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• 5. Elk River is Sherburne County's most populous city and <br />its county seat. The City is experiencing significant growth in <br />population, generating both residential and commercial real <br />estate growth. Elk River is located 28 miles northwest of the <br />City of Minneapolis. <br />6. Giles Lenzmeier testified that in his opinion the <br />January 2, 1993 .value of the property was $155,303. <br />7. James McComb, a real estate consultant and President of <br />the McComb Group, testified for Petitioner and presented his <br />analysis of the Elk River trade area. <br />8. Peter.J. Patchin, MAI, CRE, and his associate, Joseph <br />E. Mako, appraised the subject property for Respondent. <br />Mr. Patchin testified that in his opinion, the subject property <br />had a value of $320,000 as of January 2, 1993. <br />9. We find the January 2, 1993 fair market value of the <br />subject property to be $290,000. <br />CONCLUSIONS OF LAW <br />1. The assessor's estimated market value for the subject <br />property as of January 2, 1993 shall be increased on the books <br />and records of Sherburne County from $240,800 to $290,000. <br />2. Real estate taxes due and payable in 1994 shall be <br />recomputed accordingly and any additional amounts shall be paid <br />by the Petitioner upon receipt of the corrected tax statement. <br />LET JUDGMENT BE ENTERED ACCORDINGLY. THIS IS A FINAL ORDER. <br />A STAY OF 15 DAYS IS HEREBY ORDERED. <br /> <br />3 <br />