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14. Lots 8 & 9 Condemnation, West 79th Street F P--/ , r LAW OFFICES GRANNIS, GRANNIS, FARRELL & KNUTSON DAVID L. GRANNIS- 1874-1961 PROFESSIONAL ASSOCIATION TELECOPIER: I DAVID L. GRANNIS,JR. - 1910-1980 POST OFFICE Box 57 (612)455-2359 VANCE B. GRANNIS 403 NORWEST BANK BUILDING ELLIOTT B. KNETSCH VANCE B. GRANNIS,JR.* 161 NORTH CONCORD EXCHANGE MICHAEL J MAYER PATRICK A. FARRELL SOUTH ST. PAUL, MINNESOTA 55075 DAVID L. KNUTSON S,III ROGER N. KNUTS TELEPHONE(612)455-1661 DAVID L. HARMEYER I *ALSO ADMITTED TO PRACTICE IN WISCONSIN September 11 , 1 989 I I I Mr. Don Ashworth City of Chanhassen 690 Coulter Drive P.O. Box 147 ' Chanhassen, MN 55317 Re: B.C. Burdick vs. City of Chanhassen IDear Don: I Enclosed for the City' s reviewal is a copy of the appraisal in the above matter. Also enclosed is Mr. Patchin' s statement for this appraisal. Please pay this bill directly to Mr. Patchin. IIf you have any questions, please feel free to contact me. IVery truly yours, GRANNIS, GRANNIS, FARRELZ, & KNUTSOM P • I j I BY: ,...1410_r_ _ Patrick A. arrell I PAF/rh Enclosure cc: Ms. Jean Meuwissen I I I 111 • REAL ESTATE APPRAISAL OF B. C. BURDICK VACANT SITE LOT 9 , BLOCK 1, FRONTIER DEVELOPMENT PARK WEST 79th STREET CHANHASSEN, MINNESOTA PREPARED FOR MR. DON ASHWORTH CITY MANAGER CITY OF CHANHASSEN 690 COULTER DRIVE CHANHASSEN, MINNESOTA 55317 I I DATE OF APPRAISAL March 1, 1987 OUR FILE NUMBER 87363-5 7 UM •,r ', I (n4 Ail SWENSON, BJORKLUND & ASSOCIATES, INC. , RS MOT! • I/ •Or• RESS RULWR LYRRLISf RS - I 1 HARVEY G.SWENSON,M.A.I. REAL ESTATE APPRAISERS/CONSULTANTS 6100 GREEN VALLEY DRIVE II BRAD BJORKLUND,M.A.1..S.R.E.A. MINNEAPOLIS,MINNESOTA 55438 1 (612)830-9003 March 9, 1987 II 11 II Mr. Don Ashworth II City Manager I CITY OF CHANHASSEN 690 Coulter Drive Chanhassen, Minnesota 55317 I RE: B. C. BURDICK VACANT SITE Lot 9, Block 1, Frontier Development Park I West 79th Street Chanhassen, Minnesota Dear Mr. Ashworth: At your request an appraisal of this real estate, has been completed after a personal viewing of the property, the neighborhood and the community in which it is located. As of March 1, 1987, it is my opinion that the subject property, II before the taking, has a market value of: I TWO HUNDRED THIRTY-SEVEN THOUSAND DOLLARS $237, 000 I Reasonable care has been exercised in verifying the factual data I set forth in the report and is assumed to be reliable. This appraisal is made subject to certain assumptions and limiting conditions which are submitted in the following report. The II II attached report identifies and describes the real estate, and presents the data, analysis and conclusions . Sincerely, I/ SWENSON, BJORKLUND & ASSOCIATES, INC. I / / `, i Harvey G. Swenson, MAI II TABLE OF CONTENTS PAGE PHOTOGRAPHIC VIEWS OF SUBJECT PROPERTY 1-3 ill PROPERTY RIGHTS APPRAISED 4 METROPOLITAN AREA 5 METROPOLITAN AREA MAP 6 III THE COMMUNITY AND NEIGHBORHOOD 7-9 NEIGHBORHOOD PHOTGRAPHS 10-11 CITY MAP 12 DOWNTOWN CHANHASSEN EXISTING CONDITIONS MAP 13 IISITE DESCRIPTION 14-15 ill DESCRIPTION OF EASEMENT 16 PLAT MAP 17 ill ZONING MAP 18 REAL ESTATE TAXES 19 HIGHEST AND BEST USE AND VALUATION METHODS 20 MARKET APPROACH 21-22 MARKET VALUE ANALYSIS 23 APPRAISER'S CERTIFICATION 24 P CONTINGENT AND LIMITING CONDITIONS - 25 all APPRAISING/CONSULTING QUALIFICATIONS OF HARVEY G. SWENSON 26 Al ii AM ADDENDUM EXHIBITS 41 DOWNTOWN CHANHASSEN COMPARABLE LAND SALES DATA A All PROPERTY ACQUISTION MAP B LEGAL DESCRIPTION OF ACQUISTION C AM WETLAND PROTECTION REGULATIONS OF ZONING ORDINANCE . . . . D II 1 a1 Y I 1 - .f f } r Y y x rr r I((",v-r,,, - _ - `,,'",,,7.S s 'vqy h ,sr�?f s�t+s��i;`e�.RfL,of'1��f ���y'ira�N,fix f��es.a.�t :s;� ,_; ,1" ' `-, r '0-- �g y s r vii h t _ c i -7"' 35.. x' $l44 E �`�€, � s y > s .` h -. i S{"�y.� ��. ry7".s a; s yy"*As °�S}''Y �L,L4�!��. t� �rr��,-Y I ' yy_,, _ - -Y•v '.. `i•3„ 2'---,I�,,, t "ems,, t da.1� S2` d .� a � i� '- � .r�¢s•,�� rte' a � 1 qy -.;,�F ya s �' 1 .f`4: f i Ribr". err:,s t Y' '„' "' 2,--,3. 54+ A - . • �4r:- Y x - - r '-d- 'taw.•,U�, f a`?- ,"4 1'T"W - ,4 ----.' -*-w----:.;-,ita-, �'. - ._ _.=s ts 1 3 i f]C - ....rte ;fa -{ fi '` "4'� r'"x, j —, ... `- Wit.' a^F t 1 VIEW LOOKING WESTERLY ACROSS W. 79TH STREET CUL—DE—SAC AT SUBJECT SITE BEYOND. 1 I , , , ' 1■ ` 1 $ `= -.a ' **Yurir i''• j-- Y-t 4r '- s r; '` ,,y �` z � 1�(u` -�� k ,, x�•`,,J 't'a'e 4��3` .��£ '� .� r ,X .Y r-' ✓ ,, Y\ y ya * ,fix e� 5-i •5- y Y II., ,-,-, '� -.z y�-J } is 4 z' .''' r3'ga€5 t ..0.—f- n .�yt y y t . 7 I , ,el,411111111 r a 't-' P' ^Wi _ .s.... - `- - . r ,lwxaw+, - q 1 n; .lei ._'. r',f i _ta � 94r,-.,-.-f"'' a 4 c ., M y •,, r-4}b. r'' t ...f - may{ .�W +k,.r ►k4ie'44• w .-.tea : i aat 1f' 4 fFD "µYS �+Zs`i whM.+ a :, . , . 1,,1.4 •1.,•,"'t+t ,t:t v/ i 4 , .5 .e tit „yeti R .. ` ,x T 1 "3' ArV,,-p,-hi. ,,St '�'�".'C _ 1�W tii 1•Est" f. ';% F-a'r x'g4 y ' '! Y` iaar - p c 1• yxS11,5y,�, ,r"�,,PyP{ ^lrz�r.�v. yfi s... -'.�?t-� �0' }►:.�1r'S.'' °.v T*C 7tir •-•,:r.' t F'? 4:: •Y` rLY ;9•N. .rlw-1n- '' '.... .- _ 1 VIEW LOOKING EASTERLY FROM SHOULDER OF HIGHWAY 5 ACROSS 1 ISOUTHEASTERLY PART OF SUBJECT SITE ADJACENT TO CUL—DE—SAC. 1 I ( Photograph Views a 2 1E& -,',--• ...—r. . _. - -- - - _..._.• • _• • ( a I. , II . ......,,,,,,,,„...„. i ..5 t y W 4 L' 4F+s' e1. �'i"4'!s•.. ._ _. il , .,,,..._. ,, . . . l t rZ'ytr1. ,.. -,.1 '.' .tee °'" c "�`` ', ,, � � �n t r;t 3k �?.�c 1 4�• 1 �' V � a fg M , 1•Ar-441 ,tw,'d11 ,l f+;8 vq P",rry."f,`V:`1,1#,, Ll'14Y.,'..j', 11¥43 .,1 i} c., ' t �'^ Ill l [ .. ,. T �sv. x z�,i;7- --1. i„n}a£ wfbt„4.#- FaZ- (� Sr '~A�,,..:7;_--_,-...........;-:,.-.-, y s'� <• err-a s r�?�t;rrir kx °rF7J} Ff �j')w� {tis'r ^arrk �Y"a= �� r t i r`.;:i Vr i::iN 1A-; fir ryy r,.� = �E r dK 47 .4�`n i ;fir t'z,i Y"41x s.•n r ', I . . fi -i-t f. ,I) .A 4 -i ! r ' f 1 Sr'{ ✓ F. ,7.wA� s ,tii s' �;.1,l ,; �--, 1•3 ''4' � t ' ;T I ii r�j� r * c ;, r t.)' t r . rof a r*.' -_1•11A1 y (. 3.,x,1.. l `k . +t r # ,. o c }.ttr-.Yit t�}'��j f'Y.{f '�,{f; e�,2 ya/�ic1,t� �Syt !. ff;t,�Q �K'�{ ,� r � ��� t 2- .„ „,E �Y I,}yrry `F .. 71-r.t';41: ''N . 1.1,i}'� 1- ',1 t-!:-',-4,):'4'►S'- j - �,r t t 4,Err 1 ti n$i-rj n n`�j. n,�:.`' ... '.4 �,. "4 E f f.;. t4 3 1 f �` 1.,O ,,, e,-, " «�,, ,�'Y'-',:-- ,'ta:.� :- ,y _ t.z rr!'G .(i .e3 :.:1,..:.":.t.,..!,{+ty. .yj ,t�Y1£.-'s''� �-...��1+ r.!a`5�'-?r_.ti �,' e, x - !�t t t It yv#1 Y ,1; 1,`,1- t t ti r A S r %'0 4i::`�+ ' : ....It,1 i y,.. V € j,."r..L £tF'4 .5- '.,,,. .r ,s,C z, 1"tFf ,r r; _ ;7 A'41-,-.6.___'K iy,- --4'7 t 1' t , „.,.f.,-4.4,-. b., ;- r s..--..:',is.,'. rAj'of”' l'-. e a T r^. I VIEW LOOKING NORTHEASTERLY ACROSS SUBJECT SITE FROM NEAR ITS WESTERLY END. NOTE PONDING AREA ADJACENT TO RAILROAD TRACK. 1 I -.lb A •�sx �M9s z ` t+ .•.,ar.�,tr�{ 4. -',3 C.-'.', " r,....., iy k .r Lr '`� ts:. a i.p¢ypyyy yy..?+. tar 1 ► 4,+'t - P r.'' L ft k f a7 fif,t f �fy� lr�+` ms's�i yy,..l idr "t,? a fttl i,i '?'4.764. o a_, i't s ;.✓a.!- t•.-� II71 ...4411 _ z, r F 'i. •..v+t}3' F.*'? .� � rlr . -i�fjry*;.,4;ti41° ,. t C • 3 .n.7 ' "A' te ; t r `` v-; �S. . 7",‘,,. :4_7 _ r{ CZ: - q i^ .A --,.0:!-:.---;.',.. A s r / yr `s• Y�.c .A .y:� aw a 'T.y i P r t �F ;r �`a� w �`r F. 4 s ta�h. s 'fa fi3"C' t w44y1 . s .r vv 'r_ >t r4 _ al VIEW LOOKING WESTERLY ALONG RAILROAD TRACK SHOWING SUBJECT SITE ON LEFT. HIGHWAY 5 BRIDGING OVER TRACKS IN BACKGROUND. 7 . — ( Photograph Views • 3 III • I 11 — _ n.,,,. ' y> 4{„i`t„ ..., ` t �., �_ v.„..,,, Y yQ,,• ^r R < fin v Y `h F7a`'i ,+* trf erfr f -t"' . . 1 , ...,.,,....:.,..... „,.„..,......„,,..._--1,4. i . ., ,, ,-- , - - . . -_t ._ ..,...,.....,. „...... .... , ,a 1 , 7 - t I, �- ` -r„t, ,r, t,.. ,.. , . . I —4..._ ` _ � 4 r ' e w - 4} ; i ir,,0,, y wAv0,,,o r s .fwT tr, r �-- ' w "+ i . • , ..s,'-lub•0--h=4...:,' - Y 1,.-:1..,.'% : }t -tea } p s- ,.h f_-". n - yt+sy Y r '. c%1 1-3t'Ysrr a$-`#t..`< ,,t_;y t is •y 3 i t t " ,Y,z. .vim. m t. A.sk ox- °+- .r .. } ] =x v "-XW1 y ..j41. ,. �'5,.ft n --Cloy-'."yr 1 :. 1 VIEW LOOKING WESTERLY ACROSS SUBJECT SITE II FROM W. 79TH STREET CUL-DE-SAC. I i ,,-,,,,,,„„.....„..,..„.„.„ --,= -- „:, . _-, .,z,„- . ---,,...„.-:,,..,..,..„,h,„,,,...,,t.. ..-. :*1-1,&6:. , -.;-,--le:41. "..-..0,.., ;,':'''-';'-rt-:--',-''' ":",.." ,.' - ' . ' - , ' ''' ''''' '' ''' ---.' -:---::::-:='"- - -. 1 ..] ., .'. ry c's:1.11-,,,,,— 1 i . -,:,r`, i r c ` eJor > t 1 ' �-+�,,,;+,. .c.:n£x.°iLWr„v,• `ri'"'a.r ....r � i .w^ Y Y ` `.s -44'4'C. ../e.'n l ..:•• Y 7c:,)' f. y77 t � „.•, Y ,e . L y 'k a . I, . I c n ff - VIEW LOOKING EASTERLY ALONG W. 79TH STREET FROM CUL-DE-SAC AT FAR WEST END I [ Photograph Views I . 4 ill PROPERTY RIGHTS APPRAISED Al The property is appraised in fee simple. Fee simple interest is Iiidefined as follows : "An absolute fee; a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation. An inheritable estate. " Al PURPOSE OF THE APPRAISAL The rasa ur ose of this a p p appraisal 1 is to estimate the market value of this real estate as defined in the definition of Market Value IIbelow. IIDEFINITION OF MARKET VALUE ill Market value as utilized in this appraisal report conforms to the following definition which has been approved by the American Institute of Real Estate Appraisers : The most probable price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus . i illImplicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer LIII under conditions whereby: • 1 . Buyer and seller are typically motivated. 2 . Both parties are well informed or well advised, and I 3 . each acting in what he considers his own best interest. A reasonable time is allowed for exposure in the open market. 4 . Payment is made in cash or its equivalent. II5 . Financing, if any, is on terms generally available in the community at the specified data and typical for the property type in its locale. am 6 . The price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs or credits incurred in the transaction. 11 5 II • i • II THE METROPOLITAN AREA 1 II The Minneapolis-St. Paul, Minnesota Metropolitan Area, also known as the "Twin Cities" Metropolitan Area, constitues the Regional li 1 setting for the subject property. This urban metropolitan area includes seven counties having a current population of 2, 118, 222 I persons as of 1986 according to the Metropolitan Council of the ' Twin Cities Area. The TCMA has approximately half the total population of the State of Minnesota. The Metropolitan Council, formed as a metropolitan area-wide I planning advisory coordinating agency in 1967 by the Minnesota Legislature, was the first such established metropolitan agency in this country. It consists of 17 members appointed by the I governor with senate approval . The Council ' s purpose is to coordinate the planning of the seven counties and the various municipal governmental bodies within its jurisdiction. ISituated in East-Central Minnesota, just west of the Wisconsin , State line, the Twin Cities Metropolitan Area is at the head of navigation of the Mississippi River. I The Twin Cities area is the transportation and distribution center of the "Upper Midwest" . Traditionally it was known as a IIflour milling center. It has one of the world' s largest cash grain markets and has one of the principal grain exchanges in the United States . It leads all other cities in the manufacture of 1 linseed oil products and marketing of butter. Since the end of , World War II, the Twin Cities area has become a leading technical and electronic instrument producing center. Other principal I industries include industrial machinery, farm implements, printing and publishing and manufacture of clothing. Some of the II major industrial employers in the area are Honeywell, Inc . , Minnesota Mining and Manufacturing, General Mills, Pillsbury 11 Company, Control Data Corporation and International Business II Machines . It is also the regional office location of many other national and international corporations . IThe Twin cities area is also considered to be the financial I center of the Upper Midwest . The Metropolitan Area has one of the larger and stronger network of Savings and Loan Associations Iin the country. Minneapolis is the headquarters for the ninth II Federal Reserve District Bank. JThe seven county Minneapolis-St. Paul Standard Metropolitan II Statistical Area (SMSA) had a 1970 population of 1, 874, 400 I persons, a 23% increase from the 1960 level of 1,525, 297 . The 1980 population was estimated at 2 , 027, 700 persons or an 8% 1 increase over 1970 indicating a decline in the rate of growth over the prior decade. II 11 II - . _ 6 111 - ' • t___„___,A.I.,11.12,1..V11.1.13 ;•...% _:, ' q-‘ . ' 21'll--Iv .. ':1 ' .4 -.I . ''''T'-4: .... • r- ----1---p ,---.1 .„ k . ..,,, ., — ,,, ..,,,,- i \- ,--",;,- -' (.___, , ,- - ---; 1 1.. , .,i,-„,_•,-D._ , •,..... ..,..., '1 *-- '''.-:.::."6--"--!3; i,' 1 "204‘..1°'1 -\.--' CO-: ; - 'I --.-----"'--r-""1-1---"L:1-1---,-- 1 ly.y. , Q ''''--1.-'%I., 'It . ,,, .,,. — ST.PAUL-MINNEAPOLIS _ .. I ''----- . . ■ —1 1 1 .' 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A small area of the extreme easterly portion - lying either side of Highway 5 - is within Hennepin County. II Chanhassen is currently experiencing a good rate of population growth. The 1986 population is estimated at 7, 849 persons, up II almost 25% from the 1980 census population of 6, 351 persons . This recent growth is due to the continuing residential expansion in the southwest section of the Metropolitan Area, II through Eden Prairie from the east. I The recent residential development has been taking place mainly in the northerly and easterly areas of Chanhassen, adjacent to I Highway 7, Highway 101, and Highway 5 . Highway 5 is a heavily-traveled two-lane roadway from Chanhassen east to I-494 located four miles from the easterly City limits . The stretch IIfrom Prairie Center Drive west to Wallace Road is scheduled to be up-graded to four lanes in 1987, and the portion from Wallace Road west to just past Eden Prairie Road (County Road 4) in 11 1988 . The section of Highway 5 west of Eden Prairie Road to County Road 17 (Powers Boulevard) in Chanhassen is still in the II long-range planning stage and tentatively slated for 1992 I construction. In the meantime, the stretch of Highway 5 from II Eden Prairie Road west to Highway 41 in the westerly part of Chanhassen, is scheduled for a "Maintenance and Safety" construction project in 1987 . This will involve widening i shoulders, flattening slopes and a new overlay. I Regional shopping is located four (4) miles east of Chanhassen I at the Eden Prairie Mall . The Minneapolis/St. Paul I International Airport is located seventeen ( 17 ) miles east of the easterly border of Chanhassen via Highway 5 and Interstate I Highway 494 . I While automobile is the main mode of transportation for Chanhassen residents, public bus transportation of Eden Prairie I Center, Downtown Minneapolis and other destinations is provided I by Southwest Metro bus service operating Monday through Friday. 1 The City of Chanhassen, formed in 1967 by a merger between the I Village of Chanhassen and its surrounding township, now has a Council-Manager form of city government. The northern area of Chanhassen is within the Minnetonka School District 276 and the 1 southern portion is served by Chaska School District 112 . St. I Hubert' s Catholic School is located at Highway 101 and West 78th Street in downtown Chanhassen. 1 II Al8 , • . I . THE COMMUNITY AND NEIGHBO1HOOD CONT'D I Al A major entertainment facility, the Chanhassen Dinner Theatres, is also located along the main downtown street (West 78th Street) just west of Highway 101 (Great Plains Boulevard) . Opened in 1968, this is the only theatre in the nation with four professional dinner theatres under one roof. It is the largest privately-owned food service operation in Minnesota, and ranks 19th nationally. The Chanhassen Dinner Theatres is a major Al employment source for the City, providing an estimated 335 jobs . Other major employers are United Mailing, CPT Corporation, The Press, Instant Web and other local industries located in the Chanhassen Lakes Business Park and along Highway 5 . Commercial e d velopment, which expands to serve a growing residential base, has been fairly modest over the past few years . Future commercial development in Chanhassen should expand in proportion to the City's population growth. Several parcels of undeveloped commercially-zoned land are available for IIfuture commercial developments . NEIGHBORHOOD illThe subject site is located in the Frontier J r ntier Development Park, a commercial park with lots lying either side of West 79th Street. There is only one means of access to west 79th Street - from Highway 101 also known as Great Plains Boulevard - at the far east end of Frontier Development Park. West 79th Street has a cul-de-sac terminus near the west end of Frontier Development Park. Frontier Development Park was platted in 1970, approximately III seventeen years ago. To date several smaller sites, all at the easterly end, have been developed. There still remain seven vacant building sites, most of them quite large, in the westerly IIItwo-thirds of the park. I ill _.. m *1 _11 3 91 i THE COMMUNITY AND NEIGHBORHOOD CONT'D 11 NEIGHBORHOOD CONT'D Because of the less than desireable accessibility, the westerly two-thirds or so of the Park remains vacant. At the east end of the Park, closer to Highway 101, there are four developed sites along the north side of W. 79th Street and three along the south side. The Commercial developments include: * A multi-tenant building with MGM Liquors, tannin 9 studio, art and frame shop, etc. * Chanhassen Professional Building/Chanhassen Family Medical Clinic ' * Chanhassen Saddlery/Veterinarian ' * Big A Auto Parts/Razor's Court Barber Shop * Holiday Stationstore * Prairie House Restaurant ' * Chanhassen Inn Motel 1 i 11 1 e 1 1 11 1.1111111 111111111 MN& a is a a ii, 116 ill ill' tii• ill 1116 ill' ill' all' 11°' -1141 • J , � - x ✓�4 7ev 5' r .t ,` .,„,,. 451q*--,' fiv e s ,,p7 ; ` 1 � `1 s•�" .+�tw' r' :t.g�r �, y p..0r ,k s s;.3� a � ✓' . „ t ' -y, .j �r: p AYa a k rte' St 1 +, . v r. H �L,4 ,s(4SP. d .v •5? 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"... - / irii, 1,,,7 ...------6_ :...L.--7-----,,,-,„.-f -' 1:k-- 0'' ' ' ' '4''' '' 4 1,,--:- . - ---.•.. .-' '',-, ' - ---s—'.--'''''!........._-----•:LL• '' ''''• 'C'''l'_.,.;-.' , ''' * .' . , . I I -— I. -- ' - , *El .' V.- ',,•.;%.: -:"'*--- I. VIEW LOOKING WESTERLY ALONG W. 79TH STREET FROM IN FRONT I OF LOT 4 TOWARD THE WESTERLY VACANT COMMERCIAL LOTS IN I- FRONTIER voseseemmammerzesse- DEVELOPMENT PARK. I ( Neighborhood Photograph Views ] 12 IA.nROREN &mow DR. f' '''....."3 �NA R, 9.`'..'.. N Vim'- ' ::-::._ r'F �.. OP. 1,11" J N /l NARROCA I bra/ IS.ili r!NC CT, stir AtN unArl al SIE AN pR, nn i ° `"W lORa� ' t G E O '^ 16.SANII c Cl. . . `. 4i n �G s it n ra• It. W 0111. IIIAr 11 HA I)N. H �` 1.t•I FACANf CI R, rz U Z le.PRAArRAtf Cl. a Culy A '� ` ti e.nl OF RIOOON C1. II O u W ° rW� CnEF J®0 yEPPY PL.NOµN 9.nIm1ER5 C1. a �„ r •. sp�4�ofyn ONO©� rNr,Kt ` ' �IFID 0' C/ r 0 S 7 z:: r �" IOM OR. CIR, SEN I A. 1 �\ / i i z ► C•~ Rfq CACtC DR. ■ t. 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Mt' W OA ROU U.EYENNE'T1)e / t y,CIR. o PO-►R* �et p•-** rS CI.R. .f `R. Rt» Rt= ‘,:)0. 5 eo n, f J� : no Ste. ' �%�' S p 7 2W NS cr i.i W 4, 1 O u W a/ • ( .....___.—- Lake Susan Rtu Marsh I/Lake 101 a o R. etrn ST./ y EDEN 7i mot R7!■ a / 198C 14113 1 C , z Gr.) :3:. . a. �w II ., ,, .„ , ._ z ... 11 V ri w 1 YNAN L01 I St vo. 4•+E Q 11117(r). 40. II !!!(04 R77■ OEERF ix)! rpy / 7771 _ T 1.26 '� Ink. Riley r ,/ D -I- \0+• 4 / . ( City Map 1 13 1 ,•;1 I I Ir i1 I tg I __- 1 J j _ , r ��1 I 6 � , : I j ewra r 1 i ' _ ' I I _I _ !) `► • ':N'.R$ ' 4 i i I _II I I . I I i i 1 I Ca r i i 1 4.14,7- I __ ice; L_��I � 1 .l _ �1 l _ I i . W 78TH ST 1.i ..../. 1 1 1 /., ....-1 1 , "......>-- i ii ,........ "... I . 1 , . . ,c, ._._._._._._... .--;.— 1 r, ,...--1 1 < , ....., 2 1 L _____ii.-.-----:.._ _ rte. I 1 +�: j o i — ' `-rj �'/ 1 r ci 1 111 I I 1 I /i / i S K .-• — ' / '//- ' ' Existing Con 1 i CHANHASSEN f DOWNTOWN Il FEASIBILITY 1 . FIGURE 2 STUDY r, 111 14 II , , • 111 SITE DESCRIPTION II LEGAL DESCRIPTION: Lot 9, Block 1, Frontier Development Park, Carver County, Minnesota. III LOT SIZE: 475 . 19 foot frontage on east property line, including 141 . 68 feet on West 79th Street cul-de-sac. ill 997 .41 foot depth along Highway 5 . 961 . 02 foot "rear" lot line along railroad right-of-way. I 255, 745 square feet total lot area per BRW Engineers, before deduction for 30 foot right-of-way off the easterly portion. 111 255, 745 sq. ft. ( 14, 255 ) sq. ft. 30 'X475 . 19 ' right-of-way easement 111 241, 490 sq. ft. after R/W ZONING: BG - General Business District. Minimum ill lot area is 20, 000 sq. ft. , with minimum frontage of 100 feet, minimum depth of 150 feet and 70% maximum lot coverage. PHYSICAL FEATURES: The subject site is somewhat triangular in shape. Grade changes are quite severe III on the site ranging from low areas of 947-48 elevations (just west of the cul-de-sac, and also in the northerly area along the railroad right-of-way) to J I a high of about 983 feet in the apex of the site at the far westerly end. This is a elevational change of about 36 feet Iover 600 to 800 +/- feet west-to-east and also west-to-northeast across the site. WETLAND: The ponding area in the northerly and ill easterly portions of the subject site, adjacent to the cul-de-sac and the railroad right-of-way, is classified as ill "Class A Wetlands" according to the City Planner, and is therefore subject to the Wetland Protection Regulations of the 1 Zoning Ordinance of the City of Chanhassen. ( See addendum for pertinent regulations ) . r ' 1511 11 • I SITE DESCRIPTION (CONT'D) - "I II EASEMENTS : There are easements indicated on the Plat for 10 foot utility and drainage easements across the northerly or rear portion, and also along the easterly border of the subject site. In addition, there is a 60 foot II right-of-way easement along the easterly border. One-half, or 30 feet, of the right-of-way is on the subject site and the other 30 feet affects Lot 8 to the east. ilUTILITIES: The subject site is served by II electricity provided by Northern States Power Company, natural gas provided by I Minnegasco and telephone service by Northwestern Bell . II WATER, SEWER,AND West 79th Street is a 60 - 62 foot wide STREETS: right-of-way which terminates with a II cul-de-sac located along the southeasterly corner of the subject site, with water, sanitary sewer and storm sewer installed and serving the site along its entire easterly border. Water and sanitary sewer service stubs run to the approximate center of the II site along the east boundry of the site. IIDENTITY/VISIBILITY: The subject site has good visibility I from Highway 5 . IASSCESSIBILITY: The subject site has less than desirable II accessibility for a commercial location in that it is situated about 1, 700 feet II+/- west of .Great Plains Boulevard, along West 79th Street, which has a cul-de-sac terminus located at the Jsoutheast corner of the subject site. II This Frontier Development Park is "blocked" on the north by the railroad tracks and on the south by Highway 5 . II II II 16 ORDER NO. 7586 1 WILLIAM a. SCHOELL SCHOELL & MADSON INC. CARLISLE MADISON REGISTERED CI ENGINEER REGISTERED LAND SURVEYOR MINN.NOVI.1L 1i4 ENGINEERS & SURVEYORS MINN.NO.4374 ISO.OAK.755 3O NINTH AVENUE SOUTH SO.OAK.711 WIS.NO.K-5174 HOPKINST MINNESOTA 55343 wIK.NO. 5•474 /L01t1OA NO.5171 *PHONE 038-7601 IOWA NO,3705 NO.OAK.57! NO.OAK. 1100 MONT.NO. 1515-1C IOwA No. 11115 DESCRIPTION MONT.NO. 1742-: PO wt VILLAGE OF CHANHASSEN INDUSTRIAL SEWER AND WATER PROJECT NO. 72-2 10-27=72 2) An easement for public right-of-way, street and utility purposes liover, under and across the East 30.00 feet of the following described 1/2, Sec. 13 property: iiiAbstract Lot 9, Block 1 , Frontier Development Park, according Doc. No. to the recorded plat thereof. 09917 ii ill lil III ill to ill Ism ill II 1,, Page 2 I 17 1 M ' • BEARINGS SHOWN ARE'ASSUMEO —,..c.—i---- .., .....,..,... ,-- _...,.,__._ • _ I o DENOTES IRON MONUMENT ; • • -: ; SCALE I INCH EQUALS 100 FEET I - T ♦. i� �� o , , � L + •l _ >\. f 4 — -ts '—l.- L. I. ST.• I I] .: . 1- • -; - 1 ... _ .. "_. .... O 1_ y ,i +ter— 4.~ I ;r I .---7771' - s. _ _ ° ' : tj = . 1 — t _ ._ . • 01(.97, _, ..:_ ___. ,: . _ _ . , ... . . . .. .. — • 1 I. Ar y�4`'/iii, r. i y ii, I i _ . . __ ,... • .. • -,....„0.,04„4,. .. ..:.,.,...-..w.‘,„ ._, . . ... d.2.7 „•rrSp4,./ o06 1 . -�• (.S '.1i• AS - Il- s t7l /,'� • ' - - S TATE I •_cam -- _•_--. .„. - .: - - • I II son by these pros..nts that Front-Tor Di.elbpnant Coewrstibn, • alnnesots ouryesre'ion, saner and pr,,p iator and First Nat1rwl I orporet:on, eortgeges and First National Sank of Veconia; an Unit-cod States corporation. rartgagee, of the fatlee1ng descrl,od �t sinntsots and County of Carver to sits All that port of the tiorthoes► f of the 'iorttrest } of Sect Ian 13, Townshl. 11S, ttan r State Trunk HI9hesy slo, 5 ant Southerly of the alssgo, erfloeukee, St, Paul ! Pacific As!frost, and westerly of Stets 411sesy >f described is follows, tleglnninp at a boiht In the Southerly right of any of the Chteago, ail.aukeo. St,"Paul b yaetfie Ralf J sesterty right of soy llse of Stat• Htgheary so, IOls thence Easterly slam sold Southerly rellroed right of soy line t?? feet t I bf State Highway too. 101; thence Southerly along salt Westerly right of osy lino of State iii heey No, 101 a diatom. of t90 feet; •pint 150 feet Southert fees the point of beginning) thence Northerly 150 feet to the point of begi ring, Alpo, ill the? pert of >.ctIan 13. Township 116. f►+n?e 23 lying Northerly of the Nee Stets Trunk Highway No. 5 and Souther) of the Chieeao, ■ileeJ�el. 5used the Dens to be surveyed and platted N FR'?rIER DEVE4opsc"NT 1>a1RK and do hereby donate and dedicate to the public for pubic for utility and dr'slne;t purposes as sewn on the plat, le wltnee vhereol said Frontier Oaveiopsent Corporation hey caused , y-oper of 11cers end its corporate seal to be hereunto •f flied ti s,'— day ofArgRCAI A.0, 1970, An witness whereof sold +..sed these presents to-be signed by its proper officer end its corporate seal to be hereunto stfkid this td day of ar i ^•■ said First Nations' Dank of ■econls hes soused these present• to he atgned by its offlCer and its eorporste peel to be Nero,” •1. -4 n soon .. �_. _.i... .�._ Yi.. I I I I ( Plat M ap 1 -- -------- 11 , 18 , c.r....., 1 • .7......; , ilk NZ it- re Tr-AlY .....„ ‘ ,, il 1 R Ai' Plillei r; alfAn Viands':IIN ri 0"4 0 Ns-. .4 WA ea al. 4cy.,:z tip. ••• _ 1N\ , 1...1 I ..... 411•• 111 IP* 01111.■ .I.---;.:*-0 •N Z fir. ..40, gpu dillrir 0 I • R 1 \. • imliteRfia4Aiiiigi. itii/41)„[-„ __7.,. 1.11 ., ...... _, . -4.4, sioT01-1"ir• • . e • _.- - .• _ ::............1 - ----.: . - . :r 0 I!ilaw., Tar • IIII II 411; • 1101.ft, .111117111 Aws,--" "1- &A ‘ .' • . _ R 1 2 __I , ._ ,---i . - ....41istr-;finariillt NNW F 0.1 E wail.. " Jr 412.e Ug111 T44441111 .._. .:1 IT-19,EIFFIJNO: rii N#\;\ v ST&trair I..)!zi thti'll --- , ..arik 11 ±Boma Imminfittri al_IIII Illmw. -will tur 0 If . . I . BG OM D. , IMP BD INFi. ..,11 rigotIPPIre :eg .„,„0,0 ........."."1111111100 ''''.ralr411:pp■-_..../.t .:". -.: le ....... b.& SI Illithliw, tiga ‘;'j A 1%.4kik rai'' etil -- Bot.---- -. ii-11110,1101 ‘xo ii la MrIrCil ...... . ..—..-- ...----- w 0. 1pr a 1644a as,. 1.1 mot . ir- • LS'i -4.01•5 ...,_ A, vz.r.„.,E wt. 'No; NI Ill -- - - •v.' 1161 t4,.,,a wag% _ lop 1 01 `31 1 -.. ,., 11, ,:,. • ....i., -Ilia'itlrizi-e ly.>.• el, tp i 'q ■14:0 %,1 CI a a 64 Pt* a Ala - Illik-k.* ritutillti Imas. 11). 1 im IsVP- . , 1 jilt vows v ir eh . _ . _ t go• 1 i...# - 1114. prfDAK0 AN a _ .„.„... _....... ___ . _ .......... t A. N mARs.4 CIRCLE .. ri..-.- I LAKE SUSAN _iv' 'Ws., r•••2?."2"..- ------ -=--- 'WA.' ,--/-- - RICE RD ,,.--.,. . / ) / , 3 - „--- -_,1 11,),,, 4 - , -. ..„.... .,._, ._ I ,,,._,_ AliVilit 86TH ST ) Z.1 WV.' p• •eft _ _ __.__:___,_ _ ___R I ir . . 1 [ Zoning Map ) 7 19 II . li REAL ESTATE TAXES I PROPRETY I .D. No. : 25-2750070 1 ASSESSOR'S MARKET IIVALUE: 1985 1986 1987 Land $ 97, 000 $122, 100 $122, 100 Building -- -- -- 11 TOTAL $ 97,000 $122, 100 $122 , 100 1 REAL ESTATE TAXES 1 PAYABLE IN 1987 : General Tax $ 6, 112 . 00 Special Assessments $ -- 1 TOTAL $ 6, 112 . 00 I 1 II 1 I 1 1 1 1 1 1 1 1 1 II 20 • L HIGHEST AND BEST USE I OF THE SITE, AS VACANT LAND For use as a site for a commercial development requiring a large land area such as an automobile dealership or other large land user type of commercial service use. VALUATION METHOD The market value of the subject property, will be estimated by use of the market approach to value. IMM I I I I I I I y. I 11 11 '21 • 1 THE -MARKET APPROACH 11 In the Market Approach, the subject site will be considered in view of market data relating to recent sales and/or current offerings of other commercial sites in Chanhassen. This market data when gathered, verified and analyzed, provides a comparison of value for the subject property, inasmuch as it represents the ' actions between buyers and sellers of "comparable" properties . The Market Data Approach is based on the principle of substitution which essentially states that a prudent and informed person will pay no more to purchase a property than it would cost to purchase a generally comparable substitute property. In applying the Market Approach the following procedure is generally utulized: 1 . Seek out similar properties for which pertinent sales, listings, offerings and/or rental data are available. 2 . Qualify then as to terms, motivating forces and bona fide nature of the transaction. 3. Compare each of the "comparable" properties ' attributes, with the corresponding ones of the property being appraised, under the general division of time, location and physical characteristics. 4 . Consider all dissimilarities in terms of their probable- effect upon the sale price. 5 . Formulate an opinion of the relative value of the property being appraised as compared with the price of each similar property. The objective in analyzing market data on comparable sales is to estimate the probable price that the subject property would bring if offered for sale in the market. The comparative process utilized in determining the degree of comparability between any two properties involves judgement as to their similarity with respect to many value factors such as date of sale, location, physical characteristics, and terms and conditions of the sale. Sale prices of the properties considered to be overall more comparable to the subject tend to set the value range for the subject property. Additional consideration of the comparative data indicates a figure representing the estimated value of the subject property, that is, the probable sale price in the market, as of the date of appraisal . 1 I 22 MARKET APPROACH (CONT'D) Market data relating to sales of thirteen ( 13 ) commercial sites in Chanhassen is presented in the Addendum of this report. Some of these sites are more similar or overall "comparable" to the subject site as compared to others . Compositely, they provide an overview of the downtown or near-downtown market for commercial building sites in Chanhassen. These thirteen land sales - before and adjustment for time, location and various physical characteristics as compared to the subject site - exhibit the following: Sale price range of $ .54 to $2 .59 per sq. ft. Mean average sale price of $1 . 94 per sq. ft. Land sale No. 13 is a large (44 acre) undeveloped tract of land. Setting that sale aside, the other twelve sales provide the following range and mean average: Sale price range of $1 . 15 to $2 . 59 per sq. ft. Mean average sale price of $2 . 05 per sq. ft. Land sales No. 1 and No. 2, are located nearby the subject site and both also have less than desirable accessibility, being situated on a "dead-end" street, a fair distance west of Highway 101 . A comparison of the subject site with six of the comparable sale sites considered to be more comparable overall to the subject site, is presented on the following page. This market value analysis concludes with an estimate of market value of the subject site. I I I 23 !I I . 1 MARKET VALUE ANALYSIS OF SUBJECT SITE I II ADJUSTMENTS 11 LAND VALUE SALE SALE PRICE SIZE/ TOPO/ COMPOSITE INDICATION , NO. PER SO.FT. TIME LOCATION SHAPE SOIL ADJUSTMENT OF SUBJECT 1 $ 1.66 -- -- -20% -20% -40% $1.00 I /I 2 $ 1.15 -- -- -10% -- -10% $1.04 I /I 3 $ 1.76 +20% -10% -25% -25% -40% $1.06 I 4 $ 2.09 +20% -25% -25% -25% -55% $ .94 I 5 $ 2.59 +15% -40% -15% -25% -65% $ .91 /I I 6 $ 2.28 +40% -50% -25% -25% -60% $ .91 II 11 II Indicated Value Range I for subject site: $ .91 Per Sq.Ft. to $ 1.06 Per Sq.Ft. Mean Average Value indicated I for subject site: $ .98 Per Sq.Ft. I 1 Conclusion of Current Market Value of the subject site: 1 241,490 Sq. Ft. x $ .98 / Sq. Ft. = $236,620 1 Rounded to = $237,000 I II 1 III • 24 APPRAISER'S CERTIFICATION a The undersigned does hereby certify that, except as otherwise noted in this appraisal report: 1. I have no present or contemplated future interest in the real estate that is the subject of this appraisal report or in the parties involved. 2 . I have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. 3 . To the best of my knowledge and belief, the statements of fact contained in the appraisal report, upon which the analysis, opinions, and conclusions expressed herein are based, are true and correct. 4 . This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) , affecting the analysis, opinions and conclusions contained in this report. 5. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and standards of Professional Conduct of the American Institute of Real Estate Appraisers of the National Association of Realtors . 6 . No one other than the undersigned prepared the analysis, conclusions, and opinions concerning real estate that are set forth in this appraisal report. 7 . I have inspected the property which is the subject of this appraisal. 8 . The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members . MAIs and RMs who meet the minimum standards of this program are awarded periodic educational certification. I am currently certified under the AIREA voluntary continuing education program. v.;;;, 41 Harvey ,G'. Swenson, MAI 7 mirs 111 25 II i. • • CONTINGENT AND LIMITING CONDITIONS I This appraisal was made subject to the following: II 1 . No responsibility is assumed for matters legal in character, nor is any opinion rendered as to title, which is assumed to be good il and marketable. Any existing liens or encumbrances have been disregarded and the property is appraised as free and clear and II under competent management. ill 2 . Disclosure of contents of this report is governed by the By-Laws I and Regulations of the American Institute of Real Estate Appraisers. II Neither all nor part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or firm with Real Estate Appraisers or to the MAI designation) , II shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other II public means of communications without the prior written consent , and approval of the undersigned. 3. This appraisal is made assuming that all public improvements of II any kind affecting this property appraised are fully paid for IIunless otherwise specifically set forth in the property description. II4 . In this report, the distribution of the total valuation between I land and improvements applies only under an existing program of 111 utilization. The separate valuation for land and building must IInot be used in conjunction with any other appraisal and are invalid if so used. III 5 . This appraisal assumed a sound national economy, competent and aggressive management and continuous promotion of all demand generators and proper maintenance of the property. 111 6 . No right to expert testimony is given except by special II arrangement and consent. II 7 . The legal description secured from the owner and from public I records or surveys furnished us is assumed to be correct. Any sketches or surveys included in the report are added to assist IIthe reader in visualizing the property and assume no II responsibility in relation to such matters, or easements, encroachments or other legal/survey aspects . 1 8 . Appraisal assumes that this project meets all zoning requirements I and all building codes local, State and National, as they apply, including safety and health standards . I 111 9 . No soil tests have been made available to the appraiser. It is assumed that soil conditions are suitable for the existing and/or MI proposed development. II 10 . No engineering reports have been made available to the appraiser. It is assumed that all underground services are III functional and in good working condition. II • • it APPRAISME QUALIFICATIONS OF 26 • HARVEY G. SWENS(1 APPRAISAL EXPERIENCE 1963-68 A.D. Strong Company Minneapolis, Minnesota Real Estate Appraiser 1968-77 Mortgage Associates, Inc., Twin Cities Branch Minneapolis, Minnesota Assistant Vice President, Commercial Loan Division 1978-79 The Highland Financial Group, Inc. Minneapolis, Minnesota Vice President, Real Estate Services 1979-84 Harvey G. Swenson, MAI/Green Valley Financial Minneapolis, Minnesota Real Estate Appraising and Consulting, Development, Financing, Leasing and Sales 1985-Present Swenson, Bjorklund & Associates, Inc. Real Estate Appraisers/Consultants Minneapolis, Minnesota EDUCATION Bachelor of Arts Degree, Economics, University of Minnesota, 1961. University of Minnesota Extension Division Courses in Real Estate Appraising, Financing, Brokerage, and Law, 1963-65. American Institute of Real Estate Appraisers, Course I (Principles) 1965, Course II (Urban Properties) 1966, Course IV (Capitalization) 1971, and Capitalization Theory and Techniques (Parts A and B) 1984. Mortgage Bankers Association of America, Case-Study Seminar on Income Property Financing, Michigan State University, 1968. Mortgage Bankers Association of America, Advanced Case-Study Seminar on Income Property Financing, Michigan State University, 1969. -' Various continuing education courses and seminars. • ,L- -ma PROFESSIONAL ASSOCIATION Member, American Institute of Real Estate Appraisers (MAI), Certificate .. #5592. Member, National Institute for Real Estate Consultants-Master, Real Estate Consultant (MREC) . Associate Member, Greater Minneapolis Area Board of Realtors and Minnesota Association of Realtors. Licensed Real Estate Broker,. State of Minnesota. • 1 I r • ,– �� ��� I of / �< • .i co I 10 0 LAKE \‘1.101 1 t��t ♦ • / a • VIE N s4J -� Via§\ a t1. s . : A /1 tiall.rL 1111 • tow-mow 4a c�1;4%* i A tin /' 0T" 0;1070-1311 P �•y�►•,3 411,14/1•016\=7,, )4 III j 6 iht.71:3=1 1 to 0,....