31- 028 -24 -22 -0058 SALE DATE Sep -98 Aug -98 Sep -97 Sale Price $ 217,000 $ 217,900 $ 205,000 ime Adjustment $ 4,300 $ 4,400 $ 16,400 Adj. Sale Price $ $ 221,300 $ 222,300 $ 221,400 Price / Sq Ft $ $ 163.68 $ 154.38 $ 130.39 Style S/L S/L S/L S/L 1 st Floor Area 1,528 1,352 2nd Floor Area Total Sq Ft 1,528 1,352 $ 5,300 1,440 $ 1,100 1,698 $ (5,100) Quality B -2 B -2 B -2 B -2 Year Built 1958 1959 1962 1959 Condition AVERAGE V -GOOD $ (30,000) V -GOOD $ (30,000) GOOD $ (20,000) # of Bedrooms 4 4 4 4 BATHS - Dix Full 1 1 1 1 3/4 2 2 1 $ (2,500) 2 1/2 1 $ 1,500 Basement Area Finished Bsmt 825 1092 $ (4,000) 512 $ 4,700 1020 $ (2,900) Walkout Fireplaces 2 2 1 $ 2,500 2 Heat / Cooling CAC CAC NO $ 2,000 CAC Garage Sizerrype 2 CAR T. U 2 CAR 2 CAR 2 CAR Deck Porches 3 SEASON $ (9,500) Lot Size 69 X 124 91 X 139 85 X 127 95 X 120 Location FINE FINE FINE FINE Other SAUNA $ (3,000) Other Other Other Restrictions Net Adjustment Is (31,700) $ (30,200) $ (28,000) Adj. Sale Price $ 189,600 1 $ 192,100 $ 193,400 Case # 33 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 18- 028 -24 -42 -0036 Date: 4/12/99 Property Address: 5019 Bruce Ave Owner /Agent Name: Scott M & Margaret L Busyn Comments: Supplement information provided for 4/12/99. The Property was inspected on April 13, and found to be in good condition. The home was last purchased 3 years ago this May for $281,000. This past summer, the original 3 season porch was removed and replaced with a larger 4 season porch, (sun room or family room.) The improvement amount added was $18,000. We ask that the Board sustain the 1999 value at $307,600. City of Edina Board of Review Address 5019 Bruce Ave PID # 18- 028 -24-42 -0036 Case # 33 Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 5019 Bruce Ave 18- 028 -24-42 -0036 5009 Bruce Ave 18- 028 -24-42 -0031 5019 Arden Ave 18- 028 -24 -42 -0063 5308 Kellogg ave 18-028 -24-43 -0040 SALE DATE May -96 7 -98 SOLD IN 12 DAYS Mar -99 Jul -98 Sale Price $ 281,000.00 $ 360,000 $ 299,000 $ 283,000 ime Adjustment $ 7,200 $ (6,000) $ 5,700 Adj. Sale Price $ 281,000.00 $ 367,200 $ 293,000 $ 288,700 Price / Sq Ft $ 131.62 $ 173.95 $ 209.29 $ 175.72 Style 1 st Floor Area 1,415 1,439 825 1,108 12nd Floor Area 720 672 576 535 Total Sq Ft 2135.00 2,111 $ 1'. 000 1,400 $ 29,400 1,643 $ 19,700 Quality B -1 B -1 B -1 B -2 Year Built 1940 1940 1940 1937 Condition GOOD EXCELLENT $ (20,000) GOOD GOOD # of Bedrooms 4 4 1 3 BATHS - Dlx ALL BRICK $ (6,000) Full 1 1 1 1 3/4 1 $ (2,500) 1/2 1 1 1 1 Basement Area Finished Bsmt 480 664 $ (2,000) 400 $ 2,000 400 $ 800 Walkout Fireplaces 3 2 $ 2,000 2 $ 2,000 1 $ 4,200 Heat / Cooling FA/CAC CAC CAC Garage Sizerrype 1 CAR 2 CAR DET $ (5,000) 2 CAR DET $ (5,000) 2 CAR $ (5,000) Deck PATIO DECK $ (2,000) Porches YES $ (10,000) Lot Size 60 X 125 70 X 128 60 X 120 60 X 135 Location V - GOOD V - GOOD GOOD $ 10,000 V- GOOD Other Other Other Other Restrictions Net Adjustment $ (28,500) $ 22,400 $ 19,700 Adj. Sale Price $ 338,700 1 $ 315,400 1 $ 308,400 0MO .� w' . yn1 12.x, 2 .n Cone. Garage Patio 36,.E 35.0 19.0 9•ii 17.0 5019 BRUCE AVENUE 18- 028 -24 -42 -0036 f' 11L" V u J)Ll ILI I a V I aVa" 17,0 X 35.0 = 595. 19.0 X 26.0 = 494. 16.0 X 20,0 = 330, Tot Livable; = 1,409 FILE = 5019BRUC Total Livable = 1, Total Garage = Case # 34 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 32- 117 -21 -43 -0041 Date: 4/12/99 Property Address: 6109 Ridgeway Road , Owner /Agent Name: Peter Hall Comments: Supplement information provided for 4/12/99. I had a phone conversation with Mr. Hall on April 9th, regarding the improvement amount which had been added for the 1999 assessment. He seemed understanding (not necessarily pleased) of the increase, and I told him we would include it in the Board of Review in the event he wanted us to look at his home or appeal to the County Board in June. We ask that the Board sustain the 1999 value at $257,100. Case # 35 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 06- 116 -21 -44 -0047 Date: 4/12/99 Property Address: 6805 ST PATRICKS LANE Owner /Agent Name: JAMES / FRANCES HUETTL [C omments: SUPPLEMENT INFORMATION PROVIDED FOR 4/12/99 Subject property is in average to good condition. All 3 sales are comparable in size and style. Recommend no change in value. Address PID # Case # 6805 St Patricks Lane 06- 116 -21 -44 -0047 35 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 6805 St Patricks Lane 06- 116 -21-44 -047 6841 Sally Lane 06- 116 -21 -33 -0037 5805 Arbour Ave 32- 117 -21 -31 -0011 5709 Susan 05- 116 -21 -31 -0054 SALE DATE Dec -98 Jun -98 Aug -98 Sale Price $ 220,000 $ 238,000 $ 265,000 ime Adjustment $ 17,600 $ 5,000 $ 5,000 Adj. Sale Price $ $ 237,600 $ 243,000 $ 270,000 Price / Sq Ft $ - $ 126.92 $ 125.00 $ 137.54 Style 2/S 2/S 2/S 2/S 1st Floor Area 1,094 918 1,112 1,131 2nd Floor Area 1 864 952 832 832 Total Sq Ft 1,958 1,872 $ 2,200 1,944 1,963 Quality Year Built 1968 1965 1964 1962 Condition AVG /GOOD AVG AVG AVG # of Bedrooms 4 4 4 4 BATHS - Dlx Full 1 1 1 1 3/4 1 1 1 1 1/2 1 1 1 1 Basement Area 845 918 832 1131 Finished Bsmt 384 650 $ (5,000) 350 $ (3,000) NONE Walkout NO NO NO NO Fireplaces 2 2 2 2 Heat/ Cooling FA/CA FA/CA FA/CA FA/CA Garage Size/Type 2 CAR 2 CAR 2 CAR 2 CAR Deck PATIO Porches 3 SEASON $ (4,000) Lot Size 90X187 100X160 IRR 88X132 Location Other Other Other Other Restrictions Net Adjustment I $ (2,800) $ (3,000) $ (4,000) Adj. Sale Price I $ 234,800 1 $ 240,000 1 $ 266,000 Via►,#, , _� �,. ++.� C !�' ' IFA •�M y1, FA Al MEASUREMENTS IOTA 13.0 X 18,0 = 334, 13.0 X 38.0 = 364. 19.0 X 36.0 = 494. 4.0}{1,0 = 4, 6.0 x 3,0 = 13. 32.0 4.0 X 1.0 = 4. 33.0 X 1.0 = 33. Tot Livable: = 1,144 �.a Garage 1e.•• 13.0 13.0 r FILE = 6805STFA 6805 ST, FATRICHS LANE 06- 116 -31 -44 -0047 Total Livable = 1,14 Total Garage = 48 Case # 39 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 31- 117 -21 -14 -0037 Date: 4/12199 Property Address: 5615 Schaefer Road Owner /Agent Name: Randy T / Cathy L McKay Comments: Supplement information provided for 4/12/99 Subject property is in good condition and has had some changes since purchase. Replaced brown slate floor in entry and kitchen with light ceramic tile, and new kitchen appliances. All three sales are smaller in size but have full basements. Recommend reduction in value to $495,000. City of Edina Board of Review Address 5615 SCHAEFER RD PID # 31- 117 -21 -14 -0037 Case # 39 Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 5615 SCHAEFER RD 31- 117 -21 -14 -0037 6204 S KNOLL DR 31- 117 -21 -14 -0004 6615 PARKWOOD LA 31- 117 -21 -24 -0076 6309 S KNOLL DR 31- 117 -21 -14 -0008 SALE DATE Dec -98 Aug -98 Jun -98 Sale Price $ 530,000 $ 497,000 $ 475,000 ime Adjustment $ - $ 25,000 $ 22,000 Adj. Sale Price 0 $ 530,000 $ 522,000 $ 497,000 Price / Sq Ft $ - $ 196.30 $ 219.14 $ 234.21 Style 1/S 1/S 1/S 1/S 1st Floor Area 3,900 2,700 2,382 2,122 12nd Floor Area Total Sq Ft 3,900 2,700 $ 36,000 2,382 $ 45,000 2,122 $ 51,000 Quality Year Built 1963 1956 1975 1956 Condition GOOD V GOOD $ (10,000) V -GOOD $ (10,000) V GOOD $ (10,000) # of Bedrooms 4 5 5 4 BATHS - Dlx 1 $ 4,000 $ 4,000 1 Full 1 2 $ (3,000) 2 $ (3,000) 1 3/4 1 1 1 1 1/2 1 $ 500 Basement Area 1100 1644 $ (6,500) 2334 $ (15,000) 2100 $ (12,000) Finished Bsmt 450 700 $ (3,700) 1400 $ (14,000) 1400 $ (14,000) Walkout NO NO YES $ (5,000) YES $ (5,000) Fireplaces 2 2 2 2 Heat / Cooling FA/CA FA/CA FA/CA FA/CA Garage Sizerrype 3 CAR 3 CAR 3 CAR 3 CAR Deck PATIO PATIO PATIO Porches 3 SEASON $ (5,000) Lot Size 170 X 140 131 X 240 120 X 130 152 X 186 Location Other POOL $ 5,000 NO $ 5,000 NO $ 5,000 Other RMDL $ (20,000) RMDL $ (20,000) RMDL $ (20,000) Other LAKE $ (20,000) Other Restrictions Net Adjustment I $ (18,200) $ (12,500) $ (10,000) Adj. Sale Price $ 511,800 1 $ 509,500 1 $ 487,000 CITY OF EDINA o PROPERTY CHARACTERISTICS 5615 Schaefer Road 31- 117 -21 -14 -0037 Case # 41 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 06- 116 -21 -41 -0048 Date: 4/12/99 Property Address: 6728 ROSEMARY LANE 10wner/Agent Name: DANIEL RUTMAN / ANDREA WEISBERG Comments: Supplement information provided for 4/12/99. The home located on Rosemary Lane is in fair condition. Some repairs are needed (roof, siding, windows). Subject is larger than sales reviewed. Comparable number 1 and 2 are in good condition and some remodeling done to these two homes. Sale number 3 will be closing in June 1999, selling for more than $240,000. It is smaller in size and not in very good condition. Recommended Value Reduction to $258,000. Address PID # Case # 6728 Rosemary Lane 06- 116 -21 -41 -0048 41 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 6728 Rosemary Lane 06- 116 -21-41 -0048 5708 Grace Terr 05- 116 -21 -31 -0066 4408 Gilford Dr 31- 028 -24 -13 -0108 5804 Kemrich Ave 08- 116 -21 -24 -0008 SALE DATE May -98 Sep -97 TO CLOSE 6/1999 Sale Price $ 298,000 $ 230,000 $ 240,000 ime Adjustment $ 12,000 $ 34,500 $ - Adj. Sale Price $ - $ 310,000 $ 264,500 $ 240,000 Price / Sq Ft $ - $ 132.71 $ 111.46 $ 103.14 Style 2/S 2/S 2/S 2/S 1 st Floor Area 1,432 1,316 1,204 1,166 12nd Floor Area 1,274 1,020 1 1,169 1,161 Total Sq Ft 2,706 2,336 $ 7,400 2,373 $ 6,000 2,327 $ 7,000 Quality Year Built 1965 1966 1963 1968 Condition FAIR GOOD $ (20,000) GOOD $ (20,000) FAIR # of Bedrooms BATHS - Dix Full 3/4 1 1 1 1 112 1 1 1 1 Basement Area 1432 1300 840 $ 5,000 1118 Finished Bsmt 980 500 600 $ 5,000 500 $ 3,000 Walkout YES YES NO $ 5,000 NO $ 5,000 Fireplaces 3 2 $ 3,000 2 $ 3,000 2 $ 3,000 Heat / Cooling FA/CA FA/CA FA/CA FA/CA Garage Size/Type 2 CAR 2 CAR 2 CAR 2 CAR Deck PATIO Porches SCREEN $ (3,000) Lot Size 115X128 100X132 80X135 96X135 Location Other UPDATE $ (10,000) UPDATE $ (5,000) Other Other Other Restrictions Net Adjustment $ (22,600) $ (1,000) $ 18,000 I Adj. Sale Price $ 287,400 1 $ 263,500 1 $ 258,000 CITY OF EDINA o PROPERTY CHARACTERISTICS 6728 Rosemary Lane 06- 116 -21 -41 -0048 Case # 42 City of Edina Board of Review �� a, 1 IaR. Assessor's Commentary Property I.D. Number: 19- 028 -24 -41 -0021 Date: 4/12/99 Property Address: 5824 Halifax Ave Owner /Agent Name: Clara Gooding Comments: Supplement information provided for 4/12/99 See Attached Report. CASE # 42 PROPERTY ID #: 19- 028 -24 -41 -0021 PROPERTY ADDRESS: 5824 HALIFAX AVENUE 1999 ASSESSMENT: LAND: $75,000. BUILDINGS: $89,400. TOTAL: $164,400 SUPPLEMENT TO APRIL 12, 1999 BOARD OF REVIEW SESSION Property Summary: This is a 1 story (rambler), built in 1953, with 1284 square feet of gross building area. The house contains 3 bedrooms, 1 and '/z bathrooms, basement finish, and a 2 car attached garage. There is a creek behind the property. Owner's request: Freeze the assessment at the 1998 amount. Apparently, Mrs. Gooding feels that her property value has been adversely affected by the nearby creek. The City Engineer does not concur with Mrs. Gooding. No market data or comparable sales have been submitted to the Assessment Department to support Mrs. Gooding's request, nor have we witnessed such a market impact. To further assist the Board of Review, we have researched every rambler sale that has occurred along the creek side of Halifax Avenue since 1990. There have been only four sales. Those sales are plotted on the attached map, and are summarized below: 5812 Halifax Avenue: Located 3 lots north of subject property. Sold November, 1991 for $150,000. Rambler; built in 1953; 1452 sq. ft.; 3 bedrooms; 1 and '/z bathrooms, AC, basement finish, 2 car attached garage. 5904 Halifax Avenue: Located 3 lots south of subject property. Sold October, 1993 for $172,050. Rambler; built in 1953; 1497 sq. ft.; 4 bedrooms; 2 and '/2 bathrooms, AC, basement finish, 2 car attached garage. 5908 Halifax Avenue: Located 4 lots south of subject property. Sold February, 1992 for $163,500. Rambler; built in 1953; 1246 sq. ft.; 3 bedrooms, 2 bathrooms, AC, basement finish, 2 car attached garage. 5916 Halifax Avenue: Located 6 lots south of subject property. Sold June, 1996 for $185,000. Rambler; built in 1953; 1622 sq. ft.; 3 bedrooms, 2 and %2 bathrooms, basement finish, 2 car attached garage. As you are aware,. Edina residential values have increased markedly during the past several years. Sales within the subject neighborhood have not been an exception to this pattern. Without even considering this rise in values, the 1999 assessment of the subject property is amply supported by comparable sales dating from the early to mid 1990's. Had those sales been adjusted for time, the indicated subject value would certainly be greater than the current assessment. Home values along the creek side of Halifax Avenue have simply not displayed an adverse locational effect. Given the four comparable sales, we reiterate our recommendation that the 1999 assessment be sustained at $164,400. 1' J - . 580 809 399 41E... 1 I T9 3.91 581 r, �ti�ES . 58 3905 $150,000 .1 ;' a 909 11/91. o _ 4 582 95 cc . SUBJECT PROPERTY 29 56) e - - 901 _... _ t82 F' 905 } 5 0 ?P 5900 J i $172,050 10/93 590 $163,500 rl 2/92 = �3, �' — 91 55908 9 AA) 90 09 33) � - IA?. _ 913 o zk ` 4 990 917 c 26 r + ) X912 lol..s kn 917 rn s 91 r59 (35) , �,.,, .s . $185,000 (2591 921 .___ 6/96 14 a e ?992 14 9 592 ,s I 14 (371 IT 17) -- loo 5929 .1 F1� f ' ✓,ti1� Y aw 'z 3 . C, 31.4 19. Cl 23. 24.4 Garage 23 23.4 5824 HALIFAX AVENUE 19- 028 - 24-41 -0021 wf fr•• ✓ 1 Y I ILIlVYAILl 1L111 V 1 -1110 x 1910 = `7 -3091 3310 x 4210 = 9661 510 X 41.0 = 2051 1410 x 2310 = 3221 Tot Liable, = 1,284 FILE = 5824HALI Total Liable = 1,28 Total Garage = 46 Case # 46 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 33- 117 -21 -24 -0027 Date: 4/12/99 Property Address: 5020 NORMANDALE COURT Owner /Agent Name: JAMES M / JERRILYN K OSTLUND Comments: Supplement information provided for 4/12/99. Subject property is in good condition, it does have new kitchen appliances and countertop. Sales number 1 and 3 are most similar in size, and have had no updates. Recommend reduction in value to $279,000. Address PID # Case # 5020 Normandale Court 33- 117 -21 -24 -0027 46 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 5020 Normandale Ct 33- 117 -21 -24 -0027 5813 Eastview 33- 117 -21 -31 -0065 4509 Nancy Lane 30- 028 -24 -21 -0106 5016 Normandale ct 33- 117 -21 -24 -0052 SALE DATE Nov -97 Nov -98 Jun -97 Sale Price $ 225,000 $ 229,900 $ 207,000 ime Adjustment $ 27,000 $ - $ 35,000 Adj. Sale Price $ - $ 252,000 $ 229,900 $ 242,000 Price / Sq Ft $ - $ 142.70 $ 168.06 $ 134.59 Style 1/S 1/S 1/S 1/S 1st Floor Area 1,864 1,766 1 ,368 1,798 2nd Floor Area Total Sq Ft 1,864 1,766 $ 2,500 1,368 $ 12,400 1,798 $ 2,000 Quality ALL BRICK NO $ 7,500 NO $ 7,500 BRICK Year Built 1958 1955 1961 1956 Condition GOOD AVG $ 10,000 AVG $ 10,000 AVG $ 10,000 # of Bedrooms 3 3 3 3 BATHS - Dix Full 1 1 1 1 3/4 2 2 1 $ 1,000 2 1/2 1 $ (500) Basement Area 1864 1766 1368 1798 Finished Bsmt 1300 850 $ 4,500 1100 $ 2,000 800 $ 5,000 Walkout YES YES YES YES Fireplaces 3 2 2 2 Heat / Cooling FA/CA FA/CA FA/CA FA/CA Garage Sizerrype 2 CAR 2 CAR 2 CAR 2 CAR Deck Porches SCREEN NONE $ 4,000 NONE $ 4,000 3 SEASON $ (2,000) Lot Size 120 X 270 90 X 220 100 X 200 110 X 115 Location LAKE LAKE LAKE NO $ 20,000 Other HWY HWY HWY HWY Other Other Other Restrictions Net Adjustment $ 28,500 $ 36,400 $ 35,000 Adj. Sale Price $ 280,500 1 $ 266,300 $ 277,000 Lo -__ - P� 1 A.1 A O rA../ /-Lp, /f-7 • Vv - -- - - -- -- --� - -- � _11212 -- -�— -- -- ------ --- - - - - -- -- - /(.a, 5 6 — —t - -- - -- - - -- — o ciO i CAJ i I� i lip - -- - , �i it - - - - - - - - - -- Case # 47 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 30- 028 -24 -33 -0090 Date: 4/12/99 Property Address: 4808 Upper Terrace Owner /Agent Name: John F / Laura C Healey Comments: Supplement information provided for 4/12/99 Property was inspected on April 9, 1999. The owner sought purchase of the home through a direct mailing within the neighborhood, and the sale was completed without being on the open market. The owner reported the sale to us on July 13, 1998, including the the details of the sale, dated condition of house, and that they were in process of restoring and updating the house. Since purchase, owners have changed carpets, removed wall papers, installed 4 or 5 skylites, new canister lighting, some new raised panel doors and hardware, etc. Updating still seems to be in process. We ask that the Board reduce the 1999 value from $357,000 to $336,800. r Address PID # Case # 4808 UPPER TERRACE 30- 028 -24 -33 -0090 47 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 4808 Upper Terrace 30- 028 -24 -33 -0090 6616 Brittany Road 30- 028 -24 -32 -0015 6620 Southcrest Drive 30- 028 -24 -32 -0077 4820 Upper Terrace 30- 028 -24 -32 -0074 SALE DATE Jun -98 Feb -98 Nov -98 Jan -98 Sale Price $ 300,000.00 $ 326,500 $ 355,000 $ 299,000 ime Adjustment $ 14,700 $ - 0 $ 15,000 Adj. Sale Price $ 300,000.00 $ 341,200 $ 355,000 $ 314,000 Price / Sq Ft $ 101.08 $ 153.07 $ 142.68 $ 152.72 Style 1 STORY + SPLIT LEVEL RAMBLER RAMBLER 1st Floor Area 2,668 2,229 2,488 2,056 2nd Floor Area 300 Total Sq Ft L 2,968 2,229 $ 25,900 2,488 $ 16,800 2,056 $ 31,900 Quality A -7 A -7 A -7 A -7 Year Built . 1961 1957 1958 1959 Condition GOOD GOOD GOOD GOOD # of Bedrooms 4 4 4 4 BATHS - Dlx 1 $ (10,000) Full 1 1 1 1 3/4 3 1 $ 5,000 2 $ 2,500 2 $ 2,500 1/2 Basement Area Finished Bsmt 1600 700 $ 9,000 1944 $ (3,400) 1165 $ 4,400 Walkout NO NO NO Fireplaces 3 3 3 2 $ 2,000 Heat / Cooling 2 FA/CAC FA/CAC FA/CACC CAC Garage Size/Type 2 CAR 2 CAR T.U. $ 2,000 2 CAR T.U. $ 2,000 2 CAR T.U. $ 2,000 Deck PATIO SAME PATIO DECK Porches Lot Size 80X147 98X200 92X214 99X120 Location GOOD GOOD GOOD GOOD Other Other NEW KITCHEN $ (20,000) NEW KITCHEN $ (20,000) NEW KITCHEN $ (20,000) Other POOL $ (15,000) Other Restrictions Net Adjustment $ 11,900 $ (17,100) $ 22,800 Adj. Sale Price $ 353,100 $ 337,900 $ 336,800 4808 UPPER TERRACE 30- 028 -24- 33-0090 -33.0 X 14,0 = -463, 33,0 X 55,0 = 1,365, 9,0 X 53,0 = 468, 13,0 X 53,0 = 636, 19.0 X 38,0 = 723, Tot Livable; = 2,629 Total Livable = 2,629 Total Garage = 702 Case # 49 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 05- 116 -21 -44 -0053 Date: 4/12/99 Property Address: 5416 Creek View Lane Owner /Agent Name: Demetrios / Joyce Villas Comments: Subject property is in good to normal condition. Comparable numbers 1 and 2 are the best sales, very similar in size and style. Recommend no change in value. City of Edina Board of Review Address 5416 CREEK VIEW LANE. PID # 05- 116 -21 -44 -0053 Case # 49 Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 PID # 5416 Creek View La 05 -116 -21-44 -0053 7146 Valley View Rd 07- 116 -21 -21 -0006 , 5221 56th St So 33- 117 -21 -23 -0094 5504 Cahill La 05- 116 -21-42 -0060 SALE DATE Oct -98 Nov -98 Aug -98 Sale Price $ 234,000 $ 233,000 $ 232,000 rime Adjustment Adj. Sale Price $ - $ 234,000 $ 233,000 $ 232,000 Price / Sq Ft $ Style S /Entry S /Entry S /Entry S /Entry 1 st Floor Area 1,398 1,456 1,435 1,586 2nd Floor Area Total Sq Ft 1,398 1,456 $ (1,500) 1,435 $ (1,500) 1,586 $ (4,700) Quality Year Built 1968 1973 1972 1962 Condition Good Good Good Good #.of Bedrooms 4 5 4 4 - BATHS'- Dix Full 1 1 1 1 3/4 2 2 2 1 $ 1,000 1/2 1 $ (500) Basement Area 1288 1344 1260 1146 Finished Bsmt 924 1300 $ (3,500) 1100 $ (2,000) 882 Walkout YES NO $ 5,000 NO $ 5,000 NO $ 5,000 Fireplaces 2 2 2 2 Heat / Cooling FA/CA FA/CA FA/CA FA/CA Garage Size/Type 2 CAR 2 CAR 2 CAR 2 CAR BSMT $ 4,000 Deck DECK PATIO DECK NO $ 1,000 Porches SCREEN $ (4,000) Lot Size 80X135 IRR 82X133 90X140 Location CREEK VIEW NO $ 5,000 NO $ 5,000 NO $ 5,000 Other Other Other Other Restrictions Net Adjustment 5,000 $ 6,500 $ 6,800 Adj. Sale Price $ 239,000 $ 239,500 1 $ 238,800 e r 5416 CREEE VIEW LANE 05- 116 -21 -44 -0053 0 MERSIJMEMENTS 1'M 28.0 X 46,0 = 1,288. 28.0 X 2.0 = 56. 6.0 X 9.0 = 54. Tot Livable; = 1,398 FILE = 5416CREE Total Livable = 1,39 Total Garage = 61 Total beck = 30 Case # 53 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 19- 028 -24 -23 -0041 Date: 4/12/99 Property Address: 5618 Concord Ave Owner /Agent Name: Robert / Barbara Benham Comments: Supplement information provided for 4/12/99. Sale number 1 sold 6 -96 for $225,000. It could be a better quality home. It then sold Jan 1998 for $273.000, after remodeling (no addition). Sale number 3 was in fair condition at time of sale. Since purchase new owner said $70,000 improvement added (no additions). Recommend sustain value of $221,600. Address PID # Case # 5618 CONCORD AVE 19- 028 -24 -23 -0041 53 City of Edina Board of Review Sales Comparison Adjustment Grid Subject Comparable #1 Comparable #2 Comparable #3 Address PID # 5618 CONCORD AVE 19- 028 -24 -23 -0041 5615 CONCORD AVE 19- 028 -24 -23 -0042 5428 BROOKVIEW AVE 19- 028 -24 -12 -0023 5610 DALRYMPLE 19- 028 -24 -23 -0019 SALE DATE Jun -96 Dec -98 Nov -98 Sale Price $ 225,000 $ 240,000 $ 215,000 ime Adjustment $ 27,000 $ - $ - Adj. Sale Price $ - $ 252,000 $ 240,000 $ 215,000 Price / Sq Ft $ - $ 141.33 $ 124.35 $ 123.00 Style 1 1/2 1 1/2 1 1/2 1 STY 1 st Floor Area 1,300 1 1,183 1 1,427 1 1,748 12nd Floor Area 520 1 600 1 500 Total Sq Ft 1,850 1,783 $ 1,300 1,930 $ (1,600) 1,748 $ 2,000 Quality FAIR GOOD $ (10,000) GOOD $ (10,000) FAIR Year Built 1950 1949 1939 1950 Condition FAIR GOOD $ (10,000) GOOD $ (10,000) FAIR # of Bedrooms 4 4 3 3 BATHS - Dlx Full 1 1 1 1 3/4 1 2 $ (1,500) $ 2,000 $ 1,500 112 1 ( +1) $ 500 1 1 Basement Area 895 1113 $ (2,600) 1072 $ (2,100) 1748 $ (10,000) Finished Bsmt 400 500 NO $ 1,000 700 Walkout W/O NO $ 5,000 NO $ 5,000 NO $ 5,000 Fireplaces 2 2 1 $ 2,000 3 $ (3,000) Heat / Cooling FA/CA FA/CA FA/CA FA/CA Garage Size/Type 2 CAR BSMT. 2 CAR ATT $ (4,000) 1 CAR $ 4,000 2 CAR $ (4,000) Deck Porches 3 SEASON 3 SEASON NONE $ 3,000 SCN $ (2,000) Lot Size 84 X 154 77 X 120 60 X 175 85 X 150 Location Other Other Other Other Restrictions Net Adjustment $ (21,300) $ (6,700) $ (10,500) Adj. Sale Price $ 230,700 $ 233,300 $ 204,500 An affiliate of Edina Realty Home Services, a complete real estate services company April 12, 1999 Robert Benham 5618 Concord Ave. S. Edina, NIn 55424 Dear Robert, After review of your home's features, condition, amenities, comparatives and current market conditions, your homes current value is about $175,000. Due to the deferred maintenance of the exterior, mechanics, and decorating, you may not be able to achieve a value more than this. Should we be of further service, please feel free to give us a call. We would be happy to assist you with your real estate needs. Cordially, Jane and Charles Paulus REALTOR, GRI, CRS JCP /sr EDINA 50TH & FRANCE OFFICE 3930 West 49'/2 Street Edina, MN 55424 PHONE 612:920.1960 . FAX 612.924.9510 •_, r �QF,'.• t �.}: ( ti. ,.,) ♦ ♦. /' '/'.,r1f.'� '�' ,try '--------------- BsMt Gar ::�.lJ y•�'I 5618 CONCORD AVENUE 19- 028 -24 -23 -0041 1.0 Glz Pop 14.0 M1;A511RI;Mlrh1IS 1UfA 25.0 X 28.0 = 700. 25.0 X 24,0 = 600. 19.0 X 1.0 = 19. Tot Livable; = 1,319 FILE = 5618CONC Total Livable = 1,319 Total Porc }7 = 168 Case # 54 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 04- 116 -21 -22 -0021 Date: 4/12/99 Property Address: 6321 Mildred Ave Owner /Agent Name: Lorraine / Herb Chalker Comments: Supplement information provided for 4/12/99. 4/14/99 We phoned Mrs. Chalker regarding her value today.. She thought a 10% increase was quite high. The Chalker's home is one of a very few 2 story homes in this neighborhood. The 2 story homes are very similar and all carry very similar values. She will check with a realtor perhaps and continue her appeal to the county if she deems it necessary. We ask that the Board sustain the 1999 value at $0,100. Case # 55 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 18- 028 -24 -22 -0006 Date: 4/12/99 Property Address: 4801 West 44th Street Owner /Agent Name: G Kelsey Smith Comments: Supplement information provided for 4/12/99 This property was inspected for condition and value on April 14, 1999. The property does have the desirable characteristics of being a rambler, walk -out basement, 3 bedrooms, and master bath. The quality of the home is standard but the condition is only fair. The most obvious depreciation is the condition of the roof. The roof is original and requires immediate attention. The remaining exterior appears quite normal. The interior of the home would require some updating as well, namely some floor coverings, fixture repair, etc. The kitchen is functional but original, as well are the bathrooms. Four sales were considered as good comparable sold properties with emphasis on sale 1 and 2. 1. 4501 W 44th St. sold 1/99 for $240,000. 2. 4502 W 42nd St. sold 1/99 for $235,000. 3. 4375 Brookside Terr. sold 9/98 for $229,950. 4. 4386 Brook Ave sold 4/98 for $180,500.. After adjusting the sales for all variables including condition, it is the conferred decision of this office to sustain the value at $197,100. It should also be noted that of all the modern homes (1960's) built upon the old trolley line lots, the subject value is the lowest. Y -� �r e' '4 4801 WEST 44TH STREET 18- 028 -24 -22 -0006 .V r ' Div MEASUREMENTS 101A 56.0 X 26,0 = 1,456. Tot Livable: = 1,456 FILE = 480144TH Total Livable = 1,456 Total beck = 352 Case # 57 City of Edina Board of Review Assessor's Commentary Property I.D. Number: 05- 116 -21 -42 -0033 Date: 4/12/99 Property Address: 6613 Galway Drive Owner /Agent Name: John J / Mary Jane Raich Comments: Supplement information provided for 4/12/99. This property was reviewed on Thursday. April 15th and is found to be in good condition with updates as necessary. The curb appeal, style, type, location and condition are all positive. The submitted refinance appraisal and owners request for value reduction are within 3 %. 