HomeMy WebLinkAboutCity Council Packet 04-21-2009 BOEAgenda
City of Plymouth
Board of Appeal and Equalization Reconvened
from April 15, 2009
Tuesday, April 21, 2009
7: 00 p.m.
Council Chambers
1. Call to Order
2. Council Action on Recommendations
3. Adjourn
FILE COPY
2009 Local Board of Appeal & Egualization
Staff Recommendations
Reports PID Number 2009 Estimated
Market Value
Staff
Recommendation
1. Ronald Malone 25-118-22-43-0012 630,900 585,000
2. Darrell Gauvitte 01-118-22-31-0017
01-118-22-31-0001
414 200
1205000
362,400
105,000
3. Ron Miller 05-118-22-14-0006 391,700 381,000
4. Linda Wagner 25-118-22-14-0005 106,900 No Change
5. Raghu Ramen 21-118-22-12-0006 2651200 No Change
6. Ignacio Polania 32-118-22-24-0016 461,500 No Change
7. Trygve Svard 11-118-22-31-0037 568,600 No Change
8. Leonard Lindelof 35-118-22-14-0028 560,600 4801000
9. Bill Haberman 23-118-22-34-0104 746,200 No Change_
10. Gerald Harty 26-118-22-12-0018 311,100 No Change
I l.Sudmir Singh 17-118-22-13-0019 532,500 517,000
12.Jim Strand 11-118-22-21-0003 612,000 598,000
13.Richard & Sheila
Chaffee
08-118-22-33-0098 486)900 4702000
14.Margaret Wilson 34-118-22-31-0054 335,400 No Change
15.Scott Qualle 29-118-22-34-0036 315,500 299,900
REPORT 41
2009 BOARD OF APPEAL & EQUALIZATION
STAFF REPORT AND RECOMMENDATION
PROPERTY OWNERS NAME: Ronald Malone
PROPERTY ADDRESS: 10106 South Shore Drive
PID #: 25-118-22-4-3-0012
LEGALL DESCRIPTION: Lot 8, Block 1, East Medicine Lake Addition
PROPERTY TYPE: Residential Lakeshore
2009 VALUE PRIOR TO ASSESSOR'S
MARKET VALUE LOCALBOARD RECOMMENDATION
LAND MARKET VALUE 370,000 370,000
STRUCTURE MARKET VALUE 260,900 215,000
TOTAL MARKET VALUE 630,900 585,000
ASSESSMENT HISTORY 2007 2008 2009
Total Market Value 594,000 661,300 585,000
Limited Market Value 594,000 661,300 585,000
Improvement 1 0 0 0
ob
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OWNERS CONCERNS:
Mr. Malone is concerned that his value is too high when compared to other lakeshore
properties in Plymouth. He has made improvements and an addition to the 1950's home
to restore it to its oric-qnal quality. But, maintains that its value is inflated when compared
to similar size and age homes on smaller Plymouth lakeshore lots. L-
RECONCILLATION OF VALUE:
The property was inspected on March 23, 2009, After several phone conversations with
Mr. Malone four comparable sales were agreed upon and he has concurred with the
resulting value and withdraws his appeal. It is the opinion of this appraiser and agreed
upon by the homeowner that the 2009 Estimated Market Value is:
585,000
Michael Vander Linden, CMAS
Appraiser
763)509-5356
mvanderl@ci.plymouth.n-in.us
CITY OF PUY-MOUTH
LOCAL BOARD OF APPEAL AND EQUALIZAT10--N
April 7, 2009 @ 7:00 PM
The primary focus of the Local Board of Appeal and Equalization is to consider the
estimated market value and/or classification for the 2009 assessment for taxes payable in
2010. The Board is not empowered to adjust taxes.
Name: L /z -t
Address: -
7
How can we reach you: Please list your telephone numbers:
Home -7.! y1i - 1 <(_ Work 7t.51 S!S Cell 1,7 =:
Purchase Price: rr r e, C` Purchase Date: —7 fC
Is the property currently for sale? If yes, what is the asking price?
Please list any improvements made to your roperty since your purchase:
L/ e: ---_L IC I -A ce r r -,'-I S
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2009 Estimated Market Value (ftom your valuation notice iL -
2008 Estimated Market Value (from your valuation notice)
Owner's opinion of value
Your appeal must be based on evidence that the 2009 estimated market value exceeds the
true market value of your property. Please list the reasons why you believe that you
could not sell your property for tho vallue stated on 201,10, valuatio-v notice, pb-q zp
attach any documentation to support your opinion, To reserve your right to appeal,
please speak to a staff appraiser as soon as possible and then return this form to the
Plymouth Assessor's office no later than Friday-, April 3.
C e,- , e- C_ -
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Do vou wish to verbally address the Board9 Y___ es No
Plymouth Assessing Division4D
400 Piviriouth Blvd.
Plymouth, MN 55447
763-509-5360
Plymouth Property Tax
Board of Appeals
I believe that the estimated market value for my home, $630,900 (2009 assessment for
taxes in2010) isin error. I believe the true market value of my home is $570,000, based
on five comparable properties sold in Plymouth between I 1\ 2007 and 11'12008. All
properties considered were Plymouth residential lakeshore on various lakes,
unfortunately only one Medicine Lake property was available for comparison). I met
twice with Mr. Vander Linden, Plymouth city appraiser, to determine acceptable
comparable properties and to discuss which -methods of evaluation gave the most realistic
market value for these properties. I chose five properties and used similar adjustment
methods as Mr. Vander Linden to equalize these properties to my Medicine Lake home at
10106 South Shore Drive. 11 thert used simple averaging of all five adjusted values of
these properties to wTive at a value of $570,000 for my home. Please review the attached
spreadsheet for details of this comparison.
These are the reasons that I believe that my property should receive particular note.
My lot is very small ( .22 acres) , compared to all the other take shore lots, except the
other Medicine Lake property, which I adjusted for it's lesser quality lot.
My house was the oldest home of the six properties. It was updated in 2004 with new
windows and doors. All original floors, ceilings, and walls were retained. New triin was
added around the new windows matching the old trim, and 11.2 the Icitchen cabinets are
new. I added a new tub, shower and bathroom fixtures, and 500 square feet of new living
space for barrier free living, with disabilities. The majority of the home remains the same
as it was built in 1952. The effective age of the home is a blend of 1952 and 2004
approximately 1980.
My house is the smallest house measured in finished square feet of all six properties.
All were fair comparisons, only one was significantly larger.
I adjusted the values of properties on Bass, Schmidt, and Lost Lakes generously to
make up for the different take sizes and use. The usefulness of my property is less than
the o thers on Medicine Lake due to the shallow water in my area, weeds, and the
proximity to the zoned industrial areas and Highway 169 traffic and noise. r-1 -
t hope that this information is helpful in the reevaluation of my property. Thank you
for your consideration of my appeal.
Sincerely.
Ronald Malone
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REPORT #2
2009 BOARD OF APPEAL & EQUALIZATION
STAFF REPORT AND RECOMMENDATION
PROPERTY OWNERS NAME: Darrell and Dorothy Gauvitte
PROPERTY ADDRESS: 10315 Co. Rd. 10, Plymouth, Minnesota
PID #: Parcel A: 01-118-22-31-0017
Parcel B: 01-118-22-31-0001
LEGAL DESCRIPTION: Parcel A: Outlot H, The Ponds at Basset Creek
Parcel B: N 300' of E 110' of NE1/4 of the SWI/4 Except Road
PROPERTY TYPE: Parcel A: 4.74 acre parcel improved with a vacant two-story home.
Parcel B: .66 acre residentially zoned parcel.
2009
MARKET VALUE
VALUE PRIOR TO LOCAL ASSESSOR'S
RECOMMENDATIONBOARD
PARCEL A:
LAND MARKET VALUE 370,500 355,500
STRUCTURE MARKET VALUE 43,700 6,900
TOTAL MARKET VALUE 414,200 362,400
PARCEL B: LAND ONLY 120,000 105,000
TOTAL MARKET VALUE 534,200 467,400
ASSESSMENT HISTORY 2007 2008 2009
Total Market Value S564,900 $534,200 $534.200
Limited Market Value $516,100 $520,800 $5314.200
Improvement
Mr,
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OWNERS CONCERNS:
Darrell and Dorothy Gauvitte appeared at the Local Board of Review and Equalization on
April 7, 2009. Mr. Gauvitte expressed the following:
The values of each of his two parcels were two high.
He inquired about about property tax assistance programs.
RESOLUTION:
Darrel Gauvitte was contacted on April 8"' regarding property tax assistance programs,
setting up an inspection of the property, and the property valuation process.
The property was inspected on April 10, 2009. After a review of the properties and issues
surrounding them, the following items were concluded:
The properties are not eligible for the Property Tax Deferral for Senior Citizens.
The Gauvittes have identified other options available to them for payment of the
property taxes.
The total value of the two properties was reduced to a mutually agreed upon value of
467,400.
Respectfully Submitted,
W -; - e-/
JT" anene Hebert
City Assessor
763-509-5352
jheberta ci.plymouth.nm.us
CITY OF PLYIMOUTH
LOCA
Ll
BOARD OF APPEAL AND EQUALIZATION
Apffl 7,2009 @ 7:00 PM
The primary focus of the Local Board of Appeal and Equalization is to consider the
estimated market value and/or classification 'for the 2009 assessment for taxes payable in
2010- T -he Board is not empowered to adjust taxes.
Name: i5 -ii- 6-Auv, -r7-,-
Address: 10 3 i 7 e D &I[) Ujl) — Q / - I I - -22 31 Q 0 117
How can we reach you: Please list your telephone numbers:
Homealj-15c--- 4k-o Work- --Cell
Purchase Price: t f7, /) 0 0 Purchase Date: 6'1 L7 3
Is the property clarrenily for sale? 4/,- rice? 5 If yes, what is the asking pr,
Please list an y improvements made to your property since your purchase:
L ) Q1 -- Q
2009 Estimated Market Value (ftora your valuation notice
2008 Estimated Maiket Value (from your valuation notice)
Owner's opinion of value
Your appeal must be based on evidence that the 2009 estimated Ln&-ket value exceeds the
true market value of your property. Please list the reasons why you believe that you
ourcd- nor-gell-your-properly-for -the value-stawd-on- your 2009 -vairuation-mtict.-Pk-as--
attach any documentation to support your opinion. To reserve yoiz rigjit to appeal,
please speak t -o a staff appraiser as soon as possible and then return this form to the
Plymouth Assessor's office no later than rriday, April 3.
Do you wish to verbally address the Board? (yes ) No
Plymouth Assessing DNrision
3400 Plymouth Blvd,
Plymouth, MN 55447
763-509-53160
CrIY OF PLYi\/fOUTH
LOCAL BOARD OF APPEAL AND EQUALIZATION
April 7, 2009 @ 7:00 PM
The p ='ary focus of the Local Board of Appeal and Equalization is to consider the
estimated market value and/or classi-fication for the 2009 assessment for taxes payable in
2010. The Board is not empowered to adjust taxes.
Name: D 4 2 I- /-d 12 V I -r -rE --
Address: 3/
How can we reach you: Please list your telephone -numbers:
Home Work —Cell—
Purchase Price: Purchase Date:
Is the property currentl for sale? W- If yes, what is the asking price?
Please list any improvements made to your property since your purchase:
2009 Estimated Market Value (from your valuation notice
2008 Estimated Market Vaiue (from your valuation notice)
Ow,ner's opinion of value I?
A
Your appeal must be based on evidence that the 2009 estimated market value exceeds the
true market value of your property. Please list the reasons why you believe that you
aSe7— could not-set-your-progerty-for the val-ue-state&on your 2009
attach any documentation to support your opinion. To reserve your right to appeal,
please speak to a staff appraiser as soon as possible and then return this form to the
Plymouth Assessor's office no later than Friday, April 3.
Do you wish to y address the Board?
Plymouth Assessing DivisionC7
3400 Plymouth Blvd.
Plymouth, NIN 55447
763-509-5360
REPORT #3
2009 BOARD OF APPEAL & EQUALIZATION
STAFF REPORT AND RECOMMENDATION
PROPERTY OWNERS NAME: Ronald Miller
PROPERTY ADDRESS: 5925 Vicksburg Lane North
PID 9: 05-118-22-14-0006
LEGAL DESCRlPTION: Unplatted
PROPERTY TYPE: Residential
2009
MARKET VALUE
VALUE PRIOR TO
LOCAL BOARD
ASSESSOR'S
RECOMMENDATION
LAND MARKET VALUE 280,000 280,000
STRUCTURE MARKET VALUE 111,700 101,000
TOTAL MARKET VALUE 391,700 381,000
ASSESSMENT HISTORY 2007 2008 2009
Total Market Value 441,100 393,000 381,000
Limited Market Value 441,100 393,000 381,000
Improvement 0 0 0
I
m " ir
OWNERS CONCERNS:
Mr. Miller is concerned that the lack of comparable sales has caused his value to not
decrease at the same rate as his neighbors. He has also had two real estate agents give him
unsupported opinions of value that were lower than his current estimated market value.
RECONCIFLATION OF VALUE:
After an inspection and a comprehensive analysis that included comparable sales, Mr.
Miller agreed to withdraw his appeal and further agreed to a 2009 Estimated Market
Value of.
381,000
iq"A )j -A
Michael Vander Linden, CMAS
Appraiser
763)972-5356
mvanderl@ci.plymouth.n-m.us
CITY OF Pl-'r-I'vIOUTH
LOCAL BOARD OF APPEAL AND EQUALIZATION
Apr -it 7,2009 @ 7:00 PM
The primar, focus of the Local Board of Appeal and Equalization is to consider the
estimated market value anSor classification for the 2009 assessment for taxes payable in
2010. The Board is not einpo,%vered to adjust taxes.
Y ' -C- ceName: D T- i
Address: V Y
How can we reach you: Please list your telephone numbers:
Home L-/ 7 Work
Purchase Price: Purchase Date: i C, -? 1?-,
Is the property currently for sale? j -4D. If yes, what is the asking price? C
Please list any improvements made to your propeM since your purchase -
2009 Estimated iMarket Value (from your valuation notice —:3 9 / r )() b
2008 EstimatedMarket Value (from your valuation notice) 7)nE)
Owner's opinion of value_
Your appeal must be based on evidence that the 2009 estimatcd market value exceeds the
true market value of your property, Please list the reasons why you believe that you
could not sell your property for the value stated on your 2009 valuation notice, Please
attach any documentation to support your opinion. To reserve your right to appeal, 7I
please speak to a staff appraiser as soon as possible and then return this form to the
Plymouth Assessor's office no later than Friday, April 3.
Do you wish to verbally address the Board? No
Plwrlouth Assessing
Divisi
1 1 ion
3400 Plymouth Blvd.
Plymouth, &EN 55447
763-509-5360
rroperTy iniormanon 3earen ny rroperry tu t<_esull page
sea rch By:
W -1
Hennepin County, MN
Page I o1Z
F&OmTwr=W '
1zvL iPrDpervT-r-donna"fian --arch Result
The Hennepin County Property Tax web database is updated
daily (Monday - Friday) at approxi-nat-aly 9:15 p.m. (CST)
OF-, Ta --s Pavable 2010)
Property ID: 05-118-22-14-0006
Address: 5925 VICKSBURG LA N
Unit No.:
Municipality: PLYMOUTH
Hennepin County is providing this information as a puLlic service.
Tax related questions:
s aq'oL_S
Need help locating a property on our site? Check out our 5-_5 i-_i Tips
HI & R gtstration Emp'10ome
H.ousipg, kh -id, S:rv'lc e: I- r% Pu'hfir Safetv, 9 couit_-
Pi S, T nvii i
Copyright @ 2006 Hennepin County, Minnesota wtivw. Hennepin. us
Poliry Co
h'Ltp://w,.vw 16. co. hennepin.mn. us/pins/pidre sultj sp?pid 0511 8 22140006&assmt— 1 4/6/2009
Owner: RONALD MILLER
Property ID: Taxpayer Name / Address: RONALD MILLER
F6511822140006 270 N WILLOW DR
LONG LAKE MN 55356
Search Clear
Subrecord No. I
Improvement Amount:
Property Type: RESIDENTIAL
Homestead Status: NON -HOMESTEAD
Exempt or Deferred:
Values Estimated Limited
Land: 280,000 280,000
Building: 111,700 111,700
Machinery- 0 0
Totals: 391,700 391,700
Less Qualified Improvernent:
Less Veterans Exclusion: 0
Total Taxable Market Value: 391,700
Hennepin County is providing this information as a puLlic service.
Tax related questions:
s aq'oL_S
Need help locating a property on our site? Check out our 5-_5 i-_i Tips
HI & R gtstration Emp'10ome
H.ousipg, kh -id, S:rv'lc e: I- r% Pu'hfir Safetv, 9 couit_-
Pi S, T nvii i
Copyright @ 2006 Hennepin County, Minnesota wtivw. Hennepin. us
Poliry Co
h'Ltp://w,.vw 16. co. hennepin.mn. us/pins/pidre sultj sp?pid 0511 8 22140006&assmt— 1 4/6/2009
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Property One Page Report, Single Family Residenviv, MLS# 3662218
LX ' I I . j 1 - ),I
saess Pend: No
7Ct W I omestead. yes
Status Active
List Price: $349,500
Original Leit Pr ce $349,500
Map Page 91 Map Coord A4
Directions. Northwest Blvd (between
Hwy 55 & Cty Rd 91 to W Medicine
ear Built 1979 Lake Dr, S to 30th. W to Oakview, S
iedrooms 3 to home, C
tal Baths: 3 LaXeWa
arags. 2 Lakz'PJF Name
Const Status: Previously Owned
F1
Style (SF) Modified TWD Story Fire #- -
Above Ground Finished SqFt 2,277 Foundation Size 1 270 Ac;es: 4.50
Below Ground Finished SqFl: 0 Total Finished SqFt: Lot Size. 55il 511xi 356x1 506
List Date 2f26109 Recewed By MLS: 212TIGO Days On Market 29
Lega Description: Lot 0011 Block 001 Medicine Lake Estates
AX INFORMATION
Hennepin School District. 284 - Wayzata, 763-745-5000
Complextoev/sub. Medicine Lake Estates Common Wall: No
Ircperty tD 2311822320027
LaIDescription: Irregular Lot, Tree Cove ratio -Heavy
Agent Remarks;
ax Year 2009
Dimen Other Rooms Level Dimen
ax AML $3.759.00
ssess Bat $011:10
ax w1assess: $3,759,00
LX ' I I . j 1 - ),I
saess Pend: No
7Ct W I omestead. yes
Status Active
List Price: $349,500
Original Leit Pr ce $349,500
Map Page 91 Map Coord A4
Directions. Northwest Blvd (between
Hwy 55 & Cty Rd 91 to W Medicine
ear Built 1979 Lake Dr, S to 30th. W to Oakview, S
iedrooms 3 to home, C
tal Baths: 3 LaXeWa
arags. 2 Lakz'PJF Name
Const Status: Previously Owned
F1
Style (SF) Modified TWD Story Fire #- -
Above Ground Finished SqFt 2,277 Foundation Size 1 270 Ac;es: 4.50
Below Ground Finished SqFl: 0 Total Finished SqFt: Lot Size. 55il 511xi 356x1 506
List Date 2f26109 Recewed By MLS: 212TIGO Days On Market 29
Lega Description: Lot 0011 Block 001 Medicine Lake Estates
County: Hennepin School District. 284 - Wayzata, 763-745-5000
Complextoev/sub. Medicine Lake Estates Common Wall: No
RestrictionslCoAs LaIDescription: Irregular Lot, Tree Cove ratio -Heavy
Agent Remarks;
a on- Level Dimen Other Rooms Level Dimen
Living Rm Main 2403 Amusement Room Main 14x14 Heat'. Forced Air
Dining Rot Main 13xi I Laundry Main 10x7 Fuel: Electric, Natural Gas
Family Rm Main 16x14 Foyer Main 12x7 Air Cnd Central
Kitchen Main 12x1 1 Water, City Water - Contracted
Bedroom I Upper 1 603 Sewer City Sower - Connected
Bedroom 2 Upper 12x 1 0
Bathrooms
Garage Stalls: 2
Bedroom 3 Upper 13xi 1
Total: 3 314: 1 114 0
Other Parking
Bedroom 4
Full: 1 112: 1
P001:
Bath Desc6ption: 314 Master, Main Floor 112 Bath, Private Master. Upper Level Bath
Dining Room Desc Breakfast Area, Separate/Formal Dining Room Family Room Char- 2 StorylHighNaulted Ceilin
Fireplaces 2 Fire ' olace Characteristics Family Room, Gas Burning, Living Room. Wood Burning
Appliaricins Dishwasher, Disposal, Dryer, Exhaust FamiHood, Microwave, Range, Refrigerator, Washer, Water
Softener - Owned
Basement. Full, Sump Pump Exterior: Brick(Stone, Wood
Rci Age Over 8 Years, Asphalt Shingles, Pitched Fencing None
Amenibes-Unit: Deck
Parking Char: Attached Garage, Driveway . Concrete. Garage Door Opener
Shareij Rooms: Special Search 3 BR an One Level, Main Floor
Laundry
Settees Terms: Cash, Conventional, DVA, FHA
Buyer Broker Ccmp 2,1(100' Sub -Agent Comp: 0 % Facilitator Comp. 0 %
Variable Rate N List Type: Exclusive Right To Sell Owner is an Agent?. No
Listing Agent Bill D.Ciora 763-550-7651 Co -List Agenti
Listing Office, Caldwell Banker Burnet Appt Phonei 763-560-7606 Office Phora 763-559-4990
This Report Prepared By Colleen K Johnson 6112-275-9734
littormation Deerrind RE&Ne But Not GuRrantRed.r,)2029 Reginnal MLSOMtnri., Inc All Rghts Reser.-rid.
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3127 2009 Property One Page Report, Single Family Residential, MLSN 35a6514
13335 54th Avenue N, Plymouth, MN 55442A763
TAX INFORMATION Status Sold
Property ID 101182212DO28 List Price $349,900
Year 2008
Tax Amt S4,100.00 Solo Price $340,000
Assess Bat SO.00 Original Us[ Price- S339,900
limaTax
Tax w1assess 53,543.00 Map Page 90 Map Coord E2
Assess Pend No Directions NORTHWEST BLVD, TO
Homestead: Yes 54TH AVENUE; WEST TO HOME
Year Built! 4997
Bedrooms: 4
Total Baths. 3 LakeAlVF
Garage: 3 La,.efWF Name:
IOLS Area, 374 - Plymouth Const Status: Previously Owned
Style, (SF) Two Stories Fire M
Above Ground F-initshed SqFt 2,091 Foundation Size: 1,312 AcTes 2.60
Below Ground Finished ScIFL 0 Total Finished SqFl: 2,091 Lot Size IRREGULAR
List Date: 81'13108 Received By MLS 8/181118 Days On Market- 119
Off Market Date- 1211512006 Date Closed: 12119100 Setting Agent: John A Kane
Projected Close Date: 121119f08 Salfing Office: Edina Realty, Inc.
Legal Description: LOT I 1,BLOCK 3,BASS LAKE TERRACE
Couni Hennepin School District 279 - Osseo, 76 3-3911-7001)
Complex/DevlSub Common Wall. No
Restrictions/Covls Lot Descriptiion
Agent Remarks Super location for family I commuting 3br on upper, Corner Whirlpaoi, 2 sinks in masterba th.
