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ETROPLAINS <br /> <br />METRO PLAINS PROPERTI ES INC <br />METRO PLAINS DEVELO PM ENT LLC <br />" le n u s i n g t h e h, a r' i l n n d" <br />September 28, 2004 <br />Michelle McPherson <br />Director of Planning <br />City of Elk River <br />13065 Orono Pazkway <br />P O Box 490 <br />Elk River MN 55330 <br />RE: Elk River Downtown Revitalization Bluff Block <br />Dear Michelle: <br />Outlot A of the Bluff Block Redevelopment, as defined by John Oliver & Associates, lnc. <br />in our preliminary plat submission, is 19,340 squaze feet or .44 acres. Outlot A basically <br />runs from the ridge of the bluff down to the shoreline of the Mississippi River. The <br />acquisition of the parcels along the Bluff Block have included 641 Main Street, a <br />purchase agreement for US Bank and ongoing discussions for Nadeau's cleaners. We <br />have done comparables of land sales in the area and what we aze finding is land sales that <br />are currently occurring on the Bluff Block are establishing current property values in the <br />downtown area of Elk River. Current sale price indicates that a land value is $13.40 a <br />squaze foot. Therefore, Outlot A of .44 acres or 19,340 square feet at $13.40 a square <br />foot would yield an overall value of $259,156. <br />This value consideration is being requested in lieu of Park Dedication Fees as it relates to <br />the Bluff Block property. If you have any questions or comments regarding this please <br />advise. <br />Sincerely, <br />~~~ ~~~'~~L~ <br />La"Verne Hanson, Jr. <br />ec: Jeanne Kelsey <br />Larry Olson <br />G:~slk River (MD] #70)', MDL~LetCer to Michelle McPherson 09-28-04 <br />SPRUCE TREE CENTRE ^ 1600 UNIVERSITY AVE. ^ SUITE 212 <br />ST PAUL MINNESOTA 55104-3825 <br />651 646 7848 ^ FAX 651 646 8947 ^ www.me[roplnlns.mm <br />