- 4047/ .. ■1 f 0"■• itt = . EMI ■ I 1 1 g imglItrunno ....L-. - to ■33163§31E©1■ - NNW r S S E4 c NI= Om owl �A' °'9F It.. t moo Now am I 1 1 =it ME NM gm 2171 rAm I I W I : p NE 111111111111111111 . cPc 13 ,�; itl/R a,v •• . 1 r °� i� 1. ■ 11111111111 W E ST UMWWIL 1111 11 I Rritromilmwm milimppp-_ -- I g mis UNIW191.310,,,, 1 -•Or ... - i I ! I. a siiiii .ii ..1 . 1.- ..40w t ealit. VA 1 rlig aliL,k.,.,.._._,..............,.1...-....•'''''''' '■' 1171 1 " Fru now- va a, I. I,Wt- . "--- 0111,"'bewl A e.a ..... . 44 ., ,,.., 1 13,, ii i , Li ...: Ini...‘A, 1 _ ,. .. .. .1 .... . 1.6... 124.,Aiia..._ TATS H1Gh." i MavvliN "4t1t pct-- ._• . R0t 4 I rapagkii i — -.(--.,...„ vs ■1 "I Nee.: TeV):. 1" . 161414cAtki Es Drina ....wow . name xr p g,t. 1� I I hi-and sates Mao) i ' LAND SALE NO. 1 il _ y n r, _ ` r r,c. , J a • i 3030 -� • '• ; A 3 = t 1 6 8 7 r ? Z • 4 • i :� • � Cd f Cr- ,, R w 't� tr .. ill el ' t- 79TH V ,' Y A __ .. ,._V. _- PROPERTY ID NO. : 25-2750060 LOCATION: W. 79th St. in Frontier Development Park LEGAL DESCRIPTION: Lot 8, Block 1, Frontier Development Park - SIZE: 80, 147 Net Usable Sq. Ft. PHYSICAL FEATURES: Generally level and at street grade. Good visibility from Highway 5 . Restricted accessibility being located at far west cul-de-sac end of W. 79th Street. ZONING: BG - General Business District SALE: November, 1986 IISELLER: Razor's Court, Inc. (John Pr zmus Y ) alBUYER: B.C. Burdick PRICE: $133, 400 IIPRICE/SQ.FT. : $1 . 66 (equal to $1 . 48 per sq. ft. on 90, 152 sq. ft . before deduction for land conveyed for R/W) COMMENTS : This is an unrecorded sale, confirmed by Seller - February, 1987 . Had been III purchased 3/81 for $105 , 000 or equal to $1 . 31/sq. ft. of net usable area . Buyer also assumed special assessment balance of I, $6, 470 bringing the total purchase price to $111 , 470 or $1 . 39/sq. ft. of net usable area in 1981 . • II • LAND SALE NO. 2 II I - - \ \ - 4. 3 \ . . . .). 1 - _ I \I \ .s '\t . .a ;;; 1. I I N.‘,:,....4".". �.. 's 1 A s - G i 1 i . \\,,,, 5 i `` 6 1 ..7_.,z s ; ' \r\f ,,.. , : . v.._ \ 2 , !,. . , ., \._ - ,-, IN I „...‘,.....,, . , .,. 79TH F., _ 3 \\ - ' -3': .- 6- \0 1 * .-- ' ' ?• ,. ..\'.. _. •- EL.. -`r- — S o f%h s -S': /j 1 11 A. P.-`r 3• -- O• , I ii Ss 4•ZiZ.i 1 II 11 II PROPERTY ID NO. : 25-2750080 - ILOCATION: W. 79th St. in Frontier Development Park P LEGAL DESCRIPTION: Lot 3, Block 2, Frontier Development Park I SIZE: 39, 484 Sq. Ft. IIPHYSICAL FEATURES: Bought "as is" Westerly 20% +/- is lower marsh land. Good visibility from Highway 5. Somewhat triangular in shape. 11 ZONING: BH - Highway & Business Services District 11 SALE: February, 1987 (October, 1986 purchase I Iagreement) SELLER: The Chanhassen Bank II BUYER: Don McCarville, owner of Country Clean PRICE: $45,406 . 60 II PRICE/SQ.FT. : $1 . 15 ICOIvMENTS : Bank had obtained ownership through II foreclosure, and classified it as "other real estate" and therefore it was a I favorable purchase by buyer. II III ' .. LAND SALE NO. 3 . . 11 • _--------- i, i _.- sz, , - _.... - _... FA,\UROC) . , . _ •____1_,••• _1 _---\----,,-.,- ;,-,':-;-,:,,,‘ ., :::•:-. ; % j ,i; 3 _ .... 1 , s2.2-, ,:.,.• ti ,I _ —,, , In ••••• f 2 11 .........1- ..... k•S - \ i \ \ ', ar■-, 2 :/...3 ..„ 12 :....,?, .... l,•3.,E 1/4-....0 ,... . *1 s- ei.,1.i.S.0 n; .r.7)........._ 6 1 \ \t 1-1 •'''.,- 3 ,-.., 0 :,, e'e \s ...;; -,11. b ' :5) Ot;% 1 0150 o ;C t,.:±— ' Ar es cri:W .C.! tb` %•■44 •. '5 •• ' ..5.d3 :. ....r< •-• .1 6e'i•-- 111 e ':;:.' ..$ v* r,,■1: - ■\= 0.i,•1011 , 1 01 / 5 .4,... 5- ..-•,-- /, , •,..-,.. z , --., • ill .:- -,:: 5.:''''''. ' ,....: 10. 1 I.. .. .1.. , .4-1 ••• i , ? .• i t 7,:. \ 1 ..., . ..." \fr, / ...■ e c• 1 \. -. ''' .," :' s', c....cCL \ 4. ' o'4. ii . • x ..i ..1.a' -..0 ... \ el.'..- . 6- 4'. 2 _....... 1:. I %. .... \I e e .e "". - - -.'" -- ‘.. .- :4 11111 1,j's4 t i 1 PROPERTY ID NO. : 25-2750010 & 0020 111 LOCATION: 530 W. 79th St. in Frontier Development Park III LEGAL DESCRIPTION: Lot 3 & 4, Block 1, Frontier Development Park 111 SIZE: 76, 000 Sq. Ft. +1- PHYSICAL FEATURES : Generally level and at street grade. IIIZONING: BH - Highway & Business Services District SALE: February, 1982 IIISELLER: Strong - Towle, Inc. BUYER: Landco III PRICE: $133, 910 +1- 1111 PRICE/SQ.FT. : $1 .76 COMMENTS: Site has been improved with a one story 11 multi-tenant commercial building. Ell TIN • II ' LAND SALE NO. 4 • I/ • I II I o ' . -- - 7?3l'19..£ - H _ 223 3° 1 ,,---- • •.' i3O//✓/,l,ly 4n,a..00,5,9'' f ;1./,.:i... + I fo�� _ c W i h ' 0 N h^ 1 ' oh 1 B ' 1 • .i ■ 2 `� • , %7,, H� i CI 1 el.4. i 1 c. c. . vh •;14 58" ' l -+ w J• 'S.._.1iF orj 't I 19 00,E / p•:b:es yje9w 6'a12� -0(07 G-=z;14°0'S!'E. 619 • " Lo I .,_ ..,,- -- .__.I___.- --- --- - -- - - .,- . II 11 PROPERTY ID NO. : 25-2770010 LOCATION: 460 W. 79th St. in Frontier Development 11 Park /I LEGAL DESCRIPTION: Lot 1, Block 1, Frontier Development Park, Plat Two II 11 SIZE: 23, 945 Sq. Ft. II PHYSICAL FEATURES: Small site located two building sites west of Highway 101 . Generally level and about II three to six feet above street grade. ZONING: BH - Highway & Business Services District II I SALE: May, 1981 I SELLER: Ralph Molnau & Ronald Duffe II BUYER: Andrus & Schultz IPRICE: $50, 000 II PRICE/SQ.FT. : • $2 . 09 1 COMMENTS: Site has been improved with p a one story • Chanhassen Professional Building. II 4 • ill • LAND SALE NO. 5 r Cdr.1 1 :2; : i - , J— ---' z.,7 3 � 589°33'E I N °0 07-.51 Q 94 CH=490 68 /l5 84 ;^o r.�v� Gs L- Cps/02 2 e�,;�oe � N P=AC C•14 b ill / �.:.: A A \ 'V / .`. 52Z ' ' ,e' / a y q c.,., s>ss /. 0�'L i / 144 6 . / ,/ \ \ ''' � a 3/ `�'b t.( 4 ti ° ' 2'., C C.' .77 c / •_ 1 /- � ` ' Q`.�: ... ' , 0831 ii6' 6 8 5L °5 5 1 25 •;A•;A•1 y :26` v ,,,, — -, ,53.57 sg99 Z ,'''' i .:..,, . I PROPERTY ID NO. : 25-8900020 LOCATION: 501 W. 79th St. in Frontier Development Park LEGAL DESCRIPTION: Lot 2, Block 1, Zamor Addition SIZE: 58, 000 Sq. Ft. +/- III PHYSICAL FEATURES : Irregularly shaped site located one g Y P building site west of Highway 101 and with illgood visibility from Highway 5 . ZONING: BH - Highway & Business Services District SALE: August, 1983 SELLER: Lawrence Zamor J IPBUYER: Thaddeus Korzenowski JO PRICE: $150, 000 PRICE/SQ.FT. : $2 .59 JIM COMMENTS : � Site has been improved with the Prairie House Restaurant. Am I LAND SALE NO. 6 -e • v: ME ST 3 S89°33"E ■ p.p0a24 CH=4906B /l5 84 �� g06, 1 L'501 W ^ d •J 3J 19 , .to a I I �4 :A to \ ,r'' A R" E ( \ c 1 -,,: , .22 IA! W T r / A�� D :a'y10 CA. s •soss i tb .h� . ■ . ,• •; n sirs<,�:�E cy.d° 11411 to I i / tV■.61. .. .s 1`..;" / e 1.''y v 41 •ga % \K ' b -G '/ 3 N ry ,toe .t 3 , 9 \ I aa \2 A5 25 •'J N V 68. 5 • r.%4 �N ` •2w '' '' :268;'8RG 56:64°95''25 - .�.. � '; 9 23 ;.�;;, -. ,• : ti .�' �:i0'S3 CN 49 I I II PROPERTY ID NO. : 25-8900010 1 LOCATION: 441 W. 79th St . II LEGAL DESCRIPTION: Lot 1, Block 1, Zamor Addition II i SIZE: 31, 800 Sq. Ft. +/- I PHYSICAL FEATURES: Small key-corner location with good 1 visibility and accessibility. At street grade . i . ZONING: BH - Highway & Business Services District , SALE: December, 1979 1 SELLER: Lawrence & Phyllis Zamor 1 BUYER: Holiday Stationstores, Inc . I PRICE: $72, 500 1 PRICE/SQ.FT. : $2 , 28 II COMMENTS : Site has been improved with a Holiday I Stationstore Building. II I I 111 LAND SALE NO. 7 i ]1f , 1 t 'l•O,► I C f 4 KAR - € B H A KE�8ER r_„� r i _ °' •FIACI o �t1S `{• %1° :i213-214 C ry R n ! 4j 0 '�- ill i - , - • R�(Wit". u hf1 .' I 41 DPMENT CORD X11°" 60 + • • f-.1 - r'ti .• . p�Nl•11 . 136.44 Ci ! � T X20 r? ?! TvE • , a ,o • rivr • g") A c �, f J. KURVERS it Y C z DEYE'�P , F oo - V 1Kn,e1M T , A -i_Ar rw° - i i' g,7-1-\/ P . ?\' ci fib. 4 4. ..;1 as s , _• £.wEkitki pit. •CO slag • A K*5.,t 440 1.. Illi PROPERTY ID NO. : 25-0132600 illLOCATION: SEC W. 79th St. & Great Plains Blvd. II LEGAL DESCRIPTION: Tract B, R.L. S. 96 SIZE: 8 965 S Sq.q Ft. PHYSICAL FEATURES: Small rectangular site fronting on Highway 101 located north of the Amoco station. IZONING: BH - Highway & Business Services District SALE: March, 1984 ASELLER: City of Chanhassen - H.R.A. BUYER: Gary Brown PRICE: $16, 435 IPRICE/SQ.FT. : $1 . 83 COMMENTS: Site has been improved with a three-bay IIself-service car wash building. II II LAND SALE' NO. 8 1/ II i..= L , i Ius I..•OC 7 2 a�'��I a a.,. ,ac t•,.. . .. K,...w,•l,a.♦.,J,. k .i.� / Sift n ru;. .•• • •nefa'.iDOO"w 70:9J ., 734 F••'e§e Lc: o r�i v t c.: ..1 r- / < 0. :) c� cin,�xitl.... .4,1 1 ... t, il PROPERTY ID NO. : 25-3460010 & 0020 II LOCATION: NEC Great Plains Blvd. & Lake Drive East il LEGAL DESCRIPTION: Lots 1 & 2, Block 1, Hidden Valley 2nd 1 Addition SIZE: 85, 370 Sq. Ft. II 11 PHYSICAL FEATURES: Lot 1 is rectangular corner site at street grade. Lot 2 is triangular and somewhat above street grade. II ZONING: BN - Neighborhood Business District ISALE: March, 1986 II SELLER: New American Homes Corporation ' IBUYER: Blue Circle Investment Company II PRICE: $172,500 + $34,556 . 98 pending assessment for Lake Drive East = $207, 056 . 98 II II PRICE/SQ.FT. : $2 . 43 with assessments paid COMMENTS: Lot 1 of site has been improved with a Q Superette and small convenience .enter. 11 Lot 2 is vacant land. r 71/ ' ill • • LAND SALE NO. 9 r 00 t -c- r. C'rI0 c o o r. C:163 23 ill lac `; ;A► 2.p2^ 5p:.i .,��v p=15°5 C'S"C L 16` 61 4:12 • 1I I t; i5e8 `�4}•: 6c,;„0.55,..,_,,,.5. :3 s--..I ."c,., 2N- 60. i EQ. 1 5 . (\jy Q CnA -- - -. 1 �w or, 111 t Q; I o� � `_-i � `' � °` 0 ` '° L. 2.r,o,r,,, t,A •r___.‘„ ,/.2 , Tb it,�c ,, 11 ? A.:1°.°C.00_ f `x � g'� I 4 a 0 N II Go- o E 4, • I ; �Z 1.'82 41 ' , 1 -''9 4 1 . —C.80 36 ' ,6{ R.45°00 1..E a . Y�, / ./' d=45°00'OO.,• Ss� /S 1 :3; • `O 'd spy o I K81'48 ]811:., . i , .. .60 (7.1, ) T<9. do 2Bi 77 bop LoT 6" , i DRIVE PROPERTY ID NO. : 25-1750010 LOCATION: 90 East Lake Drive IIILEGAL DESCRIPTION: Lots 1, Block 1, Chan Haven Plaza SIZE: 57, 065 Sq. Ft. IIPHYSICAL FEATURES: Generally rectangular site, level and at street grade, good visibility and accessibility to Highway 5. ZONING: BH - Highway & Business Services District IIISALE: November, 1981 SELLER: Chanhassen Holding Company IBUYER: McDonalds Corporation PRICE: $137, 227 . 50 + $8, 890 . 38 special assessments assumed = $146, 118 . 18 PRICE/SQ.FT. : $2 .56 II COMMENTS : Site has good visibility and accessibility to Highway 5 from both directions . II -0 , il LAND SALE NO. 10 II il u ! 6 II Lit1ie 07 ~ 8 7 :iNER S 2 CHAN. , 7 V/e� 'ri -165 6 C ' 1 —---!- --6- (/I' J Q ^ v I 2 3 3 4 S 6 7 Q 347 53 T CSNI‘C HiN.S 2 r i0 CIF 'vC 14 X58 i 1 `=0 • '50 `-t- 13 11 8.0:NBEnr• CO INC r, DiTtLER_ ?� "P93 BK 175,P2:7-C D ). `3p 37 • B' ",F 326 !� O RB BON;LRp 2a to B' 4C,PS 4 /BK B ,P464 "' PUNY 1 93 o ac • '1 ,.C'nA I-:i:iK �q Tr�N:S 2 gK '39,F13O r-- 6:Pn-F_ry4r.c-{J.,j 1` CHIN REL�TYCi 11 BK :E3,D 35 �`,i DER ' 'I Bn 1E 9,F 165-C D ...1` m CTi NO 9780 .BK I'I,F4'S o E z b �, n Q C h 1 7 N r ,± 107 r' ,AL�;Y F:. 6:;,1 - = 9K": v SC r 1-� /- D 496 N r. II _ _ - — c r a c v F 1 r Y-/ 107 5CS E� 10O I II 11 PROPERTY ID NO. : 25-0121900 II LOCATION: North side W. 78th St. LEGAL DESCRIPTION: II SIZE: 80, 150 Sq. Ft. PHYSICAL FEATURES: 160 feet +/- frontage on north side of II West 78th Street. Much of the site is "back land" off of 78th Street. Generally 11 level and at street grade. II ZONING: CBD - Central Business District ISALE: April, 1980 11 SELLER: Donald Hanus I BUYER: Bloomberg Companies, Inc. PRICE: $160, 000 II PRICE/SQ.FT. : $2 . 00 CONSENTS: Vacant parcel access from the Chanhassen 11 Dinner Theater. Formerly had an old feed mill which was torn down. II I LAND SALE NO. 11 . . . 1 • _ _ -9--(Jr-6-- E-. . ,.. VILLAGE OF CHA`:HASSEN s N BK 90, P43 W BK 96,P358 11.1 � ill I BK 115, P 204 8 .../ 7 Cr ; 3 Y a I 2 W RICHARD STEINER I = CHQ Li I BK 120,P33 — �1 Q °—'---- ___ –+- SCHNIDER + z 2 3 a , $ CENTER ST. g al ARK JaP CCMPC,NY I I22 3 BK 171, F531 JC'MA �Gi,tK JR • to a_ r' BK 16?,P 35 -�� I ~. a' 111 4 - ; C.S.A. \ - • - -- - - - ' .� �, BK 1;!.., F:64 - i "I PROPERTY ID NO. : 25-7750030 IILOCATION: NEC W. 78th St. & Kerber Blvd. ill LEGAL DESCRIPTION: Lot 1, Block 2, Schneider Park SIZE: 32, 075 Sq. Ft. II PHYSICAL FEATURES: Small corner site along north side of West 78th Street with Center Street at rear of site. Site is somewhat below street grade of West 78th Street. ZONING: OI - Office & Institutional District DATE OF SALE: November, 1985 SELLER: Schneider Agency, Inc. IIBUYER: Mithun Enterprises III PRICE: $60, 000 PRICE/SQ.FT. : $1 . 87 COMMENTS: Vacant parcel west of old State Bank of Chanhassen building. he 7 1 • LAND SALE NO. 12 II 9 lI 6 "' Q VILLAGE OF CHANHASSEN a. s N BK 90, P43 BK 96,P358 I I w BK 115, P 204 Li.. 't J 7 m_ Lt1 ti Ii W RICHARD STEiNER = CF ]C c I 2 ; BK '3,P 33 ' cc SCHN IDER z Q 433_ ' 1 2 3 CENTER ST. $ ° r PARK I J 8B P COMPANY il E1r 17:, F ?I 1 JCMr. NLJt.IK JR II I 22 3 Y I 01 eK 163,P 3� 5-' !,.: C a I " 1 C.S.A. 1 1 -HWY. - - -- 1 - _ n Ct�.E- :: '.'rte, gw 1.5, F:f 4 r 4 IPROPERTY ID NO. : 25-0122200 II LOCATION: - NWC W. 78th St. & Laredo Drive , LEGAL DESCRIPTION: S 295 ' of E 433 ' of SW 1/4 of S12 , T116, R23 SIZE: 87, 120 Sq. Ft. 1 PHYSICAL FEATURES: Large corner site on north side of West II 78th Street. Generally level and a few feet above street grade. 1 ZONING: CBD - Central Business District DATE OF SALE: November, 1985 II SELLER: J & P Company (John & Patricia Huber) 1 BUYER: Mithun Enterprises II PRICE: $209, 000 II I PRICE/SQ.FT. : $2 . 40 COMMENTS : Previously sold 11/83 for $167, 000 or • 1 $1 . 92/Sq. Ft. Site has been improved with the new Chanhassen Bank Building. I I/ • e 1 . LAND SALE NO. 13 'I - ► 0,7_�- i 1 1 ____.1 III i 4 I II z ,:. cr 0 III 77500,0 7750020 ■ COu4er Drive_ 1JLj 1 _ 7500080 i L 1 1500010 L. 83 L I Si LI � ` N II O. : .GA M7A PROPERTY ID NO. : 25-0125000 LOCATION: North side W. 78th St. between County Road 17 and Kerber Blvd. ILEGAL DESCRIPTION: SIZE: 44 Acres +/- PHYSICAL FEATURES: Very large undeveloped parcel located on north side of W. 78th between Kerber Blvd. I and Cty Rd 17 . Rectangular site with rolling terrain. ZONING: BG - General Business District, S . portion IIIR12 - High Density Residential, N. portion DATE OF SALE: May, 1986 SELLER: Estate of John Brose AI BUYER: T.F. James Company PRICE: $850, 000 with $100, 000 down on Contract for Deed. Plus levied & pending Special IIIassessments of $193, 450 = $1, 043, 450 PRICE/SQ.FT. : $850, 000 = $19, 318/Acre or $ . 44/Sq. Ft. $1, 043,450 = $23, 715/Acre or $ . 54/Sq. Ft. 111 COMMENTS : Water available, sewer soon available. Buyer has reportedly sold (but not ill closed) 6 1/2 Acres in the Northeasterly corner zoned R12 at $30, 000/Acre + assessments . t• k , , 1 . t • + 1 s. //' f - ----J. ; : i I . / ! \ s .• tio,- i• ` : I., 4stoe, / . , -N4.4,,,tri4_ . ,-... 1 ya� �i is i-k 1. I . / f �, I •. ii / 1 � : �� I I -: 11 . ,, . 6.-k1.-447,k21,-,--I{ sett ?�Sf. R)Re I i 3�T ;° (/+,z 5T)5�. 3o' � ' `J ;, '' 24! 490 s F NAT.... _.I ., _ . O '- a t ,,� � 'y� RRF N : I y N • �`� �7 . J p � R t `' _ s,.111P.ttikull... 0 .:'. i7 :�hlgj `67'! t i ,. =� i t , :r a,. I .. ai 0 //(17 1 Al • 1 I_ 00111- .•••, al /a., ;t 1 . .,��A.. se c k t\\ \h - ' IT '\ , •I, "I. ":1* ...0 i.Z.'1.,‘ 7 -I 1 F i I i .1 I i... _ / , t .1 PROPERTY ACQUISITION ►==>IIlm CHANHASSEN PROPOSED NEW RIGHT-OF-WAY � DOWNTOWN :: :.,"• FEASIBILITY IF2o...-r7aR Ds PK . BL. I , Laq' q ;� • -.a" a1. zs--Z7soo 70 zS-8� STUDY . li! • #22, 7-8602.1 25-2750070 • 25-0750060 Frontier Development • LAND DESCRIPTION FOR FEE TITLE ACQUISITION BY THE CITY OF CHANHASSEN • • lit Lot 8, and Lot 9, Block 1, FRONTIER DEVELOPMENT PARK, Carver County, Minnesota, according to the recorded plat thereof_. • • . • . • thereby certify that this was prepared by me or under my direct supervision and that I am a duly registered Land Surveyor under the laws of the State of Minnesota. • �• 4 Marvin G. Lovlein MN. REG, NO. 17259 I Date 2.1° 1987 • • • • • . , . . • • TE II TLANDS PROTECTION REGULATIONS OF ZONING ORDINANCE II II necessary for the furnishing of adequate se public utilities or q service by such P governmental agencies or for the public II health or safety or general welfare. This term does not imply overhead transmission lines in excess of 69 kv. VARIANCE: Permission to depart from the requirements of this t Ordinance. , li VEHICULAR USE AREA (V.U.A. ) : Is any open or unenclosed area II containing more than 1,800 sq. ft. of area and/or used by six or more, of any type of vehicle, whether moving or at rest, including, but not limited to, parking lots, loading and II unloading areas, and sales and service areas. Driveways are considered to be vehicular use areas whenever they are adjacent to public streets or other vehicular use elements described previously in this paragraph (and intervening curbs, 11 sidewalks, landscape strips, etc. , do not eliminate adjacency) . WAREHOUSING: Warehousing is the commercial storage of II merchandise and personal property. II WETLAND TYPES: -Classifications of Wetlands as defined in U.S. II Department of Interior, Fish and Wildlife Service, Circular 39, 'Wetlands of the U.S. 1956". IIWETLAND WATERSHED: That area of land from which water drains into a Class A or Class B wetland. IICLASS A WETLANDS: Wetland types 3, 4, 5, 6, 7 and 8. In the case of wetlands adjoining a public waters designated a s or_pond this class shall also include type 2 wetlands. Type k2 IC wetlands shall also be deemed a Class A wetland when adjoining II a stream designated as 9 public waters to the extent that it encroaches upon the 100 year floodplain of the stream. ' II ' CLASS B WETLANDS: Type 2 wetlands not adjoining a public � waters designated as lake or pond IL floodplain of a stream designated asrpublicnwaters. year WHOLESALE NURSERY: An enterprise which co of plants conducts the wholesale P grown on site as well as accessory items directly I related to their care and maintenance (but not including power II - equipment such as gas or engine lawnmowers and farm implements. IIII WHOLESALE TRADE: Establishments or places of business primarily engaged in selling merchandise to retailers; to IL industrial, commercial, institutional, or professional business users, or to other wholesalers; or acting as agents II or brokers and buying merchandise for, or selling merchandise to, such individuals or companies. II li -18- II ii . • 5-23-4 Violations. • 1. Penalties. Any person, firm, or corporation who shall . violate any of the provisions hereof shall be guilty of a misdemeanor and upon conviction thereof, shall be punished by a fine not to exceed $300. 00 or by imprisonment for not to exceed ninety (90) days. Each day that a violation continues shall constitute a separate offence. 2. Enforcement. In the event any bui •ill lding lding or structure is • erected, constructed, altered, repaired, used, liAl converted, maintained, or any shoreland is altered or used in violation of this Ordinance, the Zoning Administrator of the City may institute any proper • • action or proceeding in the name of the City (a) to • prevent such unlawful erection, construction, alteration, repair, conversion, maintenance or use; or - (b) to restrain or abate such violation. III SECTION 24. WETLAND PROTECTION REGULATIONS 5-24-1 STATEMENT OF FINDINGS AND INTENT: Wetlands are a valuable resource. Wetlands help maintain water quality, serve to minimize problems with flooding and erosion, serve as sources of food and habitat for a variety of fish and wildlife and are an integral part of the community's natural landscape providing the aesthetic benefits of open space and a natural separation of land uses. It is the intent of this Ordinance to establish a program of sound stewardship through regulations that strive toward zero degradation of the wetlands by conserving, protecting and enhancing these environmentally sensitive resources. 5-24-4 STATEMENT OF PURPOSE: The purpose of this Ordinance is to assure the protection of the general health, safety and welfare of the residents and the protection of the wetland resources of the City, for now and in the future, through preservation and conservation of wetlands and sound management of development by: 1. Establishment of wetland regulations. 2. Requiring proper erosion control practices. II 3 . Requiring sound management practices that will protect, conserve, maintain, enhance and improve the present quality of wetlands within the community. II 4 . Requiring improved water quality in streams and lakes with its attendant increase in recreational use and value. a -80- i . -- . - . _ . _ _ _ . - il lir , . , I'llr . • il 5. Protecting and enhancing the scenic value of the I community. 6. Restricting and controlling the harmful effects of land development which adversely affect wetlands. II I I7. Reducing the need for piped storm water improvements. II IF 8. Preventing rapid runoff from developed p d areas. • IF. 9. Preventing pollution from gas, oil, salt, 'fertilizer, • s 1/ and and silt. 10. Allowing only development that is compatible with wetland protection and enhancement. 11. f • 11. Providing standards for the alteration of wetlands. 12. Controlling development outside of the wetland areas that may be detrimental to wetlands. 13 . Prohibiting dumping of waste in wetlands. ' 14. Restricting the placement of structures within wetland II areas. 15. Drawing attention to the function of wetlands and the impact of urbanization upon wetlands. I 5-24-3 ESTABLISHMENT OF WETLAND AREAS: Lands lying within a wetland area shall be subject to the requirements I established herein, as well as restrictions and requirements established by other applicable city ordinances and regulations. The Wetland Protection I Regulation shall not be construed to allow anything II otherwise prohibited in the zoning district where the wetland area is located. The wetland map, entitled "Chanhassen Wetland Map" dated May 22, 1984 is hereby II 11 adopted as prima facie evidence of the wetland areas and an official copy is on file in the office of the City Clerk. Land within the wetland areas shall be classified as Class 1 II 1 A wetland or Class B wetland as delineated on the map. 5-24-4 DETERMINATION OF WETLAND AREA. An applicant for development which may be in a wetland area shall bring this to the ' City's attention. If required by the City, the applicant shall provide appropriate technical information, including but not limited to, topographic survey and soil data deemed II I necessary for the City to determine the exact wetland boundary. The City Council may exempt land from the wetland regulations if it finds that the land is not in fact a IIwetland. The City Council shall make necessary II interpretations concerning the wetland area based upon the 1 -81- - II 1111 - wetland map, the •defisnition of "wetlands" contained herein and the intent and purpose of this Ordinance. 5-24-5 PROHIBITED USES IN CLASS A WETLANDS: The following uses • are prohibited in Class A wetlands: 1. Disposal of waste material including, but not limited to, sewage, demolition debris, hazardous and toxic substances, and all waste that would normally be disposed of at a solid waste disposal site or into a sewage disposal system or sanitary sewer. 2. Solid waste disposal sites, sludge ash disposal sites, hazardous waste transfer or disposal sites. ill 3. Septic or soil absorption systems. 6 4. Sedimentation basins for construction projects. 5. Open storage.. . I l 6. Animal_ feedlots. ' • .• _ "` 7. The Ianti p ng of any species of the genus Lythrum. • I 8. Operation of motorized craft of all sizes and classifications. • I 5-24-6 PROHIBITED USES IN CLASS B WETLANDS: The following uses are prohibited in Class B wetlands: 1. Disposal of waste material including, but not limited to, sewage, demolition debris, hazardous and toxic substances, and all waste that would normally be disposed of at a solid waste disposal site or into a sewage disposal system or sanitary sewer. • I 2 . Solid waste disposal sites, sludge ash disposal sites, hazardous waste transfer or disposal sites. 3. Animal feedlots. . 4. The planting of any species of the genus Lythrum. I 5-24-7 ACTIVITIES REQUIRING A WETLAND ALTERATION PERMIT: The following activities are prohibited in the Wetland area indicated unless the City Council issues a wetland alteration permit allowing the activity: Iii . 1. Scientific research projects in a Class A or Class B wetland which alter the wetland. k 7 a ill 1111 -82- . il a 2 . Public works in a Class A or Class B wetland except for emergency public works which shall not require a II wetland alteration permit. • • 3. Creation of ponds or dams and alterations of the I • natural drainage ways or water courses of a Class A or Class B wetland. 4. Removal from Class A Wetland .of trees or vegetation II I • except hay, crops and diseased and storm damaged trees and vegetation which shall not require a wetland I/ IE . . alteration permit. - 5. Docks, walkways and boardwalks, within a Class A or .B Iiwetland. I 6. Installing or replacing drain tile or ditches in a • Class A wetland. Repairing existing drain tile, in a Class A wetland if the property has not been in active 11 agricultural use during the 12 months preceding the enactment of this Ordinance. II1 7. Development in any Class A wetland or within 200 feet of a Class A wetland which is within the wetland's I • • watershed. I 8. Septic or soil absorption systems in a Class B wetland. 9. Sedimentation basins in a Class B wetland. II 10. Any structure e in a Class A or B wetland except for 1E . minor expansion and additions to single family detached II dwellings' existing on the date this Ordinance is enacted which shall not require a wetland alteration permit. . IE11. Digging, dredging, filling a Cla ss A or B wetland in II. 12 . Advertising signs in a Class A or B wetland. II 5-24-8 WETLAND ALTERATION PERMIT GUIDELINES: No wetland . • alteration permit shall be issued unless the Council I determines that the proposed development complies with the following guidelines, as well as the intent and purpose of IL this Ordinance. In reviewing wetland alteration proposals reference shall be made to United States Department of I Agriculture Soil Conservation Service under Runoff, Erosion and Sediment Control Handbook and Technical Field Guide. I • If the City Council determines that the required II calculations in a particular instance are needlessly burdensome because of the area and nature of a proposal, it may agree to a substitute analysis. II II IL • -83- II • 1. Filling. A minimum amount of filling will be allowed when necessary for the use of property, but only when it will not have a net adverse effect upon the ecological and hydrological characteristics of the wetland. In determining whether a proposed development 411 will have a net adverse effect on the ecological and hydrological characteristics of the wetland, the Council shall consider, but not limit its consideration • to, the following factors: A. Any filling shall not cause total natural flood . storage capacity of the wetland to fall below, or fall below further, the projected volume of run-off from the watershed generated by a 5.9 inch rainfall in 24 hours. Since the total amount of filling which • can be permitted is limited, apportionment of fill opportunities for other properties abutting the wetland shall be considered. ' B. . Any filling shall not cause total natural nutrient stripping capacity of the wetland to be diminished . to an extent that is detrimental to any area river, . lake or stream. • 111 - C. Only fill free of chemical pollutants and organic :wastes may be used. D. Filling shall be carried out so as to minimize the impact on vegetation. E. Filling in wetland areas will not be permitted during waterfowl breeding season or fish spawning season, unless it is determined by the City that the wetland is not used for waterfowl breeding of fish spawning. • 2. Dredging. Dredging will be allowed only when not have a net adverse effect on the ecological tand ll hydrological characteristics of the wetlands. Dredging, when allowed, shall be limited as follows: A. It shall be located as to minimize the impact on vegetation. B. It shall not adversely change water flow. C. The size of the dredged area shall be limited to the minimum required for the proposed action. _ D. Disposal of the dredged material is prohibited within the wetland district unless specifically authorized in the wetland alteration permit. -s -84- Il . . Ti • II • E. Disposal of any dredged material shall include proper erosion control and nutrient retention II measures. F. Dredging in any wetland area is prohibited during I waterfowl breeding season or fish spawning season, unless it is determined by the City that the wetland is not used for waterfowl breeding or fish spawning. II3 . Discharges. - I A. Soil loss from a construction site any part of which II is in a wetland or within 200 feet of the wetland that is within the wetland watershed shall not exceed a rate of more than 2 tons per acre per year. II B. Projected soil loss from a completed construction project shall not exceed 0.5 tons per year if any part of it is in a wetland or within 200 feet of a II wetland that is within the wetland watershed. 4 . Storm Water Runoff. A minimum increase in volume of il storm water runoff to a wetland from a development over the natural volume of runoff may be allowed when necessary for use of property but only when it will not have a net adverse effect upon the ecological and II hydrological characteristics of the wetlands. In no case shall the restrictions on runoff set out below be exceeded. Since the total increase in runoff which can I be permitted is limited, the Council when considering permit applications shall consider, in addition to the I following, apportionment of increased runoff opportunity to all wetland property within the II surrounding wetland area. A. Storm water runoff from a development may be II directed to the wetland only when free of debris and substantially free of chemical pollutants and silt, II and only at rates which do not disturb vegetation or II increase turbidity. Sheet flow and other overland drainage of runoff shall be encouraged. B. The proposed action shall not cause storm water II runoff on the wetlands to take place at a rate which would materially exceed the natural rate. III C. The allowed total increased runoff, in combination with the total fill allowed, shall not cause total I natural flood storage capacity of the wetland to I fall below, or fall below further, the projected volume of runoff on the whole developed wetland watershed generated by a 5.9 inch rainfall in 24 Ihours. II -85- II D. The allowed total increase in runoff, in combination with the total fill allowed, shall not cause total natural nutrient stripping capacity of the wetland to fa! 1 below, or fall below further, the projected nutrient production from the whole developed wetland watershed. 5-24-9 WETLAND ALTERATION PERMIT PROCEDURES: The applicant shall furnish information if required by the City including but not limited to, a site plan, topographic data and hydrological data for the review of a wetland alteration permit application. A wetland alteration permit shall not be issued without having been first reviewed by the Planning Commission and approved by the Council following the review procedures set forth for conditional use permits. The applicant shall have the burden of proving that the proposed use or activity complies with the purposes, intent and other provisions of this Ordinance. A permit must be approved by a 3/5 vote of the Council. The Council may establish reasonable conditions which are specially set forth in the permit to ensure compliance with li! requirements contained in this Ordinance. Such conditions may, among other matters, limit the size, kind or character of the proposed work, require the construction of other structures, require replacement of vegetation, establish required monitoring procedures and maintenance activity, stage the work over time, require the alteration of the site design to ensure buffering, require the provision of a performance security. The granting of a wetland alteration permit does not abrogate the need to obtain permits required by other local, state or federal agencies. 5-24-10 TIME OF PERMIT--EXTENSION AND RENEWALS: 1. Unless otherwise specified by the City Council, a permittee shall begin and complete the development authorized by the permit within one year after the date the Council approves the permit application. 2 . The permittee shall provide written notice to the City Engineer 24 hours prior to the commencement and completion of the development project. No project shall be deemed to have been completed until approved by the City Engineer after receipt of notice of completion. 3 . If the permittee fails to commence work on the development within the time specified herein, the permit shall be void. The Council may renew a void permit at its discretion. If the Council does not renew the permit, the holder of the void permit may make original application for a new permit. I -86- • II 3 11 4. The permittee may make written application to the II- Council for an extension of the time to commence work, but only if the permittee submits the application prior to the date already established to commence work. The I application for an extension shall state the reasons I the permittee requires an extension. • 5-24-11 INSPECTION: The City Engineer may cause inspection of the work to be made periodically during the course of such work and shall cause final inspection to be made following the completion of the work. • . 5-24-12 RESPONSIBILITY: AFFECT: Neither the issuance of a I nor compliance with the conditions thereof, nor with the I provisions of this chapter shall relieve any person from • I • any responsibility otherwise imposed by law for damage to persons or property; nor shall the issuance of any permit hereunder serve to impose any liability on the City or its officers or employees for injury or damage to persons or property. I 5-24-13 GENERAL DEVELOPMENT REGULATIONS: Within wetland areas and I for lands abutting or adjacent to a horizontal distance of 200 feet, the following minimum general regulations are applicable: • 1. Minimum lot area: , 15 000 square qu re feet. 2. Minimum structure Fetback: 75 feet from the ordinary I .high water mark. 3 . Septic and soil absorption system setbacks: 200 feet I from ordinary high water mark. 4 . Lowest ground floor elevation: 3 feet above ordinary high water mark. I • 5. No development shall be allowed which may result in unusual road maintenance costs or utility line I breakages due to soil limitation, including high frost . action. 5-24-14 Variance: The City Council may grant a variance from the requirements of this Section. In addition, a variance may II be granted based upon mitigative measures proposed by the applicant to recreate, to an equal or greater degree, the environmental and hydrological function of the wetland area that is proposed to be altered. 1 -87- I I 11 MARKET VALUE APPRAISAL LOTS #8 AND #9 FRONTIER DEVELOPMENT PARK CHANHASSEN, MINNESOTA I 11 11 t Peter J. Patchin&Associates, Inc. Peter J. Patchin 1 & Associates, Inc. Valuation Consultants ' 14300 Nicollet Court, Suite 240, Burnsville, Minnesota 55337 (612) 435-5999 August 17, 1989 City of Chanhassen , City Attorney Grannis, Grannis, Farrell & Knutson, P.A. = 403 Norwest Bank Building 161 North Concord Exchange P.O. Box 57 South St. Paul, Minnesota 55075 ' Attn: Mr. Pat Farrell RE: Market Value Appraisal ' Lots 08 and #9 Frontier Development Park Chanhassen, Minnesota Gentlemen: At your request we have made an appraisal of the subject property for the purpose of estimating its fair market value. Based upon our inspection of the property, and after careful consideration of the many factors influencing market value, it is our opinion that its value as of August 27 , 1987, is $415 , 000. FOUR HUNDRED FIFTEEN THOUSAND DOLLARS ' This appraisal has been made in conformity with accepted profes- sional, ethical and performance standards of real estate appraisal practice. If you have any questions or comments after reading the appraisal report, please contact the firm. The undersigned appraisers, hereby certify, that we have inspected the property and investigated all information believed to indicate the value, and that to the best of our knowledge and beliefs, the 1 1 statements contained in this appraisal, and the opinion expressed herein are correct, subject to the limiting conditions herein set ' forth; also this appraisal has been made in conformity with accepted professional standards. Certified to this 17th day of August, 1989 PETER J. PATCHIN & ASSOCIATES, INC. if Joseph E. Mako Staff Appraiser n Peter J. p tchin, MAI, ASA, CRE President I 1 k I Peter J Patchin&Associates, Inc. II CERTIFICATION (Real Estate) II I certify that, to the best of my knowledge and belief: I 1. The statements of fact contained in this report are true and correct. i 2 . The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and II are my personal, unbiased professional analyses, opinions, and conclusions. 3 . I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. 4 . My compensation is not contingent on an action or event II resulting from the analyses, opinions, or conclusions in, or the use of, this report. II- 5. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the II Standards of Professional Practice of the American Institute of Real Estate Appraisers. 6. The use of this report is subject to the requirements of the II American Institute of Real Estate Appraisers relating to review by its duly authorized representatives. 