1 also found comparable sales from 1997 and 1998 on both the 6600 and 6700 block of Galway that seem to support our value. We ask the Board sustain the 1999 value at $244,600. Case # 58 City of Edina Board of Review WON "MON, BRIM ME ! a`! H F ENEMIES I Assessor's Commentary Property I.D. Number: 29- 028 -24 -22 -0057 Date: 4/12/99 Property Address: 6216 Ewing Ave S Owner /Agent Name: Virginia A Borgeson Comments: Supplement information provided for 4/12/99 Virginia Borgeson purchased the property December 1995 for $155,000. The home at 6305 Ewing has not closed yet, Ms Borgeson indicated it sold for $160,000. We can not verify the sale price. It did sell in 2/93 for $128,000, this shows us that homes selling prices have been increasing. EWING AVENUE SALES 6009 Ewing Ave S 6/98 for $157,000 6112 Ewing Ave S 4/98 for $231,700 6028 Ewing Ave S 10/97 for $166,500 6213 Ewing Ave S 12/97 for $177,900 6316 Ewing Ave S 6/98 for $147,000 After a cursory review of subject property. sales show to sustain the market value of $166,500. if %/ of Frfina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Assessor's office 4 -9 -99 Attach any suppon Application Date: Owner Name: VIRGINIA A. BORGESON Owner Address: 6 216 EW I NG AV Home Phone Number: zo 3�7 Business Phone Number: Sr � Property Address: documentation Assessor's estimated market value for January 2, 1999: Total: 166,500 Land: 51,700 Buildings: 114,800 I believe the estimated market value on January 2, 1999 should be: Total: Land: Buildings: Total purchase price (land 8 bldgs.): Purchase Date: Gara e:/� /nr Additions (Explain): Year Built: House: ,, -,o g Condition of Structures (Explain): aK Description 8 value of additions and improvements since your purchase of this property: ................ : Professional �Apra .3:a15:�:�:�:�:�:�� "( Pie .ase��at #ac.h:e�:c:op��ot. a.. Y. r Indicated Value: Date: i�0 C'o c f�,GILJfU �`,GS7' D�-9 /1-7 M Xaanfe /,s 9' G,p p 7-, /i/DC� s� /9 7- 6 fd--i S%C- �n ` rs ���,4 �,r�o�G� rouJiv 6 z. �u T 17- Elf 6 5� Siv I DO HEREBY AFFIRM THAT THE ABOVE INF �s� �oC� P��A'ND TRUE TO THE BEST OF KNOWLEDGE AND BELIEF. z_ -,/Cj Signature of ap licant: i RETURN THIS APPLICATION TO THE EDI ASSESSOR'S OUP ORT OOURDCAY,, APRIL WILL BE CONTACTED PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL ommFwFll PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. i sus �r�; by I� •,1 � , t, �' ���� �' %�s+g���`. `, �. ;•_ 22 ' i$''�' ' 1 ' ' . 1`' � �I.� i in1,Ott, if Ilk t� `!:L i�� of r{ '.`� 'd t` �►. 1 Q R� s f0z`a�`'. 7' 'rl / *fir. / i w t '♦ F .' ", MEASUREMENTS TOTAL 24.0 X 24.0 = 576.0 25.0 Y 26.0 = 650.0 25.0 X 1.0 = 25.0 Deck Tot Livable, = 1,251 B. C1 Sep Pop BSMt 24.0 H. Gap Garage = 6216EWIN 24•C1 FILE Total Livable = 1,251 6216 EWING AVENUE Total Garage _ Total Porch - 182 96 29- 028 -24 -22 -0057 Total Deck = 120 City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365. Fax: (612) 826 -0390 [TDD (Deaf Only): (6.12) 826 -0379] Board of Review Residential Request for Review P.I.D. # 30- 117 -21 -43 -0050 Date Returned: (� �} q°I Time: 3 �� Received Bv: \) Case # Application Date: 4/12/99 Attach any supporting documentation Owner Name: JOHN S NEWHOUSE / MARGRETTE A NEWHOUSE Owner Address: 5216 LARADA LANE Lbelieve Number: L(a I2. ,- . I0 � Business Phone Number: C (F" 12� �d •� i�� C n4l jg2Gettt% ress: 5216 LARADA LANE stimated market value for January 2, 1999: 185,000 Buildings: 355,000 Total: 540,000 estimated market value on January 2,1999 shou ld be: Buildings: Total: 456; Cz-�o Purchase Date: 5 i'31 l�G Total purchase price (land & bldgs.): �t � Year Built: House: OS Garage: Or,— Additions (Explain): Condition of Structures (Explain): Occk Descriplti /one! & value of additions and improvements since your purchase of this property: iV l it Date: ki KNOWLEDGE AND Siunature of a RETURN THIS APPLICATION PLEASE ATTACH ANY DOCU TO HAVE YOUR PROPERTY li .C/ Indicated Value: E EDINA ASSESSOR'S OFFICE BY MONDAY, APRIL 5, 1999. 1TION YOU FEEL WILL SUPPORT YOUR CASE. YOU WILL BE CONTACTED NED PRIOR TO THE SCHEDULED BOARD OF REVIEW MEETING. PROPERTY DATA SYSTEM Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 30- 117 -21 -43 -0050 5216 1/ LARADA LA SALE TYPE SALES DATE PRICE OF SALE RATIO 8/1986 450000 6 _ Make changes: press ENTER; or F1, F2, F5, F8 REMARKS TAXPAYER INQUIRY CURB 319 PROPERTY ID NEXT 30- 117 -21 -43 -0050 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 5216 1/_ LARADA LA 55436+ Right: Left: Owners: MARTIN ROBERT Owner3: Owner2: MARTIN MARGIE Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1985 Area: Acres: .00 Sch.Dst: 270 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 185000 355000 540000 R 0 1998: 104900 395100 500000 8163 R 0 1997: 104900 385300 490200 8431 H R 100 Legal Description: LOT 14 BLOCK 3 PARKWOOD KNOLLS 21ST ADDITION Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 30- 117 -21 -43 -0050 5216 1/ LARADA LA SALE TYPE SALES DATE PRICE OF SALE RATIO 8/1986 450000 6 _ Make changes: press ENTER; or F1, F2, F5, F8 REMARKS A' SUMMARY APPRAISAL OF THE PROPERTY LOCATED AT 5216 Larada Lane - Edina, MN 55436 as of February 22, 1999 for United Residential Mortgage 7400 Metro Blvd. Suite 390 Edina, MN 55439 by CVS, Inc. Craig W. Rossebo MN Cert. #4001604 4940 Viking Drive, Suite 652 Edina, MN 55435 r CVS, Inc. 4940 Viking Drive, Suite 652 Edina, MH 55435 612 - 253 -2777 February 24, 1999 United Residential Mortgage 7400 Metro Blvd. Suite 390 Edina, MN 55439 Property - 5216 Larada Lane Edina, MN 55436 Borrower - Newhouse, John File No. - C 9958 Case No. - r Dear In accordance with your request, 1 have made a Complete analysis and prepared a Summary Appraisal of the real property located at 5216 Larada Lane, Edina, MN. The purpose of this Summary Appraisal is to estimate the market value of the property described in the body of this report. Enclosed, please find the Summary Appraisal report which describes certain data gathered - --during -our investigation of the-property. The methods-of approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report. An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, led the appraiser to the conclusion that the market value, as of February 22, 1999 is : $460,000 The opinion of value expressed in this report is contingent upon the Limiting Conditions attached to this report. It has been a pleasure to assist you; if I may be of further service to you in the future, please let me know. Respectfully submitted, CVS, I Craig W. Ro ebo MN Certification #4001604 o,., u., r ante MULTI - PURPOSE APPRAISAL ADDENDUM FOR FEDERALLY REGULATED TRANSACTIONS Borrower or owner Newhouse. John Property Address 5216 Larada Lane city —Edina _ County Hennepin state MN Zip code 55436 Lender or client United Residential Mortgage This addendum Is for use with all appraisal reports to comply with current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Resolution Trust Corporation (RTC), the Office of Thrift Supervision (OTS), the National Credit Union Administration (NCUA), and the Federal Reserve. Instructions: Check only those sections which apply to the subject property being appraised. W APPRAISAL PURPOSE AND FUNCTION The purpose of this appraisal is to estimate the market value of the subject property as defined within this report The function of this appraisal Is to assist the lender in collateral valuation andlor portfolio management. X I EXTENT OF APPRAISAL PROCEDURE X I The data contained in the attached appraisal report has been compiled by the appraiser from the following sources: Inspection and research of the subject property to Identify dimensions, nature of construction, physical condition, and any other physical, functional or external factors; Research of municipal offices and registry of deeds to Identify assessments, transfer activity, site parameters, and other pertinent factors; Contact with appropriate real estate brokers, developers, managers, appraisers, and other knowledgeable sources to Identity relevant market data such as comparable sales, comparable rents, vacancy rents, depreciation rates, operating costs, development costs, and any trends that may Influence such as economic or demographic trends. I X ! The estimated reproduction cost Is based upon the appralser's knowledge of the local market, surveys of local developers and contractors, and the Marshall & Swift Residential Cost Handbook. X I All forms of depreciation (physical, functional, and external) are specifically addressed In the attached report or other addenda. Physical depreciation Is based on the estimated effective age of the subject property. The site value estimate is based on analysis of site sales, and abstraction of site values from sales of Improved properties. i I For Income producing properties, actual rents, expenses and vacancies have been reported and analyzed for subject and comparable Income producing properties. Potential rents, expenses, and vacancies have been projected based on market data derived from prior and current market surveys. X 1 The subject Is a single family residence located In predominantly owner - occupied area. The lack of rental data and the lack of sales of rented dwellings make meaningful rental and gross rent multiplier conclusions Impossible, therefore the Income approach was not applied. I X I All sources and data utilized are considered accurate and reliable. Unreliable data has been disregarded. All sources have been noted where appropriate, and all data has been confirmed whenever possible. IX; SUBJECT PROPERTY SALES HISTORY IX! The subject property has not transferred during the last twelve months. i I The subject property has transferred during the last twelve months. Any transfer activity which has occurred during the past twelve months Is listed below and Is addressed In the attached appraisal report: Date Sales Price Document / / Book and Page Seller Buyer - Martin Source: MLS, County Records supplied by Plat System_Seryices_ X I FEMA FLOOD HAZARD DATA Zone _- MaplParcel Date Name of Community 270160B 0001 5/1/80 Edina The subject property Is located in a FEMA Special Flood Hazard Area The subject property Is not located In a FEMA Special Flood Hazard Area. I X 1 The subject property's community does participate In the National Flood Insurance Program. I The subject property's community does not _ participate In the National Flood Insurance Program. X I The subject property's community Is covered by a Regular Program. j I The subject property's community Is covered by an Emergency Program. CVS, Inc. File No. C 9958 X SUBJECT PROPERTY OFFERING AND CONTRACT INFORMATION The subject property has not been offered for sale during the past 30 days X The subject property has been offered for sale during the past 30 days for $ 499 000' The subject property Is currently for sale for $ The subject property la not currently under contract for sale. A The subject property Is currently under contract for sale as described: - .-- -- --- - - -- - - Contract Date _ _ Offer Date Contract Price Seller Buyer 12/17/98 12/12/98. $450,000 Martin Newhouse X ; The sales contract and /or escrow Instructions were reviewed. The contract Indicated that personal property was not Included In the sale X ' The contract Indicated that the following personal properly was Included In the sale: free- standing.appliancgs, window treatments, _fire place_egpt__- •______ The personal property estimated contributory value Is $ none assigned. Personal property was considered In the final estimate of market value and has been addressed In the attached report.. X Financing concessions were not Indicated In the contract I The following flnancing concessions were Indicated In the contract: Source: _ I I Offering andfor contract Information was considered In the final estimate of market value. I X I Offering and/or contract Information was not considered In the final estimate of market value. Offering and/or contract Information was not available to the appraiser. (For additional Information, see attached narrative addenda) :xi MARKET OVERVIEW A reasonable marketing period of 0 -3 months has been projected based on the most current MLS market data. 1 x 1 ADDITIONAL CERTIFICATION This appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation, except that the Departure Provision does not apply. Their compensation Is not contingent upon the reporting of predetermined value or direction In value that favors the cause of the the amount of the value estimate, the attainment of a stipulated result, or the occurrence of subsequent event appraisal- assignment' was-not- based'on a-requested- mintmurn valuation,- if specific valuation, or the approval of a loan. IXI ENVIRONMENTAL DISCLAIMER The value estimated is based on the assumption that the property Is not negatively affected by the existence of hazardous substances or detrimental environmental conditions unless otherwise stated In this report The appraiser Is not an expert In the Identification of hazardous substances or detrimental environmental conditions. The appraiser's routine Inspection and Inquiries about the subject property did not develop any Information that Indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated In this report It Is possible that tests and Inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the property that would negatively affect Its value. I X I ADDITIONAL COMMENTS Information contained in this addendum taken from attached Durchase agreement. I x I APPRAISE SIGNATURE LICE S CERTIFICATION Appratsers Signature Effective Date 2/22/99 Date Prepared 2/23/99 Appraisers Name (prinq Craia W. Rbssebo Phone a 612 - 253 -2777 State MN_. I I License I X_1 Certification 11 4001604 Tax ID fl 41- 1795870 CO- SIGNING APPRAISER'S SIGNATURE & LICENSEICERTIFICATION The co- signing appraiser has Inspected the property, both Inside and out, and has made an exterior Inspection of all comparable sales listed In the report. The report was completed by the appraiser under direct supervision of the co-signing appraiser. The co- signing appraiser accepts responsibility for the report Including the value conclusions and the limiting conditions, and conforms that the certifications apply fully to the co- signing appraiser. I I The co- signing appraiser has not Inspected the Interior of the subject property. The co-signing appraiser has not Inspected the exterior of the subject property and all comparable sales listed In this report j The report was completed by the appraiser under direct supervision of the co-signing appraiser. The co- signing appraiser accepts responsibility this report Including the value conclusions and the limiting conditions, and conforms that the certifications, with the exception of physical Inspection apply fully to the co-signing appraiser. The co- signing appraisers level of Inspection, Improvement In the appraisal process, and certification are covered elsewhere In the addenda section of this appraisal. Co-siggningg Appralser's Signature Effective Date Dale Prepared Co- Signing Appraisers Name (print) Phone 0 612- 253 -2777 State I Certification/ - — --- -• - - -- _..__.._. _.. -- _ _ - i X License -- - -• Tax ID o 41- 17951370_._ -_ CVS, Inc. Complete ' -,praisid Analysis - Summary Aplwaiy * Report VIA 1RM DFCIIlCA1TtAr A0130A10AI ntf- or TO 0.03 12 CH PAGE I OF 2 For." Mae F 1004 6.93 . CVS, Inc. Property Addleis 5216 Larada ' Lane city Edina stele MN zipcode 55436 Legal Description Lot 14, Blk 3; Parkwood Knolls Hennepin__.. 8 Q -21A&ddn -- ------ -cTTIY . . Assessors Parcel No 30-1 17 -21- 43.0050 Tax Year 1998 R.E. Taxes 3 10 586 Special Assessments S -0- B Borrower Newhouse, John CuffenlOwner Martin, Ro I XI Owner Tenant Vacant e� J F -Occupant Ptoperly rights appraised X I Fee Simple " 'Leasehold Project Type : PUD Cod.minturn (HUDNA only) HoAs N/A Mo. orhood or Project Name N/A Reference Census Itract ---.—Map 11 9--C.3 450,000__._ Rate of saial 2/17/98 Description and S armourd of low charge3kencessions to be paid bLsalhLr ,rictlem United Residential Mort-Q999 Address 740 Appraiser Craig W. Ros§ebo Address V• 4940 Viking Dr. Suite 652. Edina. MN 55435 Location I Urban 1X1 Suburban I Rural Predominant Single family housing Present tend use % Land use change Built up X I Over 75% I 25-75% 1 Under 25% —Pa-I PRICE AGE $ (OW) (yrs) Orre Family 85 X I Not Likely Likely Growth rate I Rapid 1XI Stable I I Slow 1 0. 70• Low 1 2.4 lam 5 1 1 In process 3500 High 55 Property values 'X1 Increasing I I Stable I Declining I I Tenant munwarray 5 To,. Demand/supply X '! Shortage I In balance 1 Ova supply X Vacand (45%) camnerdw 5 Ne4ornimud Marketing time ! X l Under 3 mos. 3-6 Mos. Over 6 mos. Vacent(vaus%) .1� T%�;K; /Co n do c 375 30 Note: Raw and the racial composition of the neighborhood are not appraisal fact=. N E Neighborhood! boundaries and characteristics: — See Additional Comments G H Factors that affect the marketability of the properties In the neighborhood (Proximity to employment and ammIU03. MVbynMI Stway, appeal to Market. etc.): a ••` See Additional Comments 0 ....... R H 0 .•. ........ 0 - D Markel conditions In the subject neighborhood (Including support for the above concluslons related to the trend of property values, demand/supply, and marketing thm - well as data an competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions. etc.): Jh_qs&Ject market is currently active due to low interest rates and discount points. with values IncreasIM-due tq...- _the -ne1-a-flyelly Qmsupply-Qf — listings. The amour . of seller pad points in this _market _ is 0- 2 %d_ Typical maftifimpq n.. the suojqqt neighborhood is generally 0-3 months, with some u iqj!" UL properties 0 -6 months. liforms-offinancing.- are available. No detrimental conditions noted. p Project Information Im PUDs (if applicable) - Is the developer/builder In control of the Home Ownw• Association (HOA)? 1, 1 Yes I lNo U 0 Approximate total number of units in the subject project N/A Approximate WWI number of units for sale in the subject project None Describe canon elements and recreational facilities: ****The sub*ect is not located in a PUD***• DirnenSIGMI 122.02Fx135LSx1 3Rx142.65RS Topography Modera te slope rear Lo—fqont sit-wes, 0.454 +/ acres Comer Lot 11Y.5 1_XJ No Size Typical for area Specific zoning ctasafficallon and description R-1 Single Family Residential Shape Quadrangular — Zoning compliance I X ; Legal Legal nonconforming (Grandlathered use) illegal No zoning Drainage Appears adequate --lest use as improved: lxlp,osantu Other use (explain) view Res./Mature Trees Public Other Off-site Improvements Type Public Private ;fty I X 1.2ob Ainp.'CL- street ASPL41t 1 X 1 I I I Landscaping Good pica ilfor area Driveway Surf" Asphalt T E (,as 1XI ------ Curbigulter �Qjjnff(ft 1 X 1 I I Apparent easements Noadversenoted lk' Water I X I Sidewalk None ------ 1 1 1 1 FIEMA Special Flood Huard Area I I Yes I No Sandary sewer 1XI Street lights biv'd' 1 X 1 I I FEMA Z. "C" Map Date �E/l /Q .. !T!!L-.. LX-L Alley None I I I I- FEMAMapN-- 27616—OB 0001 Comments (apparent adverse easements, encroachments, special assessments, slide areas, Illegal or legal nonconforming zoning use. etc.): .•• See Additional Comments ... GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units One Foundation Conc. Blk. Slab Yes (Sunrm) Area Sq. Ft. 2126/Ofih Rod D E No. of Stories 1.5 Exterior Walls Brick&Wood Crawl Space No % Finished 0% Ceiling Kln(;[d.1 X S Type (Del./Atl.) Detached Roof Surface Cedar Shake Basement Yes Ceiling Joist Walls CncId.1 X i C R Design (Style) 1.5 Story Gutters & Dwnspu- Aluminum sump Pump Yes Walls Conc. Blk Floor I Existing/Proposed YrBIt:1991 —ow Type Casement DMpr1e9u3 None noted Flow Concrete Ndna P T Age (Yrs.) 8 SlornVScreens Thermo./Yes I senement None noted Outside Entry 6' Patio r I'Davilaht Unknown Unknown I Effecfive (va.) 5 Manufactured Ouse, No I Wasiak. None noted Window _IXI Tvoical O N ROOMS - Fdya Living DInhl9 Kitchen Dan an Family RffL Rec. Rm. Bedrooms 0 Baths Laundry Other Area Sq. Ft. 0 -_P�effL�ffl nfin ished — — R. 1. F --..-X 1 1 1 jQ di 1 1 1.5 1 SunRrn 2322 Level z 2 1 VVr 924 M Is Finished area above grade contains: 7 Rooms: 3 sedrexond(s): 2.5 Balh (s): 3,246 Sc jare Feet of Gross Living Area R 0 INTERIOR Materials/Condifilm HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: V Floors CarDet.CTile/Good Type FWA Refrigerator 1 I None Fir place(.) a 2 1 X 1 None I I E M Walls b [yWa LI/GqOd Fuel Gas Rangeloven I X-1 stairs P-11- Concrete t X 1 Gassig. 8 of care E TrIm/Finish Princeton/Good C-- d 11 larL —Av_q: G cL Disposal I X I Drop slat, Deck Attached 3 N T Both Floor Z�eramic/Good Dishash. 1X1 Scuttle 1X1 Pouch Detached COOLING S Bath Wainscol beramicild o-o-Cl, Central YtIj FanMood 1 X 1 Flo. Fence a in-in Dome 6' M:Ranelffinameled/ Other HumidfiL microwave IX Heated Pool I r-pon, I I Good condition AV -G washermyar IP11 Finished --I - Driveway 3 wide Additional features (special arresity efficient Hems. etc.): *** Sea Additional Comments v or the improvements. depreciation (physical, functional, and external), repairs needed, quality of construction, remodefingladdiflon&. etc.: Home app-PA13 inpintained and in good overall Pondition. No significant items of deferred maintenance were observed. No E .., _,,airs required. No functional or external inadequacies noted T Adverse environmental conditions (such as, but not Hmfted to, hazardous wastes, toxic substances, etc) present In the lmprovwnanls, an the site, or in the immediate vicinity of the subject Property.: No adverse environmental conditions noted that yLQkC aA I th LI gtic of_ . -qmarketability the subiect noted within one mile-of the sub*ect, or TO 0.03 12 CH PAGE I OF 2 For." Mae F 1004 6.93 . CVS, Inc. Complete ' •1praisal Analysis - Summary Appraise Report yaivation Soction UNIF. ,N RESIDENTIAL APPRAISAL REPORI ra., Nn. C na,;A F,addie Mac Form 70 6•93 12 CH. PAGE 2 OF 2 Famle Alias Farm PODS &W CVS, Inc. ESTIMAI ED SITE VALUE . • • • . • • • . • • • • • . • • • • . • . . . . • • • . • • • • . . - $ 160. 000 — comments on Cost Approach (such as• source of coal estimate. C ESTIMATED REPRODUCTION COST- NEW -OF IMPROVEMENTS: site value, square loot calculation and for HUD. VA and FmHA. The SDwollkhg 3,246 Sq. FIGS __ -70. -s _ 227,220 estimated remaining economic hue of me properly): T BSMT 2126 /0ffn sq.Ft ®s ._ ___ 13 - 27,638 - __. - -- Reproduction cost is_anrl depreciation.estimales 2FP,BIAppI - •_ —_,- __8,400 are.IZased._lin the_Marshall 8, Swift.Residenlial Cost A elcaepwt 748 Sq.Ft ®s 27 - 20,196 Handbook supplemented- cost donated Cost New... • • . ............ -s -- 283454 .by.local..building sheets. The_site_v_alue. was derived from market L 2,0 Physical Functional External extraction: site value is not excessive for the area,. A uepfecielion 5,669....E -0- ---- .I._.._..0 =- -s C H ...., _ _5,669 Deprecialed Value of Improvements... • .. • • • • • - S 27],]85 - - -- - - 'As4s- Value of Site Improvements • • . • . • ....... • • • • ....... • • . • • . .$ 25_000 _ INDICATED VALUE BY COST APPROACH 462,800 -s 462, 785 •t ; i j 1 L• ?atnol is •In•li tin ' 7 s' • c' g ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 5216 Larada Lane 5228 Larada Lane 5230 Green Farms Rd. 7000 Weston Cir. Address Edina._ _... Edina - -_ - -_ Edina Edina Proximity la sub)ad . Sa e B ocl 1 Block Wes 2 5 Miles SE sales Prim s _ _ 450,000 s 430 000 s 485 000 -- - -- s 47000 s 130.78.111 s 133.24.1/1 Price/Gross Lrv. Area s 138.63 !/! s 166.67 I /I(- -- - Data andlor Inspection MLS /PINPoint/Exterior Insp. MLS /PINPoint/Extedor Insp. MLS/PINPoint/Exterior Insp Verilicalim Source oun_ty Records 363 Da vs 69 Days 57 Da vs VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION •1.1S AqTunam.. DESCRIPTION .( -)s __._nam DESCRIPTION Conventional Sales or Financing Conventional Conventional concesalone .� ... 0 Points 0 Points 0 Points Dale of saleRlme Closed 11/98 _____Closed 12/98 1/99 Location __. Suburban./Gd Suburban /Gd /Gd _ -.._ _..... _. uburban /Gd-- _ LeasenaldTee _ Fee Simple _ _,Suburban Fee Simple ,- •__- Fee Simple _.- ... -. -- - Fee Simple _Simple -- - 45 acre 42 acre .46 acre .39 acre V�aw Res./Trees Res./Trees Res./Trees - - Res. /Culdesac_- Dean and Appeal 1.5 Sto /Gd 2 sto /Gd 1.5 Sto %Gd __.- .._- ,,._.,._ 2 sto /Gd S DUBAI, 011.On6lrYdlon cry Good V r,/ Good M Good Very. Good Age _ -_ 8/E5 15/E8 +3.000A18/E10 +5.000 5 E2 -3,000 E Corwnlen Good._ _____ -_ __vg /Good yg /Good _•._ ±15 000 cry. Good S Above Grade Tole) Burro Been - ._±15,000, Toler Bdms Baths - Told Bdms Satin Total Bdms Baths - - - C Room Count 7- $2.5 2.5 7 3 2_75 -1,500 8 3 2.5 O OM . Gross Living AfB8 -- -3 246 _ sq. F�. _8 _4_ 3 288 sq_Fl_ - -. _.. -1 700 3 640 sq. F1. - 15_,80_0 _ -15.A LO _2 820 Sq. Fl_ _ +17.000 Basement BFinished 2126/Ofin 1658 /Olin +2,300 060 /2000fn - 30,0001560 /Ofin +2,800 A R Rooms Below Grade .. Unfinished Rms:5 -1-.75 -1500 Unfinished I I--- Fandk nal Utility - -- Walkout Bsmt No Walkout +3 000 Walkout Bsmt __ No Walkout - +3 000 - O Haslmg�coodnq _ _ FWA / Central FWA / Central FWA /Central FWA /Central ' Elliclanlllems - - - -- - ypical --Typical ypical - - -- ._ir Exchan er - -- - -g — -... -2.000 1—AIL Garage _ 3 Att_Garage - Jcarport_ _ ___ 3_&T—.Garage 3 Att. Garage __,._. _ -.- ^ .n. Patio, Deck. Patio Porch & Patio - 9,000Deck -11,000 Patio & Fence -1,500 Fireplace(s). _. FP. 2.__...._._ _- FP3_2,500FP4 - - -, -- - 4,000FP2 Y s Fence, Pool, etc. - - -to hirlpool Tub None +2,000 hirlpool Tub irlpool.Sauna -2 000 I Special- Feature aults BIA I. Inferior +10 000E ual u erior -5.00 S NetAd) :I!!!ar) _ -- � X • - $ 22 100 I + X s -35 800 X + - s _ 6;30_ Adjusted Sales Price Gross 11.3% Gross 15.6% Gross 8.4% of Comparable Net 5. s 452-1 0 Net-7.4% s 449,2001 Net 1.3% s 476,300 Comments on sales Comparison (Including the subject property's compatibility to the neighborhood. etc.): See Additional Comments —_ ITEM -_ _ SUBJECT COMPARABLE NO. 1 COMPARABLE NO.2 COMPARABLE NO. 3_ Date. Price and Date N/A No other /98 $430,000 N/A No sales other than sale _ N/A No sales other than Sal Source• for prior sales sales rept in the' MLS /Plat Sys Services reported above found in the reported above found in the wi01m rears! appraisal _ past 12 months past 12 months. past 12 months. Analysis of any current agreement of sale• option• or listing of the subject property and analysis of any prim sales of subject and mmparables within one year of the dale of appraisal: The subject appears to have sold within market parameters with no seller concessions noted. One previous sale of C9mp_1, noted in the past 12 months. See attached Multi- Purpose Addendum for additional info. —_ -_ -- INDICATED VALUE BY SALES COMPARISON APPROACH . • . • • . • • • • • . • • .................................... ............................... s 460,000 _ INDICATED VALUE BY INCOME APPROACH 11 Applicable) Estimated Market Rent s NIA /Mo. x Gross Renl Mull Iler / - $ / This appraisal Is made X -as Is- subject to the repairs, alterations. Inspections or conditions listed below wbjea to eompladon par plans and specifications. Conddlensol Appraisal: This appraisal is made for federally related mortgage finance purposes only. The value is based_. on typical marketing times for properties located in the sub'e� ct neighborhood. R _ FinalReconWiation: Primary_ reliance and consideration is given to the Market approach to value. The Cost approach c __supports the Market Value. Insufficient market dataprecluded a further analysis of the Income approach. NOTE: I o hereby certify that I am competent by experience. education &training to perform this appraisal. N The purpose of this appraisal Is to estimate the market value of the real properly that Is the subjad of this report, based on the above conditions and the certification. contingent I and linking conditions. and market value definition Thal are staled in the allached Freddie Mac Form 439/Fannle Mae Form 10048 (Revised 6/93_ L I (WE) ESTIMAT H MARKET VALLI AS DEFT , F TFIE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF. February. 