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HomeMy WebLinkAboutFee Proposal, Vacant Land, Garden Lane & Wildhurst Trl, Orono MN fYDORF'ROHRER'KNOCHE'FALL April 29, 1996 REAL• , . .ESTATE A P P RA IS E R S Mr. Ron Moorse City Administrator City of Orono P.O. Box 66 0o5 Crystal Bay, Minnesota 55323 RE: Fee proposal Vacant land Garden Lane & Wildhurst Trail Orono, Minnesota Dear Mr. Moorse: In response to your request, I am submitting a fee proposal for the appraisal of the captioned property. The property constitutes 11.24 acres, more or less, platted into eight lots within the Tonkaview Gardens subdivision. The purpose of the appraisal is to estimate the market value of the subject property under current market conditions. The fee owner of the property is Midway National Bank. This office prepared appraisals on the captioned property for Midway National Bank in November of 1992 and October of 1993. Midway National Bank has been contacted regarding this assignment. The bank has granted its release to allow me to perform this assignment for you recognizing that the function of the appraisal is to assist in obtaining a grant application, as part of the purchase. A full and complete appraisal report will be prepared documenting the data and analysis utilized in arriving at the value conclusion. The report will be prepared in conformity with the Code of Ethics and Standards of Professional Practice of the Appraisal Institute together with the Uniform Standards of Professional Appraisal Practice of the State of Minnesota. SPRUCE TREE CENTRE SUITE 3 1 4 1 6 0 0 UNIVERSITY AVENUE SAINT PAUL MINNESOTA 5 5 1 0 4 6 1 2 • 646 . 6 1 1 4 FAX 6 1 2 . 646 . 8086 BETTENDORF IROHRER I KNOCHE WALL -2- A detailed inspection of the property will be made. An analysis will be made of physical characteristics, zoning, market trends and other pertinent information leading to a conclusion of highest and best use. A valuation analysis will be made based upon this highest and best use. Of the three approaches to value (Cost, Direct Sales Comparison and Income) only the Direct Sales Comparison Approach will be utilized. The Cost Approach separates the value of a property into the components of land and improvements. The subject site constitutes vacant land. As such, this approach is not appropriate. The Income Approach involves an analysis of the rental potential of a property and the conversion of that potential into present value. Vacant sites, such as the subject, are rarely rented for investment purposes. As such, this approach is also not appropriate. The Direct Sales Comparison Approach involved an analysis of sales of similar properties which, after making adjustments for various differences, provides a value conclusion for the subject site. An analysis will be made of recent sales of similar properties within the market area. In analyzing these sales, adjustments will be made for various differences in order to provide a indicator of value for the subject property. This method of analysis best measures the attitudes of buyers and sellers for this type of property. Full weight will be placed upon the value conclusion as obtained from the Direct Sales Comparison Approach. The fee for the preparation of a full and complete appraisal report on the captioned property is: ($1,500) The time frame to complete the assignment is anticipated at three to four weeks from date of authorization to proceed. I would like to take this opportunity to thank you for considering me in this matter. Enclosed for your convenience is a copy of my qualifications along with a company profile. Yours truly, 011111 41,0* Michael J. Bettendorf, MAI BETTENDORF'ROHRER'KNOCHE WALL MICHAEL J. BETTENDORF, MAI BETTENDORF ROHRER KNOCHE WALL, INC. Spruce Tree Centre Suite 314 1600 University Avenue St. Paul, Minnesota 55104 EDUCATION: B.A. - St. John's University, Collegeville, MN. - 1969 Successfully completed courses sponsored by the American Institute of Real Estate Appraisers (Appraisal Institute): Basic Appraisal Principles Methods and Techniques Capitalization Theory and Techniques Urban Properties Condemnation Standards of Professional Practice Numerous Seminars on various aspects of real estate appraising, including Business Valuation, Land Use Planning/Regulation, Engineering Drawings, Review Appraising, Market Analysis, Highest and Best Use. PROFESSIONAL MEMBERSHIPS & ASSOCIATIONS Member-Appraisal Institute (MAI) President- Minnesota Chapter#35 -A.I.R.E.A. - 1987 Licensed Certified General Real Property Appraiser - State of Minnesota - I.D. #4001398 Member- International Right of Way Association Member- Faculty of Appraisal Institute/A.I.R.E.A. (1978-1991) Member- Faculty of University of Minnesota - Extension Division (1978-1983) Instructor-A.I.R.E.A. Course "Single Family Residential Appraisal" and "Residential Valuation" - University of Minnesota 1978, 1979, 1980 and 1984. "Residential Valuation" - University of North Carolina, 1981. Instructor- B.O.M.A. - "Real Estate Investment and Finance" - University of Minnesota - 1987; St. Cloud University- 1990 and 1991/92. EXPERIENCE February, 1971 to July, 1979- Independent Fee Appraiser, Bettendorf Appraisals, Inc. serving as Vice-President and then President. July, 1979 to October, 1981 - Chief Appraiser, Farmer's and Mechanic's Savings Bank of Minneapolis- Mortgage Officer. October 1981 - March 1991 - Independent Fee Appraiser- Dahlen and Dwyer, Inc. March, 1991 to Present- Independent Fee Appraiser- Bettendorf Rohrer Knoche Wall, Inc. - President. TYPES OF PROPERTIES APPRAISED: single family, shopping centers, office buildings, industrial buildings, hotels, golf courses, sports arenas, hospitals, colleges, development land, easements for public utilities and