HomeMy WebLinkAboutAppraisal 2004
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LIMITED APPRAISAL, SUMMARY REPORT
PARKING LOT PROPERTY
46XX COLORADO STREET SOUTHEAST
PRIOR LAKE, MINNESOTA
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DATE OF REPORT:
May 17, 2004
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PREPARED FOR:
City of Prior Lake
16200 Eagle Creek Avenue Southeast
Prior Lake, MN 55372
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PREPARED BY:
Patchin Messner & Dodd
Skyline Square Building
12940 Harriet Avenue South, Suite 220
Burnsville, MN 55337
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PATCHIN MESSNER & DODD
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PATCI-IIN MESSNER & DODD
VALUATION COUNSELORS
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May 17, 2004
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City of Prior Lake
16200 Eagle Creek Avenue Southeast
Prior Lake, MN 55372
A TTN: Mr. Frank Boyles
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RE: Limited Appraisal, Summary Report
Parking Lot Property
46XX Colorado Street Southeast
Prior Lake, Minnesota
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Dear Mr. Boyles:
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At your request, we have made a limited appraisal of the above captioned property for the
purpose of estimating the current market value of the subject parcel. The property appraised
is a bituminous parking lot owned by Merlin and Dwane Arndt. The function 01 this
appraisal is to provide valuation guidance to the City of Prior Lake for possible acquisilion of
the subject property.
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This limited appraisal is intended to comply with the Uniform Standards of Professional
Appraisal Practice (USPAP). This report is limited in both the scope of data researched and
the depth of analysis. Analyses of far greater depth would have to be performed beiorc a
complete appraisal could be rendered on this property.
In this report, the Departure Rule of the Uniform Standards of Professional Appraisal Practice
(USPAP) was invoked. In broad terms, the appraisal departs from a complete appraisal as
follows:
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· The scope of research and depth of analysis are not sufficient to be
considered a complete appraisal of this properiy.
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Skyline Square Building, Suite 220 . J 2940 Harriet Avenue South. Burnsville. MN 55337
Phone: (952) 895-1205 Fax: (952) 895- J 521
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The appraisal is presented in a summary reporting format, as described in USPAP Standards
Rule 2 - 2(b). As such, this report presents only summary discussions of the data and
analyses used in the appraisal process. Additional information and documentation
concerning the data and analyses of this appraisal have been retained in our files.
Based upon the inspection of the property and after consideration of the many factors
influencing market value, the most probable market value of the subject property, as of May
6, 2004, is estimated to be $160,000.
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ONE HUNDRED SIXTY THOUSAND DOLLARS
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It should be noted that this letter does not qualify as an appraisal, and that the reader is
directed to the following report for the data, analyses and conclusions that support this value
estimate. The appraisal report is contingent upon the assumptions and limiting conditions
submitted within the report.
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This summary report has been made in conformity with accepted professional, ethical and
performance standards of real estate appraisal practice. The "Contingent and Limiting
Conditions" section of this report should be thoroughly read and understood before relying
on any information or analysis presented herein. If you have any questions or comments
after reading the appraisal, please contact the firm.
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Thank you for the opportunity to be of assistance in this matter. If you have any questions or
comments after reading this report, please feel free to contact the firm at your convenience.
Respectfully submitted,
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PATCHIN MESSNER & DODD
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~pl~
~sh P. Folland
Minnesota Registered Real Property
Appraiser License 20352348
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'1:7:~~r~~
Minnesota Certified General Real Property
Appraiser License 4000836
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PATCHIN MESSNER & Demo
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CERTIFICATION
(Real Estate)
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I certify that, to the best of my knowledge and bel ief:
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1. The statements of fact contained in this report are true and correct.
2.
The reported analyses, opinions, and conclusions are limited only by the
reported assumptions and limiting conditions, and are my personal, un-
biased professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject
of this report, and I have no personal interest or bias with respect to the
parties involved.
4.
My compensation is not contingent upon the reporting of a predetermined
value or direction in value that favors the cause of the client, the amount of
the value estimate, the attainment of a stipulated result, or the occurrence
of a subsequent event.
My analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of Profes-
sional Appraisal Practice of the Appraisal Foundation.
6. I have made a personal inspection of the property that is the subject of this
re port.
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7.
The reported analyses, opinions, and conclusions were developed, and this
report has been prepared, in conformity with the requirements of the Code
of Professional Ethics and the Standards of Professional Appraisal Practice
of the Appraisal Institute.
The use of this report is subject to the requirements of the Appraisal Insti-
tute relating to review by its duly authorized representatives.
8.
9. No one provided significant professional assistance to the persons signing
this report, except as noted herein.
The appraisal assignment was not based on a requested minimum valua-
tion, a specific valuation, or the approval of a loan.
11. This appraisal cannot be completely understood without reading the "Con-
tingent and Limiting Conditions" section of this report, which should be
thoroughly read and understood before relying on any information or
analysis presented herein.
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~p~
Josh P. Folland
4~>" I Z 'J.-{) tJ Y
Date
PATCIIIN MESSNER & DOl)!)
Valualion Counselors
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CERll FICA liON
(Real Estate)
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I certify that, to the best of my knowledge and belief:
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10.
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1. The statements of fact contained in this report are true and correct.
2.
The reported analyses, opinions, and conclusions are limited only by the
reported assumptions and limiting conditions, and are my personal, un-
biased professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject
of this report, and I have no personal interest or bias with respect to the
parties involved.
4.
My compensation is not contingent upon the reporting of a predetermined
value or direction in value that favors the cause of the client, the amount of
the value estimate, the attainment of a stipulated result, or the occurrence
of a subsequent event.
5.
My analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of Profes-
sional Appraisal Practice.
6. I have made a personal inspection of the property that is the subject of this
report.
7.
The reported analyses, opinions, and conclusions were developed, and this
report has been prepared, in conformity with the requirements of the Code
of Professional Ethics and the Standards of Professional Appraisal Practice
of the Appraisal Institute.
The use of this report is subject to the requirements of the Appraisal Insti-
tute relating to review by its duly authorized representatives.
8.
9. No one provided significant professional assistance to the persons signing
this report, except as noted herein.
The appraisal assignment was not based on a requested minimum valua-
tion, a specific valuation, or the approval of a loan.
11. This appraisal cannot be completely understood without reading the "Con-
tingent and Limiting Conditions" section of this report, which should be
thoroughly read and understood before relying on any information or
analysis presented herein.
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12. As of the date of this report, Jason L. Messner has completed the
requirements under the continuing education program of the Appraisal
Institute.
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s- Ul /011
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PATCHIN MESSi'o"ER & DODD
Valuation Counselors
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20434
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Fee Owners:
Location:
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Date of Appraisal:
Date of Inspection:
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Property Appraised:
Rights & Interests Appraised:
Zoning:
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Highest And Best Use:
Site Area:
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Value Conclusions:
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Estimated Land Value:
Sales Comparison
Approach:
Plus: Contributory Value
of Parking Lot
Improvements:
Total Indicated Market
Value:
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Rounded To:
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Merlin and Dwane Arndt
46XX Colorado Street SE
Belle Plaine, Minnesota
May 6, 2004
May 6, 2004
Real Property
Fee Simple Market Value
Assumed C-3, Specialty Business Use District
Development with a service or destination-type
commercial use, with interim use as a bituminous-
surfaced parking lot.
33,977 SF, or 0.78 Acres
$135,000
$ 24,750
$159,750
$160,000
PATCHIN MESSNER & DODD
Valuation Counselors
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20434
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T AS LE OF CONTENTS
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ITEM PAGE NO.
LETTER OF TRANSMITTAL..... ......... .......... .... ............. ....... .......... ... ...... ........ ....... ...... i-i i
C E R T I FICA T ION. .. . . . .. . .. . . . . . .. . . . .. .. . . . . . .. .. .. . . .. .. . . . ... .. .. . .. . . . .. . .. . . .. . .. . .. . .. . . .. . . . .. . .. . . . . . . . . . . .. . . . . . i i i
SUMMARY OF SALIENT FACTS AND CONCLUSIONS ............................................... V
TAB LEO F CONTE N TS ............................................................................................... vi
SUB J E CT PH OT OG RA PHS........ .... .. . ..... . . ..... . .... ...... . .. . . . . . . . . " . . .. . . ..... ...... . . . . .... . . .... . . . .. vii i
SUB J E CT L OCA T ION MA P . ...... . .. .... ....... . ..... .......... .. .. . . ... . .... ........... ...... . . . . ... .. . ... . .. . .. . . . x
SUB J E CT A E R I A L V I EW .............................................................................................. xi
SUB J E CT P LA T MA P . . .. . ... ... ...... .. ..... ...... .. ..... ....... .. .. .. . ... .... ... .. .......... . . .. ..... . ... ... . .. .. . . . . xii
PRO PER TY A P P RA I SED.. . .. . .. .... . . .. . .. . .. .. . . . .. .. . . .. .. . . .. .. . . .. .. . .. .. .. . .. . .. . . . . .. . .. . .. . .. .. . . .. . . .. .. .. . ... 1
S COP E 0 F THE A P P RA I SA L ........................................................................................ 1
DATE 0 F A PP RA I SA L . .. .. . .. ... ..... . ..... ...... ...... . ...... ... . ... . .. ..... . . . . . . . .. ... . ... .. . .. . .. ... .. . . . . . . . . . . .. . 3
PRO PE RTY OW N E RS HIP ............................................................................................ 3
SA L E S HIS TOR Y . . .. . . .. . .. .. . .. .. .. . .. . . .. . .. ... .. .. .. ... .. ... .. .. . . .. .. .. . .. . . . .. .. .. .. . . . .. . .. .. .. .. . . . . . . .. . . . . . . . . . .. 3
PUR POS E 0 F A P PRA I SA L ........................................................................................... 3
I NT END E D USE .......................................................................................................... 3
PRO PE RTY RIG H TS A PP RA I SED. ... .. ... ..... .. .... ..... . . . . .... .. ..... ... .... ........ ......... . . . . ..... . . . . . . .. . 4
E NVI RO N M E NT A L CON S I DE RA TI 0 N S ...................................................................... 4
MA R K ET VA L U E DE FIN ED. ........... ......... . .............. .. .......... ... .. .. .. ........ ..... . . .. .. . . . .. . .. . . . .. . 5
LOCATION AN D LEGAL DESCRI PTI ON .....................................................................6
TAX AN D ASSESSME NT DATA.................................................................................... 6
NEIGHBORHOOD DATA ...........................................................................................7
LA N D USE P LA N ........................................................................................................ 9
SU BJ ECT ZON I NG MAP.. ...... .... ........ ........ ... ...... ...... ..... .... ......... ............ ...... .............10
ZON I NG... ......................... ............. ............................. .............. .......... .....................11
S ITE DATA............................................................................................................... 1 3
H IG HEST AN D BEST USE ... .......................................................................................14
MARKETING TIME AN D EXPOSURE TIME ................................................................ 16
APPRAISAL PROCEDURE AND TECHNIQUES ..........................................................17
SALES COMPARISON APPROACH TO VALUE .........................................................18
RECONCILIATION AND FINAL ESTIMATE OF VALUE ..............................................25
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PATCIIli\' Mr':SSNER & DODD
Valuation Counselors
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20434
VII
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TABLE OF CONTENTS
(Continued)
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ITEM PAGE NO.