22 1999 / 4 IS T OF IN CT AND E ECTIVE DATE OF THIS REPORT) TO BE $ 460,000 SER: SUPERVISORY APPRAISER (ONLY IF REQUIRED): - L ufe Signature DIO I ' Die Not �... � I i N Name Craig W R ebo Name Inspect Properly .. Dale Report Signed February. 23, 1999 Deft Repro Signed stale_eengl_auo_n_a_ 4001604 stale MN— state cermiation. Stare -- —_— Of Slate License 0 State Or Stale License 0 state F,addie Mac Form 70 6•93 12 CH. PAGE 2 OF 2 Famle Alias Farm PODS &W CVS, Inc. rue No. ADDITIONAL COMMENTS 6ertower or owner Newhouse .John P(openr Aaoress .5216 Larada Lane Edina _ county Hennepin —.- stare MN 7jpcoae 55436__.__.__. __- orcuent United Residential Mortaaae NEIGHBORHOOD BOUNDARIES The area described in the above neighborhood analysis is bordered by Interlachen Blvd to the north, Vernon Ave to the south, State Highway 169 to the west, and Blake Road to the east. The neighborhood is predominantly comprised of detached single family dwellings similar in appeal, size, price and amenity. Commercial /office and multiple dwelling units are located along Highway 169 to the west. Townhouse /condominium development in the area represents the low end of the neighborhood price range. NEIGHBORHOOD MARKETABILITY The subject is located in the first tier suburb of Edina, approximately 20 minutes southwest of downtown Minneapolis. The city encompasses approximately 16 square miles, 60% of which is residential. 12% of the city's land area contains over 30 parks and recreation areas, including four, golf courses. Edina represents the upper end of the metropolitan price range with more single family homes priced at or above $500,000 than any other Twin Cities area. Southdale Mall, a large indoor shopping complex, and an extensive commercial /retail district located at 66th Street and France Ave. provide a wide range of shopping and other neighborhood support facilities. Connecting arterials to metropolitan freeways are located within 1 mile of the subject, allowing direct access to urban employment centers. SITE The subject is located on a low traffic residential street that terminates at a cul -de -sac. The site is wooded to the rear, providing privacy. Site improvements are typical to the area, and no adverse easements or encroachments are visually apparent. ADI)ITIONAL FEATURES Modified two story (1.5 story) home of very good quality features: wood siding -with full brick front, cedar shake roof, attached 3 car garage, 2 story dormered foyer, 2 story dormered kitchen, vaulted living room, ceramic flooring, family room w /fireplace and built -in bookcases, main floor laundry room w /built -in cabinetry and ironing board, unfinished walkout basement w /fireplace, main floor master suite with walk -in closet and private bath featuring whirlpool. tub, and dual sinks, kitchen island and built -in planning desk, two second floor BR's with connecting walk- through bath, concrete patio off sliding glass doors in dinette and sunroom. See attached subject photo addendums. - -. Items of personal property noted on premises at time of inspection are indicated with a "P" Built -in items are indicated with an 'W'. No value assigned to personal property, if any, cited herein. COMMENTS ON SALES COMPARISON The subject is compatible with the typical homes in this neighborhood and the comparables are similar to the subject in style, size & vintage. Recent sales data from the subject's immediate neighborhood is limited; in order to provide comparables most like the subject, comparables that are >1 mile distance are used in this report. The appraiser believes that the comparables which are >1 mile distance from the subject are better indicators of value than those comps <1 mile distance, which were not used.Comps located <1 mile distance are from similar, competing neighborhoods, thus making location adjustments unnecessary. Age and condition adjustments were made to best reflect varying levels of physical depreciation of long & short lived home components. GLA adj made at $40 /sf. Bsmt adj, if deemed significant, made at $5 /sf; $15 /finished sf. Basement baths, if any, adjusted separate from sf. Other adjustments are considered to be self - explanatory. No adjustments under $500 are made in this report. Net and gross adjustments fell within accepted guidelines. The sales bracketed the subject's appraised value, providing a balanced analysis of the subject's value. It is my opinion that these sales, after analyzing and reconciling them for their various differences, well represent a range of indicated value. All comparables are considered to be the best available. CVS, Inc. w Fk "° C 9958 SUBJECT PHOTOGRAPH ADDENDUM Newhouse.John Ropeay Mate» 5216 Larada Lane Edina Coady - -- Hennepin - - -- ....__.._sale MN'— — _.zipuw- ...55436 Gkn1 United Residential Mort gage {{._ � � 1 .> 1;4` 5216 LARADA LANE REARIPATIO f• �• r'i:ir �:. � it y ti �a1 ,,s. .1 �.L.�,: ; -sew :�: 011 .0 tc 1 101 fngx, 4� 'r �1 `r' f `;. 5216 LARADA LANE A ' LIVING ROOM ��a�A.t`,.S �'Cx•�.•k� i`� e ;k� .Tf� g '}���c y�%- rV,i«f3ie��•r`� � vN �, q � 1 i 'T y �["'• � p h,.. ! 1 St�Y•, i'�'� '�,[iyr°y3'�i �'t��r r 41 i4 t�,r ' �4 Svc •roc. ,�� d�,�. 'Ftird�ar 9 h�5tt F.iYf^' C�F,y.yU,c:BS v y, <' t . i, t k `s +� fiv�rn�e •�d � � K x r.q,i 4� (�'��y'8P. ,�i . ty. � t r y,� Js1 �' �yy �-#�d 91•,11 fL i'!V !' +' � t}` 'f\v�15; '�3�"d'_:f�e��it'��v +l.' t WIN t GPs a,F ' 5216 LARADA LANE atr'.rrry,,ti , y f FAMILY ROOM �yq'F j -' r aGr �tf. �Y yy f+x r; CVS, Inc. D tf SUBJECT PHOTOGRAPH ADDENDUM 5216 Larada Lane Edina Cwrft Hennepin slaw MN zipcw- 55436 culld United Residential Mortgage A c: A IV -4 VE 1-vs, inc. 5216 LARADA LANE KITCHEN 5216 LARADA LANE DINING ROOM 5216 LARADA LANE SUNROOM ayozs PHOTOGRAPH ADDENDUM ... ..... .. .. Newho ' use.. John - - RoMtj AW— 5216 Larada Lane rAy . Edina cmay Hennepin state MN zipc-ft 55436 'U ite k. -; — n d. -eside-ntial Mortgage ids Aw COMPARABLE #1 5228 Lara0a Lane Edina Price $430,000 Price/SF 130.78 Date Closed 11/98 Age A15/E8 Room Coutit 8-4-2.5 Living Area 3,288 Value Indication $452,100 COMPARABLE #2 5230 Green Farms Rd. Edina Price $485,000 Price/SF 133.24 Date Closed 12/98 Age A18/EI0 Room Count 7-3-2.75 Living Area 3,640 Value Indication $449,200 COMPARABLE #3 7 7000 Weston Cir. Edina Price $470,000 Price/SF 166.67 Date Closed 1/99 M Age A5/E2 t Room Count 8-3-2.5 Living Area 2,820 Ai, - �ti Value Indication $476,300 I e-!-,o,owner NewhQv4% P,opejyAddess 5216 Larad; Edina File No. C i SKETCH ADDENDUM :pin state MN 48' CL Bath Iw Bedroom Bedroom IX CL IV .LCJL 2-8. 4- Second Floor 14' Croset 12' master IV r Family Room Living Area First floor 8' 10' 12. First Floor 48.0 X 32.0 - Bedroom to, 4-D Dinette 924 140 Bath IT 14' W 3246 404 CL Be 22' to, Kitchen Foyer 6, Garage Basement 2.0 X 17.0 - 34.0 Basement 2126 Living Room 22.0 X 2.0 - 10, 34- 144.0 Garage/Carport 8. Total 14- Attached Garage 748 120 Second Floor 20" First Floor 48.0 X . 19.0 - GKETCWT 1-50b5234872 CVS. Inc. ............ --------- Living Area First floor 2322 264 First Floor 48.0 X 32.0 - 1535.0 Second Floor 924 140 14.0 X 14.0 - 196.0 Total 3246 404 8.0 X 13.0- 104.0 12.0 X 22.0 - 264.0 Basement 2.0 X 17.0 - 34.0 Basement 2126 220 22.0 X 2.0 - 44.0 18.0 x 8-0. 144.0 Garage/Carport Total 2322.0 Attached Garage 748 120 Second Floor 48.0 X . 19.0 - 912.0 4.0 X 3.0- 12.0 Total 924.0 GKETCWT 1-50b5234872 CVS. Inc. 30, T 7p EDINA- @) J ... ........ .4 I IF Fr- nil IL Ella- SUM (44) 100 LA SUM (44) i D St E 'a^ wlol, I. �Indlcn Park t 1 atD s7 s MEI hick � � 0'- El OR L > i m x m Z "01 5 z Zvi m LC m y F Z v Itlnlerlachen oun I 1 IEI L ,HEN - tF. I loll Subject p -+I I COIIIp I' I R D GI. dCompcI rla Oq m ,iqJ Y AN WO O LN E IN GROVE RO H OOD DR W LN OOO o m NOL m °* P ELD 8� YVy _ GOVR = h 0 E )EN PRA I I ,vke3 I� O I AY ER L• 6 _ - f U W ;I Intl 11 '. 169. z • � GRD E 10 r G • �p m 2(r m EN RD CI ' z t m p R 2 p I Opp 0 I A CTIC y y. N p J0. i 'mowO CO N towl �*Cy Rt es� W 16% �p /III P—Arrowhead La _ C EK ALLEY RD \~ IG9" P �3 4 9y II + r ,r 79TH f 13rucmar i • 1 W 767H O Nine Aide Creek 0 z m 'r 169. '' W71 VIKING m W 76TH V f l•yN ,�.IZ u I N uc mp Co 3 l m O Ct z Q NLEWIS KLI 8 ° Z VW Da q E U ^� O z O to F Mr Norm;n We Lake 'P° y i ,Mt Normandale Lake P uk y_ �b % 3 \- Lake S out, W�TON N RVE O ° Sl1Nl IVISI N m z B h v C, O 1q Druh Lake W 0 u k 1 P r� 4 ° O H%L O R ° 6i O 4 I IIERU REN z0 2 9 m el SS O Y ; Hyland Lake 'u Park O l 111111' ll ligldal s P n x T Kws E ina an s Z Blr a 'S8'IY (v, 1901 yTTH M11. WI, D..O�H �I n uc mp Co 3 l m O Ct z Q NLEWIS KLI 8 ° Z VW Da q E U ^� O z O to F Mr Norm;n We Lake 'P° y i ,Mt Normandale Lake P uk y_ �L DIY m Lake ',or e1 H A g CO T R ° P NIA Edina Park 1 W _A >I m 31 W INNES TA . 1 BIRCHW D LN % 3 ri Lake S out, W�TON N RVE O ° ;Y Ml Gilboa B h Lake Pork C, O 1q Druh Lake 0 u z m °lao 94 m W W $ 2 95TH m eG ; Hyland Lake 'u Park R w G 96V T .114' %Itcl an ce ylrtx All.. U. Z Blr a 'S8'IY (v, yTTH • 1 �L DIY m Lake ',or e1 H A g CO T R ° P NIA Edina Park 1 W _A >I m 31 W INNES TA . 1 C; Z D ZA p P p ake Girard Ir Y kr ' a en Park I o t O Ll NT Nord Myr 1. F y ° • 4 I T ~ W EA n m m A sr ' i 0 I A ; IN 94TH r I i ° ormandalE rrn,n a Jappese arden., 1 I ' Lake 1 I ' 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 wn best Interest; (3) a reasonable time Is allowed for exposure In the open market; (4) payment Is made In terms 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 of tradition 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 concessions but the dollar amount of any adjustment 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 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 properly Is appraised on the basis of it being under responsible ownership. 0 ' 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 appraiser's 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. 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. The 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 the 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 valuable, and has assumed that there 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 corect. 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 /cllent specified In the appraisal report can distribute the appraisal report (Including conclusions about the property value, the appraisers 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 e lendericlient may distribute the property description section of the report only to data collection or reporting rvlce(s) without having to obtain the appraisers prior written consent. The appraisers 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 Form 439 6 -93 Pagel of 2 Fannie Mae Form 10048 6-93 . j He No. C 9958 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. 1 have researched the subject market area and have selected a minimum of three! sales of properties most elmllar and proximate to the subject property for consideration In the sales comparison analysis and have made a Her adjustment when appropriate to reflect the market reaction to those Items of significant variation. If a jnlficant Item In a comparable property Is superior to, or more favorable than, the subject property, 1 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, 1 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 true 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 form. 4. 1 have no present or prospective Interest In the property that Is the subject to this report, and 1 have no present OF 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 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. S. 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. 0 S. I was not required to report a predetermined value or direction In value that lavore 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. 1 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 ',e definition of market value and the estimate 1 developed Is consistent with the marketing time noted In the Ighborhood section of this report, unless I have otherwise stated In the reconciliation section. It. I have personally Inspected the Interior and exterior areas of the subject property and the exterior of all properties listed as comparables In the appraisal report I further certity that 1 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 ahjustments for these adverse conditions In my analysis of the property value to the extent that 1 had market evidence to support them. 1 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 report; therefore, If an unauthorized change Is made to the appraisal report, I will take no responsibility for IL SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifles and agrees that: 1 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 apprelsees certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 5216 Larada Lane. Edina. MN 55436 APPRAISER: ( SUPERVISORY APPRAISER (only If required): Signature: _ Signature: Name: Craig VII OSSe Name: Dale Signed: February 23, 1999 Date Signed: State Certifications: 4001604 State certification 0: or State Ucense B: or Slate Ucense 9: State: MN Slate: tpiration Dale of certification or Ucense: 8/31/2000 Expiration Date of certification or Ucense: Did [ Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 CVS, Inc. City of Edina 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (612) 826 -0365 Fax: (612) 826 -0390 [TDD (Deaf Only): (612) 826 -0379] Board of Review Residential Request for Review Assessor's Office Application Date: 3 -18 -99 Attach any supporting documentation Owner Name: DWIGHT P. /CYNTHIA M. HAGER Owner Address: 453-4 EDINIA. 51;424 -81-IID Home Phone Number: 6 1 ;� Cj %' s / Business Phone Number: Property Address: Assessor's estimated market value for January 2, 1999: Land: 190,000 Buildings: 632,800 Total: 822,800 1 believe the estimated market value r `Z e.- � -,�vcc Land: Buildings: Total: Z Purchase Date: ' I " S'� Total purchase price (land & bidgs.): 61-5',660 Year Built: House: ` -3 Garage: C(Gv4 dditions (Explain): AjCdL Condition of Structures (Explain): �✓ Description & value of additions and improvements since your purchase of this property:; �-�w f Z l ro (.0-owALL .194'f �1�14jG✓ �CGr (��jj j we ��4; -h7rw� ®vfii�,t. rJie�ri 1rL t �a.�..Lcµ.� :: :P::i:o:f:e•:s::s:i:v:n:•s::l::A :: ::p:r:.a.•.E•S ..:a is. ...(P�e:a::s:e:::a::t:�:a:c:h::a::: r a ...... ..... ............... . Appraisal Date: Indicated Value: Esc tain:the :reasons for.. our: ob' ectiori:: to:: tMe: assessdr1 %:e5tiiriated:m:arket:vaku ::::::::::::::::::::::::::::::: :::::::::::::::.:.:.:.:.:.:.:.: p......................... i 240 Z - fey }� f h�tv I DO HEREBY AFFIRM THAT T E ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Signature of a licant: RETURN THIS APPLICATION TO TIE )EDINA ASSESSO(A OFFICE BY MONDAY, APRIL 5, 1999. 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 DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 18- 028 -24 -21 -0061 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 4514 1/_ EDINA BLVD 55424+ Right: CURB 319 NEXT Mt.Adr: Back: Left: Owners: HAGER DWIGHT P Owner3: Owner2: HAGER CYNTHIA M Owner4: Zoning: TOH5 Prim /sec: Yr.blt: 1935 Area: 11200 Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: 80 Depth: 140 Type PID or ADDRESS: press ENTER: or F1 F2 F8' PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 18- 028 -24 -21 -0061 4514 1/ EDINA BLVD SALE TYPE SALES DATE PRICE OF SALE RATIO 3/1990 675000 5 _ 2/1978 210000 Make changes: press ENTER; or F1 F2, F5, F8 REMARKS Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 190000 632800 822800 H R 100 1998: 120400 634500 '754900 12232 H R 100 1997: 120400 598600 719000 12581 H R 100 Legal Description: LOT 11 BLOCK 6 COUNTRY CLUB DISTRICT, BROWN Type PID or ADDRESS: press ENTER: or F1 F2 F8' PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 18- 028 -24 -21 -0061 4514 1/ EDINA BLVD SALE TYPE SALES DATE PRICE OF SALE RATIO 3/1990 675000 5 _ 2/1978 210000 Make changes: press ENTER; or F1 F2, F5, F8 REMARKS Apr -12-99 03:00PM From -KNG rKPMG 303 Eas[ Wacker Drive Chicago. IL 60601 -5212 April 12, 1999 PERSONAL AND PRIVATE Board of Review City of Edina 4801 W 50111 Street Edina, MN 55424 Dear Board of Review:_. Re: Edina Hawthorn Suites 3400 Edlaborough Way Edina, b inuesota Parcel # 32- 028-24 34 0025 T -826 P.02/21 F -396 L -±E G Telephone 312 6651000 Fez 312 665 6000 KPMG LLP, as authorized agent for Shaner Hotel Group, hereby submits the following review and valuation for the above referenced property. The Edina Hawthorn Suites is located at 3400 Edinborough Way, Edina, Minnesota. The subject property is a 141 room Al! -Suite Hotel. The subject is comprised of approximately 91,123 sf and is situated on a 2.27 acre site. We have reviewed the property and based on the information presented, we offer our estimate of fair market value for assessment purposes. The subject property has experienced a significant increase in assessed value over the past three assessment years from $5,205,600 or $36,919 per room to $8,946,000 or $63,447 per room This reflects a 72% increase in assessed value. Curriamily, the real estate taxes as a percentage of net operating income are higher than any property in the entire Shaner Hotel Group National Portfolio. Parcel Land Improvement Total umber Assessment Assessment Assessment 32- 028 -24 34 0025 $ 1,186,000 S 7,760,000 $ 8,946,000 Fair Market Value $ 8,946,000 ($ 63,447 per room) Apr-11 -99 03:00pm From -KPMG n� Board of Review City of Edina April 12,1999 Page 2 Income Capitalization - Approach T -828 P.03/21 F-396 The income capitalization approach is based on the premise that the value of a property is represented by the present worth of anticipated future benefits to be derived from ownership The incomc capitalization approach estimates a stabilized net incomc based on actual rents and deducts the expenses to obtain a net operating income. This estimated net income is then divided by a market derived capitalization rate to obtain the value of the property KPMG obtained actual departmental income data from the Edina Hawthorn Suites for the period of 12 months ending December, 1997 and 1998. Departmental income from all sources, . including rooms, food, telephone, conference and other miscellaneous income was considered. KrMG obtained actual deparrmuriml and unallocated eapensc dais from the Edina Hawrhorn Suites for the period of 12 months ending December, 1997 and 1998. Expenses were reviewed and appear reasonably within typical market ratios as stated in rho Smith Travel Research 1998 Hotel Operating Statistics (HOST) study. In order to determine the stabilized net income attributable to the real property, an average of the two operating years was calculated for the incomc approach. . This property is self managed by Shaner Hotel Group, therefore no management fee is deducted from their operating statements. KPMG estimated a market management fee of 3% of gross revenue which is consistent industry ratios and supported by the 1998 HOST study. KPMG estimated n market replacement reserve for the subject property . The replacement reserve is the amount set aside for the replacement of furniture, fixtures and equipment. Typically this amount ;s required by loan, franchise or management agreements. In brder to estimate a market replacement reserve, we reviewed the Intcrnarional Society of Hospitality Consultant's (ISHC) Study of Capital Expenditures in the US Hotel Industry. We have estimated a replacement reserve of approximately 5% of gross revenue for the subject property. This amount is a reserve to account for timely replacement of personal property. The purpose of this reserve is to prevent insufficient cash flow when personal property replacements are needed. it is not a measure of return of or on the personal property. Rcturn Of and On Personal Property This category of expense is an annual deduction from the income stream to provide for the return on and of the personal property which includes furniture and equipment. Personal property is necessary to maintain the hotel in an attr4ctivc condition and thus maintain room rates. It must be recognized that part of the earnings are directly attributable to the personal property. The hotel could not operate without personal property. Because we are valuing the real estate only, the appropriate share of the earnings must be ,ivcn recognition and allocated to the personal property. We will do this through an annual deduction from the income stream of ars amount sufficient to provide for return on and of the personal property Apr -12-99 03:00pm From-KPMG I Board of Review City of Edina April 12, 1999 Page 3 T-828 P.04/21 F-396 We have estimated personal property of approximately 54,500 per room. This amount is based on an estimated replacement cost new of $15,000 per room. The price used represents a 50 percent discount from replacement cost new under the assumption that, because FF &E is continually replaced, at any point in time the vishic of the personal property is at least 50% of replacement cost. The total personal property for the subject property is estimated at $634,500 This amount multiplied by the unlevered required rate of return of 12% for the subject property is $76,140. The unlevered required rate of return for the subject property is supported by The Korpacz Real Estate Investor Survey First Quarter 1999 which states 12.01x„ to 16.5% for unlevered required rates of return for the ubjecK property's product type. Return on Wg king Capital In addition to expending the funds necessary for purchasing a hotel property, an additional sum of money is needed for the working capital of the hotel This money ;s necessary to meet normal expenditures because there is a continual deficit between the inflow of cash and the outflow of current liabilitic!,. At any period of time throughout the year there is a time lag between when a charge is made and when that charge is actually collected. During this time lag the operator must still purchase food and beverage inventory and pay the salaries in the hotel. An owner must provide for this continual deficit by furnishing funds to finance the required amount of net working capital. The earnings of a hotel "are partly generated by, and are allocable to the working capital. Because we are evaluating the real estate portion of the subject property only, a deduction must be made from the income stream to provide for the earnings attributable to the working capital We will estimate this deduction by applying the appropriate market rate to the average amount of net working capital required to operate a suite hotel. We have estimated working capital of approximately $282,400 or $2,000 per room for the subject property. This amount per room is standard for a Typical suite hotel. This amount multiplied by the unleveraged required rate of return of 12% for the subject property is $33,840 Apr -12-99 03:01pm From -KPMIG rim Board of Review City of Edina April 12, 1999 Page 4 T -828 P.05/21 F -396 In order to estimate a reasonable capitalization rate, we reviewed capitalization rates stated in the Korpacz Real Estate Investor Survcy. These sources indicated a cap rate rangc of 9 % -12 %. As a result of our review, ii was determined that a capitalization ratc of 11.00% would be appropriate. The i:ffrctive tax rate of 5.19% was added to the bast cap rdlc to obtain a loaded cap rate of 16.19 %. A loaded cap rate was used to properly retlect the tax expense. The value of the property based upon a direct capitalization method is as follows: Net Operating Income Capitalization Rate Indicated Value Round To $ 1,267,566 16.19% $ 7,833,477 $ 7,800,000 (or $55,319 per unit) A breakdown of the income approach is shown on the following page: Apr -12 -99 03:04m From -KPMG Board of Rcview City of Edina April 12, 1999 Patio 5 Total Rooms Available 51,125 Average Room Rate 581.69 66% Occupancy qo 83 35% 6 1 %, Room Revenue 3,440 295 94.1% 'felecoimmunications 83,76' 2.3% Miscellaneous Income 70,584 19% Public Rooms 62,900 1.7% Gross Revenue 3.657,542 1 UU.U% Room Expense 913,133 34.9 0/, Food & Beverage Expense 444 U 06/o Telephone 37,903 1.09/0 Miscellaneous Income 47.037 13% Public Rooms 26,652 07% Departmental Expenses 1.024.167 290% Departmental Income 2,633,375 72.00/. Undistributed Operating Expenses Admm & General 241,767 66% Franchise fee 222,795 6 1 %, Manng.cment fee 109,726 3.06/„ Markenng 154,142 41% Repairs & Maintenance 154.672 42% Utilities 136,480 3.70/6 Replacement Reserve 182,877 5.0% Insurance 17,293 0.5% Land, Air, F &B Lease 229,029 0.8% Total Undintnbiaed Operating Expenses 1,249,779 34 1% Total Uperaring Expenses 2.272,945 62 1% Return on Personal Property 76,140 Return on Working Capital 40,890 Stabilized Net Income Attributed To Real Estare 1,267,566 Capitalization Rare 1100% Effective Tax Rate 90 Total Capitalization Rate 16.196/6 Market Value 7.833.447 Rounded Tv 7,800,000 Per Unit 35,319 T -628 P.06/21 F -396 Apr -12 -99 03:02pm From -KNG rT Board of Review City of Edina April 12, 1999 Page 6 Conclusion T -828 P -07/21 F -396 In arriving at a final estimate of fair market value for the subject property, we have valued the property using the income approach. Consequently, we conclude that the fair market value of the property for assessment putpuses is approximately $7,800,000 or $55,319 If you have any questions, please call me at (312) 938 -5 166 or Bernice Dowcli at (703) 917 - 6747. Thank you for your Time and consideration in this matter. Wry truly yours, KPMG LLP &Q 9. Paul B. Gauer, CM1 Seniur Manager Bernice T. Dowell Sraior hfaaager Enclosure: -'Hotel lnvcstment Analysis: In Search of Business Value" by Bemice f. Dowell. cc. Moreau Sankey, City of Edina Assessor's Office Peter Hulburt, Shaner Hotel Group Apr -12 -99 03:02pm From -KNG T -828 P -00/21 F -396 Bernice T. Dowell Washington/Baltimore Professional Experience • Over 15 years experience in ad valorem taxation of real estate, half of which specialized in hospitality and assisted living properties in all major cities in the United States • Over 7 years experience in Tax Department of major hotel real estate company overseeing all aspects of real estate taxation • Developed and used valuation model to quantify going concern value of operating hotels to provide annual savings in the form of accelerated depreciation tax shield, minimization of real estate closing costs, and minimization of real estate taxes for a $5 billion* portfolio of luxury full serviced hotels a Performed over 100 purchase price allocations for acquisition due diligence and closings ■ Successfully defended purchase price allocations before local real estate tax assessors, local Boards of Equalization, and Internal Revenue Service • Litigation experience; case management and expert testimony re hotel valuation Professional Designation and Affiliations • Certified General Real Estate Appraiser, State of Virginia • Beta Gamma Sigma. George Mason University Educational Background • B.S., Finance/Real Estate, George Mason University • M.S., Finance, George Washington University Published research paper entitled `*Hotel investment Analysis; In Search Of Business VBlue " Assessment .Journal, March/Apnl 1997 issue; Journal of Prop2M Tax Management. Vol. 9, issue 2. Fall 1997. Aar -12 -99 03:02am From -KPMG T -828 P.09/21 F -396 9 mg - stigma' Hotel Investment Analysis: wdl st,ll tare � :; yet the Tax heTa.