042594 EDA Official File Copy
CITY OF NEW HOPE
EDA AGENDA
EDA Regular Meeting//4 April 25, 1994
President Edward J. Erickson
Commissioner W. Peter Enck
Commissioner Gerald Otten
Commissioner Terri Wehling
Commissioner Mark)/ Will~amson
1. Call to Order
2. Roll Call
3. Approval of Minutes of April 11, 1994
4. Discussion Regarding Request for Interest Rate Reduction on EDA Loan by
Autohaus of Minneapolis, