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Home My WebLink AboutEDA October 7, 2003 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100 , FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US , ) CITY OF ANDOVER ECONOMIC DEVELOPMENT AUTHORITY SPECIAL MEETING OCTOBER 7,2003 - 6:00 p.m. CONFERENCE ROOM A AGENDA 1. Call to Order 2. Approve Minutes - September 16, 2003 3. Andover Station North - RFP Presentation 4. Andover Station Residential- Development Issues 5. Andover Station North - Appraisal Summary 6. Other Business 7. Adjourn / " '--..-) 0 @ I 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TO: President and Commissioners CC: John Erar, Executive Director FROM: Vicki Vo1k, City Clerk SUBJECT: Approval of Minutes DATE: September 16,2003 INTRODUCTION The following minutes have been provided by staff for approval by the EDA: September 16, 2003 Special Meeting (Schultz, Gamche, Larsen, / Nowak) absent) Copies are attached for your review. ACTION REQUIRED The EDA is requested to approve the minutes listed above. Respectfully submitted, t.L.t-' i/~ Vicki V olk City Clerk . 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US SPECIAL ANDOVER ECONOMIC DEVELOPMENT AUTHORITY MEETING SEPTEMBER 16, 2003 - MINUTES A Special Meeting of the Andover Economic Development Authority was called to order by Vice President Trude at 6:03 P.M., Tuesday, September 16, 2003 at the Andover City Hall, 1685 Crosstown Boulevard NW, Andover, Minnesota Commissioners Present: Don Jacobson, Mike Knight, Ken Qrttel Commissioners Absent: Mike Gamache, Fred Larsen, Robert Nowak. Ed Schultz Also Present: Will Neumeister, Community Development Director John Erar, City Administrator Jim Dickinson, Finance Director Others APPROVAL OF MINUTES - SEPTEMBER 2,2003 The following changes were requested: Page 1 under Andover Station South Commercial Development add "Commissioner Jacobson asked that staff re-configure the parking and green space on the Walgreen site. The other commissioners agreed." Qn Page 2 where it ta1ks about the building 4 location the following should be added: "Other commissioners stated their personal opinions that the restaurant would benefit from a location next to the green space but they would not object to United locating the restaurant pad adjacent to the comer." Motion by Qrttel, seconded by Jacobson to approve the minutes as amended. Motion carried unanimously. ANDOVER STATION RESIDENTIAL DEVELOPMENT Mr. Neumeister informed that EDA that Bruggeman Homes has put together a preliminary plat. Before it goes to the Planning and Zoning Commission and City Council the EDA needs to authorize staff to begin the rezoning and review process. The new plans show a total of75 housing units. This is an increase from the previous plan that was presented to the EDA. Commissioner Jacobson asked why there is an increase in the number of units. Mr. Neumeister explained that the developer found the spacing along the south property line ended up so that they could have an additional couple of units in the southwest comer. Commissioner Jacobson stated a concern is the number of parking spaces. He asked if this plan meets the criteria set out in the ordinance. Mr. Neumeister stated that the plan Special EDA Meeting I September 16, 2003 - Minutes Page 2 does meet the ordinance criteria. At the end of each driveway there will be room for two additional vehicles plus there is additional parking throughout the plat The EDA suggested that more green space and parking be provided. Vice President Trude requested that we fmd out what the siding materials would be, if the garage size meets our code requirements and if the driveways are an adequate size. ANDOVER STATION RESIDENTIAL - UNITED PROPERTIES REQUEST Mr. Erar explained that United Properties has requested they be allowed to withdraw as the broker from the fmal sale of Andover Station residential property to Bruggeman Properties. Bruggeman has offered $900,000 for the property with $300,000 down and the balance due no later than April 15, 2004. Under the present agreement, United Properties would not receive the $600,000 balance until April of 2004 which would result in additional costs they would have to absorb. In exchange for being released from the deal, they will discount their percentage of any costs above the $2.00 per square foot by approximately $14,000. Under the terms of this proposal the city would approve the plat presented by Bruggeman Homes with the city exercising partial releases of individua110ts ) to Bruggeman until the entire outstanding balance is paid to the EDA. Motion by Jacobson, seconded by Orttel to move the proposal subject to review by our legal counsel. Motion carried unanimously. ANDOVER STATION NORTH RFP PROJECT PROPOSALS Mr. Neumeister explained that Construction 70 (PAZ) is interested in purchasing two sites along Bunker Lake Boulevard. Construction 70 Jay F eider, PAZ explained that PAZ is a small development company that he put together for a few of his customers who want them to do their platting from start to finish. They only do high-end neighborhood commercial developments. Bruce Know1an has the liquor store across the street from this site and he would like to be on the north side of Bunker Lake Boulevard. Bruce Know1an - noted that he has been working on this for six years. They want to be located in Andover. He