� _ In Search of Business Value . only a small n se""din; The author tests the intuitive concept that hotels with a use. ," but u on in assess• major chain affiliation yield greater profits from the uuatcd prop. business operation. In other words, the owners of a`S ..,`'ama., hotels operated under a mayor flag expect to have an airectly and disturbed r intangible asset measured by greater profits. Is will be lit- r ontaminatea Bernice T. Dowell nmental fac- Jcrscy Tax •IRE %L ASSETS ARE income - generating assets, whereas financial assets define the a110- ing not only canon of income or wealth among investors:.I Financial assets allow for separation of will be con- ownership and management of the firm and facilitate the transfer of funds to enterprises with attractive investment opportunities. Hotel investments have attributes of both real and Adon rate financial assets. The majority of a hotel investment is in real assets —real estate, furniture, y Tax Co fixtures and equipment — however, a hotel investment also allows for separation of owner - required for snip and management, with the owner's expectation that profits will be received from resid. d significant ual income much like an equity holder of a firm. : merely the One of me decisions an owner of a hotel has to make is who will manage the hotel. Nationally recognized chains have historically provided better operating results in terms of occupancy levels and average daily room rates; however, they are more costly. Owners can either negotiate a management contract with a nationally recognized chain ana obtain the use of the tradenamc, or have a professional management company msaage the hotel as a franchisee of a major flag. In either scenario the cost of management and tradename is comparable: however, the owner's inducement for such expense is :he expectation of profit. SMICE T. DOWELL n Dircclor of Ral Eanrc Taa and Vatuat,an for Hoit Ma ion Colporauon. waah,ngton. Thu amcle a aued on a paper pn:scnred ar Inc Inat,rute of Property Ta%al►on' a 1997 Annual conference, Oriando. FL fd 9 N J T» 1 Boas, rAnc. aria rt]r'Cui. INvRSNE`,TS. 24 cc.. 1 1. FALL 1997 Apr -12 -99 03:03pm From -KPMG T -826 P.10/21 F-396 10 JOURNAL OF PROPERTY TAX MANAGEMENT OVERVIEW OF HOTEL VALU?,TION LITERATURE a Most of the existing body of literature re=ardmg hotel valuation has been offered by Stephen Rushmore of Hospitality valuation Services. The American Institute of Real Estate Apprarscrs published two monographs authored by Rushmore: The Valua :ton of Hotels and Morels in 1973 and Hotels. Morels. and Restaurants: Valuations and .Marker Sri,dies in 1983. Rushmore's work has considered the element of -business value" in a notel enterprise turd offers two methods for removing this element from the real property valuation. He suggests that one way to quantify the business value is to consider a hypo - theucal rental based on comparable market lease terms and provisions to yield the value of the real estate encumbered by the lease .2 This value can then be subtracted from the - enter- prise" value as determined by a discounted cash flow analysis to quantify the business value. Alternatively, Rushmore suggests that the management fee, or cost of professional management, could represent a "fsir estimate of the income attributed to the business-3 and that by deducting the management fee from the income stream, the business value would be removed from the valuation. r. More recently, much attention nas been focused on the treatment of business value in a hotel valuation, especially to determining ad valorem real estate taxes. Rushmore and Rubin describe the business value adjustment and include the deduction of a franchise fee for chain- operated hotels: The most appropriate theory for today's environment is based on the premise that by employing a professional management agent to take over the day -to-day operation of the hotel - thereby allowing the owner to maintain only a passive interest —the income attributed to the business has been t:Wen by the mana;ine agent to the form of a management fee Dcauctin; a management fee from the stabilized net income thereby removes a portion of the business component from the income stream. An aaditional business value deduction must also be made if the property beat- firs from a cnain affiliation. This Is accomplished by either increasing the man - aeemcnt fee expense or by adding a separate franchu%c fee deduction-4 [empha- sis added !�o suppon for this so-called 'theory" is offerea other than the author . sus =cstton that the management fee could be thought of as the irkcomc to the business. '- S Ruarimare. HOTELS. Mm i" ADD R£ST^Wt -%NM V^Ll:AT10vS A%D MARKET STUDIES 105 (Ainctican institute Of Kral Eaote ApprIl -T -- 1963). 31.1 3 S R.,nmore and 1. E RuD,n. Ae Of majerl and 14o1rll fa-F Aaaea,.ncr t Purposes. APM^16^6 ] 281 (Apt. 1 ytC31. FALLi997 SRD.P 6JD F J FKOPE Aar -12 -99 03:03pm From -KPMG Offered by .tc of Rell ihiarwn of nd Market et slue ' in a 'i1 property :er a hypo - le value Of the '*cnter- c Cosiness ofessional less-3 fold : would be is value in zmore and ,chise fee mist .day -side sing i the vent ene- nan- pha- T -929 P.11/21 F -396 11 MOTEL INVESTMENT ANALYSIS Nelson. Messer. and Allen address hotel cnterprist valuation and refute the theory offered by Rushmore trial a capitalized mana;cmcnt fee is inaiclttve of me value of (tic business- offering that ''(while tries sounds sample and semablc. it is actually the same a.% sayme that a hotel has no business value. "s They further offer that the managemcnt (cc 11 a normal cost of operating an enterprise and repre3cnts the return on the management company'b expertise and talents but not on the owner's investment in the business. Nelson. jv[ts�cr. and Allen sua-1 a mcthodolo;v for isolating the business value mod - tlea after a segregated cost approacri stemming from the logic that any entrepreneur would only undertake an enterprise knowing ail costs involved. This Would require esti- maun; the cost of Organization, working capital. inventories, liquor licenses. franchise fees. etc Fisher and Kinnard in Journal of Pfoperry Tar :Wanagemenra expound on the business enterprise value component of -operating properties." mentionins trial the appraisal litcra- ture recognizes hotels as having business value. and quote Rushmore as follows- The business component of a hotel's income stream accounts for the fact that s lodging facility is a labor- intensive. retail -type activity that dcpcnas upon customer acceptance and highly specialized management skills. In contrast to an apartment or office building where tenants sign leases for one or more years, a hotel experiences a complete turnover of patronage every two to four days. Another facet of business value is the benefits that accrue from an association with a recognized hotel company through either a franchise or management contract affiliation. Chain hotels generally out - perform inde- pendents and the added value created by increased profits is exclusively busi- ness- related Fisher and K.innard's article deals more specifically with the issue of business vaauc in a shopping center however, the shopping center use of real estate is distinct from a hotel use in that the owner receives essentially a fixed income stream from long term leases. In today's environment, hotels are typically operated under a management contract .hereby the investor receives the residual of the business income. Rubin offers an analogy to explain the basis for the Rushmore and Rubin theory offered in 1984. u; =estlon In valuing the fec simple interest ... ownership in a retail mall via the 'income capitalization approach, appraisers and assessors &like know trial the revenue streams to the mall's ownership take the form of rental payment mach by the a InILAIWIe of as..1, J :111 S R.D..Velsoa. J L Masser. aria L.C. Alien, r140191 Ea+erPrdc Valu man. APPIL � ash. J. 164.1 aPr 1988) 6 J D Funer ana w N. K,1133rG. Jr . The Br.slnrss Enrerprac Val-e Cu1"POneA1 of operifnl+s Prvjscr:res. J PaopritTv T,.,14.n ch,'P,T 19-27 (19903 FALL 997 Apr -12 -99 03:04pm From -KPM1G T -029 P.12/21 F-396 12 .JOURNAL OF PROPERTY TAX MANAGEMENT tenants in the mall. The rental payaaie by any particular tenant is typically not equal to the tenant's income but, rather, to only a part of the tenant's income. Let's assume, for example. that the operator of a cigar store leases retail space from the mail's ownership at an annual rcntal of 10% of gross revenues Let's further assume that this particular tenant can drop 20% to the bottom lice before rent. In this particular case, the tenant's rental payment would equal half of his bottom line: the remaining half (10%) goes directly into his pocket as business income For the purposes of calculating rental revenue to the owner's of the mall, it makes sense that only the portion of the tenant's bottom line that is payable in rent is considered. What many assessors fail to recognize is that for hotels, the equivalent of a ten- ant is a management company.? This idea that the management company can be thought of as a tenant seems Contra- dictory to Rushmore's comparison of a hotel investment to an apartment building in which apartment tenants sign lone term leases and hotel patronage (or "tenants ") rums over every three or four days. Lesser and Robin repesi the theory that deducting management and franchise fees removes the business value component from the income stream to be capitalized, so Thu the resulting valuation does not include business value-' Hcrinemy posits that thus procedure is flawed 9 -Tile income attributable to business' value is not equivalent to the amount of management fees. To a property owner, the cost of management is just another expense, like adliucs. "10 Hennessey, however. offers no plausi- ble alternad we to the problem of measuring the business value Summurixino the Literature Review Over the past ten years, the topic of hotel valuation has received only modest attention in the literature. The crux of most of the literature deals with the element of business Value in a hotel enterprise and, if it exists, identifying and measuring it. Rushmore's work clearly supports the premise that business value exists in a hotel enterprise and offers a theoretical model for "removing" the buzroess value. The basis for the theory is the suggestion that the Income to the management company can be thought of as the income to the business. No support is offered from an investment v,cw. an economic view, or financial view for the idea tnat the management fee or franchise fee measures the 1 K E Rubin. Are Your do.CI Propern Tina Trm H.sh'. Tnfi MOTH VnLu..TI0m JOuKx^ &.. ty91 Hole( Shoe. al E 6 D.H. Lca*er mid K.E. Rubin, VnQorsra W ijj me Uw.Ipe Atpeets of ford Ploper, Tax Val whoa. Arl`"2u r. J (Jan 1993) 9 S F. Hennessey. Ar rihs aaw, Nose' ft —Owzl &--Ad PeFsD"I!y Ve)rea, APP S.L J (On 1993). 1014 FALL 1997 Apr -12-99 03:04pm From -MG T -828 P.13/21 F-396 ;c 13 HOTEL INVESTMENT ANALYSIS A01 business income. Furulermorc, there has been no cmpirtcal testing of the theory asiac from a numerical examplc. i I pact Nelson. Messer. and Allen realizes that the mana;emtnt fee, from tin owner's per - p2c: spzcttve. is nothing more than a normal cost of doing business and that simply ocaucttn2 More manssement fets front tint income stream Mas analogous to saying that a hotel has no bum- f nis ncss value. Hess Fisher uno Kinnard. while not specifically addressing the idea that deducting a man- ; agemcnt fee removes business value, posit that operatirtg propertits indeed have the element the 4 of business value and introduce the idea that it is mta�ured in terms of rcbl(19al 941reprc- .It J3 neurial profit. '7o ignore the fact that developers must receive a return on their investment ten- = in a business beyond their due as passive investors overstates the return to the capital —treat is, to land and Improvements. "1 = Jicnnesscy also disputes the theory that management fees measure business value. ns contra- The consensus is that hotel investment have business value. Intuitively everyone to wruen acknowledges that as fact. How to measure it Is greatly disputed, *lilt no stantticant ever every 4' prowess over the last 60 years. Babcock in 1932 acknowledged that business value existed i to operatin; properties and proffered that the cos[ approach should be used to value the real chisc fees }: estaw.43 Given that it exists, only by measuring it in some rational fashion can we begin to so that the understand hotel Investment, Business ` FINANCIAL THEORY TO HOTEL 94VESTMENT the cost of } APPLYING no plausi- - The use of real estate as an operating hotel is a unique Investment. Because it requires a large investment in real estate, It has traditionaAy been considered to that context, but it also embodies a financial asset characteristic, the separation of ownership and man- a;ement. Understanding the investment in this context will lead to less confusion in Idenu- s aaention Eying and valuing the assets. both tangible and intangible. ussvalue The development of the capital asset pacing model (CAPM) in the early 1960s was a hotel ' cornerstone in the evolution of modern financial theory. While more robust theories exist In a . today, the stepping stone created by the CAPM is indisputable. The development of the :basis for CAPM started with gross assumptions of an unrealistic world which allowed the leap hough[ of toward the future. Hypothesizing an equilibrium environment. the CAPM specified economic investor expectations to benchmark risk- return relationships. asures the 1 l S. Rusnmore. HoTas. MoT&s...,4o RESrAuRAFTS: VAU:AT►or+S �,n t4^11%= SWDMS 106 iArrlen:an inS4ruta Snu -, u 6 of Rat Euate Appadea. 1983► itPRwtSnl J. 1' F,sna aria Kinnard. p 2= 13 Sec J M Eppl. aua J D. Benjamin. The Ew1w,on Of Shoppjnr Ccnrar Reseerth• A Re -,ew :rd Ar.0i�ars. J RiAl. ESTATE Rt=swcn _1 twInt.-r 1994) FALL 1997 Apr -12-99 03:05pm From -KPNG T -828 P. 14/21 F-396 14 JOURNAL OF PROPERTY TAX MANAGEMENT The model I have developed to measure the owner's entrepreneurial profit encom- passes theory from the real asset valuation models as well as theory borrowed from the financial asset valuation models. It is based on a marriage of what is known from the typi- cal real estate discounted cash flow analysis and what can be benchmarked in an equilibn- um market with homogeneous investor cxpeetations. While Fisner and Kinnard Introduced the idea that the residual goes to entrepreneur- ship (profi( of return), the idea of risk - bearing has been conspicuously absent from the Lter- ature. In more pure real estate tn%esunents. auch as office buildings. shopping centers, and apartments. owners are compensated Through relatively long -terra leases. The owner's income may be enhanced by the successful business operations conducted from the real estate if the leases provide for percentage rents and _overage rents; however, the owner's income is secured by the lease. Therefore, the singular risk that the owner faces is tenant default o; tenant turnover- However, the owner of a hotel operation is not protected by Ion; term leases and does not receive a relatively fixed rental income stream. The norm today is for the hotel to be operated under a management contract whereby the owner receives the residual from the business income. The manager is paid from operations, and the contractual obligation of the owner to pay the manager's fees is an encumbrance on ownership. Therefore, the owner is bearing all of the risk inherent in the business operation and expects to be compensated for This risk- beanng. Samuelson summarizes the notion of profit as the reward for risk- bearing as follows: If people generally act like risk avetters, feeling that the marginal utility of the dollars they gain is less than that of the doUars they lose, Tney will prefer siriall- cr steady incomes to erratic incomes even when those average out to a higher figure. Therefore. economic activities that involve much uncertainty and risk, which will fall on the people wno ensagc in them, will be forced by competitive entry and exit of risk takers to pay, over the long run, a positive profs[ premium to compensate for aversion to risk . .j4 ENTREPRENEURI?,L PROFIT AS THE RESIDUAL OF THE RESIDUAL The owner .ucepts the residual of a business income as payment for the use of his or her rc:+l assets. The assumption of rational behavior by investors indicates that investors would only accept this equity position (unprotected by long -term leases) if they were being compemated for [ne riak • iU increased reiurnt. The investment decision iS ba -.cd on a pro forma income stream and hurdle ruw- Using the hurdle rate. cabh flow needed to support the tangible assets can be determined 14 P Samueta.on. EcO�VTUes AN 1+TILWYMOK, �nw�tSIS.SGa (7tH ea . McGraw -H.il. 1907) FALL 1997 9 1 t Apr -12 -99 03:05pm From -KPMIG eta encom- a from the m the typi- n equilibri- treprcneur- •m the liter - enters, and ie owner's •m the real he owner's :s is tenunt rotected by The norm the owner -:Bons, and nbranca on s operation notion of if the mall - ighcr risk. titive Mum ,e of his or 't investors mere bctna urdle rats. determined ti I T -628 P.15/21 F-396 15 HOTEL INVESTMENT ANALYSIS (Rote x Value = Income). When a property is being constructed, the proper consideration of the real „sets is replacement coot if trig inve�tmene takes place via purchase of an oper- atin; hotel, the ability to identify the cash flows become- more complicated. In an cqu,lib- rium market. replacement cost new would set the upper limit of value (principle of iubstitu- tion) for the real a,szts and e211 be used to identify cash flows needed to support this invest- ment. Likewise. if trig market is booming, occupancy levels will inerea;e and. more impor- tantly, rates will increase; however. the cost new of the real assets can still be used to mea- sure the cash flow needed to support these assets. The business value will increase in this situation as the owner benefits from receiving trie residual of the busiticss income. If the market is depressed, rates and occupancy levels wtli aecreusc acid cash flows to the owner will decrease. Identifying the cash flows to the real assets becomes more diffi- cult. It can reasonably be assumed that ft puce paid foT the real assts does not exceed the value of the real assets. Valuing the real assets, in a depressed market. is sublectivc, how- ever, a methodology based on rational expecmuons can be used. CwSH FLOW ALLOCATION MODEL The value of the tangible personal property will at based an depreciated cost 'These items are rapidly depreciating and snort lived. Depending on the age of the specific assets, a`percenia;e of cost up to 50 percent could be considered as value. The amount of cash the owner invests in the business gain, concern is known. The most subjecuve variable is the value of the real estate. In a depressed market, hotels can be pur- chased for a fracdou of reproducaon cost. If the am are availaole to document this. a discount- ed reproduction cost measure could be used to identify the cash flow needed to support the investment in the real estate. Keep m trend that this amount is needed in order to determine the residual. ajtgrnadvely, an income model based on a compeamg real estate investment opporru- nity can be used m proxy the value of the real estate. The real estate of a hotel enterprise is similar to a derivative security in that it derives its value from the business. assuming a leased fee situation, a percentage of gross revenue could be used w estimate the income stream which can then br. capimliicd into aA indication of value. The hotel appraisal hrerature has document- ed a common rcntll arrangement for hotels when they were operated under torsl property Icas- es.'s This formula was intended to provide the owner with sufficient cash flow to recover his entire investment and earn a sufficient return. Note that under total property Icsses. the man - a;er's income was the residual and the owner was not talon; all of the risk. In this siaacion rte are trying to proxy an income stream for the real estate only. Most of a hotel's profitability, comes from the rooms revenue The common rental formula c.-Wed for 23 percent of rooms 15 D.H. L.c,ser Anti K.E RYDIR. under u.nd =n9 Ac Un;q-c Aspens Q%Nurer Prr,;,.n 7t-.. v..rrvnon. Ar►w.131.,1 21 lion 1995). FALL 1997 16 10URNAL OF PROPERTY TAX MANAGEMENT revenue as well as a percenmgt;:Of food and a percentage of beverage revenue. Full service hotels receive approximately 60 percent of their total revenues from the rooms operation. Therefore. it seems reasonable to assume coat 15 percent (60 percent of 25 percent) of gross revenue would be an income stream comparable to alternauve Teat estate investments, such as office buildings or shopping centers. Rushmore uses this approach arid. in his numerical example, uses 16 percent of total revenue.i6 His alternative approach to identifying business value is offered because of the difficulty in supporting the leased fee approach with market data, because hotels are not leased. The market support, however. should come from alterna- tivc real estate investments that are leased. Research into market levels of rent for those invest- ments would reveal the appropriate percentage of revenue to be used in the model. DESCRIBING THE DATA AND APPLYING THE CASH FLOW ALLOCATION MODEL Year -end 1994 operatinjdam were obtained for 470 full service hotels. Because the company that sourced the data had a commitment to confidentiality, the research was designed to test the measurement of entrepreneurial profit using the above - described model for the Marriott tradename versus other "chain operated" hotels and independently operated hotels. A limited amount of operating data were obtained for approximately 1,500 full ser- vice hotels. These hotels were identified as either "chain operated:' " Marrion operated:' or " inaependenL" The following data were obtained for each observation. • Number of rooms • Occupancy • Average daily rate • Furniture, fixtures, and equipment (FF &E) reserve in absolute dollars and as a per - ccnta;e of revenue • Income before fixed•,t:harges (18FC) in absolute collars and as a percentage of revenue Note that 1BFC as reported by this source is after deduction of all operating expenses, man - aocment fees, and franchise fees. Review of the 0212 revealed that many cate:ories contained u "zero - The source of the data was asi.ed if it could be determined whrther the number reported was actually a zero or if Erie data were not reported. it Was advised this could only be dcterMincd by accessing the original surveys Therefore, 111 observations with zeros Were eliminated. This left 470 observations: 160 chain operated. 177 Marriott operated, and 33 indepcn- dents. 16 S RU3.rkM0rC HOT&A. MOTS" w%-D RES'r•VK ^Y-TS' VALWATIUSS ^sD MAW STUDIES 103. FALL 1997 t l I' Apr -13-99 03:06pm From -KPMG T -828 P.16/21 F -396 ASA rZ Apr -12-99 03:06pm From -KPMG T-826 P.17/21 F -396 17 HOTEL INVESTMENT ANALYSIS From these 0311, total revenue *21, cstlmatcd (iacomc before fixed chimes Mvideo oy ull service operation. tee percentage of total revenue) in order to generate Ei.xed charges Rooms revenue was also t) of gross i e >tlmatcd (Number of rooms x Occupancy x Average daily rule x 365). and rooms revenue its, such as as a percentage of total revenue was caleulltad to check the reliability of the assumption numerical that rooms revenue constituted appro.