Huge list floor laundry. Large walk out lower level. Floor immaculately maintained,
Room Level Dimon Other Roams, Level Dimon
Living Rm Main 13 x 13 Laundry Main 11 x 7 Heat: Forced Air
Dining Rm Main 14 x 11 Fi Natural Gas
Family Rrin Main 24 x 141 Air Cnd. Central
Kitchen Main 12 x 11 Water. City Water - Connected
Bedroom 1 Upper 15 x 12
Bathrooms Sewer, City Sewer - Connected
Bedroom 2 Upper 13X10
TotaL 3 314 1 1/4: 0
Garage Stalls: 3
Bedroom 3 Upper 13X10 Other Parking! 0
Bedroom 4 Main 11 x 11
Full: 2 112. 0 Pool
Bath Description: Full Master, Main Floor Full Bath, Whirlpool
Dining Room Desc: KitcherriDiffing Room Family Room Char Main Level
Fireplaces: 1 Fireplace Characteristics: family Room, Other
Appliances- Dishwasher, Disposal, Exhaust Fartill-lood, Range, Refrigerator, Water Softener - Owned
Basement Drain Tiled, Partial, Sump Pump, Walkout Exterior BrickiStone, Met2t[Vinyt
Amenities -Unit: Hardwood Floors, Security System
Parking Chav Attached Garage
Shared Roams- Other Special Search: 3 BR on One Level, Main Fluor
Bedroom
Buyer Broker Camp: 2.7000' Sub -Agent Comp 2.70 oa % Facilitator Camp: 2.7000 %
Variable Rate: IN List Type, Service Ag reament Owner is an Agti No
Listing Agent: Todd E. Wilson 6112-3824042 Co -List Agent,
Listing Office: Advantage Real Estate Appt Phone. 952-473-138D Office Phone 612-382-4042
This Report Prepared By Colleen K Johnson 612-275-9734
C;c
irdurmalion Deemed Reliable But Not Guaronleac. C 2009 Regional PALS of Minn., Inc. Al) Rights Reserved -3 6, 0, 'f0
A
Independence
Long Lake
Loretto
Maple Grove
Maple Plain
Medina
Minnetonka
Minnetonka Beach
Minnetrista
Mound
New Hope
Orono
Osseo
Plymouth
Richfield
Robbinsdale
Rockford
Rogers
Shorewood
Spring Park
St. Banifacius
St. Louis Park
Tonka Bay
Wayzata
Woodland
St. Anthony
Cltywlde
Calhoun -isles
Camden
Central
Longfellow
Nokomis
North
Northeast
Phillips
Powderhorn
Southwest
University
Arden Hills
Falcon Heights
Gem Lake
510.coo 35; 6 7 1, 2 31 Be 13% i 37% 25 26.0'A
2413.125 12% 93.1% 232 26% is 611. 1Z 46,2%
S21a OGO 49. 27.2% 232 9 13". 3 0.0%
5250.000 2% 911.5% 129 2138 53. 942 3% 501 21.8%
5159,900 32% 90-4% 78 37 61, 9 3c% 13 231%
620,000 20% 91.6% 237 17S 13% so 9?. 65 20.0%
E265.900 7% 91.9% I-Izl 529 366 17.8%
S616,000 55% 89 0% 3W 17 6 Z 8 12 5%
11s go.2% 178 323 q5 25" 108 10.2%
i267,500 9% 813.3% 17a 4 4 '. 3% 104 339. 14,1 30.6%
185.820 135 445 4% 183 104i4 115 36 5%
S767,500 4% 90-0% 199 392 7% 94 8% 142 11.3%
177,500 17*6 88.911, 156 40 22% 20 0% 29 20.7%
NQ4 $
275.000 13% Z93 4% 129 1765 9% 792 111. 402
S185,651) Is% 92.0% 129 850 81. 409 01. 221 43 4A
160.000 21% 90.3% 144 530 5% 198 10% 13) 311%
205,000 13% 91.7% 132 124 3w, 40 46% 34 11.8%
253,000 10% 92.2% 188 1 319 20% 131 2% 106 39.6%
465,000 3% 90-1% 180 222 19" so 14% 78 12. 8%
5229.900 54% 92.1% 58 51 39% 19 4E% 13 23J%
223,500 7% 96.1% 419 109 1111' 32 37% 1 28.6%
227,000 3/ 94.1% IV 1275 18% 604 20% 308 17.9"
S1,062.500 8% B9.29' 188 70 27i. 14 13 24- 115%
S403,800 235' BSA% 157 156 9% 1g 32% 66 6.1%
32.51i 00C 282% 81.1% 122 9 3 501- 4 0.0%
S220.000 12% 94.5". 122 203 2% 107 921. 51 17.6%
S176,500 19% 91.1% 128 110-17 13"' 5273 61 2551 361%
S2413.450 61. 92-4% 124 1,200 27% 452 329 12.8%
560,000 54% ss qi. 160 1,; 7A 3 79'Z 333 7.6-2%
S275,945 95_87 106 1,352 25'- 626 7% 9 6%
5188,000 931% C 616 P 350 0% 105 38,1119
208,000 7; 93-6"- 108 1.197 25% 677 12". 228 35.5%
SA 4.525; 8h_s% 1115 087 11. 746 103% 259 70.3%
S167,500 91 31 1_ -, 834 17% 40) 756 D2 47,5,
86,725 46% 85.5% 147 319 14. 1-' 87 ell 88 46 13%
119,700 30 86.9 1411 938 20,c 05 4F. 2 2 S E 2,05;
5275.000 1 ML 93.7. 117 T,334 15% 68_ 19 1 242 20-2%
s204,000 16% 9'_ ;1; 123 141L 9 ; B9 4 A 9 1. ",
25().(DOO 5-11 92.5% 152 25 21?; 6m 2 2 4 053
S-280.250 106 71i i6i: 36 13 2-E`
S195.95c) 85% 92.4-L ICE 1 10" 2 01, 6 16-7--,
Z';IL 7009 MNMO C::_
tiennepm t-ounty, rropeny iviap i -age i or i
Hennepin. County Property Locator
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or Tvvp-Rng-Sec) using the "Quick Search" commands or simply navigate to the desired location using the "Map T
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oeriodic chanae without nrior notification.
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rroperty iniortnation earcn ny Fropervy it) Kesult. page
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Hennepin County, MN
Pdroperty In4formnation :Search Riesu jt
The Hennepin County Property Tax web database is update
daily (Monday - Friday) at approximately 9.15 p.m. (CST)
2 0 0 9 As s e s s --r- en, t "r F c r T a --c a s P a y a b! e 2 0 1 C)`
Property ID: 09-118-22-14-0016
Address: 5015 HARBOR LA N
Unit No.:
Municipality: PLYMOUTH
Owner: JEFFREY & KIMMRA HINGHER
Property ID: Taxpayer Name / Address: JEFFREY HINGHER
Fo911822140016 5015 HARBOR LA N
PLYMOUTH MN 55446
Sca,chl Clear
Subrecord No. I
Improvement Amount, 85,000
Property Type: RESIDENTIAL
Homestead Status: HOMESTEAD
Exempt or Deferred:
Values Estimated Limited
Land: 110,000 110,000
Building: 373,000 373,000
Machinery- 0 0
Totals: 433,000 483,000
Less Qualified Improvement: 0
Less Veterans Exclusion: 0
Total Taxable Market Value 483,000
Hennepin County is providing this information as a public service.
Tax related questions:
Need help locating a property on our site? Check Out OUr --I-, Fil---
11
1i5 :) ao-,r 2 -
ty '.:3 --rn! pegisr?arior I Emplo
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Copyrirght (K) 2006 Hennepin County, Minnesota viww.Hennepin.us
http://www 16. co. hennep n. inn. us/pin s/p idresultj sp?p1d=0911 922140016&assni t= 1 4/6/2009
ProperLy hiformation Search by Propell)7 H) Result paLge Fage I ot 2
WE Hennepin County,, MN
on Search ResultPropeiry "n orma.—
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5-'arCh By.- 2 0 -0 9 A s s ee, s s ni en t ( F o a X e S a y F I e- 2 0 10
P1,0PERTY 10 C =z
118-23-11-0012PropertyID: 13Q
21 ENT - - =M—
MI
Address: 100 NAVA30 RD E
Unit No.:
Municipality; MEDINA
owner: JOHN G ZAHHOS
Property ID: Taxpayer Name / Address: JOHN G ZAHHOS
11311823110012 100 NAVAJO RD E
HAMEL MN 55340
ClearSearch
Subrecord No. I
Improvement Amount:
Property Type: RESIDENTIAL
Homestead Status: HOMESTEAD
Exempt or Deferred:
Values Estimated Limited
Land: 180,000 180,000 (T 01 0C 3
Building: 318,000 318,000
Machinery: 0 0
Totals: 498,000 498,000
Less Qualified improvement: 0
Less Veterans Exclusion: 0
Total Taxable Market Value: 498,000
Hennepin County is providing this information as a public service,
Tax related questions:
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Hennepin County, MN
U5
P,roperthy infoirm..ation Seamrch Res-u4l--
The Hennepin County Property Tax web database is update(
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Search By: C) i214309Assessnixenti. Folr Ta x es Pay a 10-13 e 0 -1
PROPERTY ID
ty ID: 13-118-23-22-0007Propei
Address. 3125 CARRIAGE DR
Unit No.:
SAT Municipality. MEDINA
Property ID:
1311823220007
search] - Clear --i
ique Aerials
ials
irthTm 2008
Owner:
Taxpayer Name / Address:
DAIYING HUANG & DAI XIN
DAIYING HUANG & DAI XIN
3125 CARRIAGE DR
HAMEL MN 55340
Subrecord No. I
Page I Of 6nt Amount: 2,100
operty Type: RESIDENTIAL
tead Status: HOMESTEAD
or Deferred:
Limited
155,000
251,000
0
406,000
0
0
406,000
is providing this information a s a public service.
ons: T -a -m u-
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Folicv Con art
littp://,A,ww16.co.heimiepin.inn.us/pins/pidrest.ilt..]sp?pid=I 311823220007&assmt--1 4/6/2009
Values Estimated
Land: 155,000
0)-Y' Building; 251,000
Machinery: 0
4
Totals. 406,000
7Aiwf "4-
ualifjed Improvement:
ess Veterans Exclusion:
l Taxable Market Value:
Limited
155,000
251,000
0
406,000
0
0
406,000
is providing this information a s a public service.
ons: T -a -m u-
ig a property on Our site? Check out our--ar, h -i p-
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REPORT #4
2009 BOARD OF APPEAL & EQUALIZATION
STAFF REPORT AND RECOMMENDATION
PROPERTY OWNERS NAME: Linda Wagner
PROPERTY ADDRESS: 2025 Kilmer Lane North
PID #: 25-118-22-14-0005
LEGAL DESCRIPTION: Long Legal
PROPERTY TYPE: Residential Rambler
2009
MARKET VALUE
VALUE PRIOR TO ASSESSOR'S
LOCALBOARD RECOMMENDATION
LAND MARKET VALUE 65,000
STRUCTURE MARKET VALUE 41,900
TOTAL MARKET VALUE 106,900 No Change
ASSESSMENT HISTORY 2007 2008 2009
Total Market Value S118,400 $110,000 $106,900
Limited Market Value
Improvement
vpUSit -
it N. 1;
40--:7 0a,
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mv,
OWNF,RS CONCERNS:
Ms. Wagner appeared at the Local Board of Review and Equalization on
April 7, 2009. She stated that $I 10,000 was too high a value for the 2009
assessment. $110,000 was the 2008 estimated market value that was a
settlement of a tax court petition. The 2009 estimated value is $106,900.
Ms. Wagner was contacted on April 8 and after discussing, her concerns, shec'
decided to appeal at the Hennepin County Board of Review and
Equalization. The number to call to place an appeal was furnished.
j
Jan Olsson SAMA, RES
Appraiser Supervisor
763-509-5355
JoIsson&i.plyrnouthmn.us
CITY OF PLY-t1vlOUTH
LOCAL BOARD OF APPEAL AND EQUALIZATION!
April 7, 2009 @ 7:00 PNI
The p. ='ary focus of the Local Board of Appeal and Equalization is to consider the
estimated market value and/or classification for the 2009 assessment for taxes payable in
2010. '
T,ame:
Addres
How can we reach geas?t v elephone numbers:
CellolfIHomeZ/
Purchase Price:
Is the property currently for sale?
Purchase Date:
If yes, what is the asking price?
Please list any improvements made to your property since your purchase-.
2009 Estimated Market Value (from your valuation notice _ ' 1-1-6 " /,& -
2008 Estimated Market Value (fr9m your v.Lu#ipn nQdce)
owner's opinion of value
your appeal must be based on evidence that the 2009 estimated market value exceeds the
true market value of your property. Please list the reasons why you believe that you
could not sell your property for the value stated on your 2009 valuation notice, Please
attach any documentation to support your opinion. To reserve your nght to appeal,
please speal, to a staff appraiser as soon as possible and then return this form to the
Do vouwish to verbally address the Board? Yes
I (%I- -)
N, o
PIN -mouth Assessffi-Division
3400 Plvmouth Blvd.
Plymouth, IMN 55447
76' 3-509-5360
REPORT #5
2009 BOARD OF APPEAL & EQUALIZATION
STAFF REPORT AND RECOMMENDATION
PROPERTY OWNERS NAME: Raghu Ramen
PROPERTY ADDRESS: 3 3 3 0 Niagara Lane North
PID #: 21-118-22-12-0006
LEGAL DESCRLPTION: Lot 2, Block 4, Park Place
PROPERTY TYPE: Residential
2009 VALUE PRIOR TO
MARKET VALUE LOCALBOARD
ASSESSOR'S
RECOMMENDATION
LAND MARKET VALUE $72,000
2009
STRUCTURE MARKET VALUE $193,200
247,300
TOTAL MARKET VALUE $265,200 No Change
ASSESSMENT HISTORY 2007 2008 2009
Total Market Value 247,300 271,700 265,200
Limited Market Value 247,300 271,700 265,200
Improvement 0 0 0
aq-
7f
VtVt
DIAGRAM
Sty Ht Dimensions Sq.Ft.
I/B x 672
I/C x 616
OH x 48
x
Gross Building
Area 1336
Porches/Decks
Deck 8 x 7 56
Deck I I x 15 165
Garages
Attached 23 24 152
co
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7z_
Location Map]
w E
This represents a compilation of information and + City of data from city, county, state and other sources that has S
not haen i verified. Wormaiion should be field
Plymouth, MN verified and compared voith ohgianl source documents.
COMPARABLE SALES
COMPARABLE #1
11283 50"' Place N
COWARABLE #3
3340 Minnesota Lane N
COMPARABLE #2
4340 Jouguil Lane N
COMPARABLE #4
11283 49'h Avenue N
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City of This represents acompilation ofMormation and +
data from city, county, state acid other sources that has SnotbeenfieldverifiedInformaFortshouldbefield
Plymouth, MN verifieri and compared with origiarl source documents
VALUE CONCLUSION
LOCATION:
The subject property is located on a cul-de-sac of Niagara Lane in the subdivision of Park
Place. This subdivision is comprised of 8 homes that were constructed in 1986-88. It is
contiguous to a larger and older addition to the south named Cavanaugh's 4"'. There is a
trail access from the, cul -de -;ac that leads to a cross walk at 341h Ave. and connects to the
side walk on the north side providing access to Creek Center, the Millennium Gardens
and the trail system.
SITE:
The'site is well drained cast facing walkout on the cul-de-sac. It is a 0.31 acre parcel with
few trees of any consequence. It borders the older neighborhood to the south.
IMPROVEMENTS and FEATURES:
The subject property was improved in 1986 with a 1336 square foot 3 level split home.
The home has 3 bed ' rooms and 2 1/-2 baths with an unfulished walk out basement and a
deck. In 2004 10 windows and 2 doors were replaced.
OWNERS CONCERNS:
Mr. Ramen's concerns are three fold. First, he has a refinance appraisal dated 4/2/09 and
believes the value of his property should be reduced to that amount. Second, he has
indicated that the Case Shiller Home Price Index is reporting a 20% decrease in home
values for 2008 and that this further supports the value of the appraisal. Third, Mr. Ramen
believe the value of his neighbor's home has steadily decreased since 2007 and his value
has simultaneously been increasing.
COMPARABLE #1
This sale was chosen for the type of building, age, date of sale, walkout, number of
fireplaces, garage characteristics, and porches. All were similar to the subject property.
Adjustments were made for size, number of bedrooms and baths, amount of basement
finish and deck.
COMPARABLE #2
This sale was chosen for it's similarities to the subject. Type of building, age, size,
number of bedrooms and baths, walk out, number of fireplaces, garage characteristics and
porches. Adjustments were made for finished basement area and deck.
COMPARABLE #3
This sale was chosen for the type of building, age, size, number of bathrooms, walkout,
number of fireplaces, garage characteristics, deck, porch and location in the same
subdivision. Adjustments were made for number of bedrooms and finished basement area
COMPARABLE #4
This sale was chosen for age, number of bedrooms, walk out, number of fireplaces,
garage characteristics, deck and porch. Adjustments were made for size, number of baths,
and finished basement area.
CURRFNT LISTING:
3345 Minnesota Lane N. This property listed 13 days ago in the same neighborhood as
the subject property. It is 324 square feet smaller and is listed for sale at $249,900. It is of
similar age, number of bedrooms and baths, finished basement area, garage
characteristics, walk out, deck and porch. If it sold, adjustments would be made for date
of sale, fireplace and size, resulting in a comparable value of $264,369. The appraisal for
refinance purposes used this as comparable and after adjustments arrived at a comparable
value of $233,475, an 11.69% difference.
RECONCILIATION OF VALUE:
Mr. Ramen's appraisal was done for purposes of refinance and as such is more an opinion
of the equity position of the homeowner than the current market value of the property,
much less the market value as of 1/2/09. It has been the experience of the assessing staff
that refinance appraisals are 5-20% lower than the actually selling price. The Case-Shiller
indices are not city specific and further do not segment the market from lender mediated
to traditional sales. The MA.AR (Minneapolis Area Association of Realtors) reports that
for MLS area 374 (Plyi-nouth) the decrease in median sales price for traditional sales from
2007 to 2008 was -2.)%. The median sales price for lender mediated sales over the same
period Mcfeased +0.9%. 1 have attached a copy of this research. The neighbor that Mr.
Ramen spoke of is in an adjoining, but separate for assessing purposes, neighborhood.
Even so, their respective assessed values decreased from 2008 to 2009, Mr. Ramen's by -
2.4% and his neighbor by -2.6%. Having considered and answered the objections raised
by the home owner and carefully analyzed the tight range of comparable sales. it is the
opinion of this appraiser that the 2009 assessed value is:
265,200
4 1 /
A_ V )4
Michael Vander Linden, CMAS
Appraiser
763) 509-5356
rnvander1@ci.p1ymouth.m11-us
FORECLOSURES AND SHORT SALES
I N TH E Tw] N CITI Es Housl NG MARKET
Area 374:
Plvmmith Lender -Mediated
M IN rqFAPQ LIS AREA As.. 6 ti..
f REALTORS'
Traditional
1
2007 2008 2007 2008
Median Sales Price 218,000 220,000 0.9% 298,000 291,500 2.2%
Median Price Per Square Foot 116 110 5.1% 142 134 5.9%
Percent of Original List Price Received at Sale 88.2% 90.3% 2.4% 95.2% 93.8% 1.5%
Days on Market Until Sale 142 142 0,0% 114 131 14.8%
Closed Sales That Are Single -Family Detached 16 59 268.8% 475 414 12.8%
Closed Sales That Are Townhouse -Condo 19 37 94.7% 390 292 25.1%
What to Watch For
In 2CO8. the median home price of lender -mediated homes in Plymouth
held relatively steady 0.9 percent, while traditional properties deciined by
2.2 percent.
The Percent of Original List Price Received at Sale for lender -mediated
properties in Plymouth was 130.3 percent, which was an increase from last
year. Traditional properties received 93.8 percent of their original asIdng
price.
On average, lender -mediated properties took more Ume to sell in 2008
than traditional homes. The average market time of lender -mediated
properties stayed roughly the same, while traditional properties increased
by 14.8 percent.
Median Price Per Square Foot
n 2007 $
142
116 $110
02008 =
S134
Lender -Mediated Traditional
Days on Market Until Sale
142 142 N 2007
Median Sales Price
m2007 $298,000 $291,500
onnp
Lender -Mediated Traditional
Percent of Original List Price Received
M 104
m2007 95.2% 93.8%
Lender -Mediated Traditional
Share of Sales That Are Lender -Mediated
m 2007
12.5% N 2008
11.2%
Lender -Mediated Traditional Single -Family Detached Townhouse -Condo
r,) W)00 U;- -U, A— PPAi Tnp.,;* novpinnpri hi, loff All -n And A;4rnn f)irkinqnn Pacie 2 of 2
FORECLOSURES AND SHORT SALES
I N TH E Twl N CITI Es HOUSI NG MARKET
Area 374:
Dhurmf%l 1+h Lender -Mediated
MINNEAPOLIS AREA As-ciaha
f REALTORS'
Traditional
NJ 2007 2008 2007 2008
inventory of Homes for Sale* 48 72 50.0% 414 363 12.3% 1MonthsSupplyofInventory* 12.5 10.4 16.4% 7.1 8.0 12.7%
New Listings 91 210 I In.8% 1,923 1 579 17.9%
Closed Sales 35 96 174.3% 865 706 18.4%_
At year-und
What to Watch For
Plymouth has a [owe r-tha n -average share of lender -mediated Share of Inventory That is Lender -Mediated At Year -End
properties -16.6 percent of current homes for sale. Total Twin Cities 16.6%
inventory is 32.0 percent lender -mediated.
Over the last two quarters, the total number of lender -mediated homes for
sale in Plymouth has increased from 65 to 72—an increase of 10.8 10.4%
percent. Traditional inventory has fallen from 556 to 363.
In the last year, the months supply of lender-rnediated inventory has 4.9%
decreased from 12.5 months to 10.4 months, due to increasing sales of
lender -mediated properties. = -0 –1
2006 2007 2008
Inventory of Homes for Sale Traditional
700 - —Lend er-M ediated
Boo
500
400
300
200
We
0
Q1 -06 Q2-06 03-06 04-06 QI-07 Q2-07 Q3-07 04-07
New Listings Closed Sales
Traditional
Lender-Mediated 400 -
700
350
600
300.
sea 250
400 2CO
3no 150
200 - 100
100- 50
a-- 0
Q1- Q2- Q3- Q4- 01- Q2. Q3- Q4. Q1- 02. 03- Q4
06 06 06 06 07 07 07 07 OB 08 08 08
01-08 (22-08 Q3-08 Q4-08
Traditional
Lender -Mediated
rp qnno KA;__1j, A- ^F DPAI TnPl4rR) na-1nn-1 h% 1 ff All n Anrl Anrnn nwkin nr Paae I of 2
02. Q3- Q4- Q1- Q2- 03- 04- Q1- 02- Q3- Q4- Q1-
06 06 06 06 07 07 07 07 08 08 08 08
rp qnno KA;__1j, A- ^F DPAI TnPl4rR) na-1nn-1 h% 1 ff All n Anrl Anrnn nwkin nr Paae I of 2
CFFY OF PLYNIOUTH
LOCAL BOARD OF APPEAL A -ND EQUALIZATIONi
April 7,2009 @ 7:00 PM
The primary focus of the Local Board of Appeal and Equalization is to consider the
estimated market value and/or classification for the 2009 assessment for taxes payable in
2010. The Board is not empowered to adjust taxes.
Name: 9 A ul
Address: 0 IVE ry C S-;4
How can we reach you: Please list your telephone numbers:
Home Work Cell
C7 5,5-7 -7
Purchase Price-.— o, Purchase Date: - J / i Cl IY7
Is the property currently for sale? NO If yes, what is the askific, pri"ce? 0
Please list any improvements made to your property since your purchase:
14 il , r, (:, --) 1a4 i r— J? J -1 4 0 -,)D 15
2009 Estimated Market Value (from your valuation notice :2- 6-c;, -2- --?D
2008 Estimated Market Value (from your valuation notice) 41 -7
Owner's opinion of value i
Your appeal must be based on evidence that the 2009 estimatedmarket value exceeds the
true market value of your property. Please list the reasons why you believe that you
could not sell your property for the value stated on your 2009 valuation notice. Please
attach any docurnentation to support your opinion. To reserve your right to appeal,
please speak to a staff appraiser as soon as possible and then return this form to the
Plymouth Assessor's office no later than Friday, April 3.
I- ih!J,AAi4J)L- LF7-a fij-Fj)
f 14 F- j--1)-,, r -r- F;JL 2-
K) H I t V,- 0 t 4 "-jM 14 1 1- 6,j k -, r -
P L 4ic-:aIff)?
Do you wish to verbally address the Board? ('-esj NO
PI-Y,mouth Assessin Division
3400 Plymouth Blvd.
Plymouth, MN 55447
763-509-5360
FROW
GJS APPRAISING
B966 Coffman Path
Inver Grove Heights, MN 55076
Telephone Number: 952-1158-8580 Fax Numbei: 952-858-8595
TO:
mortgageadvice.com
11670 Wayzata Blvd.
Minnuzonka, MN 55305
Telephone Number: Fax Number.
Afternate Numbec E -Mail: beevencl(a)koerealtv.com
INVOICE
INVOICE NUMBER
09215
Client: Mortgageadvice.corn
DATE
Property Address: 3330 Niagara Lane North
REFERENCE
Internal Order#., 09215
LerEJef Case e.
Legal Desc6ption: Lot 2, Block 4, Park Place
CfWtFile#:
FEES
Main Ple # On form: 09215
Other File # on form: PAID
Federal Tax 13; 41-1877465
EmployerID:
Check#: 3760 Date: Description:
DESCRIPTION
Lender: Mortgageadvice.com Client: Mortgageadvice.corn
Purchasei/Borrower: Ramon, R. & C.
