5.1. SR 07-29-1996 - Laserfiche WebLink

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9614 11 HIGHEST AND BEST USE As If Vacant lAnd/Or) As Vacant The land within the project area is guided and zoned for a variety of uses. Of these land uses, private development of land is occurring for both residential and commercial uses. Development of industrial land is currently dominated by municipalities in their efforts to create property tax base. Thus, we will make the following observations as to highest and best use. Residential Land The residential development lands within the project area is expected to develop in a progressive manner. Demand for both finished lots and subdivision lands is reasonably strong and is expected to continue for the foreseeable future. The highest and best use of the residentially zoned or guided land is for orderly development. Residential land is expected to benefit from the construction of trunk sewer and water. The amount of land being served appears to be in line with relative demand. Thus, all residential lands in the project area are expected to experience a special benefit due to trunk sewer and water extension. The project area contains both large and small tracts of industrial land. In Minnesota, due to the property tax structure, construction of industrial buildings is aggressively sought after by most municipalities. Cities use a variety of inducements to attract new construction of industrial buildings. Public assistance in the development of industrial properties has become increasingly wide spread. Most companies which are thinking of moving or expanding, at least examine municipal assistance. Some companies will even shop for the best overall package. While many cities have developed their own industrial parks, others subsidize site purchases, site development costs and utility costs with tax increment financing. Thus, totally private development of industrial properties is limited to the following: Patchin & Associates, Inc. Valuation Consultants