has a long-term lease with United Properties but can move in two years. J Special EDA Meeting ) September 16, 2003 - Minutes Page 3 Commisisoner Jacobson asked Mr. Feider what they propose for the other lot. Mr. Feider stated that it would be something similar with businesses such as a golf store, dentists, dry cleaners, etc. They like to cater to small businesses. Commissioner Ortte1 stated that we have a lack of offices in the city and asked if that would be a possibility. Mr. Feider stated that if they get enough interest they could do that. Right now the market doesn't require office space. Mr. Neumeister explained that he informed PAZ that we are still working on the appraisal for the property. A range of values for commercial, light industrial, restaurant sites, etc. will be provided. Hanson Builders Mark Englund noted that they are interested in purchasing the 10 acres designated for housing. He explained that their proposal is for ramblers with full basements. The target market is empty nesters and young professionals. The density would be 4 units per acre. Commissioner Jacobson asked if Mr. Englund is aware of the restrictions involved with the landfill. Mr. Englund stated that they had to deal with those restrictions when platting Bunker Lake Village. Their timeframe would be to bring them on-line 18-24 months after the opening of Bunker Lake Village. A representative of Hanson Builders stated that they would like a stipulation that the parcel is clean. Mr. Ear noted that the EDA would do a Phase 1 environmental study but a phase 2 study would be paid for by the developer. Mr. Neumeister requested that the meeting be continued to Qctober 7,2003 so that the Hartford Group can present their proposal. Motion by Qrtte1, seconded by Jacobson to continue the meeting to October 7, 2003. Motion carried unanimously. OTHER BUSINESS Vice President Trude asked what was happening with the Business Appreciation Golf Outing. Mr. Neumeister explained that two weeks ago we were wondering if this would happen because no one was signing up. Phone calis were made and more people have registered. He felt that next year the outing should not be on a Friday or Monday and it shouldn't be in the Fall. During this year's event the banquet will be from 6:30 to 7:30 p.m. and at about 7:00 the Mayor will make a presentation. Special EDA Meeting 1 September 16, 2003 - Minutes Page 4 Motion by Jacobson, seconded by Knight to adjourn. Motion carried. Meeting adjourned at 6:58 p.m. Respectfully submitted, tU.. . ().,& Vicki V olk City Clerk , C3 / 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TO: EDA President and Board Members CC: John Erar, Executive Directorf{/' FROM: Will Neumeister, Community Development Director/~ SUBJECT: Andover Station North RFP Presentation DATE: October 7, 2003 INTRODUCTION Request For Proposal (RFP) announcements were sent to developers in August and three developers responded with proposals to purchase land in Andover Station North. The EDA needs to finish the review of the fmal proposal that was submitted. On September 16, 2003 the EDA heard two proposals and continued the review of the remaining proposal to the October 7,2003 meeting. DISCUSSION \, The three proposals received were from: 1 1. Construction 70 (interested in purchasing two sites along Bunker Lake Boulevard) 2. Hanson Builders (interested in purchasing the 10 acres designated for housing) 3. Hartford Group (interested in purchasing all of the land) The first two developers presented their proposals on the evening of September 16th. The Hartford Group will make their presentation on the evening of October 7, 2003. As stated in the last memo on this topic, specially prepared (colored) presentation materials from the developers were given to EDA members at the September 16th meeting and will be needed for both meetings. Please bring the presentation materials provided to EDA meinbers at the September 16th meeting with you to the October 7th meeting. ACTION REOUESTED The EDA is asked to review all the presentation materials and allow the remaining developers from the Hartford Group to make a short presentation. Lastly, discuss the options that the EDA would like to pursue regarding the sale of parcels in Andover Station North to thoses who are interested. Respectfully submitted, W~ Will Neumeister C I T Y o F (j) NDOVE 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TQ: EDA President and Board FRQM: John Erar, EDA Executive Director SUBJECT: Andover Station Residential- Development Issues DATE: Qctober 7,2003 INTRODUCTION Several additional issues have emerged regarding the sale of the residential parcel to Bruggeman Homes. These items include environmental, modified purchase terms and building design issues proposed by Bruggeman Homes in connection with the sale of the property being negotiated by United Properties (UP). DISCUSSION \ A meeting was held with Bruggeman Homes to review, discuss and resolve outstanding issues associated with the potential development of the Andover Station Residential site. The following items are presented for review and approval by the EDA Board. Representatives from UP and Bruggeman Homes will be in attendance at the meeting to address any related concerns. 