Property Address: 3330 Niagara Lane North
City: Plymouth
County: Hennepin State: MN Zip: 55447
Legal Desc6ption: Lot 2, Block 4, Park Place
FEES AMOUNT-
FuN I OG4 Appraisal 300.00
SU13TOTAL 300.00
PAYMENTS AMOUNT
Check#: 3760 Date: Description: 300,00
CheckR: Date: Desc6ption:
Checktl: Dale: DescOption:
SUBTOTAL MOM
TOTAL DUE S OM
Form NIV5 [or Windows' appraisal softwara by a (a mode, in. — I-M-ALAM001
GJS Apposing 1952) 858-8580
GJS Appasing (952) 059-8580
Uniform Residential Appraisal Reoort Fila # 09215
PAID
The purpose of this summary appraisal report is to proyide the lenderichent with an accurate, and adequately supported, up0an at the market value of the subject omEn—
Properly Address 3330 Niagara Lane North Cit Plymouth Slate MN Zip Cade 55447
borrower Rarnen, R. & C. Owner at Public Record Ramen, R. & C. Coot" Hennepin
Lanai DescnDnn Lot 2, Block 4. Park Place
Assessor4s ParW # 2111822120006 Tax Year 20aa R.E.TaxosS 2,916.12
Neighborhood Name Plymouth Map Relffeflue Kings 134-90 Census Tract 0265.14
Occupant 0 Owner Lj TanaRt [] Vacant Special Assessments S g.00 PUD HOA per year El Der month
Prope[ Rights Appraised 2) Fee Simple C] Leaseholrl E] Other (describe)
Assignmen! Type D Purchase Transaction 0 Refinance Transaction (:1 Other (describe)
LenderlGlierrl Mo Wageadvice.com Address 11670WaymtaBtvd., Minnetonka. MNS5305
is the subject property currently offered for sale or has it been offeted for sale n the twelve movdAs prior to the effective dale of Ws appraisal? Yes 0 No
Report data source(s) used, offflnng DdCe(S), and rale(s). Multiple Listing Service and borrower named herein.
I D did 0 did not analyze the contract for sa fi for the sublect purchase bans2clion. Lvlajn the results of [be analysis of the contact to; sale or why the analysis was not
perlornnerf. The subjert pmperty is not under contmd.
Conuract Prce S N/A Date of Contract NIA Is the prop" sellerlhe owner of Prdble recond? DYes DNo DataSourcafs) NIA
Is Mere any financial assistance (loan charges, sale concessions, gM or downpayment assistance, etc.) to be paJd by any party on behall of the borrower? El Yes D No
If Yes, repo" the total dollar amount and describe ft items to be pajd N/A
Note: Race and the racial COMEDStfiOn of the neighba hood are not apRraisal factors.
Ughborhood Characteristics One -Unit Housing Trends One-UnitHousing I PrmntLandUse%
Location []Urban N Suburban LJ Rural Prop" Values F-1 Increasing L] Stable M aLchning PRICE AGL 10ne-Unit 76%
Bull -Up Over 75% (] 25-75% Lij Under 25% 1 Dernar&Supp 0 shortage __0 In Balance N Over Supply S (GDO) (yrs) 2-4 Und 0%
Growth Rapid N Stable P I ",ri-fing Time LjOnder 3 mlhs M 3-6 niths Ej over 6 mths 125 Low 0 Mutfi-Fahrly 2%
ghbomcod Boundaries Neighborhood is generally bound by the City limits of Ptymourth. 750+ High 59 Coamrcial 14 %
347 Fred. 27 Other a%
Neighborhood Descrirbon ._De subeGt is located in PlyMouth, a desirable western suburb of the TvAn Cities metro area. Neighborhood comists
primarily of single family residences with supportinQ commercial and investment properties. Main access to the area via Highway 55, sauth of the
subject property. 25 minute oommude to the CBD of Minneapolis.
Markel Conditions (including support for the above conclusions) See attached addenda above appraisers license for market conditions comments.
Dimensions 67 x 158 x 125 x 160 Area .28 Acre Shape Typical View Average
Specific Zoning Classificaliao RSF-1 Sngle Family DoL 1 Zoning Description Typical zoning for single family residence in the market area.
Zoning Comphance M egaJ El qal Nonconforming (Grandfatered Use) Ej No Zoning 7 Illegal (desciibe)
Is the highest and best use of subfecl property as Improved (or as proposed per plans aad speciricalJons) ft present use? N Yes Ej No It No, describe
MUM PuNic Dther(descnba Public Other(describe) Off-sIte Improvements -Type Public Private
Electlictly M Ll Water __N El Street Bituminous M E
Gas M 0 __ - __ Sarrilary Sewer E) D Aft Norte El 0
FEMA Special Flood Hazard Area Lj Yes (g No FEMA Road Zone X FEMA Map# 27053C019CE FEMA Map Dale 912/2004
Are the ulfilles and alf-site improvemnts tgical for the market area? 0 Yes [I No 0 No. describe
ke there any adverse site conditions or external lacturs; (easements, encroachments. envuonmerilad condilops, land uses, etc.)? [j Yes Z No It Yes, describe
No adverse site conditions or exlemal factors that would affect the subhacfs nnaFketabflV were noted, Typical drainage and utility easements.
General Description , Foundation % Exterior Description materials/candhion Interior I materials/cond1flon
Units (R One D One with Accessory Unk Concrete Slab Crawl Space Foundation Walis Concrete/Avg Roors Carpet,VinyUAvg
of Stores 1 Full Basement Partial Basement Exterior Walls Wood/Avg Walls Sheet RoWAvq
Ype R Out Ll Aft, F] S-DOUEN Unit Bammord Area 672 sq.tL Rouf Surface Asp. Shingi,Avq TOWFinish Wood/Avg
M Existing El Proposed C] Under Const. Basement Anish 80 % Girders 9 Downspouas Yc!sLAvg Bath Finer VinyVAvq
Design (Styla Split Outside Enfty/Exft [g Sump Pump Window Typo Casement(Avq Bath Wainscnt Cer. TilatAvg
Year Built 1986 Fyidenceof Ffl Infestation Sturm SaWnsdaled Yes/Avq Car Storage L None
Effective Age (Yrsl 1 N Dampness Settlement Screens YeslAv Driveway #of Cars 4
Attic 7 None Healing N FWA IM HWElIFE—Radjani eldfies L) Woodslove(s) Driveway Surface Goncrele
D..Drop Slair L] Stairs I Other _ _lFuel Nat - Gas Hroplace(s) # 1 [:] Fence Garage # cl Cars 2
Floor N Scuttle Coo!N_ Z Central Alr Conditioning PaboMeck Dk,PalE) Poo:11 Carport * of Cars
Lj Finished E] Heated L] IndhAdual 11-1 Gthar Pool L Other Z AIL El DeL E] Bulk -in
Appliances F] RefOgDralDr U Range/Oven X Dishwasher Z Disposal IN NlicrowavB H Washer/Dryer Ej Other (describe)
Finished area above grade conlain& 5 Roorns 3 Bedrooms 2 Bath(s) 1,355 Square Fee of Gross LiVing Area Above Grade
AdVional features (sperial energy efficient items, etc,j. Su jert is an average quality 3 level spift. Partial walkout hnernent(rrawlspace). Reardeckand
palio. Contralair. Fireplace in basement family mom.
Desclibe the condition of lhe propetty (locludIng needed repairs, deterioration, renovaliofls, rernadeling, etc.), The sublect has a typicaVognventional Poor plan that
offers average functional utility. Quality of construction is averaqe No necessary repairs noted. Estimated remaining economic life is 62 ypars,
The subject is in average condition overall when carnpam-d to surrounding homes of a similar vintage. No functional cur external obsolescence -
Are We any physical deficiencies of adverse conditions that affect the rivablity, soundness, or structural inINdly of the property? 0 Yes Z No If Yes, describe
No phystcat cleficien6es or adverse conditions noted at time of inspertion.
Does * pmperty-generMly conform to the nqhborhoud (lunnonal ulilj, style, cGildillon, use, consiruction, etc.)? Yes L] No 11 No. descObe
Subject considered typical of the area in terms of style, appeal. qualj!y, condition, age.
Freddie Mae Form 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 March 2U05
Form 1004 —'TOTAL 1w Windows' appraisal sottware hya la mode, inc. — I -890-AtMAGOE
Uniform Residential Auraisal Reoort File# 09215
PAJD
There are 32A/2P comparable properhes curFerilly offered for sale in the subject neighborhood ranging in price from S 200,000 [a$ 280,000
There are 56 comparab s In the subject neighborhood within the past twelve months ranging in sale price from $ 20o,000 to S 280,000oL
ffATURE 1 SU8JECT COMPARABLE SALE # I COMPARAKE SALE # 2 COMPARABLE SALE # 3
Address 3330 Niagara Lane North 14020 30th Place North 15900 28th Avenue North 4615 Minnesota Lane North
PIvrnoulh Plymouth Plymouth Plymouth
Proximity to Subject 0.72 miles 0.67 miles 1.48 miles
Sale Price S NIA jS 205,000 Is 210.000 is 270,000
Sale Frrce/Gross liv. Area 5 SOL S 236 99 sq.h.l 20I.S4 sg-tLI 152.71 SRA -1
Inata sourcels) MLS:DOM-178 MLS;DOM-141 MLS;DOM-50; CDOM-2a2
Verification Sourcelsl Northstar MLS — Northstar MLS Northstar MLS
VALUE ADJUSTMENTS DESCRIPTION OESCRIPIRON +() S Adjus ( DEsmip-nON I + S Adi[iistment DESCRIPTION S AdjusM._
Sakni or Financing Cony. Corly. Conv.
Gancessiops 0 Points 0 Points 0 Points
Date of Sal 5/2009 0212312009 11120/2008 -3,10()
Location SuburhanlGd 1;,,h,-rban1Gd SuhurbardGd SuburbardGd
leaseholdlFee Slmp a Fee Simple Fee Sirnpte Fee Simple Fee Simele
sile .28Ac/Average_ .22ActAvq, .48Ac/Traffic, .24AcJAvg,
View Included above Included above Included abovo Included above
Design (SlyW) Split SPIR Spa 2 Story
Quality of Construction Average Average Average — Average
Actual Age 23 29 29 21
Condition Averacre A Averacre-ctood -5,000 Good -10,000
Above Grade Tolal otirms, T:
rage
Rams i B&M.1 SOS roml I ortims. I Am Total Borms, Hams
Room CQTJW 5 3 5 2 1 1 +4,00 9 1 2 1 1 +4,000 7 1 3 1 1.5 +2,0002
Gioss tiving Area 1.355 GO -11. 865 sq,ft. +12,2501 1,042 sq.R. +7,825, 1,76H sq.n.! -10,3251
Basement & Firfished Partial, WO, Full, IPartial, Full, WO,
Rooms Below Grade FR.Den..58 FR.2BRs,.75B -7.500IFR.BR,.75B,= FR,BR,Kd,FullBt -12,000
Functional Utility lAverage lAverage AveridgeAverage
Hca!14Coofing FHA)CA FHAICA I FHA)CA FHAJCA
Energy Fificlent Items Standard Standard IStandard Standard
GaraqEVCallport 2 Car Garage 2 Car Garage 2 Car Garage 3 Car Garage -5,000
Porcwpatlo/Dock Deck, to Deck +500 Deck +50OIDeck.Pabo
PorcWPatio/Deck cGndnued None— None None None
freplaces+ Wood Stoves, ecL 1 FIR None +1,50 1 FP None +1,500
Other Extras Similar Extras Similar Extras Similar Extras
Not Adpostment (Total) 10,750 Z + 7,32 El + M - $ 36,925
Adjusted Sale Price Net Adj. 52% Net Adj. 35% Nei Adj. 13,7%
of Campatables GrossAdj. 12,6% S 215,7501 Gross Adj. 8',3 217,32 Gross Adj. 16-3 % S 233.075
NdId I I did nut research [be sale or transfer history of the subject properly and cumpardillp sales. If nut. explain
Myrestarch LIdid X did not reveal any prior sales or tranafefs of the subject property for the three years prior to the effecYve dale of Ns appraisal,
Data Scurce(s) Multiple Usting Service and county records,
My research LJ did N clid not reveal any prior sales or transfers of me comparable salas for the year pr cn to the date of of ft comparable sale. sale
DaU Scurce(s) Multiple Listing Service and county records.
Rport the results of the research and analysis of the our sale or transfer history of 1k subject prop" and G mparable saM (Ueort additional prior sales on paqu 3).
ITEM SUBJECT COMPARABILF SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3
Date of Prior Salp)Traftsfer None Inft past36 months None in the part 36 months None fn thepast 36 months None in the past 36 months
Price of Prior SaWfranster None in the past 36 months None in the past 36 months None in the past 36 months None in the post 36 months
Data Source(s) MLS, County records MLS, County, records MLS, County records MLS, County records
Ftfirctiye Dale of Data Sourcels) CtirTont Current Current i Current
Analysis at pdor sale or transfer history of " sub*t property and comparable sales Per MLS and county records the subject and cornparalo(ras have no other
reported prior sales over the past 36 months.
Sommary of Sales Comparison Approach Sales used considered best of those available. Adjustments made for conclition(effective age), not actual age -
Sales 2 & 3 adjusted - for t>etter conciftion. Sales Comparison pproach given only consideration in analysis. Cost kpproach not reliable for non
new construction homes with larger amounts of depreciation. Income Approach net app icablo due to lack of rental data for s ngle family hurne5,
condominiums, and townhomes in the Twin Chios market area. Sale 3 adjusted - fur time of sale due to declining values. Sales I & 2 very recent
Mh na tirne adjustfnents warranted. Sale ever 1 mile best available to property bracket the subject property.
Indicaled Value by Safes Urnparison Approach S 225 000
Indicated Value by: Sales Comparison Approach$ 225.00() Cog Approach (it developed)$ N/A Income Approach (ill develop4 S NIA
The Sales Comparison Approacb mras utilized to deterrnine estimated market value- The Cost Approach was net developed. The Income Approacl-
was not developed due to lack of relevant and/or reliable rental data,
This appraisat is made N "as is", L subject to completion per plans and specifications an the basis of a hypothetical condAcfi that the Improvements have been
complelLd, F_ subject to the iollovAng repairs of Aerations an lhe basis of a hypothetical condition that the repairs or afterations have been completed, or 0 subpcilo the
allowing requited inspection WSW an the extraordinary assumption that the candifof; or deftiency does not require alterallon or repair. Sub'ecl appraised "as 'S'.
Based an a complete visuat Inspection of the interior and e%terior areas of the subject properl, defined scope of work, statement of assumptions and limftjng
conditions, and appraiser's cerfilication, rmy (ourl opinion of the market value, as defined, at e real property that is the subject of this report is
S 225,000 asof 04102J2009 I which is the date of inspection and the effective date of this appraisal,
Freddie Mac Form 70 March 2005 Page 2 of 6 Fannie Mae Form 1004 March 2005
Form ID04 — 'TOTAL for Windowslaopraisal sahware by a h mode, Inc. — 1 -800-ALMAODF
Uniform Residential Avoraisal ReDort RIA Al 09215
PA0
Freddie Mac form 0 March 2UU5 Page 3 of 6 Fannie Mae Form 1004 March 2005
Form 1004 — 'TOTAI for Windows' appraisa sottware by a la made, inc. — I-EDO-At-AMODU
COST APPROACH TO VALUE (not Tquired by Fannie Mae)
Provide adequate informaton for the nderlcrtenl to replicate Me below cust figures and calculations.
Wgial for the opinion of site va;ue (summary of compable land sales or other mathods f(r.estimadrig sfte Value) The exVaction rnethod was used to determine
estimatod s e value.
ESTIMATED [-] REPRODUCTIONOR (-1 REPLACEMENT COST NEW OPINION OF SITE VALUF -- — -- - - --------- ............... ... .......... 70,000
Source cl cost dala DWELUNG Sq.FL @ S
OuaFfty rating from cosl service Effec&e dale of cost dala Sq.Ft. @ S
Commenis an Cas(Approach (gross 5ving area calculations, depreciation, etc.)
The subject's esftated site value Is $70,000. Land to value ratio typical Garage/Carport Sq.Ft. S@
ofthearea, Cost Approoch not reffable indicator of value and s qiven no Tolal Estimate of Cost -New
value in ana ysis. Less. Physical lFunctional Extemal
DepmClauon I
Depreciaterl Cost bf improvements
As -is' Value of Sile Improvements ---------- - . ... . ... . ................ ........
EstlmatLd RemainiRg Economic Lle HIJD and VA only) 62 Years INDICATED VALUE BY COST APPROACH ------- -- -- -- S
INCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated Monthly Market Rent S NIA X Gross Renl Multipler NIA N/A Indicaled Value by Income Approach
Summary of Income Agroach nc§ijn_svpporl for market rent and GRIVI) N/A
PROJECT INFORMATPN FOR PUDs (Ilf applicable)
is the deyeloperibuilder n control of lhe Homeowners' Associawn (HOA)? [] Yes El No Unit qpe(s) Fl Delached E] Attached
Provide the (alloyaq infumaton for PUDs ONLY q the deyeloperfb0der is in control of the HOA and the subjEct prcpeq is an aflaclwd dwePhig uniq,
Legal Name al Prujecl
Total number of phases Total number of units Total number of unRs said
Tollal rmimber of unt rented Total number of units for sale Data source(s)
Was he project created by the conversion of exisfing building(sj inla a FUD? D Yes 0 No if Yes, dale 0 conversion.
Dues the projecl contain any multi -dwelling unds? Ll Yes FJ No Data Scurce
Are the uniti. common elements, and mcreation lacililies complete? El Yes El. No It No. describu the status of comfiledvll
Are Me common elemerils vised In or by N Homeowners' Associafion? El Yes Cl No 0 Yes, descke Um rental term and uptons.
Describe common elemenis and recreational lacRes.
Freddie Mac form 0 March 2UU5 Page 3 of 6 Fannie Mae Form 1004 March 2005
Form 1004 — 'TOTAI for Windows' appraisa sottware by a la made, inc. — I-EDO-At-AMODU
MAIn
Uniform Residential Appraisal Report File # 09215
This report form is designed to report an appraisal of a one -unit property or a one -unit property with an accessary unit
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative pro ect.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or detetioris to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not pern-irtled, However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organiza!Dn, are permitted -
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisa assignment and the
reporting requirements of this appraisal report form, including the following definition Of market valije, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
irispertiori of the interior and Wetior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verity, and analyze data from reliable public and/or private sources,
and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the lender/cliertt to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a completifive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
parties are well informed or wall advised, and each acting in what he or she considers his or her own best interest; (3) a
reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffacted by special or creative financing or sales concessions* granted by anyone associated with the sale.
Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of Lradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institullonal
lender that is not already involved in the property OF transactlon- Any adjustment should not be calculated an a mechanical
dollar for dollar cost of the financing OF Concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS.' The appraiser's codification in this report is
subject to the following assumptions and limiting conditions:
1 The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the tifle.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements,
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination
of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is ont a surveyor, he or she makes no guarantees, express or
implied, regarding this determination -
4. The appraiser will not give testimony or appeaf in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5- The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc-) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unappareot physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances.
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that theie are Ro such
conditions and makes no guarantees or warranties, express or implivd The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser Is not an expert in the field of environmental hazards. this appraisal report must not be considered as
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion fur an appraisal that is subject to satisfactory
completion, repairs, or alterations an the assumption that thE completion, repairs, or alterations of the subject property will
be performed in a professiupal manner.
Freddie Mac Form 70 March 2005 parle 4 of 6 Fannie Mae Form 1004 March 2005
Form 1*04 — 'TOTAL rcr'ffirdawsl a"Twsal software by a la made, inc, — 1-800-At-AMOD1
unlTorm mesiaential ADciraisal KIBDOFt
APPRAISER'S CE13TIFICATION: The Appraiser codifies and agrees that
1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2 1 performed a complete visual inspection ot the interior and exterior areas of the subject property. I reporter] the condition
of the improvements in factual, specific terms- I identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. 1 performed this appraisal in accordance with the requirements of thE Uniform Standards of Professinnal Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared,
4, 1 developed my opinion of the market value of the real property Mat is the subject of this report baspd an the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales compadson approach
for this appraisal assignment. I further certify that I considered the cast and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. 1 researched, verified, analyzed, and reported on arty current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the Prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report,
6 1 researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7, 1 selected and used comparable sales that are locationally, physically, and functionally the most simi:lar to the Subject Property.
S. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. 1 have reporled adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales -
10. 1 verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11, 1 have knowledge and experience in appraising this type of property in this market area.
12. 1 am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources tar the area in which the property is located.
13. 1 obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. 1 have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration. the
presence of hazardous wastes, toxic substances, adverse environmental conditions, ate.) observed during the inspection Df the
subject properly or that I became aware of during the research involved in performing this appraisal- I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property,
15. 1 have not knowingly withheld any significant inlormation from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16, 1 stated in this app(aisal report my own personal, unbiased. and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. 1 have no present or prospective interest in the property that is the subject of this report, and I have no present or
prospective personal interest or bias with respect to the. participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report an the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future of anticipated appraisals was not
conditioned an any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage foan application).
19. 1 personally Prepared all conclusions and opinions about the real estate that ware set forth in this appraisal report. If I
relied on significant Teal property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any ftem in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it,
20. 1 identified the tonderldient in this appraisal report who is the individuai, o(ganizallon, or agent for the organization that
ordered and will receive this appraisal report.
Fraditte Mar Form 70 March 2005 Paqe 5 d 6 Fannie Mae Form 1004 March 20D5
form 1004 —'TOTAL loi Windows' appraisal sohware by a la mode. iric, — 1-80-ALAIVIGOE
PAM
UnilorM KeSiaential APpraisal hePOrl File # 09215
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns: mortgage insurers; government sponsored enterprises; other
secondary mafket participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser's or supervisory appraisers (it applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party (including, but not limited to. the pubiic through advertising, public
relations, news, sales, or other media).
22. 1 am aware that any disclosure or distribution of this appraisal report by me or the lender/clierit may be subject to certain
laws and regulations- Further. I am also subject to the provisions of the Uniform Standards Of PfOf0SSiOfl2I Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or Its successors and assigns, mortgage
insurers. government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one Or more of these parties.
24. If this appraisal report was transmitted as an 'electronic record" containing my "electronic signatui-%- as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my jigtiatrue, 1he appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment of both under the provisions of Title 18. United States
Code, Section 1001, at seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisniry Appraiser certifies and agrees that:
1. 1 directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. 1 accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,
statements, COFIGIUSlons, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub -contractor or an employee of the supervisory appraiser (Or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared -
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those torms,are
defined in applicable federal airid/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation at my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version (if this appraisal report were delivered containing my original hand written signature.
APPRAISER
Signature L — I ^ n
Name Greq.-TS.6=
Company Name GJS Apprai7mg, Inc.
Company Address 13966 Coffman Path
Inver Grove Heights, MN 55076
Telephone Number 952-85M580
EmailAddress qsmith@gIsappraistqcom
Date of Signature arid Report 402009
Effective Date of Appraisal 0410212009
State Certification # 4003205
or State License #
or Other (describe) State #_
State MN
Expiration Date of Certification or License 8131/2010
ADDRESS OF PROPERTY APPRAISED
3330 Niagara Lane North
Plymouth, IVIN 55447 —
APPRAISED VALUE OF SUBJECT PROPERTY $ 225,000
LENDER/CLIENT
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name
Company Name
Company Address
Telephone Number
Email Address
Date of Signature
State Ceriff icatio n #
or State License #
State
Expiration Date of Certification or License
SUBJECT PROPERTY
D Did not inspect subject property
0 Did inspect Werhor of subject property from street
Date of Inspection
Did inspect interior arid exterior of subject property
Date of Inspection
Name COMPARABLE SALES
Company Name Mortgapeadvice.corn
Company Address 11 670 Wan ta Blvd., Mimmionka, MN 55305 [_1 Did not inspect exterior of comparable sales f rum street
Did inspect extedof of comparable sales from street
Email Address Date of Inspection
Freddie Mac Farm 70 March 2005 Page 6 of 6
Farm IW4 —'TOTAL for Windaws'apraisal software by a la inade, Inc. — 1-8130-ALMOOFIE
Fannie Mae Form 1004 March 2005
Uniform Residential ADDraisal ReDort prip Y nci2i-,;
PAID
FEATURE I SUBJECT COMPARABLE SALE 44 COMPARABLE SALE #5 COMPARABLE SALE #6
Address 333o Niagara Lane North
Ptvmouth
3345 Mfnnesota Lane North
Plymouth
Prommily to Subject 0.07 miles
Sale Price NIA 249.909
Sale Price/Gross Uv. Area 5 sq.lt 24 6 4 Snj S sq.11.1
Data Sourcels) MLS;DOM-8
Verification SourcejsIi Norihstar MLS
VALUE ADJUSTMENTS DESCRIPTION DESCRPTION S Adjustment DLSCRFTION +(-) S Adjustment TESCAPPON Adjustment
Sales or Financing
Concessions
Active Listing
Sales/Ust Adist. -5,00
Date of Sale/Time 0312512009
Location SuburbardGd Suburbard13d
Leasehuld/Fee Simple Fee Simple Fee SimplL
Site 28Ac/Average 51AclAy4g, -5.00
View Included above Included above
Design (Slyin) Spit Spin
Quality of Construction Average Average
Actual Age 23 23
Condition Average Good -10.000
Above Grade Tut Rdtins. Harris TuW Odmis. Batns ToWJ7flL&m-TBatps
Room Count 5 1 2 1 1 +4.000
Gross LMftg Arm 1,355 sq.11. 1,012 Sq -ft. +8,575 5Q.1t, 0 sq.tt. 0
BasomeM & Haished
Roams Below Grade
Partial, WO,
FR,Don,.5B
Full, WO,
FR,BR,.75B -11,000
Functional Ufilfty Averacie Average
HealIN/Cooling FHAICAV FHAICA
Eneigy Efficient Items Staindard Standard
Garage/Carport 2 Car Garage
D
2 Car Garage
PorchRaVO/Deck k Pat,. Deck +500
PorchiPalfafflack condinred None None
Fireplaces, Wood Slaves, ect 1 P1FP None +11,50
Ottler E&as Similar E)dras
Net Agustment (Total) F1+ X- $ 16,425 [1+ 0 - S D + El - s
Adjzted Sale Price
of Comparables
Net 6A % r Net %
Gron 18.2 % S % $ 233,475 Gin"
Net %
Gross % S
Report the results ol the research and anatysis of the poor sale or translet History 0 the subject property and mparable sales (ieportadclftlonal or sales onpage 3).
ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6
Dale of Prior SaWTransler None in the past 36 months None in the past 36 Months
Price of Prior Salp)Transter None in the past 36 months None i;i the past 36 months
Data Sourcqs) MLS, County records MLS, CountV records
Effective Date of Data Source(s) Gurrent Current
Analysis ol pdor sale of transfer history of N subject property ad comparable sales
Ana siVCommenls Active listi q provided for additional support. Active listinq admusted - for average sales to list price ratio and - for b*tter condition.
Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 200
Form 1004.(AG) — 'TOTAL for Windows' apprai5al software by a la mo&, Inc. — 1 -BOO-ALMAODE
Stionlemental Addendum RPHn nP91Fi
Bormwer/Cherit Rarneni.R- & C-
ProoeM Address 3330 NfaQara Lane North
CitV Plymouth County Hennepin State MIN Zip Code 55447
Lender Mortgageadvice.CoM
Neighborhood - Market Conclifions
Sellers are typicalty paying 3% of sale prices towards buyer's closing costs. Currently, there is an oversupply of available single
family homes in the market area. This oversupply has resulted in a buyer's market that is more selective which in turn has
resulted a decrease in residential property values, Foreclosure activity and the current poor economic conditions has been the
driving force in the decline n market values.
The appraiser analyzed sale statistics in the subject's neighborhood since October 1, 2007(18 month period), Thefollowing
parameters were utilized: sales of similarly designed single family residences within the subject's previously described
neighborhood in the $200,000-$280,000 value range. These parameters were used so that the statistics would not be skewed.
The following are the results of MLS datalstatistics since October 1, 2007.
From October 1, 2007 thru April 1, 2008 there were (18) sales of properties within the above referenced parameters with an
average days on the market of 67.1 and an average cumulative days on the market of 99.2, The average sold price was
244,193.
From April 1, 2(108 thru October 1, 2008 there were (31) sales of properties within the above referenced parameters with an
average days on the market of 68.6 and an average cumula0ve days on the market of 1333. The average sold price was
242,861.
Since October 1, 2008 (here were (19) sales of properties within the above referenced parameters with an average days an the
market of 89-9 and an average cumulative days on the market of 160,3, The average sold price was $235,T73.
The average sales to list price ratio over this time period was 98.02%.
These statistics indicate a 3.45% yearly (.0029% monthly) decrease in market values for properties in the subject's
neighborhood over this time period within the search parameters. Due to Plymouth enjoying good appeal market values
have decreased less than in many surrounding less desirable areas. The current economic conditions are main reason for
declining market values. This trend will most Ikely continue until available housing levels decrease and economic conditions
improve.
Active listings and pending sales of properties within the above referenced parameters were also analyzed. Currently, there are
32) listings and (2) pending sales. The average days on the market for the active listings is 80.7. The average cumulative
days on the market is 118.2. The average listing price is $243,289,
The appraiser has considered relevant competifive listings/contract offerings in performing this appraisal, and any trend
indicated by that data is supported by the bsting information included in this report.
STATE CFMINII.SOfA
Form TADD—TOTAL lor Wirdows'aJoralSal software by a la modu, inc, — 1-800-ALAMODE
Subject Photo Page
BorrDwer/Criept Ramen, R- & C.
PinaperW Address 3330 Niagara Lane North
City Plymouth County Hennepin Slate MN Zip Code 55447
LendEr Margagead=e.com
FormPlC46.5R— 'TOTAL ior Windows' appraisal software by a ia rwde. inc, — 1-800-ALAMODE
Subject Front
3330 Niagara Lane Norlh
SaLs Price N)A
GLA 1,355
Total Rooms 5
Total Bedirms 3
Total Bathruns 2
Location SuburbarYGcl
VIPW Inciuded above
Site 28Ac/Average
Gualily Average
Age 23
Subject Rear
Subject Street
Subject Photo Page
Form 1`246SR —'TOTAL Iar YVindows' avaisal sal=m hy a la made, inc — 1 -6DO-ALAMORE
Subject Rear
3330 NiagaFa Lane! North
Sales PrIce NIA
GLA 1,355
Talafflooms 5
ToW Bed= 3
Total BaMrms 2
Ucabon SuburbanlGd
View Included abave
site 28AcJAverage
Quality Average
Age 23
Kitchen
Bath
Subject Photo Page
ROFTOWEf/ClIeni Ramen. R. & C.
Property Address 3330 Niagara Lane North
City P"outh Cayn,_Hennepn. Slale MN Zip Code 55447
Lender Mortgageadvice.corn
Farm KUHR — 'MTAL lof Windows, aparaisal s0twarvay a (a mode, e;c — 1-800-ALAMODE
Basement FR
3330 Niagara Lane North
Sales Price NIA
GLA 1,355
Tatal Rooms 5
total Eledmis 3
Total Bathrms 2
Location SuburliarVGd
Y ew Included above
Site .28Ac/Average
QU214 Average
Age 23
Subject Rear
Subject Street
Comparable Photo Page
borfower/Dent Ramen. R. & G
PropoiTy Address 3330 Niagara Lane North
City Pij Eouth Countv Hermanin State MN Zm Code 55447
Lender Mortgageadvice.corn
Form PIC4xb.CR — 'TOTAL fur WrifidoWS'appraisa settware by a la mode. inf-- 1-800-ALAMODE
Comparable I
1402o 381h Place North
pfoxmity 0.72 miles
Sale Mee 205,000
GLA 865
Total Rooms 5
Total Bedmis, 2
Total Bathrms I
Lucagoo Suburban/Gof
Wmw Inrluded above
Silo .22AUAvg,
00aRN Average
Age 29
Comparable 2
15900 28th Avenue North
PrommIty 0.67 miles
Sale Price 210,000
GLA 1,042
Total Rooms 5
Total Dedrms 2
Total Bathums 1
Location Suburuan/13d
View Included above
Site ABAc4`Traffic,
Qualily Average
Age 29
Comparable 3
4615 Minnesota Lane North
Proxmily 1.48 miles
Sale Price 270,000
GLA 1,768
Total Rnoms 7
Total Bedrms 3
Total Bathrms 1 5
Location Suburban/Gd
View Included above
Slle .24ArtAvg.
Ouality Averane
Ago 21
Comparable Photo Page
OorrowpT Cjienj Ramen,R.&C-
Prop" Address 3330 Niagara Lane North
City Plymouth CounTy Hennepin Stale MN Tin Cooe 55447
Lendef MorLqaqeadvice.com
form P1G4xlifR —'TOTA( lor Windows' appratsal seftware Ly a 19 rmitie, mc — 1-800-ALAMOOF
Comparable 4
3345 Minnesota Lane North
RO)Omity O 07 miles
Sate POce 249,900
GLA 1,012
Total Rooms 5
Total Bedirms 2
Total Bathrms 1
Ucalififl Suburbare`Gcl
View Included above
site .51 AclAvg.
makly Average
Age 23
Comparable 5
Ru)dmily
Sale Price
GLA
Total Room
Total Beduris
total Bahrms
Location
View
Site
Quatity
Age
Comparable 6
proklmily
Sale Ptice
GtA
Total Rooms
Total Iletirms
Total Hathrins
Location
View
Site
Oualilv
Age
Building Sketch (Page - 1)
Borrower/Dent Rarrien, R. & C.
Propery Affless 3330 Niagara Lane North
City Plymouth County Hennepin Slate MN Lp Code 55447
Lender Mortgagea dvice.com
28.00'
BASEMENT = 672 SF
PATIO
DECK
24 00'
22.00'
24.00'
3ij 00
farm SKT.61dSkI —'TOTAL ior Windows' appraisal software by a N rnadv fRu. — 1-800-ALAMODE
SKETCH CALCULATIONS
Al: 24.0 x 1.0 - 24,0
A2 : 46.0 x 28.0 1288-0
A3: 29.0 x 1.0 29.0
A2
A4 0.5 x 2.Dx2.0 = 2.0
A5 0.5 x 2.Ox2.0 = 2,0
A6: 5.0 K 2.0 110A
First Floor 1355.0
Total Living Area 1355.0
A7: 24-0 x 22.0 528.0
Aflachod Garage 528.0
Total Garage Area 5211.0
farm SKT.61dSkI —'TOTAL ior Windows' appraisal software by a N rnadv fRu. — 1-800-ALAMODE
Location Map
Borrawor/Goefd Rannen, R. & C.
ProoerW Addiess 3330 Niagara Lane North
Cj PlyMolAh Counry Hennepin SIM MN Zip Code 55447
Lender -Mortgageadvice.com
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Section CH. Assessments by Municipal Corporation It is
expressly declared that the foregoing 0
sections of this Article are not
in any way nor shall they in any way interfere with, abrogate, or in
any way affect the power of the local governmental authority to levyandcollecttaxesandspecialassessments,
ARTICLE VIT
ARCHITECTURAL CONTROL COMMITTEE
Section 7.1 Review bv Committee. From and after the
completion of construction-a"nd--sale of --each Lot, no building, fence,
wall or other improvement of any kind shall be commenced, erected or
maintained upon such Lot, nor shall any exterior addition to or chapge
or alteration therein be made until the plans and specifications
showing the nature, kind, shape, height, materials and location of the
same shall have been submitted to and approved in writing as toharmony, eNternal design and location in relation to'surrounding
structures and topography by the Board of Directors 'of the Association
or by an architectural committee composed of three or more
representatives appointed by the Board. In the event said Board or
its designated committee fails to approve or disapprove such design
and location within thirty (30) days after said plans and
specifications have been submitted to it, or in any event if no legal
action to enjoin the addition, alteration or change has been'commenced
prior to the completion thereof, approval will Sot be required and
this article shall be deemed to have been fully complied with, If the
Association prevails in any action brought pursuant to this,Article,
it shall be entitled to recover from the other party reasonable
attorney's fees and costs incurred in connection with such legal
action, and the reboveVy shall be a lien against the Owner's Lot or
Lots and a personal obligation of the Owner,
ARTICLE VIII
MAINTENANCE
Section 8.1. The maintenance of each Lot shall be the
responsib ity of the Owner of tha ' t Lot. The maintenance of the
common property shall be the responsibility of the Association,
Section 8.2 Care and Maintenance of Property, Property
shall be maintained in accordance with the following conditions and
rules -
a. If, in the opinion of the City Council of the
City of Plymouth, expressed in a resolution,
the Association of the owners of Lots, have
failed to provide; adequate maintenaqce and
repair of any streets within the Property
which have not been dedicated to public use;
adequate snow removal from any said streets;
adequate control of surface water drainage;
adequate construction, and/or maintenance and
Page A-
rep,cair of any sanitary sewer, storm sewer,
waLer supply system, or other public Utilities
the construct -ion, ar-id/or 111ai.n.tenance and
repair of which are -the responsibility of the
Association, or the owners of Lol-S, or
adequ--ate care of the Common Area,; then duly
autho-.Lized aqents Of the City Of Plymouth may
enter upon the Common Area arid perform such-.
Street mai -ntenance and rea pix -1 snow removal
from streetsF control. Of SUrface water
drcainage; maintenance arid -repair of sanitary
se r,7er, storm sewer, water supply system or
other public utilities, as the City Council of.
the City of * Ply,mouth shal I 'have deemed.
necessary to preserve the health, safety and
welfare of the resid.ents. of- the ProPerty or of
the. City of Plymouth,
b. If the City of Plymouth performs maintenance
or makes repairs pursuaril: to this Declaration
or constructs any public improvements pursuant
to -the laws of the 'State of Minnesota then the
City may assess the cost o.f said maintenance
or repairs or public improvement directly
against the benefited Lots, Or the Ci - ty may
assess the Common Area for 'the cost of said
maintenance or repairs, or public improver-iient.
If -the CitV assesses the, Coi-mflori Areafor the
cost of said maintenance Or repairs, then the
Association or -the owners'6f Lots shall IeVy a
special assessment agaitist the benefi - ted Lots
to defray -the -total amount oil the citV
assessMe Said special assessment -need not
have the consent of, the Owners, occi-lpants or
Owrier/Tenants.
C. The title of t1le Associat-ion and the owners of
Lots in and -to the Common Area is hereby made
subject to a non-e-,-('_'lusive easement irl faijo
Of the City of Plymouth f 6r the purpose of
ingress and egress for police, fire . rescue arid
other emergency calls, animal control, health
and protective inspection' -and to provide to
the Owners other public serl/rices deemed
necessary by -the City Of PIV . Mouth, and for the
purposes set forth herein,
d. The cost of any work' Performed by the City of
Plymouth pursuant to this -Declaration shall be
assessed pursuant to -the above prov_i..sions.
Page 1.-21-
ARTICLE IX
PARRING RESTRICTIONS
Qecti0n_9.l_Boatsr_Trailers, Ca s pplotorhomes, NoboatsFtrailers, campers or motorhomes Eli bi Witted - to be parkedoutsideanyhomeformorethantwenty-fgur (24) -hours,
ARTICLE _X
EASEMENTS
Section 10.1 Extent of Association Easements. The 'rightsandeaselanisof-enjoyWit by the-Own-er Tf each Lot-ind -the titletheretoshallbesubjecttotherightsoftheAssociationtoan
exclusive easement on and over said Lot for the purpose ofinstallationandmaintenanceofnecessary.utilities to serve theCommonPropertyandtheotherLots, Easements of thi Association fordrainageandutilitiesaresetforthontheplatofKingsviewHeightsSecondAddition.
Section 10 2 Continuation of Easement. Anything herein tothecontrarynotwithstanding, in shall an Owner be denied
access or ingress and egress to his not or the right to utilityservicethereto,
ARTICLE X1
RIGHTS OF FIRST MORTGAGEES
Section 11.1 Changes in Rights, Any amendment to thisDeclarationthich- _ithe_i -rights granted by thisDeclarationtoanyoneormoreFiratMortgageesorwhichdeals withthesubjectmatterasanamendmentashereinafterdescribedmustbeapprovedbythevoteofseventy-five (15%) percent of the votes of allOwners (other than the sponsor, builder or Declarants) entitled tovote, in person or by proxy, at a meeting duly called for suchPurpose, and by the written consent of seventy-five (75%y percent oftheFirstMortgagees (based upon one vote for each Lot subject to aFirstMortgage); to wit:
a. Any amendment which authorizes or allows
the Association to abandon, partition,
subdivide, encumber, mort4age,.sell or
transfer the Common Property; provided,
however, that to the extent that the
Association is requested to do so (and has a
legal interest therefor) the granting of
easements for public utilities consistent with
the intended use of The Ptoperty shall not be
deemed a transfer within the meaning of theforegoingprohibition; and
Page 13-
b. Any amendment wbicb changes the method of
determining the obligations, assessments, dues
or other charges which may be levied against
an Owner, including specifically the ratio of
assessments against an Owner, or which
otherwise changes the pro rata interest or
Obligations of any individual Lot for the
purpose Of allocating distributions of hazard
insurance proceeds or condemnation awards or
determining the share of the Owner of such Lot
in the Common Property; and
c Any amendment whicb shall operate to waiver
or abandon the scheme of regulation or
enforcement pertaining to architectural design
or exterior maintenance and appearance of the
homes or carages or the maintenance of the
Common Property; and
d. Any amendment which shall have as its effect
the release of the Association from its duty
to rebuild with insurance proceeds or of its
duty to maintain insurance coverage as
provided in Article VII; and
e Any amendment which would permit the
partition or subdivision of any Lot.
Section 11.2 Notice of Defaults. In the event of a default
in the keeping -of the terims- _00the G",roveer-ning Documents by an Owner or
any person violating or attempting to violate the same, and providedsuchdefaulthasnotbeencured.within sixty (60) days from the dateofthedefault, the Association agrees to give notice of such defaultinsuchspecificityaafullyinformstherecipient, such notice to be
given to the First M6rtgagee of the Owner who has committed or
permitted the default. Each First Mortgagee shall register with the
Secretary of the Association its name, address, the Lot against whichitsmortgageliesandthenameofthemortgagor, and shall further
notify the Association upon the satisfaction of such mortgage. Notice
shall be given to the First Mortgagee by mailing the same postage
prepaid to the address of the First Mortgagee stated on the books of
the Association.
Section 11.3 Right to Cure Certain Defaults, First
Mortgagees may, jointly or singly, pay taxes or other charges which
are in " default and which may or have become a charge against the
Common Property and may pay overdue premiums on insurance policies, or
secure new insurance coverage on the lapse of a policy, for such
Common Property. First Mortgagees making such payments shall be
entitled to immediate reimbursement therefor from the Association,
Section
111.4 Right to Examine Records. First Mortgagees
shall have tAe right to examine the books and records of the
Association during regular business hours upon reasonable notice,
which shall not be less than three (3) business days,
Page 14--
Section 11.5 inapplicability of" Refusal Rights, ThePurchaseroreclos, Ire sale, in aTdi:E onto takinq the Lot free
and clear of the lien of all assessments of the Association arisingsubsequenttotherecorda-Lion of the !Jell of the iflortgage deedforeclosed, shall take the Lot free and clear, and shall have theriqhttosellthesamefreefromany "rights of first refusal" whichmayinanywayrelatetoit
ARTI-r,]*E XIIJ1).
GENERAL PROVISIONS
Section __ 12 1 Duration. The covenants, restrictions andeasements -6f tElss ffec laration shall run with and bind the land andshallinure -to the benefit of and be enforceable by,the Associat-i DtheOi.,7ner of arty tot subject to this Declaration. _
o.. or
th' ' Pir respectivelegalrepresentatives, heirs, successsors and assigns for a -term oftwenty (20) years from the date this Declaration is recorded, afterwhichtime,, sa-id Covenants, Restrictions and Easements shall. be
automatically renewed for successive periods of t -en (10) years.
r, QeCtiOn 12.2 Amendments. This Declaration mav be amended byaninsIbynot16 -ss than.'seventy-five (75%-) percent oftheOwners (other than the sponsor, builder or Declarants), subject totherightsofFirstMortgageesassetforthinSection1.2,1, Wheneversuchanamendmenthasbeensoapproved, it shall be recorded' Jin a form
substantially similar to this Declaration with -the Hennepin Cou.11tyRecorder,
Section 12 3 Notices. Any notice required -to be sent 'to any
his Declaration shall bePersonorentityundertheprovisionsofI
deemed to have been properly sent when mailed postpaid to the lastknownaddressofthepersonontherecordsoftheAssociationatthetimeofsuchmailil-1g,
Section 12.4 Enforcement, Enfo'rcement of these Covenants
and Restrictions may be by any proceeding at law or in equity againstanypersonsViolatingorattemptingtoV - iolate any covenant orretricLion, either to restrain violation or compel compliance, or torecoverdamages, and against the Lot to enforce any lien created bythesecovenants, and failure by the Association or by any Owner to'
enforce any covenant or restriction herein contained shall in no eventbedeemedawaiveroftheright -to do so :thereafter. Any foreclosure
action must be undertaken against and include the Lot which stands assecuri--y for the lien being foreclosed. In addition to any interestprovidedforhereineinterest, attorneys' fees and costs a -f- any suchactions, as deter -mined by the court, si all be assessable against and
payable by any person viola -Ling the terms contained.herein.
Section 12.5 Mergers. Upon a -merger or consolidation. of theAssociationwithanothercorporationasprovidedinitsBv-Lai,,7s, itsproperties, rights and obligation s may, by operation of laW, be
transferred to another surviving or consolidated association or
Paqe 15-
corporation, or alternatively the properties, rights and obligations
of another corporation may, by operation of law, be added to the
properties, rights and obligations of the Association as a surviving
corporation pursuant to a merger. The surviving or consolidated
corporation may administer the Covenants and Restrictions established
by this Declaration within the Existing Property together with the
covenants and restrictions established upon any other properties as
one scheme, No such merger or consolidation, however, shall affect
any revocation, change or additions to the covenants established by
this Declaration within the Existing Property except as hereinabove
provided.
Section 12.6 Construction. This Declaration shall be
construed under the laws'of the State of Minnesota. The singular
shall be deemed to include the plural wherever appropriate, and unAss
the content clearly indicates to the contrary, any obligations and
duties of the Owners shall be joint and several-.
Section 1V7 Requirement for Annexation, Meiger and
Dissolution. Ex_---------- cept has otherwise herein provided, the Association
may be dissolved with -the written approval of two-thirds (2/3) of each
class of the membership. The Associatio'n may annex additional
property, which would become subject to'the declaration upon approval.
of two-thirds of the members. The developer shall have the right -
without consent of the Association to add additional real property to
the general plan of the development 'Until December 31, 1989. Until
75% of the units have bean sold, the Federal Housing Administration
must approve anneNations of additional properties, mergers and
consolidations, dissolution and amendment of the Articles of
Incorporation, mortgaging and dedication of the Common Properties,
Section 12.8 FHA/VA Approval. As long as there is a Class B
membership, the following RUSH will require the prior approval of
the Federal Housing Administration/ Vetelrans Administration:
Annexation of additional properties, dedication of Common Area, and
amendment of this Declaration of*Covenants, Conditions and
Restrictions,
Invalidation of any one of these covenants or restrictions by
judgment or court order, or otherwise, shall in no way affect the
validity of any other provision.
IN WITNESS WHEREOF, the undersigned have caused this document
to be executed as of the day and year first above written,,
T. Harstad
I/ -Z
I-Tihne—N. Arstad
Page 16--
Q
STATE OF MINNESOTA
ss
COIR,,ITY OF RAMSEY
On this — 7th day of March---, 1986, before me, a
notary public in E yjj fo"r said County, personally appeared Keith T
HarsLad and Diane N. Ilarstad, husband and wife, the Declarants herein,
to me known to be the persons described in and who executed -the
foregoing inst-rurfient and acknowledged that the instrument was signed
Y,)y the Declarants as their free act and deed.,
Drafted by:
David Price
Attorney At Law
2191 Silver loke Road
New Brighton,.MN 55112
Page -17-.
M
Publicy ell
q
Fgg
Drafted by:
David Price
Attorney At Law
2191 Silver loke Road
New Brighton,.MN 55112
Page -17-.
CONSENT AND JOINDER TO
DECLARATION OF E_0VENA_NTS RESTRI.CTIONS AND EASEMENTS
FOR KINGSVIEW HEIGHTS E0 4EOWI FERS ASSOCIATION, INC.,
HENNEPIN COUNTY, MINNESOTA
Klink. Coh-a-tr-uctio-D, Inc, a Minnesota corporation, fee owne Of that certain real property— escribed as:
Ilots 3, 7, and 8, Block. 18, Kings"vie-w- H_,i:,ffits Sle . cond Addition
hereby consents and agrees to be bound by the within Declaration ofCovenants, Conditions, Restrictions and Easements for KingsviewHeightsHomeownersAssociation., Inc., Hennepin County, Minnesota.
Klink Construction, Inc.
By...... ......
Stanley Kli
Its Presi ent
STATE OF
COUNTY OF _EaMSey
ss
On this —7th_ day of Ma=h
notary public in. _ _, 198 r,, before me, a
Stanley Klink and for said Co—unty, personally appeared
the President of Klink Construction, Inc'.
to me known to -be the person
des3ribed in and who executed the foregoing instrument and
acknowledged that the instrument was signed on behalf of said
corporation by authority of the Board of Directors, and further
acknowledged said instrument to be the free act and deed of saidcorporation.
fl, j 107 0,ta,ky PublicIARI PUn T 5
V-80-liffiki Mum -CiV
My Gumirlisrjon F pg
CONSENT AND JOINDER TO
DECLARATION OF COVENANTS RESTRICTIONS AND EASEMENTS
FOR KINGSVIEW HEIGHTS HOMEMOIERS ASSOCIATION, INC.,
HENNEPIN COUNTY, MINNESOT
We, Brad L. Wellenstein and - Carol J. Wellenstein r
husband and wife, fee owners of the real property described as:
Lot 11, Block 4, Kincjsv'iew Heights 2nd Addition
do hereby consent and agree to be bound by the within Declaration of
Covenants, Restrictions and Easements for Kingsview Heights Homewoners
Association, Inc., Hennepin County, Minnesota.
name)
name)
STATE OF Minnesota
ss.
COUNTY OF Hennepin
On this 25th day of April r 1986 .'before me a
notary public within and for sai—d County and State, —personally
appeared Brad L. Wellenstein and CArol J. Aplellenstein r husband and
wife, and they acknowledged that they executed the within instrument
as their free act and deed,
Notary Public
T-- - 4
M C HIP
e3— mt—Anul ,Pn
CONSENT AND JOINDER TO
DECLARATION OF COVENANTS RESTRICTIONS AND EASEMENTS
FOR GSVIEW HEIGHTS HOMEOWNER'S ASSOCIATION, INC.,
HENNEPIN COUNTY, MINNESOTA
Dan -Bar Homes, Inc. a Minnesota corporation,
fee owner of -that certain real property described as:
Lots I through 23, Block I
Lots 1 through 5, Block 2.