7 . The American Institute of Real Estate Appraisers conducts a II voluntary program of continuing education for its designated members. MAI ' s and RM' s who meet the minimum standards of 11 this program are awarded periodic educational certification. Mr. Patchin is certified under this program through September 15, 1993 . II 8 . I have made a personal inspection of the property that is I. the subject of this report. Other appraisers, signing this report, who made a personal inspection of the property were as I follows: Joseph E. Mako. 9 . No one provided significant professional assistance to the I persons signing this report, except as noted herein. g 7;2' --aor- .,.....■ dif -"' y,,,,2 5/-77 I Signature "_ Date -.. I I Peter J.Patchin&Associates,Inc. I 8952 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Location: North and west side of West 79th ' Street cul-de-sac Chanhassen, Minnesota Property Owner: B. C. (Jim) Burdick 11 Date of Appraisal: August 27, 1987 ' Date of Inspection: July 19, 1989 Zoning: BG; General Business District ' Present Use: Vacant Commercial Land Highest And Best Use: Office, office warehouse, 4, destination orientated retail, or non-fast food restaurant. ' Land Area: Lot #8 90, 045 SF Lot #9 255, 745 SF Value Conclusions: Land Value, ' Lot #8 : 90, 045 SF @ $1. 90/SF = $171, 085 Lot #9 : 255,745 SF @ $ . 95/SF = $242 , 957 Total: $414, 043 Say $415, 000 1 sl Peter J.Patchin&Associates, Inc. 8952 1 TABLE OF CONTENTS 1 ITEM PAGE NO. LETTER OF TRANSMITTAL i-ii I CERTIFICATION iii SUMMARY OF SALIENT FACTS AND CONCLUSIONS iv I TABLE OF CONTENTS V SUBJECT PHOTOGRAPHS vi-vii SUBJECT LOCATION MAP viii I SUBJECT PLAT MAPS ix-x SITE MAP xi I DATE OF APPRAISAL 1 PURPOSE AND FUNCTION OF APPRAISAL 1 I MARKET VALUE DEFINED 2 LEGAL DESCRIPTIONS 3 I TAX AND ASSESSMENT DATA 3 ZONING 4 AREA AND NEIGHBORHOOD ANALYSIS 5 I UTILITIES AND STREET IMPROVEMENTS 5 SITE DATA 6-10 I HIGHEST AND BEST USE 11-12 LAND VALUATION 13-41 I ADDENDA I ZONING ORDINANCE CONTINGENT AND LIMITING CONDITIONS QUALIFICATIONS OF JOSEPH E. MAKO, AS APPRAISER I QUALIFICATIONS OF PETER J. PATCHIN, AS APPRAISER I I I Peter J.Patchin&Associates,Inc. L .1 8952 I PHOTOGRAPHS OF SUBJECT 1 I 4r M. I .` '.g Lot #8 From The South Looking North I . i -.S � --- Il ' —,•:•-- : : r — ".'1,,,t*-?•••kX ..:',- -,:--— }"' • Z r Al-i ._ 4 - ° - — r— Ii•.��..-- -� _ ��.-.-J °.:•t Y ^ ... �,'c ...r tic..--�`i: � r r .•. 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I 12 x -•:.•; • >18)1d q Noiapne . . / ., / . •,..0 - • 1-/ ji , .i :• ' tr. 1 . . . .• . ••••. . - - • . -. tel , 1 I • ; ______. ,. .. ‘,._,. / . / 1 ( I r" O."y r"+ o w ,.w mom m o w - - - - Nam mom Ns ow mil Ns im IN l FRONTIER DEVELOPMENT Pi - EARINGS SHOWN ARE ASSUMED MAY, 1969 x EGAD ' DENOTES IRON MONUMENT SCALE: I INCH EQUALS 100 FEET K19°31'20 E. ST PA . IL ' 2309.4 ul i pacific" ___,ao-- AUK�E 1 of Chicago,ivilwaukee�s/ 5_—eEasement j20 a1 *A1 L �5 ly R/W line"_ —Rll,to `!/!i/iyy E rain 9 1 ' 1�t RI I m 1 o-1 � 1 h— I AGp , - -- , .....1 I Cr" i I i el 1 "'" 1 1 I �1 y ;? I.tQ } � — -- o — , 0 ICI noz 1 o I i _ k apa /fYj e s��,6e e„,-._.,, i I d. _' {:3.i C ii DEEDS . j�f,y.--j'k�, 1 20 - 250 j _ s I 207.11 c;Yr-., G°2�a9as owa� yo ro '1 :!t. r; n/ C;g9,4'33" 'mss S I N.88°24'11°W. �1. D. i cr'F. a: /. • ci:r,l G 27 247 7 v d..ors da,7 ,z.:- ,S o:k Choi harR=t 628 37 N� d: �.F'1.:.�� ... d Bearrn 3s.o2 41'5'2771" °f' NOT INC• •DE0a'_.7"∎ _C7 3. a.,r::fElT TRUNK HIGHW 5y those presents that Frontier Development Corporation, a Minnesota corporation, owner and proprietor and First National Bank of Chaska, an init,d I het etion, mortgagee and First National 3ank of 7taconla, an United States corporation, mortgagee, of the following described property situate it the that iesots and County of Carver to wits All that part of the Northeast # of the llorthwest } of Section 13, Township 115, Range 23, lying Northerly of Trunk Hiahwov No_ S and Sew+t hart y ni th■ rhi-w,- M11.rnnE•...s cf o...t t. a...tgt.. n°t 1.....,4 ... ■ w.._._r,.. ..c c♦.._ ut.,...... .,., tint ....-...♦ .w..t _..... _ .1 ■ SUBJECT PLAT MAP ( / /` e~ '� ' . ■ • ~ • ' • ___.----'----------- ---------'----_--- -- ' .-"i-------1::-----1 r-------- ---1-"-.;--'-;---1------------:& S nA;I W°;.___L-)t_Y\-e-re.---- ; -- ‘: 7,.,..,...:,--,.°„, . -,• r77,'1.„45'..-,.,,-..:-:,,-:%:'.:i",:',;;.7'.---:- . ‘:-',,.':, ,,;?,--. .' ' ':-.-2:- :' , ' -' .• ' '''''4V;'''''',7i;' I 1 .01- 3 ______T___-i____________._.___________,------ ..„,_....,,,,,!...„, ,,,,,,-,..,,,,.... J_,,...,.--., -. , „:„.„ ._ :- . ... ..„: --.,,:- ....,,,,:,:4,,,,,,--, 1, , ....:.„„,„,..-...,.:„,,,...,...:: .. .-. . • -- , •,. . , :- :. . - .. .,, .„,,,,,..,, ,,,J.,„, _,... 1 1 ro--z - .,.„...,-,- . . , ..-----: „.,... , ,. ' -'---- „ 0---- ' ' ,,,„,,,,,k,.„,,• .:„„.„,,,•'1 '.--:4'• . , - - ''' ' ' '.:','', ' ■.;1 4.,..,„.:',,,4,,.., ',,,,,.„.. - ''''''."4' ' " ' '■5i.'`'.:0'44,, ',,:I,„A.4.-,,,,,.. , , . . 1„ ':.'.:;i-';',,.k7'*+46.4 . , -.. -...n:: Li\\. .....___/. t IS Easement • i - ' . WIT %NM rie Ns am NE .1. ma No me � en .. .. .. 1.. .. .. am we 8952 1 I DATE OF APPRAISAL I The date of appraisal is August 27, 1987 . The date of inspec- tion is July 19, 1989 . 11 PROPOSE AND FUNCTION OF APPRAISAL The purpose of this appraisal is to estimate the market value of the fee simple interest in the subject property before a taking Iby condemnation for city street improvements. The function of this appraisal is to assist the client in its determination of the just compensation due for the taking by condemnation of the property being appraised. .I 1 1I I -I .1 I .1 I Peter J. Patchin&Associates, Inc. 8952 2 1 MARKET VALUE DEFINED Market value as utilized in this appraisal report conforms to the following definitions obtained from Pages 160-161 of Real Estate Appraisal Terminology, 1981 Edition. 1 The most probable price in terms of money which a property should bring in 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 they consider their own best interest. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in cash or its equivalent. 5. Financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale. , 6. The price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs or ti credits incurred in the transaction. 1 Unless otherwise noted in the appraisal report, market value shall represent cash equivalent terms where the seller receives all cash for his interests. The property may be financed, at normal market terms, by parties other than the seller under this definition. 1 Peter J.Patchin Sc Associates,Inc. 1 II 8952 3 II LEGAL DESCRIPTIONS I Lots 8 and 9, Block 1, Frontier Development Park, City of Chanhassen, Carver ICounty, Minnesota. '' TAX AND ASSESSMENT DATA I Lot 8 Property Identification Number: 25-2750060 IAssessor' s Market Value: 1985 1986 1987 I Land Building $75, 000 $90, 900 $90,900 -0- -0- -0- Total $75, 000 $90, 900 $90, 900 I Real Estate Taxes Payable in 1987 : I General Tax $4,550 Special Assessments -0- Total $4,550 II Lot 9 =1 Property Identification Number: 25-2750070 Assessor' s Market Value: 1985 1986 1987 I Land $97, 000 $122, 100 $122 , 100 Building -0- -0- -0- Total $97, 000 $122, 100 $122 , 100 IIReal Estate Taxes Payable in 1987 : I General Tax $6, 122 Special Assessments -0- Total $6, 122 I I I IPeter J.Patchin&Associates,Inc. 8952 4 1 I ZONING Both subject lots are zoned "B-G" , General Business District. The intent of this zoning is to provide for downtown fringe commercial development and is identified as the least restricted business district. Some of the minimums encountered in this zoning would be as follows: Minimum Lot Size: 20, 000 SF I Minimum Lot Frontage: 100 Feet Minimum Lot Depth: 150 Feet Front Yard Setback: 25 Feet Rear Yard Setback: 25 Feet Side Yard Setback: 10 Feet Maximum Structure Height: 40 Feet In addition, portions of both lots are subject to the Chanhassen Wetlands Ordinance 47-AR. Portions of both sites are involved , with Class B wetlands under this ordinance. A major provision of this ordinance requires a 75 foot structure setback from the ordinary high water mark (Sec. 28 . 14-2) . Variances may be granted providing the applicant recreates, to an equal or greater degree, the environmental or hydrological function of the wetland that is proposed to be altered. 1 Peter J.Patchin&Associates,Inc. 1 II 8952 5 1 AREA AND NEIGHBORHOOD ANALYSIS 11 The City of Chanhassen is an outer fringe suburb of Minneapolis II and is located eight miles west of the Minneapolis city limits. Chanhassen has come into a period of rapid growth in the 1980 ' s, ,' and its population had expanded from 6, 359 in 1980 to 8 , 485 in 1987. Industrial retail and other commercial land uses in the City have grown with the population. II The area in which the subject is located is a major commercial Icenter. The intersection of T.H. #5 and T.H. #101 is the major focus of this commercial area. IIThe subject is located about 1, 300 feet from this intersection II on the cul-de-sac at the west end of West 79th Street. West 79th Street is the location of many different business enterprises and the intensity of use of these businesses 1' decreases in relationship to the distance from the intersection of T.H. #5 and T.H. #101. I Neighborhood boundaries would be T.H. #5 to the south and west, I 9 T.H. #101 to the east, and the Milwaukee Railroad right-of-way to the north. I L UTILITIES AND STREET IMPROVEMENTS II West 79th Street is a 60 foot to 62 foot wide right-of-way that Iterminates with a cul-de-sac. The street paving is adequate for commercial - industrial uses. Also included are curb and I gutter, water, sanitary sewer, and storm sewer which are installed and presently in service. The sites are also served by private utilities of Northwestern Bell Telephone, Minnegasco -' and Northern States Power Company. II Peter J. Patchin&Associates, Inc. _I 8952 6 SITE DATA Lot #8 The subject site has a frontage of 250 feet on the West 79th Street cul-de-sac. Lot depths are 333 .51 feet on the west side, and 386.85 feet on the east side. The rear lot line adjoins the Milwaukee Railroad right-of-way for a distance of 255. 0 feet. Total lot area, per appraisers calculations, is 90, 045 SF. There are utility and drainage easements on the site as follows: Easterly 20 Feet Westerly 30 Feet (Street and Utility) Northerly 10 Feet These easements are regarded as having little effect upon the site utility because they occur in normal setback areas. 1 The site is level, with the frontage on West 79th Street being at street grade, with a gradual increase in elevation of about 6 feet towards the rear of the site. Soils on the site appear to be suitable for normal building purposes, although the appraiser did not have access to any soil tests. A Class B wetland encroaches upon the southwest corner of the subject lot. A key provision of the wetlands ordinance is a 75 foot building setback from the edge of the wetland. I Consequently, an area estimated at 10, 571 SF would not be buildable at the southwest corner. Of this amount, about 4, 000 SF is already part of the 30 foot right-of-way easement on the west side of the lot. The net loss in buildable area is then about 6, 500 SF. This defect is correctable upon obtaining a wetland ordinance variance and paying for construction of equivalent storm water storage capacity elsewhere. ' Peter.1.Patchin&Associates,Inc. 1 II 8952 7 II SITE DATA 1 Lot #8 II Access to the site is via West 79th Street, which extends from Great Plains Boulevard (T.H. #101) , about 1, 300 feet to the :I east. The Minnesota Department of Transportation (MNDOT) has allowed for a 90 foot "window" for access from T.H. #5. This 90 foot space consists of 60 feet on the public right-of-way of IWest 79th Street, and an adjoining 30 feet at the westerly edge of the M. J. Ward Estate property. The opening of this access Iwould involve an intersection with a public street (West 79th Street) . According to Fred Hoisington, a City Planning I Consultant, such a trunk highway access involving an intersection with a public street, will require stacking lanes Ion the access road. Adequate stacking lanes would be over 200 feet in length which, in turn, would require re-routing of West 79th Street through parts of Lots #7 and #8 . These requirements ;1 would render utilization of the T.H. #5 access impractical and economically unfeasible for a number of reasons: II A. Value of land lost on Lots #7 and #8 , due to re- " routing of West 79th Street. B. The ownership of Lots #7 and #8 are not the same. Therefore, the possibility of a private development, Ias described above, is remote and speculative. L C. The 90 foot wide access point on T.H. #5 is II controlled by others. A portion is on the M. J. Ward land (privately owned) , and a portion is on public street right-of-way dedicated to the City of II Chanhassen. D. The direct construction and land acquisition costs of such a development most likely would out weigh I any increase in value to Lot #8 as a result of the access opening. I I Peter J.Patchin&Associates,Inc. 8952 8 SITE DATA Lot #8 , In summary, the appraiser regards West 79th Street as the subject site' s only practical access. Lot #9 ' Lot #9 is a triangular shaped lot located at the southeasterly corner of T.H. #5 and the Milwaukee Railroad right-of-way. The lot has 475. 19 feet along the east line, including 141. 68 feet on the West 79th Street cul-de-sac right-of-way. There is 997 . 41 feet of frontage on T.H. #5, and 961. 02 feet bordering the Milwaukee Railroad right-of-way. The total land area is computed at 255,745 SF. Lot #9 is subject to at least three easements as follows: ' 1. A 30 foot wide easement for utility and roadway ' purposes at the easterly edge of the site. 2 . A 10 foot wide utility easement at the northerly edge of the site along the railroad right-of-way. 3 . A natural gas line easement (Minnesota Valley Gas Company) extending from a point that is about 140 feet east of the western most point of the subject, thence diagonally for about 300 feet across the subject to about 15 feet from the northerly line, thence to the easterly edge of the site. (See plat map in this report. ) I/ The site rises about 35 feet from the east to west sides. The grade level of T.H. #5 rises even more steeply over this distance as it over passes the railroad. The result of these grade level changes is to make the subject less visible from T.H. #5 . 1 1 Peter J.Patchin&Associates,Inc. 1 ' 8952 9 SITE DATA Lot #9 A substantial portion of the site is covered by two Class B wetland areas. A key provision of the wetlands ordinance is a 75 foot building setback form the edge of the wetland. A portion of the wetlands area could be altered by variance from the ordinance which would require replacement of storm water storage elsewhere on site. Any such correction would cost the developer a substantial amount. The appraiser studied a map provided by the Minnesota Department of Transportation in arriving at the wetlands actually in existence as of the date of the appraisal. A breakdown of the site and its wetland vs. buildable areas would be as follows: % Of % I Total Site Wetland Areas 77 ,500 SF 30. 3% Wetland Setback Areas 82 , 625 SF 32 . 3% ' Sub-Total 160, 125 SF 62 . 6% Remainder of Site 95 , 620 SF* 37 . 4% ,' Total of Site 255, 745 SF 100. 0% The remainder of the site appears to possess soils suitable for normal building purposes, although the appraiser did not have access to soil tests. Please refer to the color coded site map in this report for further clarification. ' * Of this remainder, that portion lying in the westerly triangle, with a depth of less than 150 feet (zoning minimum) , is approxi- mately 16, 000 SF, or 6. 2% of the site. The front yard setback in this remainder area would consume about 16,500 SF or 6 .5% of the site. The remaining buildable area is about 24 .7% of the site. Peter J. Patchin&Associates, Inc. 8952 10 SITE DATA Lot #9 Access to the site is from West 79th Street, which extends from Great Plains Boulevard (T.H. #101) , about 1, 500 feet to the east. Minnesota Department of Transportation has allowed a 90 foot wide "window" of access to T.H. #5, which lies about 200 feet to the east of Lot #9. This access would be the only reasonable location because the grade level of T.H. #5 rises considerably as it passes in front of Lot #9 . It is the appraisers opinion that the utilization of the T.H. #5 access is impractical and economically unfeasible for the same reasons as set for the site description for Lot #8 . Consequently, it is the appraisers opinion that the only practical access is via West 79th Street. ' • 1 1 Peter J.Patchin&Associates,Inc. II 8952 11 I HIGHEST AND BEST USE 1 Highest and best use is defined in Real Estate Appraisal I Terminology, Revised Edition (compiled and edited by Byrl N. Boyce, Ph.D. , copyright 1981, Ballinger Publishing Company, _, Pages 126-127) , as follows: That reasonable and probable use that supports the highest present value, as Idefined, as of the effective date of the appraisal. Alternatively, that use, from among reasonable probable and legal alternative uses, found to be physically possible, appropriately supported, financially Ifeasible, and which results in highest land value. The definition immediately above applies specifically to the highest and best use 1 of land. It is to be recognized that in cases where a site has existing improvements on it, the highest and best use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until land values in its highest and best use exceeds the total value of the Iproperty in its existing use. Implied within these definitions is recognition of the contribution of that specific =' use to community environment or to community development goals in additions to wealth maximization of individual property owners. Also implied is that the determination of highest and best use results from the appraiser's judgement I and analytical skill, i.e., that the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value) another appropriate term to reflect -' highest and best use would be most probable use. In the context of investment value an alternative term would be most profitable use. IIn the appraiser' s opinion, the highest and best use of the subject land, if vacant, would be for office, office warehouse, Inon—fast food restaurant, or destination oriented retail use for the following reasons: _ I 1. The subject property' s existing zoning allows for Imost office and commercial uses. I I Peter.I. Patchin&Associates,Inc. 1 8952 12 HIGHEST AND BEST USE i 2 . The subject property has high visibility from T.H. #5, but only fair access via West 79th Street. The property's location at the end of a cul-de-sac street limits it' s restaurant potential to non-fast food restaurants, and it' s retail potential to destination orientated retail establishments such as MGM Liquor Warehouse. 3 . The existing land uses on West 79th Street and the surrounding area indicates that office and commercial use would be the most productive for the site. 1 1 1 w 1 1 Peter J.Patchin&Associates,Inc. ' 8952 13 1 LAND VALUATION I In this case, the best method of estimating land value is the ' comparable sales technique, which is essentially a market approach to value. Sales of vacant land parcels can be 1 considered similar to the subject are gathered and analyzed. These sales prices are adjusted for any differences in time of sale, physical characteristics, location, etc. when compared to ' the subject property. They are then used, along with the appraiser' s judgement, to estimate a land value for the subject ' site. We identified several comparable sales that are all located along or near T.H. #5, that are zoned for commercial or business use, and that are considered to be comparable to the subject ' property. Following are the details of each of these land sales, a comparable land sales location map, and a comparable land sales adjustment grid and analysis. 11 11 , 1 1 1 Peter J Patchin&Associates, Inc. = 8952 14 I I LAND VALUATION i ;. 1......". * ........ . =`".. .4L.,! .<;•••••1::..":t:. ..* % — 1.. [1 I- - - - :.:7' '. ."‘",..---...' - '''' , t • 1 ./...,..m, . . ..'.. • : . Lr...._ --.-- t,4, •••••:!--- -. > 4 , . f 1.(.04 II R IA vELCiMEN r CZFLP ei..1. ':.•'"rl'.,----;1 ., ..,.. ,,,.. .., „c 1 F‘C ---- twu,„ ,sr 4 '4,,.,..17 Al a _---- et r,- '''.----- - At r*0 -it Riz S■• ---- — \-7-----\\,, I 0. h"-- '— ---.\ -,,-..-- : 1 Y.Ote-11•04 CO ).7,, 1. . \ \ • \ „..,...„ ■ : 1 ::. 2'.. :RI. DEVELOPtAENT ‘, : • • " ...f i . ail ' I 7 \ , \ (1,10 c.....Mir.A ■.% : PARK \ z ip ___.. mar.J1,.futOn..ouSloK.CO.V ; ''• • , f : : .....-- -----■-■-----..--...." ( 3 • , r ------..=______._ --- I •:er ,1 r • ..s.. .1._ . ....r ar ....----------..-------- ' - • ck\' C.) 1 ■ A HIDDEN VALLEY ' I 1 2 I 7 ; ...................- 21•40 AlOOMON ' A s . -- —,--f Comparable Land Sale #1 Location: NW Corner of Highway #101 & Highway I #5 -,. Chanhassen, Minnesota 1 Legal Description: Lot 2 , Block 1, Zamor Addition. Seller: Lawrence Zamor I Buyer: Thatddeas Rurzenowski Date of Sale: August 19, 1983 Information Source: Broker II I . I I I Peter J.Patchin&Associates,Inc. — I 1 8952 15 I LAND VALUATION 1 Comparable Land Sale #1 ISale Price: $174, 000 Unpaid Special IAssessments: -0- Total Price: $174, 000 or $3 . 00/SF 1 Size: 58, 000 SF s Zoning: BH (Highway Business) Topography & Soil: Level and sound. U Remarks: A restaurant was built on this site. a' 1 I I ;' I I. � 1 I I I Peter J.Patchin&Associates,Inc. 8952 16 1 1 LAND VALUATION EGAN, FIELD a NOWAK I SURVEYORS :r RAROD s --_ _,) 1 ■_ a i f P AV -.1‘709. ;;;;;;;10,,,,,W14 rw~9a :1 t � 1 E h 5 ' e ,.ge- f e • M1I .V, \ -f.. p' by p 7 y ` ,, , , �tl. �, . + pM1.,p; 4,-,., by, 2 L rill 4 r d•9Yl5): 2y'10SC �)\S... 91 SIAL )tiM1;- 1 l•1119:,, 0• `.a e`.l \t,■7: O'e,.o0' 1 v N.68'240'W.J 79TH art. ' h)t ue .r......:_. 672.3Q �/ no e.ae•ieuw. / .• 5 d•5'tt22' mg Nor /N[CVDED /N iIAT-- 1.'2502! z �. 1,59 140' RUNK HIGHWAY 1 Comparable Land Sale #2 Location: North Side of W. 79th Street, West I of Highway #101 Chanhassen, Minnesota I Legal Description: Lot 6 & 7, Block 1, Frontier Development Park. I Seller: Strong / Towle, Inc. Buyer: City of Chanhassen I Date of Sale: April, 1987 Information Source: City of Chanhassen t I I Peter J. Patchin&Associates,Inc. I 8952 17 LAND VALUATION I Comparable Land Sale #2 ISale Price: $291, 000 Unpaid Special 1 Assessments: -0- Total Price: $291, 000 or $1.79/SF Size: 162, 120 SF Zoning: Highway Business Topography & Soil: Level and stable. ' Remarks: Bought by the City of Chanhassen for street improvements. I I 1 1, L I Peter J. Patchin&Associates,Inc. -I i 8952 18 1 11 LAND VALUATION MAY, 1969 f EGAN, FIELD a NOWAK I ALE:I INCH EQUALS 100 FEET SURVEYORS s RP ' ppC1FIC __■., S T. P AUL 299.p '— —_ I .... i r--- i c. '-;\.,, A UKEE r R/w/:nr d ch_a_0 p 1;:O y f l Ormo ^+L N _ -4°------ ---- 1 5 r. = 2 C . 8 �' a V 7 !: 3 s'S� 9 r °•Pills!'; fCSd } 3n.ee•24 rw. 79TH °"•`'� ' :rxe T. `____tit!f____� <so 572.3 . u.eeYau r, S-1-4 q TE trp,'22' Fi •NOT INCL✓O£O IN PLAT F . 11.l9 TRUNK I " HIGHWAY II Comparable Land Sale #3 Location: North Side of W. 79th Street, West I of Highway #101 Chanhassen, Minnesota II Legal Description: Lot 8, Block 1, Frontier Development Park. I Seller: Leslie and Betty Renner t Buyer: B. C. Burdick 11 Date of Sale: September, 1986 Information Source: County Assessor, B. C. Burdick I i. I I Peter J.Patchin&Associates, Inc. I 11 8952 19 I LAND VALUATION 1 Comparable Land Sale #3 ' Sale Price: $130,565.25 Unpaid Special 11 Assessments: -0- Total Price: $130,565.25 or $1.45/SF Size: 90, 045 SF Zoning: General Business Topography & Soil: Level and stable, small wetlands ' area at southwest corner. Remarks: One of the subject properties. IBuyer reports seller was under duress. 1 A, 1 Peter J.Patchin&Associates,Inc. 8952 20 II II LAND VALUATION s \I:: �_. .Tic; ` ,, / •MSS` � awa•.::0. CO // ai:.T SI 1 s : ' �� .� - • 6 1 41 .. -n2- c.w.,u::u,POST r4>u • 9 L,CA lE42O..:04;54 4 CORP, 12 T _ /�- ..,•a 1 1 . i-/' •• VALLEY LEY , 1— +• r z $-HD ADDITIO s c PNti ®0 3 13 •w,. sr• • LAKE K+ 11 pO� a 1 • 35 .-p4' 30 20 c N 39 \...41\ 3+ fi . AL J a 32 / I •. Q �3 +s ;OP s II Comparable Land Sale 44 Location: Northeast Corner of Highway #101 and I Lake Drive, Approximately 255 ft. South of Highway #5 I Chanhassen, Minnesota Legal Description: Lot 1, Block 1, Hidden Valley 2nd I f Addition. Seller: United Mortgage Corporation I Buyer: Blue Circle Investments Date of Sale: March, 1986 II Information Source: Blue Circle Investments II 1 II Peter J.Patchin&Associates,Inc. I 8952 21 I LAND VALUATION Comparable Land Sale #4 ' Sale Price: $172 ,500 Unpaid Special 11 Assessments: -0- Total Price: $172 ,500 or $2 . 03/SF Size: 84,776 SF Zoning: BN, Neighborhood Business Topography & Soil: Gently rolling. Remarks: A retail strip center was built on this site. I 11 Peter J.Patchin&Associates,Inc. —I - 8952 22 II II LAND VALUATION .....e.„,..c. E, --, —,..,f:.v.:r•-• .r.- .41• IPC:/-5 I ir Jer I -.1. • "•::: L 1'VA • ' .g ., 0 ' I . ... --...r-',.,...-2 , .. -- 'k•.:t.": ....4 t .. _,/- -- • I -.. ........ I 'z I ...-. 1 - ,.......--- . !. - - ,.. • • •.: J-1 r 1 V s NOP ; . - ....-; 1 2.. , r .....- ,!.... ....,- / .5,4 .j.......-- a a . 7-RA C/ I. .:• 2 2 • I sZI i !- "' 1 I .. : :-7::..Z-/:-.....71 I r. ----111 ,-- 1E --- - ,•JJ.f.1 . I ,' Z.. '. ...i ..,,. I . . . :. a :. '• • 1 , -- ie- 111 i ti'0 ltm iim MI IMF / - ._. I ni7:: :2` T.::.-1 2!!, -- \, ,.. — % • sf I\ II Comparable Land Sale #5 Location: South Side of W. 79th Street, I Approximately 200 ft. East of Highway #101 II Chanhassen, Minnesota Legal Description: Part of Section 12 and 13 , Township I f 116, Range 23 , known as the Kurvers property. II Seller: Franklin Kurvers Buyer: Chanhassen Downtown Development Assoc. Date of Sale: May, 1988 Information Source: Chanhassen Downtown Development Assoc. II II II Peter J.Patchin&Associates,Inc. I 8952 23 I LAND VALUATION Comparable Land Sale #5 ' Sale Price: $108, 000 11 Unpaid Special Assessments: $ 1, 332 Total Price: $109,332 or $2 . 99/SF ' Size: 36,590 SF Zoning: BH, Highway Business ' Topography & Soil: Some leveling and grading needed. Remarks: Purchased by the Chanhassen Downtown Development Association. I 1r I 1 I I I 11 Peter 3.Patchin&Associates,Inc. 8952 24 11 II LAND VALUATION L4-ro I.,•eql ., --'b O 10 u,`* {�..... 2/8.90 2zs oa �,n --44 .93--- N88°o6'2o-W I ..... I CENT C!Z STQECT 1 S � k. o; i v ki) _ . - ° ' "• .n - .. /495 I/!boo N I m ._I t o a 20 la' II �f. o� c 4Ci ,,, N 1987 ro.t3 • °• L ± L ___ 55 .00 `�---- --I- - I oa — f N [lf,l fY and dro,noge U71,lay and dro,no a I eogel .._1 . d /¢9 82 ."7r/ ll.o -vra $O7.So-:IT ° /90.3 ,'i 9 F Nn e o{C.g.4 Nrvy.No./6,as deter/ • 5 8s 34'27 E i in wok ii5 or weds,�,9e 64. 1 : I COUNTY zT./17" Ago -/16/-IWAIF NO. IG ! I Comparable Land Sale #6 Location: Northeast Corner of W. 78th Street I and Kerber Drive Chanhassen, Minnesota Legal Description: Lot 1, Block 2 , Schneider Park. Seller: Schneider Agency I Buyer: Mithun Enterprises Date of Sale: October 30, 1985 I Information Source: Buyer 1 II II II Peter J.Patchin&Associates,Inc. 11 8952 25 LAND VALUATION I Comparable Land Sale #6 Sale Price: $60, 000 Unpaid Special Assessments: -0- Total Price: $60, 000 or $1. 87/SF ' Size: 32 , 075 SF Zoning: OI, Office Industrial ' Topography & Soil: Assumed stable. Remarks: Purchasers own bank, two lots to the I east. Purchased at same time and from the same seller as Sale #7 . I .1 r I r 1 �� Peter J.Patchin&Associates,Inc. 8952 26 1 I LAND VALUATION :,..:...-5, I ,-.47_,;-f,..,%, ;:r_:,V74: .., '";,-N ,,,:fil MI I II I Cdi -L7r r7�1rr•":I .i. pJI n i.7. F_JI-,-..=.1_2(.,__ lir F.4._/ / 1 t IA \ \ C:) I -.7-.. .Ntc 1 tpr,--- , � ,4-.i. � ?I1 LAKE SUSAN '' ,' _•=9 1. ./v' , w RICE MAI i i -,.. I ' ..1M s7 ` /ii . - r — � � A 11 I I[1 1 ice✓ tO II q'�^" I I Comparable Land Sale #7 Location: Northwest Corner of Laredo Drive and II W. 78th Street I Chanhassen, Minnesota Legal Description: S. 395 ' of 3 . 433 ' of SW 1/4 of SW 1/4, Section 12, Township 116N, I t Range 23, Carver County. Seller: Schneider Agency I Buyer: Mithun Enterprises Date of Sale: October 30, 1985 ' Information Source: Buyer 3 II b I II 4 Peter J. Patchin&Associates, Inc. '' 8952 27 II LAND VALUATION il Comparable Land Sale #7 1 Sale Price: $209, 000 Unpaid Special ilAssessments: -0- Total Price: $209, 000 or $1. 64/SF 1 Size: 2.93 Acres, or 127, 631 SF r Zoning: CBD, Central Business District i 1 Topography & Soil: Level Remarks: Purchasers own adjacent bank. Purchased at same time and form the IIsame seller as Sale #6. Intended Use: New bank building built on this 1 parcel. II 1 11 1 L II 1 1 II 1 Peter J. Patchin&Associates,Inc. I • 8952 28 II I LAND VALUATION _ 1 II ,-�1 ONE OA�Et.E01 �rte•,.,..,*-1EVt�.� w --. . . I 11 WALE:�a R/ \ \,OCL-- l . ' 'DO - -- - - 1,: �srJ'S . i, r ,.\A�; / " Eoo �E v f f ses•as'st'w -r• •Wg0(a CCp�lt TOLE K I.- e� I �' NT6.44.24�E 2.'.. /■ MIS etAt. 3,,.620 , \\�_ 4711 _ N.a `, i 5n7, v 0 u: \ N '�' N 7• se. ■ : I A, 11, >AI TOE '"- \ V kn 2 ,�•S,�O v^LF{Ttl — > _`= ,_i Ii �/ , 1 v9♦ j a Ansy50gA3 46 '- �_( c`f' • • I ",.. p a;fit I d• ; . 1 \\ . \: :t7_� N. ; he` yo? - ? .,+6.3.35.30. _vN, 1i /y7�, '46.56 i%) 1/j <_ N s 6. .*' ^-..2 P'�,�,,1r !\w �— I G` 1,. r30 i y^,?' '> ,,9 k \p.,,,. 536.3 \0-9.---- ;4�pB3'i, Vii£— i� _ I_ c 7 ' . 4• � _ > ,U` BUSINESS PARK TARO ADDITION , �• � dz41•IT•08 p` �� .���"� N �- C'+- `•29396 * - 111 p=� r� N ,, i Comparable Land Sale #8 Location: Southeast Corner of Co.Rd. #17 and I C.M.S.P. & P. / Lake Drive. and Co.Rd. #17 I Chanhassen, Minnesota Legal Description: Lots 1 and 2, Block 2 , Chanhassen I Lakes Business Park 2nd Addition. Seller: Alscor Investors I Buyer: Pat Gannon Date of Sale: May 4, 1989 1 Information Source: Pat Gannon I I Peter J.Patchin&Associates, Inc. I 1 8952 29 I LAND VALUATION I Comparable Land Sale #8 Sale Price: $358, 450 Unpaid Special 11 Assessments: $196 , 145 Total Price: $554,595 or $1. 10/SF Size: 11. 94 Acres, or 502 , 469 SF t Zoning: Industrial Office Park (IOP) Topography & Soil: Sloped from north to south, small ' amount of low lands. Remarks: A large industrial building is currently being built on this parcel. I 11 I a al L I Peter J. Patchin At Associates, Inc. 8952 30 1 I LAND VALUATION I --_.�...- ---. -----s--- _=•I I?� 7 .-- . — --.-- �? 2 G'• I _ • 0,o k.O rt .i -PARR F• r nc 2 S i• p'4-40'4.aJ lit 01 i /0 L, i !,r •i�+'` H.., ' I ..,,•1 ...Veal 11Y ; ej• 1.JY1' t��. A \\ ~a `.• Z ours. ,i / vj /t , t •4%. [ .�i ce,7,..— 4 2 , .:i4hf r / „ t .R.' 4-.:?,1 l /\• . \- $......;',, .7 B 11t ° \ r' t ?.., , i s \ I Comparable Land Sale #9 Location: Southeast Corner of Audubon Road and I Highway #5 Chanhassen, Minnesota I Legal Description: Lot 11, Block 1, Chanhassen Lakes Business Park I Seller: Guy Schoenecker, Inc. t. Buyer: Fred S. Moultrie II Date of Sale: September, 1985 Information Source: CREV F I _ 1 I Peter J.Patchin&Associates, Inc. I s1 8952 31 LAND VALUATION 1 Comparable Land Sale #9 Sale Price: $270, 000 Unpaid Special 1' Assessments: $123 , 285 Total Price: $393 , 285 or $1. 00/SF ' Size: 9 .015 Acres, or 392, 682 SF Zoning: P-4, changed to Industrial Office ' Park (IOP) Topography & Soil: Rolling with some low ground. Remarks: Paisley Park recording studio built on this property. 1 11 Peter 3.Patchin&Associates,Inc. 8952 -' NRRNwe.7 CRyE -' - . . ' .'—--.- =— = 32 1 . % OF kw.Y,OF 2 L F S 4,6 5.7 wi c_.`! V` -_ .OZ.;1 48i'6I '—. (41-5ri1;7.,,, - I LAND VALUATION I ,.•W N i a5 2a'13'E vl� . 2./1S° a� oi.i o `u 5 ° 1{_�.. °-- :: :IC _. I- \ =;-- W . ?i•� ... wg=- 3 I..3? .n.. IQs _,` .Sl7.4G r I d' i._ 7 -- - CO CO : �7 - ▪ ofL` �PICHA s/ DRIVE ~� _- �IJ i .� ` ..+ .4fo'..-- <•`. Z . ._.�`l�SC° o- - _ ,JU,.+S3 ��iQo ,� / 9oo4 - 1 ▪ So a.69 so - � y r.-•° -7.2 o,-- per`\ ~�• .... < i V Comparable Land Sale #10 Location: Southeast Corner of W. 78th Street II and Monterey Drive, extending back f. to Railroad I Chanhassen, Minnesota Legal Description: Lots 1, 2 and 3 , Block 1; and Lots 1 II I and 2, Block 2 ; Burdick Park addition, together with any streets or right-of-way or highway easements II adjacent to or adjoining said tract II heretofore vacant or to be hereafter } vacated, Carver County, Minnesota. Seller: B. C. Burdick I Buyer: Bloomberg Companies, Inc. Date of Sale: May 31, 1989 II Information Source: Both Buyer and Seller II Peter J.Patchin&Associates,Inc. ', 8952 33 1 LAND VALUATION 11 Comparable Land Sale #10 ISale Price: $645, 383 :, Unpaid Special Assessments: $ 30, 025 Total Price: $675,408 or $4 . 14/SF 1 Adjusted For Financ- ing: $599,848 or $3 . 42/SF IISize: 175, 446 SF Zoning: General Business, BG I Topography & Soil: Appears to be good. Remarks: Parcel includes that portion of Picha Drive east of Monterey Drive Ias a heretofore vacated city street. Also includes the rights to right- *' of-way that may be vacated along W. 78th Street. IIPurchased by neighboring land owner , as part of a land assemblage for a z proposed shopping center. II F II II II a, II ' Peter J.Patchin&Associates,Inc. 8952 , J " , ,,f i � , ..•.,•��,ce ,1 '......1 3,4 I �--;' , , - �.0 LA_E f CXR_/STMAS !i HENNEPIN( COUNTY_ ,, ..: ...C. - i COMA it MEM ��, a: ' LAKE R II t i �= \I I_ir r4 �a �� '"�aOr. ��°� -- .1..-1-_Q-- IMO'A�� C.7rIa-'� — 4300 1,�w;In'isra coca 7 �/ �'���� . +•�' � A J/1� qtr ,� -_ T. .' s vj� 4400 ��.+'i sr`l `tau. ` V, an '. 7a_. yy] ter, ,.:-.03i.0.4,, *4 .:VTit.a.4e' . ' m....*It:a\, ,Nir#4104■17 o. witt 0111i e1F / r'_. I- ql fpid •- tr...r6,,q 14 I. \� ►�� j1 "-1 ip, ....., .., ' %' , _,, _•700 i l Via. F `°® ".y ., !!,4 lisir'!"•, c-4.5‘, ...,%.._\\:•.%11.1. ,\ t,., • ..z t-,:r7-,rpt. _ f- ,,-- \\ -.ipil— IL- tle.h ....„.., . . - :,.. - . .;,„,_ - J'_ _ �� - Oti_�1 , LOTUS -� . `-. •- 1` I' I_ ;.:• ,t LAKE LUCY ; -, ____, ___ 01 I -I ......., ! •• .t.9/A t. . .• r ,,,,i ,..„5:1„„ ,, . I /a _-.—..-—noo Ift \; = 4I C - AIL. la. 1.N _��.(t�� --- -—7200 I � 'p ∎, w �^^ea, ` LAKE A. -jAsiiI �t LAKE ANN ;i �"�c �i� . <- O zi —--7 I 0 4sy .F-�� ■ \ Asti. �- -.` -T?-.I - :;��e I ' . (�+ � ��1:::: l-, art it !` -rl � ryry p \I t.•e• V .,L1-)14 4�;,„ - /- -1-= 11�®Fs r� 2 . ' I ----------t '.• .• Out. v4 C. /\ � � �F zE1FrL1teVMS o� rM r iiikik;Irol 1 • c7IIIN "' M . ;" 3 "[OW IILL ,, IIAP.0.,74:v° ' I i ' �3 I e 0,44 . .. �i.t —woo 0 ■I j. 4 eat►a.i _ - Llt-.v, - -- g�`7■ �a j ,%tt■t•- ..;, 1) ,...... . \ `'- •4031,,. i i i LAKE SUSAN IN 1r -will' _ _:-� a , / / i:v, - /. RICE MARSH LAKE : ..1"._ N. ; .gl �`ttk • / err - _ g ..TM p:w,y�,� �i reIIII11 11 ' trzm MOO m t .E R,i c r. 1 6700 �A '4' ■ ' 1111.41 -ii �. I . rP*41l5 = 660x1 p. ., T - - —eeoo I -11 Wil , 90uLEv4a0 (C a ie 1 1 I COMPARABLE LAND SALES MAP I 1111(111 NM M M a MI MS s - t an - 11.11 - an r■II - r Mil L U . Ui A t N 0 • >4 r n Cl H Adjustments Adjusted t' 0 3 Comp. Date Of Size Price Net Price F--' H No. Location Sale (SF) Per SF Time Size Terrain Location Other Adj. Per SF (D o 1 NE Corner of Highway #101 8/19/83 58,000 $3.00 1.33 0.89 0.95 0.60 1.00 0.67 $2.01 Z N & Highway #5 co Lot 2 Chanhassen, MN a 2 North Side of West 79th 4/87 167,120 $1.79 1.04 1.18 0.95 1.00 1.00 1.17 $2.09 U) Street, West of Highway #101 (1) Lots 6 & 7 N Chanhassen, MN (p 3 North Side of West 79th 9/86 90,045 $1.45 1.08 1.00 1.00 1.00 1.20 1.30 $1.89 (A Street, West of Highway #101 G) '0 Lot 8 (one of the subject) 11 A Chanhassen, MN F+- `" a 4 NE Corner of Highway #101 3/86 84,776 $2.03 1.12 0.99 0.95 0.80 1.00 0.84 $1.71 b & Lake Drive, Approx. 229' )0 w South of Highway #5 x (11 Chanhassen, MN 5 South Side of West 79th 4/88 36,000 $3.00 0.96 0.78 0.95 0.80 1.00 0.57 $1.71 Fa R° Street, Approx. 200' M Y East of Highway #101 F+- o Chanhassen, MN N v• 6 NE Corner of West 78th 10/30/85 32,075 $1.87 1.14 0.75 0.95 1.00 1.00 0.81 $1.51 ( m Street and Kerber Drive O Chanhassen, MN t'-I n 7 NW Corner of Laredo Drive 10/30/85 127,631 $1.64 1.14 1.10 0.95 1.00 1.00 1.19 $1.95 O f'f' & West 78th Street Chanhassen, MN -- 8 SE Corner of Co.Rd. #17 4/84 502,469 $1.10 0.88 1.61 1.05 1.20 1.00 1.79 $1.97 & Milwaukee Railroad Chanhassen, MN 9 SE Corner of Audobon Road 9/85 392,682 $1.00 1.16 1.50 1.00 1.20 1.00 2.08 $2.08 & Highway #5 (Pailsey Park) Chanhassen, MN 10 SE Corner of West 78th 4/31/89 179,446 . $3.42 0.87 1.19 0.95 0.80 0.70 0.55 $1.88 Street & Monterey Drive Chanhassen, MN Subject 8/27/87 90,045 N/A Average $1.88 W Ui L03 n d N 0 al rj. Adjustments Adjusted pi Comp. Date Of Size Price Net Price tr y No. Location Sale (SF) Per SF Time Size Terrain Location Other Adj. Per SF N H M ° 1 NE Corner of Highway 1101 8/19/83 58,000 $3.00 1.33 0.66 0.60 0.60 1.00 0.32 $0.96 Z & Highway 45 N Lot 2 a Chanhassen, MN 2 North Side of West 79th 4/87 167,120 $1.79 1.04 0.89 0.60 1.00 1.00 0.56 $1.00 Street, West of Highway 1101 0) Lots 6 & 7 a Chanhassen, MN H' 3 North Side of West 79th 9/86 90,045 $1.45 1.08 0.75 0.65 1.00 1.20 0.63 $0.91 N Street, West of Highway 4101 't Lot 8 (one of the subject) 'n m Chanhassen, MN ll ry a a �., 4 NE Corner of Highway 4101 3/86 84,776 $2.03 1.12 0.74 0.60 0.80 1.00 0.40 0.8 & Lake Drive, Approx. 229' y South of Highway 45 >' n Chanhassen, MN R; a O 5 South Side of West 79th 4/88 36,000 $3.00 0.96 0.58 0.60 0.80 1.00 0.27 $0.81 H-, (• Street, Approx. 200' East of Highway 4101 N m Chanhassen, MN F" o N w•6 NE Corner of West 78th 10/30/85 32,075 $1.87 1.14 0.57 0.60 1.00 1.00 0.39 $0.73 Street and Kerber Drive m Chanhassen, MN 5 r n 7 NW Corner of Laredo Drive 10/30/85 127,631 $1.64 1.14 0.82 0.60 1.00 1.00 0.56 $0.92 & West 78th Street ft Chanhassen, MN _, 8 SE Corner of Co.Rd. 417 4/84 502,469 $1.10 0.88 1.20 0.70 1.20 1.00 0.89 $0.98 lf) & Milwaukee Railroad Chanhassen, MN 9 SE Corner of Audobon Road 9/85 392,682 $1.00 1.16 1.13 0.70 1.20 1.00 1.10 $1.10 & Highway 45 (Pailsey Park) Chanhassen, MN 10 SE Corner of West 78th 4/31/89 179,446 $3.42 0.87 0.91 0.60 0.80 0.70 0.27 $0.92 Street & Monterey Drive Chanhassen, MN Subject 8/27/87 255,745 N/A Average $0.88 W an = 111111 11111 MN NE r - MS - MI - In OM la - NI MI Me MN 8952 37 LAND VALUATION I Explanation of Adjustments Time of Sale: The time adjustment of 8% per year reflects the rapid growth that the Chanhassen area has been 1 experiencing. Size: After adjusting the comparable sales for time and arraying them in order of size, a relationship between size of parcel and price per SF was noted. After pairing and further analysis it was determined that an 82 .5 percent learning curve would reflect the current size price relationship. Location: After making several pairings of the comparable sales, we determined the following adjustments: 1. Access and/or exposure to T.H. #101: -20% adjustment. 