5.0. SR 05-11-1998 - Laserfiche WebLink

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SECTION 18 HISTORY The subject property was purchased by the present owner, Larry S. Hickman, in 1996 for $141,000. Mr. Hickman contracted with John C. Weicht and Associates, General Contractors, to construct a 89,370 square foot building and site improvements for a total cost of $1,769,206. ,,Hr. Hi=kman directly furnished a security system,. telephone system and all soft co~ts._ Mr. Hio~anan's total cost in the pro~ect was_ approximately'~2,060,000. After the ap'pralsal dated June 29, 1996 was con~31eted and before the subject improvements were completed, Mr. Hickman changed the heating system from a forced air, natural gas system to a high tach ground source heat pump system, the additional cost was $200,000. In 1998, Mr. Hickman plans to add a 40,000 square foot addition, with 20,000 square feet on the main level and 20,000 square feet on the upper level, to the existing building for a total cost of $1,244,663. Mr. Hickman's total cost in the existing and proposed addition project will be approximately $3,500,000. SECTION 19 MARKET AREA DISCUSSION EXTENDED MARKET AREA The extended market area is defined as Central Minnesota, which is dominated by the Minneapolis and St. Paul Metropolitan Area and surrounding communities. See AREA MAP in Section 21 for visual representation. The Minneapolis and St. Paul Metropolitan Area is well established and commands national and international recognition for its business centers, industrial capabilities, manufacturing and its agricultural production. Population is steadily increasing and stood at about 2.5 million in 1990. The Minneapolis/St. Paul Metropolitan Statistical Area enjoys a net immigration of about .5% per year. The area is home for many large companies, including IBM, Minnesota Mining and Manufacturing Company, Cargill, Carlson Companies, General Mills and many other large companies that manufacture a variety of products and are well known and operate in the Minneapolis and St. Paul area. These companies are a positive influence in the community and offer the public many benefits and services as well as many jobs in the area. The area is well served by many major highways such as Interstate Highway 94 which connects with St. Cloud, Fargo, Bismarck and Seattle to the West and LaCrosse, Madison, Milwaukee and Chicago to the east. Interstate highway 1-694 and 1-494 act as a "belt-line" around the metropolitan area. Interstate Highway 35 connects the metropolitan area with Duluth to the north and Des Moines, Kansas City, Oklahoma City and Dallas to the south. 1-35 divides just to the north and to the south of the metropolitan area into two freeways, with one running through each of the Minneapolis and St. Paul downtown areas. Interstate Highway 394 connects the downtown Minneapolis area with the affluent suburbs to the west. Numerous all-weather highways interconnect throughout the metropolitan area. Transportation facilities include an international airport, several regional airports, two major railroads, three bus companies and riverboats on the Mississippi River south to Davenport, St. Louis, Memphis and New Orleans. The metro area is loosely governed by a Metro Council which is composed of representatives from the metro municipalities. The area boasts many higher education institutions, including the University of Minnesota, the College of St. Thomas, Hamline university and Macalester College. There are numerous junior colleges throughout the area. Minnesota business, industrial, manufacturing and agricultural markets have maintained a steady growth in the marketplace. Our economy has enjoyed a long period of steady growth and a low rate of inflation. The appraiser has formed the opinion that these economic conditions may not continue into the new millennium.