assessment analyses. CLIENTS INCLUDE: State of Minnesota; Cities of Bloomington, Shoreview, Hastings, Inver Grove Heights, Mankato, St. Paul, Roseville, White Bear Lake; lending institutions including First Banks, Twin City Federal, Marquette Banks, St. Paul Port Authority: corporations including Glacier Park, Burlington Northern, Resolution Trust, Tyco, White Consolidated, Relocation Resources, Prudential Relocation, and numerous private clients. Testified as expert witness in District Court Proceedings. Served as Court Appointed Commissioner on real estate matters. Revised: January 1996 BETTENDORF'ROHRER'KNOCHE'WALL COMPANY PROFILE BETTENDORF ROHRER KNOCHE WALL, INC. Appraisal & Consulting Services 1600 University Avenue, Suite 314 • Real Estate Appraisals St. Paul, Minnesota 55104 • Machinery & Equipment Appraisals (612) 646-6114 FAX (612) 646-8086 • Mortgage Financing Appraisals Bettendorf Rohrer Knoche Wall, Inc. • Condemnation/Litigation Appraisals (BRKW Appraisals) is a full service professional real estate appraisal company • Review Appraisals formed in 1991. The four principals have • Real Estate Tax Abatements more than 75 years of combined experience in the valuation of property. • Special Assessment Analysis Although our primary focus is on real • Expert Witness Testimony estate valuation, we also offer appraisal • REO Portfolio Valuation expertise in machinery and equipment. Located in the Midway area of St. Paul, we • Feasibility Studies concentrate on the appraisal of real estate • Market Surveys in the Twin Cities Metropolitan Area, as well as outlying communities throughout Property Types Minnesota and the Upper Midwest. We operate on a nationwide basis in the • Real Estate Appraisals valuation of machinery and equipment. • Commercial • Industrial Our extensive professional training and • Residential experience enable us to provide the • Multiple Family expertise necessary for consistently • Agri Business reliable valuation of property. Our • Vacant Land appraisal reports are confidential • Subdivision Analysis documents completed in accordance with • Special Purpose all current standards of professional • Schools and Churches appraisal practice and ethics. Our • Funeral Homes • Recreation Facilities appraisers stay current with advances in • Railroad Corridors appraisal techniques and the changing real estate market through continuing education • Machinery& Equipment Appraisals programs. • Machine Shops We at Bettendorf Rohrer Knoche Wall, Inc. • Injection Molding strive to build and maintain long lasting • Restaurants/Grocery Stores relationships with our clients. Our goal is • Construction/Rolling Stock to provide high quality, professional • Office Furniture/Computers appraisal services in a timely manner • Printing/Packaging • Agri Business Equipment consistent with the needs of our clients. BETTE\DORFIROHRE11,100CHNALL APPRAISAL STAFF MICHAEL J. BETTENDORF• MAI Active as an appraiser since 1971, Michael has STEVEN J. WALL • MAI •ASA the MAI designation of the Appraisal Institute Active as an appraiser since 1980, Steve has and specializes in commercial, industrial, the MAI designation of the Appraisal Institute multiple family, residential, and special purpose and the ASA designation of the American property appraisals with extensive litigation Society of Appraisers, machinery and experience. Court appointed Commissioner in equipment. Real estate expertise includes Ramsey County, past President of Minnesota general commercial, industrial, multi-family Chapter A.I.R.E.A. (1987), instructor of properties, specializing in agri-business. appraisal courses and seminars. Michael is a Machinery and equipment appraisal includes graduate of St. John's University. Licensed as manufacturing and food processing, a Certified General Real Property Appraiser. construction, printing/packaging,furniture/ computers, and agri-business. Steve is a graduate of the University of Montana. ROGER M. ROHRER• APPRAISER Licensed as a Certified General Real Property Roger has been an appraiser since 1972, and Appraiser. has expertise in most types of property including business office, general commercial, industrial, multiple family and special purpose. WILLIAM E. PETERSEN • APPRAISER Extensive experience as an expert witness as Bill has been an active appraiser since 1986 well as in benefit analysis of public specializing in the valuation of commercial, improvements; court appointed condemnation industrial, multi-family, office and special commissioner in Dakota County. A graduate of purpose properties with experience as an the University of Minnesota, Roger is licensed expert witness. Bill is a graduate of the by the State of Minnesota as a Certified University of Minnesota and practiced dentistry General Real Property Appraiser. from 1970-1986 before becoming licensed as a Certified General Real Property Appraiser. MARC E. KNOCHE• MAI Active as an appraiser since 1982, Marc has PAUL J. GLEASON • APPRAISER the MAI designation of the Appraisal Institute Active as an appraiser since 1992, Paul and specializes in commercial, industrial, specializes in the valuation of single family multiple family, residential, and special purpose houses, condos, townhouses, and small property appraisals. Extensive litigation/expert residential income properties. He also provides witness experience; served as court appointed research assistance for commercial/industrial commissioner. Past President of the appraisals. Paul is a graduate of the University Metro/Minnesota Chapter of the Appraisal of Wisconsin at LaCrosse. Licensed as a Institute (1992& 1993). Marc is a graduate of Certified Residential Real Property Appraiser. Macalester College. Licensed as a Certified General Real Property Appraiser.