1. a request by Bruggeman Homes to construct garages with square footage ranging from 360 sq. ft to 400 sq. ft. as opposed to 440 sq. ft. currently required under City zoning codes. Bruggeman Homes has built similar units, with reduced garage square footage in other communities under a PUD approach to platting issues. If Bruggeman Homes is required to construct the larger garages this will most likely affect overall building design and site density, which may in turn result in other terms and conditions being renegotiated in the land sale purchase. This is a critical issue for Bruggeman Homes as their model units and site layout proposals require garages with less than 440 sq. ft. 0 Staff and the City Attorney met with Bruggeman Homes on this and other issues on October 3. The result of that meeting resulted in Bruggeman agreeing to increase the square footage to 400 sq. ft. for all units and construct storage bins in all the garages to accommodate the reduction of garage floor space. City development staff believes this is an acceptable alternative in response to this issue. Under the terms of a PUD, this change could be accepted and approved through the PUD approval process. 2. Bruggeman Homes is requesting that the terms of the land sale be modified by reducing the earnest money down payment from $300,000 to $100,000. As the EDA would be carrying an $800,000 balance (as opposed to a previously discussed $600,000 balance to April 15,2004), United Properties has agreed to an additional $5,000 discount on their residual proceeds, dropping their share of residual proceeds from slightly less than $60,000 to $54,421.41. The sales agreement would also provide for 8 lot releases between the October 2003 closing date and the final payoff on April 15, 2004 at $20,000 per unit which would be credited against the $800,000 carryover balance. Staff has minimal concerns with this modified arrangement as the original sale price remains unaltered and the EDA would be assured of receiving final payment by April 15, 2004. 3. Environmental requests submitted by Bruggeman Homes includes: 0 A request to have the Phase I Study updated at our cost. This is not a significant issue. 0 A request for the Phase II study to be equally shared, unless additional contamination is discovered which would make the full Phase II study costs and clean-up an EDA expense. This is consistent with past negotiations the EDA has agreed to with previous developers. If contamination is discovered, Bruggeman has raised other concerns regarding wetland ownership, but this issue will only come into play should the Phase II reveal any contaminant concerns. 0 A request to indemnify Bruggeman, their successors and assigns of the town home units for a period of 3 years beginning at the first point of residential construction. In this particular case, the indemnification period would extend to April/5, 2007. This request appears to be reasonable and the City Attorney is supportive of this indemnification period. The EDA will recall this is the same period of time offered to previous developers on thesite. 0 A request to have the EDA "delist" the residential site from federal superfund sites and the Consent Decree removed from the residential project's title. The City I Attorney has indicated that while the City is not legally capable of facilitating a these actions, as the Federal EP A is responsible for these decisions, the City/EDA could assume a supportive role for Bruggeman's efforts in this area. However, this would not include any financial support on the part of the EDA, but simply a letter of support. City staff and the City Attorney would recommend support for Bruggeman's efforts to delist the site and remove the Consent Decree from the property's title. BUDGET IMPACT The EDA will receive a total of $1,352,000 for the residential parcel. The breakdown of this transaction is as follows: . Non-refundable eamest money of $452,000 previously received by the EDA . $900,000 for the property from Bruggeman Properties; . Qfthe $900,000, $146,842.83 (calculated at .38994~ X 376,578 sq. ft.) is the residual that exceeds the agreed upon $2.00 per sq. ft. threshold, of which the remainder is evenly split between the EDA and United Properties. The original apportionment represented an equal $73,421.41 split between the EDA and UP. UP's share was discounted by $14,000 and is now reduced an , / additional $5,000 adding an additional $19,000 ($14,000 + $5,000) to the EDA's share, which will total $92,421.41. . The 7% listing fee on the total sale price equates to approximately $94,640 of which this amount would be paid to the broker upon the EDA receiving full payment for the property on April 15, 2004. . Net proceeds to the EDA equate to $1,202,360, with additional subtractions for customary owner closing and land sale fees. The City Attorney will provide a full accounting of all related expenses after final sale of the parcel. It is important to note that the payment of UP's portion of the residual would not occur until April 15, 2004. ACTION REQUIRED Subject to the outstanding issues described as #1,2 and 3 in this memorandum being resolvable, the EDA is requested to address the items requested by Bruggeman Properties. If resolvable by the EDA, then the closing of the property will occur within the next several weeks. However, if these issues remain unresolved then the purchase agreement being negotiated by UP will mostly likely be held up for an additional period of