ADDENDA
EXHIBIT 1 - PARTIAL ZONING ORDINANCE .....................................................27
EXHIBIT 2 - PLAT MAPS OF COMPARABLE LAND SALES...................................40
CONTINGENT AND LIMITING CONDITIONS ...................................................45
APPRAISING QUALIFICATIONS OF JOSH P. FOLLAND..................................... 50
APPRAISING QUALIFICATIONS OF JASON L. MESSNER ...................................51
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PATCHIN MESSNER & DODD
Valuation Counselors
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20434
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PHOTOGRAPHS OF SUBJECT
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Subject Lot From Northeast Corner
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Valuation Counselors
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20434
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PHOTOGRAPHS OF SUBJECT
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Valuation Counselors
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SUBJECT LOCATION MAP
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Valuation Counselors
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20434
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1''\'1'<:11I1' :VIESS:'\ER & DOIIIl
Valuation Counselors
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20434
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PROPERTY APPRAISED
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The property appraised is 33,977 square feet, or 0.78 acres of commercial land located
on the south side of Colorado Street Southeast in Prior Lake, Minnesota. The majority of
the site is improved with a bituminous surfaced parking lot. The site is owned by Merlin
and Dwane Arndt and is leased to the city of Prior Lake for use as a "Park and Ride" lot.
The City subleases the site to the nearby VFW for evening event parking.
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SCOPE OF THE APPRAISAL
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This report is intended to provide a limited appraisal of the real estate in accordance with
the Uniform Standards of Professional Appraisal Practice (USPAP), and the Standards of
Professional Practice of the Appraisal Institute. The data and analyses presented in this
report provide the basis for our value conclusions.
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This appraisal departs from USPAP as follows:
· The scope of research and depth of analysis are not sufficient to be
considered a complete appraisal of this property.
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In this analysis, the following data and concepts pertaining to the subject property have
been examined.
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1. Physical characteristics of real property including:
Inspection of the subject.
Review of avai lable site data.
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Observation of the local market and the subject's place within this
market.
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PATCHIN MESSNER & Dorm
Valuation Counselors
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20434
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SCOPE OF THE APPRAISAL
2. Non-physical characteristics of real property including:
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Property rights.
Legal description.
Assessment data.
Zoning and use of surrounding properties.
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3. Observations and data concerning the subject property's market and
transactions within this market:
Sales of land.
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Replacement cost data of similar parking improvements.
Observed supply and demand characteristics of the market.
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Financing available within the market.
Perception of the market as to the future.
From the above data and concepts, we have made the following analysis.
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Highest and Best Use of the subject property.
Utilized the Sales Comparison Approach to Value for the property. (See
the following Appraisal Procedures and Techniques section of this
report for an explanation of the approaches to value.)
Final Estimate of Value.
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PATCHIN MESSNER 8.: DOl)!)
Valuation Counselors
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20434
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DATE OF APPRAISAL
The effective date of this limited appraisal is May 6,2004. The date of inspection of the
subject was also May 6, 2004.
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PROPERTY OWNERSHIP
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The property is owned by Merlin and Dwane Arndt.
SALES HISTORY
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The Uniform Standards of Professional Appraisal Practice (USPAP) requires that all sales
of the subject property during the previous three years be reported and analyzed.
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Per Scott County courthouse records, Merlin and Dwane Arndt have owned the subject
property for more than three years.
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PURPOSE OF APPRAISAL
The purpose of this limited appraisal is to estimate the market value of the fee simple
interest of the subject property.
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INTENDED USE
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The intended use of this analysis is to provide valuation guidance to the city of Prior
Lake for possible acquisition of the subject property.
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PATCHIN MESSNER & DODD
Valuation Counselors
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20434
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PROPERTY RIGHTS APPRAISED
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The subject property will be appraised by estimating the market value of the fee simple
interest of the real estate. For use in this appraisal, the market value of the fee simple
interest in the real estate is subject to the following definition obtained on Page 113 of
The Dictionary of Real Estate Appraisal, Fourth Edition, Appraisal Institute.
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Absolllle ownership unencumbered by any other interest or estate. subject only
to the limitations imposed by the governmental powers of taration, eminent
domain, police power and escheat.
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ENVI RONMENT AL CONSI DERA TIONS
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Based upon inspection of the subject property, we have assumed that no envi ronmental
concerns such as asbestos, PCBs, toxic and hazardous soil or groundwater contamination
exist on the subject property as of the date of this appraisal report.
If any environmental contaminants do exist within the subject property, we reserve the
right to adjust the estimated market value contained in this report accordingly.
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PATCHIN MESSNER & DODD
Valuation Counselors
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20434
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MARKET VALUE DEFINED
Market value as utilized in this appraisal report conforms to the following definition
obtained from Pages 177-178 of The Dictionary of Real Estate Appraisal, Fourth Edition.
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The most probable price which a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knOlvledgeably, and assuming the price is not affected
by undue stimulus. Implicit in this definition is the consummation of a sale as of
a specified dale and the passing of title from seller to buyer under conditions
whereby:
1. Buyer and seller are typically motivated;
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2. Both parties are well informed or well advised, and
actin/; in what they consider their own best
illlerest;
3. A reasonable time is allowed for exposure in the
open market;
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4. Payment is made in terms of cash in United States
dollars or in terms of financial arrangements
comparable thereto; and
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5. The price represents a normal consideration for the
property sold unaffected by special or creative financing
or sales concession granted by anyone associated with
the sale.
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Unless otherwise noted in the appraisal report, market value shall represent cash
equivalent terms where the seller receives all cash for their interest. The property may
be financed at typical market terms under this definition.
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The above definition describes market value as an exchange concept. According to The
Dictionary of Real Estate Appraisal, Fourth Edition, at Page 104, exchange value is
defined as follows: "In economics, the attribution of value to goods or services based on
how much can be obtained for them in exchange for other goods and services." The
definition goes on to say, "Market value as an appraisal concept is a type of exchange
value./I
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PATCIIIN MESSNER & DOl)!)
Valuation Counselors
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20434
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LOCATION AND LEGAL DESCRIPTION
Location:
46XX Colorado Street Southeast
Prior Lake, Minnesota.
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Property Identification
Number:
25-001110-0
Legal Description:
Lots 6-9, Slock 15, Plat 25001, City of Prior Lake
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TAX AND ASSESSMENT DATA
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TAX AND ASSESSMENT DATA
Property Identification Number 25-001110-0 Property Identification Number 25-001110-0
2002 Assessor's Market Value 2003 Assessor's Market Value
Land $40,000 Land $40,000
Improvements $0 Improvements $0
Total $40,000 Total $40,000
Real Estate Taxes Payable 2003 Real Estate Taxes Payable 2004
General Taxes $606.00 General Taxes $634.00
Special Assessments $0.00 Special Assessments SO.OO
Total $606.00 Total $634.00
Effective Tax Rate 1.52% Effective Tax Rate 1.59%
Analysis of 2003 Assessor's Market Value Analysis of 2004 Assessor's Market Value
Land Area (SF) 33,977 Land Area (SF) 33,977
Land Value Per SF $1.18 Land Value Per SF $1.18
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PATCIIIN MESS:\'ER & DODD
Valuation Counselors
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20434
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NEIGHBORHOOD DATA
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The subject is located in the southwestern suburb of Prior Lake, on the south side of
Colorado Street Southeast just west of Main Avenue Southeast. The subject's
neighborhood is generally defined as Downtown Prior Lake. This area can be described
as a retail/commercial district with low to medium-density residential nearby,
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A street reconstruction project is currently underway in the subject neighborhood,
specifically to the northeast of the subject in the core of downtown Prior Lake, The
improvement project consists of approximately four city blocks. In addition to
reconstructing the existing street the project will focus on making the area more
pedestrian-friendly by burying overhead power lines and adding new street lights,
benches, trees, bushes, flowers, and sidewalks. The City is also facilitating the
"Downtown Fac,:ade Improvement Program", which is a public assisted program
designed to provide incentive to commercial property owners to remodel their
properties' street-facing exteriors.
.
.
.
Northeast of the subject neighborhood, where Prior Lake converges with the city of
Savage, the intersection of County Road 42 and State Highway 13 has become the
primary commercial district. Numerous commercial properties have been developed in
this neighborhood in recent years, including Target, Cub Foods and Rainbow Foods,
.