2 . Corner exposure to both T.H. #101 and T.H. #5: -40% adjustment. 3 . Outlying area west of downtown Chanhassen: +20% adjustment. 4 . Exposure to new connecting road between W. 78th Street and T.H. #5: ' -20% adjustment. Terrain: Lot #8 : This lot had a wetland area in the southwest corner which covered five percent of the total land area. Because of this wetland area, the following adjustment were made: 1. When compared to Comparable Sales #1, #2, #4, #5, #6 and #9, which have no wetland, a -5% adjustment was used. I Peter J. Patchin&Associates,Inc. 8952 38 1 LAND VALUATION Explanation of Adjustments Terrain: , Lot #8 : (Continued) 2 . Comparable Sales #3 and #8 had I similar sized wetland areas and no adjustment was made. 3 . Comparable Sale #7 had a small wetland area and a slope problem. This comparable was considered to have a five percent worse terrain than the subject, and a +5% adjustment was made. ' Lot #9 : Triangular Portion: 6.2% of site under 150 ' depth (zoning Minimum) x 50% use- fulness = 3 . 1% Wetlands & Setback: Total Area 160, 125 SF Less Setback & Easement Areas Included: N'ly Line - 700 ' x 25 ' (17 ,500 SF) E' ly Line - 275 ' x 30 ' ( 8, 250 SF) Frontage - 210 ' x 25 ' ( 5,250 SF) ' Net Area Lost 129 , 125 SF or 50.5% of Site - Estimated Cost of Alterations - $1.25/SF, or 2/3 of pre- vailing land value, or .505 x . 67 = 33 . 9% 1 Lack of Visibility From #5 5 . 0% 42 . 0% , Say 40% I Peter J.Patchin&Associates,Inc. 'I 8952 39 T I LAND VALUATION 1 Explanation of Adjustments II Other Adjustments: Sale #3 , the buyer reported that the seller was under duress at the time of sale. A +20% adjustment was made ;, in order to bring this sale in line with the market. II Sale #10 was considered not to be an arms length sale because the land was purchased by an adjoining land II owner in order to assemble enough land to build a proposed shopping center. A -30% adjustment was made to reflect circumstances of the `I site. I Analysis of Comparable Sales Lot #8 Comparable Sales #2 , #3 and #7 are similar to Lot 8 in both size s, and location, and their adjusted prices per square foot are as follows: II Comparable Sale #2 at $2 . 09 per SF; 1 * This sale is two lots both of similar size. 1 Comparable Sale #3 at $1.89 per SF; * This sale is Lot 8 of the subject property, t and has a +20% adjustment for the seller IIbeing under duress. IIComparable Sale #7 at $1.95 per SF; 3 * This sale is only somewhat similar in size. IIThese sales indicate a value of about $2 . 00 per SF for Lot #8 . I II -r Peter J.Patchin& Associates, Inc. 8952 40 , T . LAND VALUATION Analysis of Comparable Sales Y P Lot #8 Comparable #4 is similar in size to the subject, and Comparable #6 is similar in location. Their adjusted prices per SF are as follows: Comparable Sale #4 at $1.71 per SF; ' Comparable Sale #6 at $1.51 per SF These sales indicate a price of less than $2 .00 per SF. A price Th p $ P P of less than $2 . 00 per SF would also be supported by Comparable #3 above, and the average of all the comparables, which is $1.88 per SF. Indicated Price Per SF Say $1. 90 1 Lot #9 Comparable Sales #2 , #3 and #7 are the most similar to Lot #9 . I/ The adjusted prices per SF and similarities of these comparables = are as follows: Comparable #2 at $.96 per SF; is very similar in location and somewhat similar , in size to Lot #9 . Comparable #3 at $.91 per SF; is very similar in location to Lot #9. Comparable #7 at $. 92 per SF; 11 is somewhat similar to Lot #9 in both size and location. 1 These sales indicate a value of about $. 95 per SF for Lot #9 . I Peter J.Patchin&Associates,Inc. 1 8952 41 I LAND VALUATION Land Value of Lots #8 and #9 - Frontier Development ment Park P Lot #8 : 90, 045 SF x $1.90 Per SF = $171, 085 ' Lot #9: 255,745 SF x $.95 Per SF = $242 ,957 r I -r I I I1 I I Peter J.Patchin&Associates,Inc. 1 8952 ' I ADDENDA i r I I I I _ 1 Peter J. Patchin&Associates,Inc. 1 ' 8952 I 1 1 U IZONING ORDINANCES i i I 1 1 1 1 1 �YI I IPeter J.Patchin&Associates, Inc. . i .?r- _" .,q. rn4 at - . Chanhassen Zoning Ordinance Pnge Five ,. 11.Utility services , 1. Minimum Lot Area: 10,000 square feet. - 12.Shopping center - 2.. Minimum. Minum Lot Frontage: 100 feet(except lots fronting on a aside- 13.Private clubs and lodges sac shall have a minimum 60 foot frontage in all districts). • -serial roadway as 14.Community center 3. Minimum Lot Depth: 100 feet. _ - - I red so that access 5-10•3 The following are permitted accessory uses in a"BN"district: 4. No maximum lot coverage. through resider- 1. Parking lots 5. Setbacks.There are no minimum requirements for front,rear or tc • 2. Car wash(when accessory to automotive service station) ' • side yard. all property lines 3. Signs 6. There are no maximum height requirements for principal or ac-. _ from streets and 5-10-4 The following are conditional uses in a"BN"district: cessory structures• „ - 1. Convenience store with gas pumps •- SECTION 13. "BG"GENERAL BUSINESS DISTRICT .•-• .covered with ins- 2. Automotive service stations 5-13-1 INTENT.Downtown fringe commercial development identified as the iltably landscaped • - 3. Drive-in banks including automated kiosks least restricted business district, - - 4. Temporary outdoor display of merchandise for sale 5-13-2 The following uses are permitted in a"BO"district: - vide the following 5. Standard restaurants 1. Bowling center 6. Bed and breakfast establishments - 2. Day care center - - - , I 5-10-5 Lot Requirements and Setbacks.The following minimum requirements 3. Convenience stores with or without gas pumps - site for a total of shall be observed in a"BN"District subject to additional requirements, 4. Standard restaurants exceptions and modifications set forth in this Ordinance- 5• Entertainment • • • - . t the land slope 1. Minimum District Area in Acres:three(3).This requirement may 6. Apparel sales be waived if expansion of existing district. -.. 7. Personal services . - I Ate where the land 2. Minimum Lot Area: 15,000 square feet. 8, Health and recreation clubs • . 3. Minimum Lot Frontage:75 feet(except lots fronting on a aide- 9. Specialty retail(including but not limited to jewelry,book,sta- ll shall not be con- sac shall have a minimum 60 foot frontage in all districts.) tionery,bible,camera,pets,arts and crafts,sporting goods) te. • 4. Minimum Lot Depth: 150 feet. 10.Small appliance and similar repair shops , • i conformance with 5. Maximum lot coverage,including all structures and paved surfaces 1 I.Funeral homes I shall be 659.. _ 12.Financial instimdots,including drive-in service - • the church use are 6. Setbacks. Off-street parking areas shall comply with all yard re- - 13 Newspaper spate�small printing offices , ;.y Council. quirements of this Section,except that no rear yard parking setback 14.Private dubs and lodges . shall be required for lots directly abutting railroad trackage;and, 15.Miniature golf - 5;and no side yard shall be required when adjoining commercial uses 16.Veterinary clinic feet from wetland establish joint off-street parking facilities.as provided in Section 17.Animal hospital - . 7-1-7,except that no parking areas shall be permitted in any required 18.Offices side street side yard.Minimum rear yard shall be 50 feet for lots 19.Health care facilities - i designed to avoid directly abutting any Residential District.Side streets side yards shall 20.Motels ,vements; be a minimum of 25 feet. 21.Supermarkets I signed in a manner A. Front yard:35 feet. 22.Home improvement trades building supply centers • . s.joirtingresidrn- B. Rear yard:30 feet. 23.Garden centers C. Side yard: 15 fat. • - 24.Utility services and city licenses. 7. -Maximum Height: 25.Bars and taverns - A. Principal Structure:one story. 26.Fast food restaurants I Jr arterial street,as B. Accessory Structure:one story. 27.Automotive service stations SECTION 11. "BH"HIGHWAY AND BUSINESS SERVICES DISTRICT 28.Community center - scent to or located 5-11-I INTENT.Highway oriented commercial development restricted to a low 29.Senior citizen housing building profile. 5-13-3 The following are permitted accessory uses in a"BG"district: ---niutum standards 5-11- The following uses are permitted in a"BH"district: 1. Parking lots - • I s!nay be prescribed 1. Financial institutions 2. Signs - 2. Fan food restaurant 5-13-4 The following are conditional uses in a"BO"district: . _ - tst ;00 feet of lake 3. Automotive service stations I I. Outdoor display of merchandise for sale or rent -- 4. Standard restaurants 2. Truck,automobile,farm implement,recreational vehicles and boat •5. Motels and hotels sales and service - I ice fishing house, - -- . or shelter shall be 6. Offices 3- Equipment rental 7. Retail shops 4. Scorned outdoor storage creational beach lot. 8. Miniature golf -.-• - g but not limited to"- 9. Stale licensed day care center 5• Major auto repair and body shops r'ke•all-terrain ye- 10.Car wash 5-13-5 Lot Requirements and Setbacks.The following minimum requirements in parked upon any shall be observed in a"BG"District subject to additional requirements, il.Convenience store with or without gas pumps exceptions and modifications set forth in this Ordinance.. •• 12.Personal service establishment 1- Minimum Lot Area:20,000 square feet. L r overnight camping. 13.Liquor stores • - ` - • 2. Minimum Lot Frontage:100 feet(except lots fronting on a ail-de- 14-Health services sae shall have a minimum 60 foot frontage in all districts). • or purposes of over- 13.Utility services - I more than three (3) 16.Shopping center .: .3. Minimum Lot Depth: 150 feet- t., • . 4. Maximum lot coverage:709.. s °• er dock.If a recrea- 17.Private dubs and lodges -' - - e dock,however,the . . :•18.Community center - - .- - S. Setbacks. Off-street parking areas shall comply with all yard re- c}Up to three(3)sail 19.Funeral hang - '. - , ,_ quirements of this section,except that no rear yard parking e;and,r;;a,svindstuters,sail =shall be required for lots directly abutting railroad trackage;and, red overnight oa any 5-11-3 The following are permitted accessory uses in a"BH".district: `4.•: no side yard shall be required when adjoining commercial uses •t/ ':5._ Signs t e,s-t., t`• :�s-.c.: t ukr.,:r4cAo ��9' .s!�i. establish joint offstreet parking f"''1itia.as provided in Section on racks specifically :Y:/-r. 2. parking lots ""1''r s`J^+ rrl 1W"s `:1 Al" r`� _.:.t :e' areas shall be permitted in any required c one(1)rack shall be 5-11-4 The following are conditional uses in a t'BH"district:` ++c-'.... ,- M1. '•-•r••; •7.1_7,except e r .parking Derm" feet tfo tKcraR may be ztortd .c.. • .,ry''rtdde street side yard.Minimum rear yard shall be 50 tat for lots 1. Outdoor display of meechassdne for sale •r^';'�� A'---A-f - t•directly abutting any Residential District.Side meet side yards shall seaplane is pe mitsi- - >-t,rte•:Ii."'' ..'if!`,:5.4.: _•- - t- 2. supermarkets ' :i be a minimum Of 25 feet. v ;• ; •• ....•S:-3, 'Small vehicle sales :,-'3;••:-•„':-,!:..-iC`_,,,.s.-e Tf-t..:-«n=•;;t. . .;.1.-.c._.' • _ ` " .A-y Front 23 fret., ,c-..,.: i.,« ',�,.., • tonal beach lot unless . 4. Screened outdoor storage tc .r,: r:r✓e ^.ra•• -, • - --Y yard;25 feet. t.,, 1.,•:•,.-;.•-•,..: ;4� -04''•- /, ' the lot Gas at least following minim q B. Rear _.� t, �.ti.a.r_ _ r 5-11-3 Lot Requirements and Setbacks.The um requirements -� ;;"-i,r 10 feet. ° i'''''v-..;''' ;�'"� - may be erected on District cab to additional uire+nenta, --. �C• mil •Het .•.. - .,...7_ ._ shall he observed in a"BH"IJittri lest raq "'J�6.• Maximum Height: ;?"i',;.�:r•�'�-?� ,y•!`+ ` e or lake tronrage.In „s ,;., exception and modifications set forth is this Ordinance. --,�. - A. Principal Stmcture:three siories/40 feet • ;iced for the first dock ;..,j 1. Minimum District Area in Acres:ten(10).(May be waived by con- •_ .',` I -quired for each adds- . g ion of costing district) - B. _Accessory Structure:two scoria . ks,however,shall bee ditienal user perm if expans `-yes') - • SECTION 14. "BF"FRINGE BUSINESS DISTRICT 2. Minimum Lot Ara 20,000 square feet. 5-14-1 INTENT..Accommodate limited commercial uses without urban xi six(6)meet in width' ' '' 3. Minimum Lot Frontage:100 feet(except lots fronting on a aslde- services. -.., • • - . '4'• sac shall have a minimum 60 foot frontage in all districts)• ., 3-142 The(Wowing are conditional uses in a"BF'district: tier of the following 4. Minimum Lot Depth: 150 feet. "K'TM .oes,::c 1. Automotive service station without car washes I timum straight-line 5. Setbacks. Off-street parking areas shal comply with all yard re- 2. Truck/I racier rental re- :-...f four(4)feet.The quiremenu of this Section,except that no rear yard parking setback 3. Utility services u of any"T"or"L" shall be required for lots directly abutting railroad trackage;and, - amputation of length 4. Outdoor display of merchandise for sale a cross-bar of any such no side yard shall be required when adjoining commercial uses 5. Cold storage and warehousing +rnty-five(25) feet in establish joint off-street parking facilities,as provided in Section 5-14-3 The following are permitted accessory uses in a"BF"district: 7-I-7,except that no parking areas shall be permitted in any required 1. Parking lots et back zone,provid- - side street side yard.Minimum rear yard shall be 50 feet for lots 2. Signs directly abutting any Residential District.Side street side yards shall 3-144 Lot Requirements and Setbacks.The following minimum requirements Lakeshore be a minimum of 25 feet. shall be observed in a"BF"District subject to additional requirements, • tie dock se[batik zone A. Front yard:25 feet. exceptions and modifications set forth in this Ordinance- a,if the common dock B. Rear yard:20 feet. I. Minimum Lot Area:20,000 square feet s and if the dock other- - C. Side yard: 10 feet 2. Minimum Lot Frontage:100 feet(except lots fronting on a ntlde- :his Ordinance. - 6. Maximum Lot Coverage:659. "' ' :d on any recreational , c ta.4.. ,, s sac^shall have amiinimtum 60 feet frontage in all districts). , 8952 1 I I CONTINGENT AND LIMITING CONDITIONS 1 I TI 1 1 1 _I 1 IPeter J.Patchin&Associates,Inc. CONTINGENT AND LIMITING CONDITIONS (Real Estate) ' The value estimates and conclusions in the appraisal are made sub- ject to these assumptions and conditions: 1. No title search has been made and the reader should consult an appropriate attorney or title insurance company for accurate ownership data. 2 . The furnished legal description is assumed to be correct. 3 . The information contained in this report is not guaranteed, but it has been gathered from reliable sources. The appraiser certifies that, to the best of his knowledge and belief, the statements, information and materials contained in the appraisal are correct. 4. No responsibility is assumed for matters which are legal in nature. It is assumed (without survey) that the improvements are located within the legally described property and that the buildings comply with all ordinances except as noted. 5. All value estimates in this report assume stable soil and any necessary soil corrections are to be made at the seller' s expense, unless otherwise noted. 6. Estimates herein are based on the present status of ' the national business economy, and the current purchasing power of the dollar. 7. The plot plan in this report is included to assist the reader in visualizing the property. We have made no survey of the property and assume no responsibility for its accuracy. 8. The market value herein assigned is based on condi- tions which were applicable at the time the property was inspected and may vary at a later date. 9 . The appraiser herein shall not be required to pre- pare for, or appear in court, or before any board or governmental body by the reason of the completion of his assignment without predetermined arrangements and agreements. I Peter J.Patchin&Associates, Inc. 1 I I CONTINGENT AND LIMITING CONDITIONS ,1 (Continued) 10. Surveys, plans and sketches may have been provided U in this report. They may not be complete or be drawn exactly to scale. 111. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person, other I than the party to whom it is addressed, without the written consent of the appraiser, and in any event only with properly written qualification and only in its entirety. I12 . Information in the appraisal relating to comparable market data is more fully documented in the confi- :I dential file in the office of the appraiser. 13 . All studies and field notes will be secured in our files for future reference. II14. It is assumed that all applicable zoning and use regulations and restrictions have been complied _1 with, unless a non-conformity has been stated, defined and considered in the appraisal report. It is assumed that the utilization of the land and improvements is within the boundaries or property I lines of the property described and that there is no encroachment or trespass unless noted within the report. 11 15. The distribution of the total valuation in this report between land and improvements applies only I under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with 1 any other appraisal and are invalid if so used. II16. It is assumed that there is full compliance with all applicable federal, state and local environmental 'II regulations and laws unless non-compliance is stated, defined and considered in the appraisal report. I 17. The appraiser was not aware of the presence of soil contamination on the subject property, unless otherwise noted in this appraisal report. The _I effect upon market value, due to contamination was not considered in this appraisal, unless otherwise stated. II Peter J.Patchin&Associates,Inc. _I CONTINGENT AND LIMITING CONDITIONS (Continued) ' 18 . The appraiser was not aware of the presence of asbestos or other toxic contaminants in the building(s) , unless otherwise noted in this report. The effect upon market value, due to contamination was not considered in this appraisal, unless otherwise stated. 19. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. 20. This appraisal is appraised in fee simple, assuming responsible ownership and management, unless other- wise indicated. This appraisal recognizes that available financing is a major consideration by typical purchasers of income producing real estate in the market, and the appraisal assumes availability of financing to responsible and sufficiently substantial purchasers of the property in amounts similar to those indicated in this report. 21. The appraiser has neither present nor contemplated ' interest in the property appraised. His employment is not contingent upon the value reported. 1 1 Peter J.Patchin&Associates,Inc. 1 8952 I APPRAISER QUALIFICATIONS 1 (I I I Peter J.Patchin&Associates,Inc. QUALIFICATIONS OF * JOSEPH E. MAKO, AS APPRAISER ' EARLY HISTORY Born in Lakeville, Minnesota in 1962. Elementary and secondary educa- tion in Lakeville, Minnesota public schools. ' EDUCATIONAL WORK Bachelor of Science Degree, St. Cloud State University, majored in Real Estate, with an emphasis in Real Estate Appraisal, 1988 . Real Estate Sales Person License, September, 1988 . APPRAISAL EXPERIENCE Currently employed with U.S. West, appraising their real estate in the Metro area, and outstate Minnesota. Currently employed with Patchin & Associates, Inc. - Valuation consultant. 1 1 1 I 1 Peter J.Patchin&Associates, Inc. 1 .' t QUALIFICATIONS OF 1 PETER J. PATCHIN, AS APPRAISER EARLY HISTORY Born in Minneapolis, Minnesota in 1934. Elementary and secondary educa- tion in Edina, Minnesota public schools. IBUSINESS EXPERIENCE Cargill, Inc. , Production Trainee, 1956-57. I U.S. Army Corps of Engineers, Topographic Mapping, 1957-59 . General Mills, Inc. , Staff Engineer, 1959-61. Patchin Appraisals, Inc. , Staff Appraiser, 1961-65. Vice President, 1965-81. 111 Peter J. Patchin & Associates, Inc. , President, March, 1981 to present. i EDUCATIONAL WORK I Kansas State University, B.S. Degree, with honors, 1956. William Mitchell College of Law, 1977-78 AIREA Courses lA-1, 1A-2 , 1B-1, 1B-2 , 1B-3 , 2-1, 2-2, 2-3 , and 7, all II passed during 1980, Litigation Course in 1985. Original AIREA course work passed 1964 through 1968. Currently attends two to three appraisal seminars per year, one to three days duration each. IStandards of Professional Practice - 1988 . PROFESSIONAL AFFILIATIONS I Member, American Institute of Real Estate Appraisers (MAI) Senior Member, American Society of Appraisers Business Enterprise - Intangible Property Designations (ASA) Member, American Society of Real Estate Counselors (CRE) I Affiliate Member, Minneapolis Board of Realtors Licensed Real Estate Appraiser - State of Nebraska ,' PROFESSIONAL PUBLICATIONS "Gross Multiplier vs. Capitalization Rates" - Valuation, November, 1971, Pages 88 - 95. I "Depreciation Methods and Market Experience" - The Appraisal Journal, October, 1980, Pages 503 - 510. "Grain Elevators, Three Approaches To Value" - The Appraisal Journal, t July, 1983 , Pages 392 - 400. I "Common Sense About Cash Equivalency" - The Appraisal Journal, July, 1985, Pages 340 - 346. "Valuation of Contaminated Properties" - The Appraisal Journal, I January, 1988, Pages 7 - 16. "Market Discounts for Undivided Minority Interests in Real Estate" - Real Estate Issues, Vol. 13, Number 2, Fall/Winter 1988, Pages 14-16. I COURT EXPERIENCE Qualified in District Courts in Minnesota, Michigan, Montana, and New York .I Qualified in U.S. Tax Court, State of Minnesota Tax Court, Federal Court, District of Wisconsin I Peter J.Patchin&Associates,Inc. 1 I QUALIFICATIONS OF PETER J. PATCHIN (Continued) I APPRAISAL EXPERIENCE I Specializing in the appraisal of industrial, commercial and special purpose properties, primarily to estimate market value on land, buildings, machinery and equipment and intangible assets. Appraisal I experience on various types of properties include the following: development lands, park lands, industrial river channel lands, utility easements, office buildings, warehouses, factory lofts, shopping I centers, hotels, restaurants, service stations, apartment buildings, grain elevators, flour and feed mills, breweries, malt plants, food canneries, bakeries, dairies, bottling plants, schools, churches, hospitals, machine tools, graphic arts plants, iron foundries. I r Intangible asset experience includes leasehold interests, patents, trademarks, copyrights, mailing lists, goodwill, as well as the valua- I tion of the entire business enterprise. APPRAISAL CLIENTS INCLUDE I Aetna Life & Casualty Co. Metropolitan Airports Commission Bay State Milling Co. Minneapolis Community Development Agency 1 Burlington Northern, Inc. Minnesota Department of Transportation Cargill, Inc. Minnesota Housing Finance Agency Certain-teed, Corp. Mennel Milling Company I Control Data Corporation North Dakota State Tax Commission Farmland Industries, Inc. Northern States Power Company Garnac Grain Co. Pillsbury Company General Mills, Inc. Ralston Purina Company I International Multifoods, Inc. Soo Line Railroad Jefferson Company 3M Corporation `-_ K Mart Corporation U.S. Internal Revenue Service Krause - Anderson Companies U.S. West, Inc. I Louisana Highway Commission University of Minnesota Medtronics, Inc. I 1 k i *The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAI ' s and RM's who meet the minimum standards of this program are awarded periodic educational certification. I am certified under this program through September 15, 1993 . Peter J. Patchin&Associates,Inc. I , I/ I/ I 1 ' MARKET VALUE APPRAISAL Vacant Land Fronting on Highway #5 C Chanhassen, Minnesota August 28, 1987 89128 Ir Copyright c 1989 by Shenehon & Associates, Inc. All rights reserved. y ENEHON tv ASSOCIATES, INC. REAL ESTATE&BUSINESS VALUATIONS i Ma y 8, 1989 I Mr. B.C. "Jim" Burdick 426 Lake Street Excelsior, Minnesota 55331 RE: THE MARKET VALUE APPRAISAL OF THE VACANT LAND LOCATED WEST OF HIGHWAY #101, FRONTING ON HIGHWAY #5, CHANHASSEN, MINNESOTA. Dear Mr. Burdick: In accordance with your request, we have completed an appraisal of the above referenced property for the purpose of estimating the market value of the fee simple interest. The following written report presents the findings, analyses and conclusions of this appraisal. We have made a complete inspection of the subject property and have fully identified the real estate in our written report. After careful consideration of the many factors influencing value, it is our opinion that the subject property has a market value, as of August 28, 1987, of: 1 Direct Sales Comparison Approach Land Value $1,800,000.00k , Subdivision Approach Discounted Land Value $1,700,000.00' Gross Potential Retail Value $2,200,000.00° The above values assume the following: 1. The City of Chanhassen will cooperate in the condemnation of, or Mr. Burdick will purchase the east 30 feet of the right-of-way access from State Highway #5 for a full interchange to the subject parcel. (It is reported that the east 30 feet of the access right of way is owned in fee simple by the M.J. Ward Estate, while the west 60 feet is owned by the City of Chanhassen, also in the fee simple interest. ) 2. The cost of this condemnation and construction of the interchange will be paid by the city. ' 903 Midwest Plaza East, Minneapolis, Minnesota 55402 (612) 333-6533 Fax (612) 344-1635 1 Mr. B.C. Burdick Page 2 ' May 8, 1989 We have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved. The appraisal is made subject to certain assumptions and limiting conditions which are listed in this report. It conforms with accepted professional, ethical and performance standards of the real estate appraisal practice. If you have any questions or comments after reading this appraisal, please contact us. The undersigned appraisers certify that they have personally inspected the 11 property and have investigated information believed to be pertinent to the valuation of the property, and to the best of their knowledge and belief the statements and opinions expressed herein are correct and reasonable, subject to the limiting conditions set forth herein. SHENEHON & ASSOCIATES, INC. ' Certified to this 8th. o f_A'�ay, 1989 Robert J. Strachota, MAI, CRE President /sa 1 I ri I SUMMARY OF SALIENT DATA S IY t r„ ,,,e� t .r ?F .;.'1..,-;_s w I ,- "A - „ _ •j jam ..--r b <h-V # „WA' s l Tom, ...i ,, fi,t'4 raj.+? s slf', I• . f :. �T; i- j{L ,k t N ' .‘ .4,4---.:;;;, - 7 " t J l ,‘‘,,J, '•,:- 4-,,,, •`, t j �e 1 �? F .4 E_ "s '71,-4,, tK -4-/-_,... t' S ; i ' . oci J_ . f f-''. ,- 1l ';,�'a� J Y-'-.A ' �} -� 1 T � _..,..„.z. ,. �]�~_ 'fi `-: � (hday. ' ' t 1'' ti 7'c rc - .,_t '` - j �7. / i^ '�` r Zxi J tRrt4 1 t P. of l'r.Y i � ..1 • ' 4 1 iii a 1., ' 4 7i {M .. '- —. - ` 4 N' ' �1 ", t r r:01 4 +F+1 '/d \4'f. \i`` 5- rr.,,l °."."R.t....- „�v' r a�'' • Type of Property: Vacant land zoned for commercial use I Location: West of Highway #101, fronting on I Highway #5, south of the Chicago, Milwaukee and St. Paul Railroad right of way, at the west end of the West 79th I s Street cul-de-sac. Land Size: 345,896 square feet or 7.9407 acres Zoning: BG, general business district t Date of Inspection: December 4, 1987, and various times I thereafter Property Rights Appraised: Fee Simple Interest Total 1987 Real Estate Taxes: $10,662.00 i Final Value Estimate Composed of: I Direct Sales Comparison Approach: Land Value: $1,800,000.00 I Subdivision Approach: Discounted Land Value: $1,700,000.00 I Gross Potential Retail Value: $2,200,000.00 I II T A B L E O F C O N T ENT S II Item Page No. Introduction i II Letter of Transmittal ii Summary of Salient Data iii Table of Contents iv 11 General Location Map 1 Date of Market Valuation 2 Property Identification and Location 2 II Legal Description 2 Real Estate Tax Data 2 Assessors Estimated Market Value 2 Special Assessment Information 2 I Zoning 2 Zoning Map 3 Property Rights Appraised 4 Purpose of the Report 4 Area Description and Analysis 5 Community Description 10 City Map 19 II Neighborhood Analysis 20 Land Use Plan Map 21 Property Description 22 Plat Map 24 _- Subject Photographs 25 Highest and Best Use 26 I Direct Sales Comparison Approach to Value 29 Rationale of the Direct Sales Comparison Approach 29 Comparable Sales Charts 31 Subdivision Development Method 35 1, Qualifications of the Appraisers 41 Contingent and Limiting Conditions 42 Certification 44 II ADDENDA f , Comparable Land Sales 48 II II -I 1 11 . . 24 tC;) lb 'gal NUJ ..•.. 4, , . I?. V .Cap "WARMICI ...38 PO. ,,12, 0 I Olt:: '''''' 0 e c3:111774 t3 -w11.11 • 0 .-)r..S. 1 -- ' . - II • \- 1 i Ee in V . IlkiNk i 0 116 A . .. . 182 ,e •••.••. . 7), 1101111110111111IL '411 i , '.. I kill fUll . 252 . . ill& ,. . .\-V• e . '. • .V\. , .... I ' i ; . 11111141 .Frala"'Fit' . tti .. 56 C3 ' . i V. Illitigaliffi 111kktr:411 1 I 7 (■■2 )...:15-ffe- ---\ ‘ ilimra . =Agra; ..?\ .". 5.0 I . ...tn..... m_.. 1 torkasiorgow r, Nt lga raripEopin ‘ it . 1 68 . ' - MINNEAPOLIS limmingirerr......••• ,up 0 visprieAr... .A enallijiPM.M. \T.c1,... ;.:- F:-.7.\(- 7:?- c' e. --V-A Ali18•11lingitib -411.111- iffiwellif. 4* ST.PAUL 'Irlitig.., Z"A". 1 "rn'''''''''A ' 1 filLin IMINariffritelei VIP I 5- q:O•C,SM ,oil . IIIIWMMIB IMMIELVPO IIMMIEMIffir hi )1 .7c . . . RAM emir •... . rex 7 ef"Visoutwo riot, .0 Pik\ ....t. 3--T f \P‹) En VA.. '..° 6 ■■11111111IN. i 1°tZ \ - 09111,1116"4 a „ ie. 2iiminlind ...,,, A• -A - -cur .-: ' Ili a,i .:.,__ (3,„ ,_(_.. All i I I . r • 0 • ; -.:- _-_, ,_ , ,41111 . 1 . • 4.1:1 ; t.. :4 0. '_:---, -/ -64/111 .1111111r, 'd mkt., . . • :Q - q , 7 NV' III „ z A" lringijw ill 1.‘' me 1j7g.'Q _±.;- .?j4,..„ .. • '-'-' 44..' - . - 1 1" A. '''`■P. ---- AfiliMnin:Iik ( - ,,,,,,.. t 1 . Pilli Aiiilli 1 . - 1 .. . • •• ; • . .,,.. .... , .... .. ....... . ..... .,..,., . . , , I I I ( Location Map ) -di Page 1 I IIDATE OF MARKET VALUATION The market value for the subject real estate is estimated as of II August 28, 1987. The date of inspection was December 4, 1987, and various times thereafter. PROPERTY IDENTIFICATION AND LOCATION I The subject real estate is vacant land zoned for commercial use. The property fronts on State Highway #5, west of State Highway #101. 11 LEGAL DESCRIPTION IILots 8 and 9, Block 1, Frontier Development Park, Chanhassen, Minnesota. REAL ESTATE TAX DATA (Payable 1987) .' P.I.D. #25-2750060 #25-2750070 Total Base Tax: $ 4,550.00 $ 6,112.00 $ 10,662.00 ilSpecials: $ -0- $ -0- $ -0- IITotal Tax: $ 4,550.00 $ 6,112.00 $ 10,662.00 ASSESSORS ESTIMATED MARKET VALUE (As of January 2, 1986) ,' Land Value: $90,900.00 $122,100.00 $213,000.00 Building Value: $ -0- $ -C- $ -0- IITotal Value: $90,900.00 $122,100.00 $213,000.00 .' SPECIAL ASSESSMENT INFORMATION No special assessments are currently levied against the subject parcels. At this time, full services are provided and paid in full. Details of 1 current services are as follows: 1. Street II 2. 18" storm drain 3. 10" sanitary sewer service 4. 10" water service 1 There is a $15,520.00 pending assessment for downtown redevelopment on Lot 8, P.T.D. #25-2750060. This downtown development is a charge for }- storm, drain and roadway. IIZONING II BG, general business district. This district's purpose is as a downtown fringe commercial development, identified as the least restricted business district. Permitted accessory and conditional uses are listed in the addenda of this report. II I Page 2 -el W pup-RI,ii .11MO PM 11F1t....„� , ,a \ \ i� I �� . _•5,.'l iE --6800 41111111111"*.• . •- ft' f z IL liarklalta N'-'-'---- ., -..,...' '-‘,...--._-_____.,-., ;., J u� ��.�. =�� ‘t�- •! l �\_ 1 ri 6900" ���_r --. `. ; ...s. ` LOTUS �� ,J ,Y le ii fry a ,��■ .�z' �` *L i .,lam._ 7000 ft�`isa J'°Q�ii c `�`� t i'/iv&;�II` 'i. 7100 s e-'` — X11 -7200 I `' LAKE N RSF °,i I tø.� _ I -- ---- o ■�\/i�i���j,i _ 7300 R I R4 R1 , , te1 �� -.��11.• �) o ..•- R sa r r �� ` al °`.r bra.n ER�� �� 3 i I'„ R12 : OI IF B R .r•Mita rlld.C=.1'.i.-.I/ i' ce im � g 111611 41r/4. '/rim s . ' . r•. , ►0-4,mil' 41."."!'SChti.0 2 f vARD PARK .i g G �� �/r -"/ = - 1 W - 1�. t"7 _ j a„;..> �11= . ► -...,,/,VO4 ON PAC F •-�� • f < ter.��t:;i�� �� IOHWMY p''►"-% -'1,, . is=�reth o , /-- -...--lir 10P 1 01 1,.. ►ia ;••:_: V ems'♦ -8100 If' ' �. I d(1 $ diItF82OO Ll � 127.R 12 it MARSH '-�� 8300 _ . \. ;-t CIRCLE -, • ,, LAKE SUSAN ii r t� ?-�' _:�'J • RS , � RD ���ff� ��� RICE M 'SH LAKE R8 1 'l. �� ��� / ENE. %�L .. 1 R rf 11111 e 6 TH ST. • �'� P"all- 8600 1 RSF R4 =• PUD-R 8700 s' RSF, 1 3 r ,—, i R 1 2 8800 I Zoning Map ) Q Page 3 II PROPERTY RIGHTS APPRAISED The subject real estate will be appraised by estimating the market value II for the fee simple interest of the real estate. For use in this report, the market value of the fee simple interest in the real estate is subject to the following definition obtained on Page 102 of the revised edition of II Real Estate Appraisal Terminology by Byrl N. Boyce, Ph. D. , published in 1981. The fee simple interest is an absolute fee; a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation. An inheritable estate. II PURPOSE OF THE REPORT II The purpose of this report is to estimate the market value of the real estate. The function of this report is to estimate the market value for condemnation proceedings. IIMarket value as utilized in this appraisal report conforms to the following definition obtained from Page 160 of Real Estate Appraisal I Terminology, Revised Edition, American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. The most probable price in terms of money which a property II 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 Iis 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. II2. Both parties are well informed or well advised, and each acting in what he considers his own best interest. _II 3. A reasonable time is allowed for exposure in the open market. II4. Payment is made in cash or its equivalent. 5. Financing, if any, is on terms generally available in I the community at the specified date and typical for the property type in its locale. .I 6. The price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. II 11 Page 4 AREA DESCRIPTION AND ANALYSIS Minneapolis/St. Paul is the geographic center of the Upper Mi,j ,c,st as well as the center for the region's business, finance, and industr: The Minneapolis economy is characterized by diversity, stability, and long-term upward growth trends, ensured by the large number of major industries with long-term commitments to the area. The vital nature of the Minneapolis economy is shown by its stable demographic and economic growth, corporate diversity, and its ample transportation complex. Government ' Comprehensive planning in the Twin Cities metropolitan area is controlled by the Metropolitan Council, an agency set up for the orderly management of the seven county area in areas of land use planning, sanitary sewer, criminal justice and waste control. The council carries out the process through internal agencies under its control. The primary function is to control the random development by the counties and to coordinate activities to minimize waste and duplication. Finance , The Twin Cities is the financial capital of the Upper Midwest, which includes Minnesota, western Wisconsin, upper Michigan, northern Iowa, North Dakota, South Dakota, and Montana. Headquartered in the Twin Cities are Norwest Banks and First Bank Systems, the eighteenth and nineteenth largest bank holding companies in the United States. Minneapolis is the home of the Ninth Federal Reserve District, in addition to Twin City Federal and First Minnesota, two of the larger savings and loans in the country. Corporate Diversity , One of the most impressive aspects of the Minneapolis/St. Paul economy is its diversity. Of the 3,200 manufacturing firms in the Twin Cities area, no one manufacturer dominates the employment scene. In 1980 the two largest manufacturers accounted for only 3.3% of the total employment and the 95 largest employers accounted for 18.3% of the total work force. Nevertheless, Minneapolis has many major industries, including electronics, machinery and instrument manufacturing, food processing, and graphic arts. Minneapolis is the nation's largest producer of main frame computers and related equipment and is the world's largest grain trading center. One of the advantages of a diversified economy is the absence of economic disruptions during periods when specific industries are adversely affected. The unemployment rate of the Twin Cities SMSA from 1973 through 1986 has been very low, particularly compared to unemployment rates on a nationwide basis. r I Page 5 , Area Description and Analysis - Continued Transportation The Twin Cities is the center of the Upper Midwest's transportation network, ranging from barges, trucking, rail and air transportation. Due ' to its strategic location at the head of the Mississippi River, the Twin Cities are the home of six barge lines and are served by over 72 barge carriers. The Twin Cities comprise the nation's seventh largest wholesale distribution center and third largest trucking distribution center, with 11 over 100 first class carriers. Additionally, there are seven trunk line railroads with over 5,400 miles of rail trackage. Seventeen national/ international and eight local/regional air carriers serve the Twin Cities, with over ten million passengers passing through the airport each year. Minnesota has 127,500 miles of streets and highways, ranking it fifth in ,. ` the nation in miles of roadways. The Twin Cities are crisscrossed by an ' interconnecting system of major interstate freeways that is over 90% complete and fully paid for. The area is also served by numerous state and county highways. Culture and Education ' Minnesota has developed excellent primary and secondary educational systems which rank among the nation's highest in percent of graduating high school seniors. Minnesota also has consistently been in the top ten states in percent of population with college degrees. There are fifteen colleges and universities in the Twin Cities metropolitan area, including the University of Minnesota with 50,000+ full ' time students. About 39% of the Minnesota tax dollar is spent on educational support. Cultural facilities include several dozen theatres, including the famous Tyrone Guthrie Theatre, a science museum, two art museums, the well known Minnesota Symphony Orchestra and the Ordway Music Theatre. ' Recreational There is a wide range of recreational opportunities in the Twin Cities, ranging from professional spectator sports to individual leisure sports. Within the metropolitan area are 951 lakes, 40 marinas, 53 camping areas, 105 public and private golf courses, and 6 county parks (12,714 acres) . In addition, there are ski resorts, riding stables, tennis courts, and ' skating rinks. The Twin Cities also have two zoos, the older Como Zoo in St. Paul and the newer Zoological Gardens in Apple Valley. The year 1985 saw the completion of the first horse racetrack in Minnesota, Canterbury ' Downs, which last year drew over one million people. Four years ago the metropolitan area saw the completion of the Hubert H. Humphrey Metrodome, home of the Minnesota Vikings (football) and Minnesota Twins (baseball) teams. This indoor facility reinforces the perception of the Twin Cities as a major metropolitan area. Additionally, a proposed NBA arena will be built in Minneapolis, possibly in 1988, coinciding with ' the addition of the Minnesota Timberwolves basketball team. '� Page 6 Area Description and Analysis - Continued 1 Climate The average temperatures for the metropolitan area are as follows: ' Month Degrees January 14 February 17 ' March 30 April 46 , May 58 June 68 July 73 , August 71 September 62 , October 58 November 33 December 20 ' i s 1 Page 7 r IArea Description and Analysis - Continued Listed below is a general summary of important factors pertaining to the 11 Minneapolis/St. Paul regional area: General Summary II1. The Metropolitan Council estimates the Twin Cities metropolitan population to be 2,196,000 by 1990, up from 2,086,350 in 1985. 