06-10-1985 Council Packet - Laserfiche WebLink

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NF-WCOMBE & HANSEN APPRAISALS, INC. M I N N E A P O L I S. MINNESOTA 5 5 4 0 1 #18479 -2- Art Cent of Minnesota East The Art Center of Minnesota East is a older structure, constructed in the late 1800's or early 1900's and has been designated as a Historic Structure. The building has two floors above grade, measuring approximately 1,800 sf. per floor for a total of 3,600 sf. above grade. U! ity Services ThL two buildings are each served by a separate septic system which are capable of supporting the buildings and treating the waste from the Art Center. The septic system for the Art Center of MinneNica East, is reported to be an older system and while not constructed specifically to modern requirements, is still functioning adequately and there is no reason to anticipate any change in the immediate future. The system which serves the Art Center West is reported to he a system which meets or exceeds the requirements of the Cite ind adequately serves that structure and should be able to r "lie into the foreseeable future. Estimates' Market Values The ._:imated market value of the Art Center property, as improved, is subject to a considerable amount of speculation due to the use and potential of sale to an alternate user on the open market. The most closely related use for the property would be for a day school or Montessori School which could utilize approximately 50% of the structure or all of the Art Center East building. For alternate u5Ps, th( st probable use of the property would be for subdivis= - n single t, ly residential property, which would mean the deme, n and vumoval of the existing structure, as well as the existing sic system including the drain fields. In the case of alternate use, requiring demolition, it is highly probable that approximately three residential lots could be developed on the property, u;i,,g the existing zoning of R1 which requires two acres per lot. While the site is slightly small for that subdivision. it is probable that a variance could be granted to allow for three residential lots.