%imately 60 percentage of total revenue. Cash rlow to owner was determined for each ob3ervation as follows' t; business 1th market - Total revenue = 1BFC/Percentage of total revenue •m alterna- - Fixed charges = 5% of total revenue ose invest- . Operating cash flow IBFC — Fixed charges - Cash flow to owner = Operating cash flow — FF &E reserve The next step in the modeling, process was to allocate the cash flow to owner to the tangible assets For all observations, the value of the tan_iole personal property (furniture. fixtures, and equipment) was estimated at 37,500 per room. This amount is based on The assumption that all full - service hotels have comparable quality. Replacement cost new was :cause the estimated at $15,000 per room -17 The price used represents a SO percent discount from _arch was replacement cost new under the assumption that, because FF&E is continually replaced, at xd model any point in time Erie value of the personal property is it least SO percent of replacement y operated cost. The portion of the expected cash flow that supports the tangible personal property, is 'i iull ser- measured in The followm- 400 -room hotel example: 4ted," or - value of tangible personal property in place = Number of rooms x $7,500 per room = $3.000.000 • 33,000,000 x Hurdle rate of .12 (unlevered required rite of return on project or firths Weighted Average Cost of Capital (WACC) I as a per- = Cash flow needed to support FF &E = 5360,000 entage of The cash needed to support each of these investments is deterrruned by assuming mat Mall full service hotel owners would nave a comparable hurdle rate or required rate of return. :ses, man- t In this work 12 percent was used. This is based on direct observation by a author, avtng access to data on approximately 20 purchases of full- service hotets in 1994. It should be source of source noted that this assumption 1s not necessarily consistent for all tradenamcs, however, it is a indicative of the perceived risk of a hotel operation operated under a major flag. Because of dine inc d by y the confidentiality requirements of the data source, the identification of the observations as i c "chain" cannot be evaluated as to comparability. However, an underlying assumption of the indepen- research is That the risk associated with all obseTtiations 1s 5lmilaC. 17 Irurcl De.dupmert Cuts Surrey - Per Paum. Lonev< HOSMAUTS 0414y 1994) FALL 1997 Y Api- 12-99 03:07pm From -MG i8 JOURNAL OF PROPERTY TAx MANAGEMENT T -828 P.19/21 F -386 For all observation, the cost of investment in the business operation (worKin= C2pIM1. etc.) was estimated at 52.000 per room. This number is supported from literature and recent acquis;tions.ts The portion of the expected cash flow that supports the owner's investment rn me business operation, or going concern. is measured as follows: • Investment in going concern = 400 rooms x $2,000 per room = S800.000 • S800,000 x .12 Hurdle rate a Cash flow needed to support investment to business = S9b,000 For all observations, the value of the real estate was estimated by a leased fee assump- uoa of 15 percent of total revenue capitalized at an overall rate (OAR) of 10.5 percear- The OAR used is based on a typical real estate investment and derived from recent published discount rates (13.5 percent) minus growth as measured by expected inflation (3 percent). The discount race' used w develop an implied OAR is not necessarily the same as an investor's 'hurdle" rate which is used in capital budgeting. The hurdle rate establishes a minimum required rate of return. usually measured by the investor's weighted average cost of capital. The discount rate is more indicative of internal rates of return, which are project specific. The hurdle rate will not necessarily be project spectitc such as the case of the instttuuonal investor who finances at the corporate level. The measurement of the cash needed to support the real estate (In a depressed market) is as follows • 313 million estimated total revenue x 15% of revenue required for leased fce scenario = S2.250.000 rental stream from real estate • S'_ 2 50.000 capitalized at 10.5% OAR = Estimated value of real estate S21,438.571 • S31,428.571 x 12% hurdle rate - S2.371.428 cash flow needed to sapport investment to real estate after determining the cash needed to support the tan .-,ble assets. the rextduul was determined y follows• . Rea,dual a Cash flow to owner — Cash needed to support tangible personal property — Cs.%h needed to support investment in business — CGih needed to support real estate FALL 1997 �j aa4 T 'sue It • Apr -il-99 03:0ipm From -KP11G T -828 P.19/21 F -396 s' 19 HOTEL INvESTMENT ANALYSIS kin; capital. =} The residual measures the owner's expected entreprcncurial profit which is used to c and recent y�• value the owner's irimngibles or business value 1rntmen[ In • RESULTS AND INTERPRETATION FALL 997 :after calculating the entrepreneurial profit for each obaervation. the results were aggregated first for the entire data set and then by subset categories for summary st111sucs. Of the 470 observations. 197, or 41.93 percent. were achieving positive entreprcneur- ial profits as measured by the allocation model with an avenge profit of 5133,358. This amount of residual cash flow would indicate. at a multiple of 10 times, business value to the ree assump- } o..ner's in excess of 31 3 million. On the flip side oT this. 275 observations, or 59 08 per - •crcent. The cent, were achieving "ncaauvc" entrepreneurial profits. This ncgativc cash flow could be I published used to measure obsolescence, or loss in value, to be applied to the real assets. Not only percent). was the operation not earning, enough to compensate the owners for the nsx- xartng, but the same as an losses are reducing the value of the real assets. This is an important concept for owners to .tablishes a understand. especially in controlling real estate taxes. Not only is the intangible business veraae COST value not to be ranted as real estate, but in the event that negative profit exists, the value of are project the real assets is diminished. -ase of the The data set was subdivided into three smaller sets: chain operated. Manion- operated, and independent. Listed below are the percentage of observations earning positive entrepre- ed market) neurial profit, the metro entrepreneurial profit for the data set. and an estimate of gain or loss in value based on a multiple of 10 times cash flow. ed fee Gaiti/I.oss Positive Protlt Average . ' Independent (53,000,0001) 39.39% ($315,321) Chain (33,000,000t) 30.38% (5323.276) Marriott (59,000,000,-) 59.32% S902,799 j rdual was � Mean profits as a percentage of total revenue, mean profits as s percenta;e of cash flow, and volatility of these measures are listed below. Entrepreneurial Profit as a Percentage of Total Revenue i Marriott Chain Independent Mean 4.35° -340% - 3.00% Standard Deviation 1334% 13.54% 8.33% FALL 997 Aar-12 -99 03:08Pm From -KPMG T -828 P.20/21 F -396 20 jOuRNAL OF PROPERTY TAx MANAGEMENT Entrepreneurial Profit as a Percentage of Cash Flow Marriott Chain Independent Mean 18 01 % — 19.93% — 17.6970 Standard Deviation 43.85% 53.36% 43.43% The more important measure is the entrepreneurial profit as a percentage of cash flow. The Marriott- operated hotels, considered as a portfolio, achieved cash flows in excess of that needed to support the real assets of 18.01 percent. Other subsets of the data were aggegated and summarized. Not surprisingly, all sub- sets that contained Marrion hotels had positive mean entrepreneurial profits; however. the subset of Marriott hotels alone produced the highest average entrepreneurial profits. Additionally it was observed that properties that operated with income before fixed charges (19FC) ratios in excess of 30 percent *cm more likely to produce positive entrepreneurial profits. ' Marriott- operated hotels demonstrated the highest level of operational efficiency, with average IBFC of 31.7 percent and the smallest range of variability measured by a stan- dard deviation of 6.6 percent compared to over 9 percent for the other categories. Not all Marrions were achieving positive entrepreneurial profits; however, as a porifo- lio, the Manioc tradename clearly achieved superior cash flows as compared to other chain - operated hotels as well as independently operated hotels considered as portfolios. AdditionaIly, all portfolios that contained Mansion hotels achieved positive entrepreneurial profits. The purpose of this research was to test the Marriott tradename against other chain -oper- ated hotels. This does not conclude that the Marrioa tradename is bener than Hyatt or Hilton or any other well known chain; however. it does seem conclusive that the Marriott tradename is kkcly to provide greater benefits to owners more often. Therefore, if an owner is concerned with risk- bearing. the data indicate that the Manion flag would be the better aeasion. CONCLUSION The incentive for owning, a hotel is superior investment returns to alternative real estate investment opportunities. It makes no econom4c sense to invest in x hotel operation without the expectation of receiving sufficient risk- aolusted returns. Over the past ten years. there has been progress in the development of analytical tools re- urdin; the hotel investment, primarily in the management area. There nas been little progress in [he acvelopmcn[ of analytical tools from a passive investor's perspective. Hotel valuation literature focuses on the clement of business value but fails to distinguish owner- ship from management. Whilc hotel management companies clearly have business value. the owner of the real assets expccgs to participate in that also. FALL 1997 i I Apr -11-99 03:08pm :ni cash flow. excess of ly. all sub - wever. the al profits. ad enarges :pretieurial affieiency. by a stan- s a pordb- ther chain - -rtfolios. ;ncurial :hnin -open •r Hilton or tdename is concerned native real operation tical tools been little ve. Hotel sh owner - ess value, I From -0MG T -828 P.21/21 F -396 21 HOTEL INVESTMENT ANALYSIS Borrowing from the contributions of the capital asset pricing model to the develop- ment in financial theory, I have developed a framework for analysis to measure the investors expected entrepreneurial profit. I have usea this to assist my company in booking- the assets from recent hotel acquisitions. since a recent change in the Internal Revenue Code allows the depreciation of intangibles over a much shorter period than real estate. Additionally, quantifying the intangibles is useful in contesting real estate assessments for ad valorem coxes. Surprisingly, in developing and testing the case flow allocation model, it has also become evident that this framework for analysis is revealing as a tool for investment deci- sion making. It identifies investment opportunities with cash flows either marginally to excess of that required to support the real assets, or, likewise. iden�es investment opportu- nities with projected cash rlows well in excess of that required to support the real assets. As a passive investor, the owner's returns are dependent upon management and some- one else's tradenaMe. Banker's Trust Research recently published a special report on the U.S. lodging industry. Under the subcategory "Quality of Assets, Brand Names:' The Banker's Trust reports as follows. Brand names add value to hotel assets and are also important in evaluating The merits of an investment in a lodging company. Some brand names add morts value than others, but hotel owners generally leave their reasons for choosing one lodging brand over another for individual properties. Keying in on individual brands in a company's portfolio of hotels can yield insight into management's strategy and asset management expefdw-19 Understanding hotel investment with explicit consideration of the expected- entrepre- neurial profit will assist owners in choosing lodging brands as weU as in choosing mdivid- tial properties. Additionally, quantifying the intangible value will assist owners with income tax considerations, accelerating depreciation tax shields. and with teal estate Tax matters by separating the intangible value from the real estare value. It is hoped that this work will be an impetus for more research in the area of hotel investment with consideration given to development of explanatory models that refine The investment criteria by optimizing investment in real assets to maximize entrepreneurial profit. As the lodging industry recovers over the next few years, important data from hotel acquisitions will be available to specify investor expectations which can later be tested with empirical am. 19 K Mutt" am D. SM101. L.S. Lodjm, !mushy Orervie+.. Ba,_,*$ Tn,sr Remarc*. BT SccunGes Cote. (Oct 30. 1995). FALL 1997 • 'Aar -17 -99 03:00pm From -KPMG Ak�� Peat Marwick LLP Date To Organization Tel Fax Copy To From Department Tel Fax Subject State and Local Taxes Peat Marwick Plaza 303 E. Wacker Drive Chicago, IL 60601 April -12, 1999 Board of Review City of Edina 612 -927 -8861 612- 826 -0390 Moreau Sankey City of Edina Assessor's Office Paul Gauer Property Tax 312 -665 -3497 312 -665 -6000 Appeal Letter for Parcel 11 32 -028 -24 34 0025 T -828 P -01 F -396 Telephone 312- 665 -1000 Fax 312 -665 -6000 Page 1 of 21 Please review the following appeal letter and call Jon Marsball 312 -665 -8922 if you have any questions. I The information contained in this facsimile message is privileged and confidential information intended solely for trio use of the addressee listed above. If you are neither the intended recipient nor the employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any disclosure. copying, distribution or the taking of any action in reliance on the contents of the telefaxed information is strictly prohibited. If you nave received tnis telefax in error, please immediately notify us by telephone (call collect to the number listed above) to arrange for the return of the original document to us. PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 32- 028 -24 -34 -0025 . Pt. Con: .iOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 3400 1/ EDINBOROUGH WAY 55435+ Right: CURR 319 NEXT Mt.Adr: Back: Left : Ownerl: Owner2: Zoning: Sch.Dst: SHANER HOTEL GRP PRP Prim /sec: 280 Wshd: 01 TWO L P Owner3: Owner4: Yr.blt: 0000 Area: Gr /Os /Ex: Subrecs: 01 98827 Acres: .00 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 1186000 7760000 8946000 C 0 1998: 1186000 7334000 8520000 296625 C 0 1997: 800000 5819500 6619500 262830 C 0 Legal Description: , LOT 1 BLOCK 1 EDINBOROUGH ADDITION EXCEPT THAT PART EMBRACED WITHIN LOT 1 BLK 1 NORTHWESTERN FINANCIAL CENTER Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - - - -- Address -------- - - ---- NEXT 32- 028 -24 -34 -0025 3400 1/ EDINBOROUGH WAY SALE TYPE SALES DATE PRICE OF SALE RATIO Make changes: press ENTER; or F1 F2 F5 F8 REMARKS t AeSurveyor Land Frank R. Cardar Inc. 6440. Flying Cloud Drive Eden Prairie, Minnesota 55344 (612) 941 -3031 April 12, 1999 AUM 13 199,9 City of Edina Assessor's Office 4801 West 50th Street Edina, Minnesota 55424 Re: Assessment at 6125 Wilryan Avenue, Edina Gentlemen: The proposed valuation of the above property of $412,400 is in excess of what I think the value should be because of the noise on Highway No. 100. Approximately 231 years ago we tried to sell the house for $300,000 and had absolutely no one interested or even make an offer. Since the value of property in the area is approxi- mately $150,000 to $200,000 it is inconceivable that I could get the $412,400. When I approached the church to buy it for additional parking space, they were not even interested at a lower price than that; and they have a desperate need for parking areas. I would like to have the property remain at the assessed value of last year of $355,900. The value may increase if, in the future, Edina and the Highway Department build berms, fencing and landscaping along Highway No. 100 and Crosstown right -of -way such as is proposed at this time. Thank you for your consideration of this matter. I would be happy to meet with you at any time to discuss this. ye ly, R. Cardarelle FRC:mw c-12!=� - 2-7 c0 I N rn BOARD OF REVIEW WALK IN PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 33- 117 -21 -34 -0122 Pt.Con: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 6125 1/_ . WILRYAN AVE 55436+ Right: CURB 319 NEXT Mt.Adr: Back: Left: Owners: CARDARELLE FRANK Owner3: Owner2: CARDARELLE LOIS Owner4: Zoning: R -1 Prim /sec: Yr.blt: 1982 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land 1999: 75000 1998: 36600 1997: 36600 Legal Description: Mkt -Bldg Mkt -Mach 337400 331700 319300 LOT, 3 BLOCK 1 MIKULAY'S 2ND ADDITION Mkt -Tot Tx Capacity Hd PT %Own 412400 H R 100 368300 5736 H R 100 355900 5947 H R 100 Type PID or ADDRESS: press ENTER; or F1 F2 F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT 33- 117 -21 -34 -0122 6125 1/ WILRYAN AVE SALE DATE TYPE SALES PRICE OF SALE RATIO Make changes: press ENTER; or F1 F2 F5 F8 PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 04- 116 -21 -34 -0056 CURB 319 NEXT Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 5132 1/_ ABERCROMBIE DR 55439+ Right: Left: Ownerl: ANDREWS MONA Owner3: Owner2: Owner4: Zoning: 0 Prim /sec: Yr.blt: 1955 Area: Acres: .00 Sch.Dst: 273 Wshd: 01 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 60200 91900 152100 H R 100 1998: 41200 99700 140900 1870 H R 100 1997: 41200 97000 138200 1919 H R 100 Legal Description: LOT 28 BLOCK 6 BROOKVIEW HEIGHTS 2ND ADDITION Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURB 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT _ 04- 116 -21 -34 -0056 5132 1/ ABERCROMBIE DR SALE TYPE . SALES DATE PRICE OF SALE RATIO Make changes: press ENTER; or F1. F2. F5, F8 NOTE: BOARD OF REVIEW WALK I.N /LE.FT PRIOR TO END OF MEETING. REMARKS PROPERTY DATA SYSTEM TAXPAYER INQUIRY PROPERTY ID 19- 028 -24 -14 -0075 CURB 319 NEXT Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT. 19- 028 -24 -14 -0075 4200 1/ PHILBROOK LA SALE TYPE SALES DATE PRICE OF SALE RATIO Make changes: press ENTER; or F1, F2, F5, F8 NOTE: BOARD OF REVIEW WALK IN /LEFT PRIOR TO END OF MEETING. REMARKS Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd Pt.Con: Mt.Adr: HOUSE# FRACTION 1999: STREET NAME UNIT ZIP +4 Front: 74 Back: 4200 1/_ PHILBROOK LA 55424+ Right: Left: Owners: WINTER 100 ROBERT Owner3: 153300 Owner2: WINTER R ETHEL Owner4: Description: Zoning: R 1 Prim /sec: Yr.blt:'1958 Area: Acres: .00 Sch.Dst: 273 Wshd: 03 Gr /Os /Ex: Subrecs: 01 Width: 74 Depth: 125 Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT. 19- 028 -24 -14 -0075 4200 1/ PHILBROOK LA SALE TYPE SALES DATE PRICE OF SALE RATIO Make changes: press ENTER; or F1, F2, F5, F8 NOTE: BOARD OF REVIEW WALK IN /LEFT PRIOR TO END OF MEETING. REMARKS Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 80000 137800 217800 H R .100 1998: 44700 153300 198000 2841 H R 100 1997: 44700 153300 198000 3026 H R 100 Legal Description: LOT 19 BLOCK 1 G. A. JOHNSON'S SOUTHWOOD Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM SALES RECORD UPDATE CURR 108 PROPERTY ID --------- - - - - -- Address -------- - - - - -- NEXT. 19- 028 -24 -14 -0075 4200 1/ PHILBROOK LA SALE TYPE SALES DATE PRICE OF SALE RATIO Make changes: press ENTER; or F1, F2, F5, F8 NOTE: BOARD OF REVIEW WALK IN /LEFT PRIOR TO END OF MEETING. REMARKS STATE OF MINNESOTA HC 211 (p.1) County of Hennepin City of Edina We, the undersigned, Board of Review - 'Equalization - of the City of Edina in said County, do hereby certify that we, and each of us, attended at the office of the City Clerk on the 12th day of May , 19 99 . The day set forth in the notice given by the Clerk, and in accordance with the provisions of Minnesota Statutes, Section 274.01. We made changes in the 19�� Assessment as entered in the following forr*). Witness our hands this day of ,19 ( Chair ) ,i v CHANGES MADE BY THE LOCAL BOARD OF REVIEW only to Cities whose Charters provide for a Board of Equalization instead of a Board of Review. CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 1 ....... d99 ...:.:.:.:...:.......... �.. t�' 99..... �..........:. �.:.:.:.:.:.:.:.:. 5�' r�4hF...... ...........................�.�: risk..{ �................................. �........... .e /•Y. N ............................... :::: Isify'::::::: 4P. F'. L•/ C�4Nir::::::::::: �IF�Af3E) �4�5' 5 EtESI €�::::::::::::. C' . . QSIDA7J Al :::::::::::::::::::...9�ET RF..4.Lt?h�4 .......4? ................ - 1 Robert J. 6517 Limerick. Dr $ 244,900 $ 220,000 $ 230,000 $ 230, 3/0 $ (14,900) Malby 05- 116 -21 -14 -0043 2 Timothy D. 5414 Creek View Ln $ 255,800 $ 230,000 $ 255,800 $ 255,8 3/0 $ - Asgrimson 05- 116 -21 -44 -0054 3 - John E. 7740 Marth Court $ 331,700 $ 290,000 $ 331,700 $ 331,7 3/0 $ - Elkins 08- 116 -21- 33-0151 4 William H. 7727 Pondwood Dr Application Withdrawn Not Egan 08- 116 -21 -43 -0051 Required 5 Hal C. 7731 Pondwood Dr Application Withdrawn Not Ransom III 08- 116 -21 -43 -0052 Required 6 Bendik 7735 Pondwood Dr Application Withdrawn Not Eklo 08- 116 -21- 43-0053 Required 7 Douglas D. 4205 Alden Drive Application Withdrawn Not Roy 07 -028 -24 -41 -0080 Required 8 M. Katharine 7741 Pondwood Dr Application Withdrawn Not Taveggia 08- 116 -21- 43-0055 Required 9 Mark A. 6816 Brittany Rd Application Withdrawn . Not Thompson 30-028 -24 -33 -0092 Required I ; Page 1 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 2 .......... :STE 10 Robert R. 5428 Halifax Ln $ 217,500 204,000 217,500 217,5 i 3/0 Pfefferle 19-028-24-11-0039 11 John O. 4018 W 65th St Application Withdrawn Not Murrin 30-028-24-14-0003 I Required 12 Gladys 7212 West Shore Dr $ 185,300 $ 175,600 $ 185,300 $ 185,30 3/0 Mitchell 31-028-24-24-0099 13 Julie M. 5300 Glenbrae Circle $ 320,000 $ 269,000 $ 320,000 $ 320,000 3/0 $ Harper-Wylie 32-117-21-11-0023 14 Nancy J. 4525 Vandervork Ave $ 94,900 $ 75,000 $ 94,900 $ 94,900 3/0 $ Van-Zile 28-117-21-23-0114 15 Christopher 5232 Lochloy Dr $ 341,600 $ 320,000 $ 380,000 $ 380,001 0 3/0 $ 38,400 Krug 29-117-21-44-0036 .16 Cad R. 7503 West Shore Dr Application Withdrawn Not Olson 31-028-24-33-0007 Required 17 Thomas N. 4703 Towne Rd $ 413,900 $ 353,000 $ 370,000 $ 370,0W $ (43,900) Awsumb 18-028-24-11-0076 Owner Accepted 18 Gaeyl 5705 McGuire Rd Application Withdrawn Not Kanter 05-116-21-34-0037 Required Page 2 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 3 .............. ........... ........... ..... ....... AN -P ... . .................................... iF . % ........... .. ....... .. 19 Karla K. 5226 Green Farms Rd $ 568,400 $ 530,000 $ 568,400 $ 568,400 3/0 Jones 30-117-21-34-0026 20 Gregory G. 5801 Drew Ave S $ 145,400 $ 127,000 $ 145,400 $ 145,400 3/0 Roth 20-028-24-32-0065 21 Rodney J. 5804 Kernrich Dr $ 269,100 ? $ 269,100 $ 269,100 3/0 Olson 08-116-21-24-0008 22 Joseph H. 4404 Bronson St $ 219,100 $ 208,000 $ 219,100 $ 219,100 3/0 Andersen 07-028-24-43-0059 23 Raymond H. 4212 70th St W $ 144,900 $ 136,900 $ 144,900 $ 144,9 3/0 Ehlers 30-028-24-43-0023 24 Deborah A. 6212 Beard Place Application Withdrawn Not Crawford 29-028-24-22-0068 Required 25 Sydney G. 3 Cooper Ave Application Withdrawn Not Schultz 29-117-21-14-0005 Required 26 Jacqueline S. 5308 Halifax Ave 205,100 195,000 $ 245,000 245,000 3/0 39,900 Mithun 18-028-24-44-0067 27 Daniel J. 5517 Kellogg Ave Application Withdrawn Not Gionet 19-028-24-12-0110 # Required Page 3 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 4 -777777777; ... .. ....... ........ 28 Andy A. 4909 Trillium Ln $ 181,600 $ 170,000 $ 174,000 174,0001 3/0 $ (7,600) Ponclus 31-028-24-22-0074 29 Norman P. 4622 Edgebrook Place Application Withdrawn Not Chapel 18-028-24-23-0058 Required 30 Sam P. 6113 York Ave S Application Withdrawn I Not Cheolis 20-028-24-34-0123 f Required 31 Lowell E. 6004.Honsen Rd $ 168,000 $ 145,000 $ 168,000 $ 168,000, 3/0 $ Johnson 33-117-21-33-0049 32 Gregory J. 6804 Dakota Trail $ 699,600 $ 553,260 $ 699,600 $ 699,600 3/0 $ Dovolis 06-116-21-43-0032 33 Scott M. 5019 Bruce Ave $ 307,600 $ 260,000 $ 307,600 $ 307,600 3/0 $ Busyn 18-028-24-42-0036 34 Peter V. 6109 Ridgeway Road $ 257,100 $ 246,000 $ 257,100 $ 257,100 3/0 $ Hall 32-117-21-43-0041 35 James 6805 St. Pat(icks; Ln $ 227,800 $ 215,600 $ 227,800 $ 227,800 3/0 $ Huettl 06-116-21-44-0047 36 James F. 4622 Casco Ave $ 344,900 $ 278,000 $ 344,900 $ 344,900 3/0 Gehrke 18-028-24-13-0022 Page 4 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY 37 Michael L. 5309 Blake Rd $ 137,200 $ 100,000 $ 171,100 $ 171,100 3/0 $ 33,900 Ricke 29- 117 -21 -33 -0004 43 Michael W. 6332 Limerick Ln Application Withdrawn Not 38 George E. 6419 Timber Ridge - Application Withdrawn Not Fleet Jr. 06- 116 -21 -13 -0056 Required 39 Randy T. 5615 Schaefer Rd $ 531,900 $ 415,000 $ 495,000 I, $ 495,000 3/0 $ (36,900) McKay 31- 117 -21 -14 -0037 Required 40 Mary A. 6400 York'Ave S $ 176,100 $ 158,000 Application Withdrawn _ Not $ Stuart 29 -028 -24- 21-0077. Scheduled 41 Daniel A. 6728 Rosemary Ln $ 272,100 $ 233,000 $ 258,000 $ 258,00 3/0 $ (14,100) Rutman 06- 116 -21 -41 -0048 42 Clara 5824 Halifax Ave $ 164,400 $ 152,300 $ 164,400 $ 164,400 3/0 $ Gooding 19 -028 -24 -41 -0021 43 Michael W. 6332 Limerick Ln Application Withdrawn Not Dreis 05- 116 -21- 13-0045 t Required 44 Gary M. 6508 Ridgeview Dr Application Withdrawn . ' Not Braun 05- 116 -21 -14 -0056 Required 45 Namron 5632 Chowen Ave S $ 176,100 $ 158,000 $ 176,100 $ 176, 1 UU 4 / 0 $ Company 20-028 -24 -23 -0102 I Page 5 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY ::.:tS :.;.;.• ............................::.:.:.:.:.::::.:.:.:.:.:.:............................./ 99. 9.............,.,.......... f9............................................................................................,.,...,.......................... e/. ............................... .:::::::::::::. RP. L•' lC. 4lYi'........... � � ::::::::�:::::::: 51F�: 4�ORE55 .................:G3i4'IGIN.. � .�,9' ::::::::::::::R L.............�.......... � � Ef�SI €EJ::::::::::::::A�C • �. ��i��lilDA 1fOAI........�TEQ.......... ........4� ....................... . ........... ................... . 