11 2. The area is growing faster than the East Coast, but much slower than the South or West. It had the nation's fifteenth largest urban area in population in 1980. II3. Average household size has been decreasing over the past two decades; in 1970 it was 3.09; in 1980 it was 2.69; and the 1985 estimate was 2.58. II4. The area has a relatively young population. More than half of the Twin Cities (52%) is below the age of 30. II5. The area comprises 3,000 square miles, 560 urbanized, the rest open or in farming. II6. There are 951 lakes in the Twin Cities area. 7. Population density is low. The Twin Cities ranked 24th out of 25 metropolitan areas in population per square mile within the urbanized portion of the area. I 8. Roughly 90,000 acres of land are set aside for public parks, recreational areas, or open spaces. 9. Two-thirds of occupied housing units are owner occupied. il10. Income is above most metropolitan areas. The 1980 census data ranked the region fourth among the 25 largest metropolitan I areas in median family income ($24,794.00) , fifth in median household income ($20,654.00) , and sixth in per capita income ($8,757.00) . Iii 11. Data also indicates a strong middle class; the region has only a moderate ranking of families and households with incomes of $50,000.00 and higher in 1980 and 1982. ,' 12. Unemployment is relatively low. The June 1987 rate was 3.6% for the metropolitan area, compared with 6.3% for the United IStates. I II 1 Page 8 Area Description and Analysis - Continued I General Summary - Continued 13. There are 1,224,300 non-farm worker jobs in the metropolitan area. Employment is expected to gain another 20% in the 1990's, after a projected 22% gain in the 1980's and 25% gain in the 1970's. 14. Thirty-five companies on the Fortune 500 and Service 500 lists are headquartered in the Twin Cities. This places Minneapolis seventh in the nation for the number of major corporations in a metropolitan area, ahead of Houston and Boston. 15. The value of all private building permits issued in the metropolitan area in the first quarter of 1986 was $572,821,000.00 up 68% over the first quarter of 1985. Housing accounted for nearly 51% of the value of private permits issued in the area in this period. For single-family housing this was an increase of 62% over 1985. Construction of multi-family housing increased by 173% in 1986, with commercial permits up by 132% and industrial permits up by 188%. 16. Of people 18 and older, 81% are high school graduates. Of the 25 largest metropolitan areas, the Cities ranked second in percentage of high school graduates, fifth in percentage with four or more years of college (19%) , and ninth in percentage with five or more years of college (8%) . 17. The high school drop-out rate in Minnesota (7.6%) is the lowest in the nation. 18. In addition to the University of Minnesota and seven state universities, there are 18 state community colleges, 33 area vocational technical institutes, 24 private four-year colleges, four private two-year colleges, and 54 private vocational schools, many of them located in the Twin Cities metropolitan area. 19. In 1980 the Twin Cities ranked 23rd out of 25 in violent crimes, 17th in property crime, and 19th for overall incidence of felonies, a very low rate of crime for such a highly urbanized area. 1 1 Page 9 , I IICOMMUNITY DESCRIPTION The subject property is located in the City of Chanhassen, home of the II nationally famous Chanhassen Dinner Theater. Chanhassen is a small but growing city in northeastern Carver County, approximately 15 miles southwest of downtown Minneapolis. Chanhassen is part of the seven county II Minneapolis/St. Paul metropolitan area, and is located southwest of Minneapolis. Chanhassen is a statutory city under Minnesota State Law and serves as the II basis for the government operation, specifying the council/manager form of government. The City Council is comprised of four council members and a Mayor. All Council members and the mayor are elected at large. Council 1 members serve four year terms; the mayor serves a two-year term. Demographics I Chanhassen experienced its most significant growth during the 1960's, increasing its population from 244 in 1960 to 4,839 by 1970 (more than an 1800% growth) . During the 1970's the population continued rapidly II growing, and since 1980 has shown a continued steady growth trend. In a report issued by the Minnesota State Planning Agency, Office of the State Demographer, Chanhassen's population between 1980 and 1987 has grown I approximately 33.5%. This trend is expected to continue. In contrast, the population in Carver County grew at 16.2% during the same time period, with the whole metropolitan area growing at 8.4%. A look at the following chart indicates that of other surrounding cities, the county and the Twin II Cities, in general, Chanhassen has incurred the highest percent increase in population over the 27 year time period. I Population Total X % X X Estimate % Change From a' 1960 1970 Change 1980 Change 1987 Change 1988 Change 1960-1987 Chanhassen 244 4,839 1,883.2% 6,351 31.2% 8,481 33.5X 9,225 17.5% 3,376% 1 Chaska 2,500 4,350 74.0% 8,350 92.0X 10,018 20.0% 10,478 9.4% 300% { Minnetonka 25,037 35,776 42.9% 38,683 8.2% 43,025 11.2% 43,742 2.6% 72X 1 Eden Prairie 3,233 6,938 114.6% 16,263 134.4% 30,712 88.8% 34,906 33.0% 850% ICarver County 21,358 28,331 32.6% 37,046 30.8% 43,045 16.2% 44,974 7 3% 102% Twin Cities 1,535,297 1,874,612 22.1% 1,985,873 5.9% 2,153,533 8.4% 2,200,321 3.9% 40% SMSA II I The above figures support the fact that as the inner ring suburbs adjacent to Minneapolis and St. Paul were developed in the 1960' s and early 1970' s, vacant land became scarce. As a result, residential, industrial and commercial developers looked to the more remote Twin Cities suburbs for II developable sites. Cities with interstate highway connections , such as Eagan, Burnsville and Eden Prairie were favored, but less accessible cities such as Chanhassen also captured some of the growth. 11 Page 10 II Community Description - Continued I Housing Growth in the number of households between 1980 and 1987 for both II Chanhassen and Carver County is significantly greater than the growth in population. This is due partly to the decline in the average number of II persons per household. For the State of Minnesota the average household size has dropped from 2.74 persons in 1980 to an estimated 2.62 persons in 1987. During this time period Chanhassen showed a growth in the number of households of roughly 48.8%, while Carver County had a growth rate in the II number of households of 24.8%. The table below depicts the growth in households over the past seven II years, plus projections for the year 2000. Household Growth II Pro j . % Change 1980 1984 1987 2000 1980-1987 II Chanhassen 2,073 2,334 3,084 3,700 48.8% I Chaska 3,006 3,290 3,721 4,300 23.8% Minnetonka 12,667 14,241 16,425 19,500 29.7% I Eden Prairie 5,383 7,540 11,784 17,500 118.9% Carver County 12,011 13,027 14,986 17,530 24.8% II 7 County Metro Area 721,357 767,500 828,236 931,000 14.9% I Source: U.S. Census and Metropolitan Council 4 i I II I b 1 Page 11 II II IICommunity Description - Continued Housing - Continued II Household Trends Number of Units IIMinneapolis/St. Paul Metropolitan Area April 1, % Incr. II1970 1980 1988 1980-1988 Total Seven County Metropolitan Area 594,003 721,357 853,172 18.3% ICity of Minneapolis 167,214 161,858 163,616 1.1% D il City of St. Paul 107,715 106,223 110,971 4.5% ISeven County Metropolitan Area IIAnoka 40,857 60,716 76,728 26.4% Carver 8,266 12,011 15,669 30.5% tDakota 39,224 64,087 91,768 43.2% Hennepin (Minneapolis) 320,479 365,536 415,538 13.7% IIRamsey (St. Paul) 153,623 170,505 188,986 10.8% IIScott 8,789 13,501 18,603 37.8% Washington 22,765 35,001 45,880 31.1% 1 Source: Metropolitan Council IIClearly, the above figures show a steady flow of people outward from the city towards the suburbs. This trend will continue because the central 1 cities and inner rings of the metropolitan area are highly developed. A development ring for a city originates at its center and expands outward in a somewhat concentric fashion. The metropolitan area has four rings of II development: the central ring, the inner ring, the development ring, and the outlying area. Northern Carver County is primarily situated in the outlying area, which covers Chaska and Laketown. Chanhassen is in the 1 developing ring area. The map on the following page illustrates these development rings. {I II IPage 12 • I DEVELOPMENT FRAMEWORK FORECAST RINGS, METROPOLITAN AREA F.-----5--- ---1 I I I l o�ita ( I tINwODD 0. CAST It lNtl BURNS I OAR GROVE I I I --ke-, ill I Otto: M. I ANOKA CO �., �+[ �� urs[Y COIIINn•,S 1 I AROOV[■ NAY fall[ ,� 0 I I0t[St L•a( hl w SC•N4.• T r9. fORl SI I.•!• yF �p (( 1 `\"- " Iad LIFO LANES 1 0.1fOM L• SAN [ t CM•YL IM COON•AI.Of CENT *RILL( •l A1wt .44, 1 r--- rYGO N•+o•[• t[nwc row a[cu�run WASHINGTON CO c1(tr{1llD CO•CO••• TRAPS(4•DYf tosste 1.2.1 I Our'y SNO t[Yl[r l.-r ————— t•OORIYMP••N 12 att 22 Sl.11 w•i1r OCR/0.0 f•IDI[T I::r([(•r ' HENNE N CO ••ooavw — [ �f' t.R•Nt C[R r[■ It•14 OR YAW." "3'7,42, Cl a‘C u 'QlDarTO c 9sr•l 0'2 •O[9. J 23 ='-029 I •1(• lt1l rIOtw. PLYMOUTH On I Iw0(I[•D[rC[ 10 Si � '�`C 11 I1[� 1 ('^I]0 tOfl Rlltf I y� �yl �l r [^ r•rtt PLAIN '' \ INNER R'11f Yy[�1� =' �% GOL D[w .." t•GOD `-� t[ t.a[ 1 --- RACILY II �I ..... (L rO — NISI , ___T._ _,.____.=�_ .. -.__ p, _.ol,o ' ---Z 1 ` RAMSEY CO I.ATLPhU y • I I 1 NI [a[. `6' . 0-:-....... st touiS CEN L CITIES t..[l:.o ^�%7 1•tR �/� ^71 VQ./ r/ry1 Y1rM•�►0111 r` / ]Ir" wOlLrwOOD I A:rt wt;9.h y ' 'c! I I "" D[[IN.Y(r OIRIR f�I St (*Oil[[•�' S4D.,,.[lY1 COME 1 I P•th 1:(17, Rmaft! i ,� W •L• Inc HYICLO tlro[t - sr .[+ !r • /j •qL• rt r0or. _UK( _ I •a' nclot, cN•rr•t1c _ �'•ta�ryt li ..[.c•.,s [ t .•»I EN I A.•IH• 7� Lali MAN i _�tD(w P11.1•Il tI UL 4. w•CO+,• I BLOOMINGTON I.C.N CAGY[ L---- I CARVER CO Dr_VEt OPING RIN (ADAM ucwn COTTAGE 0•0.0 •IN»••• 1 ' I .ours ,f-� I CHAS"• A •.N DAKOTA CO "?) -- t .o•.000 .YI 1.1 I C•sv[• COLOGNE, •HU,r1N I_' wufruu ,.,/ . ll 1 I P•10• I AMC ROSEMOUNT wIN.hNta r(� I I r 111 Vlpbll! TALC��/ 1 .SEI•GS ' Pt Rr.111ON Ir••[ SAND CREER 1 ILIA P,AL Y■r I I 'f'L�y/}1rS I SPRING CARE I CRFUIr I F» I Q •••S•.•N ko IA•rIYGYO■ i 3 —St l•=RENCF+I Io(o•w SCOTT Q . TLY _A I L — -- I --J 1 T /W TI( I —— I ' Ntw 14•NNE1 I El 0+[.I•tta 1J [ H•r/ID• LL NI•Alt Er i HULL PI.IN[ I HELENA C\U•N TARE i ( LUMINA I €13111 ROCK :::::: I ( 47 I I»•CIS D 10 .4.001.1.1 1 I I IS 20 j3 I YR Cf Mr.lf �w•It Rf ORU ,,,,„� SOOT• ! i-- -L—_1—,.._1 I TWIN CITIES METROPOLITAN AREA • t SP•1+G P••• 9 MOUND•• 17 T•LCON HtIGYTI 25 Gtr l.•l 2 010+0 10•o• ,+lo•ll IS •t•o0r• 211•lAcN•oow AN PIA 3 r•••t10•a••CACr II Ir•.•G L•a[I••• if CIL/SAES 27"HUE BEAR County Boundary -,.. • (0••••■• 12 Y 1 40•1 20 GRER C10110 IS •.r•Otr 0(00D 3 tu[u1o• 13 R,l L10P 21 t•• 29 n ,( Municipal Boundary •ct1■••••• 1•COL N...I gIGYT■ 22 DIII•OOO 20 OAR Pal[NIKYry C••.DY N Township BOUnO 7 •oocK••• IS S1 ••19.0.1 23 NAN t•u.GS 39.0•lt $ Q ary ' • rtOKI•[t.[[ 24 r•Kvartsl 32 IT •••r(POINT • Page 13 I Community Description - Continued Housing - Continued The percentage of developed land within the rings is broken down as follows: % of Seven County of Seven County Area Ring Land Area Development Land 1 Central Ring 3.8 12.6 Inner Ring 6.0 18.6 IDeveloping Ring 26.9 60.9 Outlying Area 63. 3 7.9 Total 100.0 100.0 According to the Metropolitan Council in its study "Regional Land Use Trends, 1970-1980," there is enough developable land in the metropolitan area to last 36 more years. This figure does not include wet, low lying areas. The chart above indicates that the bulk of this development land is in the developing ring areas since the central and inner rings have much less developable land remaining. ' Vacant land consumption has remained relatively stable for the 10 year period between 1960 and 1970. During the 1960' s, vacant land was consumed ' at a rate of 8,843 acres per year. From 1970 to 1975, annual consumption was 10,139 acres per year. For the period from 1975 to 1980, it dropped to 6,213 acres per year, and from 1980 to 1984 it dropped to 4,961 acres per year. This drop in land use is mainly caused by the drop in 111 residential land consumption due to the rapidly rising cost of land. Also, there was a substantial amount of land acquired for parks and recreation in the first few years of the last decade: 4,738 acres per year ' from 1970 to 1975 and 526 per year from 1980 to 1984. One other factor was the Metropolitan Council's development framework policies dealing with the orderly and efficient utilization and the existing infrastructure. tin More construction money was spent in the central cities, with a much higher density. Land use for the metropolitan area, as of 1980, was broken down into various categories, as displayed below: Residential 36.0% 9 Public use 29.3% ' Streets 22.9% Industrial 8.7% Commercial 3. 1% Total 100.0% '� Page 14 • II Community Description - Continued 1 Employment The Minneapolis/St. Paul metropolitan area has a strong and diversified I business climate, including electronics, milling, machine manufacturing, food processing, and graphic arts. These businesses and others have II helped to make the Twin Cities one of the largest business centers between Chicago and the West Coast. Business is attracted to the area for many reasons, including a strategic location at the head of navigation on the Mississippi River, excellent transportation services, headquarters for 15 II of the top Fortune 500 companies, and the Ninth Federal Reserve District Bank. The people of the Twin Cities are one of its major assets because of their low absenteeism, high credit ratings, and their commitment to II education. Total nonagricultural employment in the region grew substantially during the 1970's. Nonagricultural employment grew by an average annual rate of II 2% between 1970 and 1975 and by 4.1% between 1975 and 1980. The economic recession nullified employment growth in 1980 and resulted in a slight decrease (1%) by 1983. However, there was a 5.2% increase from 1984 to II 1986, with the largest increase in finance, insurance, and real estate related jobs. As mentioned, the Twin Cities are the headquarters for 15 of the Fortune 500 companies in America. Below is a list of those II companies and their ranking within the Fortune list. Fortune 500 Companies Sales Assets I - Rank Company (000) (000) 1. 47 3M-St. Paul $7,846,000 $6,593,000 II 2. 56 Honeywell-Minneapolis $6,624,600 $5,033,700 3. 64 General Mills-Minneapolis $5,654,100 $2,662,600 4. 80 Pillsbury-Minneapolis $4,670,600 $2,778,500 II 5. 106 Control Data-Minneapolis $3,679,700 $3,072,500 6. 164 Land O'Lakes-St. Paul $2,267,148 $ 642,323 7. 235 George A. Hormel-Austin $1,502,235 $ 560,939 8. 250 Farmers Union Central Exchange-St. Paul $1,375,813 $ 690,550 II 9. 274 International Multifoods-Minneapolis $1,211,151 $ 504,588 10. 362 Bemis-Minneapolis $ 787,028 $ 440,874 L 11. 376 Economics Laboratory-St. Paul $ 726,939 $ 434,495 II 12. 358 MEI-Minneapolis $ 808,273 $ 501,586 13. 368 Deluxe Check Printers-St. Paul $ 764,421 $ 520,740 14. 449 Pentair-St. Paul $ 534,198 $ 305,755 15. 453 Josten's-Minneapolis $ 529,769 $ 314,511 II 16. 489 H.B. Fuller-St. Paul $ 457,937 $ 253,571 i Source: Fortune Magazine, 1986. I Most of these firms are ranked among the top 50 employers in the Twin Cities area and draw their employees from all over the metropolitan area. I I Page 15 I II , Community Description - Continued IEmployment - Continued Covered Employment 1980-1987 II % Change Industry 1980 1983 1987 1980-1987 IManufacturing 1,744 2,103 2,657 52.4% Agriculture, Forestry & Fisheries * -- Contract Construction 316 264 635 100.9% 1 Transportation, Communications & Public Utilities 562 554 965 71.7% Wholesale Trade 1,311 1,354 1,871 42.7% II Retail Trade 1,225 1,268 2,126 73.6% Finance, Insurance, & Real Estate * * Services 643 1,086 1,597 148.4% = Government 757 866 1.181 56.0% ITotal 8,054 8,872 13,087 62.5% 11 Source: Minnesota Department of Jobs and Training *Not disclosed to preserve confidentiality for the few IIemployers in the industry. A diversified economic base has helped this area weather hard economic '' times better than many other parts of the United States. As illustrated below, the unemployment rate of the Twin Cities SMSA, as provided by the Minnesota Department of Jobs & Training from 1980 through 1988, has been I very low, particularly when compared to unemployment rates on a nationwide basis. 4' Twin Cities SMSA Summary of Unemployment Rates Year Twin City Area United States 1 1980 4.4% 7.1% 1981 4.4% 7.6% 1982 6.4% 9.7% til 1983 6.6% 4.8% 9.6% 1984 7.5% 1985 4.6% 7.2% 1986 4.2% 7.0% II1987 4.4% 6.2% 1988 3.4% 5.4% March 1989 3.6% 5.2%* II *Actual -I t IPage 16 • 1 Community Description - Continued , Employment - Continued People living in Carver County tend to be less susceptible to downturns in economic conditions than on the State or National level. Over the past seven years, ending in 1985, Carver County has consistently had a significantly lower unemployment level than the State of Minnesota or the United States. The average rate of unemployment for the State of Minnesota in 1983 was 8.2%, in 1984 it was 6.3%, and in 1985 it ended at approximately 6%. The following table shows Chaska's unemployment rate as compiled by the Minnesota Department of Jobs & Training. (Unemployment data is unavailable for the City of Chanhassen. ) Unemployment in Carver County Year Rate ' 1980 4.5% 1981 4.5% 1982 6.9% 1983 6.5% 1984 4.7% 1985 4.3% 1986 3.9% 1987 4.0% 1988 3.1% March 1989 4.4% Chanhassen residents are employed not only in Chanhassen, but throughout the Metropolitan Area. The 1984 Sales Management Survey of buying power shows that 24.2% of Chanhassen households had effective buying incomes in excess of $50,000.00, 29.3% had $35,000.00 to $50,000.00 effective buying incomes, 29.6% had $20,000.00 to $35,000.00 effective buying income, and 11.7% had $10,000.00 to $20,000.00 effective buying incomes. The median household effective buying income in 1984 was $39,772.00. Additionally, Chanhassen has followed the national trend of more persons per household in the labor force. In 1984 Chanhassen had a total labor force of 1,100, of which 800 were in the non-manufacturing section. In comparison, by 1985 Chanhassen had a total labor force estimated at 1,575 persons, of which 800 were in the non-manufacturing section. y 1 1 Page 17 I ICommunity Description - Continued Transportation and Access IIChanhassen's primary access to the Twin Cities metropolitan area is east/west Highway #5 and North/South Highway #101. Highway #5 runs due II east and connects with Interstate #494. Highway #494 continues east through the cities of Eden Prairie, Edina, and Bloomington, and also travels north from Highway #5 to the northeast corner of the metropolitan area, where it connects with Highway #694, which travels east along the I' northern edge of the Twin Cities until it comes back around to St. Paul and the southern suburbs. Additionally, Interstate #494 provides a major east/west access not only to the southern suburbs, but it also is one of II the two main highways which travels to the Twin Cities International Airport. Highway #101 travels north through Minnetonka, Wayzata, and Plymouth, where it connects with Highway #55 in Plymouth. Highway #101 •r crosses Highway #394 (proposed, presently Highway #12) , a major east/west access to Minneapolis. The subject property is located very near the intersection of these two main thoroughfares, thus providing the subject with exceptional access and visibility. :, Industry I Chanhassen is basically a young, fast growing bedroom community supported with some large employers. The recent large increase in housing starts is both a reaction to the increase in industry in this area and an overflow from the filling up of the second ring suburbs. Such growth momentum :I provides insulation from major downturns in the national economy. Additionally, the new residential neighborhoods in Chanhassen are high quality developments with individual homes generally exceeding $100,000.00 Iin value. Currently, the primary employers in Chanhassen are split between the service industry and light manufacturing. t' Major Employers in Chanhassen I Number of Firm Product/Service Employees United Mailing Mailing/Pre-Sort 475 ' Bloomberg Companies Dinner Theatre 335 The Press Printing 300 Instant Web Commercial Printing 175 IIM A Gedney Company Pickles & Dressings 132 i Empak Electronics Mfgr. 100 ABC/Lyman Lumber Millwork/Distr. 81 1 Victory Envelope Mfg./Print Envelopes 75 Dayco Concrete Mason Contractor 47 Redmond Products Hair Care Products 35 Kiowa Corporation -- 33 Energy Controls Heat/A.C. Maint. 28 ,Il Current developments within the city which will provide additional I ' employment include McGlynn Bakeries (350 people) and Rosemont Engineering (700 people) . IPage 18 • I Community Description - Continued IIn concluding our analysis of the City of Chanhassen, it is our opinion that the City represents a growing community based on a strong and diverse economic base. Chanhassen should continue to be somewhat insulated to I business downturns in the national economy. Consequently, we believe the outlook for appreciation in real estate values within the City of Chanhassen is excellent. I A H g I 4 B 9 4 ! H € H a C !_ H a a s ' I t iT ! ! $ Hi...A_ § § c!�,!,i1 ! a ! F ! ! ! - - ... 1111.,_.,.... I r;:ii'«n--! i --- <.r a• . LT1 "" IA t, "r te W ,\\„� ••- ��/ I re. --f=-°Getty!•' _ -��iniMMWW 7. I- -ti 0-1111 _a un-um, '�.' a{� `s ,, - zones_ _•�a1_ _-'�' ay w 5 :. I,1 +1111. �� ^-{: �.__ �� 1111 1 "1111. :,• 3 I ( , f 3_ka„a,. -- 2 4... .-.__ale,,. ,y t� i2 _- I.-mn_ _1111: 14 ,VIIIIIIIIIII %, --�- - ••. - ., i..�., �� C' . . 1111.,.// a d 59 - .. _ - :� :� =b l , _ -3 we I OOP. t «1111— - € 0 n 8 i ,� 1 1 . 1�1.. . r 4 CITY OF IMIIMIIII CHANHASSEN - __ ! ._ MSC la. •6—_— 5. e. .4y lig It' r o • � I r c— SCHOELL a MADSON, INC. O. .J, l I� ' M ««11 .11•«:°.."1011, - , `•li j:g c ,'.�.L4 i'-A,t+i ql i', ..�.y - - , :awl' -- ■ 6 • ; � i- , Nark .____\---."._. -- '' .( _ - ---- _ --- ` amt _ j� , H , � 11 � , ; HI I , ,IIIi � . I ( City Map ) 1 Page 19 I IINEIGHBORHOOD ANALYSIS The subject is located south of downtown Chanhassen, adjacent to Highway #5. Its neighborhood includes downtown Chanhassen and properties fronting on Highway #5. The topography of the neighborhood ranges from generally level, with some IIbelow grade areas along Highway #5, to slightly rolling areas. The neighborhood is primarily commercial/retail in character, with °1 development along the north and south sides of Highway #5. Land uses surrounding the subject neighborhood are diverse and consist of industrial, public/semipublic and residential uses. Recently, downtown II Chanhassen has been involved in a redevelopment project in efforts to update a small but growing city. A couple of the projects include: street realignment and resurfacing, and an 18,000 square foot shopping I. center which was completed one year ago. In approximately one month, 1 construction will begin on two new projects; a 30,000 square foot medical arts building which is scheduled for completion in late fall, and a 60 unit apartment complex with underground parking and security system which Ishould be completed by late 1989. Outside of the downtown area and located southwest of the subject site, I Opus Corporation has an industrial project under construction which consists of a 300,000 square foot facility for Rosemount Industries. Construction is scheduled for completion in December 1989. Future projects for Chanhassen include a bank and an 80 unit hotel complex. ,' In conclusion, there is adequate vacant land in the subject neighborhood to continue its growth stage in the foreseeable future. This neighborhood I and surrounding area should continue to be attractive to commercial/ retail, industrial and residential users because of the highly populated and productive community base. In addition, the access and transportation into Minneapolis/St. Paul area are convenient and conducive to further ' development. II 1 II L II I II II Page 20 • 1 PROPERTY DESCRIPTION The real estate that is the subject of this market value appraisal is two vacant parcels of land located west of State Highway #101, fronting of State Highway #5 in Chanhassen, Minnesota. The subject parcels total 7.9407 acres in size. Land , The subject parcels of land are a total of almost eight acres of vacant, commercial land which fronts on Highway #5. These parcels are located at the end of the West 79th Street cul-de-sac. The topography of the site is rolling, with some low and high elevations. A soil survey completed by Allied Test Drilling Company, confirmed the fact that the soils are buildable and suitable for commercial development. (A complete summary of the soil conditions is located within the addenda of this report) . The subject further enjoys a superior location within the City of Chanhassen, including very close proximity to downtown, coupled with tremendous exposure and visibility from Highway #5. As of April 1988, there were an average of 20,500 vehicles per day traveling west bound from Eden Prairie to Chanhassen, according to the Minnesota Department of Transportation. At the intersection of Highway #5 and County Road #17, which is about one-half mile west of the subject, there were an average of 12,800 vehicles traveling west and 13,800 traveling east on Highway #5; on County Road #17, there were 4,600 north and 4,000 south. Land features are noted as follows: Accessibility/Visibility: Very good, via Highway #5 and 79th Street Bounded by: The Chicago, Milwaukee, St. Paul ' Railroad to the north and, Highway #5 to the south and property owned by other entities to the east t Street Surface: Bituminous Number of Lanes Each Direction: One Sidewalk: None 1 Curb and Cutter: Concrete Water: 10 inch city service is available Sanitary Sewer: 10 inch city service is available Storm Sewer: 18 inch city service is available 1 Page 22 ' il Property Description - Continued II Land - Continued ,' Gas: Minnegasco Electricity: Northern States Power Company 1 Telephone: American Telephone & Telegraph Approximate Shape: Irregular triangle/rectangle ITopography: Rolling II Soils: Buildable and suitable for commercial development Vegetation: Naturally grown grasses and IIdeciduous trees Apparent Easement or Restrictions: 30 foot wide utility and drainage I' easement between Lots 8 and 9 1 Land Area Statistics Total Estimated Land Area: i' Lot 8 - 90,151 square feet or 2.0696 acres Lot 9 255 ,745 square feet or 5.8711 acres IITotal - 345,896 square feet or 7.9407 acres II II t II II 1 —11 Page 23 • .>'-vtir-)N-4.,14-a:5'ifAX -.'k.".•*-:::-,'• r ';-4...:"4-4.• -,,t• •-..-7,--— t••••••,•7 .-- 1r,r r,..,.., - ' "- ."C-) .,,,.., -■ Y4:%M.11111 '..!■•••••••• lir,'t;N:-; ,/,.,''^',.'.1.: . . 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' ec J.- • -.. e., ) •I, ;. . ' .„,,,,- .i "1.or..,,,kr,-4.'.._;,....,1,.. ,, . '‘ 4 , . , , 4,-.1: - -,,,. ,...4-1 . ., ? -A11,-, _ :! : ip-- . - , ".- --- \ 41,t ,itiE- i,,,,0,-, ., - ,;,0,,,ce, .... - . . ,--.4, ' • - — -t • Southwesterly view of the subject property as seen from the railroad tracks looking toward Highway #5. _ I Page 25 _ HIGHEST AND BEST USE The highest and best use of the subject real estate as it will be regarded in this report will conform to the following definition found on Page 126 of the 1981 Edition of Real Estate Appraisal Terminology. The highest and best use is defined as that reasonable and ' probable use that supports the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and which results in highest land value. The definition immediately above applies specifically to the highest and best use of land. It is to be recognized that in cases where a site has existing improvements on it, the highest and best use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until land value in its highest and best use exceeds the total value of the property in its existing use. Implied within these definitions is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual property owners. Also implied is that the determination of highest and best use results from the appraiser's judgment and analytical skill, i.e. that the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value) another appropriate term to reflect highest and best use would be most probable use. In the context of investment value an alternative term would be most profitable use. As Vacant Physically, the subject parcel is capable of a variety of developments due to its large size of almost 8 acres, and its superior visibility from State Highway #5, as previously stated in the site description. The subject's size and visibility are two of its most favorable features. Another feature is its stable soil conditions, which were tested and verified by Allied Test Drilling Company, an exploration evaluation and foundation engineering company. Based upon these physical and locational characteristics, we believe the subject site conducive to various types of development. Legally, the subject site could be developed into a variety of commercial uses, as listed in the addenda of this report. Furthermore, due to the growth of the city and the area in general, there is a growing demand for more commercial development in order to nurture and inspire more growth. Page 26 1 II 1 Highest and Best Use - Continued Economically, as stated in the area and community analysis, the entire I western edge of the Twin Cities Metropolitan Area has been experiencing significant growth, and this growth has over the past years reached the Chanhassen and Carver County area. Chanhassen is located along the edge I of the MSA development ring, which indicates further development is inevitable as growth continues further west. Based upon these growth patterns, further commercial growth is necessary to promote increased residential and industrial growth. In addition, commercial and retail IIuses of the surrounding land encourage further commercial development. In summary, it is our opinion that the highest and best use of the site is 1 for commercial/retail development. The reasons for our opinion are as follows: 1. Compatibility of the commercial use with the current zoning and Isurrounding land uses. 2. Suitability of the site considering its shape, topography, and II location. 3. Close proximity to downtown Chanhassen. II4. Convenient accessibility of the site via major highways and thoroughfares, such as Highway #5, Highway #101 and 79th Street. I The following map depicts one of the many potential plans for the subject site. (This map is for illustrative purposes to help the reader envision various types of development potential. ) II 1 II II II 1 I II ', Page 27 f P l's r"w e , , . r Y _—_— ....—•.------__�� _--- ---_ — -- - RAILROAD _--_ -- --— �' PACIFIC _--- .1‘ ,••0+_'�_'_': "— - EE ST-PAUL & ��`-_ - ,r ■�'�C— 'mss — 'mac , , j 1 ,_,,2.,.,=,:,-...- __:__ \ , -,... --- .... l'.., %b4,* ....%,.. '‘‘, s. • \ s s \\ \ . \ ''', -.„, ' li ; I ,\ I I . WIrmmyynnV 4. .------•------- \ • ■ • \ i Site Location Sr-7, I \\ ,\ i 79TH STREET 4' 1 No rR�/ ` f••.vi• \ �� \,i / y t / L;L 1 ylCy :y... -_,_; _E I-+ Seale:1•%40' Wqy is _.g52 5 �_/, 0 20 40 eo �L' d`, "o '; Land Owner - .. S.C.'JS'BURDICK .,-,z ONE HOUR CLEANERS,NC LAYOUT "A° I71 _�•�,- �f • 1 Y V .1!LAKE STR%E�adi —( ` /` LL^^^LJJJA [%CELfIML MN!6111 / 1 K-'r" 1.Retail/Service Shops �' &Restaurant±32,000 SQ.FT. ` a^. / ' 2.Retail Tire Center 1-0 j k - -I • 3.Full Service&Self Service Car Wash 00 u FRONTIER DEVELOPMENT PARK 4.Kentucky Fried Chicken m CHANHASSEN,MINNESOTA - fJ co — — — — — — — — — — — — — — — — — — — I IIDIRECT SALES COMPARISON APPROACH TO VALUE Rationale of the Direct Sales Comparison Approach to Value 11 The direct sales comparison approach is essential in almost every appraisal of the value of real estate. The value estimated by this I valuation analysis can be defined as "the price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure" . This definition assumes that both buyer and seller are fully informed about the property, and both have general knowledge of the market II for that type of property and assumes that the property has been exposed in the open market for a reasonable time. II The direct sales comparison approach to value is based on the principle of substitution, which states that "when a property is replaceable in the market, its value tends to be set by the cost of acquiring an equally desirable substitute property assuming no costly delay in making the II substitution" . Sales in the open market of real estate with generally similar characteristics and utility are usually good indications of value for appraised real estate. „' The comparable market data which is submitted in this report, in our opinion, suggests that the best unit of comparison for the subject real Iestate should be sales price per square foot of land area. The application of this unit of comparison produces an estimate of value for a property by comparing it with similar properties of the same type I i and class which have sold recently in the same or competing areas. The analytical processes, utilized in determining the degree of comparability between two properties, involves judgment as to their similarity with II respect to many value factors such as location, date of sale, physical characteristics, and terms of sale. The sale price of these properties deemed most comparable tend to set the value range for the subject 111 property. Further consideration of the comparative data indicates a figure representing the value of the subject property, that is, the probable price at which it could be sold by a willing seller to a willing buyer as of the date of the appraisal. The data involved in the II application of this process concerns these comparable properties as well as the subject property, and this data will vary with the type of property. Four categories of data, however, are basic and apply Iregardless of the type of property. They are: 1. Sales prices of comparable properties. I2. Conditions influencing each sale. L. 3. Location of each property. II4. Description of land and improvements of each comparable property. II II 'r Page 29 1 Direct Sales Comparison Approach to Value - Continued , I. Estimate of Land Value as if Vacant We have conducted a survey of land sales which are comparable to the subject property and, as a result, have formed an opinion of market value for the site. In our opinion, the market value for the subject land as of August 28, 1987 is estimated to be $1,800,000.00, which equals about $5.25 per square foot for the total land area of 345, 896 square feet. This land value estimate assumes that all levied and pending special assessments are paid in full for the subject land. ' Comparable real estate transactions which were useful in estimating this land value are individually described on the following page. Details on these sales are located in the addenda of this report. r I I r I I I 1 Page 30 3 I 1 Comparable Land Sales Fact Chart I 1 • Sale Sale Sale Size Top./ Sale Price/ No. Location Date (Sq.Ft.) Shape Soil Price Sq.Ft. 1. 5100 S. Hwy. #101 12/84 46,208 Rect. Level $ 210,000 $4 34 Minnetonka, MN 2. SWC Hwy. #101 & 8/83 84,071 Rect. Hilly w/ $ 336,000 $4 00 Hutchins Slope Minnetonka, MN 3. 4950 Hwy. #101 1/86 70,000 Irreg. Level $ 370,155 $5.29 Minnetonka, MN 4. 10720 Cedar Lake Rd. 2/86 41,740 Rect. Above St. $ 165,000 $3.95 Minnetonka, MN Grade 5. S. of Co. Rd. #3 12/82 23,113 Rect Level $ 85,000 $3.68 E. of Shady Oak Rd. Minnetonka, MN 6. 6413 Shady Oak Rd. 12/84 317,552 Rctglr. A $1,206,949 $3.80 Eden Prairie, MN 7 6423 City West Pkwy. 10/85 71,887 Irreg. Buildable $ 369,626 $5.14 Eden Prairie, MN 8. City West Pkwy. & 2/84 75,054 Rect. Buildable $ 402,140 $5.36 Shady Oak Rd. Eden Prairie, MN 9. 