The subject lies on the fringe of the downtown area, where it converges with a single-
fami Iy residential neighborhood, Adjacent to the subject to the east are an automotive
service station and VFW. Immediately south and west of the subject are single-family
residential properties. North of the subject lies a t-shirt screen printing retailer and a
multi-tenant office building, Building improvements throughout the neighborhood range
from about 40 to over 100 years of age. A number of the buildings were constructed in
the 1940's to the 1960's. These older buildings appear to be adequately maintained,
with little evidence of deferred maintenance,
.
.
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PATCHIN MESSNER & Dorm
Valuation Counselors
.
20434
8
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NEIGHBORHOOD DATA
.
Although access to the major thoroughfares such as 1-35W is somewhat circuitous, the
neighborhood has good access to the surrounding area via State Highway #13, The
neighborhood is served by all public utilities and street improvements. It is our
understanding that the various utilities are adequate to meet the needs of the
neighborhood, Street improvements include bituminous asphalt road surfacing, concrete
curb and gutter, and an in-ground storm sewer system. The street improvements appear
to be adequately maintained, and are considered to be in average condition,
.
.
Downtown Prior Lake (including the subject property), is guided C-TC, Town Center,
consistent with its current special business use zoning, Consequently, change in land
use from predominantly commercial appears unlikely, However, some redevelopment
may occur in the future, as older properties reach the end of their economic lives. In
conclusion, we consider the subject's neighborhood to be stable and healthy,
.
.
I
I.
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PATCHIN i\IESSNER & DOlm
Valuation Counselors
.
20434
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LAND USE PLAN
..
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9
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LAND USE PLAN MAP
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Valuation Counselors
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20434
10
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SUBJECT ZONING MAP
PATCIIJ:>O MESS:>OEH & DODD
Valuation Counselors
.
20434
11
ZONING
.
.
The city of Prior Lake zoning map shows the subject having two zoning designations,
C-3 and R-2, Low to Medium-Density Residential, However, per our discussions with
Planning Coordinator Jane Kansier, it appears this is the result of a mapping error and the
entire parcel should be zoned C-3, Specialty Business Use, For the purposes of this
appraisal, we will operate under the assumption that the entire parcel is zoned C-3,
Specialty Business Use, Adjacent properties to the north, east, and southeast are also
zoned C-3, Specialty Business Use, Properties to the northwest, west, and southwest are
zoned R-2, Low to Medium-Density Residential.
.
.
The purpose of the C-3, Specialty Business Use District is to provide for a variety of
commercial and residential uses within the framework of a traditional downtown area.
The district also contemplates and provides for pedestrian circulation, urban and civic
design and the creative reuse of existing buildings.
.
Permitted uses within the Specialty Business Use District include the following,
· Medical! dental offices.
· Retail.
.
· Showrooms for merchandise.
· Offices,
· Services,
.
· Libraries,
· Police and fire stations.
· Business services.
.
· Hotel! motel.
· Schools and studios for arts, crafts, photography, music, dance exercise
or similar courses of study,
.
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PATCIIIN MESS'-,EH & DODD
Valuation Counselors
.
20434
12
ZON I NG
.
Conditional uses within the Specialty Business Use District include the following.
· Adult day care.
.
· Public service structures.
· Multiple family dwellings.
· Restaurants with and without liquor licenses.
.
Lot requirements within the C-3 District are as follows.
.
Minimum Lot Size:
Minimum Lot Width:
Maximum Floor Area Ratio:
Minimum Floor Area Ratio:
Maximum Building Height:
None
30 Feet
3,0: 1
0.5:1
35 Feet (Mixed-use is 45 Feet)
.
Set Backs
Front Yard
Side Yard
Rear Yard
Minimum
35 Feet
35 Feet
35 Feet
Maximum
35 Feet
20 Feet
20 Feet
.
The subject's current use as a parking lot is listed as an accessory use only, The subject
site conforms to the minimum lot requirements. Further zoning details are provided in
Exhibit 1 in the Addenda to this report.
.
.
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PATCHIN i\IESSNEH & DODD
Valuation Counselors
.
20434
13
SITE DATA
.
Size:
Shape:
. Terrain:
33,977 SF, or 0.78 Acres
Mostly rectangular.
The subject parcel is mostly level with a sl ight slope
from east to west and at grade with surrounding
properties.
Soils:
The soils appear stable and suitable for typical
construction practices. However, we have not been
provided with soils tests or engineering data,
.
Utilities:
All present.
Street Access:
The subject has two points of access from Colorado
Street SE.
.
Existing Easements:
A title search has not been completed in conjunction
with this appraisal report. We are not aware of any
easements or encumbrances which would have a
deleterious effect upon the subject's value.
.
.
Description of Improvements
The site is improved with a bituminous parking lot, which covers a majority of the lot.
Other site improvements include trees lining the site on the north, south, and west sides;
a retaining wall on the south side of the site; and a fixed bus-stop bench on the north
side. Currently, the parking lot is striped for approximately 60 spaces,
.
.
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PATCHIN MESSNEH & DODD
Valuation Counselors
.
20434
14
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HIGHEST AND BEST USE
Highest and best use is defined In The Dictionary of Real Estate Appraisal, Fourth
Edition, Appraisal Institute, at Page 135, as follows:
.
.
77ze reasonably probable and legal use of vacanr land or an improved property,
which is physically possible, appropriately supported, financially feasible, and
that results in the highest value. 771e four criteria the highest and best use must
meet are legal permissibility, physical possibility, financial feasibility, and
marimum profitability.
This publication goes on to distinguish the highest and best use as vacant and as
improved, as follows:
.
.
!lighest and best use of land or site as though vacant. Among all reasonable,
alternative uses, the use that yields the highest present land value, after
payments are made for labor. capital. and coordination. The use of a property
based on the assumption that the parcel of land is vacanr or can be made vacanr
by demolishing any improvemenrs.
.
!lighest and best use of property as improved, The use that should be made of a
property as it exists. An existing improvemenr should be renovated or retained
as is so long as it conrinues to contribute to rhe total market value of rhe
property. or until the rerum from a new improvemenr would more than offset rhe
cost of demolishing the existing building and constructing a new one.
.
As Vacant
In order to determine highest and best use of the subject property, as if vacant, the
following factors must be considered when addressing possible uses. They are:
.
1, Legally Permissible
2, Physical Possible
3, Financial Feasible
4. Maximally Productive
.
.
PA TCIIIN MESSNER & Dorm
Valuation Counselors
.
20434
15
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HIGHEST AND BEST USE
.
As Vacant
Legally Permissible
The subject is zoned C-3, Specialty Business Use, which allows for a variety of retail and
commercial uses, Buildings are limited to a maximum height of 35 feet (45 feet for
mixed-use buildings with residential on the upper floors), and the floor area ratio
requirement is from 0,5:1 to 3.0:1,
.
Physically Possible
The subject's terrain is primarily level with a slight slope from east to west and at street
grade, The soils are assumed to be suitable for development. Street access from
Colorado Street Southeast is available to the north. The site is served by all modern
utilities and street improvements. The site is mostly rectangular in shape, and with
33,977 SF, it could accommodate a variety of uses. Based on these attributes, a number
of legally permissible uses are possible,
.
.
.
Financially Feasible
Based on recent development of properties III the city of Prior Lake, it is financially
feasible to develop the subject for commercial use. Because of the lack of visibility from
State Highway 13, the site would be most productive as a destination-type or service
commercial use,
.
Maximally Productive
Based on the site's location and neighboring uses, a destination-type service
development would be maximally productive. Examples would include an automotive
accessory store, a veterinary clinic, professional or medical office, etc.
.
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PATCHIN MESSNEH & DODD
Valuation Counselors
.
20434
1 G
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HIGHEST AND BEST USE
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As Improved
A majority of the site IS improved with a bituminous surface parking lot. While the
improvements provide an interim use until such time as the land is developed to its
highest and best use, their remaining economic life is estimated to be 5 years. Because
the improvements contribute value as an interim use, the depreciated value of these
improvements will be added to the land value estimate in order to provide a total
indication of market value.
.
MARKETING TIME AND EXPOSURE TIME
.
The following definitions are taken from The Dictionary of Real Estate Appraisal, Fourth
Edition, Appraisal Institute:
.
EXfJosure Time: The estimated length of time the property interest being appraised would have
been offered on the market prior to the hypothetical consummation of a sale at market
value on the effective date of the appraisal; a retrospective estimate based upon an
analysis of past events assuming a competitive and open market. Exposure time is always
presumed to occur prior to the effective date of the appraisal. ?lIe overall concept of
reasonable exposure encompasses not only adequate, sujJlcient and reasonable time but
also adequate, sujJiciem and reasonable effort. Exposure time is different for various
types of real estate and value ranges and under various market conditions.
.
.
Marketine Time: The time it takes an interest in real property to sell on the market subsequent
to the date of appraisal. Reasonable market time is an estimate of the amount of lime it
might take to sell an interest in real property at its estimated market value during the
period immediately after the effective date of appraisal; the amicipated time required to
expose the property to a pool of prospective purchasers and to allow appropriate time for
negotiation, the exercise of due diligence, and the consummation of a sale at a price
supportable by concurrent market conditions. Marketing time differs from exposure time,
which is always presumed to precede the effective date of the appraisal.
.
Market exposure of six to nllle months would be required to sell the subject property,
based on the value stated herein. Marketing time, including due diligence and closing is
estimated at nine to twelve months.
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PATCHIN MESSNEH 8. DODD
Valuation Counselors
.
20434
17
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APPRAISAL PROCEDURE AND TECHNIQUES
Three traditional approaches to value are widely accepted In the appraisal of real
property, These three approaches are briefly described below,
.
.
The Cost Approach - which considers the current cost of reproducing a
property less the depreciation from three sources: physical deterioration,
functional obsolescence and external obsolescence. A summation of the
market value of the land, assumed vacant, and the depreciated
reproduction cost of the improvements provides an indication of the total
value of the property,
.