Lots 1 through 9, Block 3
Lots 1 through 12,' Block 4
Lot 5, Block 5 all in Kingsview Second Addition
hereby consents and agrees to be bound by the within Declaration of
Covenants, Conditions, Restrictions and Easements for Kingsview
Heights Homeowners Association, Inc., Hennepin County, Minnesota.
Dan -Bar Homes, Inc.
By
L__-ffaniel A. Bartus
Its President
STATE OF Minnesota
ss.
COUNTY OF
On this d. a v of 2- 1-1yIt"_" 198Z -e before me, a
notary public in and for said Countf, personally appeared
Daniel A-Bartus the Pre . sident of
Dan -Bar Homes, Inc. f to me known tb b,e the persdn
described in and who executed the foregoing instrument and
acknowledged that the instrument was signed on behalf of said
corporation by authority of the B'oard of'Directors, and.further
acknowledged said instrument to be the free act and deed of said
corporation,
T
0 1 "f'! F I
VotE--- Publ-*I-cz
CONSENT AND JOINDER TO
DECLARATION OF COVENANTS RESTRICTIONS AND EASEMENTS
FOR KINGSVIEW HEIGHTS HOMEOWNERS ASSOCIATION, INC.,
HENNEPIN COUNTY, MINNESOTA
Gardner Bros. Const., Inc.. . a Minnesota corporation,
fee owner of that certain real property described as:
Lots 1, 2, 3, 4, 5, and 7, Block 20, Kingsview Heights Second Addition
Lot 1, Block 5,.Kingsview Heights Addition an
Addition
d Lot 5, Block 4, Ydnqsview Heights
Lots 8, 9, 10-, and 11, Block 15
Lots 9 and 6, Block 18,- Kingsview Heights Second Addn
hereby consents*and agrees to.be bound by the within Declaration of
Covenants, Conditions, Restrictions and Easements for Kingsview
Heights Homeowners Association, Inc., Hennepin County, Minnesota.
Gardner Bros. Const., Inc.
By
frey Allen Gardner
Its President
STATE OF . Itinnesota.
ss.
COUNTY OF Ramsey
On this . 7th day of March
r j98 6 , before me, a
notary public in and -for said County, personally appeared
Jeffrey Allen Gardner the President of
Gardner Bros. Const., Inc. to me -known to be the person
described in and who executed the*foregoing instrument and
acknowledged that the instrument Oa -s signed on behalf of said -
corporation by authority of the * Board of Directors, and further
acknowledged said instrument to be the free act and deed of said,
corporation.
AA
Y
NCI
RAWISEY Cowl)
Rujurm 03a. 28 1 Dm_
Nc/tary Piibl i--
CONSENT AND JOINDER TO
DECLARATION OF COVENANTS RESTRICTIONS AND EASEMENTS
FOR KINGSVIEW HEIGHTS -HOMEOWNERS ASSOCIATION, INC.,
HENNEPIN-COUNTY, MI14NESOTA
We, Gerry Wefikus, Ltd - .-, a Corporation under the laws of the Statel
of Minnesota. fee owners of the real property described—as:
Lots 2, 3, 4, Block 9
Lots 3, 4,, 5,- 6, 7, Block. 10
Lots 14 and 15, Block 8, Kingsview Heights Second Addition
do hereby consent and a- gree to be bound by the within.Declaration of
Covenants, Restrictions and'Eas'ements for Kingsview Hi_ights Homewoners
Ass,ociation, Inc., Hennepin County, Minnesota.
Gerry Wer!yu V, 1td.,
name)
by:
name)
Gerald D. Wenkus,
Its President
STATE OF MINNE SOTA
ss.
COUNTY OF -RAMSEY
On this 28th day of March 198 6 before me a
notary public within and for said.County and State, personally
appeared Gerald D. Wenkus, President of Gerry' Wenkus, Ltd., a Corporation under
the laws of the State of 91nnesota, on behalf of said corporation.
AAP
A. A. AIVIDEM1 F!,
AjOnfil, Py
i4l"Jimilis ()f I
ff
I.,
Np,,f-ary Public
CONSENT AND JOINDE'R TO
DECLARATION OF COVENANTS RESTRICTIONS AND EASEMENTS
FOR KINGSVIEW HEIGHTS HOMEOWNERS ASSOCIATION, INC.,
HENNEPIN-COUNTY, MI14NESOTA
We, David R. Dahl and Laurie J. Dahl
husband and wife, fee owni—rsof the real property described as:
Lot 7, Block 15, Kingsview Heights Second Addition
do hereby consent and agree to be bound by the within'Declaration of
Covenants, Restrictions and Easements for Kingsview Heights Homewoners
Association, Inc., Hennepin County, Minnesota.
name) David R. Dahl
lame) Laurie /J. Dahl,
ijSTATEOF
ss
COUNTY OF
1/1 '
Ii 1984, before me aOnthisdayofcu- C1W - r
notary public within and for said.County.and State, personally
appeared David R. Dahl and Laurie J. Dahl . husband and
wife, and -they acknowledged that—they executed the within instrument
as their free act and deed,
Notary Pdblic
BETTY LOU VRCHOTA
NOTARY PUBLIC - MINNESOTA 5-
I-JENNEPIN COIJINTY
Av Cnmini,slon ExpirosSapt. 17,1990
A
CONSENT AND JOINDER TO
DECLARATION OF__E_0VENANTS RESTRICTIONS AND EASEMENTS
FOR EINGSVIEW HEIGHTS HOMEOWNERS ASSOCIATIONf INC.,
HENNEPIN COUNTY, MINNESOTA -
Ken Wuertz Construction, Inc. . a Minnesota corporation,
fee owner of that certai-___ n real property described as:
Lots 9 and 10, Block. 10 and Lot 2, Block 12, King-9view Heights Second Addition
hereby consents and agrees to be bound by the within Declaration ofCovenants, Conditions, Restrictions and Easements for Kingsview
Heights Homeowners Associati'on, Inc., Hennepin County, Minnesota.
By
4 eth RichqrdWua t.
Its President
STATE OF
ss
COUNTY OF
6V
On this 7T.E1 day of March. 1986 , before me, a
notary public in and for said County, peksonally appeared
Kenneth Richard Wuertz the President of
Ken Wuertz Construction, Inc. _f to me.known to be the person
described in and who executed the foregoing instrument and
acknowledged that -the instrument was signed on behalf of said
corporation by authority of the Board of Directors, and further
acknowledged said instrument to be the free act and deed of said
corporation.
NoVVy Publie
CONSENT AND JOINDER TO
DECLARATION OF COVENANTS RESTRICTIONS AND EASEMENTS
FOR KINGSVIEW HEIGHTS HOMEOWNERS ASSOCIATION, INC.,
HENNEPIN-COUNTY, 14INNESOTA-
We, Chester P. Wieloch a * rid Nax= Wieloch
husband and wife, fee owners -of the real property -described as -
Lot 6, Block 20, Kingsview Heights Second Addition
do hereby consent and agree to be bound by the within'Declaration of
Covenants, Restrictions and Easements for Kingsview Heights Homewoners
Association, Inc., Hennepin County, Minnesota.
r n
C 0
ri-ame) Chester P. Wieloch,
V
name) Nap6y Wieroch
STATE OF
ss.
COUNTY OF
On this day of r 198(o , before me a
notary public within and for said County and State, personally
appeared Chester P. Wieloch and' Nancy Wieloch . husband and
wife, and they acknowledg—ed that they executed the within instrument
as their free act And deed.
A.-
Notaitv Public
g",y r -r -f,
NOTARY PUBLIC - PAIMFIESCITA0A
AH10KA COMITY
commision expires 11ov. 4, 1990
M/
CONSENT AND.JOINDER TO
DECLARATION OF COVENANTS RESTRICTIONS AND EASEMENTS
FOR KINGSVIEW HEIGHTS HOMEOWNERS ASSOCIATION, INC.,
HENNEPIN-COUNTY, MINNESOTA
We, Gerald W. Fisher and Sandra J. Fisher
husband and wife, fee owners of the real property described as:
Lot 6, Block 5, Kingsview Heights Second Addition
do hereby consent and agree
Covenants,Restrictions and
Association, Inc., Hennepin
STATE OF _MiDnasQta.
ss.
COUNTY OF Rap:ey
to be bound I:*)- the'within'Declaration ofy
Easemen-Ls for Ningsview Heights Homewoners
County, Minnesota.
F ishe-1-
Tname) Sanclra,'J. Fisher
On this 7th day of March F 198 6 , before me a
notary public within and for said County and State, personally
appeared Gerald W. Fisher and -Sandra—J--F sher husband and
wife, and they acknowledged that they executed the within instrument
as their free act and deed.
PIOTA5
URY
C'og'JT
ffotary Pub.lic
CONSENT AND JOINDER TO
DECLARATION OF COVENAN TRICTIONS AND EASEMENTS
1! -U -K KINGSVIEW HEIGHTS HOMEOWNERS ASSOCIATION, INC.,
HENNEPIN COUNTY, MINNESOTA
TJB COMPanies, Inc. a Minnesota corporation,
fee owner of that certain real property described as:
Lots 6, 7, 8, 9, 10, Blocl j.6',
LOts 1 through 10, Block 14-,
Lots 6 through 9, and 11 thrC)j-tgh 14, Block 17,
Lot 8, Block 20 all in Kingsview Heights second Addition
hereby consents and agrees to be bound b, the within Declaration of
Covenants, Conditions, Restrictions and Easements for Kingsview
Heights Homeowners Association, Inc., Hennepin County', Minnesota.
TJB CoIrpapies, T-nc.
By
fq J. B ski
Its Presi ent
STATE OF Minnesota
ss.
COUNTY OF Ramey
On this 7th day of , March, r 1986 , before me, (:a
notary public in and for said Co—unty, pers—sonally ap-
Thomas J. Bud7.-vn.--1ci the President of
peared
TJB anies, to me known to be the person
describiz!d in -and who executed t e forego'ing* instrument and
acknowledged that the instrument was sighed on behalf of said
corporation by authority of the Board of Directors, and further
acknowledged said instrument to be the free act and deed of said
corporation.
Af 4
Ntftary Public
My ('0111mission Egnirlel July
CONSENT AND JOINDER TO
DECLARATION OF COVENANTS RESTRICTIONS AND EASEMENTS
FOR KINGSVIEW HEIGHTS HOMEOWNERS ASSOCIATION, INC,
HENNEPIN COUNTY, MYN-DIESOTA
LeGran Homes, Inc. '
I
r a Minnesota corporation, -
fee owner of that certain real property described as:
Lots 1, 2, 8, 9, 10, Block, 6
Lots 10 and 11, Block 7,
Ek)ts 7, 8, 9, 10, 11, Block 9, Kingsview Heights Second Addition
hereby consents and agrees to be bound by the within Declarat'lon of
Covenants, Conditions,_I estrictiorjs and Basements for-Kingsview
Heights Homeowners As'sociation, Inc., Hennepin County, Minnesota.
LeGran Homes, Inc.
B. y
J Lties
I s President
STATE OF Minnesota
ss.
COUNTY'OF Ramsey
On this ' 7th day of Maxch r 1986 , before me, a
notary public in and for said County, personally appeared
John Schulties the President of
LeGran Homes, Itic. to me -known to be the person
described in a who executed the foregoing instrument and
acknowledged that the instrument was s-ig'ned on behalf of said
corporation by authority of the Board of Directors, and further
acknowledged -said instrument to be the free act and deed of said
corporlation.
WxI 14,(If ar'y'- Public
IF2" V-u-kx1rM% . BOTA.
Nil 1.
Vlg, ".1
n
CONSENT AND JOINDER TO
DECLARATION'OF COVENANTS RESTRICTIONS AND EASEMENTS
FOR KINGSVIEW HEIGHTS HOMEOWNERS ASSOCIATION, INC.,
HENNEPIN COUNTY, MINNESOTA
Wirties Construction, I-nc. a Minnesota corporation,
fee -owner of that certain real property'described as:
Lots 1, 2, and 3, Block 5,
Lots 3, 4, 5, 6, and 7, Block 6,
Lots 4,.5,
Eq)i
6, 8, and 9, Block 7,
Lots 1, 3, 8, 9, 10, 11, and 12, Block 8
Lot 1, Block 9,
Lot 1, Block. 10, Kingsview Heights Second Addition and
Lots 1, 2, 3, 4,. 5, an 7, Block 1, Kingsview Beiqrhts Addition
hereby cons.ents and agrees' to be bound by the within Declaration of
Covenants, Conditions, Restrictions and.Easements for.Kingsview
Heights Homeowners Association, Inc., Hennepin County, Minnesota.
Wirtjes.Construction, Inc.
Steven P. "Wirties, Vice President -
STATE OF Minnesota
COUNTY OF Rarrisey
ss.
On this 7th day -of March
r 198 6,* before me, a
notary public in and -for said County, personally appeared
Steven P. Wirtjes the Vice -Al'AWCPresident -of Wirtjes Construction, Inc.
to me known to be the person
described in and who'6xecuted the foregoing instrument and
acknowledgied that the instrument was signed on behalf of said
cOrporation by authority of the Board of Directors, and further
acknowledged said instrument to be the free act and deed of sa-.id
corpora tion.
0 0. If,\
0 F_ 0,151-E ary Publicft'l
n A70TA E_ 3()TA
I-11P.Wrm coup I
Eq)i
Y)
CONSENT AND JOINDER TO
DECLARATION OF COVENANTS RESTRICTIONS AND EASEMENTS
FOR KINGSVIEW HEIGHTS HOMEOWNERS ASSOCIATION, INC.,
HENNEPIN COUNTY, MINNESOTA
Eiden Construction, -Inc. a Minnesota corporation,
fee owner of that certain real pro-p-erty described as:
Lot 1, Block 2, and Lots 1, 2, 3, 4, Block 4,Kingsview Heights Addition
Lot 1, Block 13,
Lots 1, 2, 3, 4, 5, 6, Block 15,
Lots 1, 2., 3, 5, Block 16,
Lots 1, 2,.3, 4, 5, Block 17,
Lots 1, 2, 4, 5, 10, Block 18 and
Lots 1, 2,* 3, 4, 5, Block 1.9, King-sview Heights Second Addition
hereby consents and agrees to be'bound.by.the within Declaration of
Covenants, Conditions, Restrictions and Easements for Kingsview
Heights.Homeowners Association, In.c., Hennepin County, Minnesota.
STATE OF Minnesota*
ss.
COUNTY OF - Ramsey
Eiden Construction, Inc.
By
Anthofty j fden
Its Predident
On Lhis 7th da y of March r 1986 r before me, a -
notary public in and for said County, personally appeared
Anthony Eiden the President of Eiden Construction, Inc.
to me known to be the person
described in and who executed the foregoing instrument and
acknowledged that the instrument was signed on behalf -of said'
corporation by -authority of the Board of Directors, and further
acknowledged said instrument to be the free act and deed of said
corpora,tion.
Z
A A-swounnFal Nb'fdr Pub I icyAIINTldW
Dj!
V Cow isswa EAP
CONSENT AND JOINDER TO
DECLARATION OF COVENANTS RESTRICTIONS AND EASEMENTS
FOR EINGSVIEW HEIGHTS HOMEOWNERS ASSOCIATION, INC.,
HENNEPIN COUNTY, MIN14ESOTA
a Minnesota corporation,
fee owner oflthat de,ct'Vin real property described as:
Lot 7, Block 5, Lots 1, 2, and 3, Block- 7, Kinqsview Heights Second Addition.
hereby consents and agrees to be bound by the within Declaration of
Covenants, Conditions, Restrictions and Easements for Kingsview
Heights Homeowners Association, Inc.,. Hennepin CountYr Minnesota.
STATE OF Minnesota
ss.
COUNTY OF Rainsey
Wayne R. Jopp Construction, Inc.
By Ij
Its PreAident
On this 7th day of _March
r 198 6 , before me, a
notary public in and for said County, personal.ly ap—peared
V jyne R. Jopp the -President of
Wayne R. Jopp Construction, Inc. . to me known to be the person
described in and who executed the foregoing instrument and
acknowledged that th.e instrument was signed on behalf of said
corporation by authority of the Board of -Directors, and further
acknowledged said instrument to be the free act and deed of said
corpora:tion.
NOTARY FULIMmmemon-
i . -ZA - UIV rAffiffliFsiffl BON .913Y 7N, NO
Nol,ir'y"Pub I ic
0 F P LY mod
3400 PLYMULITH BLVI)., PLY&IOUTH, MINNES O#A 55447
TELEPHONE (612).559-2800
r ME100ATE: Octobmr 16, 1986
TO: Sa'a UcCOnn, C-Ormunity Development CONAillator
0 M: DW.ivt, 11rajact COOrdinntor
SUBJECUT., t 1 Ct Ki.n1;mvieW Heights 2nd Addition (05039)
Tbft follOwi-L9 inforration Pertaining to OutlOt J, Kingsvimw 11eighty 2nd Additprov'ded Par your rmquejkt: ion is
Craig Scherber has Petitioned tht City of p 1"OUth to inatAll th eut"'ti"'
to the parcel of land North. of Kingitriew Heighto- knWrn SIBKir-93 North future plat. To install theme Utilities the City will
trhe"ire a utility e__9mement Over OutlOt J in order tO Provide metyer toScherberproperty.
Shern Goldberg ard myself met with Keith R-Mrstad and Ciqig S'ch-erbertodaytoexplarethePoisibilltYof11mrstadgrantingtherequemted9mmeyment .
He informed us in no uncertmiin tering that he would pall tpircel _. to heCraigScherberfor $67,000 - 'or the City - Wou W _b e-- re 9 U ired tocondpmnit. During this discu&s
understanding that Outlot j 'Ln we informed Mr. Harnted that it
wRff tc-be part of the open space for "thneDandthat, therefore, the easement w'otild have minimal -eff01itlatandi the - plac whereupon he infor ed, us
ect-- nn the
rnquired- open apace , as that outl
part Of':the PtJD ncj that he
inteodtedj
t"
c7a "
Or 8
t o build a church On or, put a houne- a - ne I I i t
If it is reiquired o - p . en_ apace. An.. part of the PUD and is PArc: of the n' kfoneowner'i A51jo ci, it wOuW then appear that Mr. . HarstAd not- have the'
A ion* proptrti,
tf) gell that outlat e
complete 'righttoMr. Scherber. -in. the -event the City is req,i- 0 Cor dc mn the property or the essentni
red
detitrrcinu t will b -e necensnry tolegalcmnerxhipand
j,quired_ open vcpace go
value of th Property. If , in fact , it
1 part of the PUD I would think that rh wauld- be F-in'981, hovever, if he does ht ve the right to nel I it and ifi3 "ildable and replatable, certainly thtre im a gretilepar, Ater Value to
irp requesting your summarization of the platting proces, perrainiiig toOUtlatJandyouropinionar, to owners;hip. It is my intent to "me yourinformationinfurthernegOtiationswithMr. Rmrstltd for the easement.
ur e-grly attt"tion to this antter vill be xpprcijjted.
jp -Fh
cc: Fred G. Roore
Sherman L. Goldberg
Wx ,
V
N.
PLYMOUTHCIA'- OF
3400 PLYMOUTH BLVD., PLYMOUTH, MINNESOTA 55447
TELEPHONE (612) 559-280o
MEMO -
DATE: kktotmr 22, 1966
TO: Dick Pouliot, Project Coordinator
FROM: COMUnItY DOVelopment Coordinator Sard licCoiin
SUDJECT
XFWfLOT3, KIK.Sli 11EIGHTS SECOND ADDITION (85,039)
The folloWing Information is in r(5POnse to your Octnl er 16, 1966 memorandum regAraingtheAbove -referericea property*
I. You "re. correct In your understanding that Gutl0t J was to he part. of the. open
space -for the aPproved Kingsview Heights RRUD.
2. At no time during the processing of the RPUD concept plan, preliminary pldn/platandfl6al - plan/plat -
Inaa; It propo sed or rCPre 5 Crtted that a Church or house tvoilld beplacedonou'tio't a.
n- e is: a In'all ;of- the pflyate Qpen SpaCe3. to' 5 toThehassociati a and m I
mithin
4 prOP le Outl6t"31 for fu 6 --vroidd
A. 11-f -,*- , -
1. -1. F. er development. other than open ,% P'i c trequIre.. f o a pq! I ca t lon for SJ7atFpjn;at_ the
tapFqvaby: th ipe.. CW'1,
Ccuricl-1.
ts rmat on' presented. by- t:heIhavea4a, he ,.or your use and-referince encerip.- C ln; I
petitioner during the processing of the planning Should you need anyfurtterinror-mation, ple4ise do not hTsitate to contact. me.
cc: Fred G. Moore
Snerman L. Goldbergy
File "5039
M.
ok,:.
21*
w x
V1,
let
41
4r.
j7
Aj
tl + r
R Yy 7: trr. rY vl i+ i + i '.
j
i ` L
r Y
r
Mlli II[%DR, 1112 111 16 111
CITY OF pi v AOUTH
3400 PLYMOUTH BLVD., PLYMOUTH. MINNESOTA 55447
TELEPHONE (612) 559-9-800
MEMO
DATE: April 9, 1987
City Engineer Sherm Goldberg
FROM: Community Pevelopment Director Blair Tremere
SUBJECT Kingsview-Heights Znd Addition (85039)
g me to advise you regarding thetemoaskinThisisinre*ponse to your April 7, 1987 n I do have. a utility easement across Itstatus. of Outlot 3 and your effort to condemnedcourseofaction, namely to a"ure the developer thataconcern -about youf propos ecessary easement. buildirg-permit could be realized for Outiot 3 in exchange for the n
ou first mentioned It, and I have not only
have: researched this ma":ter since Y with forpirr
have t alked, with. the developer's engineer andreviewedour ..f Iles but., I
nator Sara McConn. Community..Deve lopment Coordl
em s in the f lie, and am
Drpmpted me -to f Ind 'the attached, -It 198Cs_Ocollect on cto: li In r
eivationp.
h 0 b r 16, 1986 iiiemo, minq6,vthe obs ctO e - ts are. thetheencloseddocume.n Dick* memorandum., to. Dip. pullot'.
Oct
I
ober 1986. m Sara- toemorandumfrom
Dick-, ii the -
from, Pou 9t o. Sara McConn
to -Mr. Keith Hat-staarld,,Xgur October 31-, 1966 le-tter,
f the City's effortsIngwhichItlnkdoimpactthecourseoIhaveverifiedtbefollow
e,necessary easement across,this OU06t. to acqulre th
the area now known asdevelopmenthaveindicated
1. All'plans approved for this IOL Information In the concept lan and pro
Outlot J to Lie all andforoutiotsweretobethepublicthese ' space,At isposal" booklet indicates that a public open
ce. Since this area was not to be ace under theprlvate-open spaappropriatetoconclude that it would be private common open 5P
ociation. control of the Homeowner's Ass
suhmilLted to theLnentsthattheHor6eownerAssociationaoc2. We have verified t ls Omission was intentional or not, It yea -9 an
City omit outlot j; whether
never been Identified as anything but open spaceerrorbecausetheOutlothas
that the developerveloper's engineerItI.S the retollection of the de ned with adjacent land to
considered this area to possibly be viable if cOmbi
this
6 est. Apparently, a more recent conclusion by the developer was thatthwdwellingandshouldbeused for
mwouldmakeabuildabtesiteforatleastone
usethat. Neither of tf intentions were communicated to the City to y
e of former Coordinator Sara 14cConn. or- to the knowledgknowledi;
the final platting of thiswasnotprovidedwith
4. jhe sanitary, sewer tasement7areaandthatomls5ionwas apparently missed by the City in its review of thecoultAbecorrectedbythededicationOftheeasement.
plat. Such an oversight
NOWMW10.
Page two
dum to City EngineerHetivorar,
April 9, 19B7 -
thattoMr. H,3rstad's current intent is explain To5. The only response we can offerneedefInesall outlets as unb_i_ldablc, and 1h1t In order
the Zoning Ordina a preliminary
y eligible
for7-
bujldlng permit -5, -
render this particular proper pl at IsOutlOt3- The preliminary
and final plat would be required 01amendment Of the approved PUD Plan nhichrequiredbecauseitiseffectlyely'anthisPropertyto be open and not developed. has always envisioned
6. 1 voLild require the developer to explain how OutlOt 3 came to.. be t;ometh IngtheHom-owner's AssOc13-:1:-._
ontrol of
other than private open space under -the c Council to wrtend theCommissionandCityPlanningtjon.0 If tha t persuaded thd rmal requirenent Of the City for, - lat, a noplansandtoaPprovethenewP ent for the sanitarywOuIdbethenecessaryeasemplattifiqInsuchacase
g the
o havo
seyfer
apparently made; The developer
that a
S - _:_ I ov-'f ights 6r errors vrereconcludethat- severa e 5 the use of this particular properry; for
ment. Inform--the-City of contrary plansneglectedto en omitted from the list Of OutlOtsutlot3hadbehefactthattheCitydidnotcatchtclation; and, apparently the City didAsso
t only
h`Homeown6r's the limits Of t q, to be under the- contro l ',Of extend to
h
failed to
f ormer ote that the sanitary er easement
not take n
sew
PUD property.