6233 Baker Rd. 6/85 413,820 Rctglr. Level $1,920,519 $4.64 Eden Prairie, MN 10. Hwy. #5, E. of #101 2/88 B 82,500 Tringl. Buildable $ 330,000 $4.00 Eden Prairie, MN 11. L1, 2, 3, B1 1; & 4/87 C 163,098 Rctglr. Some $ 624,454 $4.09 L 1, 2, B1 2; Lowland Burdick Pk. Addn. Chanhassen, MN 12. Hwy. #5, W. of #101 11/87 D 55,000 Rect. Buildable $ 330,000 $6.00 Chanhassen, MN 13 NEC W. 78th St. & 8/87 E 65,400 Rctglr Buildable $ 261,600 $4.00 Co. Rd. #17 Chanhassen, MN 14. xxx Market St. 5/89 110,000 Rect. Buildable $ 495,000 $4.50 Chanhassen, MN 15. xxx W. 78th St. 1/89 19,600 Rect. Buildable $ 75,000 $3 83 Chanhassen, MN 16. SEC W. 78th St. & 5/89 F 40,000 Slight. Buildable $ 260,000 $6.50 Co Rd. #17 Irreg. Chanhassen, MN Sub. W. of Hwy. #101, -- 86,474 Irreg. Rolling -- -- fronting on Hwy. #5 Chanhassen, MN Page 31 1 1 Direct Sales Comparison Approach to Value - Continued A Note: This symbol signifies the fact that the parcel had soil II corrections completed prior to the sale and therefore are already reflected in the sale price. I B Note: This comparable is under a purchase agreement which has not yet closed. C Note: This comparable is an option agreement which has been extended 1 until September 1988 at a cost of $20,000.00. D Note: This comparable is an unsigned purchase agreement on Lot 9 of the 1 subject property. The agreement is unsigned due to the pending condemnation. P E Note: This comparable is a listing, not an actual sale. IIF Note: This comparable is a listing, not an actual sale. IThese sales have been adjusted for items of difference. These include variances for time of sale, size, access and traffic exposure, general I location, etc. A description of the adjustments made to the comparable sales is listed below. A chart demonstrating our analyses in the adjustment process is provided on the following page. II: Adjustments 1. Time, based upon the amount of population growth and development in 1 the area, we have found a 8% per year appreciation rate to be justified, as no matched sales or resales were available to indicate otherwise. ;1 2. Location, considers proximity to positive features such as major retail centers and major thoroughfares. It also considers the amount of traffic in front of the site, and the neighborhood in general. 1 3. Size, adjustment is based upon the general tendency of smaller parcels to sell for more per square foot than larger parcels. 1 4. Shape, adjustment was considered due to the fact that irregular parcel shapes are generally less efficient than other parcels of the same size with a regular shape. 1 S. Other, this adjustment considers not only the soil and topography conditions of the parcel, but also the conditions of the sale itself. 1 -1 I '1 Page 32 I Direct Sales Comparison Approach to Value - Continued I ' Comparable Land Sales Adjustment Chart II Adj . Sale Sale II Sale Price/ Total Price/ No. Sq.Ft. Time Loc. Size Shape Other Adj . Sq.Ft. 1. $4.54 1.24 1.00 .95 .95 .95 1.06 $4.81 I 2. $4.00 1.38 1.00 1.00 .95 1.05 1.38 $5.52 3. $5.29 1.13 1.00 1.00 1.10 .95 1.18 $6.24 I 4. $3.95 1.13 1.00 .95 .95 1.05 1.07 $4.23 5. $3.68 1.45 .95 .90 .95 .95 1.12 $4.12 II 6. $3.80 1.24 .95 1.10 .95 .95 1.17 $4.45 I 7. $5.14 1.16 .95 1.00 1.05 .95 1.10 $5.65 8. $5.36 1.32 .95 1.00 .95 .95 1.13 $6.06 I 9. $4.64 1.19 .95 1.10 .95 .95 1.12 $5.20 10. $4.00 .96 1.15 1.00 1.05 .90 1.04 $4.16 I 11. $4.09 1.03 1.30 1.05 .95 1.00 1.34 $5.48 I 12. $6.00 .98 1.10 1.00 .95 .85 .87 $5.22 13. $4.00 1.00 1.15 1.00 .95 .85 .93 $3.72 I 14. $4.50 .87 1.10 1.05 .95 .95 .91 $4.10 15. $3.83 .89 1.30 .90 .95 1.00 .99 $3.79 I 16. $6.50 .87 1.10 .95 .95 .85 .73 $4.75 II I II b 1 I - Page 33 I II IDirect Sales Comparison Approach to Value - Continued Before adjustments for differences, the aforementioned sales indicate a I range of $3.68 per square foot to $6.50 per square foot for the subject land. After adjustments, these sales indicate a range of $3.72 per square foot to $6.24 per square foot. After reconciling the adjustment process, II and considering, in particular comparable #12, which is part of the subject property, it is our opinion that the subject land has a market value of $5.25'' per square foot. Il Based upon the adjusted comparable sales, the subject's location and other favorable physical features, we believe the adjusted value per square foot to be $5.25 per square foot, as of August 28, 1987. II345,896 square feet @ $5.25/per square foot = $1,815,954.00 r Rounded to II $1,800,000.00 II *Assuming the following: 1. The City of Chanhassen will cooperate in the condemnation of, or I Mr. Burdick will purchase the east 30 feet of the right-of-way access from State Highway #5, for a full interchange to the subject parcel. (It is reported that the east 30 feet of the access right of way is owned in fee simple by the M.J. Ward Estate, while the Iwest 60 feet is owned in fee simple by the City of Chanhassen. ) 2. The cost of this condemnation and construction of the interchange IIwill be paid by the city. I, II I 11 11 L I .-II II Page 34 SUBDIVISION DEVELOPMENT METHOD Subdivision development is an important part of the modern appraisal practice and should be limited to instances where the current highest and best use is for subdivision development. A primary consideration in such a conclusion is that the land must be ripe for development and either zoning permits such use or a reasonable probability of a change in zoning to such use exists. Deductions must be made from the anticipated gross proceeds for all the ' necessary development costs, including the developer's unrealized profit, overhead, engineering cost, and the expense of rezoning the property. If the anticipated "sell-out" period extends over a period of time, the appraiser must discount for time in estimating the value of the raw land. The development method may not be needed if market value can be estimated from comparable sales. However, a development method application can be useful in confirming comparative value indications, estimates of possible absorption periods, and so on. The highest, best and most profitable use analysis must be compatible with the development or anticipated use valuation premise. The basis for the decision should be documented by: , a. One or more successful subdivisions within reasonable proximity to the subject, reflecting market activity and the reasonable assurance of its continuance. In the absence of nearby subdivisions, other economic data may be analyzed to evaluate market demand. b. Competent analysis of supply and demand factors relating to absorption rates, sale prices, and costs. This includes analysis of existing and potential competition. c. Utilities common to the area that are available at the site or can be extended within a reasonable time are investigated. The mere presence of utilities is not sufficient justification; evidence must be submitted that they can be tapped and are of sufficient capacity to serve the proposed subdivision. ' d. Investigation must include required environmental studies or preliminary approvals before final plat approval can be obtained or actual construction can begin. Federal and state regulations vary as to the minimum acreage subject to regulation; when applicable, these regulations must be investigated. All costs and forecasts must be market supportable since labor and material prices, as well as interest rates, change rapidly. Individual cost figures should be confirmed with responsible local sources (contractors or professional engineers) . If practical, an engineer's estimate or other factual evidence should be obtained by the appraiser for inclusion in the report. On-site and off-site costs vary considerably from one parcel to another. Topography, engineering, and off-site requirements of comparable sales and the property being appraised should be similar, or adjustments must be made to compensate for differences. Standard area fees or practices should be investigated. For example, some municipalities require donations of land for school or park purposes. Others charge "tap-in" fees, of which certain portions may be rebated to the developer. I/Page 35 ' Subdivision Development Method - Continued Hypothetical premises may be acceptable only if there is a reasonable possibility that such conditions may occur. The value of existing improvements should not be added to the land value ' if the improvements will be removed when development takes place. In many instances they will have negative value equal to the cost of demolition and removal. 11 The accuracy of the value conclusion is related to the time frame projected for the development. A majority of developers consider a three- to five-year span to be most typical. Time spans, however, can exceed ' these parameters. The appraiser should study the absorption rates of competitive and other developments in the area to anticipate a proper time frame. ' The discount rate must be equated to the risk involved and be market supportable. The risk rate employed in land development is generally higher than for income-producing real estate or safer alternate investment opportunities. Different rates of return and profit percentages may be selected, depending upon the valuation method used. ' One of the most common errors in discounting future "retail" lot prices to reasonable "wholesale" acreage values is failure to allow for the full influence of the developer's profit motive. In a sense, the typical developer is a manufacturer or a merchant who depends on a cost mark-up I sufficient to cover expenses and produce a reasonable profit as a reward for risks and efforts. This provision for profit may be expressed in a variety of ways; as a percentage mark-up of original cost or a percentage ' discount of final selling prices; as "interest" on borrowed capital, "yield" on equity capital or a "rate of return" on invested capital. However expressed, the provision for profit and/or return on capital should not be excessive but should be sufficient to attract the necessary capital to the project. A particular level of profit is not always appropriate, obtainable or in the public interest. Profitability is influenced not only by competition but by public policy promoting or ' curtailing the development of land. The analysis must distinguish between gross sellout, which is the aggregate of individual retail lot prices, and the discounted or wholesale value, which is market value. A value conclusion is rendered as of a specific point in time. When a significant period of time has elapsed since the original valuation, the opinion of value previously rendered may no longer be appropriate in light of existing market conditions. The concepts of subdivision or development analysis have wide ' applicability. In addition to customary residential subdivisions, they may be applied to recreational and other mass merchandising land development projects, industrial and office subdivisions, and staged developments of all types. However, the seeming precision of various available processes should not be mistaken for or necessarily presented as being more accurate than direct market comparison. Page 36 1 Subdivision Development Method - Continued , Land Analysis As stated in the Community Data and the Highest and Best Use Analysis, ' current population trends and (demand) have been steady in the established City of Chanhassen. The minimal supply of good quality, fully serviced commercial lots, near downtown Chanhassen, with convenient accessibility to Highway #5 has helped to create a demand for the subject site. At this point, many of the existing sites are sold out, with the demand still seeking more space. For this reason, we believe that the subject's amenities (as stated in the Property Description) provide an advantage for the subject site. Our valuation of the subject subdivision includes commercial site sales in other recently developed areas, and a survey of other lots which are currently either listed for sale or are under purchase agreement within the Chanhassen area. Our analysis included sales located along other state or county roads in Eden Prairie, Minnetonka and Chanhassen. After considerable research and analysis of the growth and demand in the ' western suburb locations, specifically Carver County, we are of the opinion that the sales utilized in calculating the retail value of the subject parcels were most similar to the subject and provide solid support for the appraised values. 1 Page 37 Subdivision Development Method - Continued I . Discounted Cash Flow Analysis I Subdivision analysis is a land residual approach to land value. This valuation methodology simulates the buyer's analysis by estimating the gross sellout of the developed lots and the timing of these sales, and deducting from the gross sales proceeds all costs of development, IIincluding hard costs, marketing, administrative costs, a developer's profit to compensate the developer's entrepreneurial risk, and the time of value of money. The assumption for our discounted cash flow analysis are -, discussed below. Assumptions II Total Per Lot Number of Lots (s.f. ) 3.0 1 Average Size of Lots 115,300 Average Appraised Value/S.F. $5.75 Total Real Estate Taxes (1987) $10,662 Real Estate Taxes/Lot (1987) $ 3,554 I Development Costs $0 Development Costs/Lot $ 0 Survey/Engineering, Etc. $10,000 Survey, Eng. , Etc. Costs/Lot $ 3, 333 - Legal, Accounting, Misc. $10,000 Legal, Acctg. , Misc. Fees/Lot $ 3,333 I Discount Rate 13.00% Total Cost Per Lot $10,221 Growth Rate 8.00% Finance Charge 12.00% =, Development Cost Since the subject is to be developed as a planned unit development, the costs Iare minimal. Developer's Profit 1 Based on analysis of other subdivisions, we have seen developer profit levels range from 10% to as high as 20% of the gross sellout. Due to the size of this subdivision, we have utilized a 15% developers profit allowance. 1 Discount Rate �' We have calculated a discount rate of 13% to represent the buyer's opportunity cost of funds. This yield is commensurate with the risk involved in subdivision development. Current rates quoted for subdivision development financing reflect a 3% load above the prime rate (currently 8.5%) , so approximately 11.5% is a IItypical cost of funds for the developer. We believe that a 1.0% to 2.0% r difference adequately represents a risk premium for a commercial land development. I I II IPage 38 Subdivision Development Method - Continued Discounted Cash Flow Analysis - Continued Absorption Rate We have assumed an average rate of absorption of one to two lots per year. Our estimate of absorption is based on historical development in the area and estimates of demand in the future as the population is increasing for the city. Furthermore, the absorption estimate is based upon the significant residential growth for the area over the past couple of years. Real Estate Taxes The real estate taxes represent the actual 1987 property taxes. The taxes for following years are estimated to increase commensurate with the inflation at approximately 4% to 5% per year. Marketing and Administrative Marketing and administrative costs generally vary with the level of competition in a subdivision's general area. An average marketing and administrative budget is 6% and 2%, respectively of the gross sales price of the lots. 1 1 Page 39 J . IISubdivision Development Method - Continued IIYear Ending (August) 1987 1988 1989 Total Lot Absorption Per Year 2 1 0 3 IGross Potential Income $1,432,026 $773,294 $0 $2,205,320 Less: Expenses 11 Real Estate Taxes $ 10,662 $ 4,145 $0 $ 14,807 IDeveloper's Profit (15%) $ 0 $ 0 $0 $ 0 Specials $ 0 $ 0 $0 $ 0 ' Development Costs $ 0 $ 0 $0 $ 0 Marketing (6%) $ 85,922 $ 46,398 $0 $ 132,320 ,, Administration (2%) $ 28,641 $ 15,466 $0 $ 44,107 1 Survey, Eng. , Misc. $ 7,500 $ 2,500 $0 $ 10,000 Legal, Acctg. , Misc. $ 7,500 $ 2,500 $0 $ 10,000 3' Finance Charge $ 0 $ 0 U. $ 0 Total Expenses $ 140,225 $ 71,009 $0 $ 211,234 II Net Operating Income $1,291,801 $702,285 $0 $1, 994,086 `t' Total Year Discount Discounted II (Ending August) Income x Factor = Value 1987 $1,291,801 x .88496 = $1,143 , 192 I1988 $ 702,285 x .78315 = $ 549 ,995 1989 $ 0 x .69305 = $ 0 I Discounted Land Value: $1,693 ,187 1 Rounded to $1,700,000 I Gross Potential Retail Value $2,205 , 320 IIRounded to $2,200,000 11 Page 40 II . . QUALIFICATIONS OF ROBERT J. STRACHOTA BIOGRAPHICAL DATA AND EDUCATION IIBorn and raised in Milwaukee, Wisconsin. Graduated from Marquette University High School in Milwaukee. Relocated to the Twin Cities and graduated from the College of St. Thomas in St. Paul. Awarded a bachelor of arts degree in finance with honorable distinction. Holds a permanent membership in Delta Epsilon Sigma, a National College Honor Society. Awarded a master of business administration degree from the University of Minnesota. Successfully completed numerous Iappraisal courses, of which some are listed below: American Institute of Real Estate Appraisers - Feasibility Analysis American Institute of Real Estate Appraisers - Course IV, Eminent Domain Valuation mr American Institute of Real Estate Appraisers - Going Concern Valuation Wallner and Company - How to Do a Leveraged Buyout or Acquisition Minnesota Society of CPA's - Valuation of Business and Professional Practices I University of Minnesota - "Advanced Real Estate - OO11C" Robert S. Means Company - Parameter Building Cost Seminar American Institute of CPA's - Valuation of Businesses and Professional Practices IPROFESSIONAL QUALIFICATIONS OR ASSOCIATIONS Counselor of Real Estate - American Society of Real Estate Counselors (CRE) Member - American Institute of Real Estate Appraisers (MAI) ill The A.I.R.E.A. conducts a voluntary program of continuing education for its designated members. MAI's and RM's who meet the minimum standards of this program are awarded periodic educational certification. I am certified under this program through September 16, 1989. 1 Associate Member/Business Enterprise - American Society of Appraisers Member - Institute of Business Appraisers IPROFESSIONAL EXPERIENCE Shenehon & Associates, Inc. , Partner, since October 1980. Patchin Appraisals, Inc. , Manager from February 1978 to September 1980. IIShenehon-Goodlund and Associates, Inc. , Appraiser from May 1975 to February 1978. Duties and Responsibilities: IPrepare professional valuations and market analysis of real estate, business enterprises and intangible property rights. Assignments have involved numerous types of commercial, multiple family, industrial and special purpose properties. I The specific purposes of these assignments have included highest and best use studies, mortgage financing, condemnation, tax abatement proceedings, feasibility analysis, investment counseling, potential sales and purchases, lease and rental I analyses, bankruptcy proceedings, charitable donations, internal management decisions, special assessment appeals, allocation of purchase price and insurance indemnification. Teaching experience has been with the Board of Realtors in the University of Minnesota Extension and as an ad hoc professor or lecturer in the IICollege of St. Thomas and the University of Minnesota degree programs. Court experience involves testifying at various commission hearings, district courts and tax courts throughout the Midwest. Writing experience includes published articles Iin various local and national trade journals. PARTIAL CLIENT LIST dl Abbott Northwestern Hosp. Fed. Home Loan Bank Brd. Merrill Lynch-Hubbard Ramsey County City of Minneapolis Federal Reserve Bank Munsingwear St. Paul Companies Continental Bank First Nat'l. Bank of Boston Northern States Power Turner Development I Control Data General Mills Norwest Twin City Federal Cray Research H.U.D. Opus Corporation University of Minnesota Dain Bosworth Internal Revenue Service J.C. Penney Walgreen's Dorsey Whitney K-Mart Prudential Insurance Y.M.C.A. -II Page 41 11 CONTINGENT AND LIMITING CONDITIONS The value estimates and conclusions in the appraisal are made subject to these assumptions and conditions: 1. The property has been appraised as free and clear of all indebtedness under responsible ownership, and good management unless otherwise set forth in the appraisal. 2. No title search has been made and the reader should consult an appropriate attorney or title insurance company for accurate ownership data. 3. The furnished legal description is assumed to be correct. 4. The information contained in this report is not guaranteed, but it has been gathered from reliable sources. The appraisers certify that, to the best of their knowledge and belief, the statements, information and materials contained in the appraisal are correct. S. No responsibility is assumed for matters which are legal in nature. It is assumed (without survey) that the improvements are located within the legally described property and that the buildings comply with all ordinances except as noted. 6. No analysis of soil conditions was required and none has been made. All value estimates in this report assume stable soil and any necessary soil corrections are to be made at the seller's expense. 7. Estimates herein are based on the present status of the national ' business economy, and the current purchasing power of the dollar. 8. A plot plan may have been provided in this report to assist the reader in visualizing the property. We have made no survey of the property and assume no responsibility for its accuracy. ' 9. The market value herein assigned is based on conditions which were applicable at the time the property was inspected and may vary at a later date. 10. The appraiser herein shall not be required to prepare for or appear in court or before any board or governmental body by the reason of the completion of this assignment without pre- determined arrangements and agreements. 11. Surveys, plans and sketches may have been provided in this report. They may not be complete or be drawn exactly to scale. s 1 1 Page 42 1 Contingent and Limiting Conditions - Continued 12. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose ' by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event only with proper written qualification and only in its entirety. ' 13. Information in the appraisal relating to comparable market data is more fully documented in the confidential file in the office of the appraiser. 11 14. All studies and field notes will be secured in our files for future reference. ' 15. The distribution of the total valuation in this report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 16. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non-conformity has been stated, defined and considered in the appraisal report. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted within the report. 17. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless ' non-compliance is stated, defined and considered in the appraisal report. 18. This property is appraised in fee simple, assuming responsible 11 ownership and management, unless otherwise indicated. This appraisal recognizes that available financing is a major consideration by typical purchasers of income producing real ' estate in the market, and the appraisal assumes availability of financing to responsible and sufficiently substantial purchasers of the property in amounts similar to those indicated or implied ' in this report. 19. No one other than the individuals signing this report provided significant professional assistance in the preparation of this ' report. 20. We are assuming: 1) that any asbestos or urea-formaldehyde that ' may have been used in the building materials in the property are in compliance with current statutes and regulations and do not present a health hazard to the public; 2) that lead based paint has not been used in a manner that would cause health problems for the public using the property; and 3) that the property has not been the site for the dumping of hazardous substances or is subject to radon gas. If any or all of the above conditions ' exist, this could have a bearing on the market value of the property. Page 43 1 CERTIFICATION 1 1. The property has been inspected by the appraisers; no one other than these appraisers have prepared the analyses, conclusions and opinions concerning real estate set forth in this report unless otherwise stated. 2. Market value as used herein is defined as the most probable ' price in terms of money 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. 3. The appraisers have no present or contemplated interest or bias regarding the property appraised or relating to the parties involved. Employment or compensation is not in any manner contingent upon the appraisal report. The party or parties preparing this appraisal have absolutely no personal interest in the subject property. 4. All facts utilized in this report are assumed to be accurate. 5. All limiting and special conditions as stated on this page and the previous pages are stated to be interpreted as written, not to imply any more or less. 6. Disclosure of the contents of this report is governed by the bylaws and regulations of the Society of Real Estate Appraisers and the American Institute of Real Estate Appraisers. No part of the contents of this report (especially any conclusions as to value, the identity of the appraisers or the firm with which they are connected, or any references to the Society of Real Estate Appraisers or the SREA, SRPA, or SRA designations; or to the American Institute of Real Estate Appraisers or the MAI or RM designations) shall be disseminated to the public through advertising, public relations, news, sales, or any other public means of communications without the prior written consent and approval of the appraisers. 7. We certify that to the best of our knowledge and belief the statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed herein are based, are true and correct; also, this report sets forth all of the limiting conditions (imposed by the assignment terms or by the appraisers) affecting the analyses, opinions and conclusions contained in this report; also, this report has been made in conformity with and is subject to the requirements of the Code of Ethics and Standards of Professional Conduct of the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. Copyright ® 1989 by Shenehon & Associates, Inc. All rights reserved. ' Page 44 , ADDENDA r I 1 1 = SECTION 13. "BG"GENERAL BUSINESS DISTRICT 5-13-1 INTENT.Downtown fringe commercial development identified as the least restricted business district. • 5-13-2 The following uses are permitted in a"BG"district: 1. Bowling center 2. Day care center 3. Convenience stores with or without gas pumps 4. Standard restaurants 5. Entertainment 6. Apparel sales 7. Personal services 8. Health and recreation clubs 9. Specialty retail (including but not limited to jewelry, book, sta- tionery,bible,camera,pets,arts and crafts,sporting goods) 10.Small appliance and similar repair shops 11.Funeral homes 12.Financial institutions,including drive-in service 13.Newspaper and small printing offices 14.Private clubs and lodges - 15.Miniature golf 16. Veterinary clinic 17.Animal hospital 18.Offices 19.Health care facilities , 20.Motels - • . 21.Supermarkets 22. Home improvement trades building supply centers 23.Garden centers - 24. Utility services = - 25. Bars and taverns - 26. Fast food restaurants 27.Automotive service stations - .. 28.Community center - 29. Senior citizen housing 5-13-3 The following are permitted accessory uses in a"BG"district: 1. Parkin;lots 2. Signs . 5-13-4 The following are conditional uses in a"80"district: I. Outdoor display of merchandise for sale or rent 2. Truck,automobile,farm implement,recreational vehicles and boat sales and service 3. Equipment.rental _ 4. Screened outdoor storage 5. Major auto repair and body shops 5-13-5 Lot Requirements and Setbacks.The following minimum requirements shall be observed in a`BG"District subject to additional requirements, exceptions and modifications set forth in this Ordinance. - I. Minimum Lot Area:20,000 square feet. 2. Minimum Lot Frontage:100 feet(except lots fronting on a cul-de- sac shall have a minimum 60 foot frontage in all districts). 3. Minimum Lot Depth: 150 feet. 4. Maximum lot coverage:70%. 5. Setbacks. Off-street parking areas shall comply with all yard re- quirements of this section,except that no rear yard parking setback shall be required for lots directly abutting railroad trackage;and, no side yard shall be required when adjoining commercial uses establish joint off-street parking facilities,as provided in Section 7-1-7,except that no parking areas shall be permitted in any required side street side yard.Minimum rear yard shall be 50 feet for lots directly abutting any Residential District.Side street side yards shall be a minimum of 25 feet. A. Front yard:25 feet. B. Rear yard:25 feet. C. Side yard: 10 feet. _ - 6. Maximum Height: A. Principal Structure:three stories/40 feet B. Accessory Structure:two stories 1 1 Page 45 rA-Ifil ALLIED TEST DRILLING COMPANY 4000 BEAU D'RUE DRIVE IA EAGAN, MN 55122 Exploration - Evaluation - Foundation Engineering �rt}� 2 1 (612) 452-6913 3 1 _ , - SGt Lk44 . 7 April 1988 ill t ��'� lc e l'-'/ t II L Mr Jim Burdick I 426 Lake Street Excelsior MN 55331 r I Re : Subsurface Soil Investigation Proposed Commercial Development Lot 9 Block 1 Frontier Industrial Park Chanhassen , Minnesota IIProject 87206 In accordance with your request we have completed the en- 1 closed report for the above referenced project . A descrip- tion and analysis of soils encountered together with our con- clusions and recommendations are presented in that report . IIIn essence , we found that the site is by no means unbuild- able or unsuitable for commercial development . While there are some areas of lower lying land with rather thick de- 1 posits of surface organic soil , the majority of the site has normal topsoil deposits and clay loam basal soil . This basal soil is capable of supporting 2500 psf foundation bearing 11 capacity. Hydrometer alalysis confirms that clay content of the basal soil is not much over 20%, so there is minimal po- tential for damage due to expansiveness of this soil . 1 This report should be sufficient for your intended use at the present time . If you cannot make any settlement with the )1 City of Chanhassen and the matter goes to a panel of ap- praisers or to trial , you should consider retaining a civil engineer to further assess site suitability for commercial development. This engineer should review this report , plot 1 the proposed development, calculate volumes of excavation and embankment, render an estimate of construction cost , and •t provide any additional advice necessary . 1- 1(,, •�" 1 The City of Chanhassen was less than cooperative in this �4 matter. One official indicated that the land was in the ' ' i` hands of the City and that I had no authorization to enter. I further could not obtain the most recent topographic map of the area for a more refined analysis of the site . Such a map would be necessary if further analysis as outlined in 1 the preceeding paragraph is considered. You may have to use legal processes , such as a request for production of doccu- :I Page 46 1 Mr Jim Burdick 7 April 1988 Page 1 ments , to obtain this . ' Also enclosed is an invoice for our services . We are available for giving depositions , testifying for 1 trial , etc, at your direction . This would be offered on an hourly basis . - I hope this information is fo use to you. If you have any questions on this or any other matter, or if we can be of service in any additional capacity , do not hesitate to con- tact us at your convenience . Sincerely , ALLIED TEST DRILLING COMPANY s — r Patrick J Hines . PE President enclosures pH ' r i 1 Page 47 11 r . r r r r 1 r r r Comparable Land Sales 1 r I r r r r I .t. L ...,, 0....1 1..., `. 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RO. 4- `'••1'• ..4• • ROBBID 46' ‘T ,o1., i i• '6'' U-• ..., Hall Afoon I: Schwhi i:4 ,s.„.„„_,_.!.°'-__.-r-w....,,,,,.. -•,4,4 0 z 12 ,A-A■Lake ?:.I Li•• -4 sot!'I'11 k-!•'''' ;'2, :I: /\. g '4, • _, tl. 1,.\,.e...........: 36,,, :t...,; AVE ' .• • .' 0 ‘•.* --,..--..... „. ';' • ' '' ''-'-'-'1': 7 ' -'.. •••••-''•-4,''- . !i'l ...- ..:1:.::.P• :•• ■•,. .._,,.w'• r I.ake ,.:1:. ra w .! V.,„ <V s *4..--ii,.----,-;. C--- •■!*■' '--•/°'• ''' - ' a ,Ys• 4,-•4.,-,','„" r•--7147-Ji En--a.. ••%.. ".,!! ii.,. ....w...• - 1 '4 . , - :I: , : : .. - .es, e mi.:N.1:c I gF. ;.I: 1 7, ,=7 1 '/j,`: 4 - -LaTk..,•,,-,:':•:__._, .;....:._':-.,:...iro,;....'";1:::.•'4' ."`.....;,,,.....,3';‘,.,.,:..1...,.. - 7.i... ■., L.*. gl %vowed L2i i :1 . Snyrho. , , , 2 . „sMEDILIN .-.i-= igi rii Lake .41, • :• 's Lake '' 1 r • Al •• 0 . --v.... •.- 3, Mooney s'i•f• 2; _ v , ; -a-/.:-.:\ror 419••=7..••:31, tU, -.--:.;._.;:i•g {. 2 0 =if .________,- --- ±1..r:'-'!"."-!'.-.......7---,-,-----mt:,..:,.•.:.,..,.. .,-.-.-: 1..... , E., t 2 ,,,,, , ,,,,, „, ,__.,,,..., - -4 I Y4'1‘45;,.,--. I 4,4 :•,, 0k.k., 2 Dicker• 2 ,,v• ,,,,,„./_ ,,,•',6.v-. ,::. _„„ -- ,--T.-;--,-,,'", pa,k„. -=,.. o‘*.•7;•‘",.-••• •-• ':14!,,,,,,ouT POP..22.773 ?/) L'3. , . ,L. .1 -.4,-..,.._; ,,S6rww ....,... •••••••.; i t. H.---. - - .---.e V-"::' r ,• 4 r,i,r. e C. 4 Z=" '.- N. It -•------% c`" :)...11::11 •-, v' -_. •••••". lt..• 317-•••• •••-•--....■; 1 1....14, • t-•'\.44. , '="-:k,„„,,,,/,•-•.,,, r--' Pditr.dl7 RY.r.isSO.4.-•-; N.Hadley Ell, ...,RT-. 1--'-o-L—kV 1.,,.(,.,., .in•fon _.2...;4.',...., , --,-;:-......2----.P.,:. PTO, ...• 3.41..f. k° , .....4 E.. 1- . ., ,4 --- 4 T,./-7-‘,.1 _,:',;•-.....al336-•••- ;7° )..C.M.II ■ 'N a' •NG-LAKE •:. 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L.,-, : OODLAN•'WM -i--- MINNETONKA r•v: ' l'7EZ) .li ',- E P.P., ./. • ' 1 '.: .., BAY --=I RT it. .2,-"----"CRYISJNALES-Eilricr •- - -- I w.ST.LOUIS ,,, 7 _.„....,---• _____ l---7:!A-vp..: '',,CTLibba- •,s"' i., T' soo......W!....!..-tw'-4/..- -V W PARK .a U ;- • - — BEACH,-_-_-. -I ' c•,."..".- 0....--"- .1%-4::::, )1' '• 1 41111P'••••• •2•• ZI1A1.647';••------ '''''''-...----....'-:'• -------==-LAKE MINNETONKA-, ..-iN. --1,.--.-7,.(:-.)-T-7,. „,..,,, -T- t.-,-,14',-,. ..., I, ei--. ,r,./..-^, 1 .-1,,:irr. ..P1 •• •,......„-f.A :.'t. o_47....1..• .. •.: - -'-', .P"•rllo .8•• 'a , Eal .., ---1' .... 1 ,... :$... ■ *.-.-..,,- . '- ---- • • di- - . slIVir- --4.44°—:-- ,, ' 1-".• l• 'liact-iiro 'rii7j4 r., -• 1" - - ., .t 47.,i,iro -"..„-!..:c. .,. . .._,, - ''..,..-..477 1'.i 131 P .'' .' --°7-17-IOPITINS.,, "t„,,,'-'• --r'-'•------- --•-•:-. ..i.---- *'• I Mt; „1-:.. -vs. • 7-1-7.. -....=.- _ .=..-„--.....4../ .„.3••- 3 g: I USE ST A,':'AC ‘si..s.-..C3SA_Aog e.,. .3., ---". '3: ...:.,-i-3.4..eadootorri,ID° '' .i' // ___I .-_-_,-___. A .,.. ,.'..‘ =•-••• , t EI ,;-------- ..: ',,:, ,„ - •-.,,,= . . .' % .g. .0,-.IT • or''17'---- -'' - : rf 5 ...--, _ _ _ GREENWOOD -:‘,...--. '14:: 3 os70->'.. ‘9•• , ,, .3t t../..1Shody Oe ..:. ,i ;,*:*2,r -..vi tr. _ZiPMW21 •••• ' .' I - ,='_:-.„...._,.. -=‘,..,A.; BAY • • t ;•,*(j.:::--: %,:'' '- ''-''--i -r••••":4,„.or'' g! °- F 1.: ._ Lak...„,Ai .•1. 3 ii -.../i■ - •... 4' ' .. \\l ALM " '•• --' -. • •.;_--&-'•-•-•-•"1.kw==---,t.ei/IT sc.i3s. ., _ .'., 4.:,!...' r = Glen ', f,, Mirror ,._ „. .:-; ',--------------='-**ii-s,7-4.!. :-* ',..-!.GIDEON BA r ----- r ••-*. '' •'"- Ef g 1.,ake 4. ' 1 0,1i* nr,:rtillzi ..1:1*:: 1)....:: r L. '4 .r .7. ..jei, , ..:,,...... „4„.:c....:.0,3 3 .‘,..'51:4.' 'tsaoREwooD. ..1,\P'..'• -!9!"" 1,-. ./:-: — eg‘: f -- '4 :-'-7-s-lit,,)'''.:'-a- ,1 '''.),`''''' . ---Z,. =1i•I.. :;:::_,, POP.A.36 .A. •V:•-•-`"E.?i'l.,47.•P ''‘3,...-A-..-T-''' / i.A. 'i . o \rn-,3.3=-, , 'el 'a t,-,0-7, .;' •W-.4 '”- °.- ■ BRER -4,711. --R, % Lake Z./ G Q p 4•}-ro. 11 •. -, -s'5 cO4 EDINA -, ..0- - ,,' V ,oi,,.,,..-I: : •;th._-, C ristrn a sll„‘„,- l :'-..!,.. -I '-f,,PhcWft?hf.fi .`••.....6e5-•-1*--•.-..0-,--.. -"Iraf,PS'•:, s•,,Stl.' , .Lakes r_-,-_TOSIMIllf:,..NY0. .•:\•....-., ' •••,.P.424 P r I • • ---• ".••• !°°1)-. ' ..'•■•4 1•""I'.-'"' wch r . .,,, --',......f=1 k•.0-.14. : `7---:-...:2 . r.''' r-N, ,9: • ,r- -, •, o10 • :. L.....,,,,.6.,?,•,„4 I -1.. ,•49‘..__, . , . : aliCLI•=12121 t--,--r 1?I l-, Ii2- .1 .•• ..; ;--.----' C:1,:••-a- ': ,IL•k,,,, , Lain, d OTT. P , •■,, ,,s'b _ „2, ii,.___/' . Bum° _ ' 7:4-.---7- OM ,1 4, '''5'"-.---- I i . _ ;A,head 9 1-..4___g/ col-;",,k. .4 ::'' to' Bryant Mot z::k L. ./- ..,, ,Harrison, Lucy ILI ....... ._ . , li, Duck ....Zw-..-..".. , Bei'1°°0-L'h'iln4 newashha L-CI i I r,..... _ E.,3 ,---' Lake r 4 .:,,T.D Q7' Lake 3-,1,- 4Indianhead t-:,--s--1.---.-• '9' 5!'----1 rW•1,.."V Red'_-,_ W l''' --- -s- r ,,-,„_ _••• 0; rg ,.., =....:'---" 4' Cedar Or •.••-•.-- !:7,-..0.. vww-•-" -------;.. In.- -1.7-',-_-- :-0T- ,- • ' g 1...k:32"" cit.., Point • • • ? ' •• R r I,.,,,., _--•• •••--'--.-4 'w WY,24' ''''-*1;:•T'•-• ,,,0,-*V ,CHANHASSEN '''- ' , -0 : °M. , . , id a_ , NiinstA AS •-A- lf: POP 6359 ...,.. J.:sm.. 2 - -. . . El'6 1 -- - - - - - '"-'s- -•---- a ' Fora e „._ il ',--41 A -.•;' -•'""---.-,' L6+ .f.'-4..- / - t Rowland/ ,... .,,:--.-. .. ... .4--st. 713 ,r , Mitchell Lake k ..... ..:......-2-.9.' „../:4.• :' l4.4° .:--:- ,••,-'' „..._ A• .1, PRAIRI Red Rock POP.16.263 Anderson ° w, •° 4..,y4 t ' " AN STj --- I .. .. ...ii... „.. ' Marsh '•5: Lake ,., c; •,_WASI..ST: ' Eh- ..7.... - V a ',. r 4,.._.,.0.. -1 . . s„. =7 , Lakes ' 1 -1-,c • •••4 Is aLvo.__,,,___: It is. Y JI .t■ '''''' --''••=''''''e s‘° 1 e,,, .5., .14.7...P:isi'''''" Z-41"5'1.--' ''‘... .--.',..: -.1:., ro---.' Lake.::1 101 3 e4.--- - -4.-4„.__ „A.": 1' • ,• '" P.4.,,,,,.. ▪ , -'••• • ::1:•:". 1P•',. ••••••X 1191111 Lake , ,,,,••.1 .SM .1,- 1 -.1.• -#."w Wh. 1 13:4:00AAIM MilG ..n•mt•01......c.,,_ . , tip.■-• g:,____S--s:cr.*\ -. ..._.&./.----. / „,11.91.EL''.....„, ; ... •••'.3:4. - ''' • t i 14i22•I'r - 2 P ., . 2 .2 , ... 3 ""'N't '4 ,.;-,2 '1? / '-1 •1 1.,,,_ 4* ,3.3. ....-.3,,,,iot• ,,. ,.... rir,,, °, - ...ly°rirwrc.,<..1 364111 1 ,,... i, \-, OMB Sr :' ' I I" raPiOrt.--k... .<,.... ° . • ,.,' CCM. ? OA ,I. i1 e ‘, ri',,a.10/130 St. ., 1:::: 4,.,0„,.,.. , 4•.;. ,, 14 Rice •• •. ,..„_----- ....------.- •,‘. , .•-c ri ..)...' ,.".......-:•.... 2Q°111-,..s ‘11\-2- :1-L-{2 p. r .. -- ----. :,,,,.. , `-" •-, a ciL • 2 I 't•• w CHAS • 1 Q-7.' '.. 0 'r'•-...-.. ..,.. ••:‘,....... ,,,... ..„:0.P.....341.. i - ... 5, (7..'. , •Vs..., . ,.4.: ....•.',.V-.-.....1.: ,.. . -. -.,. .;:,_,..--,7.- •'...-"-'• ! ,scbli Eo.-.'.!....i_ .,- -x.•" -Blue -*-r-•.-• -.114,, . V. , 1,,-- '•°" ••••- o - -w-:-... .... - !1....:1:. I e I i 1101. I 1•Y•Ok-'4 . , ' g, :. ,/, . ..,..._.,,„.......---'___---... ..,-.42.2.11-..-c al---7;131, ,„0 _LhirV,t•'...•:•.\z::..„•,•4'-':-.''s-IST0 i 0- - ..,, '.'.4' • - 1,.... r . . 13-Ai 4'3.3'. oeA .. . A.3, !, '''. 41. °‘.." '. •:•i'.9.54-.'-'!' i ‘s'S1?..3• 1 ....Z.s.`:ASA .(........... I Comparable Land Sales J la --- Page 48 I i ■ • (Iw / °� i :,4 f • 2:94.43' RES. `FP` •:a • - ■ ~. 1 rtl.'3]'S6•• +36.16' '1.3' ---L70 i 5 1St It b' I 14'46• •' •. 130' 110• , II]' 270• IE7i 211.+' '.w. - ml' • ,�: ‘Si :- cr.01 4 r y\. 1611 I 31N.36•� R (I) '' 4•\` 1 '47?