The Sales Comparison Approach - which produces an estimate of value by
comparing the subject property to sales and/or listings of similar
properties in the same or competing areas. This technique is used to
indicate the value established by informed buyers and sellers in the
ma rket.
.
The Income Approach - which is based on an estimate of the subject
property's possible net income. The net income is capitalized to arrive at
an indication of value from the standpoint of an investment. This method
measures the present worth of anticipated future benefits (net income)
derived from a property.
.
In this limited appraisal, only the sales comparison approach will be utilized to estimate
the market value of the subject land. In addition, the contributory value of the existing
improvements as an interim use will be added based on their depreciated value as
calculated by the cost approach.
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PATCIIIN MESSNER & DODD
Valuation Counselors
.
20434
18
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SALES COMPARISON APPROACH TO VALUE
.
The sales comparison approach is the most common way of developing a market value
estimate for land, In the sales comparison approach, sales of vacant land comparable to
the subject property are gathered and analyzed, The sales prices are adjusted for market
conditions, location, physical characteristics and other relevant variations. The adjusted
prices are reduced to some common unit of comparison, such as price per acre or per
square foot. The appraiser analyzes this information and derives a unit value applicable
to the subject property. When applied to the appropriate unit measure, this value results
in an estimate of the market value of the land as vacant.
.
!.
We have made a search for recent sales of commercial-zoned building sites in the city of
Prior Lake and other neighboring communities. Several such sales have been found
which are useful to this analysis. Plat maps of the comparable land sales may be found
in Exhibit 2 of the Addenda of this report.
.
These sales are summarized as follows:
.
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PATe"I'" MESSNER & DODD
Valuation Counselors
.
20434
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PATCHIN MESSNER & DODD
Valuation Counselors
.
20434
20
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COMPARABLE LAND SALES LOCATION MAP
.
P,\TCIlI:" ;\1Jr.~'iS:"EJ{ & Do))))
Valuation Counselors
.
20434
I
.
21
SALES COMPARISON APPROACH TO VALUE
Land Valuation
Explanation of Adiustments
.
Conditions of Sale:
.
Market Conditions:
.
.
Size:
.
Location:
.
.
Shape and Terrain:
.
.
Comparable 6 was purchased by the city of Prior Lake,
who felt a premium was paid for this property.
Therefore, this sale was adjusted downward 20
percent. All other sales are considered to be arms-
length transactions by unrelated parties. No
extraordinary motivations on the part of the buyers or
sellers were discovered during the verification of
process with the exception of comparable 6.
This adjustment is made to account for changes which
have occurred in the market between the date of the
appraisal and the date the comparables sold, The date
of appraisal of the subject property is May 6, 2004.
The six comparable sales occurred between July, 2000
and June, 2002. During this time period, demand for
commercial land has been generally strong and market
data suggests an increase in value in recent years. We
have based the adjustment for market conditions on an
increase of 5% per annum.
We have applied a 95% inverse curve when making
the size adjustment. This simply means that as site size
doubles, the price per SF declines by 5%.
Adjustments made for this factor are based upon
observations of both the subject and the comparables.
Comparables 1 and 2 are located on the outskirts of the
rapidly developing area of County Road 42 and State
Highway 13. Comparables 5 and 7 are located in a
somewhat superior neighborhood but on a dead-end
street, resulting in offsetting adjustments. Also, factors
such as frontage, corner versus interior lots,
accessibility, and proximity to and visibility from
signalized intersections were considered when making
the adjustment.
This adjustment will adjust the comparable sales to the
subject based on differences in shape and terrain, The
subject is a rectangular shape parcel that is effectively
level and buildable, The shape and terrain of most
comparables are reasonably similar to the subject.
However, the rear 15% of Sale 2 is unbuildable due to
a steep slope. Since this comparable's zoning requires
a 30' setback because it abuts residential uses, only a
modest upward adjustment was applied.
PATel/IN M ESSNER So: Dorm
Valuation Counselors
.
20434
22
.
SALES COMPARISON APPROACH TO VALUE
Land Valuation
Explanation of Adjustments
.
Other:
None.
.
Analysis
In addition to the previous comparable sales analyzed, we also investigated several land
sales in the higher demand neighborhood near the intersection of County Road 42 and
State Highway 13 in Prior Lake and Savage, These sales generally ranged between $9.00
to $12,00 per square foot. Many of these sales are outlots associated with anchor
properties, such as Target and Rainbow Foods, Though these properties are located in
relatively close proximity to the subject property, most sales are not comparable to the
subject site due to their location in a rapidly growing neighborhood with very strong
demand,
.
.
.
Comparables 1 and 2 are on the outskirts of this high demand area, located within
approximately 5 blocks of the intersection of County Road 42 and State Highway 13,
While Comparables 1 and 2 did not experience the same market influences as other high
demand properties, they are still considered to be superior locations than the subject and
downward adjustments were made accordingly, Both properties also have superior
street frontage, with Comparable 1 located on State Highway 13 and Comparable 2
located on County Road 42, After all adjustments, these comparables indicate $4,80 and
$4.32 per SF respectively, with a midpoint of $4,56 per SF.
.
.
Comparable 3 is the farthest property to the south, set back approximately 1 block from
State Highway 13. This property was purchased by the US Postal Service and is just over
4.5 acres in size. Sold in July of 2000, it is the least recent of the seven comparables,
.
Comparable 4 contains frontage on County Road 42, over two miles west of State
Highway 13. This property was not listed for sale, rather marketed to a target
convenience store/gas station market, as the seller felt that was the most likely Lise,
There was another formal offer equal to the sale price from a different party before they
withdrew their offer due to concerns over the site configuration for this use.
.
PATCHIN MESSNER & DODD
Valuation Counselors
.
20434
23
.
SALES COMPARISON APPROACH TO VALUE
.
land Valuation
Analysis
Comparable 5 and Comparable 7 (listing) are located approximately Y4mile to the south
of the subject. These adjacent properties are set back approximately 2 blocks from State
Highway 13 like the subject. This neighborhood consists of older improved properties,
existing newer properties, and vacant development land, Adjusted sale prices of these
properties are $3.95 and $4,12 per SF, with a midpoint of $4,04 per SF.
.
.
Comparable 6 was purchased by the city of Prior Lake for redevelopment purposes, The
sale price was largely based on an appraisal. The City believes they paid a premium for
this property, This comparable is located near Comparables 5 and 7, with superior
arterial road access on Franklin Trail Southeast. The site does not meet minimurn lot size
requirements of 1 acre and is not buildable without a variance. It is assumed a variance
is obtainable as the site is very close in size to the minimum requirement. Even so, very
little weight was applied to this sale in our analysis as it was not a market transaction.
.
.
The two properties for sale (Comparable 7) are one acre each and have been on the
market for approximately 18 months for $4.00 per SF. The broker has reportedly had
interested parties and believes these sites will sell at, or close to, the list price. The
broker with Frauenshuh Companies also believes that land in the general downtown area
is worth less than the listed properties. The broker stated that land values in the subject's
downtown neighborhood would likely be in the range of $3.00 to $4.00 per SF.
.
Based on the preceding data and granting most weight to Comparable 5 and the
competitive listing, we estimate the subject's land value at $4.00 per SF of land area,
Thus,
33,977 SF x $4.00 Per SF
$135,908
.
Rou nded To
$135,000
.
.
PATCHIN MESSNER & DODD
Valuation Counselors
.
20434
24
.
SALES COMPARISON APPROACH TO VALUE
.
Improvement Valuation
Given that the improvements still contribute value as an interim use, we will add their
depreciated value based on the cost approach,
.
The subject property is improved with approximately 33,000 SF of bituminous surfacing
parking, According to Marshall Valuation Service cost manual, the replacement cost
new for surface parking lots is approximately $2,50 per SF. Estimated life expectancy for
this type of improvement is typically 15 to 20 years. The remaining economic life of the
subject parking improvements is estimated at approximately 5 years, resulting in an
overall depreciation estimate of roughly 70%.
.
The contributory value of the parking improvements can now be estimated as follows:
.
Parking Improvement:
Replacement Cost New
33,000 SF x $2.50 per SF =
$82,500
Less Physical Depreciation
for Normal Wear and Tear (70%)
($57,750)
$24,750
.
Contributory Value of
Parking Lot Improvements
.
.
.
.
PATCHIN MESSNI':H & DOl)f)
Valuation Counselors
-
20434
25
-
RECONCILIATION AND FINAL ESTIMATE OF VALUE
In the appraisal of the subject property, only the sales comparison approach to value was
employed.
-
Based on the preceding data and analyses, it is the appraisers' opinion that the market
value of the subject property, as of May 6, 2004, is as follows:
.
Estimated Land Value
Plus: Contributory Value of
Parking Lot Improvements
Total Indicated Market Value
$135,000
I-
I
$ 24,750
$159,750
Rounded To
$160,000
.
.
.
.
.
.
PATCHIN MESSNER & DOll!)
Valuation Counselors
.
20434
26
.
.
.
ADDEN DA
.
.
.
.
.
.
.
I'ATCIIIN MESSNER 8. DODI)
Valuation Counselors
.
20434
27
.
.
.
EXHIBIT 1
Partial Zoning Ordinance
.
(Pages 28-39)
.
.
.
.
.
.
PATCHIN MESS,\jER & DODD
Valuation Counselors
.
Zoning Ordinance
1102.1006
Dimensional Standards.
.
> Minimum Lot Size is 5,000 square feet.
> Minimum Lot Width is 50 feet.
> Required Yards are as follows:
Front Yard:25 feet
Side Yard: 10 feet
Rear Yard: 15 feet
> Maximum Height is 35 feet.
.
.
