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<br /> <br />ITEM 7.4. <br /> <br />SUBJECT: <br /> <br />MAYOR & CITY COUNCIL <br />PAT KLAERS, CITY ADMINIS~ <br />MARCH 12, 1993 Y · <br />CITY PROPERTY - WATER TOWER SITE <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />Per City Council direction, I have contacted the County <br />Assessor's Office in an effort to get some information on the <br />value of the City property north of the MnDOT garage along <br />Highway 169. The County has advised me that this property <br />increased in value from $3,000 per acre to $5,000 per acre in <br />1991. This increase was based on recent market sales. The <br />total valuation of this parcel based on the County Assessor's <br />records is $25,000. <br /> <br />. <br /> <br />This information from the County seems very close to being the <br />actual market value for the property. The property has limited <br />commercial value as there is no direct access off of Highway <br />169. Any commercial activity on this site would require a <br />rezoning by the City Council, access from Dodge Avenue, and the <br />operation would have to be compatible to the neighborhood <br />immediately to the east. In terms of the value of this site <br />for residential purposes, it must be acknowledged that this <br />site is not the most desirable with the MnDOT garage being to <br />the south and the Highway being to the west. <br /> <br />It has been suggested that the City advertise this parcel for <br />sale. The City could certainly do this, but the two most <br />logical buyers of this property are the landowners to the south <br />and north. If the City sold this property to MnDOT, it would, <br />in effect, be making the MnDOT garage operation a permanent <br />activity in this area. This may not be consistent with the <br />long range goals of the City. Other than MnDOT, the most <br />logical buyer is the property owner to the north which is Mr. <br />Foster. By incorporating the City property with the property <br />to the north, the best residential use of the property can be <br />achieved. By developing the City parcel independent of any <br />other property, there is very limited residential use that can <br />be accomplished (three or four lots versus nine or ten lots). <br />It is not a necessary requirement for the City to advertise <br />this parcel for sale and the City can directly negotiate with <br />any individual it deems appropriate. <br /> <br />. <br /> <br />The City definitely needs property from Mr. Foster for the <br />water tower site. The property where the water tower is <br />proposed to be located is not platted, so, therefore, the City <br />cannot obtain this property through the park dedication <br />process. However, the site for the water tower will be <br />incorporated with other park land as the property is platted. <br />This will be done in an effort to provide park opportunities in <br />this vicinity and in an effort to reduce the effect of the <br /> <br />720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420 <br />