46 James M. 5020 Normandale Ct $ 285,700 $ 265,000 $ 279,000 $ 279,000' 3/0 $ (6,700) Ostlund 33- 117 -21 -24 -0027 47 John F. 4808 Upper Terrace $ 357,000 $ 276,250 $ 336,800 $ 320,000 4/0 $ (37,000) Healy 30-028 -24 -33 -0090 48 James 6300 Valley View Rd $ 134,200 $ 127,500 $ 134,200 $ 134,2001 310 $ - Voss 05- 116 -21 -11 -0060 49 Demetrios J. 5416 Creek View Ln $ 221,300 $ 212,600 $ 221,300 $ 221,3001 3/0 $ - Villas 05- 116 -21 -44 -0053 50 Grand View 6901 Maloney Ave $ 509,400 $ - $ 509,400 I $ 509,400 3/0 Cemetary 30- 117 -21 -23 -0002 $ 297,200 $ - $ 297,200 $ 297,200 $ 123,400 $ - $ 123,400 $ 123,400 51 Wayne 7200 France Ave S $ 2,969,000 $ 1,368,400 $ 2,511,000 $ 2,511,000 4/0 $ (458,000) Rice 31- 028 -24- 14-0001 52 John A. 5101 W 62nd St $ 202,900 $ 177,000 $ 202,900 $ 202,900 Not $ - Palmer 04- 116 -21- 21-0054 Owner wishes to withdraw Required Signed & dated 4 -14 -99 53 Robert 5618 Concord Ave $ 221,600 $ 200,000 $ 221,600 $ 210,000 4/0 $ (11,600) Benham 19 -028 -24- 23-0041 $ 175,000 54 Lorraine 6321 Mildred Ave $ 159,100 ? $ 159,100 $ 159,100 4/0 $ Chalker 04- 116 -21 -22 -0021 Page 6 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 7 9........................:...:.:.:.:. 3.X# FF................................................................... ............................... ? °:: ..e 4Pf' ti'( �:...... .:3`IfEAi�R!<S'5sQli'1CilM,A'1� REGIEXESTfD...:... R�.: C�iMEh► D�E�I 'ON.......::i4GT�1V ........... ............ ................... 55 G. Kelsey 4801 W 44th St $ 197,100 $ 175,000 $ 197,100 $ 197,100 3/0 $ - Smith 18-028 -24 -22 -0006 i 56 Marie 4007 Sunnyside Rd $ 158,400 $ 145,500 $ 145,500 $ 145,000 3/0 $ (13,400) Hidem 07 -028 -24 -44 -0050 Owner Notified 57 John J. 6613 Galway Dr $ 244,600 $ 239,000 $ 244,600 $ 244,600 3/0 $ - Raich 05- 116 -21 -42 -0033 58 Virginia A. 6216 Ewing Ave $ 166,500 8 $ 166,500 $ 166,500 3/0 $ - Borgeson 29 -028 -24 -22 -0057 59 John S. 5216 Larada Lane $ 540,000 $ 450,000 $ 450,000 $ 450,00 i 3/0 $ (90,000) Newhouse 30- 117 -21 -43 -0050 60 Dwight P. 4514 Edina blvd $ 822,800 $ 762,800 $ 822,800 $ 822,8 3/0 $ - Hager 18-028 -24 -21 -0061 Application arrived 4/13/99 Letter 1 Robert 6505 Nordic Drive $ 290,400 $ 290,400 $ 290,400 3/0 $ Quirk 06- 116 -21 -14 -0063 Letter 2 John E. 5701 Code Ave $ 214,400 $ 214,400 $ 214,400 3/0 $ - Bryan 33- 117 -21- 23-0017 Letter 3 Phyllis S. 6601 Field Way $ 395,800 $ 395,800 $ 395,800 3/0 $ Locke 31- 117 -21 -24 -0081 Page 7 CITY OF EDINA 1999 BOARD OF REVIEW MARKET VALUES AND CLASSIFICATION SUMMARY Page 8 e. E:�.4�D. E5�'::::::::::�R1Glld,Al::: °:: : €REC•,}E,tfSifD :.::::::::::::: R, EC' 4�' 1. sl�QsID�: 4lJ' 4 )lJ..........iCT�?l!1.......... ........... . Letter 4 Dr. George W. 6409 Indian Hills Rd $ 418,800 $ 418,800 $ 418,800 3/ 0 $ Lund 06- 116 -21 -42 -0022 Letter 5 Dorothy 5909 Ashcroft Ave $ 104,200 ? $ 104,200 $ 104,200 3/0 $ Kronlokken 19 -028 -24 -31 -0125 Letter 6 Edina 3400 Edinborough Way $ 8,946,000 $ 7,800,000 $ 8,946,000 $ 8,946,000 3/0 $ - Hawthorn 32 -028 -24 -34 -0025 Suites 29 -028 -24- 21-0009 3,458,000 ? $ 3,458,000 $ 3,458,000 $ Leff er 7 Heritage 29 -028 -24 -21 -0099 $ 2,371,400 ? $ 2,371,400 $ 2,371,400 3/0 $ of Edina 29 -028 -24 -21 -0101 $ 3,352,000 ? $ 3,352,000 $ 3,352,000 $ 29 -028 -24 -21 -0010 $ 2,584,500 ? $ 2,584,500 $ 2,584,500 $ 29 -028 -24 -21 -0100 $ 50,100 ? $ 50,100 $ 50,100 $ - Walk In Frank R. 6125 Wilryan Ave $ 412,400 ? $ 412,400 $ 412,400 3/0 $ Cardarelle 33- 117 -21 -34 -0122 I Walk In Robert G. 4200 Philbrook Ln $ 217,800 ? $ 217,800 $ 217,800 3/0 $ - Winter 19 -028 -24 -14 -0075 Left before end of meeting Walk In Mona 5132 Abercrombie Dr $ 152,100 ? $ 152,100 $ 152,100 3/0 $ - Andrews 04- 116 -21 -34 -0056 Left before end of meeting Page 8 HC 586 (2/84) CERTIFICATION OF POSTING OF ASSESSMENT NOTICE State of Minnesota COUNTY OF Hennep i n ss. State OF Minnesota I, [Yebra A. Mangen , Clerk of the City of Edina in said County for the year 19 99, do hereby certify that on the 22nd day of March , 19 99, in conformity with requirements of law, I posted notices in each of three of the most public places in said City of Edina ten days before the time of meeting therein named, and also caused such notice to be published in a legal newspaper, of which the following is a true copy, to -wit: ASSESSMENT NOTICE ' NOTICE IS HEREBY GIVEN, That the Board of Review of the City of Edina in Hen n e p i n County, Minnesota, will meet at the office of the C i ty Clerk in said City Hall , at 5:00 o'clock . M., on Monday , the 12th day of Apr i 1 , 19 99 for the purpose of reviewing and correcting the assessment of said City of Edina for the year 19 9 9. All persons considering themselves aggrieved by said assessment, or who wish to complain that the property of another is assess- ed too low, are hereby notified to appear at said meeting and show cause for having such assessment corrected. No complaint that another person is assessed too low will be acted upon until the person so assessed, or his agent, shall have been notified of such complaint. Dated the 15 t h day of March 1999 Clerk of the City of Given under my hand this I ()t h day of Apr i 1 , 1 State of Minnesota, COUNTY OF HENNEPIN ss. Ctiy Of Edina We, the undersigned, Board of Review of the city of Edina Edina in said County, do hereby certify that we, and each of us, attended at the office of the C i t y Clerk of said C i t y o f E d i n a on the day set forth in the notice given by the Clerk of said C i t y and that we then and there remained in session the whole of said day as a Board of Review. Witness our hands this 19th day of Ap r i 1 19-2-9. �� �� Chairman NOTICE TO ASSESSOR Assessor must make the necessary footings at bottom of each page and carry them forward to the "Tabular Statement" form, and in so doing use all possible care. Minnesota Statutes, Section 274.04. The assessor shall foot each column in his assessment book, and make in each book, under proper headings, a tabular statement showing the footings of the several columns upon each page. He shall also foot the total amounts of the several columns under the respective headings. * * * Such return shall be verified by his affidavit substantially in the following form: To Be Signed By County Assessor To Auditor of the County of State of Minnesota County of I ASSESSOR'S RETURN OATH SS. , Minnesota. , County Assessor of the County of do solemnly swear that the book to which this is attached contains a correct and full list of all Real and Personal Property subject to assessment and taxation in the of for the year 19 , so far as 1 have been able to ascertain the same, and that the market value, except as limited by statute, and the assessed value, except as limited by statute, set down in the property column, opposite the several kinds and descriptions of property, is in each case the market value, except as limited by statute, and assessed value, except as limited by statute, of such property, to the best of my knowledge and belief, including all changes made by the Board of Review, and that the footings of the several columns in said book and the tabular statements returned herewith are correct, as I verily believe. Subscribed and sworn to before me this County Assessor day of '19 Auditor of County CERTIFICATION OF NOTICE ON INCREASED VALUATIONS State of Minnesota County of SS. Of I, County Assessor of County, Minnesota, do solemnly swear that the owner or occupant of each description of real property which was subjected to an increase in market value over the preceding year's assessment was given official notice of the amount of such increases. I further certify that all such notices were sent through the course of ordinary mail not less than ten days prior to on which Manta Dar Y— the of Board of Review duly convened or on Month Dar . Ym ten days prior to the official adjournment thereof. Date Signature: r f Memo To: Mayor pro tem Maetzold & Council Members From: Eric Anderson CC: Gordon Hughes Date: 05/21/99 Re: Background Material for 5/27 meeting C I T Y O F E D I N A 7 20 20, Ana ision M I N N E S O T A U S A Attached is some background material for Thursday's 20/20 meeting. The purpose of the meeting is to review the results of the community meeting and determine the contents of the survey. Decision Resources will be providing us a proposal at the meeting. The meeting will be held in the Manager's Conference Room at 5:00 on the 27th. Please call if you have any questions. 0 Page 1 MEMORANDUM ©© Hoisington Koegler Group Inc. ©e TO: Gordon Hughes and Eric Anderson DATE: May 20, 1999 SUBJECT: Strategic Plan FROM: Mark Koegler In reviewing the results of the April 15'' community meeting, a number of themes or ideas seem to emerge. First, those that elected to participate in the event seemed to be generally older. Presumably, most are long time Edina residents. For the most part, younger members of the community did not participate. One could question whether or not this skewed the responses that we received. The general message from the comments offered by the group was that of "stay the course." The responses received on the importance of future characteristics of the community (exercise #3) were generally uniform with the exception of childcare. That issue seemed to be one of responsibility. Some viewed it totally as a private responsibility while others saw an appropriate role for government Other observations include: • The comments offered placed little emphasis on youth • Transportation is a key issue both in terms of mass transit and the impacts of traffic congestion • There was little reference to commerce, retail and employment. No comments on the future roles of Southdale and 50th and France. This was a surprise, residents in most communities will raise issues pertaining to this topic. • There was very little mention of a potential need to attract young families to Edina. • Very few references were made to crime and safety issues. Next Step We had originally planned to prepare a vision statement and set of objectives from the information gathered at the community meeting. Since we didn't attract all segments of the Edina community at the vision session, may want to consider preparation of these items after we have had a chance to obtain community survey information. 123 North Third Street, Suite 100 Minneapolis, Minnesota 55401 (612) 338 -0800 Fax (612) 338 -6838 Discussion Guide Summary April 15, 1999 What 20/20 Vision A Strategic Plan "What'Does This Place Want to Be" 1. What is this place? What characteristics define Edina? What makes Edina "Edina". • Volunteers • Active arts center • Safe • Fast drivers - but courteous • Clean • No vacant land • Great schools • Parental involvement in schools • Downtown • Excellent home values • Multi- generational involvement • Public support for referendum • Beautiful gardens • A lot of seniors • Parks • Good public facilities (library, school, • Friendly neighbors golf) • Location • Outstanding mix of land uses • Tradition • Traffic congestion • Excellent public services • Lack of public transportation • Care about kids — kids friendly • Good police and fire • Community pride • Reduction in youth chemical use • Excellent recycling participation — • Convenient healthcare environmental consciousness • Prominent business address but not • Excellent historical society technical cutting edge • Established infrastructure • Medical delivery • Responsible business community • Close to airport • Well- managed - it works • Center for public and private leadership • Close to Minneapolis • Relatively low property taxes • Small town feel • Excellent philanthropy - giving • Good senior programs • Strong business community • Active garden club • Lots of strong churches 2. What does this place want to be? What characteristics do you want Edina to have in 2010? What will it look like, feel like, sound like? How will people relate to one another? What activities will Edina accommodate? Multi -use community center • Comprehensive community center, theatre, senior center, pool for multi - general use • Expand and improve community facilities - teen center - senior center — recreational center Page 1 • Community center • Improved athletic facility (basketball, swimming, etc.) Quality public infrastructure • Maintain our present high quality public services • Replace /maintain aging infrastructure • State of the art utilities - gas, electric • State of the public buildings (city hall, etc.) • Continued commitment to infrastructure renewal Strong/lifecycle housing stock • Do not let it become a community of condos • Affordable housing • Continue to have diverse, progressive housing blend • Variety range housing • Maintain housing stock • Support to keep neighborhoods inter - generational • Transitional housing for all life stages • Variety and flexibility in housing • Reduce land use restrictions/affordable housing • Varied housing choices - (e.g. retired) • Good elderly housing and senior center Green and open spaces • Maintain lakes and parks • Maintain green spaces • Beautification of City • Preserve parks, trees and open spaces • Maintain strong infrastructure and park system (all ages) • Green space enhancement/management • Enhance and maintain green space • Retain and maintain park system Multi- generational diverse community • Better age balance • Changed demographics • Respect for: townspeople, outside community, visitors • Smarter generational planning • Multi- generational interaction • Receptive to diverse community population • World class senior community • Enhanced diversity Page 2 Safe and convenient transportation system • Public transportation • Control of noise pollution (airport, highway) • Public transportation and urban planning for traffic control • Pedestrian friendly /control traffic patterns • Pedestrian friendly (sidewalks, bikes) • Sidewalks and alternative use paths • Access to public transportation • Metro area transportation system • Expand transportation - bus, bikeways, sidewalks • Part of regional transportation system • Mass transportation • Reduced traffic congestation • Public transportation • Transportation (traffic) issues solved • Better public transit • Improved local transportation public services Small town feel • Update zoning laws • Community of fine homes in a "small" town atmosphere • Strengthen neighbors' quality of life /environment for positive change • Corner store • - Grow more friendly neighborhoods Positive community involvement • Leadership • Volunteers Strong business environment • Strengthen and maintain business community • Prosperous business community Excellent education system • Excellent public schools • Educational excellence across the lifespan • Maintain and improve our schools • Cutting -edge public schools • Maintain our present high quality public school system • Maintain quality educational system • Education #1 • Pre- eminent school district • Smaller class sizes in all grade levels at school Page 3 • High quality schools • Improved city - school relations State of the art technology integrated • Technologically — best tools for our families, kids, businesses • Technology infrastructure in place • Leadership in technological infrastructure Childcare • Childcare Maintain low taxes 3. What characteristics will be the most important in realizing our collective vision for Edina? See attached 4. Other Issues - General discussion - Most critical issues • Is crime /safety an issue • Visual/land use codes — need to look at • Nice /safe extension of today • Need to push edge of envelope more • Can't stay the same • What would you add/change • Sustainability • Serious about more mass transit • Don't look just inward — influenced by what is around • Leadership /political process • Consider WMEP /public facilities in context of this process • Maintain the Edina tradition — leadership in community sense • General standard of excellence • Need focus on young people • Asset building — key is youth - (community involvement) • How to get youth into this process • Ability for more inter - community - sharing - connections Page 4 Edina's 20/20 Vision - A Strategic Plan "What Does this Place Want to Be? Characteristics of the Future Community g A Community that has: E > E', z o .. w Safe and convenient transportation system • •� • • Small town feel 0 • • •••• • • • O O O Positive community involvement •: • 0 • j • Strong business environment • • 0 0 • 0 O • Excellent education system •• F0,08 3L • State of the art integrated technology • • • • _ •0 0000 • Multi- generational diverse community • • •• • O • • 000 O Green, parks and open space $s• r_ �: • Strong lifecycle housing stock 0•• 0• 0• • Quality public infrastructure • •• •• «•• • • Multi -use community center 00040 • •0 • O O • Childcare • • % • O O • • • O • • 11 ► THE LEAGUE OF WOMEN VOTERS EDINA Andy Otness, President, 5433 Kellogg Avenue South, Edina, MN 55424, 612 -922 -5165 June 5,1999 Dear Mayor Pro -tem Maetzold Members of the HRA and City Council. The League of Women Voters of Edina observers have been following the development discussion for the Kunz -Lewis land closely during the last two years Today, the LWVE Is concerned about further delay in the decision - making process for this property and asks the HRA and City Council to make a timely decision which insuresJiscally responsible options for development of this site The League of Women Voters of Edina requests the HRA move to accept either Alternative 3 or Alternative 4 of City Manager, Gordon Hughes ; June Is' RepordRecommendation at your special meeting on Tuesday, June 8, 1999. The L WVE believes that land use decisions should balance public interests and needs with fiscal responsibility. Considering 1. the city's carrying charges for the Kunz -Lewis property, 2 the legislated sunset of tax increment financing for social, cultural, and recreational facilities at the end of 1999, 3. the uncertainty and delay of the Minnesota Legislature's actions with regard to WMEP funding, and 4. the constraints within the list of assumptions outlined in the Ehlers and Associates, Inc. April 2,1999 financial analysis of WMEP, the League of Women Voters of Edina hopes the HRA and Council will determine the revenue streams and costs of the alternatives and make the findings public. Thank you for your consideration of our concerns Sincerely, Andy Otness, Prest ent League of Women Voters of Edina cc. Mr. Gordon Hughes Mr. Eric Anderson Ms Deb Manaen �A The League of Women Voters of Edina, a nonpartisan political organization, encourages the informed and active participation of citizens in government and influences public policy through education and advocacy. AGENDA EDINA HOUSING AND REDEVELOPMENT AUTHORITY EDINA CITY COUNCIL YEAR END MEETING DECEMBER 28,1999 5:00 P.M. RC)T .T .0 AT .T . Rollcall I. PAYMENT OF 1999 YEAR END CLAIMS as per Pre -List dated 12/22/99 TOTAL: $38,432.77 II. ADJOURNMENT EDINA CITY COUNCIL I. FINANCE A. 1999 Year End Budget Forecast Rollcall B. PAYMENT OF 1999 YEAR END CLAIMS as per Pre -List dated 12/22/99 TOTAL: $364,653.53 II. RECOMMENDATIONS AND REPORTS III. ADJOURNMENT II SCHEDULE OF UPCOMING MEETINGS II Fri Dec 31 NEW YEARS DAY OBSERVED - City Hall Closed Tues Jan 4 Work Session With Park Board 6:00 P.M. COUNCIL CHAMBERS Tues Jan 4 Regular Council Meeting 7:00 P.M. COUNCIL CHAMBERS Mon Jan 17 MARTIN LUTHER KING DAY OBSERVED - City Hall Closed Tues Jan 18 Regular Council Meeting 7:00 P.M. COUNCIL CHAMBERS Tues Feb 1 Regular Council Meeting 7:00 P.M. COUNCIL CHAMBERS Tues Feb 15 Regular Council Meeting 7:00 P.M. COUNCIL CHAMBERS Mon Feb 21 PRESIDENTS DAY OBSERVED - City Hall Closed COUNCIL CHECK REGISTER 22- DEC -1999 (14:15) page 1 CHECK NO DATE CHECK AMOUNT VENDOR DESCRIPTION INVOICE PROGRAM ---*----------------------------- - - - - -- OBJECT PO NUM ------------------ - - - - -- _________ .13515 12/28/99 - -- --------------- - -- --- $2,550.00 Ehlers & Associates Inc TIE Consultin ------------------ $2,550.00* g 16800 GRANDVIEW PROFESSIONAL S 13516 .12/28/99 $35,882.77 UNITED PROPERTIES * Lot Line Ad $35,882.77* j. 120699 CENTENNIAL LAK LAND . $38,432.77* COUNCIL CHECK SUMMARY 22- DEC -1999 (14:16) page ------------------------------------------------------------------------------------------------------------------------------------ FUND # 01 HOUSING & REDEVELOP AUTHOR $38,432.77 $38,432.77* Memo To: Mayor & Council From: Gordon Hughes Date: December 28, 1999 Re: 1999 Year End Budget Forecast The attached financial report details the year end projections for the City's General Fund revenues and expenditures. These are preliminary projections, actual figures and recommendations will be presented to you sometime in March. We are recommending the following reserves being designated: • $650,000 for the capital improvement plan. This would bring the total designated reserves for capital improvements to over $1,700,000. • $350,000 for our equipment replacement reserves. This additional $350,000 will help offset the increases in equipment costs that have occurred due to inflation and will cover the one -time costs for the new financial system and the Public Works Storage building. • $107,252 to miscellaneous reserves. Our current undesignated reserves are $2,727,000. As this figure is well above the State's guideline of 15% of operating budget, we do not recommend any additions to our undesignated reserves. Listed below is a detail of the major revenue and expenditure categories as we forecast them for the end of 1999. Revenues: The City's budgeted revenues for 1999 were $18,526,834. We anticipate revenues exceeding the budget by approximately $1,100,000. The estimate of the major categories are as follows: • Building Permits - We anticipate this category of permits to exceed the budget by approximately $800,000. This would include building, heating, mechanical and plumbing permits. • Liquor licenses - We anticipate this category to exceed the budget by $90,000. This is due to the new liquor licenses issued in 1999. • Fees and Charges - Municipal court fines and ambulance revenues will exceed the budget by approximately $380,000. • Other Revenues - Sale and Rental of property will exceed budget by $130,000. This revenue comes from vehicles sold at auction and rental proceeds from cell phone towers. The 1999 budget • Page 1 included a transfer from the Liquor fund in the amount of $430,000. Based on revenue from other sources, we propose to use these funds to supplement losses in the other enterprise funds. Expenditures: The City's budgeted expenditures for 1999 were $18,526,834. We anticipate actual expenditures to be about $160,000 below budgeted expenditures. A summary of the major categories is listed below. Legal & Court Services - The prosecution fees will be over budget by $50,000. This is offset in higher revenues for court fines. Equipment Replacement - In 1999, equipment replacement costs were below budget. These funds are reserved in accordance with our equipment replacement plan. Park Maintenance - The budget was exceeded by $100,000. This is for costs associated in maintaining the new parks and pathways added in the referendum. Central Services General - The expenditures will be below budget by $170,000. This is because of a decrease to PERA for Public Safety and lower expenditures for networking costs. Equipment Operation - This will be over budget by $120,000. This is due to the new Public Works Storage building which was built for $165,000. This will be funded by reserves. e Page 2 1999 1999 Estimated Budget Balance Comments Revenues Property Taxes 13,104,080 13,089,962 14,118 Licenses & Permits 2,119,942 1,221,000 898,942 Building Permits, liquor licenses Fees & Charges 2,497,952 2,102,439 395,513 Ambulance fees, court fines Other Revenues 228,814 530,843 (302,029) Sale of property, no liquor transfer Intergovernmental Aid 1,587,446 1,582,590 4,856 Total Revenues 19,538,234 18,526,834 1,011,400 Total Expenditures 18,446,620 18,526,834 80,214 Total Central Service 5,283,388 5,367,276 83,888 Net surplus 1,175,502 Less: Equip. Replace Reserve 418,250 $350,000 add'I reserve, $68,250 unspent budget Less: Transfer to CIP 650,000 Less: Transfer to Misc. Reserves 107,252 REVENUES SUMMARY 1998 1999 Actual 11/30/1999 December 'GENERAL FUND: Total Budget TAXES: PROPERTY TAXES $13,052,867 $6,603,038 $6,499,260 $13,102,298 $13,084,962 PENALTIES AND INTEREST 1,111 405 1,377 1,782 5,000 LOSS DUE TO ABATEMENTS 0 0 0 0 0 TOTAL TAXES 13,053,978 6,603,443 6,500,637 13,104,080 13,089,962 BEER WINE & LIQUOR 81,818 125,740 125,740 32,000 CIGARETTE 6,872 7,542 7,542 7,000 DOG AND IMPOUNDING FEES 18,869 16,991 1,000 17,991 14,000 FOOD AND SOFT DRINKS 75,458 75,875 400 76,275 73,000 GAS PUMPS, TANKS AND BURNING 11,825 14,642 1,100 15,742 2,000 TEMP TRUCK ROUTE 4,045 4,060 4,060 3,000 MASSAGE AND AMUSEMENT 528 2,412 2,412 1,000 SCAV. AND GARBAGE COLLECTION 8,670 330 330 8,000 BUILDING 1,468,594 1,277,466 150,000 1,427,466 790,000 PLUMBING 107,939 105,234 7,500 112,734 80,000 SIGN 6,521 7,200 200 7,400 5,000 HEATING, VENT AND MECHANICAL 228,353 228,654 22,900 251,554 165,000 OTHER 19,614 17,194 600 17,794 10,000 POOLS AND SPA 21,537 24,815 24,815 17,000 SPRINKLER 18,768 26,887 1,200 28,087 14,000 TOTAL LICENSES AND PERMITS 2,079,411 1,935,042 184,900 2,119,942 1,221,000 FEES AND CHARGES: PLANNING FEES 20,196 24,415 1,500 25,915 15,000 HOUSING FOUNDATION CONTRACT 24,445 24,175 0 24,175 24,000 SERVICES HRA 180,000 0 180,000 180,000 180,000 ENGINEERING & CLERICAL 28,586 21,578 25,000 46,578 110,000 ENGINEERING FEES 14,958 0 0 0 0 ASSESSING SEARCHES 2,004 923 300 1,223 0 FALSE ALARM FIRE 0 0 0 0 0 AMBULANCE SERVICE 953,692 803,285 220,000 1,023,285 900,000 FIRE FEES - ALL OTHER 3,086 1,478 300 1,778 1,000 FALSE ALARMS POLICE 53,593 53,500 17,000 70,500 67,000 CHARGES TO OTHER FUNDS 145,080 138,952 12,632 151,584 149,439 SPECIAL ASSESSMENTS 10,000 0 11,000 11,000 11,000 SAFETY & SECURITY CONTRIBUTION 69,512 10,000 64,000 74,000 75,000 LAB FEES 9,174 7,677 2,000 9,677 10,000 REGISTRATION FEES 97,712 95,747 4,500 100,247 90,000 TOTAL FEES AND CHARGES 1,612,038 1,181,730 538,232 1,719,962 1,632,439 FINES AND FORFEITURES: MUNICIPAL COURT FINES 691,355 637,990 140,000 777,990 470,000 OTHER REVENUES: INCOME ON INVESTMENTS $34,655 $4,074 $25,000 29,074 $20,000 SALE OF PROPERTY 62,624 0 0 0 0 RENTAL OF PROPERTY 21,150 185,104 1,500 186,604 55,443 DONATIONS 0 500 0 500 400 MISCELLANEOUS REVENUE 4,711 11,436 1,200 12,636 25,000 CONTRIBUTION FROM LIQUOR 150,000 0 0 0 430,000 TOTAL OTHER REVENUES 273,140 201,114 27,700 228,814 530,843 INTERGOVERNMENTAL AID: HACA 956,594 507,898 478,038 985,936 956,476 HIGHWAY AID 140,000 140,000 0 140,000 140,000 HENNEPIN COUNTY HEALTH 528,903 136,806 33,000 169,806 163,114 LOCAL GOVERNMENT AID 246,954 0 0 0 0 POLICE AID (1 %) 40,779 