time. Closing on the property will be scheduled following the results of the Phase II environmental, which is already in progress. It is anticipated that construction activity will begin following the final receipt of payment from Bruggeman Homes on April 15, 2004. Cc: Dennis Trooien, Attorney, Fabyanske, Westra & Hart Gregory Schlink, Bruggeman Homes, 3564 Rollingview Drive, White Bear Lake, 55110 Bill Hawkins, City Attorney Attachment , / . / / / / ,/ / / / // 1 I / // /' / / 1 / / / , 1 / ~NDbVE~ CD 1685 CROSSTOWN BOULEVARD N.W.' ANDOVER, MINNESOTA 55304. (763) 755-5100 / FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TO: EDA President and Board Members CC: John Erar, Executive Directorl FROM: Will Neumeister, Community Development DirectorttlL SUBJECT: Andover Station North Appraisal Summary DATE: October 7,2003 INTRODUCTION A "Market Value Appraisal" of Andover Station North was recently performed by Colliers Towle. This report summarizes that 157 page report. The report analyzed a range of property values for the various types of possible land uses (i.e. commercial, light industrial, low/medium/high density residential) in the mixed- use site. DISCUSSION Attached are copies of selected pages from the report that provide recent sales figures for various type of sites considered comparable to those in "Andover Station North". Attached is a schematic diagram of the sites in "Andover Station North" and a table showing the usable area of each site. The appraisal report was conducted using a "highest and best use analysis" and in order to estimate the value of a given property all the factors that influence and contribute to the value are considered. The appraisal and economic principals of supply and demand, substitution, balance, and externalities, all contribute to a properties value. The appraiser indicates in the report that the highest and best use of a property is achieved when these factors are all in balance. The Sales Comparison Approach to land value is applicable for estimating the value of the subject property. In the Sales Comparison Approach, a value estimate is determined by analyzing comparable property sales and adjusting them to the subject property. The more intensive commercial applications are considered to be those with greater access and exposure to either Hanson Boulevard or Bunker Lake Boulevard. The interior sites with limited exposure are considered best suited to light industrial deveiopments. The site to the westerly edge of the development was considered best suited for a mixed density residential' development. The appraisal report therefore provides analysis for low, medium and high density residential development options. ACTION REOUESTED The EDA is asked to receive the summary of the "Market Value Appraisal" and utilize as an aide in negotiations on potential land purchases in Andover Station North. There are limited copies of the complete report available ifEDA members are interested in reviewing the full detailed analysis. Respectfully submitted, ///I~ Will Neumeister Attachment ~ Selected pages from the "Market Value Appraisal" of Andover Station North / I I Commercial Land Comparables Adiustment Analvsis I An adjustment process is undertaken whereby all value-influencing aspects are considered. These adjustments are made to the comparable larger commercial retail sales in relation to the overall market I and the subject property. The adjustments made to the overall market include property rights conveyed, sale conditions and market conditions (time). The adjustments made that are specific to the subject cover I comparisons for general location, access, site size, shape, topography, zoning and site conditions (wetlands, ponding requirements, etc.). I The adjustments made to the comparable sales are quantified in the chart on a preceding page. Given the summary nature of this report, the details of the adjustment process are retained in the appraiser's files. I Note, the market condition adjustments (appreciating value over time) are estimated at 5% per year, which is based on several paired-sale and sale/resale analyses. The adjustments for location are based on r several factors considered after inspecting each comparable sale. Such factors include general access, direct access, neighborhood identity, surrounding and/or adjacent land uses, etc. I Large CommerciallRetail Land Value Reconciliation Prior to adjustments, the price of the larger commercial retail sales ranges from $2.47 per square foot to I $5.52 per square foot of use able land area with a mean of $4.02 per square foot and a median of$4.39 per square foot. After a detailed analysis and appropriate adjustments, the price of the sales ranges from $2.83 per square foot to $5.74 per square foot. The mean and median adjusted prices are $4.14 per square , foot and $4.46 per square foot, respectively. I : The "absolute" adjustment, which is the total or cumulative adjustment if the direction of the adjustment is ignored, indicates the overall magnitude of adjustment and comparability of each sale. The absolute adjustments and the corresponding adjusted prices per square foot of the commercial land sales are as follows: Absolute Adiustments and Adiusted Prices Total Adjustment Adjusted Sale No. Percentage Price Sale I 29% $3.20 Sale 2 24% $5.74 Sale 3 7% $3.20 Sale4 24% $2.83 Sale 5 24% $4.41 Sale 