1997-03-19 WC Valuation Estimation
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William S. Radzwill
Andrew J. MacArthur
Michael C. Couri
Megan M. McDonald
RADZWIIL & COURl
Attorneys at Law
705 Central Avenue East
PO Box 369
St. Michael, MN 55376
(612) 497-1930
(612) 497-2599 (FAX)
March 19, 1997
Mr. steve Bubel
Kennedy & Graven
470 Pillsbury Center
Minneapolis, Minnesota 55402
Re: City of Albertville--proposed senior Housing TIF.
Dear steve:
Please find enclosed a copy of a letter from the Wright County
Assessor estimating the valuation of the senior housing project
proposed to be built in Albertville. Can you please prepare the
initial paperwork to establish this TIF? At the April 1st City
Council meeting, the Council is expected to consider the financial
impacts of the TIF and set a date for the public hearing (assuming
that it determines that it wants to proceed with the TIF).
The developer is requesting that a TIF be established only on
the rental housing, not on the owner-occupied housing. All
valuations contained in the assessor's letter are for the rental
housing. The rental housing is proposed to be established on one
portion of an existing farm--I believe that the assessor will be
able to give you an estimated current tax value of the relevant
portion of the farm, as he is familiar with this property.
The City would like the relevant information for its City
council agenda packet by March 26th, if possible. Please feel free
to contact me with any questions you may have. Thank you.
Sincerely,
MJ./c: ~
Michael C. Couri
RADZWILL , COURI
Enclosure
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Mr. Gary Hale, city Administrator~
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DOUGLAS M. GRUBER
Wright County Assessor
Wright County Government Center
10 2nd Street N. W. . Room 240
Buffalo, Minnesota 55313-1183
Phone: (612) 682-7367 1(612) 682-7368
FAX: (612) 682-6178
March 14, 1997
Michael J. Couri
Radzwill & Couri
705 Central Avenue East
PO Box 369
S1. Michael, MN 55376
RE: VALUATION OF ALBERTVILLE SENIOR HOUSING CONCEPT PLAN
Dear Michael
Based on the concept plan received from you and based on information regarding rents and the
type of structures being built, the estimated market value of the project would be $1,534,000. Of
this estimated value $236,300 would be land value; the remaining value would be attributed to
the buildings.
The estimated property taxes on a market rate apartment for payable 1997 would be $65,335.
The estimated property taxes payable 1997 if the property qualified as Section 42 housing would
be $47,700.
These values and estimated property taxes are only estimates based on the information received.
the actual value may change once the project is completed. This estimate does not include any
special assessments if any exist.
_ If you have any further questions, please feel free to contact me.
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Sihcerely "'.
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Douglas M. Gruber
Wright County Assessor
Equal Opportunity / Affirmative Action Employer