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[y, "~~ ~ i J !1 <br />~IW j~ ~~~ <br />`~ <br />"•. <br />White Dove Realty, Inc. <br />A CENTURION• Award Winner Office - 1993-1994 <br />V.M. 458-7125 <br />Fax 441-4699 <br />Business 4~~ 28, 1995 <br />Pat Klaers <br />City of Elk River <br />Elk River MN 55330 <br />Dear Pat, <br />Mel Beaudry <br />Discovering the <br />best move for you! <br />Thank you for the opportunity to do a value opinion on the property at the east end of Elk <br />River on 165th and Jarvis. <br />I recommend that the City does not. split the land into 2.5 acre lots because they would be too <br />long and narrow, and because of the proximity to the city sludge area and proposed ballfields. <br />I feel it would be more appropriate to divide the lots, excluding the 6.85 acre lot, along 165th, <br />into 4 building sites of approx. 3.75 acres each. These lots have a market value of $29,000 to <br />$32,000. <br />The estimate value of the 6.85 acre lot would be $36,000 to $37,500. <br />The estimate value of the 14 acre lot would be $43,000- $45,000. <br />I have also looked at the possibility of 5 lots along 165th (excluding the 6.85 acre parcel). They <br />would have a frontage of just over 200 feet, but I feel it is not in the best interest of the City to <br />sell lots with that narrow frontage. <br />I have enclosed examples of lots sold in the Elk River and western Ramsey area, which were the <br />basis for my findings. <br />You may find these lot values more conservative than anticipated. However, I would rather be <br />conservative than overly optimistic, in which case, the City would not get the return on their <br />investment that they were expecting. <br />Yours truly, <br />Mel Beaudry <br />Century 21, White Dove <br />MB/lb <br />Mel Beaudry works with a team of experts to assure the best possible service. <br />Mel Beaudry, Lucy Boeshans, Mary Leuer, Kathy Tangen <br />Each Office is lndependentiy Owned And Operated <br />