6 27% $4.51 Sale 7 27% $4.53 Sale 8 27% $4.04 69 -2-- --- I I 1 In this analysis, greater weight is given to Sale Comparable NO.3 based on its overall similarity to the I Andover Station Land Parcel No.2. Additionally, it should be noted that although the site is considerably larger than the subject, Comparable Land Sale No. I has been accorded additional weight as it represents I a large vacant parcel located in a less developed area that was subsequently developed into a number of retail properties. Also, it should be noted that current asking prices of similar sized commercial sites in the Blaine area near Interstate 35W are currently around $3.50 to $4.00 per square foot. A pending sale I between United Properties and Glenn Rehbein Companies of a 60 acre tract of commercial and retail. land located in Blaine, Minnesota calls for a purchase price of $4.50 per square foot. I From all this research and analysis, then, we have determined the appropriate unit value for the subject site, rounded to the nearest $0.10, is $4.00 per square foot of use able land area. Therefore, based on our I investigation of the property, its respective market, and the factors considered to affect its value, it is our opinion the fee simple market value of Parcel NO.2 "as vacant" which is the larger commercial site, as of I August 12,2003, is: Estimate of Parcel No.2 Value "As Vacant" , Useable Land Value per Indicated Land Parcel No. Area (sO x Sauare Foot = Value ,. 2 607,636 x $4.00 = $2,430,544 As Rounded, $2.430.000 , Smaller CommerciallRetail and Service Parcels Value Reconciliation Prior to adjustments, the price of the smaller commercial retail sales ranges from $3.18 per square foot to I $7.01 per square foot of use able land area with a mean of $5.16 per square foot and a median of $4.85 per square foot. After a detailed analysis and appropriate adjustments, the price of the sales ranges from I $3.93 per square foot to $6.76 per square foot. The mean and median adjusted prices are $5.08 per square foot and $4.86 per square foot, respectively. I The absolute adjustments and the corresponding adjusted prices per square foot of the industrial land sales are as follows: I Absolute Adiustments and Adiusted Prices Total Adjustment Adjusted Sale No. Percentage Price I Sale 9 13% $5.57 Sale 10 20% $3.93 I. Sale II 15% $6.68 Sale 12 21% $6.47 Sale 13 10% $4.08 Sale 14 11% $4.14 I 70 -3- I In this analysis, greater weight is given to Sale Comparable No.9, 13 and 14 based on their overall similarity to the smaller Andover Station North land parcels that are guided for commercial use. The mean amongst these sales is $4.60, which is somewhat lower than the overall mean of $5.01. However, given that the subject parcels are located in an as yet undeveloped area, a value indication less than that of the overall mean of the sale comparables is considered reasoni!ble. It should be noted that as of the date of this appraisal, the intended use of Parcel No. 11 is yet to be decided. Based on its smaller size, comer location, and the adjacent land uses comprising commercial retail and light industrial uses, a similar commercial land use has been concluded for this parcel. As such, Parcel No. 11 is valued based on a commercial service type of use. The Andover Station North development contains a number of commercial service parcels, which vary in size from approximately 1.0 to 3.5 acres. Given this range in size amongst these parcels, no size adjustment amongst the comparables has been considered. From this analysis, we have determined the appropriate unit value for the subject site, rounded to the nearest $0.1 0, is $4.50 per square foot of useable land area. Therefore, based on our investigation of the property, its respective market, and the factors considered to affect its value, it is our opinion the fee simple market value of Parcels 1,3,4,5 and 11 "as vacant: which are the smaller commercial sites, as of August 12, 2003, is: Estimate of Parcels 1,3.4,5 and II Value "As Vacant" Useable Land Value per Indicated Land Parcel No. Area (sO x SQuare Foot = Value Parcell 89,962 x $4.50 = $404,829 Parcel 3 150,034 x $4.50 = $675,153 Parcel 4 147,626 x $4.50 = $664,317 Parcel 5 136,627 x $4.50 = $614,822 Parcel II 43,349 x $4.50 = $195,071 Total Area 567,598 $2,554,192 As Rounded, $2.550.000 71 -1-- I Finally, if any of the Andover Station commercial parcels were placed on the market as of the date of this appraisal to be sold at a price consistent with our estimate of fee simple value indicated herein, it is our opinion it would take approximately nine to twelve months to procure such a sale. This marketing time estimate includes an allowance for an approximate 60 to 90-day due diligence. This same time period is estimated for the exposure period. The exposure period is the amount of time needed to market the property within the immediate past, i.e., prior to the appraisal date. These estimates are based on infonnation from actual marketing times required by recent comparable sales in the Twin Cities metroplex as well as on discussions (in general) with brokers at Colliers Towle Real Estate and other brokerage houses that deal with this type of property. Comoarable Industrial Land Sales Analvsis Presented on the following pages are eleven (11) industrial land sales. Included in these data sheets are plats for each comparable land