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<br />e <br /> <br />e <br /> <br />e <br /> <br />,6 <br /> <br />PANGER/BENSON <br />APPRAISAL PROFES SIONALS <br /> <br />Kenneth J. Panger, I F A S <br />John C. Benson. I FA S <br />Alice R. Lenzmeier. Assoc. <br /> <br />Suite 1 · 2233 Roosevelt Road · St. Cloud. MN 56301 . (612] 259-5544. FAX: (612] 259-4426 <br /> <br />November 21, 1994 <br /> <br />Mr. Patrick Klaers <br />City Administrator <br />City of Elk River <br />13065 Orono Parkway <br />Elk River, MN 5330 <br /> <br />Re: Consultation work for 13 single family parcels affected by <br />proposed trunk sewer and water line <br /> <br />Dear Mr. Klaers: <br /> <br />The following is a synopsis of an oral to be presented at 4:00 <br />p.m. on Monday, November 21, 1994. <br /> <br />The subject 13 parcels are varying sizes ranging from .4 acres <br />to 3.08 acres. The issue is whether or not a trunk line <br />assessment of $3,800 per acre will be offset by an increase in <br />market value of at least $3,800 per acre. <br /> <br />Our research was concentrated in platted subdivisions near the <br />subject though our research extended to rural areas where there <br />would no influence of city services. We found that our <br />comparable sales could be grouped into three different <br />categories. <br /> <br />CATEGORY 1. trunk line available. no services <br /> <br />The first category is most similar to the subject today. These <br />24 comparable land sales were found in the Sandpiper Estates <br />subdivisions, I and II. This subdivision was developed <br />knowing that at some point in the future, city services would <br />be available to the SUbdivision. It was developed into 1 acre <br />minimum lots. After examining 24 lot sales that occurred in <br />the last 3 years, we found that the average sale per acre was <br />$16,580. <br /> <br />CATEGORY 2. fullv serviced <br /> <br />The second category of comparable land sales are sales that <br />occurred in fully serviced subdivisions. These sales occurred <br />primarily in the Heritage Landing SUbdivision and most recently <br />in a new development, Country Crossing. These subdivisions <br />have an minimum lot size of 12,000 with a minimum of 80 front <br />feet per lot. Here we found 42 sales that occurred in the last <br />three years. The average sales price per building lot is <br />$24,541. The lots vary in size from 12,000 square feet to <br />18,000 square feet with the majority of the lots being from <br /> <br />Commercial · Industrial · Apartments · Residential · Farm . Consultations <br />