„ •'-{77''' ��E f '4 I (5') r C My#• r0'.YIY �. l (20)9 (21) n°' 4 TA 4. o/sDl� t �,,� MA11 (7) E 1 ly-.. .rr r .. ` (33) C,_1t,'.2._ i1 S'' , •rro (2)g?g's 1,01..6.1 t7 WI 6 ^' 5((19) r y'•• c'i....•.. (22) • ® � 4 (34) .6-t I 8.\i.�,i .•`< I„en ' 0 ■ ...r VIla:rb+l, .u., y. •' : . �• 9 Y.p'.''- m. - s I 115 4 ;4'4 4�/ ' \°' \ E .... ��E., D �0, /� ♦ .6'1. tiER' S,. {IL •56.7+. E �.. s(M) RI .(!• d C (18)� r2b, h", i J�, y.4? - c 16.6'' • =409 . 230' s;.., \ c i 4' 0-,141 '' .(''^�' r- (46) m•• K' .A 4S•♦ (24)r (23) a ro. �i�e d�`A\/ p`\..• °a. 'mil. ` 2u5 •6 & ' 37 33 4 I. .37'r (15) •V��+a�--• 's t✓`T i .`f" t9.. , nY _ J : s A s`r .L.S ; 10.15M R.L. .Gd0.406 / ' '� R. �.5. o�` u a' ''TR6tt A (13) / . J' A 9 .•.. S. R '1--- (12) .0.4.3 t"'\ �JF 11 �R 3(35) (26) (2B) Ci011lpl• rot e J(`_ I - . ,.,. - - - • _ • �, 1 53 �� YR c 1 I Iii.. 7J :$. . ..,: (17) .(IS) y ~~ 434E 6-1)a� 3 ` -• i 6 R 611 8 "\ -.�tP 1 (IS)~'b:},5o 6 6- iv ....22.:46.\ 1,�. v. �' �' �.109. m• � w)*,s on� --mot R it it 'r ,o /// rr r6r.zJ. 9 '� Qo gR " •' o .v. ~r :20.37, 2.6,'1 mfr z6. ° �:. r�, ($,) ppc.,q_ .N n+n c 4R: ,...T00(462) wTdlr6mtrt 3 C I -.- if;./ .6t.. Izsla66 8=' 0 ,� (42) SR R 16.06' b 1,, � 2iPS71*I A4 's' / 6 8 7 r- £SC \499 :kJeb'D. _./ (23) (22) �oii 111 5.,. 4R . RN 4 1\E`1 Yb 1. Jr� •I 173.E (39) ;'� Sf r y1 g I g• �'J. „,i7-- .b. Y Y e s gw (2) °¢¢ (I) N 3r .\ t8 l 46 ,tsn —!IS 103.16 �, - o IComparable Land Sale #1 II Code/File: 110-03-30 Information Source: Confidential Location: 5100 South Highway #101 I Legal Description: Minnetonka, Minnesota Part of the Northeast quarter of the Southeast quarter of Section 30, Township I 117, Range 22, Hennepin County, Minnesota. Lengthy legal; P.I.D. 30-117-22-41-0061 Date of Sale: December 1984 I Buyer: Seller: Rocky Rococo Corporation First Federal Savings and Loan Association Zoning: B-2, retail office service 11 Utilities: All available Topography and Soil: Level Visibility and Access: Visibility good; ingress and egress through First Federal Savings and Loan II Trackage: None # Size: 46,207.8 square feet Sale Price: $210,000.00 II Unpaid Specials: None Total Price: $210,000.00 Unit Price: $4.54 per square foot Remarks: Ingress and egress easements. Sewer and All water easements. Rocky Rococo being built on site. II "'1 Page 49 1 ,'�� .3 3 F•-\ •� ` o _ _ - 0001 si _Ai ; t., �. _ri _ E (1) Z ,.'•, ,l ,�i• ••' I .�• - .2..r -.• .. . '�q .`a,,, (1)01 0 j1 -z r• t 9 • I f , te l ,1l H N 2 a. • o3• .l, .fa ••..• I 111P�, ,. Comp 2 s+ ��; CD 1 • s)l ,• WY A Li CY .(t, ` • •.. E >> (5001 ..,.._;:.-4 7 : t�_ afl.. ° (to) ....G N c. • Q II rte. . e •4/0 i. Q If/°) i)3 .! 1D/� N �o = f!' C� : ,• ,,o It/_/ �r !!S Af : (9oit 1 1° q `....• 1 s°��°, •• i I • : . 1 v 4.�O II. Comparable Land Sale #2 II Code/File: 110-03-30 Information Source: CREV Location: Southwest corner of Highway #101 and Hutchins Drive, Minnetonka, Minnesota Legal Description: Part of the Northeast quarter of the I Southeast quarter of Section 30, Township 117, Range 22; P.I.D. #30-117-22-41-0010 4 Date of Sale: August 1983 II , Buyer: Conrad Enterprises Seller: Ernest Pivec Zoning: Residential, planned for B-1 office Utilities: All available I Topography and Soil: Hilly with slope Visibility and Access: Excellent y Trackage: None I Size: . 93,952 square feet or 2.157 acres Sale Price: $304,763.97 Unpaid Specials: $ 31,236.03 II Total Price: $336,000.00 Unit Price: $3.58 per square foot Remarks: Very visible corner, one block south of Highway #7 on Highway #101 I 1 II Page 50 11 0 in ,I 110 I 116.21 I 110 , 125 I 150 I 95 /:-y4n0 vl 691) _Ne9' 411E.-:178, r 1: "'!" Sel•59V' W s �I4925 5895119E ) 16] _ II 4en .. DRIVE- —a10 — �se9•s449-w. e— 194.50 .-- _.� -- —�--T'^riopl ,� SO ^R•1S_ :JOT _ : i3o so I 1 5.9 700 1 140 lb�l' S?SA�wSej•!•Nw H r 1. 1 , . OM) . °5 I 7) F° _ `,•iw 67 d'16° I ti n t ( 45) : • . z T ° ,4 i , 19(~0 •or l2/ 2�n1 - I L.Lj 1]l. C3) .n 56i o w m z x(61 ,n,�`5)X609' ©Sl` Z97�q,s` .o ff a 1. I- 11 '1.4' ''.4. F x F- 110 ■45 55 .• I 4, '• fn_ 1 S-'J?3 2 1 1- a 5'e•5t49w,, i8- 1 2 e'io,,: 1. �� C¢i l 1n 8 i 71 v• 6 f \ESi«� -r.'5 0)....*` s:ki, •'' 1.•119 N'.tl5l E1lS , `� 1 v • d31S f 0 Ie ... 589 5114•E ` e1 0•E '. V)•4. '''.°* :,'°m :"4, 106 / °^ G3 51131 a 01) �•I, .,"•'', 1 /Tlso 3 5,t.:-.-: . yp•.'` s0V IC`s): ,.(a)„ N /--� \O° 71 r„,, AGE 50 6 5(9)y 6f o6 �t� o17a3p sn• �'��s;,plssi dds�` E \\` A 'f 1 � ,f)rB 1 R.°e �.. •o J0 , a :,.e.:,,,,, P .' a4: 0” ,s°. '•1 ST 141 1� 's •T.{. t ° > V Al," 6166 ,.2,i'i•.N'0 t: \ � N\ IZ 19 S Jf Y °:91\15'1 J " /718. 55 '1511 °=26�°n.N 1 •+ I,N ��, °, .P. :61 b3 ° gait% 'b s7 ey Q� ))) I ` I �pJP S 59 gI '8 13 b�n°:b]I1C O 3 , �\ ^..3 °.rj. H1:tiyt .,y,. 4� W Q'3 w \ _ 1 1 n, F•1 '12145] Y]1185 �O \\)wt 5 0€.,. c; •"� 14 m 5. Q• ..e.. $o / .4. 30581 30 3 , � 17�Z3) 2 �Z°) s .N .s':.5• = I 0. N69)558w•-. 255 51 �, CV// h �J. n `3 O, O •�oro = 1 UOC•�/17/639 33 II '° 16 ° IS °�ro r : 4V 5 �n I • (y:.1 • (1..) .r (d:' /i�� N O\96'1. / (¢) -.4 • ,,A .1'31/4' `g) ;;° CO ���� 't Q ��`o`° �/ Comp 3 -tom ti A r- se949 ss'e i p6 G I 115 265 101.1 489'45.55'W" / 011.9 'il - )� �-, o g1 65 J33 N a<'• N `tt 1[�� ,° (33) i v \�_, byh .4'1'TRACT i .6• .pb .-_ (34) ♦1 1 1.01`;oO (!0)� • I . 0,, 458 92 N 65'55.58°W 436.1{ no I>p5 888 35 5 IComparable Land Sale #3 ;II Code/File: 110-03-30 Information Source: Buyer Location: 4950 State Highway #101 I Legal Description: Minnetonka, Minnesota Tract A RLS #1248 Tract C RLS #1248 P.I.D. #30-117-22-14-0008 tiDate of Sale: January 1986 Buyer: Peter R. and Barbara A. Houser Seller: Ernest F. and Mary Anne Pivec I Zoning: B-2, Limited Business Utilities: All available Topography and Soil: Level tm Visibility and Access: Excellent II Trackage: None Size: 70,000 square feet or 1.84 acres Sale Price: $340,000.00 I Unpaid Specials: $ 30,155.00 Total Price: $370,155.00 Unit Price: $5.29 per square foot I Remarks: Payments are interest only. When bought it was improved with a miniature golf course, and has continued in the same , use. Listed on the Certificate of Real Estate Value was a sale price of $390,000.00, of which $50,000.00 was 1 attributable to personal property. IPage 51 (al): ` R , n 4-(67) Ty.',.' W ir.wr ( II 65) - Y 11� S. I.,.3.N b A 9 r F• l (66) W C RN r • 4 • & Y (76) 9: . u�p n n _ '° ) I *a` ae Si. ` (68) 4• Id-P at,• �11A X60..1 i,a} o. o,.cnsr J Or 111 ' p h l �� ;'u) Com 4 • 4. i.'O3 (48) 3 3. �,.��,� "v .--nti E •• _.-l' I,...0- : ,a:"a•• 05 II Comparable Land Sale #4 II Code/File: 110-03-30 Information Source: Buyer and Seller II Location: 10720 Cedar Lake Road Minnetonka, Minnesota Legal Description: Lot 5, Block 1, Perlich Estates Hennepin II County, Minnetonka, Minnesota Date of Sale: February 1986 Buyer: Elmer Sorenson II Seller: Neil Perlich Zoning: PUD, B-2 Utilities: All available Topography and Soil: Above street grade, sandy soil II Visibility and Access: Good Trackage: None t Size: 41,740 square feet II Sale Price: $165,000.00 Unpaid Specials: Included Total Price: $165,000.00 Unit Price: $3.95 per square foot ' Remarks: This was a cash sale 1 1 I Page 52 I/ I,.., too - 33O l'-F.s J So •i R. L.6- (II �,4) 1 Cit) .J w 113 Cy - C' Lt) .. -1R.I_4 c �� `R Pi `y Da v1' to 00 _ 143 .II 1 Camps ;3 a 4,Z.. E(t): ■•••2.w ?cc ,so �co)2 o+ t,. IJO a•'M ,. ,. _ 2020 •• 1l.oC1 P /A� 1' ry � - 18/220• (29) v•.°.: 3A « 7" a �� _- 'lr' 1;°¢,�'1 25�0 _ - Ir Into 7x a. °'' le* 4.." r L/ cc .,,. tj••c 1 14"-.1,... t 5 nal•Ha L 33• I IL u' )e: V �r .,�R L S NO 364 � ESTATES� P nt# . . - SON'S •+ T 10.517 57- : ,��a{f...FfEN'� .r..".- i- 11� t •*r� •, . l Y to .:(7)2 lam•. -i e ;01.•(05•,^-.' , { 35o Ca 270 SS ' I l STREET -t<�: I •,.7. '1_ riEST a 47TH _ • .•.: _ tc i i. of D ISO D3.70 S Ica :ao ;` I_ ;`., pi) .-� .}, 1I (e•3 (aP Asa) (2) �a `° ..7 1+R l w N O_:Y o - _ r :. .- iS0__ I IComparable Land Sale #5 .' Code/File: 110-03-30-27 Information Source: Confidential Location: One lot south of Excelsior Boulevard on I Legal Description: the east side of Shady Oak Road Tract E and that part of D lying south of north 290 feet Registered Land Survey #143 Date of Sale: December 1983 I Buyer: McDonald's Corporation Seller: Hopkins Realty Company Zoning: B-2 I Utilities: All available Topography and Soil: Level Visibility and Access: Good Trackage: None ' Size: 23,113 square feet Sale Price: $85,000.00 Unpaid Specials: None 1 Total Price: $85,000.00 Unit Price: $3.68 per square foot Remarks: None I .I I 1 Page 53 • • 1 '11 "its` �, u- :';--N\la..(m) o l� e•1 ,' ,• �� '' SJ 0 1 n go a • .` e . c II :. 1, uH. , -. .,{ T. I APE'.,. 1 'r -- — ,/ —-r s' � ,rug)S 946 ft 4 '0 '•.. 4 r i ., It i, 00 r OUT1Or Comp.6 I 1 1s i.7.• o e CITY n 1 1 , t° o lio 11 .• 7 0-,,, .� a , o, 36 t S� OUT L•1 11 s �� ' ;,x'•30, o°�. 1 1 : = O 1 a 1 + (5) 1 ' ' ° (1) (4) p •°a g Pik/E. , v I ` 5(8) `)- t o U• f c u "{ '' = ,' • t •i OUTL or 11` p:). -(� • a`. '�f. , r •=°' ° '' ) 's%<.. 7' 1 r \ : ° x:!!, �.-0 n (4) se. ^ t ,°O (e a ?i S r \ -`• 5 • 0.0.51 le I I) Comparable Land Sale #6 II Code/File: 110-03-30 II Information Source: Assessors and seller Location: 6413 Shady Oak Road Eden Prairie, Minnesota I Legal Description: Lot 10, Block 1, City West Addition P.I.D. #01-116-22-23-0011 Date of Sale: December 1984 Buyer: Prime Landmark Partnership II Seller: Richard Anderson Zoning: PUD, office commercial Utilities: All available II Topography and Soil: Soil correction included Visibility and Access: Good ( Trackage: None II Size: 317,552 square feet or 7.29 acres Sale Price: $1,075,000.00 Unpaid Specials: $ 131,949.00 II Total Price: $1,206,949.00 Unit Price: $3.80 per square foot Remarks: Bought on a contract for deed, paid off the next month, therefore considered a II cash transaction. I 1 Page 54 1/ i . . ,6y IV �6•Id'k� b 1�.OG'.86'21'1.-6 a CITY a: . I R.66' 1. 1 114 F 'b w1.1!• ...r ,N, e•m•xt (10) w 1 Comp 7 M:; "� ) c (9) x l6 0. n 1 62 A r X c 75, iu.n• ■ 1 t r at � e. (tt) (O) 1 I a CZ pY ,nM .,. °" .n"' p I ;r 6 s Q1 E t a yl (9) fro I I \ ;_ gyp !' 1 (2) ■ (e) 4'71 .1 IComparable Land Sale #7 _, Code/File: 110-03-30 Information Source: Assessor Location: 6423 City West Parkway II Eden Prairie, Minnesota Legal Description: Lot 9, Block 1, City West PID# 01-116-22-22-0009 Date of Sale: October 1985 Buyer: Manhattan Properties Seller: Richard W. Anderson, Incorporated Zoning: Office I Utilities: All available Topography and Soil: Buildable Visibility and Access: Good ' Trackage: None Size: 71,887 square feet or 1.65 acres Sale Price: $350,000.00 Unpaid Specials: $ 19,626.00 II Total Price: $369,626.00 Unit Price: $5. 14 per square foot Remarks: Cash sale 1 L1 I '111 Page 55 I I 4- _L` . •S.D. w. 270 +e. s— - ts • 4--..d Vii e ! - l'-' ' liar J �' . P i• • 2. • 4.4•~ .=. (1St I ' �`, I•p / - ),-.- a..40..t `+ !MIL-.rt ,•Y b. rfn J I •. r KT mss'` I .• `► . ftf w \ 4 * II Comparable Land Sale #8 II Code/File: 110-03-30 II Information Source: Assessor/CREV Location: City West Parkway and Shady Oak Road Eden Prairie, Minnesota II Legal Description: Lot 1, Block 1, City West 3rd P.I.D. #01-116-22-32-0015 Date of Sale: February 1984 Buyer: Basic Properties Limited Partnership Seller: Richard W. Anderson, Incorporated Zoning: Office/commercial Utilities: All available Topography and Soil: Buildable Visibility and Access: Good Trackage: None II Size: 75,054 square feet or 1.723 acres Sale Price: $369,770.00 Unpaid Specials: $ 32,370.00 II Total Price: $402,140.00 Unit Price: $5.36 per square foot Remarks: Warranty Deed II 1 II Page 56 11 I _.E:10 SII � , 7tit comP9 i ' I 1. tit- I ;�F :''fit. 1' ' r• w \c4 °11 U ) ly' I -6.-A t �, t ��� . \\,,,\ ..1,r, -\■\\,)‘ , 1 I `s\ `R 134''4�• „ ‘,7, \ � c `-- - '- ' F P Qs‘i`-\:,. \‘\,\•").* .6 .-1—4!\'Y,,w,/ z F-.. - , `„ 1~ 1. �_ . 0. % r' IComparable Land Sale #9 ;' Code/File: 110-03-30 Information Source: Assessor Location: 6233 Baker Road I Legal Description: Eden Prairie, Minnesota Lengthy. Part of Section 3, Township 116, Range 22 Date of Sale: June 1985 1 Buyer: Normandale Racquet and Swim Seller: Arteka Zoning: Community Commercial II Utilities: All available Topography and Soil: Level Visibility and Access: Excellent ' Trackage: None Size: 413,820 square feet or 9.5 acres Sale Price: $1,920,519.00 Unpaid Specials: Included Total Price: $1,920,519.00 Unit Price: $4.64 per square foot c. Remarks: Highly visible site on corner of Crosstown I and Interstate #494. All cash transaction. _, I -I Page 57 1 N I u elf,t Ws t rue cal t Slat of. r..,eft as-/rn rue esett r wtow•u l/staf Settlaerfl.Tauoselc ll..leone n,durt.d sa..et NS.+ele3 al he Savt•Iles at said Sect.IS 41st.t 350.00 feet Ye t olclbe I Savtw eat catty teats n.Ot Sect ua ll:.. [he oes carte Wrs l lei as sLS 4st Itw a[said Sect.11 to the Sautesn,rite[at r,I.al to Utsa a,“l wesae,St.lsvl sod?self. A..,Dee.,.these.Southwesterly slaw,the Sau[url,allse l of said uttraad Co.., -' lido[of vsy to tee latenertfoe u t!the Saute floe et este Sect.Il:tbe.rest aloe. S / / sld deuce Iles to he ye.of 0e.lta log,"SS tut put tors for Ststa Truce di S eee7 Ma.S. `9!stns can e[les e. M...rye,.by so tbte lit..day of Amu.. A.D.ISM t I.C.Jukus,Y/Syrv.yar / o s . / - vO` Ill... u.3600 blt< S, ..S. e r Cp '- • . ` %S • r . �a .tic°f+'• - es:s °_ G7e lh.S d0 C ,,,i1... �� /\-‘,.. �A of �5M1 1 t N a. • - --- - <...: I iGnk I' II Comparable Land Sale #10 II Code/File: 110-03-30 II Information Source: Broker Location: Highway #5, East of Highway #101, Eden II Prairie, Minnesota Legal Description: Lengthy. Part of the southeast quarter of Section 12, Township 116, Range 23 II Date of Sale: January 1988 Buyer: Mead Development, Inc. Seller: Abby Bongard Zoning: BH, highway and business services district II Utilities: All available Topography and Soil: Buildable Visibility and Access: Good II Trackage: Yes Size: 86,250 square feet or 1.98 acres Sale Price: $330,000.00 Unpaid Specials: None II Total Price: $330,000.00 Unit Price: $3.83 per square foot Remarks: The sale is subject to City approval for a II retail strip shopping center. The actual price is based upon the buyer's perception that only 82,500 square feet of the site II is usable. Therefore, the price per square foot is $4.00. Closing was scheduled for July 1988. The seller has the option to remove the existing II buildings, for whatever salvage value they might have. ' Page 58 I ' Comparable Land Sale #10 - Continued Remarks: During the summer of 1988, the strip 1 center plans were in full compliance with the city zoning codes and nee. d no variances for development, financing was in place and the center was fully pre-leased. During the summer of 1988, the city refused approval for the strip center, notified the owner of condemnation -' for a road realignment and placed a moratorium on the site. Therefore, this sale actually did not close due to the involvement of the city, even though the plans for the road have stopped. I I I 11 ii Page 59 - 1 -__-] i i f 1 4 I - 1�. 1 i.----,--.--,--.- Comp 1 1 - I i r I L -- i - I u fl I N:"..\ J 1 � � \ i , L.� Comparable Land Sale #11 I Code/File: 110-08-10 II Information Source: Seller Location: Lots 1, 2, and 3, Block 1 and lots 1 and 2, Block 2 Burdick Park Addition, II' Chanhassen, Minnesota Legal Description: Lots 1, 2, and 3, Block 1 and Lots 1 and 2, Block 2, Burdick Park Addition, Carver County 1 Date of Sale: April 1987 Buyer: Bloomberg Companies, Incorporated t Seller: B.C. and Brigitte Burdick II Zoning: BG, General Business Utilities: All available Topography and Soil: Poor in some areas II Size: 163,098 square feet or 3.74 acres Sale Price: $667,736.97 ' Unpaid Specials: None Total Price: $667,736.97 II Unit Price: $4.09 per square foot 1 1 y Page 60 1 Comparable Land Sale #11 - Continued Remarks: This is a signed option agreement, which has been extended to the end of September, 1988. The above price includes the actual contract price of $3.50 per square foot, plus the additional agreed upon charges, detailed as follows: ' Option Extension: $ 20,000.00 Special Assessments After 1/1/87: $ 35,527.97 11 1988 and 1989 (1st Half) Taxes: $ 11,441.00 I/ Additional Option Extension 7 months @ $4,275.00/month: $ 29,925.00 Total Additional Charges as of 5/15/89 $ 96,893.97 Plus: Original Contract Price 163,098 s.f. x $3.50/s.f. : $570,843.00 Total Purchase Price: $667,736.97 1 a' I I 11 Page 61 . I 1 .1. -..„ „ ,,,. .r..",yii. 4. .,,t .., FRUNITI ...:,.,, ,,. -__,,...,...D :: v., _..,1 ,v. ,Rivi .-f:;. i4 ....„...,...n...i.,.... , il _. .,. 'BEARINGS SHOWN ARE ASSUMED ■•?z,t,...i -,... il;:e-.:4 . 1 ,:Zotif-!a-li..•,:;,V,.- v1.1-----,,-7,1.7:;;".:EGrlN; FIE I DENOTES IRON MONUMENT .,,,,,:( - '' SCAL4ffNG1+EriigiA1 01%ii"If„.7r,!..PrJa: --,--:414';',2;1:.!=- " .)11:\ ,, -• ',, S. ..I',..:1.::::-;;:-=',;,:,' .:, ' ,-•itt )`1,11 .r.;.... !.../,.4',:,4.,, c..--, ',44'.v..i,...",?.;,.: .:^',."- :i tzti ' ".'..4, - , .P.A:'''': '.',.!... 1 . ' 4'ti,;.'';- •• ''''14is!T: :'''..':::•:‹! ---L'2?. I ,T, . ,.. . ....w..-•. --.-.------ -•.''' .. ,, . ,.,„.J.-t ! • '''' • -,.. , - 3.1-.4,:,,, ..LI• - ' -i, 4 _}, - • -:".,-------- 1 4 , -!PAU- - i"-.....o, ,- 1` :;; --- 1 5T. „„,,,,,..-I- .. ,'-'. ..-. \ 3. I :. _---,.,....., ...-7,... .. •04,.. ___,-,_.--,..„,-.-1'-",,,q,i'.---..,..-4.' .- '''....: ,,.'...,. -: 'A iftt „,,,,w,-", .---_,—i.,-...k - -,,e.* ,- , ---- • ' Nti4i0E' - 7: ......?.1.4'!A.1-.... ,_,... 1..,44-r -:-.4-....A;7:-.2 , _--- , -..g - '.: -- -- -' , I ,. ! -, -- 5:I. " -; 1,.' .-,...-;:" 1 ' 92i --- e . g. ii"- -- 0, • - - - ;•''...-- -,..:4!I I - ClAkCi\G , - . 6. _ i 1 t: :'.$01 l'i4:z;I Tr • ;/-.4 --44' : 1 . .!,"' : -1,4?-.1-••• --,j,`"11, `.,''.-":". . "• 41 L.,... s''A F • '*1'r*Ef ,',x,e4'.i. 4 - 255,744 5 ,e Feet. . .1.t.5. . ;::-.. e•-- ,• T.-*,-; k.. v''.-'.t, •••■.r'. . .:§4r4, I. .',' ..-. • ;: 1. ' ;'.'-3- : '; , :',0 l'..;& 1',I:y:7:4,6.::"" ' '---.1 1,I,._; 3 294,S1:1:3 R. i;,:, I -z!. 9''''..":".;!- - -1.,. .., -.1.---4,i`.. Nz.--ii'l ...G.1-:-.-,-"ik-f -, , ..41r14 .•-•::- . 1 i ;:', ; .-, • sj I i,..!.-....tsini-4. "'°°•-,-.4'..,.....,_,' '.. ' ",....,; 4,7:- ic, ,.„A ,. '•"• '-'-''',:k-. _, .,_. :'uirt,'''t'' 7.:?`:L.V,L,- a.: •:•.0.- - . , ,,, _----4,1,,,, . __-_, ,,„2" .'.- ,,, - .14:V li> N Comp 124,,,, ...„,,-„, ....., , ,,,_,.. „ tv./ k4.yV, I , . . .., •■''r,ji ■ !..%1' -''.": I —ii.t.'....4.''-i l ''-' '. 44; 751 . " 1.prn■ .- -, ;01 Ct'f•T'•;-:. 4' .„.":". ''.T'';,''.'. ' E A -zi,,i/.14. , ..•:, .. A uN451-a4 IE".I ipa Comparable Land Sale #12 II Code/File: 110-08-10 II Information Source: Seller and buyer Location: Highway #5, West of Highway #101 Chanhassen, Minnesota Legal Description: Part of Lot 9, Frontier Park, Carver II County Date of Sale: November 1987 IIBuyer: Security Bank and Trust of Glencoe Seller: B.C. "Jim" and Brigitte E.Burdick Zoning: BG, General Business Utilities: All available II Visibility and Access: Good Size: 55,000 square or 1.3 acres t Sale Price: $330,000.00 II Unpaid Specials: None Total Price: $330,000.00 Unit Price: $6.00 per square foot Remarks: This was a negotiated agreement, not an II actual sale. However, due to the pending ( condemnation, the sale did not close. il = I II Page 62 II Sc I)' ,, GS HS c'� LC i t ., IOiV y1 �1�1 A 1 —/ > ' ' ' ' "I I , , , 111 ,1! 3Fts3131;�1s6aRDICK; m I � ■ 1 42G. LAKE sif2eET 1 d 2 ! xcEts,oa 04 4 srsir W ' 'I ,t I 06121 4'14-5247 CO I I i /t psO ---, 1 i 1 .� I G� I • � 1 2 '- 3 Ii GK II Q` i I DLO r W. 78TH ST ET I I ` – –– ___2 .. —< < ---111W11 \ / 1 2 3 I �pplT1ON / 1 y K P�FKi 2�� I 3 / \ ��1\- /(a r BURDIG ak-c), i Ail r i I y � :� ,� tinyl 4I 5 : a / . 1 ol4asoe y i i L_ 5650090 � ▪ :7-..J / '1 / 2 ■_ �∎�∎ I 15 1• i R I I tl EXfST1NG \ I gv�pl {{�P POND 7-'-. .,..,,,. . ;I t�Q IIComparable Land Sale #13 IICode/File: 110-08-10 Information Source: Listing Broker II Location: Northeast quadrant of West 78th Street and County Road #17, Chanhassen, Minnesota Legal Description: Lengthy Date of Sale: Listing 11 Buyer: Not applicable Seller: Confidential Zoning: BG, General Business II Utilities: All available Topography and Soil: Very good, above grade Visibility and Access: Good via West 78th Street and County Road #17 ' Trackage: None Size: 65,400 square feet or 1.5 acres Asking Sale Price: $261,600.00 II Unpaid Specials: Included Total Price: $261,600.00 Unit Price: $4.00 per square foot II Remarks: None I II -, Page 63 1 W 18TH ST I .16' _ —s — . F.- 1 <<a roLTr - BURDICK ---�--`-- --1.--,--- ..----1 1 / e e•.a s..z,' •level' I I FRONTIER DEVELOPMENT I W OS.' j I VILL♦G 26•3'02m33 / nlsoroa O i I nC ` —I OF a z 0. L 1C�-_—J— N ! 1 i• nso CFW�HASSEN MAUL esm�_—'l I i I gr I I j nlfmao I , CORP L'''''L''''''''' nonm a. ! I ADD °OTLDT ��� F TIER�EVELOP.I s .\._._--._ EXISTING LOW APE• .-�� .\ PK.PLAT I ♦` I • 1 f I `.• ��� \ \ nr j •- ■ nlaoma / \��` —�'i -J\\ \, \\\nnsma :s._ 12 y_ I \ \nz \" 30 nleam.o ! �� ! \i nmaan '\ 4,..s--'-' neon • 1 -_ � !FRONT! 1 / _� �, • I - nxrmo \ , • ` Co(nP \6 c'-'.L___ \ EEVELOPMENT �/i , a �} ZAMOR\\ / I I 9 V nir naoomn ......,.../- // I __1 �. —// nnmo 99 I•\ \`` —, __ __ �..� PARK ' `\ ayiyVl� FUlV` �_' / /PrOy({WjTLET TO DITCH• �� �i C• ___ _--____ 1 � I Comparable Land Sale #14 IICode/File: 110-08-10 Information Source: Newspapers and city officials Location: xxx Market Street, Chanhassen, Minnesota II Legal Description: Not available Date of Sale: May 1989 Buyer: Crossroads National Bank II Seller: Chanhassen HRA Zoning: BG, General Business Utilities: All available 1 Topography and Soil: Very good II Visibility and Access: Highway #5 and Highway #101 Trackage: None Size: 110,000 square feet or 2.535 acres II Sale Price: Approximately $495,000.00 Unpaid Specials: Included Total Price: Approximately $495,000.00 Unit Price: $4.50 per square foot II Remarks: This sale is from the Chanhassen HRA, but is assumed to be an arm's length transaction. We believe there are no unusual terms within the I sale upon verification with Todd Gerhardt, Assistant City Engineer, City of Chanhassen, and Tom Mork, President of Crossroads National II Bank. The price reflects all special assessments paid in full. Some soil corrections may be necessary, but the extent will not be known until a soil survey is II complete. II Page 64 II --------- ------- ----- J _.. -_ ._. __. - -67S:A-- , -- — --_ __.__ fIWY _-,_-. NO .__ -__ 16 _ _ iYi Comp 15� a ' t i' , ,,..,, ;.,��' II 0 ..a _�.- 7.-_ ' Q ..-- ih@I llih IA Itt OGGtNr •Ok/ I - i } e. ...f. ,... ,./a....''1 en PICHA DRIVE I H10671fN DE vlLC,Lert COP✓ _�' D• U o _Hee,-_ _ J RAIIROA _ �-��...r Q i — _ a pAGIFIG— .t __, .A=.f 4 al wl gT.PA UL _� •' .� {{'1,1.f`I MILWA___- \ \ ��, ��ioi 1 FRONTIER c s e` �p�o : ! 1 , EVELOPpAENT 9 PARK \\s 2 ZprAoR \. �,, 1 ' \ _ _ _ _ . .79TH __...._.__— _ 1 \. M.J. WAND _��I "'I . --I--- w i \>. i \LE$ o t I NANNASSEN �m M. ..h h'i x i z' I /1P: Comparable Land Sale #15 Code/File: 110-08-10 I Information Source: Public records and seller Location: xxx West 78th Street, Chanhassen, I Minnesota Legal Description: Lot 4, Block 1, Chanhassen Mall, Carver County; P.I.D #25-195-0040 Date of Sale: January 27, 1989 ill Buyer: Bloomberg Company, Inc. Seller: Chanhassen HRA Zoning: BG, General Business I Utilities: All available Topography and Soil: Good Visibility and Access: Good via West 78th Street Trackage: None Size: 19,600 square feet or .45 acres Sale Price: $75,000.00 Unpaid Specials: Included I Total Price: $75,000.00 { Unit Price: $3.83 per square foot Remarks: This sale is considered to be an arm' s I length transaction after verification with Todd Gerhardt, Assistant City Engineer, City of Chanhassen. il I '11 Page 65 I i / �t , Sc KE1G��S - S :1 rfOf i — ..\1150-AGE - � i I . I D- i - \i ESQ $pOGK[}-c.d_",°g,aosv� - , I j sR,, x1�a,+Ract. ; { I 4}2C LAKE s-rRec-r 1 I•' 2 s�XCELSlo4 MY l�Sr33I LL ' I IA I (6121 474-5243 co I I I I tAaca�sa� I —— �p -- —1 III c \/ I (–-- G$ l'I G� 2 f 3 11 I 1 � P /I { �\"° "N W. 78TH STET 1 L'!.-ate �- _ —) 1 (—I _ i ,�/ 1 I s I i pplT1O1A 1 // 1 , , Comp 16 RK�2N�'A j g •/c,. At iiiim I) 11 ;-- qy 1 1 4 1 5 Ir o / �Z� i 0140500 2 0-i I I 3 % B : 5650090 I _—— �- — —�!{ I 2 1 t I1 ,s �� . . i 5 C1L�1 �R. /! 1ETG// . I R ;I• 1".<'..,,,,, . —� POND �- i Comparable Land Sale #16 1 Code/File: 110-08-10 II Information Source: Property owner Location: Southeast quadrant of West 78th Street and County Road #17, Chanhassen, Minnesota II Legal Description: Not available Date of Sale: 5/89 Buyer: Dairy Queen II Seller: B.C. Burdick Zoning: BG, General Business Utilities: All available Topography and Soil: Very good, graded II Visibility and Access: Very good, via West 78th Street, County Road #17 and State Highway #5 `-' Trackage: None II Size: 40,000 square feet or .918 acres Asking Sale Price: $260,000.00 Unpaid Specials: Included Total Price: $260,000.00 ' Unit Price: $6.50 per square foot Remarks: This is a current listing which has several interested parties currently considering the property. II z I II Page 66 I r 41 REAL ESTATE APPRAISAL OF B. C. BURDICK VACANT SITE LOT 8, BLOCK 1, FRONTIER DEVELOPMENT PARK WEST 79th STREET CHANHASSEN, MINNESOTA PREPARED FOR MR. DON ASHWORTH CITY MANAGER CITY OF CHANHASSEN 690 COULTER DRIVE CHANHASSEN, MINNESOTA 55317 I DATE OF APPRAISAL March 1, 1987 AM J OUR FILE NUMBER 87363-6 I `\ I t' ` /'`'i (MA{ SWENSON, BJORKLUND & ASSOCIATES, INC. ' ° 11Pi;i:P RISiliP. PE7t lSi.i( .... i 0 IHARVEY G.SWENSON,M.A.I. REAL ESTATE APPRAISERS/CONSUL VAN is I 6100 GREEN VALLEY DRIVE BRAD BJORKLUND,M.A.I..S.R.E.A. MINNEAPOLIS,MINNESOTA 55438 II 1 (612)830-9003 March 9, 1987 II I 11 I Mr. Don Ashworth City Manager CITY OF CHANHASSEN I 690 Coulter Drive Chanhassen, Minnesota 55317 II II RE: B. C. BURDICK VACANT SITE Lot 8, Block 1, Frontier Development Park II West 79th Street il Chanhassen, Minnesota Dear Mr. Ashworth: I At your request an appraisal of this real estate, has been II completed after a personal viewing of the property, the neighborhood and the community in which it is located. As of March 1, 1987 , it is my opinion that the subject property, II before the taking, has a market value of : 11 ONE HUNDRED FORTY-ONE THOUSAND DOLLARS $141, 000 I Reasonable care has been exercised in verifying the factual data set forth in the report and is assumed to be reliable. This II appraisal is made subject to certain assumptions and limiting conditions which are submitted in the following report. The I I attached report identifies and describes the real estate, and presents the data, analysis and conclusions . II Sincerely, II 11 SWENSON, BJORKLUND & ASSOCIATES, INC. I , __ Ly / ,,, , I , ,, ,..,_,,,, ,,,, „,, , _ ,_, ,,,4_,i,...,/,,,n, , ,,,, , , , _ II Harvey G. Swenson, MAI II T TABLE OF CONTENTS PAGE PHOTOGRAPHIC VIEWS OF SUBJECT PROPERTY 1-2 PROPERTY RIGHTS APPRAISED 3 METROPOLITAN AREA 4 METROPOLITAN AREA MAP 5 THE COMMUNITY AND NEIGHBORHOOD 6-8 NEIGHBORHOOD PHOTOS 9-10 ill CITY MAP 11 DOWNTOWN CHANHASSEN EXISTING CONDITIONS MAP 12 ISITE DESCRIPTION 13-14 DESCRIPTION OF EASEMENT 15 PLAT MAP 16 ZONING MAP 17 REAL ESTATE TAXES 18 HIGHEST AND BEST USE AND VALUATION METHODS 19 IIIMARKET APPROACH 2O-21 MARKET VALUE ANALYSIS 22 AlAPPRAISER' S CERTIFICATION 23 CONTINGENT AND LIMITING CONDITIONS 24 APPRAISING/CONSULTING QUALIFICATIONS OF HARVEY G. 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N..,- 9".., '',`,•,'. ..-- . - • • . • ill VIEW FROM NORTHWESTERLY REAR LOT CORNER TOWARD THE SOUTHEAST ACROSS SUBJECT SITE AND OTHER VACANT PARCELS TO THE EAST. 111 , f Photograph Views 1 II . • 3 I II PROPERTY RIGHTS APPRAISED 1 II The property is appraised in fee simple. Fee simple interest is II defined as follows : II "An absolute fee; a fee without limitations to any particular class of heirs or restrictions, but subject to il the limitations of eminent domain, escheat, police power and taxation. An inheritable estate. " II I PURPOSE OF THE APPRAISAL II The purpose of this appraisal is to estimate the market value of I this real estate as defined in the definition of Market Value I il below. DEFINITION OF MARKET VALUE Market value as utilized in this appraisal report conforms to the following definition which has been approved by the American Institute of Real Estate Appraisers : I The most probable price in terms of money which a property will bring in a competitive and open market under all conditions II requisite to a fair sale, the buyer and seller, each acting I prudently and knowledgeably and assuming the price is not affected by undue stimulus . Implicit in this definition is the consummation of a sale as of III a specified date and the passing of title from seller to buyer under conditions whereby: 1 . Buyer and seller are typically motivated. I 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 II market. 4 . Payment is made in cash or its equivalent. 5 . Financing, if any, is on terms generally available in 111 the community at the specified data and typical for the property type in its locale. I6 . The price represents a normal consideration for the II property sold unaffected by special financing amounts and/or terms, services, fees, costs or credits incurred II in the transaction. II II , • . 4 THE METROPOLITAN AREA The Minneapolis-St. Paul, Minnesota Metropolitan Area, also known as the "Twin Cities" Metropolitan Area, constitues the Regional setting for the subject property. This urban metropolitan area includes seven counties having a current population of 2, 118, 222 persons as of 1986 according to the Metropolitan Council of the Twin Cities Area. The TCMA has approximately half the total population of the State of Minnesota. The Metropolitan Council, formed as a metropolitan area-wide planning advisory coordinating agency in 1967 by the Minnesota Legislature, was the first such established metropolitan agency in this country. It consists of 17 members appointed by the governor with senate approval . The Council's purpose is to coordinate the planning of the seven counties and the various municipal governmental bodies within its jurisdiction. Situated in East-Central Minnesota, just west of the Wisconsin State line, the Twin Cities Metropolitan Area is at the head of navigation of the Mississippi River. The Twin Cities area is the transportation and distribution center of the "Upper Midwest" . Traditionally it was known as a flour milling center. It has one of the world' s largest cash grain markets and has one of the principal grain exchanges in the United States . It leads all other cities in the manufacture of linseed oil products and marketing of butter. Since the end of World War II, the Twin Cities area has become a leading technical and electronic instrument producing center. Other principal industries include industrial machinery, farm implements, printing and publishing and manufacture of clothing. Some of the major industrial employers in the area are Honeywell, Inc. , Minnesota Mining and Manufacturing, General Mills, Pillsbury Company, Control Data Corporation and International Business Machines . It is also the regional office location of many other national and international corporations . The Twin cities area is also considered to be the financial center of the Upper Midwest. The Metropolitan Area has one of the larger and stronger network of Savings and Loan Associations in the country. Minneapolis is the headquarters for the ninth Federal Reserve District Bank. The seven county Minneapolis-St. Paul Standard Metropolitan Statistical Area ( SMSA) had a 1970 population of 1, 874, 400 persons, a 23% increase from the 1960 level of 1, 525, 297 . The 1980 population was estimated at 2, 027 , 700 persons or an 8% increase over 1970 indicating a decline in the rate of growth over the prior decade. 1 I I I 1 I I I I 1 I I I I 1 I 1 I I 1 i a :: ; • yl" it 1 4 - •zeig --,R--r.“141, , 4 .f, -., . 1-- ._ 1 ,... i ....,...,..,-3. . „..._ .... -,v, .._ ...,._ 1-,-4...„.1_,,,,z_,,..........i.----1--„m7-3 ; ,=-'------ , ' ' --i ' : 5._,,,,,....-". "r. . 3 ...,....,..1' -- 1 . .1. `,.,--,r -- 1)3 . . t __Jt_.." -L-7-.) - ' ..... , ----------•- ----"-'---' -•• ,... -•r-- ----t - - . v-..... i - :1 -.1 (..;• ;-.11. ,,t .:, I i..... ,,„ , 3 I 1-, '. ST PAUI,MINNEAPOLIS - i '• . -•3 ' - METROPOLITAN AREA - i 3...... • . ... L. i ...x., . 1 z i • ., :11'-"-1"..11-,•.,--1 (1;V 1,1 ,,ms,Alk, --Y •s .., ' .. i -- •f,• / :,1 ., i -- ".:6!' .. ,.s . 1. N-•■\ i...'.....J 0 ' ---; 7 3 -, 1.-___i :•:-__ \ ,..,[ _I,_. __, ■ "'4C „ . 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' °' '171:" '/1\1" !:: i „-1 I% t • '.-, olp 7 [ ., .,,: -- 140-; l',. t•• ,.. ,.__,,,_ -S ---vmlq•-• !..-A..-_,..f '___, /ii.,-;. ,. ,..-';./ - ,,apt,„,j004 i,., . ,_ ..,,, . ,,, .., , r: r ---1 ,-_,/,,,_,,,_,.-±„.....:., .,......,-...,.--„,....w..._,,,..-• .,, .,,,--__ i: 4111 _A• - -_ _0‘.,. r t. ---• V, „, ''-r.tr. :g.F_,.:tzi 1 i ‘--; t , .,.„,„: , 1..,"•,...- , .- : -‘,.. Ir ,.:::.. ci,i I I:7 -t r, ,:If - _t_f__:__Limit____:,..:.: ._-,__ _...1_,...„,_.v..... ,.,,,_,‘,,,,, __, 4 6 THE COMMUNITY AND NEIGHBORHOOD COMMUNITY The subject property is located in the City of Chanhassen, a third-tier southwesterly suburban community of Minneapolis lying between Lake Minnetonka and the Minnesota River. The majority of the City of Chanhassen is in Carver County. A small area of the extreme easterly portion - lying either side of Highway 5 - is within Hennepin County. Chanhassen is currently experiencing a good rate of population growth. The 1986 population is estimated at 7, 849 persons, up almost 25% from the 1980 census population of 6, 351 persons . This recent growth is due to the continuing residential expansion in the southwest section of the Metropolitan Area, through Eden Prairie from the east. The recent residential development has been taking place mainly in the northerly and easterly areas of Chanhassen, adjacent to Highway 7 , Highway 101, and Highway 5 . Highway 5 is a heavily-traveled two-lane roadway from Chanhassen east to I-494 located four miles from the easterly City limits . The stretch from Prairie Center Drive west to Wallace Road is scheduled to be up-graded to four lanes in 1987, and the portion from Wallace Road west to just past Eden Prairie Road (County Road 4) in 1988 . - The section of Highway 5 west of Eden Prairie Road to County Road 17 (Powers Boulevard) in Chanhassen is still in the long-range planning stage and tentatively slated for 1992 construction. In the meantime, the stretch of Highway 5 from Eden Prairie Road west to Highway 41 in the westerly part of Chanhassen, is scheduled for a "Maintenance and Safety" construction project in 1987 . This will involve widening shoulders, flattening slopes and a new overlay. Regional shopping is located four (4) miles east of Chanhassen I at the Eden Prairie Mall. The Minneapolis/St. Paul International Airport is located seventeen ( 17) miles east of the easterly border of Chanhassen via Highway 5 and Interstate Highway 494 . While automobile is the main mode of transportation for ' Chanhassen residents, public bus transportation of Eden Prairie Center, Downtown Minneapolis and other destinations is provided by Southwest Metro bus service operating Monday through Friday. The City of Chanhassen, formed in 1967 by a merger between the Village of Chanhassen and its surrounding township, now has a Council-Manager form of city government. The northern area of Chanhassen is within the Minnetonka School District 276 and the southern portion is served by Chaska School District 112 . St. Hubert' s Catholic School is located at Highway 101 and West 78th Street in downtown Chanhassen. 4. THE COMMUNITY AND NEIGHBORHOOD CONT'D 11 A major entertainment facility, the Chanhassen Dinner Theatres, is also located along the main downtown street (West 78th Street) just west of Highway 101 (Great Plains Boulevard) . Opened in 1968, this is the only theatre in the nation with four professional dinner theatres under one roof . It is the largest privately-owned food service operation in Minnesota, and ranks 19th nationally. The Chanhassen Dinner Theatres is a major employment source for the City, providing an estimated 335 jobs . Other major employers are United Mailing, CPT Corporation, The Press, Instant Web and other local industries located in the Chanhassen Lakes Business Park and along Highway 5 . Commercial development, which expands to serve a growing residential. base, has been fairly modest over the past few years . Future commercial development in Chanhassen should expand in proportion to the City's population growth. Several parcels of undeveloped commercially-zoned land are available for future commercial developments . NEIGHBORHOOD The subject site is located in the Frontier Development Park, a commercial park with lots lying either side of West 79th Street. There is only one means of access to west 79th Street - from Highway 101 also known as Great Plains Boulevard - at the far east end of Frontier Development Park. West 79th Street has 11 a cul-de-sac terminus near the west end of Frontier Development Park. Frontier Development Park was platted in 1970, approximately seventeen years ago. To date several smaller sites, all at the easterly end, have been developed. There still remain seven vacant building sites, most of them quite large, in the westerly two-thirds of the park. I 1 , 8• THE COMMUNITY AND NEIGHBORHOOD CONT'D NEIGHBORHOOD CONT'D Because of the less than desireable accessibility, the westerly two-thirds or so of the Park remains vacant. At the east end of the Park, closer to Highway 101, there are four developed sites along the north side of W. 79th Street and three along the south side. The Commercial developments include: * A multi-tenant building with MGM Liquors, tanning studio, art and frame shop, etc. * Chanhassen Professional Building/Chanhassen Family Medical Clinic * Chanhassen Saddlery/Veterinarian * Big A Auto Parts/Razor' s Court Barber Shop * Holiday Stationstore * Prairie House Restaurant * Chanhassen Inn Motel I I I I I I I I I 3 , 91 mew- - - - - ---- -- - - ‘....„,..,,,.....„3„......„. ,.........,... ......,_ 1, . ,...:1,.... ...,.„ .t.,•-.1„..,,,, i ,„...,f0,..-t,,,,-„,.,;„:- .' I"j 1 ki„...;:k . .., . 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I -, C Neighborhood Photograph Views ) I 10 i . 4 z; t r w -1 J ti ; - 'c '1 f _re- I 3' a�t',:".'..'-':-: '''C''' sr'! ,` -,':- �x ';' ask .t%° -.5`f _ F ice' * '5y 4 -F a t .pit � F iiiLtylrlll. ,fl r r w 1■ ■ r . r -- ,; ■L a . .y ' "te,-�. r- •F 1"•; .ti ''' .'-11:".<'-.'7`.-tY r r - ?- ....k."--.--. ...;,-":„.,.