sale. Immediately following each set of comparables is a fact chart and adjustment grid comparing each comparable land sale to the subject. The details of these adjustments are retained in the appraisers' files. A map showing the location of these comparables in relation to the subject immediately follows this fact chart and grid. I 72 -s- I , Industrial Land Comoarables Adiustment Analvsis I An adjustment process is undertaken whereby all value-influencing aspects are considered. These adjustments are made to the comparable sales in relation to the overall market and the subject property. I The adjustments made to the overall market include property rights conveyed, sale conditions and market conditions (time). The adjustments made that are specific_to the subject cover comparisons for general location, access, site size, shape, topography, zoning and site conditions (wetlands, ponding requirements, I etc.). r The adjustments made to the comparable sales are quantified in the chart on a preceding page. Given the summary nature of this report, the details of the adjustment process are retained in the appraiser's files. Note, the market condition adjustments (appreciating value over time) are estimated at 4% per year, t which is based on several paired-sale and sale/resale analyses. The adjustments for location are based on several factors considered after inspecting each comparable sale. Such factors include general access, I direct access, neighborhood identity, surrounding and/or adjacent land uses, etc. Reconciliation of Land Value - Industrial Parcels I Prior to adjustments, the prices of the industrial land sales range from $1.92 per square foot to $3.89 per square foot of useable land area, with a mean of $2.83 per square foot and a median of $2.73 per square ~ foot. After a detailed analysis and appropriate adjustments, the price of the sales ranges from $2.34 per ~ square foot to $4.14 per square foot. The mean and median adjusted prices are $2.88 per square foot and $3.03 per square foot, respectively. I The "absolute adjustment", which again is the total adjustment if the direction of the adjustment is ignored, indicates the overall magnitude of adjustment and comparability of each sale. The absolute adjustments and the corresponding adjusted prices per square foot of the industrial land sales are as follows: Absolute Adiustments and Adiusted Prices Total Adjustment Adjusted Sale No. Percentage Price Sale 15 0% $3.44 Sale 16 18% $3.82 Sale 17 8% $2.34 Sale 18 18% $3.03 Sale 19 14% $2.69 Sale 20 10% $3.05 Sale 21 20% $2.38 Sale 22 7% $3.49 Sale 23 9% $2.97 Sale 24 24% $3.27 Sale 25 25% $4.14 97 --'- I I In this analysis, greater weight is given to Comparables 15, 17,20,22 and 23 based on their overall I similarity to the subject's industrial land parcels. The mean amongst these adjusted sales is $3.06 per square foot, which is slightly higher than the overall mean of $2.88 per square foot. As previously I mentioned in the individual industrial land sales descriptions, current asking prices amongst industrial land parcels in the city of Andover with sewer and water and with similar access and exposure is around I $3.00 per square foot. From this analysis, then, we have determined the appropriate unit value for the subject site, rounded to the I nearest $0.10, is $3.00 per square foot of use able land area. Therefore, based on our investigation of the property, its respective market, and the factors considered to affect its value, it is our opinion the fee I simple market value of Parcels 6, 7, 8 and 9 "as vacant" and "assuming no contamination exists" as of August 12,2003, is: I Estimate of Parcels 6. 7. 8 and 9 Value "As Vacant" , Useable Land Value per Indicated Land Parcel No. Area (sO x Square Foot = Value , Parcel 6 94,482 x $3.00 = $283,446 Parcel 7 58,319 x $3.00 = $174,957 I Parcel 8 85,062 x $3.00 = $255,186 Parcel 9 88,123 x $3.00 = $264,369 Total Area 325,986 $980,958 As Rounded, $980.000 Finally, if any of the Andover Station industrial parcels "as is" were placed on the market as of the date of this appraisal to be sold at a price consistent with our estimate of fee simple value indicated herein, it is our opinion it would take approximately nine to twelve months to procure such a sale. This marketing time estimate includes an allowance for an approximate 60 to 90-day due diligence. This same time period is estimated for the exposure period. The exposure period is the amount of time needed to market the property within the immediate past, i.e., prior to the appraisal date. These estimates are based on information from actual marketing times required by recent comparable sales in the Twin Cities metroplex as well as on discussions (in general) with brokers at Colliers Towle Real Estate and other brokerage houses that deal with this type of property. 