1102.1100: "C-3" Specialty Business Use District. The purpose of the "C-3"
Specialty Business Use District is intended to provide for a variety of commercial
and residential uses within the framework of a traditional downtown area. The
district also contemplates and provides for pedestrian circulation, urban and civic
design and the creative reuse of existing buildings.
.
The C-3 Specialty Business District is designed to express the City's commitment
to maintain and enhance the vitality of the Downtown area by establishing
minimum criteria for the development and redevelopment of commercial,
residential and public buildings while promoting amenities intended to attract
business, residents and visitors. Specific objectives include:
> To improve the visual quality of Downtown,
> To reinforce the physical character of Downtown by focusing on the
design context.
> To expand the employment base and residential population of
Downtown.
> To preserve and reuse older buildings as appropriate while establishing
standards for the construction of new ones,
> To accommodate and promote commercial, residential, educational,
cultural and govemmental uses within the Downtown.
> To establish clear development and redevelopment guidelines in order
to provide effective responses to typical development issues.
I.
I
.
1102.1101
Permitted Uses. The following uses are permitted in the "C-3" Specialty
Business Use District if the use complies with the Commercial Restrictions and
Performance Standards of subsection 1102.1300.
.
(1) MedicallDentalOfflCes
.
(2) Retail. The following types of retail uses are considered appropriate for the
Downtown area:
> Antique stores
> Bakeries, delicatessens, bagel shops, ice cream shops and other
specialty food stores, not including drive-in or drive-through facilities.
> Bicycle sales and repair
> Bookstores
> Camera stores
> Clothing or shoe stores
> Drugstores
.
City of Prior Lake
May 22, 1999
l102/p56
.
.
Zoning Ordinance
~ Florists
:>> Jewelry stores
:>> News stands
· ~ Hardware stores
~ Liquor stores
~ Tobacco stores
:>> Toy stores
~ Video sales and rental
. ~ Cafe or coffee shop
~ Printing process/supplies
.
(3) Showrooms for merchandise such as home furnishing, appliances, floor coverings
and similar large items, not including motor vehicles, with a maximum floor area of
10,000 square feet.
.
(4 ) Offices
(5) Services
(6) Libraries
(7) Police and Fire Stations
(8) Business Services
(9) Hotel/Motel
.
(10) Schools and studios for arts, crafts, photography, music, dance, exercise or similar
courses of study.
.
(11) Museums/art galleries
(12) Clubs and lodges with and without liquor licenses,
(13) Private Entertainment (indoor).
.
1102.1102
Uses Permitted With Conditions. A structure or land in a "C-3" Specialty
Business Use District may be used for one or more of the following uses if its use
complies with conditions stated in subsection 1102,1300 and those specified for
the use in this subsection.
(1) Adult Day Care, Conditions:
.
a.
A minimum of 150 square feet of outdoor seating or exercise area shall be
provided for each person under care.
The facility shall not be located fronting Main Avenue, D3kota Street or
County Road 21.
b.
.
(2) Dry Cleaning, Laundering with Route Pick-up and Delivery. Conditions:
City of Prior Lake
.
May 22, 1999
l102/p57
.
a.
b,
!.
C.
Zoning Ordinance
The use shall not exceed 5,000 square feet in area.
Outside storage and parking of trucks involved in the operation of the
business is limited to trucks and vans with a manufacturer's rated cargo
capacity of one (1) ton or less.
Outside vehicle storage shall be screened from any "R" Use District by a
bufferyard, as determined by subsection 1107.2003.
(3) Group Day Care/Nursery School. Conditions:
.
I
.
a,
Outside play space must be provided consistent witht eh requirements of
State statutes and such space shall be screened with a bufferyard Type C
as defined in subsection 1107.2005.
An off-street pedestrian loading area shall be fTovided in order to maintain
vehicular and pedestrian safety.
Outdoor play areas shall be located a minimum of 200 feet from any
roadway designated to the Comprehensive Plan as a principal arterial.
The facility shall not be located fronting Main Avenue, Dakota Street or
County Road 21.
b.
c.
d.
.
(4) Park/Open Space. Conditions:
.
I
I
a.
The principal structure shall be located a minimum of 50 feet from a lot in an
"R" Use District.
Areas designated for group activities shall be located a minimum of 25feet
from a lot in an "R" Use District.
The entire site other than that taken up by structures, required buffer yards,
or other landscaped areas shall be surfaced with a material to control dust
and drainage.
b.
c.
(5) Public Service Structures. Conditions:
.
a.
b,
All exterior building faces shall comply with subsection 1107.2200.
All structures shall be located a minimum of 10 feet from any abutting
property located in an nRn Use District.
All service drives shall be paved.
c.
.
(6) Multiple Family Dwellings. Conditions:
.
a,
Multiple family dwellings with their primary frontage on Main Avenue or
Dakota Street must be in combination with another permitted use, as
specified in Section 1102.1103, Residential units shall not be located on the
ground level or street level of the development. This is in keeping with the
objective of promoting commercial pedestrian traffic on the primary
commercial streets.
Safe and adequate pedestrian access to open space, plazas and
pedestrian ways shall be provided.
b.
.
(7) Elderly Housing. Conditions:
a.
The building design and placement provide a residential environment with
limited exposure to noise and traffic.
May 22, 1999
l102/p58
.
City of Prior Lake
.
I.
I
.
I.
I
I
.
Zoning Ordinance
b.
Safe and adequate pedestrian access to open space, plazas and
pedestrian ways shall be provided.
Site access shall be located so that access can be provided without
generating significant traffic on local residential streets.
The site shall contain a minimum of 200 square feet of usable open space
per dwelling unit, and no more than haf of the usable open space shall be
located in the front yard. Alternatively, public parks or plazas within 300 feet
of the site may be used to meet this requirement.
A minimum of 25% of the usable open space provided on the site shall be
developed as outdoor recreation or garden areas.
A minimum of 900 square feet of lot area is provided for each dwelling unit.
The minimum spacing between buildings shall be at least equal to the
average heights of the buildings except where dwellings share CDmmon
walls.
Buildings shall be located a minimum of 15 feet from the back of the curb
line of intemal private roadways or parking lots.
Covenants running with the land in a form approved by the City Attorney
that restricts the use of the property for occupancy by the elderly shall be
recorded against the property.
The development shall provide a lounge or other inside community rooms
amounting to a minimum of 15 square feet or each unit.
c.
d.
e,
f.
g.
h.
i.
J.
(8) Community Centers. Conditions:
.
a.
An off-street passenger loading area shall be provided in order to maintain
vehicular and pedestrian safety.
Outdoor areas intended for group activities shall be located at least 25 feet
from any lot in a "R" Use District and shall be buffered from such residmtial
lot with a bufferyard Type C as defined in subsection 1107.2005.
b.
.
(9) Bed and Breakfast Establishments, Conditions:
.
.
a.
b.
c.
The required parking shall be screened with a bufferyard.
The total number of guests shall be limited to 6.
Not more than 50% of the gross floor area of the residence shall be used for
the guest room operation.
Only exterior alterations, which do not alter the exterior appearance from its
single-family character, will be allowed.
Accommodations may be provided to a guest for a period not exceeding 14
days.
Food service shall be limited to breakfast and afternoon tea.
Rented rooms shall not contain cooking facilities,
Rooms used for sleeping shall be part of the primary residential structure
and shall not have been constructed specifically for rental purposes,
Parking shall not be located within the front yard. No more than 50% of the
rear yard may be paved or used for parking.
d.
e,
f.
g.
h.
I.
.
(10) Banks, Conditions:
a. The use shall not include any drive-through or drive-up windows or facilities.
.
May 22, 1999
l102/p59
City of Prior Wke
.
Zoning Ordinance
(11) Wholesale sales, in combination with retail or office use Conditions:
.
a.
b,
The use shall be limited to 50% of the floor area of the structure.
Total floor area of the structure shall not excred 10,000 square feet.
(12) Restaurants With and Without Liquor Licenses. Conditions:
a.
Access shall be located so as to avoid generating significant traffic on local
residential streets.
Drive-through, drive-in and outdoor pick-up facilities are not permitted.
.
b.
1102.1103
Uses in Combination. In keeping with the purpose of the "C-3" Specialty
Business Use District, combinations of the following uses on a single parcel
and/or within a single building are encouraged.
~ Multiple-family dwellings
~ Retail
~ Offices
~ Services
~ Studios
~ Coffee Shops or restaurants
.
.
1102.1104
Accessory Uses, The following uses shall be permitted accessory uses in a "C-
3" Specialty Business Use District:
.
(1) Parking Lots, in compliance with the Design Standards of Section 11 02.11 06(5).
(2) Incidental Repair or Processing which is necessary to conduct a permitted
principal use, provided that it shall not exceed 25% of the gross floor area.
i.
I
.
(3) Outdoor Seating and Service of Food and Beverages By a Restaurant is
permitted as an accessory use to a restaurant if:
~ The use is separated from any adjacent residential use by a building
wall or fence, This provision will not apply if the residential use is a
located in an upper story above a restaurant.
~ No speakers or other electrDnic devices which emit sound are permitted
outside of the principal structure if the use is located within 500 feet of a
residential district.
~ Hours of operation shall be limited to lam to 10pm if located within 500
feet of a residential district.
~ Additional parking will not be required if the outdoor seating area does
not exceed 50 square feet. or 10% of the gross floor area of the
restaurant, whichever is less, Parking will be required at the same rate
as the principal use for that portion of outdoor seatng area in excess of
500 square feet or 10% of the gross building area, whichever is less.
.
.
(4) Outdoor Seating and Service of Food and Alcoholic Beverages is permitted as
an accessory use if:
~ All the requirements of subsection 1102,1104(3) above are met.
City of Prior Lake
May 22. 1999
l102/p60
.
.
Zoning Ordinance
.
~ Access to and from the outdoor area shall be through the indoor seating
area. There shall be no direct access to the outdoor seating area from
the parking lot or street.
