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CITY OF ORONO <br /> Local Board of Appeal and Equalization <br /> Wednesday,Apri121,2010 <br /> 7:00 o'clock p.m. <br /> marketplace but that his appraiser did make adjustments far those. Blankensnip noted Ms. Brown has <br /> been a full-time appraiser for the past four years and is independent. She was hired by Wells Fargo to <br /> conduct the appraisal as part of the refinancing. <br /> Blankensnip indicated he has also talked with friends and builders who construct homes in this price <br /> range and asked if they would buy his property for 1.5 million and was told they would not. There is <br /> currently not a market for this type of house. <br /> Murphy noted he had his home appraised in July at the same standards and that his appraisal came out <br /> $300,000 less than what his house was valued at by Hennepin County. The appraiser also had a difficult <br /> time finding comparables. <br /> Stulc stated they just received the appraisal yesterday and would need time to review it. <br /> White asked how many feet of lakeshare there is. <br /> Blankensnip indicated there is approximately 300 feet of lakeshore and that he does not feel $1.9 million <br /> is a fair price. <br /> The Board requested the Hennepin County Assessor's Office contact Mr. Blankensnip. <br /> Stulc stated they will contact each person that appears tonight and prepare a recommendation packet <br /> based on all the information that has been submitted. Following this meeting of the Local Board of <br /> Appeal and Equalization, the residents will have the ability to go before the Hennepin County Board of <br /> Appeal and Equalization. A full appraisal will be completed and each resident will have the opportunity <br /> to appear before the Hennepin County Board. <br /> 3. BERT ADDISON,3390 BAYSIDE ROAD,305 Tonkawood Avenue,PID#OS-117-23-130029 <br /> Addison stated a couple of years ago they had an offer on the property but the prospective buyers were <br /> told by the City that it was an unbuildable lot. <br /> White asked how big the lot is. <br /> Addison indicated it is a 50-foot lot. <br /> White asked why it would not be buildable. <br /> Addison stated they had a very nice offer on the lot but that they were told by the City approximately two <br /> years ago that it was not buildable. There is sewer to the lot. Addison stated he would like to lrnow what <br /> the status of the lot is. <br /> White stated according to the Hennepin County Assessor's Office,it is a buildable lot. <br /> Murphy requested City Administrator Loftus check on the status of the lot. <br /> Kunik asked if they had a certain size structure that the prospective buyers wanted to put on the property <br /> and were turned down. <br /> PAGE 3 of 6 <br />