98 -1- - I r Residential Land Comoarables Adiustment Analvsis I An adjustment process is undertaken whereby all value-influencing aspects are considered. These adjustments are made to the comparable sales in relation to the overall market and the subject property. I The adjustments made to the overall market include property rights conveyed, sale conditions and market conditions (time). The adjustments made that are specific- to the subject cover comparisons for general I location, access, site size, shape, topography, zoning and site conditions (wetlands, ponding requirements, etc.). I It should be noted that density is also typically considered to be a driving consideration in the adjustment process for residential applications. For purposes of this analysis, however, differences in density are I accounted for by selecting comparables with very similar densities to each residential property type (i.e., low-density, medium-density, high-density, etc.), so no adjustments with regards to density need to be I made. This tactic is based on the fact that discussions with City of Andover planning and development personnel have indicated the subject parcel is to contain a mix of low, medium and potentially high- I density residential housing, and the overaIl density in the Andover Station North project is yet to be finalized. Initial indications provide for an overall density for the entire subject at around thirteen (13) units per acre. I' I The adjustments made to the low, medium and high-density comparable sales are quantified in the charts I on the preceding pages. Given the summary nature of this report, the details ofthe adjustment process are retained in the appraiser's files. Note, the market condition adjustments (appreciating value over time) I are estimated at 6% per year, which is based on several paired-sale and sale/resale analyses. It should be noted that the anriual adjustment also considers the general location of the subject property and ongoing residential development in the area. The adjustments for location are based on several factors considered I after inspecting each comparable sale. Such factors include general access, direct access, neighborhood identity, surrounding and/or adjacent land us~s, etc. I Low-Density Residential Land Value Reconciliation I Prior to adjustments, the price of the sales ranges from $0.87 per square foot to $1.78 per square foot of useable land area with a mean of $1.36 per square foot and a median of $1.31 per square foot. After a detailed analysis, and after making appropriate adjustments, the price of the sales ranges from $0.94 per I square foot to $2.06 per square foot. The mean and median adjusted prices are $1.48 per square foot and $1.49 per square foot, respectively. I / I 146 I -j- I I: J The absolute adjustment, which is the total adjustment if the direction of the adjustment is ignored, I indicates the overall magnitude of adjustment and comparability of each sale. The absolute adjustments and the corresponding adjusted prices per square foot of the six low-density residential comparable sales I are as follows: Absolute Adiustments and Adiusted Prices I Low-Densitv Land Sales Total Adjustment Adjusted I Sale No. Percentage Price Sale 26 7% $0.94 Sale 27 7% $1.73 I Sale 28 11% $1.15 Sale 29 16% $1.35 Sale 30 16% $1.55 , Sale 31 36% $2.06 Less weight has been given to Comparable Sale No. 31 based on the amount of overall adjustments as I compared to the subject parcel. The mean amongst the remaining adjusted low-density sales is $1.34 per square foot, which is somewhat lower than the overall mean of $1.48 per square foot. I ' I As previously mentioned in the individual residential land sales descriptions, current asking prices I amongst residential land parcels throughout the northern Twin Cities metropolitan area have been increasing with current purchase prices for larger tracts is around $2.00 per square foot. One such pending low-density residential land sale is the Centex site located at Lexington Avenue and J09th Street I in Blaine, Minnesota. This pending sale is a larger tract of approximately 40 acres in size of a 300+ unit development, indicating a 3.86 unit per acre density. It should be noted that in addition to the acquisition f price, the buyer has agreed to all soil correction and remediation costs, which are expected to bring the total purchase price in excess of $2.00 per square foot of useable land. I From this analysis, then, we have determined the appropriate unit value for the subject site as a low- density residential site, rounded to the nearest $0. I 0, is $1.50 per square foot of useable land area. I Medium-Densitv Residential Land Value Reconciliation Prior to adjustments, the price of the sales ranges from $2.04 per square foot to $4.28 per square foot of I useable land area with a mean of $3.45 per square foot and a median of $3.76 per square foot. After a detailed analysis, and after making appropriate adjustments, the price of the sales ranges from $2.32 per r square foot to $4.60 per square foot. The mean and median adjusted prices are $3.43 per square foot and $3.4 I per square foot, respectively. I 147 -7- t I r / The absolute adjustments and the corresponding adjusted prices per square foot of the seven medium- I density residential comparable sales are as follows: I Absolute Adiustments and Adiusted Prices Medium-Density Land Sales I Total Adjustment Adjusted Sale No. Percentage Price Sale 32 20% $3.72 8 Sale 33 21% $4.31 Sale 34 35% $3.31 Sale 35 22% $3.18 Sale 36 18% $4.60 I Sale 37 14% $2.32 Sale 38 29% $2.57 I Additional weight has been accorded to Land Sale No. 37 as this sale required the fewest overall adjustments. The sale, while lower than the overall mean of $3.46 per square foot of useable land, is I considered representative of current asking prices amongst multi-family developments in the subject area. From this