11-16-1994 HR MIN - Laserfiche WebLink

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HRA Minutes November 16, 1994 page 2 considered a request from Guardian Angels of Elk River, Inc. regarding its desire • to have its Evans Park, Inc. property reclassified as 4C property under Minnesota Statutes. For taxes payable in 1994, the County Assessor had reclassified the property from 4C (senior housing or subsidized housing) to a 4 classification (market rate rental housing). As a result, Evans Park, Inc. saw its property taxes increase significantly. Guardian Angels objects to the 4 classification because it provides numerous services not associated with typical market rate rental housing. The proposed agreement with Evans Park, Inc. provides for an annual review with the tenant's income to ensure that the qualifications of the residents are consistent with the requirements set forth in the Minnesota Statue 283.1318. By February 2nd of each year, residents complete an affidavit which disclose income from the prior year. Affidavits are then delivered to the HRA offices for review to ensure that the conditions of 283.1318 are being met. Guardian Angels' attorney worked with the City Attorney and with the County Attorney to develop this agreement. At this time, Sherry Emerson, Housing Administrator for Guardian Angels, addressed the HRA. She also reviewed the terms and the conditions of the agreement and thanked the HRA and staff for agreeing to participate with Guardian Angels. COMMISSIONER MOVED TO APPROVE THE AGREEMENT BY AND BETWEEN THE ELK RIVER HRA AND EVANS PARK, INC. COMMISSIONER TOTH SECONDED` THE MOTION. THE MOTION CARRIED 5-0. . 5. Consider appraisal reports for the northwest quadrant of Main Street and King Avenue NW At this time, Bill Rubin reviewed the three appraisals relating to the parcels currently new listed for sale in the northwest quadrant of Main Street and King Avenue NW in downtown Elk River. These appraisals were authorized by the HRA at its meeting on September 20, 1994. The appraisal's executive summaries, disclose the following findings: LAND AND LAND ONLY PARCEL IMPROVEMENTS PRICE/SQ. FT. VALUE PRICE/SQ. FT. 307 King Ave. $172,000 $15.93 $56,000 $5.18 (clinic) 317 King Ave. $100,000 $13.89 $37,000 $5.14 (abstract/title) 812 Main St. $74,000 $5.15 $74,000 $5.14 (Kuhn- Sommers) TOTALS: $346,000 $10.68 $167,000 $5.15 Bill Rubin noted that the 307 King Avenue property is currently listed for$200,000; the 317 King Avenue is currently listed for $125,000; and the 812 Main Street 110 property is currently listed for $125,000. The appraisals disclosed two interesting findings. First, the abstract and title building in its existing condition is currently