~ Food service to the outdoor area shall be provided during all hours of
operation.
~ No bar shall be located in the outdoor area, except a service bar for the
exclusive use of the employees.
.
(5) Awnings and signs extending over the public right-of-way may be permitted subject
to approval of a Private Use of Public Property agreerrent in a form authorized by
the City Attorney, and the provisions of subsection 1107.801.
.
(6) Outdoor Sales is permitted as an accessory use with the following conditions:
~ The items displayed must be related to the principal use.
~ The area allowed for outdoor sales is limited to 30% of the gross floor
area of the principal use.
~ The area must be landscaped and fenced or screened with a Bufferyard
Type D from view of neighboring residential uses or abutting any URn
district.
~ A decorative fence or wall a minmum of 3 feet in height shall be located
between the sales area and any public street or pedestrian way.
~ All lighting must be hooded and so directed that the light source shall
not be visible from the public right-of-way or from neighboring residential
properties and compliant with subsection 1107.1800.
~ Areas must be hard-surfaced with asphalt, concrete, decorative
concrete
.
.
1102.1105
Dimensional Standards. These are the lot requirements for lots in the C-3
District.
.
I
.
Minimum Lot Width 30 feet
Front yard - Minimum Setback None
- Maximum Setback .10 feet measured from the right-of-way
Side Yard - Minimum Setback None
- Maximum Setback 10 feet unless parking is located within
the side yard,
Rear Yard - Minimum None
Maximum Floor Area Ratio 3.0
Minimum Floor Area Ratio 0.5
Build-To Line Along Main Avenue a build-to line is
established a distance of 5 feet from the
inner edge of the street right-of-way (in
most cases, this is the inner edge of the
sidewalk). At least 70% of the building
fayade that fronts Main Avenue must be
built out to this line.
Maximum Height 35 feet or three stories, whichever is
greater. Multiple use structures with
residential uses on the upper floors may
.
.
City of Prior Lake
.
May 22. 1999
l102/p61
.
Zoning Ordinance
I be a maximum of 45 feet.
.
1102.1106 General Provisions for Desiqn Standards and Review in the C-3 Specialty
Business District
.
(1) Purpose. The purpose of this subsection is to provide guidance and direction in
the development and redevelopment of the Downtown business district in a
manner that reinforces the role of Downtown as the community focus of
government, culture and social interaction. This subsection is also intended to
assist in the implementation of the guidelines and recommendations contained in
the report entitled Prior Lake Downtown Streetscape dated August 2001, as well
as the graphics entitled Main Street Design Guidelines, Main Street Hardscape
Design Elements, Main Street Softscape Design Elements and the Main Street
Master Plan. The City will follow these reports and graphics in designing and
developing the public elements of the streetscape and private owners are
encouraged to follow the recommendation in these documents that are not
expressly spelled out in these regulations when developing or redeveloping
private property.
.
.
(2) Applicability. The design standards and the design review process shall apply to
all new construction; any renovation, expansion or other exterior changes to
existing non-residential andlor multi-family buildings, including re-painting; any
development or expansion of parking areas; and any other exterior alteration that
requires a building permit.
.
The standards shall apply only to the building or site elements being developed
or altered. That is, changes to a building shall comply with those standards that
pertain to buildings, while changes to a parking area shall comply with standards
for parking areas, but not for buildings. The Planning Director will make the initial
determination as to which standards are applicable.
:.
There are many ways to achieve the same design objective. The City may permit
alternative approaches that, in its determination, meet the objective(s) of the
design standard(s) equally well.
1102.1107
Design Review in the C-3 Specialty Business District
.
(1) Application for Design Review. An application for Design Review shall be on a
form provided by the City, and shall include the following information, in addition
to any information required for site plan review under subsection 1108,903.
.
);> Elevations. Complete exterior elevations of all proposed buildings and
existing buildings if they are joined to new development. Elevations
should be drawn at an appropriate scale (usually ~"= 1) and should
show (a) all signs to be mounted on the building(s) or erected on the
site; (b) designations of materials and colors to be used on all exterior
facades,
);> Materials Sample. Material samples shall be presented, including color
and material type for walls and roof,
.
City of Prior Lake
May 22, 1999
l102/p62
.
.
Zoning Ordinance
.
~ Color Samples. Samples of all principal and secondary colors to be
used.
~ Context. Photographs of surrounding buildings on the same block or
street, to address issues of context.
.
(2) Administration and Review Procedures. The following design standards shall
supplement the standards and process outlined in Section 1108.900, Site Plan
Review, After receipt of a complete application, the Planning Department will
refer the application to City Departments and to other parties having jurisdiction.
The Planning Department will then review the proposed development for
compliance with the guidelines in this subsection and other applicable
ordinances. Within 60 days of receipt of a complete application, the Planning
Staff will take action to approve or deny the application. If a site plan review is
needed, the two processes will be conducted concurrently.
.
1102.1108
Desi~n Standards in the C-3 Specialty Business District. The following
design standards shall' supplement the standards and process outlined in
subsection 1108.900, Site Plan Review.
I.
(1) Compatibility with lake Theme. Site elements, including landscaping, lighting,
signage, etc, should be compatible with the lake theme for public improvements
within the Downtown as expressed in the Desiqn Theme Standards and Criteria.
.
(2) Renovation of Existing Buildings. Inappropriate fac;:ade additions should be
removed to the extent feasible during building renovation. These may include. but
are not limited to, wood or plastic shake mansard roofs, plastic or oddly shaped
awnings, window opening infills or surrounds designed to reduce the size of
window openings, modern siding materials inconsistent with the original fac;:ade,
and light fixtures inconsistent with the building's original style or the Downtown
lake theme.
~ Masonry buildings should be cleaned as necessary to lighten
the overall color.
~ New masonry work should match the color and materials or
the original fayade,
~ Wherever practical, fayade renovations should not destroy or
cover original details on a building. Brick and stone facades
should not be covered with artificial siding or panels.
~ Original window and door openings should be maintained
wherever practical. New window and door openings should
maintain a similar horizontal and vertical relationship as the
original.
.
.
.
.
(3) General infill principles. Infill buildings should reflect the original design of
surrounding storefront buildings in scale and character. This can be achieved by
maintaining similar setbacks, building height and proportions, cornice lines,
horizontal lines of windows and openings, and compatible building materials and
colors, Where such original buildings are missing or have been extensively
altered, the other design standards in the section shall be applied.
City of Prior Lake
.
May 22, 1999
l102/p63
.
Zoning Ordinance
.
(4) Building Fa<;:ade Width and Articulation. Buildings should be oriented with the
primary axis perpendicular to the primary fronting street. A building width of 40
feet or less is encouraged. Buildings of more than 40 feet in width shall be divided
into smaller increments (between 20 and 40 feet) through articulation of the
fa~ade. This can be achieved through combinations of the following techniques,
and others that may achieve the same purpose:
~ Fa(fade modulation - stepping back or extending forward a
portion of the fa~ade,
~ Vertical divisions using different textures or materials (although
materials should be drawn from a common palette).
~ Division into storefronts, with separate display windows and
entrances.
~ Variation in roof lines by alternating dormers, stepped roofs,
gables, or other roof elements to reinforce the modulation or
articulation interval.
~ Arcades, awnings, window bays, arched windows and
balconies at intervals equal to the articulation interval.
.
.
.
(5) Building Fa<;:ade Articulation - Horizontal
~ Most traditional storefront commercial buildings have a strong
pattern of base, middle and top, created by variations in
detailing, color and materials. New buildings should respond to
this pattern,
~ New buildings should have articulated tops. This articulation
might consist of pitched roofs, dormers, gable ends or cornice
detailing.
~ The ground level of any multi-story structure should be visually
distinct from the upper stories. This can be achieved through
the use of an intermediate cornice line, a sing band, larger
window openings, projections, awnings and canopies, changes
in materials or detailing, or similar techniques.
~ While diversity is encouraged, materials, colors and textures
on all levels of a building's fa(fade should be drawn from a
common palette, and should be visually compatible with each
other.
.
.
.
(6) Two-Story Expression. One-story buildings should be designed to convey an
impression of greater height through the use of pitched roofs with dormers or
gables facing the street, or the use of an intermediate cornice line to separate the
ground floor and the upper level.
.
(7) Entrances. The main entrance should always face the primary street, with
secondary entrances to the side or rear, and should be placed at sidewalk grade.
Entrances should be emphasized and made more obvious through the use of the
following techniques or similar ones:
~ Canopy, portico, overhang, arcade or arch above the entrance.
~ Recesses or projections in the building fac;:ade surrounding the
entrance.
~ Peaked roof or raised parapet over the door,
~ Display windows surrounding the entrance.
.
City of Prior Uzke
May 22, 1999
l102/p64
.
.
Zoning Ordinance
.
~ Architectural detailing such as tile work or ornamental
moldings.
~ Permanent planters or window boxes for landscaping.
(8)
Windows and Doors. Windows and doors should comprise at least 40% of the
area of any ground floor fayade facing a public street (defined as extending from
ground level ot 12 feet in height). Windows should have a generally vertical
orientation.
.
.
~ Windows and doors should comprise 10% of the ground level
side or rear fa<;ade facing a public right-of-way, parking area or
open space.
~ Qualifying windows or doors must be transparent, allowing
views into and out of the interior, or may include display
windows set into the wall. Reflective glass is not permitted.
.
(9) Awnings. When awnings are used, they should extend only across individual
storefronts, not across more than one storefront or building. Awnings should be a
simple shed form; rounded awnings are prohibited. Canvas or other fabric
awnings are most desirable; metal, wood shake and plastic should not be used.
internally-illuminated awnings are prohibited.
I.