-- VIEW LOOKING EASTERLY ALONG W. 79TH STREET FROM IN FRONT OF LOT 5 (ON LEFT) TOWARD THE COMMERCIAL, SITES WHICH HAVE BEEN i , DEVELOPED WITH COMMERCIAL USES AT THE EASTERLY END NEAR NEAR HIGHWAY 101 . IP .... _. . .........,..,„...„.„,„,,...„.„...,,, .,.,......„,,.........,„_.,..„.i... _ ................_ ,,,,,,,..,..„. ....,....„..,. . .... •,..„„_„-:. _ ,.• .., ...____,,,......„,..„...„.,,...,-*4:0244oppotiseft- 1111 T, .{ ,.�r a.t �2_ � !fir ,,. , ,. � ° . -' 41 ' • - -— , ...........,.:„...., ',,t1,,t,g•-•"-*4 ''' '''__ ,,,::,,..., ,•.•,::,'..,,,,_.............,,.....,..„ ,:z,,, A ..... . - -+3n ..:_ , . # y�,, ,,. . t _ • ••,. .,.... _ ..... . . . .. , ..... , . . . .• ..:%14.44,;..' _ - il , -,....-.. ... -..„:..- *Ad _ . IIVIEW LOOKING WESTERLY ALONG W. 79TH STREET FROM IN FRONT ill OF LOT 4 TOWARD THE WESTERLY VACANT COMMERCIAL LOTS IN FRONTIER DEVELOPMENT PARK. a Neighborhood Photograph Views 1 111• . • at 1 I'liro'-' • z c . r4.FIROlt[N ARROW OR. 4e q.t. ,., . 4 c't., ,..,• Sur rifi4 tioAlt sal Srf 0C1. e),., ,, t,' • * ,A I l'OX 4 IS.roc; wtr4C Cf. 16.SAW!f cr. Ir.PO/ PrF1CI Cl. • i" 0 r C M. 111•11•111A IN.likk " ei • cArrverr erAck no. St ...z . y„)... t.,`. r.Pir ASANr CIR. , 'opt,: 8.mu( ninooN cr. • r--S' As:1" • 9.111/NIERS C l. ',.1 ' / a • C 1.4 r...,Gal AM1 ARAI\jr.t.,0,4.' r ...• es 4 9 i I 0-c,..k44"4,,z,^- ;holt o s 4 ■-, , ,.., 0 2... . I 45e. 1 A. ... / a 111 Lakt Luc_yj . .:--............,____,_.....s_ 7. ‘-r-\........s......'....—.--/'..\-'........:.**....).. c., 4, ... 1... ■.. z r . r a z . 0 Nt.., t 115 4 t4'6r4 11000 1 NIL i Act 01,111111111"to.O. cc .., 4 1111k —I k '411 r; 1 z .X . 1 ... ° POr4r14C v.• o L \ • Tr. S, Lotus Lake s„ 'o• "oorcl Q° : / 4 ' I a: A _ . i CIR. :ret E- r <," I i °R• z c''''' y. ■•• a. , T1 ism Any )... ..., ... ,..611". Te. ....„:, 4. F.t R. % 2 8 •0 2 r s, • e. 3 1— , ,o1 A '',,,,, .., 4'riCA U. C.•• *- -.... 11 12 •• 1 al 4 ...,--- .0.,I AC. 4 i ‘,1 Al.l. IFY 1 q. C>.) ,''. 1.cr• 0 ..,..k. 10.1 ARCOO LA. 17;ce- N VI' IL INOCVOIS ST.,:- '■'''' 1-calte Ann 12.SAN la 1E cm. a :..1:1 ::: 01(C4:::7F1:1:0( :::: 4°. I II . .. :. . . • MI a F , NM 2 j '1790, 0 t tsrtE 4, t 1)14. e' • el` ...... 11. it. nit t.,.... , PROJECT 6 . a., . 4. SARA I CICA LC::I:h ar'''i 7crAm IA II '',...:;::g. Itt ' .,' , A. N# .."_.1 II 3 AR EA 6; , ,,,„,c* ,, , ,... , , a • + ,.., 1 t; "t.; ma, s I. [MO I.; /1.//1h A , 4 .. c out r rIlit OR. Clam ._.ggi...._vl t* ' Si•&lir' SI. ' -I.- J. A.18 HI SI. i ARAM?,tuu ..,--0 .. ' 'Wqic, MS .../ ... /. ...,, PAM(." I E. 4, 7 (e.,--WI I I 3 c,. .., 0 it, pic.A „,.. , ..) rp.i. .t.:, IS• T116N ..., > • A,,.. .i el V ..4::...9 . 71, 4 w LAK, .0. 0 s) ,,,r 2 6, s'‘' A LleNNE 1 VI C14 , 5 irt. I .., DA Kw A ,cm. ,,, . : .. . 0. I Co• IV ..., g i 00,,.,1z5; ! st:CI,I. 11,,t2ij '••"' ‘.-,m,..\'- • .\\\NN.. 7,,,,.. ... e i qir c:4 !,,0/.1.°•• .1. ... t: 1 . ... .,..; I i .■ cc I c1 ____--- --.--.. ..., I a i Lai,. SU.Saft 101 , Marsh (Lake i _L. C..) /0 I I / EDE1` / -;,,,7- 11 ri 198C .3 t 116M Mil 6 i 411 1 r, Z 24 e Z cza,1..... A 1:7.1 z ei I I ,..., ... a • 4 .4 a 0 IS Z u• LI- X 1 YVAN (I) 101 St.v0. • ,4A.e 1 II . w ,r. 4'1 t t r , 11 il Z I. .... I I 1 i 01 117311 771.21 2 112 6 ,O.' OEERr 00 t ta. / Laite f Rat). 7 ) 1 1. 1- . .,... I ( City Map ) 1 ____ I 12 I 11 n 1 , _, . ___ , (.. 1 i v., ._ E 7 'Ti a- , f.---------- II I ..--••■•..-.- I 1 1 1 i a Ii t n I II 1' i I , 1 .__ _ _ _ Ii 1 - E=3 i V, I a t-4 1 11—, ii v • : , 1 I 1 1 1111 1 , 1 , . , 76E1 , I i . , i , . I 1 ; _ J ' • I.____________._ I j ' I L-.-- II I C I [ ,i _Lg., ..., 1 i 1 , 1 isiDE-1_____' _ _ ! I 15, i !_ ! 1 1 , , , __ _ - , _ -, . ,-, .6.---. , . !---, 1 11111 I ; ; ; ; iii ; a . ) ..._____: II 1 ; c 1 , ,,, -5TH ST i) 0.---■.--1___LJ I) 1( . . . __ S,R--7 111 t , ..., 7...• _ „ ,....„... ii 1 •._•_._•_._._. , , ...........-- Go I • 1 /( I P .••••***- el I . ._._. .... I I I ..../ ....------- -----", ... 1 _ • I __ --- ..... ____ -.. 1 , .... III ii— r "" , • St ,.''' 141- .......'.17... m,1 _ ....._ . i ,.rm 1 1 1 .I ,..[:‘. . .--:"-.....f. I .... - I 1 1 V.,- 1 \ -r• ....- .....----- 4 . , ......../ ...- II ‘ ..... ....-- i 1 a i. ...,...—-......7- ..... i 1 .... I 1 I I , ------ --..,.... . , 1 ..... . -............ i , • . --....... „ ---..,.... ._._ _._......_._._._._._. I a 1 .... 1 . --..,...... i - .... , . , 1 . ” I Existing Cor CHANHASSEN ! / ./ .......,- .„......- .,./ -- . DOWNTOWN FEASIBILITY 111.1 1 FIGURE 2 0 ' STUDY 1 ji . 13 II SITE DESCRIPTION II 11 LEGAL DESCRIPTION: Lot 8, Block 1, Frontier Development Park, Carver County, Minnesota. II II LOT SIZE: 250 foot frontage on West 79th Street II cul-de-sac. 333 .51 to 386 . 85 foot depth. 255 foot rear lot line. II 11 90, 152 square feet total lot area per BRW Engineers, before deduction for 30 foot right-of-way off westerly portion. 11 90, 152 sq. ft. II(10, 005) sq. ft. 30 ' x 333 . 51 ' right-of way easement 80, 147 sq. ft. net usable lot area II 1/ ZONING: BG - General Business District. Minimum IIlot area is 20, 000 sq. ft. , with minimum frontage of 100 feet, minimum depth of 150 feet and 70% maximum lot coverage. 11 II PHYSICAL FEATURES: The subject site is rectangular in shape, except for having an angled rear lot 111 line. The front (south) portion of the site is generally at street grade of West II 79th Street, with the northerly portion I being 6 - 7 feet above street grade of West 79th Street. The railroad tracks at the rear of the site are at an elevation il of 956 feet, about six feet above the I grade of West 79th Street and about at grade of the rear lot line of the subject I site at the northwesterly corner. I EASEMENTS : There are easements indicated on the Plat for a 10 foot utility and drainage II easement across the rear portion and also 20 feet of each side lot line of the II subject site. 11 In addition, there is a 60 foot I right-of-way easement along the westerly I border. One-half, or 30 feet, of the IIright-of-way is on the subject site and the other is on the subject site and the other 30 feet affects Lot 9 to the west. I II I II • • SITE DESCRIPTION (CONT'D) 14 1-111; UTILITIES: The subject site is served by electricity provided by Northern States Power Company, natural gas provided by Minnegasco and 1 telephone service by Northwestern Bell. WATER, SEWER, AND STREETS: West 79th Street is a 60 - 62 foot wide right-of-way with water, sanitary sewer and storm sewer installed and serving the site. Water and sanitary sewer service stubs run to the approximate center of the site. INDENTITY/VISIBILITY: The subject site has good visibility from Highway 5 . ACCESSIBILITY: The subject site has less than desirable accessibility for a commercial location in that it is situated about 1, 300 feet +/- west of Great Plains Boulevard, along West 79th Street, which has a cul-de-sac terminus located in front of the subject site. This Frontier Development Park is blocked on the north by the railroad tracks and on the south by Highway 5, as far as accessibility is concerned. I I I I I I I V:— - .. 15 ' ORDER NO 7586 WILLIAM D. •CNOELL SCHOELL & MAOSON, INC. CARLISLE MAMMON ' REGISTERED CIVIL ENGINEER • REGISTERED LAND SURVEYOR I MINN.NO.3344 ENGINEERS & SURVEYORS MINN.NO.4374 ■O.OAK.las SO NINTH AVENUE MOUTH SO,OAK.791 II WIS.NO.[-4,74 NOPKINiTMINNC.DTA 55740 I WIC.NO.6.6'➢4 /LORIOA NO.4271 PMONi 030-7601 IOWA NO.370S NO.OAK.433 NO. OAK. I 1011 I IOWA ONT. NO. 3924-` DESCRIPTION MONT.NO. 1742-f I I Mow, VILLAGE OF CHANHASSEN II INDUSTRIAL SEWER AND WATER PROJECT NO. 72-2 I 1 10-27-72 1) An easement for public right-of-way, street and utility purposes over, under and across the West 30.00 feet of the following described I N 1/2, Sec. 13 property: III Abstract Lot 8, Block 1 , Frontier Development Park, according Doc. No. to the recorded plat thereof. I I 12967 I . I 1 I I 1 11 I I a I 1 I I I I I I ill I 1 II I I I I i I I • I I I I Page 1 - ------— _. _ ,.---- , -i ° "I 6 I .. , .. _ ,. .• .. .. _• _ . „r ,. ,, ,:.; ..,,. .:.:: , ... ,,‘;.-,,1:--,'.. .,.: ...,. . _ _ _ . .A elAY•1969 .%: - - - - - ..- -:- EGAN, FIELD . ..., . 41 ., .,. . . . ... ... . .. .. _ . . , .„..-,. _ ,... ... . ., . . . , - . . .... -, . - = :,--. .-. — . _ H EQUALS 100 FEET , , - - ....„. : .... .. . 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' C4 e..■ Ilig . 1 C) •.c 1/4 1 1/4 IP i r.±.ln U; 1 w U ''1 CU I 41 nl•el 1 I ....... i--- • ...... i 1 Co In , -.... 1111 on i les -ill t . ill tO Lt i I I '-P Ic .. - - . A:1°43'53u! Lz11.19 .,'., 250 0. ' - 2.0/.I1 .. .... ....,..,.. _ N.8862411"W.J ii r4 ID _ 7:_ A to 4.0 Ci , . . "" : ta.% In 460 - . fn ii0 I:2 5 0.29 . o-)c, ; -8 cy 7 INCLUDED IN A • TRUNK ........ ..... HIGHWAY 11 ,,...,p..I et or d ntl F i rst Nil t i ph.)I Bank pf Cha ska, sn :Ant t itC1 , of the foldig delarioed prootyrty si runt it in the I hereby cert - - that this pia' ...,-* ?..e. / X "?..,.."1 •L‘N? .. t< 0 1 r1 , n r I .,T••■.1 .tr.01-$.%,...et... r..4 --........,—....—..—.........,—..... ... _ . A ( Plat Map ) ■■•■•-•-^-+--......■■• .. --.-- --.-__ ININ, .-- -. ■ 7l , - - - 'Jr -' ' - ' • ' ',- - - ----,its , ' I. 'Fel, itALIIIIIV 17 04 11 iii\li • ::. iii:.;--; IINI:411;114114,- „,‘ LI ,_ i .. R • )11111 ,..,,YA .... le —.maw Arni --c„, UM IMI 0 Ao• III MOW' dllowell•r , 3 -.41 - ■••• es- NV IIIE . . ra,,,,i1 ,, ) .... %.-.110- - ■ oripeof - .f. 4116 ftir_ ricw .11.41 gra 4, 1 a := -. _ aii. . scrroit .... 8 - I . R 1 2 cc .--....11wir:53111-wilt Mir III- irr`: 12117 A ......- it,...4. a .: Er-ari frgi Mall' WA =IF wit.'" • - • OW INVJ NNW or. rn..1 A Ihrill NM WU' OM No 4-• , i II ve. 1.*: .01:3 Imii...unu is, .. ma wri: ,,,, „„...1 .- ...........i ' i Ilin ilm0,_ I I i • humiElEigi 111111IPERIMI lip7 ---- cur - , in ---7. ji 0 oPP -0/•° I .11 BG ,ri BD LIFIA_ lig 111111111L11 HO _ ._,..mi, --di --...■-dg--idr ---- ----- 4112- -.- .. go BA•1 , - - „. :motif • ,,,,- 2 .,..... ,. ..- :•., .... .4. - ... ....m. WI 11111.40.. as 4■ I. 4111,II' iii 121E.: 6744:714 w , .. _ moo - imiL•5 , 4. tt., .. .` t,,9•74.71111 If :Wm 41 . . .• _ :.. . _ .. ..„. .,,,,i- , - t..• ,„..„,__,#, . I 1 lop 1 01 14# ■ -- • ,,k ,o,- -it. emrsi. , 1.1..,11 w ir. ..aiiit ti ta ,-A • Lt.%Ova, 1. _et 4mve - a , .____N sitrais V-IMO -‘' _..... _ 1 eihir,=•Alsat 14 A ii■ Of* Mit woul ip ..g .1. PS w I _ t • i go. /4- F-1 .. . ..-._ .,,_ _ ! prfc,AK0 AN 11 _ _. _. _ ---_L • MARSM i • ..11. C N CIRCLE ...,......"------ ---------;- RS - LAKE SUSAN I-411 RD _ . ,4r/ .7- v# -., ...... - _„ _ _. --- -- --"w4. - . RICE - I -- - - /'/// ---4- NE ..., IL i mk g 6 THp ST P / diOXII 1. 4 - WA I I ( Zoning Map ) I 1 i 18 REAL ESTATE TAXES PROPRETY I .D. No. : 25-2750060 IASSESSOR' S MARKET VALUE : 1985 1986 1987 Land $ 75, 000 $ 90, 900 $ 90, 900 Building TOTAL $ 75, 000 $ 90, 900 $ 90, 900 REAL ESTATE TAXES PAYABLE IN 1987 : General Tax $ 4, 550 . 00 1111 Special Assessments $ -- TOTAL $ 4, 550 . 00 I I I I I I I • A • 19 ' HIGHEST AND BEST USE I OF THE SITE, AS VACANT LAND For improvement with a service type commercial or light industrial type building at such time as market demand may warrant. 1 VALUATION METHOD 1 The market value of the subject property, will be estimated by use of the market approach to value. 11 11 11 11 it it , . . AI , , . Al20 il THE MARKET APPROACH In the Market Approach, the subject site will be considered in view of market data relating to recent sales and/or current 111 offerings of other commercial sites in Chanhassen. This market 14 data when gathered, verified and analyzed, provides a comparison of value for the subject property, inasmuch as it represents the actions between buyers and sellers of "comparable" properties . ,i The Market Data Approach is based on the principle of substitution which essentially states that a prudent and informed person will pay no more to purchase a property than it would cost to purchase a generally comparable substitute PI property. 4 In applying the Market Approach the following procedure is generally utulized: 1 . Seek out similar properties for which pertinent sales, i ..4 listings, offerings and/or rental data are available. 2 . Qualify then as to terms, motivating forces and bona fide nature of the transaction. 3 . Compare each of the "comparable" properties ' attributes, with the corresponding ones of the property being appraised, under the general division of time, location and physical characteristics . LIIII 4 . Consider all dissimilarities in terms of their probable effect upon the sale price. I' 5 . Formulate an opinion of the relative value of the property being appraised as compared with the price of each similar property. The objective in analyzing market data on comparable sales is to estimate the probable price that the subject property would bring if offered for sale in the market. The comparative process utilized in determining the degree of comparability between any two properties involves judgement as to their similarity with respect to many value factors such as date of sale, location, physical characteristics, and terms and conditions of the sale. Sale prices of the properties considered to be overall more comparable to the subject tend to set the value range for the subject property. Additional consideration of the comparative data indicates a figure representing the estimated value of the subject property, that is, the probable sale price in the market, as of the date of appraisal . III • 21 II 10 MARKET APPROACH (CONT'D) - I II Market data relating to sales of thirteen ( 13) commercial sites il in Chanhassen is presented in the Addendum of this report. Some IIof these sites are more similar or overall "comparable" to the subject site as compared to others. Compositely, they provide an overview of the downtown or near-downtown market for commercial building sites in Chanhassen. II These thirteen land sales - before and adjustment for time, location and various physical characteristics as compared to the IIsubject site - exhibit the following: Sale price range of $ .54 to $2 .59 per sq. ft. Mean average sale price of $1 . 94 per sq. ft. I Land sale No. 13 is a large (44 acre) undeveloped tract of I land. Setting that sale aside, the other twelve sales provide the following range and mean average: Sale price range of $1 . 15 to $2 .59 per sq. ft. I Mean average sale price of $2 . 05 per sq. ft. Land sale No. 1 is sales data relating to the recent purchase of I the subject site. al Land sale I No. 2, located nearby the subject site also has less than desirable accessibility, being situated on a "dead-end" I IIstreet, a fair distance west of Highway 101 . A comparison of the subject site with five of the comparable I sale sites considered to be more comparable overall to the subject site, is presented on the following page. This market value analysis concludes with an estimate of market value of the I ilsubject site. I. II 11 I II 1 II ii 11 ii A . I/I . 22 IMARKET VALUE ANALYSIS OF SUBJECT Srn A D J U S T M E N T S III LAND VALUE ill SALE SALE PRICE SIZE/ TOPO/ COMPOSITE INDICATION NO. PER SQ.FT. TIME LOCATION SHAPE SOIL ADJUSTMENT OF SUBJECT 1 $ 1.15 -- -- +20% +20% +40% $1.61 2 $ 1.76 -20% -10% -10% -- 0% $1.76 III3 $ 2.09 +20% -25% -15% -- -20% $1.67 4 $ 2.59 +15% -40% -- -- -25% $1.94 5 $ 2.28 +40% -50% -10% -- -20% $1.82 III Indicated Value Range for subject site: $ 1.61 Per Sq.Ft. to $ 1.94 Per Sq.Ft. illMean Average Value indicated for subject site: $ 1.76 Per Sq.Ft. III illConclusion of Current Market Value of the subject site: 80,147 Sq. Ft. x $ 1.76 / Sq. Ft. = $141,058 III Rounded to = $141,000 ill III III 11 , 4 * . .. II II . 23 , II APPRAISER'S CERTIFICATION I IThe undersigned does hereby certify that, except as otherwise noted in this appraisal report: 1 11 1 . I have no present or contemplated future interest in the II real estate that is the subject of this appraisal report for in the parties involved. II 2. I have no personal interest or bias with respect to the I subject matter of this appraisal report or the parties involved. II3 . To the best of my knowledge and belief, the statements of II fact contained in the appraisal report, upon which the analysis, opinions, and conclusions expressed herein are based, are true and correct. II 4 . This appraisal report sets forth all of the limiting it conditions (imposed by the terms of my assignment or by I the undersigned) , affecting the analysis, opinions and conclusions contained in this report. II5 . This appraisal report has been made in conformity with and 11 is subject to the requirements of the Code of Professional Ethics and standards of Professional Conduct of the American Institute of Real Estate Appraisers of the National Association of Realtors . I6. No one other than the undersigned prepared the analysis, II conclusions, and opinions concerning real estate that are set forth in this appraisal report. li 7 . I have inspected the property which is the subject of this I appraisal . 1 8. The American Institute of Real Estate Appraisers conducts I a voluntary program of continuing education for its designated members . MAIs and RMs who meet the minimum IL standards of this program are awarded periodic educational certification. I am currently certified under the AIREA I voluntary continuing education program. It . i// I L5j, , ,0 i fHarvey G. 'Swenson, MAI I II II IL 1 III , ' I CONTINGENT AND LIMITING CONDITIONS 24 This appraisal was made subject to the following: 1 1 . No responsibility is assumed for matters legal in character, nor is any opinion rendered as to title, which is assumed to be good I and marketable. Any existing liens or encumbrances have been disregarded and the property is appraised as free and clear and under competent management. I 2 . Disclosure of contents of this report is governed by the By-Laws and Regulations of the American Institute of Real Estate Appraisers . Neither all nor part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or I firm with Real Estate Appraisers or to the MAI designation) , shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communications without the prior written consent Iand approval of the undersigned. 3 . This appraisal is made assuming that all public improvements of I any kind affecting this property appraised are fully paid for unless otherwise specifically set forth in the property description. I 4 . In this report, the distribution of the total valuation between land and improvements applies only under an existing program of utilization. The separate valuation for land and building must I not be used in conjunction with any other appraisal and are invalid if so used. 5 . This appraisal assumed a sound national economy, competent and aggressive management and continuous promotion of all demand generators and proper maintenance of the property. III 6 . No right to expert testimony is given except by special arrangement and consent. 7 . The legal description secured from the owner and from public records or surveys furnished us is assumed to be correct. Any sketches or surveys included in the report are added to assist il the reader in visualizing the property and assume no responsibility in relation to such matters, or easements, encroachments or other legal/survey aspects . 8 . Appraisal assumes that this project meets all zoning requirements and all building codes local, State and National, as they apply, including safety and health standards . 9 . No soil tests have been made available to the appraiser. It is assumed that soil conditions are suitable for the existing and/or proposed development. 10 . No engineering reports have been made available to the appraiser. it is assumed that all underground services are -Ill functional and in good working condition. e II APPRAISING QI]ALIFICATICNS CF 25 II • HARVEY G. SWENSON APPRAISAL EXPERIENCE - II III1963-68 A.D. Strong Company ill Minneapolis, Minnesota II Real Estate Appraiser 1968-77 Mortgage Associates, Inc., Twin Cities Branch ill Minneapolis, Minnesota II Assistant Vice President, Ccnuuercial Loan Division 1978-79 The Highland Financial Group, Inc. II ill Minneapolis, Minnesota Vice President, Real Estate Services 1979-84 Harvey G. Swenson, MAI/Green Valley Financial II Minneapolis, Minnesota Real Estate Appraising and Consulting, Development, Financing, Leasing and Sales II 1985-Present Swenson, Bjorklund & Associates, Inc. Real Estate Appraisers/Consultants II Minneapolis, Minnesota EDUCATION ii I Bachelor of Arts Degree, Economics, University of Minnesota, 1961. I University of Minnesota Extension Division Courses in Real Estate Appraising, Financing, Brokerage, and Law, 1963-65. II IAmerican Institute of Real Estate Appraisers, Course I (Principles) 1965, II Course II (Urban Properties) 1966, Course IV (Capitalization) 1971, and Capitalization Theory and Techniques (Parts A and B) 1984. IMortgage Bankers Association of America, Case-Study Seminar on Income II Property Financing, Michigan State University, 1968. 11 Mortgage Bankers Association of America, Advanced Case-Study Seminar on II Income Property Financing, Michigan State University, 1969. I Various continuing education courses and seminars. II 'I PROFESSIONAL ASSOCIATION II Member, American Institute of Real Estate Appraisers (MAI), Certificate #5592. II 11 Member, National Institute for Real Estate Consultants-Master, Real Estate Consultant (MREC). IIAssociate Member, Greater Minneapolis Area Board of Realtors and Minnesota Association of Realtors. IILicensed Real Estate Broker, State of Minnesota. II ill : ' 6 . P. f - 1 � j !4 jr v; � \\ Vet O LAKE ) ii• *-1M-' — V111111 . __ ,,1 111141 � A / r it ..0 d a. L �\ . irial •aMI;a I I, Sir, Hd �ii`All1 / S.yi►tr ‘�..110:A. „. irawi a r"Isi fp- Der►' 4 no,za At 1 . Vakill 1 db ra s le :: wer..trafrme ...,,L. him is . ■._ raineennen ir: wow di 4 S tf. 1 cr i lei! rt] �/ p /, W A Mu m 4 NL r • . al 74�, I M 1)L1 M. ��' IINII111111111111 �P� rr ill' ■ MS ��r;��1 . ,, ® MISMIWNP-'' • 11111 111111 r a ,erg r� riga. .111111 ' ii a is ,al..........01t 0„,,..mi itili • riak____ 17,0.0. iela taFT-12 rnoiii.•••• ® t ail v 610 art s g --__-.... STgTE �� t �� VA/4 !G HIGHWAY �� 0 IIc: la' 1 I — .s' .r.:-.34 1 i X11 . •,, mg it ,� II ►p,/��: �va ew i10 '31 may. ;Si II - . ii ilt -i7% 1111Lvt* �...m..4101114 it e� •, Fr MO 4 NN--,..„-\ l----------"--------_.....„, Land Sales Map) LAND SALE NO. 1 ' II III 0 ' • ` y 1 ♦ , t 3J30 a 2 3 C { 8 i. i. : 7 N q v 1. ; r vaa T • _ O V 1 • I V { ` I t 40'R�t�v , u`o : `i....9 1 t, :`•' I S .. PROPERTY ID NO. : 25-2750060 I LOCATION: W. 79th St. in Frontier Development Park II LEGAL DESCRIPTION: Lot 8, Block 1, Frontier Development Park SIZE: 80, 147 Net Usable Sq. Ft. I PHYSICAL FEATURES: Generally level and at street grade. Good visibility from Highway 5 . Restricted II accessibility being located at far west cul-de-sac end of W. 79th Street. al ZONING: BG - General Business District I lad SALE: November, 1986 SELLER: Razor's Court, Inc. (John Pryzmus ) II BUYER: B.C. Burdick I illi PRICE: $133, 400 It PRICE/SQ.FT. : $1 . 66 (equal to $1 . 48 per sq. ft. on I 90, 152 sq. ft. before deduction for land conveyed for R/W) itCOMMENTS : This is an unrecorded sale, confirmed by I Seller - February, 1987 . Had been purchased 3/81 for $105, 000 or equal to it $1 . 31/sq. ft. of net usable area. Buyer I also assumed special assessment balance of $6, 470 bringing the total purchase price AL to $111, 470 or $1 . 39/sq. ft. of net usable I area in 1981 . 11111 - - \ \ LAND SALE NO. 2 .i. , . 3 \ "1. ' - -r - '; _. .5. i ■ - . ' ,I fir \ \. v....... 4 ,,.. . .,...; :.., 1 — " c• . :,.: :: • „.< .,,:..:-..: ,... 1 .--;.•,;-:. 1:-•.• b 1 \ 1 1 *,r ..1-* , . i■ 0 :I ...." i... L.. a." ':. \...,•:,/ i ,. 1.... r7-1 .7.%-. 6 ..c 4,'z , \ ,,N ..\.12), 1 / !. • ,-- ,1 .\ • . • + .,•1. ;2• ,<co, k •, c.c a.s . l -Z I „,,;,..4 s- , .roco ., ..,.., •2 ,,_. .,. ... - ., .:. il, 1 \l,.. il .,.. ....• . • ,. . .,:, ..i..•.1'.- N....,,•• '' .•°) 12 VI' ....!,',. v.'\\:: .•• r•-, 1 ! co'• 3 ;.vo, .ecet 79TH .. ...-.1 111 6,.,.3 t . S.„: „ _: ....,....„, ...._ . .-_____„:„.. v 4,14 i j.7..sec .3 , :c f', 7,---...—___------____ .1t • .. El .:4 .....--...".".... 11 - - to. , 14 1111 PROPERTY ID NO. : 25-2750080 JLOCATION: W. 79th St. in Frontier Development Park LEGAL DESCRIPTION: Lot 3, Block 2, Frontier Development Park 111 SIZE: 39,484 Sq. Ft. I PHYSICAL FEATURES: Bought "as is” Westerly 20% +/- is lower marsh land. Good visibility from Highway 5 . Somewhat triangular in shape. IIZONING: BH - Highway & Business Services District SALE: February, 1987 (October, 1986 purchase IIagreement) SELLER: The Chanhassen Bank IIBUYER: Don McCarville, owner of Country Clean PRICE: $45, 406 . 60 IIPRICE/SQ.FT. : $1 . 15 ill COMMENTS : Bank had obtained ownership through foreclosure, and classified it as "other real estate" and therefore it was a favorable purchase by buyer. III _ 0 . II LAND SALE NO. 3 • - II . ---- --- *, ,., .....____ . I __________- - _ ..5:-. , :sa q 2 €1 n . _, ___ op,0 .. - --- "'"--Q,- --•-1...-;-,;''. ,- --.:;:= - . -- 5 I I R P1/4"-J1 _ _— __ ...._ 3, \ v "Y•'. -• 9 , . t 0 ei:f...r...I .: . ...4. • 1...! i ,...).■ .• i C; .,....• i an •s.' k • ,. I Z ...1; ---- \ 4 0 0-•,,,, 1 r--)... q qt : I .r... s \ so'0 . ., .1. A 2 1-..., 12 I ---.... ...-• at! ›.. •N!13!E ',....; , iSc—S ti 1.7)............_ \.. ,..:-.f,,, .t.?:,, 3 ...1- to.....0 . om.311 , _7 ,7,, , .• i.-5_-_ ,,.. mi:L.., I ‘...,...,. ...1._ ,.._ •■,itt iv,4,Y..:.0, • ..5.64 .a\°„, tk. -• IS .1 - V."-'S I , I 4't--; '-;:4'w* 111 • e:* • ..7....,, %S. ■-• f tV - 't‘•• A,• • I ; .... cry \ ••■ / \ .S / ?.* • ....i,..., 5.•..,,,.- I , ,.... ..; , , , I.,: ...1 I 'C': fa \ Sr e:, Y' ' \* I ' •'. Z•-• / ''',1? s: • C" 1 C ,..z I r.9',.t .1 "'.9 I .114 .'.. .....;;S 4 / '....l , ...r..., / .t I ‘, . q.‘ •, , .<Ck \ \ •.." a-.1- i ■0 ,.. 2 2 ...... ,... \t , \_,- ,,, li I ,.. , o,• r .r *r". \--- •, I l, 31 I I II IPROPERTY ID NO. : 25-2750010 & 0020 II 11 LOCATION: 530 W. 79th St. in Frontier Development Park I 11 LEGAL DESCRIPTION: Lot 3 & 4, Block 1, Frontier Development Park II I- SIZE: 76, 000 Sq. Ft. +/- IIPHYSICAL FEATURES : Generally level and at street grade. I ZONING: BH - Highway & Business Services District II SALE: February, 1982 ISELLER: Strong - Towle, Inc. II BUYER: Landco II1 PRICE: $133, 910 +1- I PRICE/SQ.FT. : $1 . 76 II COMMENTS : Site has been improved with a one story I multi-tenant commercial building. II 1 II LAND SALE NO. 4 ill _ • • .. . .. o .vdc'13/�..w• R ii ,,---- - d /s49/, n odd/ — _ w E�SQ � ■ - • - �n iaNar,Gr, '""d 4 • 1 1 0� o1 h° :C `h ill . •:. L4 � 'W Ca vs O 1. O M O '. i /5*0458- 1 'o 0 Z yl � il .,, ,.. 1 , 304 / R /6=n4 s .. ,. e%9 ka PROPERTY ID NO. : 25-2770010 LOCATION: 460 W. 79th St. in Frontier Development Park ill LEGAL DESCRIPTION: Lot 1, Block 1, Frontier Development Park, Plat Two SIZE: 23, 945 Sq. Ft. PHYSICAL FEATURES : Small site located two building sites west of Highway 101 . Generally level and about IIIthree to six feet above street grade. ZONING: BH - Highway & Business Services District III SALE: May, 1981 ISELLER: Ralph Molnau & Ronald Duffe BUYER: Andrus & Schultz IIPRICE: $50, 000 PRICE/SQ.FT. : $2 . 09 IICOMMENTS : Site has been improved with a one story Chanhassen Professional Building. Ii . . I LAND SALE NO. 5 111 I al .yr-1 ____ _1 :;-... :•-....: . - (.:. 1 -- I -- .- ,I -a 889°33"E A 1 48 .490 68 • II 5 E 14 -, 01— I ...- 0 00 4 CH • ......" 6; N19.'5°12 4, .;;, ,i ,1,4g.i9 : . t c i 1>J L ■ ; no I \ 0 II / 11 r "4 et su A o/ A / I::*(02 1 % !, : 0 ..1 srs t .j/ 4) .X. t, 0 i' e \\* `.. % I / .4,6'C., V 6`).5.04 „1,...IV:.,'• -,r■ '.- '51 54 . I ' / elP(.13 i) . ( -s. :1 0 $tWia a e , (V 0‘) 01 b 1 9 1 6. -, '' / 1A 67' '• .., lity ;. ,•••• e- -\ , .• , „. 3 ri\V<, 0, . . • . • 0 ....,„: • ,.I ,,•_ • „ z \ %i'‘0 ' , ,,,,,, , - 911 , / . ;v.- Ssl ts \ V '••' .._.., •\• '' ... ' 56'8499'25 '11 '''. : I v. 11 , s-11.-) x , - 98.31 RG: .....:, . _,..:, -,. ..2.0 , - - cri 5 . \ V li ' 5Z- - .. ..0.- z I .- 249- II ...: ,"v's:-..,' ‘ ' \ I ) , - .. ' 1 l. 92 .k - in 5 35a49 . .. .• ./. ../..'f.c ....; ' • I 11 I PROPERTY ID NO. : 25-8900020 11 LOCATION: 501 W. 79th St. in Frontier Development Park I il LEGAL DESCRIPTION: Lot 2, Block 1, Zamor Addition II SIZE: 58, 000 Sq. Ft. +/- li PHYSICAL FEATURES: Irregularly shaped site located one I building site west of Highway 101 and with good visibility from Highway 5 . II I ZONING: BH - Highway & Business Services District I SALE: August, 1983 I SELLER: Lawrence Zamor 1 BUYER: Thaddeus Korzenowski II PRICE: $150, 000 IPRICE/SQ.FT. : $2 . 59 II COMMENTS : Site has been improved with the Prairie II 1 House Restaurant. I II . . LAND SALE NO. 6 4 • ,14.1 1... ii.„ , 1 1 , , t V 4--- ----I - I -- — , ....•-•-• 0 7 ° ,. i, 4 S8933 4 «E • cp. 'To ,os , ;,z. 6 , 68 f /1584 "•-,L Q, I '2 000'46 CH'49° I . L- ./.. -7 a /4" , 0•3,)29. 1 ../ 1 \ 9 / :rr.114 A 0, "IL ' rT // ( .. 00, . - I ..'),' 111 A 1" t ‘,.4 z ,..r,lt tY ,13`1.26 4 its.:‘,'• ' A 7 / 9.5/9 0. e, rv % 2 , ,, .. -4 ,4 /; ,Cb co $b,°/..7./e , (1;j3 ti)i nfo / %114 62' .• ‘ ‘■:.;1" ,ts %lc, IP // A' 7\I / ' \ .-.., it.. •t. K eA: ..„ .1 r.■ . ' G 1 .". n 4r „ 1 1 \ ,i ' I'U .... v ...- ;... • ,...e II / ‘3- .,-\ ....t . %. • B : 1 , \ 6: , o ,,,, . , - 8.31 0' , s..s 1.-„, ‘ .,,, ---- R2& 9 f. \ til \ RI C _IN',\' z. 1 •'-: ?...:AN: • 12 — % Al IV Cr• .....-- ....-----* IP ..— 111 PROPERTY ID NO. : 25-8900010 11 LOCATION: 441 W. 79th St. LEGAL DESCRIPTION: Lot 1, Block 1, Zamor Addition illSIZE: 31,800 Sq. Ft. +1- PHYSICAL FEATURES: Small key-corner location with good 111 visibility and accessibility. At street grade. IIIZONING: BH - Highway & Business Services District SALE: December, 1979 ISELLER: Lawrence & Phyllis Zamor BUYER: Holiday Stationstores, Inc. 1 PRICE: $72, 500 IIIPRICE/SQ.FT. : $2 . 28 COMMENTS : Site has been improved with a Holiday Stationstore Building. 111 11 • I • i LAND SALE NO. 7 !I J Y I m a� . _ w n; Ply 6R H KEBER 1 •k A P A Ui.Y N ?�P 41 'f-, t'S �'L�'ET I s - _12s-214 0 - �hN e`�_ i • - ' i- 132 p� X.0 . Y' �f.l -' I _0PMENT CORP . . : Alio* • . so ,,C RE e••!ill :-...-- - , ., .. . . 0.ill I 1 rr g A ;7. f. J. KVRVER3 r- R E� PMEh t= Q" Fo t is t�,e V T 1.rc z.A WO ° � v QI .; r r c Z ; _ 10.■ ? t 20 ` l 1ss • • • III - • 2 i ''., ER!CA+v OIL CO II 8Ke ,r 449 IIPROPERTY ID NO. : 25-0132600 I IILOCATION: SEC W. 79th St. & Great Plains Blvd. I LEGAL DESCRIPTION: Tract B, R.L. S. 96 ISIZE: 8,965 Sq. Ft. I 1 PHYSICAL FEATURES: Small rectangular site fronting on Highway 101 located north of the Amoco station. ZONING: BH - Highway & Business Services District 1 II SALE: March, 1984 ISELLER: City of Chanhassen - H.R.A. I BUYER: Gary Brown IIPRICE: $16, 435 I PRICE/SQ.FT. : $1 . 83 IICOMMENTS: Site has been improved with a three-bay I self-service car wash building. I I I ti 111 e LAND SALE NO. 8 r) I AB9° 3T0'-H• 3'4 - ti 2 boo I' L L - , .E �� .�,..i..:`,., , I ,B LO �, o — / w: ;: LPL _ _ ;,°a.' , 000 / p ..,a.:.,.• • a 46 D / V.a ,.Q.0 t_.�,.,_ vt /� t. '1 f f %°•, • I r, , t_L ,� \ . il PROPERTY ID NO. : 25-3460010 & 0020 0 LOCATION: NEC Great Plains Blvd. & Lake Drive East LEGAL DESCRIPTION: Lots 1 & 2 , Block 1, Hidden Valley 2nd Addition SIZE: 85, 370 Sq. Ft. IIPHYSICAL FEATURES : Lot 1 is rectangular corner site at street grade. Lot 2 is triangular and somewhat above street grade. ZONING: BN - Neighborhood Business District IPSALE: March, 1986 SELLER: New American Homes Corporation BUYER: Blue Circle Investment Company II PRICE: $172 ,500 + $34, 556 . 98 pending assessment for Lake Drive East = $207, 056 . 98 PRICE/SQ.FT. : $2 . 43 with assessments paid COMMENTS : Lot 1 of site has been improved with a Q Superette and small convenience center. llLot 2 is vacant land. I LAND SALE NO. 9 , 1 • o� C,0 r. I N r r� r-s �° .•r r`. • %� X69 23 �c �a ep;i5 p i2° '= Ls76% I I c ; 845' I: /I _ . - s c...1% N= �C :'LA c I II cn k C o • u pqo °' io oj 2 ` r 0 cE 1.FOO ) ` 1Z •• — -. I I .:— —,p e1 0.p N 0 io i .>o vac ,,,Q i .. ■� 0 00 .�z my ■P aOo-VO6 I -ar / 1 I \:: p,"\�)e0 • T .- /G' h -' /.-: .(4K£ H I C=8247 , _C.80 36 i ! s { A?/05 00 • �sd B i AE9'48 18"�, I II %0.e...6 60 s'c'LOT 6' .._ 8.80 • o. 1 DRIVE 11 IIPROPERTY ID NO. : 25-1750010 LOCATION: 90 East Lake Drive I LEGAL DESCRIPTION: Lots 1, Block 1, Chan Haven Plaza IISIZE: 57, 065 Sq. Ft. I PHYSICAL FEATURES : Generally rectangular site, level and at street grade, good visibility and I accessibility to Highway 5. II ZONING: BH - Highway & Business Services District I SALE: November, 1981 IISELLER: Chanhassen Holding Company I BUYER: McDonalds Corporation PRICE: $137, 227 . 50 + $8, 890. 38 special II assessments assumed = $146, 118 . 18 IIPRICE/SQ.FT. : $2 . 56 I ICOMMENTS : Site has good visibility and accessibility II to Highway 5 from both directions . I II 1; '. , . LAND SALE NO. 10 1111 • iiv V r 6 9 — 6 8 . 7 8 7 ill _iNER S CHAN. -165 6 V rE�` 5 c — - CO 4 r ce 347 4 I 2 3 3 a 5 6 7 S3 2 II csv -c 144.,,,..- I • - •10 C?F~yC 1458 c":0 X50 �1 131 Eh IF Nc, i4 CO INC r, Pi'TLER_ 7." —093 BR I75. 2:7 C 0 >,p `3P 37 cr !:• ",F326 I 2 O P B BONSLRD a. P�,NY • _r'4C,P5 4 93 is /BK B,,P464 a fae di II :C'hh h:.J�{K JR TI—:NL; rFvE 3EP 2 9K .39,F.30 Bel^iES,c 165 C o m c- CCTF REALTY 9 BJ CI BK ;63,P 35 el( 1'I,F 475 ; 8 :e R: G C h I _ M ! e - BK . MSC 60, I_ p" p Pa6 F �� C - 107 Gat 6^ 100 250 A� ., 7VO Iw L__ _I '5" , — .i`9`_ L. - __ -46 , _ 17C_ i ________ ___ .r ...--, \ i , il PROPERTY ID NO. : 25-0121900 LOCATION: North side W. 78th St. LEGAL DESCRIPTION: SIZE: 80, 150 Sq. Ft. PHYSICAL FEATURES: 160 feet +/- frontage on north side of West 78th Street. Much of the site is "back land" off of 78th Street. Generally ill level and at street grade. ZONING: CBD - Central Business District IISALE: April, 1980 SELLER: Donald Hanus IIIBUYER: Bloomberg Companies, Inc. PRICE : $160, 000 ilPRICE/SQ.FT. : $2 .00 COMMENTS : Vacant parcel access from the Chanhassen Dinner Theater. Formerly had an old feed mill which was torn down. I 11 . 1 LAND SALE NO. 11 , ' - 1 _ _ -. -_ 11 11 . ,,.. 9 V) 6 I ' 0 VILLAGE OF CHArHASSEN.. m ti BK 90, P 43 BK 96,P 358 7 W BK 115, P 204 MN I W " ( 1 W RICH4RD STEINER CHA Nt c 1 2 j 8K 120,P33 i ; r cc S I CHN IDER Q - -- 433 — —`— �- 2 3 I a ; 5 CENTER ST. 2 - 1 I PAR K J a P CCMP;.,NY , I I 22 3 54 171,F S,I .20.,t.. t.:./:11C JR I to s" 8K t63,P 3S .. �� �w is. a 1 1 C.S.A. \ .l -Hwy - --_ _ . ► - — �- .GR,cP :CJ':TY�_ '- — BK 1t5,c:64 1 I I PROPERTY ID NO. : 25-7750030 1 I LOCATION: NEC W. 78th St. & Kerber Blvd. I LEGAL DESCRIPTION: Lot 1, Block 2, Schneider Park 1 SIZE: 32, 075 Sq. Ft. 1 PHYSICAL FEATURES: Small corner site along north side of West I78th Street with Center Street at rear of 1 site. Site is somewhat below street grade of West 78th Street. IZONING: OI - Office & Institutional District 1 11 DATE OF SALE: November, 1985 1 SELLER: Schneider Agency, Inc. IBUYER: Mithun Enterprises I PRICE: $60, 000 IPRICE/SQ.FT. : $1 . 87 1 a COMMENTS: Vacant parcel west of old State Bank of Chanhassen building. 1 11 • 1 LAND SALE NO. 12 ill _ _ _ L91—IfIlt-11 4 0. 1 = °' VILLAGE OF CHANHASSEN BK 90, P43 x J s� v BK 96,P 355 4 W g BK 115, P 204 7 m Ya 1 2 W RICHARD STEiNER S 2 Cf- c 5 E+K 123,P 33 4 , I 3 S C H N I D E R 6: Q °-__- - ---433 S CENTER ST. g 0 4 } 1 PARK ; J B P COMPANY R 11 22 3 • 17;, P 5?I UCH?* HLJ_IK J S ^ I `,N , BK 16 3,P 35 Q 4. 4 - - - ; C.S.A. - - - -- - ` - - - 1 - -HWY.- - - - --- ; - - - - 'C- .E,, 'Y-. 5K I,S,�P 2C4 I IIIPROPERTY ID NO. : 25-0122200 LOCATION: NWC W. 78th St. & Laredo Drive LEGAL DESCRIPTION: S 295 ' of E 433 ' of SW 1/4 0 / of S12, T116, R23 SIZE: 87, 120 Sq. Ft. II PHYSICAL FEATURES: Large corner site on north side of West 78th Street. Generally level and a few feet above street grade. ZONING: CBD - Central Business District DATE OF SALE: November, 1985 ISELLER: J & P Company (John & Patricia Huber) IIIBUYER: Mithun Enterprises PRICE : $209, 000 IIIPRICE/SQ.FT. : $2 . 40 COMMENTS : Previously sold 11/83 for $167, 000 or $1 . 92/Sq. Ft. Site has been improved with the new Chanhassen Bank Building. III 1 1.11. y • LAND SALE NO. 13 I 017 I i I I I i cr I i 7750010 1 7750020 I Im - i. i Coulter Drive_- , ) I \ I � l I __ _ 3 1 7750030 7750040 I ol4osoo L ! ls000ao ! 1500010 ` . 83 L1 6i LI I .Lf1M!/1' PROPERTY ID NO. : 25-0125000 I LOCATION: North side W. 78th St. between County Road I • 17 and Kerber Blvd. LEGAL DESCRIPTION: I SIZE: 44 Acres +/- II PHYSICAL FEATURES: Very large undeveloped parcel located on I north side of W. 78th between Kerber Blvd. and Cty Rd 17 . Rectangular site with II rolling terrain. I ZONING: BG - General Business District, S. portion R12 - High Density Residential, N. portion i DATE OF SALE: May, 1986 II SELLER: Estate of John Brose I BUYER: T.F. James Company IIPRICE : $850, 000 with $100, 000 down on Contract II for Deed. Plus levied & pending Special assessments of $193, 450 = $1, 043,450 II I PRICE/SQ.FT. : $850, 000 = $19 , 318/Acre or $ . 44/Sq. Ft. $1, 043, 450 = $23, 715/Acre or $ . 54/Sq. Ft. IICOMMENTS : Water available, sewer soon available. I Buyer has reportedly sold (but not closed) 6 1/2 Acres in the Northeasterly I corner zoned R12 at $30, 000/Acre + assessments . S sit is 1. , i osi 1 ..7-;°'1.1°- ,...=,.._ _,,_ 1 6***.• 4 . 4100' ;$-••• . ... ....2.'' - t ;.'...- , . . ... ■ •T , I . •-....... . le 10111 .ti, s• 'N. • r.--- I 1 I .,., V.. .. 1 1 1 • , .11 II..C.,, . .' ‘‘ ...... ••••.Z I .,..„, - 'kg , . ' . Ai i 11 1 0 0 0 ii I ' , "... A ' ---1 \r1 N I. . . . 4" .../ c , ... ■11 NA .k.,, ,k. '4,,-I, - ,-.,,;.;.. • , -T .• ///1/7 , 1 ..-4.t. , •• , a " 1 •,:-4 o ... . 1 4 i 1 ..,. c), 1 *Ss .:t., rs‘ ■J P • , t,i ,40 \r 9-. ", ' 714`' ..-i) -0 .7„... . , 1..0 !;.% ::‘,..3•\:.7, • . 4' % .,;:l., o '_:; ;11Y: 010i,t,.. -C.14 (\\.11\ --cz\-s\ • , ■ )„ _ , , "A) . I r I VI\ \Wish . • 'I. ..... i. ' ''',:','‘ ...- ''1 \A. i.. ._. t, c,j N t. :'!titttil) t.:7".::a■ -I /01 -1 C.t4 L'''''.:S. - -Tv ..--r----- ..1.1 11.. .. - is--- _. .42- ...-----'117.-- --. - '' ''-'*' 141101111ti • ----1-,!,,-- . won _______,,,,,,....______........Z.I:!:::40:. 1 - N i .1 -t \ \ t h . O N., ..,...lok k'cl '\--iM " rd •ZZ 70 ''.\Z...-t' •• •-..... 7 I i 11 -LI t.' P.. •--I I 1 \ 1 . 2 PROPERTY ACQUISITION "—I Ftititw CHANHASSEN PI AWING IIIANSPONIATION ENGINEERING ANCIAIECINIIE DOWNTOWN PROPOSED NEW RIGHT—OF—WAY lw---akvii-v*Alves-v",,- (WNW'I.NINGROSE.WCASFELD. • JANVIS.GAMMEN.INC.. THIIESNEN SOUANE rou 11100 Sr S. FEASIBILITY FRor-.3--rieR DELL PK- . RI— 11 /-01— 8 MINNEAP01.1S,MN 5511S STUDY