291,704 0 291,704 315,000 STATE AID 9,446 0 0 0 0 FEDERAL AID 122,336 124,366 0 0 8,000 TOTAL INTERGOVERNMENT AID 2,045,012 1,200,774 511,038 1,587,446 1,582,590 TOTAL OPERATING REVENUE 19,538,234 18,526,834 11,760,093 7,902,507 19,754,934 V• 1999 1999 509 Description Estimated Budget Balance Comments Street Maintenance 3,431,205 3,542,708 General Government: Total Public Works 4,174,686 4,286,188 Mayor & Council 63,864 66,968 3,104 Administration 755,265 765,638 10,373 Planning 302,134 302,696 562 Finance 411,022 439,618 28,596 Election 35,718 59,280 23,562 Assessing 511,020 529,431 18,411 Legal & Court Services 428,645 381,000 (47,645) New billing process 1,602,087 (112,381) Field maint, bldg maint, paths over budget Total General Government 2,507,668 2,544,631 36,963 Public Works: Administration 149,925 150,434 509 Engineering 593,556 593,046 (510) Street Maintenance 3,431,205 3,542,708 111,503 Total Public Works 4,174,686 4,286,188 111,502 Public Safety: Police 5,011,631 5,011,231 (400) Civilian Defense 30,100 39,504 9,404 Animal Control 87,725 69,943 (17,782) New vehicle $23,000 Fire 2,999,455 3,036,145 36,690 Public Health 428,958 427,727 (1,231) Inspections 439,811 479,347 39,536 Total Public Safety 8,997,680 9,063,897 66,217 Park Department Administration 523,895 541,608 17,713 Recreation 147,076 145,518 (1,558) Tennis over budget Maintenance 1,714,468 1,602,087 (112,381) Field maint, bldg maint, paths over budget Total Parks 2,385,439 2,289,213 (96,226) Non - department: Contingencies 107,180 75,000 (32,180) Noise study, NSP, audit Special Assessments 29,000 20,000 (9,000) New assessments Fire Debt Service 83,761 84,000 239 Comm. & Special Projects 161,206 163,905 2,699 Total Non - departmental 381,147 342,905 (38,242) Central Services: General 3,692,896 3,865,188 172,292 Reduction in PERA, lower network costs City Hall 157,609 160,020 2,411 Public Works Building 201,944 231,168 29,224 Equipment Operation 1,230,939 1,110,900 (120,039) Storage Bldg $165,000 to be funded from reserves Total Central Services 5,283,388 5,367,276 83,888 Total Expenditures 23,730,008 23,894,110 164,102 22- DEC -1999 (14:07) page 1 COUNCIL'CHECK REGISTER CHECK NO DATE CHECK AMOUNT __ ___ __ 206257 12/28/99 $148.95 < *> $148.95* 206258 12/28/99 $18.50 < *> $18.50* 206259 12/28/99 $204.00 < *> $204.00* 206260 12/28/99 $18.39 12/28/99 - $20.94 12/28/99 $32.48 12/28/99 $40.04 < *> $69.97* 206261 12/28/99 $601.73 < *> $601.73* 206262 12/28/99 $771.49 < *> $771.49* VENDOR _ ----------------------------------------- A -1 ROOTMASTER AAA ABDELLA, PAUL ACE SUPPLY ACE SUPPLY ACE SUPPLY ACE SUPPLY ACME WINDOW CLEAN ADVANCED GRAPHIC S SYSTEM DESCRIPTION --------------------------------- Repair Drains T.E. Plates for 22.15 Prof. Serv. AC Galvanized Duct, End Credit Nipple Black NippR Pipe, Liner Tee Ramp Window Cleaning Toner Cartridges INVOICE 10176 121599 122099 257939 257940 260250 260567 032820 025105 PROGRAM ARENA BLDG /GRO EQUIPMENT OPER ART CENTER ADM LIFT STATION M LIFT STATION M BUILDINGS BUILDINGS STREET REVOLVI CENT SVC GENER OBJECT CONTR REPAIRS LIC & PERMITS PROF SERVICES REPAIR PARTS GENERAL SUPPLI REPAI PARTS REPAIR PARTS GENERAL_SUPPLI GENERAL SUPPLI PO NUM 8095 5482 5483 5423 5431 5451 206263 < *> 12/28/99 12/28/99 12/28/99 $198.50 $322.00 -$5.00 $515.50* All Saints Brands All Saints Brands All Saints Brands COST OF GOODS SOLD BE COST OF GOODS SOLD BE COST OF GOODS SOLD BE 00017391 00017593 CREDIT 50TH ST SELLIN VERNON SELLING VERNON SELLING CST OF GDS BEE CST OF GDS BEE CST OF GDS BEE 206264 < *> 12/28/99 12/28/99 12/28/99 $29.25 $101.00 $40.00 $170.25* ALSTAD, MARIAN ALSTAD, MARIAN ALSTAD, MARIAN Art Work Sold at EAC Teaching CRAFT SUPPLIES 121599 122099 122099 ART CNTR PROG ART CENTER ADM ART CENTER ADM SALES OTHER PROF SERVICES CRAFT SUPPLIES 206265 < *> 12/28/99 $58.25 $58.25* ANCOM COMMUNICATIONS INC Outside Speaker 22790 VEHICLE OPERP,T GENERAL SUPPLI 5377 206266 < *> 12/28/99 $150.00 $150.00* ANDERSON, ERIC Quarterly Dues 122099 ADMINISTRATION DUES &.SUBSCRI 206267 < *> 12/28/99 $301.00 $301.00* APPRAISAL INSTITUTE Publication 121599 ASSESSING CONF & SCHOOLS 206268 < *> 12/28/99 $12.49 $12.49* AT &T TELEPHONE 11/30 CENT SVC GENER TELEPHONE 206269 < *> 206270 < *> 206271 < *> 12/28/99 12/28/99 12/28/99 $12.84 $12.84* $1,600.00 $1,600.00* $212.24 $212.24* AT &T TELEPHONE Automated Entrance Produ Door Repair Battery Wholesale Inc Batteries 12/03 19312 8555 CENT SVC GENER TELEPHONE VERNON OCCUPAN EQUIP MAINT EQUIPMENT OPER REPAIR PARTS 4569 5397 206272 < *> 12/28/99 $51.35 $51.35* Beaulieu, Annette Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER COUNCIL CHECK REGISTER 22- DEC -1999 (14:07) page 2 CHECK NO ---------------------------.--------------------------------------------------------------------------------------------------------- DATE CHECK AMOUNT VENDOR DESCRIPTION INVOICE PROGRAM OBJECT PO NUM 206273 12/28/99 $82.16 BELLBOY CORPORATION COST OF GOODS SOLD MI 31110600 VERNON SELLING CST OF GDS MIX < *> $82.16* 206274 12/28/99 $200.85 BENN, BRADLEY Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $200.85* 206275 12/28/99 $59.01 BERTELSON BROS. INC. General Supplies 7192380 POLICE DEPT. G GENERAL SUPPLI 8087 12/28/99 $329.40 BERTELSON BROS. INC. General Supplies 7194940 POLICE DEPT. G GENERAL SUPPLI 3078 12/28/99 $27.42 BERTELSON BROS. INC. Clock, Calendar, Tags 7202600 PW BUILDING GENERAL SUPPLI 5380 12/28/99 $18.70 BERTELSON BROS. INC. Office Supplies 7211360 POLICE DEPT. G OFFICE SUPPLIE 3081 12/28/99 $39.25 BERTELSON BROS. INC. Post -it Notes, Pens, 7215540 PW BUILDING GENERAL SUPPLI 5428 12/28/99 $16,.49 BERTELSON BROS. INC. General Office Suppli 7226230 ADMINISTRATION GENERAL SUPPLI 12/28/99 $3.45 BERTELSON BROS. INC. General Office Suppli 7226230 CENT SVC GENER_GENERAL SUPPLI < *> $493.72* 206276 12/28/99 $87.32 BEST BUY COMPANY INC. Data Processing 0338850 POLICE DEPT. G DATA PROCESSIN 3090 < *> $87.32* 206277 12/28/99 $193.17 BLUHM, KIMBERLEE Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $193.17* 206278 12/28/99 $85.15 BRIGHT, CAROL Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $85.15* 206279 12/28/99 $149.50 BROCKWAY, MAUREEN Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $149.50* 206280 12/28/99 $58.18 Brown, Patricia A. Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $58.18* 206281 12/28/99 $814.52 BUDGET LIGHTING Repair Lights 00157387 ARENA BLDG /GRO CONTR-REPAIRS 8096 < *> $814.52* 206282 12/28/99 $70.85 BUELL, KIM Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $70.85* 206283 12/28/99 $975.00 CAD /CAM Engineering Syst Software Training 15173 ENGINEERING GE CONF & SCHOOLS 4555 < *> $975.00* 206284 12/28/99 $30,621.60 Cahoy Inc Contract Payment #1 122899 PUMP & LIFT ST CONTR REPAIRS < *> $30,621:60* 206285 12/28/99 $199.00 CALIBRE PRESS INC Continuing Ed - E. Ka 122099 POLICE DEPT. G CONF.& SCHOOLS < *> $199.00* 206286 12/28/99 $81.90 CAMPE, HARRIET Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER 12/28/99 $168.00 CAMPE, HARRIET Teaching 122088 ART CENTER ADM PROF SERVICES < *> $249.90* 206287 12/28/99 $26.23 CARLSON TRACTOR /EQUIPMEN Idler Sprocket 1016627 EQUIPMENT OPER REPAIR PARTS 5389 < *> $26.23* 206288 12/28/99 $58.59 Caroline Turner Refund for OverPay -Wa 122099 UTILITY PROG ACCOUNTS REC. < *> $58.59* 0 1 22- DEC -1999 (14:07) page 3 COUNCIL CHECK CHECK NO 206289. < *> 206290 < *> 206291 . < *> 206292 < *> 206293 < *> 206294 < *> 206295 < *> 206296 < *> 206297 < *> 206298 < *> 206299 < *> 206300 < *> 206301 < *> 206302 < *> 206303 206304 <*> 206305 < *> REGISTER DATE CHECK AMOUNT 12/28/99 $128.48 $128.48* 12/28/99 $44.85 $44.85* 12/28/99 $39,322.25 $39,322.25* _12/28/99 $21,116.67 $21,116.67* 12/28/99 $78.00 $78.00* 12/28/99 $58.50 $58.50* 12/28/99 $35.00 $35.00* 12/28/99 $101.14 $101.14* 12/28/99. $81.74 $81.74* 12/28/99 $780.80. 12/28/99 $1,176.65 $1,957.45* 12/28/99 $111.51 $111.51* 12/28/99 $35.30 $35.30* 12/28/99 $147.55 $147.55* 12/28/99 $25.03 $25.03* 12/28/99 $134.23 12/28/99 $54.60 $54.60* 12/28/99 $1,240.85 12/28/99 $45.60 12/28/99 $2,162.85 12/28/99 $100.80 12/28/99 $2,593.80 $6,143.90* VENDOR MOORE MEDICAL CORP Chiarelli, Phyllis CITY OF BLOOMINGTON CITY OF BLOOMINGTON CityBusiness Clark, Bridget COLE, J. COMPUSA INC CONNEY SAFETY PRODUCTS CONSTRUCTION MATERIALS CONSTRUCTION MATERIALS COPY EQUIPMENT INC. CULLIGAN -METRO Dakota Mae Design Dalbey, Patt Danicic, John Dauphin, Christie DAY DISTRIBUTING DAY DISTRIBUTING DAY DISTRIBUTING DAY DISTRIBUTING DAY DISTRIBUTING DESCRIPTION INVOICE -------------------------- Refund-Overpayment Wa 121599 Art Work Sold at EAC 121599 Joint Powers 15079 MN Drive Assmt. 14632 Subscription 122099 Art Work Sold at EAC 121599 Replace Lost Check #2 7/12 Data Processing 40107844 Respirators, Gloves 01094744 I HotPour 049959 I HotPour 049960. Blueline Paper 0151028 Softener Tank Serv. 113099 Art Work Sold at EAC 121599 Art Work Sold at EAC 121599 Art Work Sold at EAC 121599 Art Work Sold at EAC 121599 COST OF GOODS SOLD BE 80003 COST OF GOODS SOLD MI.80226 COST OF GOODS SOLD BE 80232 COST OF GOODS SOLD BE 80233 COST OF GOODS SOLD BE 80234 PROGRAM OBJECT UTILITY PROG ACCOUNTS RE C. ART CNTR PROG SALES OTHER PUBLIC HEALTH PROF SERVICES IBR #2 PROG SP ASSES BLMGT ADMINISTRATION DUES & SUBSCRI ART CNTR PROG SALES OTHER GENERAL FD PRO REGISTRATION F POLICE DEPT. G DATA PROCESSIN GENERAL MAINT GENERAL SUPPLI STREET RENOVAT GENERAL SUPPLI STREET RENOVAT GENERAL SUPPLI ENGINEERING GE BLUE PRINTING LABORATORY GENERAL SUPPLI ART CNTR PROG SALES OTHER ART CNTR PROG SALES OTHER ART CNTR PROG SALES OTHER ART CNTR PROG SALES OTHER 50TH ST SELLIN CST OF GDS BEE 50TH ST SELLIN CST OF GDS MIX YORK SELLING CST OF GDS BEE YORK SELLING CST OF GDS BEE VERNON SELLING CST OF GDS BEE PO NUM 3079 5422 5387 1695 4562 3138 COUNCIL CHECK REGISTER 22- DEC -1999 (14:07) page-4 CHECK NO DATE - --------------------------------------------------------------------------------------------------------------------- CHECK AMOUNT VENDOR DESCRIPTION INVOICE PROGRAM OBJECT PO NUM 206306 12/28/99 $1,883.83 DORSEY & WHITNEY LLP Legal 741487 LEGAL SERVICES PROF SERVICES < *> $1,883.83* 206307 .12/28/99 $9.00 DRIVER & VEHICLE SERVICE Register Forfeited Ve 122099 POLICE DEPT. G PROF SERVICES < *> $9.00* 206308 12/28/99 $9.00 DRIVER & VEHICLE SERVICE Register Forfeited Ve 12/20 POLICE DEPT. G PROF SERVICES < *> $9.00* 206309 12/28/99 $9.00 DRIVER & VEHICLE SERVICE Register Forfeited Ve 12 -20 POLICE DEPT. G PROF SERVICES < *> $9.00* 206310 12/28/99 $154.21 DRUMMOND AM CORP Outlast Spray 539914 EQUIPMENT OPER ACCESSORIES 5417 < *> $154.21* 206311 12/28/99 $150.20 E -Z -GO TEXTRON Repair Parts 0409939 GOLF CARS REPAIR PARTS 6269 < *> $150.20* 206312 12/28/99 $1,768.54 EAGLE WINE COST OF GOODS SOLD WI 150191 VERNON SELLING CST OF GD WINE 12/28/99 $454.08 EAGLE WINE COST OF GOODS SOLD WI 150197 50TH ST.SELLIN CST OF GD WINE 12/28/99 $4,622.39 EAGLE WINE COST OF GOODS SOLD WI 150201 YORK SELLING CST OF GD WINE 12/28/99 $301.50 EAGLE WINE COST OF GOODS SOLD WI 150202 YORK SELLING CST OF GD WINE < *> $7,146.51* 206313 12/28/99 $5,274.30 EAST SIDE BEVERAGE COST OF GOODS SOLD BE 561977 VERNON SELLING CST OF GDS BEE 12/28/99 $1,121.05 EAST SIDE BEVERAGE COST OF GOODS SOLD BE 561983 50TH ST SELLIN CST OF GDS BEE 12/28/99 $4,364.50 EAST SIDE BEVERAGE COST OF GOODS SOLD BE 562565 YORK SELLING CST OF GDS BEE < *> $10,759.85* 206314 12/28/99 $50.00 Eckman, Katie M. Refund of Deposit -Can 121399 GOLF PROG RENTAL OF PROP < *> $50.00* 206315 *> 12/28/99 $375.00 EDINA ATHLETIC BOOSTER Promotional Ad 125 PARK ADMIN. PROF.SERVICES 7054 < $375.00* 206316 12/28/99 $278.45 EDWARD KRAEMER & SONS IN Gravel 10849 GENERAL STORM GENERAL SUPPLI 5356 < *> $278.45* 206317 12/28/99 $783.82 Election System & Softwa Election Signs 414526 ELECTION GENERAL SUPPLI 4563 < *> $783.82* 206318 12/28/99 $690.12 Electric Pump Waldor Gro Impeller 12344 LIFT STATION M REPAIR PARTS 5441 < *> $690.12* 206319 12/28/99 $495.00 ELECTRIC SERVICE CO Repairs to Lighting 115843 CENTENNIAL LAK CONTR REPAIRS 2084 < *> $495.00* 206320 12/28/99 $37.05 ERICKSON, MARY Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $37.05* 206321 12/28/99 $1,000.00 Erickson Architects Police Training Facil 121099 CONTINGENCIES PROF SERVICES < *> $1,000.00* 206322 12/28/99 $25.00 EVANS, FRANK Art Program 11 -18 -99 121799 ED ADMINISTRAT PRO SVC OTHER < *> $25.00* 22- DEC -1999 (14:07) page 5 COUNCIL CHECK CHECK NO 206323 < *> 206324 < *> 206325 < *> 206326 < *> 206327 < *> 206328 < *> 206329 < *> 206330 < *> 206331 < *> 206332 < *> 206333 < *> 206334 < *> 206335 ' < *> 206336 < *> 206337 < *> 206338 < *> 206339 REGISTER DATE CHECK AMOUNT - - --------------------------------- -------- 12/28/99 $1,499.89 $1,499.89* 12/28/99 $74.75 $74.75* 12/28/99 $181.05 $181.05* 12/28/99 $35.00 $35.00* 12/28/99 $64.58 12/28/99 $90.88 $155.46* 12/28/99 $29..25 12/28/99 $700.00 12/28/98 $522.16 $1,251.41* 12/28/99 $569.69 $569.89* 12/28/99 $378.00 $378.00* 12/28/99 $2,270.10 $2,270.10* 12/28/99 $68.3.8 $68.38* 12/28/99 $270.70 12/28/99 $185.79 $456.49* 12/28/99 $15,000.00 $15,000.00* 12/28/99 $53.30 $53.30* 12/28/99 $121.00 $121.00* 12/28/99 $107.28 $107.28* 12/28/99 $545.75 $545.75* 12/28/99 $165.12 12/28/99 $423.47 12/28/99 $182,00 VENDOR Executive Office Concept FARBER, DIANE FASTSIGN OF BLOOMINGTON Flavin, Elizabeth FLOWERS-OF EDINA FLOWERS OF EDINA FRAME, SUSAN FRAME, SUSAN FRAME, SUSAN Frauenshuh Companies_ Frey, Michael G.L. CONTRACTING INC Gary M Soule & Associate GE Capital ITS GE Capital ITS Gerten Greenhouse GETSINGER, DONNA GOLFCRAFT GOODMAN, NANCY GOPHER STATE 1 CALL GRAINGER GRAINGER GRAINGER DESCRIPTION INVOICE PROGRAM OBJECT PO NUM ------------------------------------ NW Furniture. 108660 CENT SVC GENER EQUIP REPLACEM 4310 Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER Replace Graphics on D 14294 YORK OCCUPANCY CONTR REPAIRS Refund - Skating Less 122099 POOL TRACK GRE LESSON PRGM IN Sympathy Gift 2178 CITY COUNCIL GENERAL SUPPLI 4564 Flowers 2216 GOLF ADMINISTR GENERAL SUPPLI 6311 Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER CEN TER Prof. Serv. AC 122099 ART TER ADM PROF SERVICES Craft Supplies 122099 ART CENTER ADM CRAFT SUPPLIES Refund- Double Pay. 72 121699 UTILITY PROG ACCOUNTS REC. Prof. Serv. AC 122099 ART CENTER ADM PROF SERVICES Repair Water Main 37603 DISTRIBUTION CONTR REPAIRS 5371 Datebook Refills 7363 GOLF ADMINISTR OFFICE SUPPLIE 6315 Data Processing 90652145 POLICE DEPT. G DATA PROCESSIN 3076 Data Processing 90652144 POLICE DEPT. G DATA PROCESSIN 3076. Trees, Shrubs & Insta 124100 PARK MEMORIALS EQUIP REPLACEM 7051 Art Work Sold at EAC 121599 ART CNTR.PROG SALES OTHER Demo Clubs 12879 PRO SHOP COST OF GDS -PR 9448 . Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER Nov. Service 9110256 SUPERV. & 0VRH GOPHER STATE Lights for Dome 495 -6085 GOLF DOME GENERAL SUPPLI 6264 Shovels, Spades, Meas 495 -6252 LIFT STATION M TOOLS 5364 Plugs, Relays and Soc 498 -1049 CITY HALL GENE GENERAL SUPPLI 5425 COUNCIL CHECK REGISTER 22- DEC -1999 (14:07) page 6 CHECK NO ------------------------------------------------------------------------------------------------------------------------------------ DATE CHECK AMOUNT VENDOR DESCRIPTION INVOICE PROGRAM OBJECT PO NUM 206339 12/28/99 $416.20 GRAINGER GENERAL SUPPLIES 498 -1049 BUILDINGS GENERAL SUPPLI 12/28/99 $375.68 GRAINGER Wall Fixtures - Arden 498 -1049 BUILDING MAINT REPAIR PARTS 5432 < *> $1,562.47* 206340 12/28/99 $989.00 GRAPE BEGINNINGS INC COST OF GOODS SOLD WI 28460 50TH ST SELLIN CST OF GD WINE < * >. $989.00* 206341 12/28/99 $58.72 GRAYBAR ELECTRIC CO. Light Fixture Lens 104 -5879 CENTENNIAL LAK GENERAL SUPPLI 2041 12/28/99 $363.59 GRAYBAR ELECTRIC CO. GE Lamp Lights 104 -6375 POOL TRACK GRE GENERAL SUPPLI 2231 < *> $422.3.1* 206342 12/28/99 $138.00 Greater Minneapolis Area Forestry Training 46894 TREES & MAINTE CONF & SCHOOLS 5241 < *> $138.00* 206343 12/28/99 $29.25 Greenwald, Martha Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $29.25* 206344 12/28/99 $44.20 GREENWOOD, JULIE Art Work Sold at EAC .121599 ART CNTR PROG SALES OTHER < *> $44.20* 206346 12/28/99 - $17.36 GRIGGS COOPER & CO. COST OF GOODS SOLD LI 524721 50TH ST SELLIN CST OF GD LIQU 12/28/99 - $42.57 GRIGGS COOPER & CO. COST OF GOODS SOLD LI 524894 VERNON SELLING CST OF GD LIQU 12/28/99 $2,041.66 GRIGGS COOPER & CO. COST OF GOODS SOLD WI 149257 YORK SELLING CST OF GD WINE 12/28/99 $155.00 GRIGGS COOPER & CO. COST OF GOODS SOLD BE 150192 VERNON SELLING CST OF GDS BEE 12/28/99 $461.05 GRIGGS COOPER & CO. COST OF GOODS SOLD LI 150193 VERNON SELLING CST OF GD LIQU 12/28/99 $50.43 GRIGGS COOPER & CO. COST OF GOODS SOLD MI 150194 VERNON SELLING CST OF GDS MIX 12/28/99 $3,423.93 GRIGGS COOPER & CO. COST OF GOODS SOLD LI 150195 VERNON SELLING CST OF GD LIQU 12/28/99 $165.61 GRIGGS COOPER & CO. COST OF GOODS SOLD MI 150198 50TH ST SELLIN CST OF GDS MIX 12/28/99 $1,513.54 GRIGGS COOPER & CO. COST OF GOODS SOLD LI 150199 50TH ST SELLIN CST OF GD LIQU 12/28/99 $47.85 GRIGGS COOPER & CO. COST OF GOODS SOLD MI 150203 YORK SELLING CST OF GDS MIX 12/28/99 $8,762.73 GRIGGS COOPER & CO. COST OF GOODS SOLD LI 150204 YORK SELLING CST OF GD LIQU 12/28/99 $57.10 GRIGGS COOPER & CO. COST OF GOODS SOLD MI 150206 YORK SELLING CST OF GDS MIX 12/28/99 $620.52 GRIGGS COOPER & CO. COST OF GOODS SOLD LI 152697 50TH ST SELLIN CST OF GD LIQU < *> $17,239.49* 206347 12/28/99 $100.75 GRIMSBY, NANCY Art Work.Sold at EAC .121599 ART CNTR PROG SALES OTHER < *> $100.75* 206348 12/28/99 $28.76 GRINDELAND, KEN Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $28.76* 206349 12/28/99 $100.75 Gritton, Kay Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $100.75* 206350 12/28/99 $77.35 Guest, Lisa Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $77.35* 206351 12/28/99 $258.02 HACH CO. Chlorine Tabs 2200352 WATER TREATMEN GENERAL SUPPLI 5341 < *> $258.02* 206352 12/28/99 $89.30 Hamco Data Products Credit Card Ribbon & 999444 LIQUOR YORK GE GENERAL SUPPLI 1933 < *> $89.30* 206353 12/28/99 $29.45 HAMMER, NANCY Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $29.45* 22- DEC - 1999 (14:07) page 7 COUNCIL CHECK REGISTER CHECK NO DATE. CHECK AMOUNT VENDOR DESCRIPTION --------------------------- INVOICE PROGRAM ----- - OBJECT PO NUM . 206354 < *> _________ 12/28/99 --------------------------------------------------------------- __ $37.70 $37.70* HANNA, JUNE Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER 206355 < *> 12/28/99 $408.00 $408.00* HAYNES, PATRICIA Gallery Pt AC 122099 ART SUPPLY GIF PROF SERVICES 206356 < *> 12/28/99 $42.09 $42.09* Healow, Sharon Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER 206357 < *> 12/28/99 $204.00 $204.00* HEIM, HARRY Prof. Serv. Model Fee 122099 ART CENTER ADM PROF SERVICES 206358 < *> 206359 < *> 12/28/99 12/28/99 $1,000.00 $1,000.00* $80.00 $80.00* HENNEPIN COUNTY HORWATH, TOM TREASURE Smoke Free Dining Gui Class Refund 120699 121599 TOBACCO GRANT ART CNTR PROG PROF SERVICES REGISTRATION F 206360 < *> 12/28/99 $67.50 $67.50* Hodges, Trish Prof. Serv. Media 122099 MEDIA LAB PROF SERVICES 206361 < *> 12/28/99 $91.35 $91.35* Hoel, Judy Skating Pro for Fall 122099 POOL TRACK GRE. PROF SERVICES 206362 < *> 12/28/99 $49.50 $49.50* Home Juice COST OF GOODS SOLD MI 48610 VERNON SELLING CST OF GDS MIX 206363 < *> 12/28/99 12/28/99 12/28/99 $3,488.00 $7,116.00 $3,349.00 $13,953.00* HONEYWELL INC HONEYWELL INC HONEYWELL INC Mechanical Maint. PROFESSIONAL SERVICES SERVICE CONTRACTS EQU 229HB476 229HB476 229HB476 GOLF DOME ARENA ADMINIST ED BUILDING & SVC CONTR EQUI PROF SERVICES SVC CONTR EQUI 206364 < *> 12/28/99 $149.42 $149.42* HORWATH, TOM Mileage 122099 TREES & MAINTE MILEAGE 206365 < *> 12/28/99 12/28/99 12/28/99 12/28/99 $171.97 $10.10 $12.10 $28.40 $222.57* KNOX COMMERCIAL KNOX COMMERCIAL KNOX COMMERCIAL KNOX COMMERCIAL CREDIT CREDIT CREDIT CREDIT Clear Poly, Power Plu Tile Spacers Paint Plywood 0217 -408 0217 -408 0217 -408 0217 -409 GENERAL STORM EQUIPMENT OPER MAINT OF COURS BUILDING MAINT GENERAL SUPPLI GENERAL SUPPLI GENERAL SUPPLI LUMBER 5347 5376 6266 5226 206366 < *> 12/28/99 $479.55 $479.55* HPI International Inc Photographic Film 173807 POLICE DEPT. G PHOTO SUPPLIES 3085 206367 < *> 206368 < *> 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 $625.00 $4,250.00 $3,562.50 $2,000.00 $4,125.00 $1,000.00 $15,562.50* $59.10 $59.10* HTE Inc HTE Inc HTE Inc HTE Inc HTE Inc HTE Inc HUEBSCH Project Management (F.549353 Project Management (P 549353 Cont. Education 549578 Fires Training 549721 Training for Field Re 549721 Grant - Project Mgmt. 550016 Towels, Mat 926256 FIRE DEPT. GEN COPS MORE GRAN POLICE DEPT..G FIRE DEPT. GEN COPS MORE GRAN COPS MORE GRAN POOL TRACK GRE PROF SERVICES EQUIP REPLACEM CONF & SCHOOLS PROF SERVICES EQUIP REPLACEM EQUIP REPLACEM SVC CONTR EQUI 1133 CONTRACT COUNCIL CHECK REGISTER 22- DEC -1999 (14:07) page 8 CHECK NO ------------------------------------------------------------------------------------------------------------------------------------ DATE CHECK AMOUNT VENDOR DESCRIPTION INVOICE PROGRAM OBJECT PO NUM 206369 12/28/99 $392.79. HYDRO SUPPLY CO Water Meter 15806 UTILITY PROG INVENTORY WATE 3671 12/28/99 $1,017.56 HYDRO SUPPLY CO Water Meter 15809 UTILITY PROG INVENTORY WATE 3671 < *> $1,410.35* 206370 12/28/99 $13.55 Ikon Office Solutions Copies 23521796 EQUIPMENT OPER DATA PROCESSIN 5258 < *> $13.55* 206371 12/28/99 $178.76 J.H. LARSON COMPANY Tape, Bushings, Fuses 4151051 - EQUIPMENT OPER ACCESSORIES 5426 < *> $178.76* 206372 12/28/99 $88.40 JERRY'S PRINTING Printing A -12452 ART CENTER ADM PRINTING 9118 < *> $88.40* 206373 12/28/99 $252.62 JERRY'S TRANSMISSION SER Buell Trumpets I6148 EQUIPMENT OPER REPAIR PARTS 5514 < *> $252.62* 206374 12/28/99 $168.86 JIM HATCH SALES Heavy Duty Lantern, B 9945 BRIDGES GUARD GENERAL SUPPLI 5450 < *> $168.86* 206376 12/28/99 - $668.52 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD WI 106706 YORK SELLING CST OF GD WINE 12/28/99 - $29.60 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD WI 106881 YORK SELLING CST OF GD WINE 12/28/99 - $36.15 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD WI 107840 50TH ST SELLIN CST OF GD WINE 12/28/99 $2,137.77 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD LI 1058847 VERNON SELLING CST OF GD LIQU 12/28/99 $1,446.71 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD LI 1058848 50TH ST SELLIN CST OF GD LIQU 12/28/99 $261.25 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD WI 1058849 VERNON SELLING CST OF GD WINE 12/28/99 $94.80 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD WI 1058850 50TH ST SELLIN CST OF GD WINE 12/28/99 $2,491.90 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD WI 1058852 YORK SELLING CST OF GD WINE 12/28/99 $1,142.74 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD WI 1058853 50TH ST SELLIN CST OF GD WINE 12/28/99 $1,978.30 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD LI 1058854 YORK SELLING CST OF GD LIQU 12./28/99 $7,172.65 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD WI 1058855 YORK SELLING CST OF GD WINE 12/28/99 $177.70 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD LI 1058857 VERNON SELLING CST OF GD LIQU 12/28/99 $2,479.18 JOHNSON BROTHERS LIQUOR COST OF GOODS SOLD WI 1058858 VERNON SELLING CST OF GD WINE < *> $18,648.73* 206377 12/28/99 $34.45 Jonas, Lenore Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $34.45* 206378 12/28/99 $33.90 JPM Fixtures, GENERAL SUPPLIES 346158 LIQUOR 50TH ST GENERAL SUPPLI 4375 < *> $33.90* 206379 12/28/99 $21.03 Justus Rental Center Pneumatic Stapler, Wa 94499 SNOW & ICE REM GENERAL SUPPLI 5366 < *> $21.03* 206380 12/28/99 $202.88 Kaman Industrial Technol Repair Parts Z177569 MAINT OF COURS REPAIR PARTS 6262. 12/28/99 $334.30 Kaman Industrial Technol Repair Parts Z177622 MAINT OF LOURS REPAIR PARTS 6262 < *> $537.18* 206381 12/28/99 $59.36 KATTLEMAN, DALE Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $59.36* 206382 12/28/99 $65.00' Kelly Promotions Inc Embroidery 183551 GOLF DOME ADVERT OTHER 6313 < *> $65.00* 206383 12/28/99 - $29.75 Kiwi Kai Imports Inc COST OF GOODS SOLD WI CM1209A VERNON SELLING CST OF GD WINE 12/28/99 $1,282.85 Kiwi Kai Imports Inc COST OF GOODS.SOLD WI 121637 VERNON SELLING CST OF GD WINE 22- DEC -1999 (14:07) page 9 COUNCIL CHECK REGISTER DESCRIPTION INVOICE PROGRAM OBJECT PO NUM CHECK NO DATE CHECK AMOUNT VENDOR SOLD MI 121638 VERNON SELLING CST OF GDS MIX 206383 12/28/99 $27.95 Kiwi Kai Imports Inc COST OF GOODS COST OF GOODS SOLD BE 121639 VERNON SELLING CST OF GDS BEE 12/28/99 $249 60 Kiwi Kai Imports Inc COST OF GOODS SOLD BE 121640 VERNON SELLING CST OF GDS BE 12/28/99 $90:00 Kiwi Kai Imports Inc COST OF GOODS SOLD WI 121644 50TH ST CST OF GD WINE 12/28/99 $1,161 10 Kiwi Kai Imports Inc COST OF GOODS SOLD WI 121649 YORK SELLINGIN CST OF GD WINE 12/28/99 $ Kiwi Kai Imports Inc COST OF GOODS SOLD MI 121650 YORK SELLING CST OF GDS MI 12/28/99 $27.95 Kiwi Kai Imports Inc <*> $4,614.54* Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER 206384 12/28/99 $45:50 KOMADINA, KEVIN H. <*> $45.50* Continuing Education 121699 POLICE DEPT. G CONF & SCHOOLS 206385 12/28/99 $42.00 KONTERS, VIK Clothing Allowance Re 122099 POLICE DEPT. G UNIF ALLOW 12/28/99 $41.00 KONTERS, VIK <*> $83.00* Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER 206386 12/28/99 $46.48 Kovack, Orlean <*> $46.48* $1,625.30 256324 50TH ST SELLIN DS BEE CST OF GDS MIX 206387 12/28/99 12/28/99 $14.45 KUETHER DISTRIBUTING CO COST OF GOODS SOLD MI OF GO ODS SOLD BE 256416 YORK SELLING CST OF. GDS BEE 12/28/99 $1,798.50 KUETHER DISTRIBUTING CO CO COST COST OF GOODS SOLD BE 256417 YORK SELLING CST OF GDS BEE 12/28/99 $57.80 KUETHER DISTRIBUTING <*> $3,496.05* Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER 206388 12/28/99 $43.88 LAWRENCE, JEANN E <*> $43.88* INC. Keystock 1209643 LIFT STATION M GENERAL SUPPLI 5361 206389 12/28/99 $189.50 LAWSON PRODUCTS PARTS 5435 12/28/99 $350.22 LAWSON PRODUCTS INC. Thread PRod, O- RinghBr 1214662 EQUIPMENT OPER EQUIPMENT OPER REPAIR REPAIR PARTS 54 12/28/ 12/28/99 $122.74 LAWSON PRODUCTS INC. Black Nylon Ty -Rap 1214663 <*> $1,051.61* $16.49 LEEF BROS. INC. Towels 138824 MAINT OF COURS LAUNDRY 206390 12/28/99 <*> $16.49* Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER 206391 12/28/99 $29.25 Liebo, Jack <*> $29.25* LIGHTING PLASTICS OF MIN Light Covers 072532 CLUB HOUSE REPAIR PARTS 6302 206392 12/28/99 $71.20 <*> $71.20* JACQUE Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER 206393 12/28/99 $31.85 LINDSKOOG, <*> $31.85* Gaskets 20115ORI STREET NAME SI GENERAL SUPPLI 5358 206394 12/28/99 $195.56 LINEAR DYNAMICS INC INC Freight 201162RI STREET NAME SI GENERAL SUPPLI 5358 12/28/99 $4.45 LINEAR DYNAMICS <*> $200.01* Continuing Education 99061 POLICE DEPT. G CONF & SCHOOLS 206395 12/28/99 $600.00 LSI <*> $600.00* Prof. Serv.