(10) Side and Rear Facades. Side and rear facades that contain customer entrances
or that adjoin off-street parking areas should be treated as extensions of the
storefront or front fa<;ade, Building materials should be of similar quality as those
on front facades, although detailing may be simpler. Entrances should be clearly
delineated using the techniques mentioned above.
.
(11) Mechanical Equipment Screening. Utility service structures such as utility
meters, transformers, above-ground tanks, refuse handling, loading docks,
maintenance structures and other ancillary equipment must be inside a building
or be entirely screened from off-site views by a decorative fence. wall or screen
of plant material of sufficient height. Fences and walls shall be architecturally
compatible with the primary structure, Loading docks or doors should always be
located on a side or rear elevation,
.
(12) Signs. Within the C-3 District, maximum sign area per property shall not exceed
1 square foot of sign area per linear foot of street fa<;ade at the front yard, One
sign is allowed for each usable public entry to a building. Wall signs and
projecting signs are permitted. Free-standing signs are permitted only in an
existing front yard.
.
~ Projectinq Siqns: Projecting signs shall not exceed 8 square feet in area
and may project no more than 4 feet from the building face. Signs must
maintain a minimum clearance of 9 feet above a sidewalk and 15 feet
above driveways or alleys, No projecting sign shall be located within 25
feet of another projecting sign,
.
City of Prior Lake
.
May 22, 1999
11 02/p65
.
Zoning Ordinance
;;> Siqn Desiqn Guidelines: Signs should be architecturally compatible with
the style, composition, materials, colors and details of the building and
with other signs or nearby buildings.
.
Signs should be positioned so they are an integral design feature of the
building, and to complement and enhance the building's architectural
features. Signs should not obscure or destroy architectural details such as
stone arches, glass transom panels, or decorative brickwork.
.
> Siqn Colors: Sign colors shall be compatible with the building fac;:ade to
which the sign is attached. no more than three colors should be used per
sign, unless part of an illustration. A combination of soft/neutral shades
and dark/rich shades within the palette of the building colors shall be
used.
.
> Materials: Sign materials shall be compatible with the original construction
materials and architectural style of the building fac;ade on which they are
to be displayed. Natural materials such as wood, stone and metal are
preferred but other materials that are equally durable and replicate the
appearance of natural materials are acceptable.
.
i.
> Illumination: External illumination of signs is permitted by incandescent,
metal halide or fluorescent light that emits a continuous white light. Light
shall not shine directly onto the ground or adjacent buildings. Neon signs
are permitted in windows. Internally lit box signs and awnings are not
permitted, with the exception of theater marquees.
(14) Parking,
.
> Location: If off-street parking is provided within the "C-3" District, it shall be
located to the side or rear of the principal building, not between the building
and the street. Parking may not occupy a corner location,
.
> Screeninq: Parking lots adjoining the sidewalk or a walkway shall be
separated from it by a landscaped yard at least 4 feet wide, containing a
decorative fence or wall between 2Y:z and 3 feet in height. One canopy tree
shall be provided for each 25 linear feet of parking lot frontage on a public
street or accessway.
.
> Landscapinq: The corners of parking lots and all other areas not used for
parking or vehicular circulation shall be landscaped with turf grass, native
grasses or toehr perennial flowering plants. vines, shrubs and trees, Such
spaces may include architectural features such as benches, kiosks or
bicycle parking.
.
The interior of parking lots containing 20 or more spaces shall contain
landscaped areas equal to at least 15% of the total parking lot area,
including a minimum of one deciduous shade tree per 10 parking spaces.
Lawns or landscaped areas within 10 feet of the perimeter of the parking
lot may be counted toward the required landscaping.
City of Prior Lake
May 22. 1999
l102/p66
.
.
I
Zoning Ordinance
.
1102.1109 Non-Conformities. The adoption of this ordinance is not intended to create non-
conforming uses within the C-3 Specialty Business District. All land uses within
the C-3 Specialty Business District existing as of the effective date of this
ordinance shall be allowed to continue in operation and are allowed to remodel or
upgrade their property pursuant to the applicable provisions of this section, Such
land uses may expand their size, provided that the expansion occurs on the
parcel of record occupied by the use as of the effective date of this ordinance.
Expansion on properties acquired after the effective date of this ordinance is
prohibited.
.
.
1102,1110 Modifications. Any person seeking to remodel an existing building in the C-3
Specialty Business District may seek a modification of the Design Standards
contained in Section 1102.1106 when it can be demonstrated that application of
the Design Standards will result in undue hardship or practical difficulties to the
owner or developer of the affected property. An application for such modifications
shall accompany the building permit application and shall state the rationale for
each such request. The rationale shall include an estimate of any financial costs
resulting from full compliance with the Design Standards. The request for
modification of the Design Standards shall be processed under the procedural
requirements for a conditional use as outlined in section 1108.206 of the Zoning
Code,
.
(Amd. Ord. 01-16 - pub. in summary on
.
.
1102.1200: "C-4" General Business Use District. The "C-4" General Business Use
District is intended to provide an area for commercial uses which due to their size
and characteristics are not appropriate to other business districts. These types of
uses are generally larger and more intense, and are characterized by a greater
need for parking, generation of larger volumes of traffic, greater signage and
lighting.
1102,1201
Permitted Uses. The following uses are permitted in the "C-4" General Business
Use District if the use complies with the Commercial Restrictions and
Performance Standards of subsection 1102.1300,
.
~ Medical/Dental Offices
>- Funeral Homes
>- Libraries
~ Museums
>- Parks and Open Spaces
>- Police and Fire Stations
>- Banks
>- Business and Trade Schools
>- Offices
~ Retail Shops
~ Service Facilities
~ Studios
>- Showrooms
.
.
City of Prior We
.
May 22, 1999
Il02/p67
.
20434
.
.
.
EXHIBIT 2
Plat Maps of Comparable Land Sales
.
(pages 41-44)
.
.
.
.
.
.
40
PATCHIN MESSNER & DODD
Valuation Counselors
I)
20434
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41
LAND SALES PLAT MAPS
269200070
-
.A
0010
R.L.S. :RANBER
34
21 - -- 24
- '~j 'r'
[2
Comparable 1: XXX Highway 13, Savage, Minnesota
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Comparable 2: 8500 County Road 42, Savage, Minnesota
""..-elIl:\, MESS:\'ER & DOl)))
Valualion Counselors
.
20434
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42
LAND SALES PLAT MAPS
75
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a: J 0;
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~ -c;-
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Q:' 0:, .,;; ENIVID
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Comparable 3: NWC Tower and Duluth Street, Prior Lake, Minnesota
1
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-
OUTLO: 6
Comparable 4: 4460 Fountain Hills Drive Northeast, Prior Lake, Minnesota
P,\TCIIL'i MESS;\,EJ{ & DODD
ValuatIon Counselors
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20434
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LAND SALES PLAT MAPS
/
/
'to
I
2
43
6
! TOWFR
Comparable 5: XXX Park Nicollet Avenue, Prior Lake, Minnesota
r
tor-
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.
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259 D204 50
0460
)440
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>
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- -'j
FRANJ<UN IF
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l
Comparable 6: 16675 Franklin Trail Southeast, Prior Lake, Minnesota
PA'rcm:'\ MESS:-:EH. & DOUI>
Valuation Counselors
.
20434
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/-
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---
148U I
1.
44
LAND SALES PLAT MAPS
// 25802MfO ~ [
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PARK NIGOtl~.Y:f/
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-------------- /'
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Comparable 7: XXX Park Nicollet Avenue, Prior Lake, Minnesota
PATCIII:>i MESS:>iEH &: DOIm
Valuation Counselors
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20434
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CONTINGENT AND LIMITING CONDITIONS
(Pages 46-48)
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45
PATCHIN MESSNER & DODD
Valuation Counselors
.
20434
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46
CONTINGENT AND LIMITING CONDITIONS
The value estimates and conclusions in the appraisal are made subject to these assumptions
and conditions:
.
.
.
4.
5,
.
I 6.
i
7.
.
8,
. 9,
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.
.
1 ,
No title search has been made and the reader should consult an appropriate
attorney or title insurance company for accurate ownership data. Title to
the property is assumed to be good and marketable unless otherwise stated,
2.
The legal description, furnished or otherwise, is assumed to be correct. No
responsibility is assumed for the legal description or for matters including
legal or title considerations.
3. The information contained in this report is not guaranteed, but it has been
gathered from reliable sources. The appraiser(s) certify that, to the best of
their knowledge and belief, the statements, information and materials
contained in the appraisal are correct.
All value estimates in this report assume stable soil and any necessary soil
corrections are to be made at the seller's expense, unless otherwise noted,
The site plan, if any, in this report is included to assist the reader in
visualizing the property, but we assume no responsibility for its accuracy,
The market value herein assigned is based on conditions which were appli-
cable as of the effective date of appraisal, unless otherwise noted,
The appraiser(s) that signed this report shall not be required to prepare for,
or appear in court, or before any board or governmental body by the reason
of the completion of this assignment without predetermined arrangements
and agreements,
Surveys, plans and sketches may have been provided in this report. They
may not be complete or be drawn exactly to scale.
Possession of this report, or a copy thereof, does not carry with it the right
of publication, It may not be used for any purpose by any person, other
than the party to whom it is addressed, without the written consent of the
appraiser, and in any event only with properly written qualification and
only in its entirety.
10. Information in the appraisal relating to comparable market data is more
fully documented in the confidential file in the office of the appraiser.
PATCH I;\: M ESS;\:EH & DODD
Valuation Counselors
.
20434
47
.
CONTINGENT AND LIMITING CONDITIONS
(Continued)
1 1 .
All studies and field notes will be secured in our files for future reference,
.
12. It is assumed that all applicable zoning and use regulations and restrictions
have been complied with, unless a non-conformity has been stated, defined
and considered in the appraisal report. And, it is assumed that the
utilization of the land and any improvements is within the boundaries or
property lines of the property described and that there is no encroachment
or trespass unless noted within the report,
.
