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ACTION REQUESTED <br /> The EDA is asked to approve Coldwell Bankers request to transfer its <br /> • <br /> real estate mortgage in an amount not to exceed $20,430. <br /> 10. APPRAISAL OF BUSINESS PARK SITE <br /> In discussions with Mr. Tony Emmerich,land prices are being <br /> exchanged and we are now at the stage where an appraisal is required <br /> in order to establish the estimated fair market value of the property in <br /> question. Policy suggests that when public funds are used in any real <br /> estate transaction, an appraisal is conducted in order to define the <br /> parameters of the fair market value. <br /> The City of Elk River has used several appraisal companies with its <br /> real estate needs in recent years. The following companies were <br /> contacted with respect to the potential engagement of the valuation of <br /> the business park property currently owned by Mr. Emmerich: <br /> NAME TIME FRAME FEE <br /> Shenehon 30 days $4,000 <br /> Panger & Benson 30 days $2,500 <br /> Patchin &Assoc. 30 days $2,500 <br /> Commissioner Dwyer followed-up with a telephone call to Ken Panger <br /> of Panger & Benson. This firm intends to examine issues such as <br /> infrastructure costs, holding costs, time, absorption rates, etc., in order <br /> to establish a fair market value. <br /> ACTION REQUESTED <br /> The EDA is asked to engage Panger &Benson of St. Cloud, Minnesota, <br /> for purposes of completing an appraisal to establish the fair market <br /> value of approximately 35 acres of business park land currently owned <br /> by Mr. Tony Emmerich. <br /> 11. NOVELTY MARKETING CONCEPTS <br /> Up to five novelty items will be presented to the EDA Commissioners <br /> for its consideration relating to a novelty marketing project for 1994. <br />