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F.N. SHAFF~R - M.O. WATSON <br />REAL ESTATE APPRAISAL and CgNSULTANT SERVICE, INC. <br />Main difice: 788-9139 3988 Central Avenue N-E, <br />. After Hours: 574.9676 or 571-1717 Minneapolis, Minnesota 55421 <br />December 10, 1984 <br />Mr. Gordon Hedlund <br />1255 Pike Lake Drive <br />New Brighton, MN <br />^ear Mr. Hedlund, <br />I have reviewed the data regarding the property at <br />1411 7th Sk., Northwest in New Brighton, as requested. I <br />ehclase, herewith, the photos taken of the two strips of <br />land under consideration for an excange. <br />pt~e to the time limitation, it is necessary to make <br />a letter fgrm of valuation in exchange, in lieu of a formal <br />appraisal. My findings are as follows: <br /> 1. 1411 7th St. N.W. extends across a permanent <br /> creek (or drainage ditch) about 35 to 50 feet <br /> west of the west property line of said <br /> 1411 7th St. N.L•:. <br /> 2. '"his ditch has a dam-control structure on the <br /> sotath end where the ditch enters a lake. <br /> 3. The city owns the land to the west Which is a <br /> public park. <br /> 4. To the east of 1411 is the vacated 14th Ave- <br />. nue N.W. right of way, 30 feet of which auto- <br />matically goes to each adjoining owner (~ to <br /> 1411 and ~ to the city who has a water pumping <br /> station on site). <br /> 5. As shown on the photos, the 43 feet rrom ditch <br /> center line West to the west property line con- <br /> sists of rq the ditch and the embankment plus <br /> level land ad~oininq the city park. <br /> 6. The photo of the easterly ~ of 14th Avenue <br /> shows the land to be a slight depression south <br /> from 7th Street, sloping back to the lake. <br />Based on my review of the photos and my experience on sim- <br />ilar-type municipal property exchanges, it would be my opinion <br />that, since no drainage easement exists, the property along the <br />west part of your land should logically be acquired by the city <br />as a part of their park as it's highest and hest use. <br />The vacated east ~ of 14th Avenue N.W. can be easily at- <br />tached to the lands east oL 1411, making a total site, when sub- <br />divided, of sufficient size for one more building site. <br />It is my opinion that the value per square foot of each par- <br />cel should be essentially the same since no recorded easements <br />exist on either. Taking an estimated value at about 51.00/Sq.Ft. <br />and a depth of about 20p feet, this would give us city land at <br />56,000 and private land at 58,600. <br />espectfully submitted, <br />Malcolm O. Watson, C.E. <br />IFA, IR/WA <br />Appraiser-Consultant <br />