analysis, we have determined the appropriate unit value for the subject site as a medium-density residential site, rounded to the nearest $0.10, is $2.30 per square foot of useable land area. This I- I indication is further supported by the indications of value evolved in the commercial and industrial sections of this report, which represent more intensive land uses. I High-Density Residential Land Value Reconciliation Prior to adjustments, the price of the sales ranges from $1.17 per square foot to $5.61 per square foot of I useable land area with a mean of $3.27 per square foot and a median of $2.55 per square foot. After a detailed analysis, and after making appropriate adjustments, the price of the sales ranges from $2.08 per I square foot to $5.1 0 per square foot of useable land area. The mean and median adjusted prices are $3.30 per square foot and $2.67 per square foot, respectively. It should be noted that there is a great deal of I variance in the land sale prices, which is partly due to the differences in density amongst the comparable developments. I I I I 148 -10 - I I t , The absolute adjustments and the corresponding adjusted prices per square foot of the seven high-density I residential comparable sales are as follows: I Absolute Adiustments and Adiusted Prices High-Densitv Land Sales r Total Adjustment Adjusted Sale No. Percentage Price Sale 39 27% $5.00 J Sale 40 12% $2.59 Sale 41 23% $5.1 0 Sale 42 46% $1.74 I Sale 43 27% $3.94 Sale 44 28% $2.08 Sale 45 34% $2.67 I Although included in our analysis, very little weight has been accorded to High Density Comparable Land Sale No. 42 based on the fact that the property is located in Sauk Rapids, Minnesota. I Additional weight has been given to Land Sale No. 40 as this sale required the fewest overall adjustments. I ' I Given the value indications evolved from both the low and medium density land sale comparables, and the more intensive industrial and commercial land sale comparables, we have determined the appropriate unit value for the subject site as a high-density residential site, rounded to the nearest $0.10, is $2.60 per I square foot of use able land area. I As discussed previously, the City of Andover planning and development personnel have indicated that the subject parcel is to contain a mix of low, medium and potentially high-density residential housing. However, the overall density in the Andover Station North project and the size of each type of parcel has , yet to be finalized. Initial indications provide for an overall density for the subject of around thirteen (13) units per acre. Based on this reasoning, each type of residential housing use has been allocated an equal I share of the subject land parcel in arriving at a indication of value for the Andover Station North land parcel No. 10. I Therefore, based on our investigation of the property, its respective market, and the factors considered to affect its value, it is our opinion the property's market value in fee simple estate of the Andover Station t North residential site (Land Parcel No. 10), as of August 12,2003, is as follows: r I 149 l -11- t , ) - I Andover Station North Indication of Value - Residential Land r Density Area - sf Price per sf by Type Pro-Rata Share * x Useable Land Area = Indication of Value r Low 132,232 x $1.50 = $198,348 Medium 132,232 x $2.30 = $304,134 High 132,231 x $2.60 = $343,801 J Total 396,695 $846,283 As Rounded, $850.000 I We note this value of $850,000 equals $2.14 per square foot of developable land area, or $7,203 per I dwelling unit (at 13 units per acre). I Finally, if the entire property "as is" were placed on the market as of the date of this appraisal to be sold at a price consistent with our estimate of fee simple value indicated herein, it is our opinion it would take approximately nine to twelve months to procure such a sale. I' J , I , r I I I I r I 150 -l2--~ l SUMMARY OF VALUE CONCLUSIONS ) Therefore, a summary of the values of the various Andover Station North parcels, according to the city's proposed development plan, as of August 12,2003, is as follows: Andover Station North Land Parcel Valuation Breakdown - as of August, 2003 Land Use by Type Indication a/Value Commercial Large Commercial Retail $2,440,000 Smaller Commercial RetaiVService $2,550,000 Total Commercial $4,990,000 Industrial $980,000 Residential $850,000 Total $6.820,00.Q \ / Andover Station North Land Parcel Breakdown - as of Aueust 12, 2003 Gross LAnd Area Net Useable Land Area Intended Use Parcel No. Land Area -sf Acres Land Area - sf Acres Residential 10 396,695 9.11 396,695 9.11 Sub-Total 396,695 9.11 396,695 9.11 Light Industrial 6 94,482 2.17 94,482 2.17 7 102,908 2.36 58,319 1.34 8 117,506 2.70 85,062 1.95 9 154,738 3.55 88,123 2.02 Sub-Total 469,634 10.78 325,986 7.48 Large Commercial Retail 2 607,636 13.95 607,636 13.95 Sub-Total 607,636 13.95 607,636 13.95 Commercial Service I 89,962 2.07 89,962 2.07 ~ 231,430 5.31 150,034 3.44 .J 4 340,704 7.82 147,626 3.39 , / 5 307,220 7.05 136,627 3.14 11 46,349 1.06 46,349 1.06 Sub-Total 1,015,665 23.32 570,598 13.10 Total 2,489,630 57.15 1,900,915 43.64 Source:SEH Architects, dated August 19,2003 -tJ- ~~~0>~11111113~13~~~g!~-g~ I IIIII II1I1I1 z~z ~~~~~~~wj~ cQ)C 0 0 Jq::J>oE a: ~~~ ~ ~ ~ egc 19c5~ a: ~o~ U) od .... > -'< 0 0"''' "'c" co"" 0<( l!! 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