- Media 122099 MEDIA LAB PROF SERVICES 206396 12/28/99 $38.00 Luger, Sam <*> $38.00* COUNCIL CHECK REGISTER 22- DEC -1999 (14:07) page 10 CHECK NO DATE ------------------------------------------------------------------------ CHECK AMOUNT VENDOR DESCRIPTION INVOICE PROGRAM OBJECT PO NUM 206397 *> 12/28/99 $74.75 Lundeen, Marga Art Work Sold at EAC --------------------------------------------------- 121599 ART CNTR PROG SALES OTHER < $74.75* . 206398 *> .12/28/99 $125.45 LUNDGREN, BARBARA Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < $125.45* 206399 < *? 12/28/99 $340.64 $340.64* LYLE SIGNS INC. Sign 00079448 STREET NAME SI SIGNS & POSTS 5373 206400 *> 12/28/99 $42.90 LYMAN, MARTHA Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER. < $42.90* 206401 < *> 12/28/99 $31.89 LYNDALE GARDEN CENTER Straw 116139 MAINT OF COURS GENERAL SUPPLI 6268 $31.89* 206402 *> 12/28/99 $15.00 MACA Continuing Education 121599 POLICE DEPT. G CONF & SCHOOLS < $15.00* 206403 12/28/99 12/28/99 $143.41 MacQueen Equipment Inc. Cable Throttle 2000487 EQUIPMENT OPER REPAIR PARTS 12/28/99 $41.03 $13.62 MacQueen MacQueen Equipment Inc. Equipment Inc. Filter Cartridges Spring 2000639 2000595 EQUIPMENT OPER REPAIR PARTS 5379 12/28/99 $47.41 MacQueen Equipment Inc._ Hopper Repair Kit 2000684 EQUIPMENT OPER EQUIPMENT OPER REPAIR PARTS GENERAL 5316 < *> $245.47* SUPPLI 5424 206404 *> 12/28/99 $100.57 VIKING AUTOMATIC SPRINKL In -Out Board 400793 ENGINEERING GE GENERAL SUPPLI 4556 < $100.57* 206405 *> 12/28/99 $91.35 Mairs,.Candyce Skating Pro for Fall 122099 POOL TRACK GRE PROF SERVICES < $91.35* 206406 *> 12/28/99 $117.41 MAKELA, BARB Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < $117.41 *. 206407 12/28/99 12/28/99 $1,234.05 $316.90 MARK VII MARK VII SALES COST OF GOODS SOLD BE 981804 VERNON SELLING CST OF GDS BEE 12/28/99 $3,023.87 MARK VII SALES SALES COST OF GOODS COST SOLD BE 981805 50TH ST SELLIN CST OF GDS BEE 12/28/99 $10.10 MARK VII SALES OF GOODS COST OF GOODS SOLD BE SOLD BE 981820 981821 YORK SELLING CST OF GDS BEE 12/28/99 $18.00 MARK VII SALES COST OF GOODS SOLD MI 981822 YORK SELLING YORK SELLING CST OF CST OF GDS BEE GDS MIX 12/28/99 12/28/99 $18.40 $609.00 MARK VII MARK VII SALES SALES COST OF GOODS SOLD BE 981823 YORK SELLING CST OF GDS BEE 12/28/99 $33.85 MARK VII SALES COST OF GOODS COST OF GOODS SOLD BE SOLD BE 984488 984489 YORK SELLING CST OF GDS BEE 12/28/99 $42.50 MARK VII SALES COST OF GOODS SOLD MI 984490 YORK SELLING YORK SELLING CST OF CST OF GDS BEE GDS MIX 12/28/99 12/28/99 $1,717.15 $114.30 MARK VII MARK SALES COST OF GOODS SOLD BE 984491 VERNON SELLING CST OF GDS BEE 12/28/99 $36.00 VII MARK VII SALES SALES COST OF GOODS COST SOLD MI 984492 VERNON SELLING CST OF GDS MIX < *> $7,174.12* OF GOODS SOLD MI 984493 VERNON SELLING CST OF GDS MIX 206408 *> 12/28/99 $37.68 Marks, Ken Ammunition 122099 POLICE DEPT. G AMMUNITION < $37.68* 206409 *> 12/28/99 $603.95 MARSHALL & SWIFT Renewal - Commercial Es 120199 ASSESSING CONF & SCHOOLS < $603.95* 206410 *> 12/28/99 $35.00 McGlinn, Sharon Skating Lesson Refund 122099 POOL TRACK GRE LESSON PRGM IN < $35.00* 22- DEC -1999 (14:07) page 11 COUNCIL CHECK REGISTER CHECK NO DATE CHECK AMOUNT VENDOR DESCRIPTION INVOICE PROGRAM OBJECT - - - - -PO NUM 206411 < *> 206412 < *> 206413 < *> 206414 < *> 206415 < *> 206416 < *> 206417 < *> 206418 < *> ___ ------------------------------------------------------- 12/28/99 $40 00 12/28/99 $40.00 $80.00* 12/28/99 $28.52 12/28/99 $55.86 $84.38* 12/28/99 $123.00 $123.00* 12/28/99 $148.85 $148.85* 12/28/99 $525.16 $525.16* 121/28/99 $325.00 $325.00* 12/28/99 $2,254.50 $1,080.00 12/28/99 $1,095.00 12/28/99 $1,123.50 $5;553.00* 12/28/99 $10.00 12/28/99 $40.00 $50.00* MEHA MEHA MENARDS * ACCT #30240251 MENARDS * ACCT #30240251 Metro Volley Ball Offici METZGER, MAURE ANN MIDWEST COCA -COLA BOTTLI WATER PRODUCTS MINNEAPOLIS & SUBURBAN S MINNEAPOLIS OLIS & SUBURBAN S MINNEAPOLIS & SU BURBAN S MINNEAPOLIS & SU BURBAN S MINNESOTA DEPARTMENT OF MINNESOTA DEPARTMENT OF Conference Re istrati g. Conference Registrati Repair Parts Paint Supplies Officiating Fees Art Work Sold at EAC COST OF GOODS SOLD MI Continuing Education Transducer Line Replace Service Replace Service Replace Service Line Pesticide License Ren Pesticide Application 121699 121699 60152 61794 1739 121599 62101048 1009 31618 31639 31640 31641 121599 121699 LABORATORY PUBLIC HEALTH MAINT OF LOURS GOLF DOME EDINA ATHLETIC ART CNTR PROG VERNON SELLING POLICE DEPT. G PUMP & LIFT ST DISTRIBUTION DISTRIBUTION DISTRIBUTION GENERAL TURF C GOLF ADMINISTR CONF & SCHOOLS CONF & SCHOOLS REPAIR PARTS 6265 CLEANING SUPPL 6309 PROF SERVICES SALES OTHER CST OF GDS MIX CONF & SCHOOLS 3084 CONTR REPAIRS 5370 CONTR REPAIRS 5985 CONTR REPAIRS 5984 CONTR REPAIRS 5382 LIC & PERMITS R. PREST DUES & SUBSCRI 206419 < *> 206420 < *> 206421 < *> 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99. $57.32 $57.32 $57.32 $57.31 $57.31 $286.58* $566.58 $566.58* $368.00 $368.00* MINNESOTA DEPARTMENT OF Bituminous Plant Insp MINNESOTA DEPARTMENT OF CONSTR. IN PROGRESS MINNESOTA DEPARTMENT OF CONSTR. IN PROGRESS MINNESOTA DEPARTMENT OF CONSTR. IN PROGRESS MINNESOTA DEPARTMENT OF CONSTR. IN PROGRESS MINNESOTA PIPE &.EQUIPME Repair Clamps MINNESOTA RECREATION & P Promotion Ad Package PA000032 PA000032 PA000032 PA000032 PA000032 83565 937 STRT RESURFACI SKYLINE DRIVE ST MILL OVERLA Rosemary La Re Eden Prairie R DISTRIBUTION PARK ADMIN. CIP CIP CIP CIP CIP GENERAL SUPPLI 5446 GENERAL SUPPLI 7053 206422 < *> 206423 < *> 206424 < *> i 206425 < *> 12/28/99 12/28/99 12/28/99 12/28/99 $800.00 $800.00* $1,480.00 $1,480.00* $85.00 $85.00* $525.00 $525.00* MINNESOTA VALLEY LANDSCA Final Contract.Paymen 122899 MPCA Collection Sys Operat 121599 NEHA Membership Renewal 121799 Neil Nelson & Associates Continuing Education 121599 UTILITIES -GRAN CIP TRAINING CONF & SCHOOLS PUBLIC HEALTH DUES & SUBSCRI POLICE DEPT. G CONF & SCHOOLS COUNCIL CHECK REGISTER 22- DEC -1999 (14:07) page 12 CHECK NO ------------------------------------------------------------------------------------------------------------------------------------ DATE CHECK AMOUNT VENDOR DESCRIPTION INVOICE PROGRAM OBJECT PO NUM 206426 12/28/99 $428.00 NELSON, BARBARA Media Prof. Serv. 122099 MEDIA LAB PROF SERVICES < *> $428.00* 206427 12/28/99 $537.83 NEWMAN TRAFFIC SIGN Bracket Round Cap TI -00392 STREET NAME SI SIGNS & POSTS 5327 < *> $537.83* 206428 12/28/99 $165.75 NORMAN, MIKE Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $165.75* 206429 12/28/99 $45.00 NORMAN, POLLY Teaching AC 122099 ART CENTER ADM PROF SERVICES < *> $45.00* 206430 12/28/99 $90.00 North Memorial Health Ca Continuing Education 1072 POLICE DEPT. G CONF & SCHOOLS < *> $90.00* 206431 12/28/99 $80.42 NORTH SECOND STREET STEE Floor Plate (Steel) 028773 EQUIPMENT OPER REPAIR PARTS 5394 < *> $80.42* 206432 12/28/99 $125.70 NORTH STAR ICE COST OF GOODS SOLD MI 58291 YORK SELLING CST OF GDS MIX < *> $125.70* 206433 12/28/99 $409.97 NORTH STAR TURF Repair Parts 217350 MAINT OF COURS REPAIR PARTS 6256 12/28/99 $119.81 NORTH STAR TURF Ice Vice 217404 BUILDING MAINT GENERAL SUPPLI 5229 < *> $529.78* 206434 12/28/99 $223.78 NORTHWESTERN TIRE CO 0 -Ring, Mount & Dismo NW -59869 SUPERV." & OVRH HAZ." WASTE DIS 5172 < *> $223.78* 206435 12/28/99 $35.10 Noun, Kelly Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $35.10* 206436 12/28/99 $192.00 ODLAND, DOROTHY Prof. Serv. AC 122099 ART CENTER ADM PROF SERVICES < *> $192.00* . 206437 12/28/99 $50.00 PARNELL, CLIFF Teaching AC 122099 ART CENTER ADM PROF SERVICES < *> $50.00* 206438 12/28/99 $36.40 PASS, GRACE Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $36.40* 206439 12/28/99 $230.90 PEPSI -COLA COMPANY COST OF GOODS SOLD MI 2.7566028 VERNON SELLING CST OF GDS MIX < *> $230.90* 206440 12/28/99 $134.72 Performance Office Paper Gen. Supplies -911 Pri 051404 -0 POLICE DEPT. G GENERAL SUPPLI 3083 206441 12/28/99 $34.06 Peterson, Helen Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $34.06* 206442 12/28/99 $96.80 PHILLIPS WINE & SPIRITS COST OF GOODS SOLD BE 560391 50TH ST SELLIN CST OF GDS BEE 12/28/99 $2,556.20 PHILLIPS WINE & SPIRITS COST OF GOODS SOLD WI 562722 VERNON SELLING CST OF GD WINE 12/28/99 $453.21 PHILLIPS WINE & SPIRITS COST OF GOODS SOLD LI 562723 50TH ST SELLIN CST OF GD LIQU 12/28/99 $1,219.10 PHILLIPS WINE & SPIRITS COST OF GOODS SOLD WI 562724 50TH ST SELLIN CST OF GD WINE 12/28/99 $5,014.95 PHILLIPS WINE & SPIRITS COST OF GOODS SOLD WI 562726 YORK SELLING CST OF GD WINE 12/28/99 $494.00 PHILLIPS WINE & SPIRITS COST OF GOODS SOLD LI 562727 VERNON.SELLING CST OF GD LIQU 22- DEC -1999 (14:07) page 13 COUNCIL CHECK REGISTER CHECK NO DATE CHECK AMOUNT VENDOR - - - - -- - - -- DESCRIPTION - - - -- _INVOICE --- PROGRAM - --- - - - - -- OBJECT - - -_ -PO -NUM __ 206442 12/28/99 $2,793.39 ------ PHILLIPS WINE & SPIRITS COST OF .GOODS SOLD WI 562728 VERNON SELLING CST OF GD WINE < *> $12,627.65* 20.6443 12/28/99 $81.47 Pinkerton Systems Integr Checked out Monito & 0014967- POOL TRACK GRE PROF SERVICES 2241 < *> $81.47* 206444 12/28/99 $773.08 Pinnacle Distributing COST OF GOODS SOLD MI 591282 591342 YORK SELLING VERNON SELLING CST OF GDS MIX CST OF GDS MIX 12/28/99 $516.26 Pinnacle Distributing Pinnacle Distributing COST OF GOODS SOLD COST OF GOODS SOLD MI MI 591381 50TH ST SELLIN CST OF GDS MIX 12/28/99 12/28/99 $293.25 $19.90 Pinnacle Distributing General Supplies 591404 LIQUOR 50TH ST GENERAL SUPPLI 12/28/99 $57.50 Pinnacle Distributing COST OF GOODS SOLD MI 591405 50TH ST SELLIN CST OF GDS MIX MIX 12/28/99 $64.40 Pinnacle Distributing COST OF GOODS SOLD MI 591406 50TH ST OCCUPA CST OF GDS < *> $1,724.39* 206445 12/28/99 $85.15 Posnick, Monica Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $85.15* 206446 12/28/99 $5,000.00 POSTMASTER Permit 939 - Utility Bi 121699 GENERAL(BILLIN POSTAGE < *> $5,000.00* 206447 12/28/99 $2,512.30 PRIOR WINE COMPANY COST OF GOODS SOLD WI 150196 VERNON SELLING CST OF GD WINE GD.WINE 12/28/99 $610.89 PRIOR WINE COMPANY COST OF GOODS SOLD WI 150200 50TH ST SELLIN CST OF 12/28/99 $3,653.76 PRIOR WINE COMPANY COST OF GOODS SOLD WI 150205 YORK SELLING CST OF GD WINE < *> $6,776.95* 206448 12/28/99 $185.00 Protection One Alarm Repair 120799 50TH ST OCCUPA ALARM SERVICE *> $185.00* 206449. 12/28/99 $30.10 RDO Equipment Co Cap 107174. EQUIPMENT OPER REPAIR PARTS 5404 < *> $30.10* 206450 12/28/9.9 $1,534.50 RECREATION SPORTS OFFICI Basketball Officiatin 122099 EDINA ATHLETIC PROF SERVICES < *> $1,534.50* 206451 12/28/99 $360.00 RICKERT, DAVID Teaching AC AC 122099 122099 ART CENTER ADM MEDIA LAB PROF SERVICES PROF SERVICES. 12/28/99 $40.00 RICKERT, DAVID Prof. Serv. Media < *> $400.00* 206452 12/28/99 $95.56 RINK SYSTEMS INC Repair Boards 2110 ARENA ICE MAIN CONTR REPAIRS 8078 < *> $95.56* 206453 12/28/99 $11.17 Ritz Camera Photographic 37501790 POLICE DEPT. G PHOTO SUPPLIES 2370 < *> $11.17* 206454 12/28/99 $201.13 SAFETY KLEEN Hazardous Pickup 00108142 SUPERV. & OVRH HAZ. WASTE DIS < *> $201.13* 206455 12/28/99 $249.90 SAM'S CLUB DIRECT COMMER Supplies, Film, Batte 121699 GENERAL MAINT GENERAL SUPPLI < *> $249.90* 206456 12/28/99 $140.00 SANDERS WACKER WEHRMAN B Landscape Design B Landscape Design 9660 -27 9520 -11 STREET IMPROVE UTILITIES -GRAN CIP CIP 12/28/99 $140.00 $140.00 SANDERS WACKER WEHRMAN SANDERS WACKER WEHRMAN B Landscape Services 9935 -1 UTILITIES -GRAN CIP 12/28/99 < *> $420.00* COUNCIL CHECK REGISTER 22- DEC -1999 (14:07) page 14 CHECK NO ------------------------------------------------------------------------------------------------------------------------------------ DATE CHECK AMOUNT ,VENDOR DESCRIPTION INVOICE PROGRAM OBJECT PO NUM 206457 12/28/99 $3,039.63 SCHWAB- VOLLHABER Motor & Reactivation 990921 -0 ARENA BLDG /GRO CONTR REPAIRS 8091 < *> $3,039.63* 206458 .12/28/99 $3,158.66 SEH Consulting Design Ser 0059672 TH100 & W 77TH CIP 12/28/99 $5,521.22 SEH Wellhead Protection P 0059688 GENERAL(BILLIN PROF SERVICES 12/28/99 $247.55 SEH Flow Monitoring 59345 SEWER TREATMEN PROF SERVICES 5489 < *> $8,927.43* 206459 12/28/99 $39.00 Seifert, Elizabeth Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $39.00* 206460 12/28/99 $39.00 Severson, Jo Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $39.00* 206461 12/28/99 $215.80 SHAUGHNESY, SANDRA D Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $215.80* 206462 12/28/99 $114.47 SHERWIN WILLIAMS Paint, Brushes 1697 -8 STREET NAME SI GENERAL SUPPLI 5436 < *> $114.47* 206463 12/28/99 $64.81 Shirley, Tom General Supplies. 122099 ED ADMINISTRAT GENERAL SUPPLI 12/28/99 $52.44 Shirley, Tom Meeting Expense 122099 ED ADMINISTRAT MEETING EXPENS 12/28/99 $34.45 Shirley, Tom General Supplies 122099 CENTENNIAL LAK GENERAL SUPPLI < *> $151.70* 206464 12/28/99 $365.00 SIMPLEX TIME RECORDER CO Annual Bill for Time 83179577 PW BUILDING GENERAL SUPPLI < *> $365.00* 206465 12/28/99 $76.29 SIMS SECURITY Security 00134902 POOL TRACK GRE PROF SERVICES CONTRACT 12/28/99 $152.58 SIMS SECURITY Security 00151881 POOL TRACK GRE PROF SERVICES CONTRACT < *> $228.87* 206466 12/28/99 $297.21 Smith, Pam Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $297.21* 206467 12/28/99 $42.59 SNYDER, MICHAEL Uniform /Clothing Allo 122099 POLICE DEPT. G UNIF ALLOW < *> $42.59* 206468 12/28/99 $262.15 SOCCER EXPRESS Explorer - Uniform 0052 RESERVE PROGRA UNIF ALLOW 3025 12/28/99 $496.75 SOCCER EXPRESS Explorers - Uniforms 0134 RESERVE PROGRA UNIF ALLOW 3091 < *> $758.90* 206469 12/28/99 $92.30 Sohlden,.Jean -Marie Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $92.30* 206470 12/28/99 $60.78 Solberg, Bliss Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $60.78* 206471 12/28/99 $726.75 SOUTHSIDE DISTRIBUTORS I COST OF GOODS SOLD BE 102170 50TH ST SELLIN CST OF GDS BEE 12/28/99 $2,423.40 SOUTHSIDE DISTRIBUTORS I COST OF GOODS SOLD BE 102173 YORK SELLING CST OF GDS BEE 12/28/99 $73.20 SOUTHSIDE DISTRIBUTORS I COST OF GOODS SOLD BE 102174 YORK SELLING CST.OF GDS BEE 12/28/99 $219.50 SOUTHSIDE DISTRIBUTORS I COST OF GOODS SOLD BE 406579 YORK SELLING CST OF GDS BEE < *> $3,442.85* 206472 12/28/99 $91.67 SOUTHWEST JOURNAL Advertising 29911 50TH ST SELLIN ADVERT OTHER 22- DEC -1999 (14:07) page 15 COUNCIL CHECK REGISTER CHECK NO DATE CHECK AMOUNT VENDOR DESCRIPTION INVOICE ---------------- PROGRAM- - - - - -- - OBJECT-- - - - -PO NUM --------------------------------- 206472 12/28/99 $91.67 SOUTHWEST JOURNAL ADVERTISING OTHER OTHER 29911 29911 YORK SELLING VERNON SELLING ADVERT OTHER ADVERT OTHER . 12/28/99 $91.66 SOUTHWEST JOURNAL ADVERTISING < *> $275.00* 12/28/99 $39.11 SPS 0 -Ring, Vacuum Br. Ki 3391700 BUILDING MAINT REPAIR PARTS 5227 206473 12/28/99 $139.72 SPS Gate, Half Round Bast 3391701 BUILDINGS TOOLS 5421 < *> $178.83* 206474 12./28/99 $5,214.74 SRF CONSULTING GROUP INC Noise Study 3254 -13 CONTINGENCIES PROF SERVICES 12/28/99 $87.29 SRF CONSULTING GROUP INC Consulting Design 3268 -8 W 77TH ST PENT CIP 12/28/99 $590.00 SRF CONSULTING GROUP INC Traffic Calming Study 3564 -3 CONTINGENCIES PROF SERVICES < *> $5,892.03* 206475 12/28/99 $39.95 STREICHERS Uniform Allowance 135773.1 POLICE DEPT.. G UNIF ALLOW 3093 < *> $39.95* 206476 12/28/99 $45.00 STROH, STEVE Continuing Education 121799 POLICE DEPT. G CONF & SCHOOLS < *> $45.00* 206477 12/28/99 $99.68 SUBURBAN CHEVROLET Regulator 94723 -1C 94880CVW EQUIPMENT OPER MAINT OF COURS REPAIR PARTS REPAIR PARTS 5406 6277 12/28/99 $107.04 $1.53 SUBURBAN CHEVROLET SUBURBAN CHEVROLET Repair Parts Repair Parts 94882CVW MAINT OF COURS REPAIR PARTS 6272 12/28/99 12/28/99 $18.22 SUBURBAN CHEVROLET Repair Parts 94902CVW MAINT OF COURS REPAIR PARTS 6277 < *> $226.47* 206478 12/28/99 $84.83 SULLIVAN, MONICA Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $84.83 *. 206479 12/28/99 $61.30 SUNDIN, ROSALIE Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < * >. $61.30* - 206480 12/28/99 $66.03 Tape Company, The General Supplies - Ta 34422444 POLICE DEPT. G GENERAL SUPPLI 3082 < *> $66.03* 206481 12/28/99 $244.40 Tapper, Elizabeth N. Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $244.40* 206482 12/28/99 $45.00 THOMPSON, SCOTT Continuing Education 121399 POLICE DEPT. G CONF & SCHOOLS < *> $45.00* 206483 12/28/99 $16,445.88 THOMSEN- NYBECK Prosecuting 139130 LEGAL SERVICES PROF SERVICES < *> $16,445.88* 206484 12/28/99 $296.00 THORPE DISTRIBUTING COMP Beer SOLD BE 180400 180463 GRILL VERNON SELLING COST OF GD SOL CST OF GDS BEE 9043 12/28/99 $4,913.60 THORPE DISTRIBUTING DISTRIBUTING COMP COMP COST OF GOODS COST OF GOODS SOLD MI 180464 VERNON SELLING CST OF GDS MIX 12/28/99 $190.15 THORPE < *> $5,399.75* 206485 12/28/99 $17.03 TILE SHOP, THE Wall Board 00003878 PW BUILDING GENERAL SUPPLI 5419 < *> $17.03* 206486 12/28/99 $72.61 Tomlinson, Dawn Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $72.61* TOP GUN Refund - Cancelled 100898 . GENERAL FD PRO BUILDING PERMI 206487 12/28/99 $89.80 COUNCIL CHECK REGISTER 22- DEC -1999 (14:07). page 16 CHECK NO ------------------------------------------------------------------------------------------------------------------------------------ DATE CHECK AMOUNT VENDOR DESCRIPTION INVOICE PROGRAM OBJECT PO NUM < *> $89.80* 206488 12/28/99 $73.96 TOTAL REGISTER SYSTEMS I Plastic Shelf Strips 8677 YORK SELLING GENERAL SUPPLI 7501 < *> $73.96* 206489 12/28/99 $957.97 TOTAL TOOL Propane Heater 1739576 BUILDINGS GENERAL SUPPLI 5140 < *> $957.97* 206490 12/28/99 $466.88 TREADWAY GRAPHICS DARE Supplies 0106794- DARE GENERAL SUPPLI 3087 < *> $466.88* 206491 12/28/99 $152.43 Treuting, Kristen Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER < *> $152.43* 206492 12/28/99 $81.07 TWIN CITY GARAGE DOOR CO Key, Service 090190 PW BUILDING REPAIR PARTS 5457 < *> $81.07* 206493 12/28/99 $102.00 TWIN CITY WATER CLINIC Water Analysis 6021 WATER TREATMEN PROF SERVICES 5488 < *> $102.00* 206494 12/28/99 $592.95 UNIFORMS UNLIMITED General Uniform Acct. 113099 POLICE DEPT. G UNIF ALLOW 12/28/99 $93.80 UNIFORMS UNLIMITED General Supplies Acct 113099 POLICE DEPT. G GENERAL SUPPLI 12/28/99 $786.15 UNIFORMS UNLIMITED Reserves /Explorers 113099 RESERVE PROGRA UNIF ALLOW < *> $1,472.90* 206495 12/28/99 $288.38 United Electric Tower Lights, Pole Ba 50569800 BUILDINGS GENERAL SUPPLI 5439 12/28/99 $409.64 United Electric Plug 19788900 LIFT STATION M GENERAL SUPPLI 5440 < *> $698.02* 206496 12/28/99 $280.72 US FOODSERVICES INC C.O.G.S. 584535 CENTENNIAL LAK COST OF GD SOL 2083 < *> $280.72* - 206497 12/28/99 $58.12 US WEST COMMUNICATIONS TELEPHONE 12 -10 BUILDING MAINT TELEPHONE 12/28/99 $25.47. US WEST COMMUNICATIONS TELEPHONE 12/10 SKATING & HOCK TELEPHONE . 12/28/99 $9.44 US WEST COMMUNICATIONS TELEPHONE 121099 ED ADMINISTRAT TELEPHONE 12/28/99 $46.82 US WEST COMMUNICATIONS TELEPHONE DEC10 CENT SVC GENER TELEPHONE 12/28/99 $229.27 US WEST COMMUNICATIONS TELEPHONE 121399 CENT SVC GENER TELEPHONE < *> $369.12* 206.498 12/28/99 $670.68 VAN PAPER CO. Bags 295669 VERNON SELLING PAPER SUPPLIES 9807 12/28./99 $897.05 VAN PAPER CO. Bags 295715 YORK SELLING PAPER SUPPLIES 9806 12/28/99 $469.61 VAN PAPER CO. Bags 295718 50TH ST SELLIN PAPER SUPPLIES 9805 12/28/99 $348.52 VAN PAPER CO. Boxes 295971 GOLF DOME GENERAL SUPPLI 6300 < *> $2,385.86* - 206499 12/28/99 $234.75 VANTAGE ELECTRIC Replace Ceiling Fan 15851 POOL TRACK GRE CONTR REPAIRS 2214 < *> $234.75* 206500 12/28/99. $990.64 VIKING ELECTRIC Wires, Liquid -Tite, K 4695794 BUILDINGS REPAIR PARTS 5333 < *> $990.64* 206501. 12/28/99 $42.85 WAGNER, DOUGLAS Continuing Education 121599 POLICE DEPT. G CONF & SCHOOLS < *> $42.85* 206502 12/28/99 $50.00 WALSER FORD Warranty Deductible FOCS9958 EQUIPMENT OPER REPAIR PARTS X- 22- DEC -1999 (14:07) page 17 COUNCIL CHECK REGISTER CHECK NO DATE CHECK AMOUNT VENDOR DESCRIPTION INVOICE PROGRAM -- - ------ OBJECT ------ PO NUM ------------------------------------------------ <*> $50.00* 206503 <*> 206504 <* 12/28/99 12/28/99 $96.20 $96.20* $145.00 $145.00* Walsh, Cura WATERSTREET, JOAN Art Work Sold at EAC General Supplies for 121599 122099 ART CNTR PROG POLICE DEPT. G SALES OTHER GENERAL SUPPLI 206505 <*> 206506 <*> 206507 < *> 206508 <*> .12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 $168.00 $168.00* $924.00 $924.00* $567.70 $1,521.20 $40.00 $684.57 $2,813.47* $474.90 $275.45 $395.75 $1,146.10* WEIGLE, SUE WESTSIDE EQUIPMENT WINE COMPANY, THE WINE COMPANY, THE WINE COMPANY, THE WINE COMPANY, THE WINE MERCHANTS WINE MERCHANTS WINE MERCHANTS Mileage Disposal of Fiberglas COST OF GOODS SOLD WI COST OF GOODS SOLD WI COST OF GOODS SOLD BE COST OF GOODS SOLD WI COST OF GOODS SOLD WI COST OF GOODS SOLD WI COST OF GOODS SOLD WI 122099 0003544- 032131 032139 032143 032168 24463 24464 24465 PARK ADMIN. PW BUILDING 50TH ST SELLIN YORK SELLING 50TH ST SELLIN VERNON.SELLING 50TH ST SELLIN YORK SELLING VERNON SELLING MILEAGE REPAIR PARTS 5156 CST OF GD WINE CST OF GD WINE CST OF GDS BEE CST OF GD WINE CST OF GD WINE CST OF GD WINE CST OF GD WINE 206509 <*> 12/28/99 $92.60 $92.60* WINSTAR BROADBAND SERVIC Grant - CDPD 74851 COPS MORE GRAN EQUIP REPLACEM 206510 <*, - 206511 <*> 12/28/99 12/28/99 $91.65 $9.1.65* $172.53 $172.53* Wittstruck, Martha WM H MCCOY Art. Work Sold at EAC Propane 121599 47721 ART CNTR PROG CLUB HOUSE SALES OTHER CONTR REPAIRS 6274 206512 < *> 12/28/99 $256.00 $256.00* Wolfe, Kay Prof. Serv. AC 122099 ART CENTER ADM PROF SERVICES 206513 <*> 206514 <*> 206515 <*> 206516 <*> 206517 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 12/28/99 $671.00 $279.00 $96.4.00 $98.00 $2,012.00* $208.88 $208.88* $353.80 $745.00 $1,098.80* $81.25 $81.25* $1,500.00 $930.00 WORLD CLASS WINES INC WORLD CLASS WINES INC WORLD CLASS WINES INC WORLD CLASS WINES INC WSR ENTERPRISES INC Xerox Corporation Xerox Corporation Yungner, Dave ZIEGLER INC ZIEGLER INC COST OF GOODS SOLD WI COST OF GOODS SOLD WI COST OF GOODS SOLD WI COST OF GOODS SOLD WI Social Security Bookl Service Contract - Co Nov. Monthly Charge Art Work Sold at EAC Generator Rental /Y2K GENERAL SUPPLIES 88627 YORK SELLING CST OF GD WINE 88628 VERNON SELLING CST OF GD WINE 88740 50TH ST SELLIN CST OF GD WINE 88743 50TH ST SELLIN CST OF GD WINE 2766 CENT SVC GENER ADVERT PERSONL 07217570 POLICE DEPT. G SVC CONTR EQUI 07227214 CENT SVC GENER EQUIP RENTAL 3413 121599 ART CNTR PROG SALES OTHER E2418211 BUILDING MAINT EQUIP RENTAL 5485. E2418211 PW BUILDING GENERAL SUPPLI .COUNCIL CHECK REGISTER 22- DEC -1999 (14:07) page 18 CHECK NO ------------------------------------------------------------------------------------------------------------------------------------ DATE CHECK AMOUNT VENDOR DESCRIPTION INVOICE PROGRAM OBJECT PO NUM 206517 12/28/99 $930.00 ZIEGLER INC EQUIPMENT RENTAL E2418211 FIRE DEPT. GEN EQUIP RENTAL 12/28/99 $930.00 ZIEGLER INC EQUIPMENT RENTAL E2418211 CITY HALL GENE EQUIP RENTAL 12/28/99 $1,865.20 ZIEGLER INC EQUIPMENT RENTAL E2418211 DISTRIBUTION EQUIP RENTAL < *> $6,155.20* 206518 12/28/99 $89.05 ZINN, BOBO Art Work Sold at EAC 121599 ART CNTR PROG SALES OTHER 12/28/99 $177.33 ZINN, BOBO Craft Supplies 12 -20 ART CENTER ADM CRAFT SUPPLIES 12/28/99 $308.00 ZINN, BOBO Teaching AC 122099 ART CENTER ADM PROF SERVICES < *> $574.38* $364,653.53* • e - COUNCIL CHECK SUMMARY 22- DEC - 1999 (14:11) page 1 -- - - - FUND - - # - - - - 10 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - GENERAL FUND - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - $99,399.79 FUND # 15 WORKING CAPITAL $27,726.83 FUND # 23 ART CENTER $9,906.68 FUND # 25 GOLF DOME FUND $4,122.50 FUND # 27 GOLF COURSE FUND $2,223.13 FUND # 28 ICE ARENA FUND $11,214.66 FUND # 30 EDINBOROUGH /CENTENNIAL LAK $5,590.06 FUND # 40 UTILITY FUND $60,286.44 FUND # 41 STORM SEWER UTILITY FUND $450.42 FUND # 50 LIQUOR DISPENSARY FUND $117,863.82 FUND # 60 CONSTRUCTION FUND $4,752.53 .FUND # 66 IMP BOND REDEMPTION 42 $21,.116.67 $364,653.53* Page 48 CITY OF EDINA, MINNESOTA General Fund Combined Statement of Revenue, Expenditures and Changes in Fund Balance -- Budget and Actual Year ended December 31, 1999 (with comparative actual amounts for year ended December 31, 1998) 1999 1998 Variance Favorable Budget Actual (unfavorable) Actual Revenues: Taxes $ 12,854,140 13,187,547 333,407 13,053,978 Licenses and permits 1,067,000 2,135,162 1,068,162 2,091,365 Intergovernmental 1,503,315 1,733,457 230,142 2,035,566 Charges for service 1,507,080 1,865,475 358,395 1,612,038 Fines and forfeitures 430,000 794,710 364,710 691,355 Sale and rental of property 50,000 280,304 224,861 83,774 Other revenues 45,400 66,750 2,1,350 162,286 Total revenues 17,456,935 20,063,405 2,601,027 19,730,362 Expenditures: Current: General government 2,517,432 2,527,547 10,115 2,528,560 Public safety 8,607,753 8,518,016 (89,737) 8,131,293 Public works 3,773,770 3,744,124 (29,646) 4,084,651 Parks 2,175,204 2,240,731 65,527 1,960,111 Unallocated general 342,905 366,332 23,427 333,793 Other 0 (107,354) (107,354) 30,019 Capital outlay: General government 27,199 15,143 (12,056) 28,377 Public safety 456,144 469,235 13,091 837,573 Public works 512,418 418,434 (93,984) 626,455 Parks 114,009 125,328 11,319 69,084 Total expenditures 18,526,834 18,317,536 (209,297) 18,629,916 Excess (deficiency) of revenues over expenditures (1,069,899) 1,745,869 2,810,324 1,100,446 Other financing sources (uses): Operating transfers in (out) Liquor fund 430,000 0 (430,000) 0 Swimming Pool Fund 0 183,000 183,000 150,000 Capital Project funds 0 (4,181) (4,181) (322,918) Edinborough Park/Centennial Lake 0 (206,000) (206,000) (222,000) Park Referendum 0 (149,279) (149,279) (260,000) HRA 0 0 0 0 Parkland dedication 0 264,424 264,424 387,136 Total other financing sources 430,000 87,964 (342,036) (267,782) Excess of revenues and other financing sources over expenditures and other financing uses $ (639,899) 1,833,833 2,468,288 832,664 Fund balance - January 1 as restated 10,920,409 10,087,745 Fund Balance - December 31 $ 12,754,242 $ 10,920,409