04-29-1992 Council Minutes Board of Review

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•R v 1 MINUTES OF ORONO 1992 BOARD OF REVIEW MEETING HELD APRIL 29, 1992 2350 Wayzata Boulevard, PID# 34- 118 -23 22 0014 - Otten stated the 1992 valuation is $1,458,300 which is the exact amount he has Invested In the property, but felt some of that amount was used for specialty items specific to his business. He noted that the rental area is not completely occupied, partially because of access to the property. He felt the valuation should be $1,300,000 and noted that a company dealing with land appeals suggested the valuation should be lowered $200,000. Erickson stated the valuation was figured on cost approach. He noted they figured a warehouse rate on everything but the store and the office space. He indicated they did not figure into the amount the specific items for his business. He suggested Otten supply them with rental income data. Beverly Silbermann, 465 Brown Road South, PID# 03- 117 -23 31 0002, noted the valuation went from $101,000 to $125,000 in 1992. She said they built the house 25 years ago and realizes the property needs many repairs including a new roof, a new well, septic repairs, and many new boards. Erickson noted they would review the property. Bruce McFadden, 1170 Lyman Avenue, PID# 35-118-23 43 0028,_ said h i s valuation went from $183,600 to $189,300 and $192,000 in 1992. He felt it should be_ $185,000 to $187,000 based upon a real estate agent's suggested selling price. He stated that a neighbor recently took his house off the market because he could not sell for a realistic price. He felt that because of the Highway 12 corridor selection, his valuation has decreased. Erickson said they would review the property. Keith Bares, 2020 Salem Court, PID# 27- 118 -23 31 0015, stated he paid $304,000 2 1/2 years ago for the property. He noted the valuation for 1992 was originally set for $321,000, which was reduced to $312,700. He felt it should be $289,000 based on what neighboring houses are selling for. He submitted comparables in the area. Morr i s Ne I son, 1900 Shore I I ne Dr i ve, PID# 10-117-23 42 0017. stated the 1992 valuation is $44,000 which represents a 55% increase over the valuation of last year at $28,300. He felt it should be reduced to that amount. Erickson noted the property was changed because of changes in the law. He indicated the valuation was based on the assumption that the property Is buildable. 3