City COu ncil-unless the developer In fac.t.
I am
is one f or theTheresolutionof :this -matter include Outlut 3; and, provides the
1986
K
elation documents.. -to oune Is% thd. omeown erls Asso ement ypq seek. The City
the- !sanitary seweI7 eas
uarand m Ocum- ts - to ccinvey lnal plat which are neededof.. -the ptellmina ry plat and f
Dick, bvyouITconser-this-_ y:mean&- o' - '. -- i. -
eCityabuildableparerenderany -outlot In:the
4
certain dafhasrequestedcopiesOfhserhired- by the City, Brad Bjorklund, 5
The a I will forward t e cIiffortsppr . - . - - -he approved plans. t ched-memos and araphics of:tIncludingtheata
to him unless yet-] Instruc t me otherwise.
nown
nd pro- BT/gty
andjor cc: -File 85039
W* tor Fred MooreDirec
s Publi"Ce -OrkS
der the Attachments
to the
was an
i space.
veloper
land to
lat this
Ised for
to My
of this
w of the
REPORT #11
2009 BOARD OF APPEAL & EQUALIZATION
STAFF REPORT AND RECOMMENDATION
PROPERTY OWNERS NAME: Sudhir Singh
PROPERTY ADDRESS: 16600 40th Avenue North
PID #: 17-118-22-13-0119
LEGAL DESCRIPTION: Lot 2, B lock 3 1, Westbranch
PROPERTY TYPE: Residential
2009
MARKET VALUE
VALUE PRIOR TO
LOCALBOARD
ASSESSOR'S
RECOMMENDATION
LAND MARKET VALUE 125,000 125,000
STRUCTURE MARKET VALUE 407,500 392,000
TOTAL MARKET VALUE 532,500 517,000
ASSESSMENT HISTORY 2007 2008 2009
Total Market Value 586,500 565,700 517,000
Limited Market Value 586,500 565,700 517,000
Improvement 0 0 0
SUBJECT PROPERTY
silo,
a
O"ERS CONCERNS:
Mr. Singh is concerned that the national trend in housing prices was not reflected in his
2009 valuation. He quoted the downward trend as 20-40%. He also maintains that
because of the traffic on 401h Ave. N. he would not be able to sell his house at the 2009
estimated market value.
RECONCILATION OF VALUE:
The subject property was inspected April 4, 2009, Subsequently, a comparable sale
analysis was performed and Mr. Singh is in agreement with the results. He has agreed to
withdraw his appeal and agrees with the appraiser that the 2009 Estimated Market Value
is:
517,00 O
Michael Vander Linden., CMAS
Appraiser
763),972-5-356
mvanderl0V.ci.PlYmo th.mn.us
CITY OF PL--MOUTH
LOCAL B0-kR-D OF APPEAL A--N-D EQUALIZATIONN
April 7, 2009 @ 7:00 P-TV1
The pruinary focus of the Local Board of Appeal and Equalization is to consider the
estimated market value and/or classification for the 2009 assessment for taxes payable in
2010. The Board is not empowered to adjust taxes.
Name: p D rt
Address: PW C- U T H A't IV
How can we reach you: Please list your telephone numbers:
Home -IC3 5-77- C75-
56- Work Cell 2 11
Purchase Price: t 39cf" 0c) C- Purchase Date: J U LV I q 41
Is the property cur'rently for sale? If yes, what is the askin, price?
Please list any improvements made to your property since your purchase:
fl 11 r- ( ---
2009 Estimated Market Value (from your valuation notice S L7 7ov
2008 Estimated Market Value (from your valuation notice) -q; 32 co C)
Owner's opinion of value_ P li-7 -Scl o r-
Your appeal must be based on evidence that the 2009 estimated market value exceeds the
true market value of your property. Please list the reasons why you believe that you
could not sell your property for the value stated on your 2009 valuation
i
notice. Please
attach any documentation to support your opinion. To reserve your right to appeal,
please speak to a staff appraiser as soon as possible and then return this form to the
Ptvmouth Assessor's office no later than Friday, April 3.
R,ri L o j1A L -(A 'r C- --R N A -r i Ne A t- —4,Q C --PJ 0, H v "JSA
A S & -S lt D
r- 9 cyv -c RArgEMEHr
Z I C L --r -r q: 12 cr- -T- 1-(o -J 3 C 1 -7-1 -f
U -r rA -7- fA i P, C -V- —
Do you,,vish to verbally address the Board? Yes
Plvmouth Assessing Division
400 Plymouth Blvd.
Plymouth, NNi 55447
763-509-5360
REPORT #12
2009 BOARD OF APPEAL & EQUALIZATION
STAFF REPORT AND RJECOMMENDATION
I U W93 9 11 %*,V VA01 VAUiZZ 191 -'-4,q9 6T4Vkj =-
PROPERTY ADDRESS:
191
LEGAL DESCRIPTION:
PROPERTY TYPE:
James Strand
11931 54 1h Ave N
11-118-22-21-0003
Lot 3 Blk I Larch Hgts Lagoon
Residential Lakeshore (Lagoon)
2009
MARKET VALU-E
VALUE PRIOR TO
LOCALBOARD
ASSESSOR'S
RECOMMENDATION
LAND MARKET VALUE 355,000 355,000
STRUCTURE MARKET VALUE 257,000 243,000
TOTAL MARKET VALUE 612,000 598,000
ASSESSMENT HISTORY 2007 2009 2009
Total Market Value $615,800 628,200 $612,000
Limited Market Value $592,000
Improvement
SUBJECT PROPERTY
lj
OWNERS CONCERNS:
Mr. Strand stated his 2009 market value as $628,200 and the 2008 market
value as $592,800. He understood there was an increase in the valuation
between the 2008 and 2009 value. He doesn't believe there should be an
increase for this year.
I reviewed the property on April
91h . The 2008 estimated market valuation
is $628,200. The 2009 estimated market valuation is $612,000, resulting in
a decrease in value of $16,200.
The $592,800 was the limited market value for'2007 payable 2008.
I called Mr. Strand back on April 13t". I explained that he had some of the
assessment years and taxable years confused, so I clarified those dates. I
explained that my comparables on Bass Lake and the Lagoon indicated that
the market valuation should be $598,000. Mr. Strand agreed with that
valuation.
I recommend the 2009 estimated market value be $598,000.
Paul Kingsbury, CMA
Appraiser
763) 509-5357
pkingsbu@ci.plyn-louth.mn.us
CITY OF PLYIMOUTH
LOCAL BOARD OF APPEAL AIN -D EQUALIZATION
April 7, 2009 @ 7:00 PM
The primary focus of the Local Board of Appeal and Equalization is to consider the
estimated market value and/or classification for the 2009 assessment for taxes payable M
2010. The Board is not empowered to adjust taxes.
Name:
Address
Nr/1 -
How can we reach you: Please list your telephone numbers -
Home S -S-0 - 'Work Cell
ebct
PurchasePnice: ---' :50tev'0 PurchaseDate:
Is the property currently for sale? IJV If yes, what is the asking price? I
Please list any improvements made to your ppperty s
00 r Uk:V -7
ur purchase:
q " A C -J C, --I- (- 0
2009 Estimated Market Value (from your valuation notice k
2008 Estimated Market Value (from your valuation notice)
Owner's opinion ofvalue-00-T
r %-,, e L-) (__ R _- - --T
k __ T7C._ &
Your appeal must be based on evidence that the 2009 estimated market value exceeds the
true market value of your property. Please list the reasons why you believe that you
could not Sell Your Property for the valae stated on your 2009 valuation notice. Please
attach any documentation to support your opinion. To reserve your right to appeal,
please speak to a staff appraiser as soo-n as possible and then return Us form to the
Plymouth Assessor's office no later than Friday, April 3.
Do you wish to verbally address the Board' Yes
Plymouth Assessing Division
3400 Plymouth Blvd.
Plymouth, MINT 5 5447
76-3-509-5360
REPORT #13
2009 BOARD OF APPEAL & EQUALIZATION
STAFF REPORT AND RECOMMENDATION
PROPERTY OWNERS NAME: Richard & Sheila Chaffee
PROPERTY ADDRESS: 17475 46 1' Avenue North
PID #: 08-118-22-33-0 098
LEGAL DESCRIPTION: Lot 8 Block 2 Plum Tree East 8th
PROPERTY TYPE: Detached Residential Townhome
2009
MARKET VALUE
VALUE PRIOR TO
LOCALBOARD
ASSESSOR'S
RECOMMENDATION
LAND MARKET VALUE 160,000 160,000
STRUCTURE MARKET VALUE 326,900 310,000
TOTAL MARKET VALUE 486,900 470,000
ASSESSMENT HISTORY 2007 2008 2009
Total Market Value $522,400 $513,500 $486,900
Limited Market Value
Improvement
SUBJECT PROPERTY
Mar
OWNF-RS CONCERNS:
Mr. & Mrs. Chaffee had a recent appraisal completed for refinancing. The
appraisal came in with a value lower than the 2009 estimated market value.
Friday, April 10, an on-site inspection was conducted. Mr. Chaffee and I
discussed the fact that the comparables used in the refinance appraisal were
not all from his subdivision and there had been adequate sales in the
neighborhood to use to determine value. Looking at the sales in the
neighborhood and noting the differences between models and amentities it
was agreed that the 2009 estimated market value be lowered to $470,000.
Jan Olsson SAMA, RES
Appraiser Supervisor
763-509-5355
jolsson ocyci.plyinouth.mn.us
CITY OF PLYNIOUTH
LOCAL BOARD OF APPEAL AND EQUALIZATION
April 7, 2009 @ 7:00 PNI
The primary focus of the Local Board of Appeal and Equalization is to consider the
estimated market value and/or classification for the 2009 assessment for taxes payable 'in
2010. The Board is not empowered to adjust taxes.
Name: C- i. 14L_ (4d 4 4-
Address- 7
How can we reach you: Please list your telephone numbers:
Home 1 3 -,05499OWork AW -55f- Cell W-- 36,f - 55 777
Purchase Price: P 04 Purchase Date: 5-3/0-5060 0
IS the Property currently for sale? /VV If ves, what is the asking price?
Please list any unprovements made to your property since your purchase:
Arug-CL C" 0 SCM mcklox
2009 Estimated Market Value (from your valuation notice A f(4, 0 n -
2008 Estimated Maxket Value (from your valuation notice) 51310 45re 0
Owner's opinion of value 4/ to 0.
0 00 0
Your appeal must be based on evidence that the 2009 estimated market value exceeds the
true market value of your property. Please list the reasons why you believe that you
could not sell your property for the value stated on your 2009 valuation notice. Please
attach any documentation to support your Opinion. To rcsc-rve your right to appeal,
please speak to a staff appraiser as soon as possible and then return this form to the
Plymouth Assessor's office no later than Friday, April 3.
Ahtjy- h,>m,- Aa..:. " 4,xj ait e- A, -a ke, -7For-
Do vou wish to verbally address the Board? Yes
Plymouth AssessinQ Division
3400 Plymouth Blvd,
Piym, outh, KN, 55447
763-509-5360
File No. 545450851 fto # 11
prMMPs
7=-
M
3a
APPRAISAL OF REAL PROPERTY
LOCATED AT:
17475 46th Ave N
Lot 009 Block 002 Plurn Tree East 8th Acfdn
P ymmzth, VIN 55446-1957
FOR:
WELLS FARGO BANK N.A - 036276
610 SNELLING AVE S
ST PAUL. MN 55116
AS [IF:
2J27/2009
BY:
Ti OMAS WILKEN
CERTIFIED RESIDENTIAL APPRAISER
Tbomas Iffilken
Fo(m GA? —'MiT01AL' appoisal software by a la made, ur — 1-800-A AMODE
IRle No, 545450851 Pane '2'
TRUST APPRAISAL GROUP
4110 KINGS ROAD
F-XCELSIOR, IVIN 55331
PH 952.4111. 1974 FAX 952.401.1370
Estimated Value of the subject ts: $460,000
WELLS FARGO BANK NA- - 036276
610 SNELLING AVE S
ST PAUL, MN 55116
Re: Property: 17475 46th Ave N
Plymouth, MN 55446-1957
Borrower: Chaffee, Ricnard & Sheila
File No.: TW022509061
In accordance with your request. we have appraised the above reiLrenced prcoerty- The reonn of that appraisal is
attached.
The purpose of this appraisal is to estimate the market value of the property described in this apprairal report, as
improved, in unencumbered fee sim Die tifle of ownership.
T -Pis report is based on a physical analysis of the sito and improvements, a locallonal analysis at the neighborhood and
city, and an economic: analysis of the market for properties such as the subject. The appraisal was developed and the
report was prepared in accordance with the Lindorm Standards of Professional Appraisal Practice.
The value conclusons reported a re as of the effective date stated in the body of the report ano contingent upon the
certification and limiting conditions attached.
It has been a pleasure to assist you. Please do not hes4ale to contact meat any of my staff if we can be of additiona
service to you,
sircarely.
TH OMA3 WILKEN
CERTIFIED RESIDENTIAL APPRAISER
Thomas VAkEn
TWO2250061UniformResidentialAppraisalReportFile# 54545085
The ptirriose of ths surnmaiy appraisal ieDurt is lo p(rr-Tdc the lander/cleril with an accurate, and adequately sulmorlea, upirson of Me rnarimt value of the Subject pi
PropelryAddress 1747546thAveN City PlymoLnh Stale MN Do Code 55446-1957
Boi Chaffee, Richard & Sheila Owner of Futilic REcurd Crialficie, Richaim & Sheila Comty Hennepin
Legal 065C11P110n Lot 008 Bluck OD2 Plum Tree East 8th Addn
Assessor's Parcel# 081182233CG98 iaxyea! 2008 ILE Taxes$ 5.62-,40
Neighborhood Narm Plum Tree East Map Reference go -C2 Census Trac' , 02B6.o3
Occupant D, Owner 71 Tenant 7 Vacant Special Assessinwents S NIA POD HOA S 332,00 --per year Off avath
Prop" Rights Eraisiid D/ Fee SiVs Leasehold _ j O?v dsscribej
Assignment Type -1 Purchase Transactlon tD/ Refinance Transacfon _j Oiler (describel
LendErOlEr'll WELLS FARGO BANK N.A. - 036276 Address 610 SNELLING AVE: S. ST PAUL. MN 55116
is the ";act propeny curi offered for sale or has it been offered for safe in the twelve moni prior to the effeave data of this apprasa? 7 -Yes
Rpipurl Oata source(s) Used, offBnnq price(s), and dalels). MLS/CO UNTY TAX RECORDS.
I did did nut analyze the contract for Fait for the ub*t purchase transaction. Explain M resuits of the 8"sis at the contract for saie or why [he analysis was not
verformej
Contract Price S REFINANC Date of Contract latheproo",sellei theuwnerul public record? T_1Yes I-INo DalaSaiurce(sl
is there any linamal assistance (loan charges, sale concessions. OR or downpayment assistance. etc. to be paid by any party on behalf of the narrower? Yes
if Yes report the total dollar amount and desciribe re iteras to be paid.
Note: Race and the racia; composition of the neighbo oad are not appraisal factors.
Neighborhood Characteris es I One -Unit Housing Trends 0ne7Unft Housing Present Land Use%
Location F7 Urban 0' Suburban 0 flural Prop" Values Increasing _' j Stable F<j Declining PRICE AGE One -Ural Bal.
vit-Up ED Dwer 75% C] 25-75% El Under 25% l DemandUSupply Shortage 0 In Balance DOver, Supply $(000) (yrs) 24 Unit 4%
Growth 1] Rapid L -j Stable Lj &my I likarkefing Time Under 3 aft 0 3-6 mths Ljoviar6mihs 10041- (am NEW Muni-Farrq 2%
APPRAISER HAS ATTACHED ALCCATIION MAP TO GRAPHICALLY DEPICT 800- High 80+ Cornmercial 4%
NEIGHBORHOOD BOUNDARIES- 450+/- PrM 1 a+/- Other 1011,
NEIghbOr"00dDUCIR111(in THE SUBJECT PROPERTY IS LOCATED IN AN AREA CONSISTlNG OF MOSMY SINGLE FAMILY STYLEHOMES
THE SUBJECT PROPERTY IS LOCATED APPROXIMATELY I MILE FROM MAJOR EMPLOYMENT OPPORYUNITIES AND PUBLIC
SCHOOLS. THE SUBJECT IS LOCATED IN A TOWNHOME DEVELOPMEN7 CALLED PLUM TREE EAST.
Madan Conditions jincluding support for the above cow-ludom) FINAW IS AVAILABLE TO QUALIFIED BORROWERS FROM VARIOUS SOURCES
AT COMPETITIVE RATES. ANALYSIS CONTAINED HEREIK -ASED ON INFORMATION GATHERED FROM PERSONAL INSPECTION,
GOVERNMENT DATABASES AND 01 -HER RECOGNIZED SOuRCES SUCH AS MLS.
Gimensions.28 ACRES kea .28 ACRES Shatie TYPICAL Mew RESIPOND
Specific Zonng Classification RESIDENTIAL ZOmilgOeSCRInan RESIDEN11AL
zoi compharim Ej Legal [j Nal Nonconlionng (Grandfaidtiered Use) C] No Zaninq D "id (describe)
Is the highest and best use of subject prop" as urnifiroved (Qr as proposed per plans and the present use? Fj Yes FD No 0 No. McnbE
Lifiritigs Pubic Other (descdbe) Public Dthff(describe) OH -she Improvements -Type Pvblic Private
Elactacity E<J- F Water D, 01 StreEl ASPHALT E Ell
Gas z C Sandary Sewer Z E Aloy NONE I L
FEMA Speciat Ruud Hanrd Area DYes F/jNu FEMAhoudZurisi X FEMAMap# 27053CO167E TEMAMapDaile 91212004_
Are the ublibeis and off-site "Lxovemer4s ypical for the riviriliet area? F) Yes 0 No If No, describe
Are there any adverse silo conditions or Wernal factors (easements, encroachments, affiviroRmental conditions, land uses, etc.)? Yes N No It Yes, describe
THERE ARE NO APPARENT ADVERSE EASEMENTS OR ENCROACHMFNTS. THERE ARE NO APPARENT ADVERSE CONDMONS
General Description Foundation I ExleriorDesc6plian matarifils/condifion Interior inaterials/condition
Jails Lj One Ej One with Accessory Unn —1 Concrete Slab Li Crawl Space Foundation Walls CONCRETE/AVG Floors CPYIWDrflLEIAVG
of SIDnes I x Full Basement D Partial Basement EABnor Walls VN/ST/ALrVVRK/AVG Waks DWIAVG
Type F1 Nt. ID Aft. F1 S-kiLTA Unit flasernent: Area 1,985 sq.fl Roi Surl3ce ASPHALTIAV(3 InnVfinish WDIAVG
Xj UasIng f -I Pgosed P Under Const Basernahl Finish 312Ji - 75 % Guaors & Driwirispows METAIJAVG Bath Floor TILEIAVG
Uesign DIET TOWNHM 0- Outside Eni Z &fV Funip Window Typo CSMTIDBLHGIAVG Bath Waimcot TILEIAVG
Yeaf Built 20D4 Evidence of I Infestation 5100 S8Sh"WIEd THERMO Car Slaranie i None
Effective Age (Yrs) 3 :j Dampness I SeRement Screens COM130 [7] Dnvew y 01 CM 4
Attic L] %no Heabno X FWA Hw857 Radiant knerifies I Arucidstove(s) # DnvewaySulace ASPHALTIAVG
F1 Drop Stair D Stairs aolher fuel GAS firepac s) FEnce F] Garage # at Cars 2 ATT
Fluor Scuttle __ Cooligg x Porch FRONT —) Carport # of CarsCentralAirConditioningL' Patofflack DECK L_
Rnisho Heined 71 IndNdi IF] Ner 7 Peat EI Other !Dm AQ. Det F—I Buirt-in
Aiiplances E] Ratingeiraitur F,11 Range/Oven N Nshwasher 1'] DisRosal FZJ Microwave MWashe(/DyEr rL-10[her(descirdic)
Hnished area above grade contains' 7 Rooms I Bedrooms 1.5 Balti 2,182 Square Feet of Gross tiving Area Above Grade
Additional teakres (special eny efficient iterns. Lie) TYPICAL FEATURES FOR HOMES IN THIS AREA,
Describe ft condition of the prop" (including needed repairs, deteiiaraticin, renovations, remodeling. etc.), THE SUBJECT PROPERTY IS IN GENERALLY
GOOD CONDITION, NO READILY APPARENT REPAIRS ARE NEEDED. DETERIORATION IS WITHIN ACCEPTABLE RANGE FOR THE AGE
OF THE PROPERTY.
Are ban any physical deficiencies or adVefile Conditions n&'j r ka it Yes describesoundness, or Structural iftply of the prapffty? 71 yes
Does UT property g2nerally conform to the ntighborl uod functional LAkly. style, condition. use, construC111011, Etc.)? Yes 1: No If No, describe
Freddie rAac Form 70 MarcA 2005 Page I of 6 Fannie Mae Form 1004 March 20G5
form 1W4 —'KinTOTAL"appraisal sofivive by a la made, inc — 1-803-400DE
TW022509061
Uniform ResidentialADDraisal Rnort File# 54545085
Thene are H comparable properties currently offered fDr solo in dre subject neighborhDod rarqng in PriCE tram S 394.oDD to 5 597.060Wr
a rTWOare 6 Comparable S212E in "" 'Uhfe neigntiomool within the past rmwe worms. ranging In-SaIL' Once frum S 340.000 to S 482 500
s
FEATURE BJECT COMPARABLE WE Ar I COMPARAH11 WE 9 -2 i COMPARABLE SALE 3
Address 174TS 46th Ave N 18075 39th Place N 16739 49Vt Piece N 14672 Inland Court Nif
Plymouth, MN 55446-1957 F`12Douth, MN 554-46 IPlymotAh. MN 55446 lPtymnuth, MN 55446
pro)aqu to Subject 10.85 miles SW 10.63 miles NE 10,1B miles EP4
Paareere
Sale Price S REEtNANCIn is 38(mool Is 405,0001, 482.500
Sa o PficeiGross by- Area s sq.It 213-48 sq.11.1ioP' IS 207.91 sq.it.1 is 289 96 sqiff
Data Sourcels) IML ICOUNTY IMLS/COUNTY IMI-SiCOUNTYS- Verification Sbiarce(s) PUBLIC RECORD JPUBLIC RECORD PUBLIC RECORDVennfircabor
VALUE ADJUSTME11TS DESCRIPTION I DESCJIIPTIO.% + S Adjusbrieni DESCRIPTION S Adjustment DESCRIPTIOk S Adfustmull
Smes or Fi -T-9SbesorFinancing
Concessso -5Concessa
NIA N/A NIA
70 Day 343 Days 1217 Days
Date of SalefTirne 10`113012009 1512212008 112JI212008
ocation SUBURBAN ISUBURBAN ISLIBURBAN tSUBURBANLocon
Leasentifil/fa Simple I FEE SIMPLE i FEE SIMPLE I FEE SIMPLE FEE SIMPLELe
Site .2B AcR 07 A RES 1. 12 ACRES .27 ACRES
Wvj J RESIPOND Z ENTIAL 3,000IRESIDFNTIAL +3_00MRESIPONDID
Design JSVC)._ I DET TOW NHM ATT T-OVVNHM 420,0001 ATT TOWNHM +20,0001 IDET TOWNHM
Quality of Construction JAVERAGE EQUAL 1EQUAL I EQUAL
Amid Age 15 13 19
Condition WOOD SIMILAR SIMILAR
Above Grade -jinal I B&Md RaqLs Toul Inarns. Bams 101 I Borms.1 M5 iazl lBdrms.l Bats
RocrmCounl 7 1 1 1 1.5 5 1 1 1.5 6 1 2 1,5 6 j i 1 1.5
Gross Living Area 2.182 sq-tt-1 1,780 sq.h. +12,060 1,948 SQ1. -7.020 1,664 sq.0, 415,540
BasemV AL Finished 1,985 Sq,FI, 11,780 Sq. Ft, 1.600 Sq,Ft. 11,496 Sq.Fl.
Rooms, Be)ow Grade 3/211 -75% 40.75 - 110% 131211-90% 1412/.75 - 90%
Whord Wily AVERAGE jAVERAGE JAVERAGE ]AVERAGE
hDafing/Cc VCNTRL, I FAIGAS/CNTRL FAIGASICNTRL
Energy Fificierif Items ITYPICAL I TYPICAL ITYPICAL JTYPICAL
Garage/Caiport 12 ATT 13 ATT -2,00012 ATT 12 ATT
PorclV(Pabb(DEck IDEcKiPoRcH DECK +2,000 DECKJPATIO IDECK/PORCH
tt AdjusTnerd (lotal) + 35,0601 M + S.. .---30.020_ Ef + S 15,5401
Adjusted Sale Price Net Adj 9.2 % I Net A6) 7.4 % Net Adj 32 %1
of Comnarrables Gress Adj 1G3 % S 415,060113irfissArIj. 7.4 % S 435.024ross Adj. 32 %IS 498.040
7-7did Lj did rat resexch tit sale or transfer history of M subject properly and comparable safes. If not, oplarn
j did M bid not feyeal any prior sales or transfers of the strbpd properly for Pit three years pnor to the Offf!Chilg dale 01 this appraisal. My research I—
Data Sourcels) MLS, COUNTY RECORD
My research j did C/1 did wl reveal any prior sales or transfers of the crifriparable safes lor the year prior to the dale of sale Di the carroaratito sale.
