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<br />.Jf1 ETROPLAINS_ <br /> <br />METROPLAINS PROPERTIES INC <br />METRO PLAINS DEVELOPMENT lLC <br /> <br />. <br /> <br />" h Q U Sill g <br /> <br />t" e <br /> <br />Ii ear t l a II d <br /> <br />September 28, 2004 <br /> <br />Michelle McPherson <br />Director of Planning <br />City of Elk River <br />13065 Orono Parkway <br />POBox 490 <br />Elk River MN 55330 <br /> <br />RE: Elk River Downtown Revitalization Bluff Block <br /> <br />Dear Michelle: <br /> <br />Outlot A ofthe Bluff Block Redevelopment, as defined by John Oliver & Associates, Inc. <br />in our preliminary plat submission, is 19,340 square 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 BlutT Block have included 641 Main Street a <br />purchase agreement for US Bank and ongoing discussions for Nadeau's cleaners. We <br />have done cbrnparables of larld sales in the area and what we are 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 />square 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 /> <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 /> <br />Sincere I y, <br /> <br />~(JIAI{ ~/tl- / ~t<c <br /> <br />La Verne Hanson, Jr. <br /> <br />cc: Jeanne Kelsey <br />Larry Olson <br /> <br />G:\Elk River (MDl #70)\ MDULetter to Michelle McPherson 09-28-04 <br /> <br />SPRUCE TREE CENTRE . 1600 UNIVERSITY AVE. . SUITE 212 <br />ST PAUL MINNESOTA 55104-3825 <br /> <br />651 646 7848 . FAX 651 646 8947 . www.metroplains,com <br />