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p/i <br />Elk y,~~.~~~ ~ rts~~ <br />..,,,~.. <br />River <br />REQUEST FOR ACTION <br />To Item Number <br />Ci Council 6.6. <br />Agenda Section Meeting Date Prepared by <br />Administration October 6, 2008 Lori Johnson, Ci Administrator <br />Item Description Reviewed by <br />Update on Gateway Business Park Appraisal and Request for <br />Additional Appraisal Services Reviewed by <br />Action Requested <br />Authorize additional appraisal services to complete a separate appraisal for property in the Gateway <br />Business Park east of Ulysses and south of 171"Avenue (that has frontage on 171~~. <br />Background/Discussion <br />In July, the Council hired Nagell Appraisal & Consulting to conduct an appraisal of the 70 acres known <br />as Gateway Business Park. The appraisal was to determine a "current market value of the property as is, <br />as it relates to highest and best use." At the time that appraisal was authorized, segregating the 171y` <br />Avenue commercial piece and determining its true property value was not specifically identified in the <br />scope of the original appraisal. The Council raised a question about this property at the July meeting, and <br />staff's response was that it would be information the appraisers could possibly provide based on the data <br />from the appraisal of the 70 acres. <br />Cathy Mehelich, Director of Economic Development, has spoken with representatives of Nagell <br />Appraisal & Consulting in attempt to have them verbally provide an estimate of the value of a the <br />property along 171~t . They have indicated that additional research is required to determine the value <br />because this property's value would be determined based on a different set of comparisons than the larger <br />parcel and it would be valued as improved property not raw land. Nagell Appraisal and Consulting has <br />submitted a proposal of $600 to conduct a separate appraisal for this property. <br />Financial Impact <br />$600.00 from Development Fund <br />Attachments <br />^ Proposal from Nagell Appraisal & Consulting <br />ACtIOn Motion by Second by Vote <br />Follow Up <br />S:\Council\Loxi\2008\Update on Gateway Appraisal 10 06 08.doc <br />