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Peter J. <br /> <br />Patchin <br /> & Associates, Inc. <br /> Valuation Consultants <br /> <br />(612) 895-1205 <br /> <br />101 West Burnsville Parkway, Suite 200, Burnsville, Minnesota 55337 FAX (612) 895-1521 <br /> <br />February 9, 1996 <br /> <br />City of Elk River <br />13065 Orono Parkway <br />P.O. Box 490 <br />Elk River, MN 55330 <br /> <br />ATTN: Mr. Patrick D. Klaers <br /> <br />RE: <br /> <br />Assessment Benefit Analysis <br />of Water And Sewer Trunk <br />I m provements <br /> <br />Dear Mr. Klaers: <br /> <br />At our request, we have prepared the following letter of engagement for the purpose of <br />rendering assessment benefit analysis of the proposed East Highway 10 public improvement <br />project for the City of Elk River. <br /> <br />Our understanding of the proposed improvement project is to eventually extend municipal <br />trunk utilities to the southern portion of Elk River. Initially, the area to be served by these <br />improvements include 400+ acres of commercial and industrial zoned land lying southerly <br />of the U.S. Highway 10 and U.S. Highway 169 interchange and northerly of 165th Avenue, <br />between the Mississippi River on the west and the Burlington Northern Railway on the east. <br />Included in this "Alternative A - Urban Service Area" is approximately 82 tax parcels, <br />consisting of both developed and undeveloped properties. <br /> <br />In addition to properties along the U.S. Highway 10 corridor, several commercial, industrial <br />and single family residential zoned properties in the vicinity of County Road 12 and County <br />Road 13 may incur trunk assessments in the more immediate future. This area will also be <br />analyzed. <br /> <br />Based on review of information provided by the City and our previous limited, restricted <br />appraisal, dated October 25, 1995, the cost to appraise the market value benefit of trunk <br />assessments of each individual property (tax parcel) within the proposed assessment area <br />would be at least $70,000. However, we would only recommend such a comprehensive <br />appraisal if every property owner within "Alternative A" were anticipated to appeal or contest <br />the proposed trunk area assessment. We do not believe this will be the case. <br /> <br /> <br />