06-10-1985 Council Packet - Laserfiche WebLink

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NEWCOMBE & HANSEN APPRAISALS, INC. M I N N F A P O L 1 5. M I N N F b O T A 5 5 4 0 1 #E18478 -4- Conclusion of Value Discussion (Cont'd) In analyzing the value of the property on a before and after basis, considering its present use and continued use as a community based Art Center, or for uses on an alternate basis, it is my opinion that the property would not be able to sustain a value increase equal to the proposed assessments of $91,000 based on the concept that it is equal to ten units for assessment purposes at $9,100 per unit as proposed. It is improbable that the benefit to the Art Center in the amount of $91,000 could be realized and that such a cost which would be almost equivalent to 25% of the estimated market value, is highly questionable and not realistically attainable. I have not completed the appraisal in detail, and reserve the right to make changes in the final opinion, however this letter represents my preliminary findinqs and should be taken to mean that the assessments proposed to be levied against the Art Center of Minnesota would be excessive and should be challenged on the basis that the assessments would not contribute to the value of tl.,� Center in the amount equal to the cost of the assessments. If you wish to discuss this in greater detail, and need to have the appraisal completed to support my preliminary findings, please call me at your convenience. Sincerely, NEWCO"'9E & HANSEN k PRAISALS, INC. By: r--" 1446�� Berge Hansen, ►,,I sb