DalaSourcia(sl MILS, COUNTY RECORD
R(Rorl the resuils of the reseaFch and analysis at the prior sale or transfer history of the subiect ffopen and c mparable sales treparl additional o or sales on pagE 3),.
ITEM SUBJECT COMPARABLE SALE #1 1 COMPARABLE SALE #2 "OMPARABLE SALE #3
Date of I rir SaWfrartsler NONE NONE INON NONE
Price of Prior SaINTransiEr NONE NONE INONE NONE
0313 Source(sl MLSICOUNTY RECORD MLS I MLS MLS
Effective Date of Data Scurce(s) CURRENT CURRENT_ ICURRENT ICURRENT.
Analysis of prior sale or tansfer history of the subjecl prop" nd convairable sales BASED UPON THE INFORMATION AVAILABLE FROM PUBLIC
DATABASES ANY SALES REPORTED ARE PRESUMED TO HAVE BEEN ARMS LENGTH TRANSACTIONS UNLESS OTHERWISE STATED,
Sm"ry of Safes Comparison Approach THE COMPARAKES USED WERE THE BEST AVAILABLE AFTER A SEARCH WAS MADE OF THE
IMMEDIATE NEiGHBORHOO DAN D SURROUN DING AREAS FOR SALES OF SIMILAR HOMES. APPRAISER USED EVERY EFFORT TO
KEEP THE COMPARABLES AS CLOSE PROXIMALLY AS POSSIBLE WHILE ALSO ATTENDING TO NECESSFTIES OF SIMILARITY IN SIZE.
STYLE, AGE. AND AMENITIES ALL COMPARABABLES WERE USED IN ESTIMATING MARKET VALUE OF THE SUBJEC PROPERTY.
COMPARA13LE SALES LISTED ON THIS APPRAISAL REPORT ARE N07 NECESSARILY ARRANGED PER THERE WEIGHT IN THE
VALUATION ESTIMATE.
WicabidValLeby Sales Corwarison Approach S 460,000
tridicated Value by: Sales Compatision Approach S 460.000 Cost Approach (if developed) 5 Income Approach (it developed) 5
INDICATED VALUE BY SALES COMPARISON APPROACH. THE SALES COMPARISON APPROACH IS THE MOST REASONABLE AND
RELIABLE METHOD FOR ESTIMATING VALUE WITH THIS TYPE OF APPRAISAL- THIS REPORT CONFORMS TO USPAP DEFINITIONS OF
A SUMMARY APPRAISAL REPORT.
Iris appraisal is made E 'as is', — sutiO to Comnirelon per plans and specifficakons an Ithe basis of a hypulhid;cal condition that Me lWarOVerreflts have been
CORiffeled, El SUI)e[l to the 1010WIng Moans M afteralions on the basis of a hypowtical wriditron Oaf the repairs or alterations have bom completed, or — subledlo the
foCowing mqureJ inspecrion based on Ire ex1raordinary assumption that the condition or deficency does not reQtnre alleration or repair ND WARRANTY OF THE APPPAISED
13 GIVEN OR I VIPLIED- NO LIABI LITY 15 ASSUMED FOR THF STRUCTURAL MECHANICAL. OR INSULATING ELEMENTS OF THE SUBJECT PROPERTY.
Based on a complete visual ins ection of the Interior and exterior areas of ft sula ecl groped defined scope of work, statement of assumptions and limilinu
conditions, and appraiser's ce licalion, my (our] opinion of the market value, as defined, of e real Property that is [he subject of this report is
S 460,000 . as of 2J2712009 . which is the diate of inspection and the effective date of this apprais
Freddie Mac Form 70 Marc n 2005 Page 2 of 6 Fannis Man Form 1004 Mamn 700-
Form 1004 — *V400TAt' appraisal saftiyare by a la miat, in — 1-800-ALAMOOE
TW022509061
Uniform Residential Appraisal Report Ple# 54545085
Due to a lack of detached lownhornen sold recarby in the sunlect area, it was necessary to use two cornparables that are attached unils, The
propar adjustmenls were applied to these comparables.
Comparabie $13 was given MOS[ Weight ift deterTniniM value because t is a detached townMme, lar-ated Yvithin the subjecVs dnvelopmentand is
similar in most major elements of comparison.
COST APPROACH TO VALUIE (not required by Fannie Mae)
Provide adequate information for [he lenderld2rd to replicate the below cost figures and calculations.
Support for ft opirinn at site value (surnmaq ot 2narable Ind sales ur other mitrinds iDf estimating silo Yabe)
5;04ATED REPRODUCTICN OR E] REPLACEMENT COST NEW ORNION OF SITE VALUE- S
SMICS of cost dala DWELLING 2.182 Sq.Ft.@S S
Quaky ratng from cost semce Eflective date oi cost data 1,985 Sq'ftQS
Comments on CDst Approach (gross (iyiq area calculations, deprectaton, etc.)
Garage/CaMorl 552 SQJL @ S
TOW Estimate oi Cost -Now
Less Physical
Depreciation
ftieciawd Cost of Improvements S
As-Ts'Vakie at Site Improvennts
Eslimated Remaining Ecoriarric LRe (HUD and VA Ddy) 57 Years INDICATEO VALUE BY COST APPRaACH . .. .......... - ------ S
INCOME APPROACH TO VALUE (not required by Fannie Mae)
Estimated Monhy Markel Rent S X Doss Renl WuNplw - S Indicawd Value by Income ADOruach
Summ!l ol Income Approach (includmij s9lott fv mafkal mril and GRM)
PROJECT INFORMATION FOR PUDs (if applicable)
Is the dev aribuilft in coritrcl of the Homeowners' Asswation JHOA)? Cl Yes No Llntlypets [j Detached E Anached
Promde the 101104Rg informaton ior PUDs RLY if ft daveluperlbuldef is in untral ol the HOA and ffie subject propeny;s an aRachad dwe$ng unil.
Legal Name oi Project
TOL31 0"t of p1riaSeS TOW nMbBr Dl MIS Iota] nwher 01 mts SMd
Tatal Tumber ni units wN Total ruriter al umts V sale Data sairce(s)
Was lhe project created by the. coriversion ol ensting,bisl[hrig(s) iMo a PUD? j-1 Yes F-1 No I Yes. dale of canv&sjun.
Does the pqecl contain any rnA-dwelng uruls' 0 Yes E) No Data Sourcp
Are Ihe Lots, Comiman &jMN. and Wfeflgn laCifillES CDff#ele? Yes F:1 No R No, describe MR slalus. nl mpleorin
ka Die cGrrimun elements leased lu or by the -L-] Yes Ll No H Yes. describe the rerdJ Zerms and updons
Describe comirmn etemerils and rec(eaticoal lacilifios.
Freddie Mac form 70 March 2005 Page 3 ci 6 FdnrlIC Mae Form 1004 March 2005
Farm 1004 — 'WnIOTAL' appraisal sftuare by a la mode, Prr — 1-900-ALAMODE
mlem.543 45(185pa ;f6ue
TW(12250171()Fi,
This report form is designed to report an appraisal of a ono-unil property or a one -unit property with an accessory unit:
Including a unit in a planned unit develnpment (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project
This appraisal report is subject to the 10110WIng scope of work. intended use, intended user, definition of market value.
statement Ci assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use. intended user, definition of mamet value, or assumptions and limiting conditions am not permitted. The appraiser may
expand the scope of WorX to include any additional research or anarysis necessary based oil the complexity of this appraisal
assignment Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as Mesa required by law or those related to the. appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of warR for this appraisal is (lellinact by the compiexity at this appraisal assignment and tt i-
reporting requirements of this appraisal report form, including the (allowing definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum (1) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
Comparable sales from at least the street, (4) research, verify, and analyze data tram reliable public and/or private sources.
and (5) report his or her analysis, opinions, and conclusions in this appraisal report
INTENDED USE: The intended use of this appraisal report is for the andar/client to evaluate the property that is the
subject of this appraisal for a moftqage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
marKet under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price Is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of Utle from seller to buyer under conditions whereby: (1) buyer and selief are typically motivatad (2) both
parties are well informed or well advised, and each acting in what he or she considers his or her own best interest7 (3) a
reasonable time is allowed for exposure in the open market; (4) payment is made In terms of cash in U. S dollars or in terms
of financial arrangements comparable thereta; and (5) the price represents the normal consideration for the property sold
unaffected by special or creabve financing or sales concessions- granted by anyone associated with the sale.
Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary [or those costs which are normally paid by sellers as a result of tradition or law in a market area: these costs are
readily identifiable since the seller pays these costs in viftally all salas transactions- Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offerea by a third party institutional
lender that Is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the marke",
reaction to [he financing or concessilons based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appfaiser's certification in this mpod is
subject to the following assumptions and limiting conditions. -
1, The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title,
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's daterminatinn
of its size.
1 The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
or othet data sources) and has noted in this appraisal report whether anv parlion ut the subject site is located in an
identified Special Flard Hazard Area. Because the appraiser is not a surveyor he or she makes no guarantees, express or
implied, regarding this determination.
4 The appraiser will not give testimony GF appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5, The appraiser has noted In this appraisal report any adverse conditions (such as needed repairs, date noration, the
presence at hazardous wastes, toxic substances, air ) observed during the inspection of the subject property or that he or
she became aware of during the research invalveb In performing the appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent phys cal deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there art, no such
conditions and makes no guarantees or warranties. express or implied- The appraiser will not he responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist,
Because the appraiser is not an expert in the field at environmental hazards, this appraisal report must not be considered as
an environmental 2ssessmaril of the property.
G. The appraiser has based his or her appraisal report and valuation conrlusinsi for an appraisal that is subject to satisfactory
completion, repairs. or alterations on the assumption that the completion. repairs. or alterations of the subject property will
be performed in a professional manner.
I'TeddieMac Forril 70 Marcri 200 Page 4 of 5 FaTinie Mae Form I OU4 March 2131)5
offn 1004 -Win',OTAL appraml 5ottoare by a l3 rrade, rc, — 1-500-ALANON
Uniform Residential Appraisal Report Fil W
APPRAISER'S GERTIFICATION: The Appraiser certifies and agrees that
1. 1 have, at a minimum, developed and reported this appraisal in accordance wAh the scope of work requirements stated in
this appraisal reparl-
2 1 performed a complete visual inspection of the interior and exledor areas of the subject property I reported the condition
of the Improvements In factual, specific terms. I identified and reported the physical defic:iariries that could allect the
iivability, soundness, or structural integrity of the property
3. 1 performed this appraisal In accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that wam 1p
place at the firria this appraisal report was prepared.
4- 1 davaloped my opinion of the market value of the teal property that is the subject of this report based on the sales
comparlson approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
far this appraisal assignment. I lurther certify that I considered the cost and income approaches to value but did not develop
them. unless otherwise indicated in this report.
5. 1 researched, varl analyzed. and reporied on any current agreement lot sale IoT the subject property, any offering for
sale of the subject property in the tweNe months prior to the effective date of this appraisal, and [he prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal. unless otherwise indicated In this report.
6. 1 researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated In this report.
7. 1 selected and used comparable sales that are locationally. physically, and functionally the most similar to the subject pratill
8. 1 have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land -
9. 1 have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10, 1 verified. from a disinterested source, all information in this report that was provided by parties who have a financial interest irl
the sale or financing of the subject property.
11 1 have knowledge and experience in appraising this type of property in this market area,
12. 1 am aware of, and have access in, the necessary anti appropriate public and private data sources, such as multiple listing
services. tax assessment records, public land records and other such data sources for the area in which the property is located.
13, 1 obtained the information. esfirrales. and opinions lumished by other parties and expressed in this appraisa report from
reliable sources that I believe to be true and correct.
14. 1 have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property 10 adverse influences In the development of my opinion of market value, I
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse envri:inmenta conditions, etc.) observed during the inspection of the
subject property or that I became aware aT during the research involved in per[orming this appraisal. I have cunsidBrad these
adverse conditions in my analysis of the property value, and have reported an the effect of the conditions on the value and
marketability of the subject property
15. 1 have not knowingly withhold any significant information from this appraisal report arid to the best of my knowledge, all
statements and information in this appraisal report are true and correct
16 $ stated in this appraisal report my own personal, unbiased, and profpssional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiling conditions in this appraisal report.
17 1 have no present or prmpoctive interest in the property that is the subject of this report, and I have no Present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base. either parbally of
completely, my analysis and/OF opinion at market value in this appraisal report an the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of e lher the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was nut
conditioned on any agreement or understanding, written or otherwise, that I woutd report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in valuE:, a value that lavars the cause of
any patty. or the attainment at a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application).
19- 1 personally prepared all conclusions and opinions about the reai esmile linat were set forth in this appraisal report If I
relied on significant mal property appraisal assistance Irom any individual or individuals In the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report- I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report: therefore. any change made to this appraisal is unauthorized and I wK take no
responsibility for It.
20- 1 identified the tender/client In this appraisal report who is the individual. organization. or agent for the Organization thal
ordered and w0l receive this appraisal report.
Fredde Mac Form 70 March 2005 Page 5 ol 6 Fannie Mae Form 1004 Marcn 2005
Farm 1 C04 — VinTOTAL aprilaisal saiNare b a la rnwe. 1w — I-1 VOTE
ngg ncom,
uni7orm Kesiaenval Al)praisai Kum File# 54545085
21- The lender/client may disclose or distribute this appraisal rapart to: the boiTower: another lender at the request ol the
borrower: the mortgagee or its successors and assigns. mortgage InslurUS; government sponsored rinlerprises other
secondary market partiripants; data callertion w reporting servlces professional appraisal organizations.- any department,
agency, or instrumentality of the United States, and any state. the District of Columbia, or other jurisdictions, without having to
obtain the appraiser's or supervisory appraiser's (If applicable) consent. Such consent must be obtained before this appraisa
report may be disclosed or distributed to any other party (including, but tint limited to, the public through advertising, public
relations, news, sales, or other media).
22 1 am aware that any disclosure or distribution of this appraisal report by me or the lander/client may be subject to certain
laws and regulations- Further, I am also subject to the provisions of the Uniform Standards of Proiessiunal Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage
Insurers. government sponsored enterprises. and other secondary market participants may rely an this appraisal report as part
of any mortgage finance transaction that involves any arie or more of these parties -
24. If this appraisal report was transmitted as an 'electronic record' containing my 'electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and vidLn recordings), or a facsimile transmission at this
appraisai report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as It a paper version of this appraisal report were delivered containing my original hand written signature -
25. Any inierilio& or negligent misrepresentation (s) contained in this appraisal report may residt in civil liability and/of
criminal penalties including, but not limited to. fine or Imprisonment or both under the provisions at Title 18, United States
Code, Section 1001 , at see., or similar stale laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that.
1, 1 directly supervised the appraiser for this apprais2l assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions. statements, conclusions, and the appraiser's certification.
2. 1 accept full responsibility tar the contents of this appraisal repart Including, but not limited to. the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification.
3, The appraiser identified in this appraisal report is either a sub -contractor or an employee at the supervisory appraiser (or the
appraisal firm), Is qualified to perform this appraisal, and is accaptatili! in perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the tirne this appraisai
report was prepared.
5. If this appraisal report was transmitted as an 'electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (axclud ng audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation oll my signature, the appraisal report shall be as effective. enforceable and
valid as if a paper version of [his appraisal report were delivered containing my anginal hand written signature.
APPRAISER THOMAS WILKEN
Signature - - . . I . -
Name -THOMAS Wll_r EN - ` - -_
GompanyName TRUST APPRAISAL GROUP INC
GompanyAddreSS 4110 KINGS ROAD, EXCELSIOR, AAN 55331
Telephone Number (952) 401-1974
Email Address tornwilki3n@trust-appraisal.ciom
Date of Signature and Report March 02. 2009
Effective Date of Appraisal 212712009
State Certification # 20417867
or State License #
or Other (describe) State -V -
State MN
Expiration Date of Cartificatian or License 813112009
ADDRESS OF PROPERTY APPRAISED
17475 461h Ave N
Plymouth. MN 55446-1957
APPRAISED VALUE OF SUBJECT PROPFRTY $ 460,000
LENDER/CLIENT
Name
CompanyName WELLS FARGO BANK N.A - 036276
Company Address 610 SNIELLING AVE S. ST PAUL, MN 55116
Email Address
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name
Company Name
Company Address
Teleptione Number
Email Address
Date of Signature
State Certification
or State License #
State
Expiration Date of Gertificatijon of License
SUBJECT PROPFRTY
E Did not inspect subject property
Did inspect exterior of subject property from street
Date of Inspection
Did inspect interior and exterior nf subject property
Date of Inspection
COMPARABLE SALES
Did nol inspect axtenorof comparable sales ;oam street
Did inspHrt exterior of rampafable sales from street
Dale of Inspection
Fzeft Mac Form 70 Marco 2005 pagv 6 of 6
Form 1004 — VaJ07A' nnraml saftmrE by a la mr;,, iK — 1.800-ALAUDGE
FannuellAze Form 1004 %Iarr:4 2005
TW022509061
Uniform Residential Appraisal Report File Ar 54545085
FEATURE I SUBJECT I COMPARABLE SALE #4 1 COMPARABLE SALE #5 COMPARABLE SALE #6
AddreSS 11747546thAveN i 4560 Kimberly Court N 14500 Kimberiy Caurt N
Plymouth, MN 55446-1957 1 Plymoulh. MIN 55446-1957 IPlymouth, MN 554-461957
pfworruty to Sobou 10.09 miles SF miles SE
Sale Price IS REFINANCI IS 0(
31011
4CA,g 569,9001is Is
Sale Price/Cdoss Liv. Pea is sq.LIS 252.39 sQA1 IS 286.96 sq -H-1 SOA I
Dala Source(s) IMLSICOUNTY IMLSICOUNTY
Verification Sc"rc"' I PUBLIC RECORD I PUBLIC RECORD
IJALUE ADJU9TM—EN'TS I)ESCRIP1109 I GESCHIPTON +(-) S Adjusuaril I DESCRIPTON + S Adpmt DESCHIP10 +1-1 S Adpmw
Salps or FinancIng
Concessions
I ACTIVE1356Days
ACTIVE1210Days
Date of Saleffirne IL49TIVE 14.00 Vr -17.000
S U!DURBANLocationISLIBURBANSUBURBAN
LeasehddAe Simple i FEE SIMPLE I FEE SIMPLE FEE SIMPLE
Site AC RES 1.27 ACRES 61 ACRES
14ew
2
III 51POND IRF=,9/POND E PON i
Oestgn tSlyle) IDETTOWNHM IDETTOWNHIM IDEITOWNHM
Qualily of Coustruc4on IAVERAGE JEQUAL 1EQUAL I
Acival Age 5 17 1Ei
Condihon IGOOD ISIMILAR ISIMILAR
AboveGradE 101311 BMM.l ws Told IBWm.l Bats 1 30121 186M5.1 Bams Tcal adrum Bali$
Room COW 7 1 1 1.5 1 1 1 1.5 1 7 1 1 1 1.5
Gross Living Area 2.182 sq.fLI 1.842 sq.11L 10.200 1,986 sq,fl, +5,8130 SqA
Basement & Firushed
Rooms Below Grade
1,985 Sq.Ft. 11,672 Sq. Ft.
31211 - 751/. 131211-75%
1,98675%
412/1 -75%
Furclonal uui IAVFRAGF 1AVERAGE AVERAGE
Heabng-ic-colig 1FAIGASICNTIRLIFA/GASIGNTIRL I FAIGASICNTRL
Energy Efficieni Items; TYPICAL TYPICAL ITYPICAL
Garage/Carpon i2 ATT 2 ATIFIDECKJPORCH 12 ATT
Turch/Pabomeck IDECKJPORCH POWPTIL)KJBIL -2,000
Net Admnent (Total) 3,800 Fyj- S -13,1201 + —1 - 5
I Adjusted Sale Price
ofCMWI
Nal Adj, 0.8 % lGrossAdl. 5.2 %IS
Not Adj. 2.3 %
OlNel
46 1,1 oo Gross Adj 4,4 % S 556,78
Adj, %
Gross Adj. W
Rjort the restAs al' Ina research and analysis at the prior sale or transfer hislory of the suqLml propeq and c arable sales (report ad(ibDnal pm3r Was on page 3).
ITEM SOBJECT j COMPARABLE SALE # 4 1 COMPARABLE SALE # s F COMPARABLE SALE #6
Date of Prior Salerfrander NONE NONE INONE
Pnce of Prior Sala(Translef NONE INONE INONE
Data Source(p MLS/C0UN7Y RECORD IMLS IMLS
Effective Date of Data Swce(s) CURRENT ICURRENT ICURRENT
Analysss of prior sale or transfer listory of the subiDu properly and comparable 2les SEE PAGE 2 URAR
ArialysisXommErils NfA
Freddie Mac To r, -n 70 March 2005
Form IC04.iAC) — ",YjnTOTAL' appraisal Gotuare by a la mode, mc — I -SMALAMODE
Farime Mae Form 1004 March 2005
File No. 54545(lK Parle,110
Supplemental Addendum Fild NO- 54545065
florwwiar/Cient Chaffee, Richard & SnOa
Prop" Address 17475 mth Ave N
City Plymwh MVY hennew, stalff MN Zw Cad5 55"6-1957
Laide, WELLS FARGO BANK N.A. - 03 276
The report analyses, opinions, and conclusions were developed, and prepared by
complying to the requirements of the Uniform Standards of Professional Appraisal
Practice. This includes the Uniform Standards of Professional Appraisal Practice.
The liability of Trust Appraisal Group Inc., it owners, staff and appraisers -is limited to the
client and lender only and to the amount of the fee actually received by the appraiser.
Also, there is no accountability, liability, or obligation to any other third party with the
exception of the lender. If this report is placed in the hands of anyone other than the
client or lender, the client or tender shall make such party aware of all limiting conditions
and assumptions of the assignment and related discussions. The appraiser is in no way
responsible for any cost incurred to discover or correct any deficiencies of any type
present in the property; physical, financially and I or legally. In the case of lawsuit (
brought by a partner, or part owner in any form of ownership or any third party), any and
all rewards, settlements of any type in such suit, regardless of outcome, that client and I
or lender will hold the appraiser completely harmless in such action.
The cost approach has only been developed by the appraiser to support their opinion of
the property's market value. Use of this data, in whole or part, for use other purposes is
not intended by the appraiser. Nothing set forth in the appraisal should be relied upon for
the purpose of determining the amount of type of insurance coverage to be placed on the
subject property.The appraiser assumes no liability for and does not guarantee that any
insurable value estimate inferred from this report will result in the subject property being
fully insured for any loss that may be sustained. The cost approach may not be a reliable
indication of replacement or reproduction cost. This is in part because of the ever
changing cost of labor, materials, building codes, governmental regulation and
requirements.
APPRAISAL USE:
The intended user of this appraisal report is the lender/client. The intended use is to evaluate
the property that is the subject of this appraisal for a Mortgage finance purpose/transaction.
Subject to a stated scope of work, purpose of the appraisal, reporting requirements of this
appraisal report form, and definition of market value. No additional intended users are
identified by the Appraiser.
PROPERTY CONDITION.,
ondition reflects the amount of remodeling, upgrading, amenities, additional features. and
overall maintenance patterns exhibited by each property.
MARKET - ARMS LENGTH TRANSACTION:
Selection of comparable sales should include properties where the buyer and seller are well
informed, knowledgeable of the local market and competing properties, and acting in their own
best interest- The property must be exposed to the typical buyer through an open market (Open
market is defined as individual sales that have been publicly exposed to any potential
homebuyer through the use of periodicals, such as MILS or other means of general marketing
that is typical for the local area.)
COMPARABLE SELECTION- CURRENT MARKET INFORMATION
We have attempted to provide 3 comparable sales that have closed within 0 - 6 months of the
effective date of this appraisal. However, the sales used are the best available and reflect
current market conditions, Non comparable sales that may meet the sales date criteria, would
require several excessive adjustments in other areas, that could be considered misleading to
the reader or the Appcaisers peers, This would be in direct conflict with the Uniform Standards
of Professional Appraisal Practice (USPAP) and The Financial Institutions Reform Recovery
and Enforcement Act of 1989 (FI RREA).