13, The distribution of the total valuation in this report between land and any
improvements, if stated, applies only under the reported highest and best
use of the property. The allocations of value for land and improvements
must not be used in conjunction with any other appraisal and are invalid if
so used.
.
14. It is assumed that there is full compliance with all applicable federal, state
and local environmental regulations and laws unless non-compliance is
stated, defined and considered in the appraisal report.
.
15, The appraiser was not aware of the presence of soil contamination on the
subject property, unless otherwise noted in this appraisal report. The effect
upon market value, due to contamination was not considered in this
appraisal, unless otherwise stated.
16, The appraiser was not aware of the presence of asbestos or other toxic
contaminants in any building(s) located on the site, unless otherwise noted
in this report. The effect upon market value, due to contamination was not
considered in this appraisal, unless otherwise stated.
:.
.
17, Unless otherwise stated in this report, the existence of hazardous material,
which mayor may not be present on the property, was not observed by the
appraiser, The appraiser has no knowledge of the existence of such
materials on or in the property, The appraiser, however, is not qualified to
detect such substances. The value estimate is predicated on the assumption
that there is no such material on or in the property that would cause a loss
in value, No responsibility is assumed for any such conditions, or for any
expertise or engineering knowledge required to discover them. The client
is urged to retain an expert in this field, if desired.
.
18, The value stated in this report is fee simple, assuming responsible owner-
ship and management, unless otherwise indicated, This appraisal recog-
nizes that available financing is a major consideration by typical purchasers
of real estate in the market, and the appraisal assumes that financing is or
was made available to purchasers of property described herein,
.
19, The appraiser has neither present nor contemplated interest in the property
appraised and employment is not contingent upon the value reported,
.
PATCHIN MESSNER & Dorlll
Valuation Counselors
.
20434
48
.
CONTINGENT AND LIMITING CONDITIONS
(Continued)
.
20. Unless otherwise stated in this report, the appraisers have not made a
surveyor analysis to determine whether any buildings on the property are
in compliance with "The Americans with Disabilities Act" (ADA). If the
property is not in compl iance with the ADA, it could have a negative effect
on the value of the property,
21, The property is appraised free and clear of any or all I iens or encumbrances
unless otherwise stated,
.
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PATCIIIN MESS;\iER & DOlm
Valuation Counselors
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20434
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APPRAISER QUAL! FICA TlONS
(Pages 50-52)
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49
PATel II", MESS:Wll ell DODD
Valuation Counselors
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20434
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PROFESSIONAL
AFFI L1A TIONS
.
BUSINESS
EXPERI ENCE
EDUCA TIONAL
WORK
.
SPECIALIZED
REAL ESTATE
TRAINING
.
APPRAISAL
EXPERI ENCE
.
APPRAISAL
CLIENTS
INCLUDE
'.
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50
QUALIFICATIONS OF
JOSH p, FOLLAND
Licensed Real Estate Appraiser - State of Minnesota, Registered Real Property, I D #20352348.
Associate General Member, Appraisal Institute, July, 2003.
Patchin Messner & Dodd, Inc., Associate Appraiser, March, 2004 to Present.
The Appraisal Group, LTD., Associate Appraiser, February, 2003 to February, 2004.
Eagle Appraisal, Associate Residential Appraiser, October, 2002 to January 2003.
Bachelor of Science Degree, University of Wisconsin-La Crosse, majored in
Elementary/Middle Level Education with a minor in Mathematics.
Appraisal Institute Course Work:
2003 Real Estate Trends Seminar, St. Paul, MN, 2003.
National Uniform Standards of Professional Practice (410), Saint Paul, MN, 2003.
Preparation of appraisals for financing, condemnation, partnership dissolution,
acquisition, and disposal. Properties appraised include: r-etail buildings, restaurants,
apartment complexes, office buildings, medical clinics, industrial properties, mixed-
use properties, single-family residences, and development land.
Associated Bank
Bremer Bank
Fidelity Bank
Inter Bank
M&I Bank
New Brighton, City of
Pri me Secu rity Bank
Signature Bank
State Bank of Cokato
US Bank, SBA Division
Venture Bank
Washington County Department of Transportation
PATCHIN M ESSNF:R & DODD
Valuation Counselors
.
20434
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PROFESSIONAL
AFFI L1A TlONS
.
BUSINESS
EXPERIENCE
.
EDUCA TIONAL
BACKG ROU N 0
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I.
!
SPECIALIZED
REAL ESTATE
TRAINING
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QUALIFICATIONS OF
JASON L. MESSNER
51
Member, Appraisal Institute (MAl).
Certified General Real Pr-operty Appraiser, State of Minnesota, License #4000836.
Member, Minneapolis Area Association of Realtors.
Member (#6591), International Right of Way Association.
Patchin Messner & Dodd, Inc., President/Principal, 2001 to Present.
Patchin Messner Appraisals, Inc., Principal, 1995 to 2000.
Peter- J. Patchin & Associates Inc., Associate Appraiser, 1986 to 1994.
Centur-y 21 Granite City Real Estate, Residential Salesperson, 1985.
Bachelor of Science Degree, St. Cloud State University, majored in Real Estate, graduated Magna-
Cum-Laude, 1986.
Associate in Mts Degree in Business Administration, Willmar Community College, graduated with
honor-s, 1984.
Participant in the writing of The Effect of Contamination on The Market Value of Pro~, Federal
Highway Admin.; Office of Right-of-Way, Washington, DC, 1993.
Faculty Participant in the Hazardous Waste Litigation seminar, Minnesota Institute of Legal
Education, 1995.
Adjunct lecturer on environmental appraisal issues, University of St. Thomas, Mpls., MN, 1996 and
2002.
Metr-o/Minnesota Chapter of the Appraisal Institute; Education Coordinator - 1997 through 2001,
Secretary - 2001, Vice President - 2002, President - 2003.
Basic Valuation Procedures, American Institute of Real Estate Appraisers, 1986.
Real Estate Appraisal Principles, American Institute of Real Estate Appraisers, 1986_
Capitalization Theory and Techniques (Part A), A.I.R.E.A" Minneapolis, MN, 1987.
Standards of Professional Practice, A.I.R.E.A., Minneapolis, MN, 1988; Appraisal Institute,
Minneapolis, MN, 1994.
Capitalization Theory and Techniques (Part B), A.I.R.EA, Minneapolis, MN, 1989.
Case Studies In Real Estate Valuation, American Institute of Real Estate Appraisers, Mpls., MN, 1990.
Report Writing & Valuation Analysis, Appraisal Institute, Minneapolis, MN, 1991,
SEMINARS ATTENDED:
6Qpraisallnstitute
Income Property Valuation for the 1990's.
Condemnation: Legal Rules And Appraisal Practices
Special-Purpose Properties: The Challenges of Real Estate Appraising in Limited MJrkets
New Industrial ValuJtion
The Appraiser as Expert Witness
The Appraisal of Local Retail Properties
Valuation of Detrimental Conditions in Real Estate
PATCIII:\' Mr.SS:\'ER & DODD
Valuation Counselors
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20434
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SPECIALIZED
REAL ESTATE
TRAINING
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APPRAISAL
EXPERIENCE
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APPRAISAL
CLIENTS
INCLUDE
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COURT
EXPERIENCE
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52
QUALIFICATIONS OF
JASON L. MESSNER (CONTINUED)
(Continued)
Minnesota Institute of Legal Education
Hazardous Waste Litigation
Eminent Domain
PI-operty Tax Appeals
Preparation of appraisals for condemnation, tax appeal, litigation, financing, debt restructuring.
acquisition/disposal, and special assessment appeal. Properties appraised include: office buildings,
wal-ehouses, service stations, manufacturing plants, medical and veterinal-y clinics, shopping centers,
restaurants, apartment buildings, subsidized housing, research and development buildings, grain
elevators, flour mills, special-purpose properties, lands, air rights, avigation easements, utility
easements, highway easements, and environmentally impaired properties. Specialize in litigation
valuation of commercial and investment properties.
Alliant Techsystems, Inc.
Bank of America
B.P. Oil Pipeline Company
Burlington Northern Railroad Company
Campbell Soup Company
Ceridian Corporation
CMC Heartland Partners
Deluxe Check Corporation
Equitable Life Assurance Co,
Farm Credit Services
First Bank Systems
Heitman Realty Company
Honeywell, Inc.
IBM Corporation
IDS Financial Services
Internal Revenue Service
Jostens, I nc.
LaSalle National Bank
Lockheed Martin
Louisville Regional Airport Authority
Medtronics, Inc.
Mpls. Community Development Agency
Minnesota Department of Transportation
3M Corporation
Northwest Airlines, Inc.
Northwestern Mutual Life Insurance Co.
Philips Lighting
Resolution Trust Corporation
Reynolds Metals Company
Soo Line Railroad Company
Unisys Corporation
University of Minnesota
U,S. Environmental Protection Agency
U.S, Fish & Wildlife
U.S. Postal Service
Wells Fargo
Williams Pipeline Company
Xcel Energy
Other clients include various Cities (Andover, Bloomington, Brooklyn Center, Burnsville, Cokato,
Crystal, Duluth, Elk River, Jordan, Lake City, Lino Lakes, Marshall, New Brighton, Osseo, Prior Lake,
Richfield, Robbinsdale, Rochester, SI. Paul, SI. Louis Park, Savage, and Shakopee), and Counties
(Benton, Brown, Carver, Dakota, Goodhue, Hennepin, Jackson, Murray, Nicollet, Ottertail, Ramsey,
Scott, Sherburne, Stearns and Steele) in the State of Minnesota,
Qualified as an expert witness in Minnesota Tax Court, Anoka, Hennepin, Rice, Scott, Washington
and Wr-ight Counly District Court, and various Commission Hearings.
PATCHIN i\-IESSNER & DaDl)
Valuation Counselors