A search was made in the subject properties area/neighborhood to locate sold pending, and/or
iorm 1ADD —WinTOTAL' appraisal saftware by a la moce, oc — I-80MMAODE
Supplemental Addendum He ND 54545085
Benow/Chent Chaffee. Ricnara & Sheil@
Prop" AfteSs 1747S 46tn Ave N
CDM'f Hennemn SME MN ZipCodE 55446-195-
1-wiCe WELLS FARGO BANK NA - 03627b
active comparable sales in a similar and competing area, this information will be used to
estimate market value of the subject property. The subject property and comparable sales
are considered to be in a similar and competing neighborhood)market,
All Comparables are taken from the same MLS/Regional area, similar in design, utility, and
market appeal. Other sales may have been considered but not utilized in this report due to
dissimilarities which would necessitate excessive adjustments in the market grid, and not good
indicators of value.
The square footage of the comparables; represent the Appraisers best estimate of the size of
these dwellings.
FORECLOSURE I BANK OWNED / REO:
With the current real estate industry challenges, many markets are witnessing an increase in
foreclosures, Typically, foreclosure transactions do not represent or adhere to the definition of
market value and are not considered arms length transactions. While in most instances
foreclosure sales should not be utilized as a comparable, in some cases it may not he
avoidable. In other cases, foreclosures may represent the defined neighborhood and in fact be
the only sales available.
TAX INFORMATION:
Special Assessments as noted by County records for the subject property (if any) will be included in the tax amount
provided on page 1 of the URAR.
PERSONALTY (non -realty) TRANSFER&
No Chattel valued in this report
The Appraiser reserves the right to change any information on this form, including the final value estimate. upon
anianother interiorlexterior inspection of the Subject property anWor Cumparables
Nrm TADD —ftnTOTAV appiaNal SMVare OV a la rnuda in — $-801-ALVADDE
Building Sketch
BorroweriUmt Chaffee, Richard & Shefla
Proputy Address 17475 46th Ave N
CiTy Plymouth Count; Herjreoin Staln MN Z p Code 55446-1957
Under WELLS FARGO BANK N -A, - 036276
Form SKT.EldSkl —T69TOTAL' apprjLij saftysare by a a made. ip., — I-OnALAVODE
4
ff:
13f,
Sur) Room w ood Dec[.
7ft
156 Sq ftl
13ft
Master Bedroom
Family
Kitchen
4:! First Floor
r14
2182 Scl ft]
Dining Ln
wic
Bath (half)
Master Bath
Laundry RIP
Entry
23ft
Office
13ft
2 Car Attached —q
552 Scl ft]
Garage
23ft
Ar.. C.1rulatto %Summary
tLY1.9 A— Calculation Det.M
vnlHoo, 71R2 54 Ir 0.5. 1.1 4.5
0.5 . 3. 3 4.5
7.3 21
14.12 169
qq .,tZ tole
8 13 ICA
4 's 32
Total UVEAO ArC4 (Raamled) 2162 Sul tt
U -11V1.9 Are.
2 Car Avlached 552 So ft 23. 74 551
Wood D- 156 Sq ft 13-12 1561
Form SKT.EldSkl —T69TOTAL' apprjLij saftysare by a a made. ip., — I-OnALAVODE
Location Map
lortoweriChni ChafteL. Richard & ShBila
Irop&;y Addfm 17475 46th Ave N
ily PlvmoLAh C"N Hunnepin SIM MN ZIPCOOS 55-446-1957
mdu WELLS FARGO BANK N.A. - 036216
a la mode, inc.
7t
in't
k I
Ar
jj
N.
w, 5.4
v Ajl P, IN"
i,
It 41.
Al
Af
47 4!
Fm NIAP-LOC —'WiriTOTAL' appaisal soltyare by a la rwd5, inc — I -BOO-ALAMODE
IRV No, 54545085 PaEg-0-14
Location Map
BoriawarlChvit Chaffee, Richard & Sheila
Prop" AddrOSS 17475 46th Ave N
City ftmouth CDjntv Herinepri !aie MN Zip Coft 55446-1957
Lorder WELLS FARGO BANK NA - 036276
j la rriode, itic
I I =2L-
FuTm MAP -LOC —1UTOTAL'appraisal sollviare by 3 la mode, in., — I-OWALANOBF
Subject Photo Page
HonoweriChent Chaifee, RiChard & Sheila
Nop"Address 17475 46th Ave N
city PtVmo?Ah Ccwty Herinelm Slate MN ZiP Coda 55446-11957
LeMer WELLS FARGO BANK N.A. - 016276
M- On
Subject Front
17475 46th Ave N
s kk--4 Sales I'm REFJNANC
GLA 2.182
TOI. HO om 7
Cie .......... Tal. BMrrrE. 1
Tal. Balims. 1,5
Locabuft SUBURBAN
View REWOND
Site .28 ACRES
QuaJily AVERAGE
Age 5
W-
Subject Rear
k- mi Ne4
10— 'M
lot
Subject Street
Form P104xS.SR — "MinTOTAL! appraj3al soft iare by a la mME, inc — I-OCO-AtMODF
5
0417A
0
Form P104xS.SR — "MinTOTAL! appraj3al soft iare by a la mME, inc — I-OCO-AtMODF
Photograph Addendum
Borrow/CLcn: Onaffee, Richaru & S iejla
Pion" kcms-, 17475 461h Ave N
cl PlvmoLAh CcuVi Hemeow state MN Z;D COOO 55446-1957
LEndF WELLS FARGO BANK N.A. - 036276
w,
41wit -
SUBJECT REAR VIEW
SUBJECT INTERIOR
SUBJECT INTERIOR
SUBJECT INTERIOR
SUBJECT INTERIOR
Form VOW — I'AnTOTAL' appraisal sDftkvarL- ty a la made, inc
SUBJECT INTERIOR
Ie ;,o. 545450851 Page # 171
Comparable Photo Page
Rorroyiu/Giew Chalice, Richard & Shela
Prox. to Subl 0.63 miles NE
Sales Price
Propffn Address 17475 4blh Ave N
G,LA 1,948
Tot. Roorris
city Plymouth C01111Y Hennevin S131E WIN bOCCIE 554,46-1957
LendEr WELLS FARGO BANK N.A. 036276
Location SUBURBAN
Aaw RESIDENTIAL
Site 12 ACRES
Ouafily,
Comparable I
Me 9
18075 39th Place N
fTox. to Subj. o.n miles sw
Salts rice 38a,utto
G -AL 1,780
lot HDOMs 5
lot. Bearrris. i
lot. Bathrms. 1.5
Locaban SUBURBAN
View RESIDENTIAL
Site .07 ACRES
wality EQUAL
Ag 13
T 4
Form P IC4 4. C R — VoTOTAL' a p p ra i sal s o ftva fe by a I a me e, inc. — 1-8C O -A LAMO DE
Comparable 2
16139 49th Place N
Prox. to Subl 0.63 miles NE
Sales Price 405,000
G,LA 1,948
Tot. Roorris 6
Tot. bedrms. 2
TcL Rallm. 1.5
Location SUBURBAN
Aaw RESIDENTIAL
Site 12 ACRES
Ouafily, EQUAL
Me 9
Comparable 3
4672 Inland Court N
Rut to 501 0.18 miles E
Saks Pnce 4132.500
IL -A 1.664
Tol Rotims 6
TDL Bedrivs. 1
ToL HaTrms 1.5
Location SUBURBAN
Mew RES)POND
Si It 27ACRES
Ovality EQUAL
Age a
Comparable Photo Page
Bonwer/Clieni Chaffee. Richard & SPeila
M 1 miles SE
Sales Face
PtooffW MOMS 17475 46th Ave N
GIA 1.986
Tot, Ronlris
cjty PlymntAh GOWN Henneoin
ICL HaMs.
Stale MN Zip COM 55446-1957
WEI WELLS FARGO BANK N.A- - 036276
VW RESIPOND
Me 61 ACRES
Quality EQUAL
Comparable 4
6
4560 Kimberly Court N
PrDx. to Sub;, 0.09 rn4es SE
Sales Price 464.901)
G LA, 1,842
Tot. Roon 7
IoL Morn 1
lot Bathrms. 1.5
Lontion SUBURBAN
Alnv RFSiPOND
2
A
Site .27 ACRES
Quality EQUAL
M Age 7
IV
awl11M
Z- ZZ A
Form P[C4Y,6.CR —'VMTDTAL appraisal sotivnire by a 12 rnod. tnc — 1 -803-AM110DE
Comparable 5
4500 KTmbefly Court IN
Park to Subl. M 1 miles SE
Sales Face 569,900
GIA 1.986
Tot, Ronlris 7
Tcl. Hedirms. I
ICL HaMs. 1 5
Locabon SUBURBAN
VW RESIPOND
Me 61 ACRES
Quality EQUAL
s 6
Comparable 6
Prox lio Subi
Sales Price
GLA.
Tut Roorris
Tol, Bedwis
Tot Balhf!M
Location
Mew
Me
Nabty
Age
Tnomas ffiken Ge W. 54 545085 lrage—i-1 —A
MARKET CONDITIONS SUMMARY TW0225n9mi
541545085
Order Number: TW0225C9061.
Borrower: Chaffee. Richard & S iefla
PropertyAddress: 17475 46th Ave N
City: Plymouth Stale: MN ZIP Will: 55446-1957
MASJN-QMED THAT THE APPRAISAL REPORT SAI FS GRID INCLUDE IWO (2) OR MORE ffXDKa-5ALE5 OR LISTING5. (Pending sales
ace pseleved over listings. it sufficient pending sales we available.)
The typical sale price to 4st price ratio (Sale price divided by List price = catio) in the subject rnalket ls 95 This FTgure was udUed as the
adjustment lacZor in the sales comparison apinoacti to reflect negotiations jar the pending sales (if the list price is reported. but act jar contract
price) and listings in the appraisal report. (Note" If the reported sale price to list price Wbo was not utilized in the sales grid, PleasE explain.)
2. [Jay3—o aftt to r th e Ca mparable Sa I s
Please Provide the days On Me market (D.O.M.) for each at Me comparable sales used wilhin the appraisal. If multiple listings had occurred, the
0.0,M. should feltecl Me cumulative marketing time.
comp I I COMP 2 1 COMP a COMP 4 COMP 5 COM
70 D O.M.1 343 D.O.M.1 217 D O Wl 356 O,O.MJ 210 D O-Wl D.O.M.
3. Date Of SaI8JPTQXlnrjIMJQ-UbAd
It the comparable sales used in [he appraisal sold in excess of 90 days prior to the effective date of Ne appraisat and/cr ane located greater man
one mite from the sobjecl please thoroughly explain the reasoning for not using more current/proximale comparatile saies.
The comparables chosen represent the nearest and most simllar sales available at the turne of the aDpraisal
4. an& on Markottorthe Sul:j Land-UslUngJiisIM
11 the subject is currently listed far sale or has beerl listed (or sale in 1he past 12 months. please provide the lollrjwdng
TMI Days on Market I Original List price I Final Ust Pride Number at Price Reductio
D.O.M. I S
Comments an the maiketing lor the subject property
5. QdnedHolahborho UAU
In the neighoorhood section of the appraisal report, the neighborhood hoparlaries were defined. These drifineo ocurrounes: represent the area
that a typical buyer would also consicle, for comparable substitute properties. This silculd not Include areas considered dissimilar enough that
the same buyer would not consider properties for possible purchase.
The appraiser estimates that property values over the past year and within the defined neighborhood boundaries are!
LJ increasing ( %) I'— stable L.] Decreasing ( 5 %) Provide analysis and data to support the property value trend indicateil:
MLS market data compiled from tha area shows approx a 5 'IU 41- decrease from 2007 to 2008
Based an the data utilized in the report calculate the time to sell current Inventory.
8 Cufreril Listings / 1 Average sales per month during preceding 6 mai 8.0 months M liquidate inventory.
6. Foreclasura Addy in the SuWeffs Neiallborhood
Were foreclosures utilized as comparable sales, active listings or pending sales in the appraisal report' — Yes No
It ICrECIOSUreS Were Utilized, explain herein their impact and weighting in the final reconciliation of value.
7. Adfiffianal Comments
Patyide any additional commentary that you leel would help the leader at Me report to better understand toe present marKet conditions of We
subjecfs market. If any revisions have been made to previously submitted appraisal reports, comments must be provided herein explaining the
revisions and why they were deemed necessary.
Thu appraiseir cert1fles that the Infaimation contained In this Market Conditions Summary Is consistent with similar inforniatlar
prov&d an the appraisal [arm and in any general addendum comments. The appraiser has reconclied the Information in this
addendum with the final value conclusion stated in the appraisal report.
Appfaiscrijime THONiA Wh--KEN
Dognation
LICEffie Or Ciffthrat(in 4- 204171367 Siale MN
Expiated Dale at LicensE or Certification 813112009
Date of Repel (Signalure) March 02, 2009
Co- or SupErvisory Apprais
Designation:
LICEnss or Certificairon #
U,piration Dale of LicersE or Ctirtrc3lion
Dale or Signature
Stale
Reli; 07/2008 Page I of I
Form WFMCS2 —VinTOTAL! appraisal suWaie by a [a mole, lM. — I-8013-ALMIODE
H-10NIASPAIII V,'ILKEN
4111) KINGS ROAD
EXCELSIOR. MN 55331
IFile No. 545450851 Paria #191
STATE OF IVIINNE-SOTA
AN
Department of Commerce
The Undarsigiiad COMMISSIONER OF COMMERCE for the State of FAirmasola haraby curtifi" that
THOMAS PAUL WILIKEN
4110 KINGS ROAD
FXCH-SIOR, MN 533"
has cni-i-plird YAM Me imv-, of the State of 10rinasoU and .", heroby 111:011sf-Tj to traositirl tho blininess -of
Resitlent Appraiser : CerAifiud Residuritial
License Number 204171367
Unless [ills auwiont j% sjmporlljLd fpvuked. or othmwiso legally ternimated Thr licrose s0mil be oil
Linfil Alip"I 31, 200Y
I N TE 511 MONY WH EREOF. I have he,,3ksntu 4et , ii y Ila rid this AlAgust 28. 2007.
COMMISSIONER OF COMNIGRCE
Minnesota Delm,wripm! at D,.nuriefccc
1'r,ttrismg Diviman
aEm Rh Piace. Suite.
St Pauf, KR4 55101-316.,
la!Cphonm 18,91) 2911, U700
rm6
Notes
Continuing Education:
GE R59111tisforrioill -FVP-n
hitai - Appraiser 30
1) - PAP 7
Cantinuirij,.Educriliam IgfK'Ilrl
na-.11 SU,"e,-Lelll W-aj prjr o. maL4jc7 , 7 IiLtr IJSF,,P C"'arm.
1,mthez Oil 10
054
31 2W,
Form SCA —WinTOTAIL' auprasill sDimweby aia rnodE. in: — 1-600-ALALIODE
File No, 54545085t Pa e#&
E & 0 Declarations Page
GENERAL S7 AR NATIONAL INSURANCECOMPANYGeneralStarFinancialCentre
P,O. Box 10360
J Stamford, Connecticut 06904-2360
REAL ESTATE APPRAISERS ERRORS & OMISSIONS INSURANCE POLICY
DECLARATIONS PAGE
This Is a claims made and reporteV policy. Please read this policy and all endorsements and attauhnients carefully,
Policy NurnbPf: NJAW3726B Renowal of Number NIA9?3726A
1, NAMED INSURED: Thomas P. Wilkun
STREET ADDRESS., 4110 Kings Rd
Eimc6ior, MN 55331
2 POLICY PERIOD: Inception Dalc: W01:2008 ExPi(aWn D;jtt:- D6,*0112009
Elteclive 12-01 i.m. Siandard Time at thG address of the Named Insured.
3. LIMIT OF LIA131LITY:
3cn -'4m: S500,000
A3grogale. S"000,000
Claini Expenses have a separate Urnit ci UaWiiv:
Each Ctaim. S500,000
AggTegate. S.000'00T)
4. DEDUCTIBLE: Each Clairn S500.00 Agplugate; $.000.ob
S. RETROACTIVE DATE: 00!01a005
I' a date z indicated, this pollcy voill Mt PTOY16e (:()%'P;-a9L- fOr any Claim arising oul of any act. erroT,
c mission cr persc nal injury which OCCU rrod be fore s'Ch dale
6. ANNUAL PREMIUM: S 520.1 0
7 ENDORSEMENTS.,
Th'is pohcy:7 rnade and accepted subjeci: to the printed pcliry nrrnvjqo-herwllh the foil wfing fomrtl or
endursemert(s).
GSN-07-AP- [22(07.200)) (iSN-07-AP-824MIN (I)IMIRYT)
814 -07 -AP -375(W2007)
B. MANAGINGAGENT
J/ 61
Herberl H. Landy $nsurance Agency. Inc,
75 S Pcond Avon ue, Suite 41 U
Nved'harr. Massachusetts 02,11911-271375 Atithartzed Reprasent3tive
GSN-0-AP-1-20 100,20fri) ;P.Gopyngh,,200-1 Ur
Producer Code OW26230 Ci -ass C",c 73129
Date 05 OU2008 SLA,'-
Form SONLIR — "WinTOTAL" appraisal sfftaara by a la made, inc. — 1-800-ALAMODE
goorolveriNEnt Chaffee, Richard & Sheila File %o. 54545085
PropeM Adle,, 17475 46th A- N
city PIVMGLdh County Hennepin Slate MN TIP Cade 55446-1957
Under WELLS FARGO BANK N.A. - 03b276
TABLE OF CONTENTS
Coyer Page
Letteroi TrafisawWl — ..... . ......... -- ..................... ... . ....................................... .............. ... -- .......... . . . ............ . .......... - 2
URAR............................. ............ ................. ......................................... . .................. —.- — ....... . ......... .......... . ... --'— ............ 3
AclUnnalCompar2blEs 4-6 --- ............. .... ...... .. . ........... .... .... ...... I ........... —--- -'-,-1,--"— ............. ----- q
GenemlTe)d Addeflaum ............................. . ......... ..... ................ -,- -LL - ......................... ........................ .............. ........... 10
BuildingSketch (P2ge - 1) ................................. I ........... ........... ............. -- -.1- --- .............. - ..................... 12
LocationMap .................................... ........... ..... ................... I --- -1 - L ......................................................... .............. - -.- 13
LocationMap .................. ....... ............ - ................. ............. -- ....... .... ........ — ..... . .................... ......... r ..r----- ...... ..... -' 14
SubjectPhotos ......... .................... . ........... ........ .... . .. ....................... L ............... 1-11 ...................... .............................................. --- .. . ...................... 15
Subject Pioperly Phologra0h Addendum _ ............ -- - ....... . .. - -- ................. .............. ...................... ........... —. IG
ComparablePhotos 1-3 l--,-.--1"' ---- .. . ....................................................... ... ....................... — ........
17
Flel Markel OndilJons; Swwwy Ll- ........... .................................. .......... ............. - ................. .......... Is
Addendum........... L ................................... .......... .................. . ............................. -- ..... ............... 19
E& 0 Dedarahons Page -- ........................................... --- .. . .................... ............... — ............. . .......... .................... — ........... . ...... 20
Form TOUP — 'WnTDTAL' apmaisal salMaia by a la niudE. inc — I-1300-ALAMODE
REPORT # 14
2009 BOARD OF APPEAL & EQUALIZATION
STAFF REPORT AND RECOMMENDATION
PROPERTY OWNERS NAME: Margaret Wilson
PROPERTY ADDRESS: 430 Zinnia Lane N
PID #: 34-118-22-31-0054
LEGAL DESCRIPTION: Lot 6 Block 4 Carlson Center 3w Addition
PROPERTY TYPE: Residential Homestead
2009
MARKET VALUE
VALUE PRIOR TO ASSESSOR 7S
LOCALBOARD RECOMMENDATION
LAND MARKET VALUE 78,000
STRUCTURE MARKET VALUE 257,400
TOTAL MARKET VALUE 335,400 No Change
ASSESSMENT HISTORY 2007 2008 2009
Total Market Value $350,000 $339,800 $335,400
Limited Market Value
Improvement -
OWNERS CONCERNS:
I viewed the interior on Margaret Wilson's home on April 9, 2009.
Margaret had not addressed her concerns on the submitted Local Board of
Appeal and Equalization application. After my interior inspection I spent
time with Margaret reviewing sales of comparable 2 story homes as well as
the sale of a split level home located I block south of her property. The
adjusted sales price of the comparable sale homes had a range of $359,300
to 369,800. 1 left the information on the comparable properties with
Margaret. During my visit she shared her concern with the increase in
property tax that she received between 2008 and 2009.
I spoke with Margaret again on April 13, 2009. She said she wanted to drop
her appeal and that she was happy I had reviewed her property valuation.
Margaret is a senior citizen and again shared her concern with increasing
property taxes.
Cindy Bowman, CMA
Residential Appraiser
763) 509-5353
ebowman@ci.plymouth.mn.us
94 cd
CITY OF PLY-MOUTH
LOCAL BOARD OF APPEAL AND EQUALIZATION
April 7, 2009 @ 7: 00 PM
The primary focus of the Local Board of Appeal and Equalization is to consider the
estimated market value and/or classification for the 2009 assessment for taxes payable
2010. The Board is riot empowered to adjust taxes.
J,
Name: 4L V-cl d -
Address: Lq :56
How can we reach you: Please list your telephone numbers:
N T — ! - 7 ' - - --I - Home 4 - - 7-q:,, -Work Cell c,
Purchase Price: 3 1 t q Purchase Date:
Is the property currenily for sale? If yes, what is the asking pAce?
Please list any improvements made to your property since your purchase:
K14t 6,-L o I a-0 -
2009 Estimated Market Value (from your valuation notice -
2008 Estimated Market Value (from your valuation notice)
Owner's opinion of value
Your appeal must be based on evidence that the 2009 estimated market value exceeds the
true market value of your property. Please list the reasons why you believe that you
could not sell your property for the value stated on your 2009 valuation notice. Please
attach any documentation to support your opinion. To reserve your right to appeal,
please speak to a staff appraiser as soon as possible and then return this form to the
Plymouth Assessor's office no later than Friday, April 3.
rl
Do you wish to verbally address the Board' Yes (Jo
Plymouth Assessing Division
3400 Plymouth Blvd,
Pl Tnouth, NfN 55447
763-509-53,60
REPORT #15
2009 BOARD OF APPEAL & EQUALIZATION
STAFF REPORT AND RECOMMENDATION
PROPERTY OWNERS NAME: Scott and Jodine Qualle
PROPERTY ADDRESS: 17030 13 1h Avenue North
PID #: 29-118-22-34-0036
LEGAL DESCRIPTION: Kreatz Highview Acres 2nd
PROPERTY TYPE: Residential
2009
MARKET VALUE
VALUE PRIOR TO
LOCAL BOARD
ASSESSOR'S
RECOMMENDATION
LAND MARKET VALUE 140,000 140,000
STRUCTURE MARKET VALUE 175,500 159,000
TOTAL MARKET VALUE 315,500 299,000
ASSESSMENT HISTORY 2007 2008 2009
Total Market Value 315,400 324,000 299,000
Limited Market Value 315,400 324,000 299,000
Improvement 0 0 0
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ell
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OWNERS CONCERNS:
Mr. Qualle was concerned that the 2009 assessed value for payable 2010 was within one
hundred dollars of the 2007 assessed value for payable 2008. The value for 2008 pay
2009 went up and he reasoned that the increase was due to street improvements and the
City's mandate to increase the value of real property by the amount of the special
assessment.
RECONCILIATION OF VALUE:
An inspection of the property was performed on April 8, 2009. After a comprehensive
analysis it is the opinion of this appraiser that the 2009 estimated market value for
payable 2010 should be S299,000. Mr. Qualle was contacted on April 9"' and concurred
with this analysis and has withdrawn his appeal.
299,000
Michael Vander Linden, CMAS
Appraiser
763) 972-5356
mvanderl@ci.plymouth.mn.us
CITY OF PLY -MOUTH
LOCAL BOARD OF APPEAL AND EQUALIZATION
April 7, 2009 Ca 7:00 PM
The primary focus of the Local Board of Appeal and Equalization is to consider the
estimated market value and/or classification for the 2009 assessment for taxes payable in
2010, The Board is not empowered to adjust taxes.
Name: 116
Address: -120. Z,7, If - -f A- Li -P ta L-,-, Lct/O-i — pllwoiit j
How can we reach you: Please list your telephone numbers:
Home-?(- -)-i47,--2-77 Work Cell
PurchasePnice: Purchase Date:
Is the property currently for sale? N o If yes, what is the askinl! price?
Please list any improvements made to your property since your purchase:
Pl---- C k - N. vrtll
2009 Estimated Market Value (ftom your valuation notice .
2008 Estimated Market Value (from your valuation notice)
Owner's opinion of value
Your appeal must be based on evidence that the 2009 estimated market value exceeds the
true market value of your property. Please list the reasons why you believe that you
could not sell your property for the value stated on your 2009 valuation notice. Please
attach any documentation to support your opinion. To reserve your right to appeal,
please speak to a staff appraiser as soon as possible and then return this form to the
Plymouth Assessor's office no later than Friday, April 3.
Do you wish to verbally address the Board? Yes NO.
Plymouth Assessing Division
3400 Plymouth Blvd.
Plymouth, N11C. 55447
763-509-5360
f — L/*?L-- 1'-5 V pi iq w Azz
Do you wish to verbally address the Board? Yes NO.
Plymouth Assessing Division
3400 Plymouth Blvd.
Plymouth, N11C. 55447
763-509-5360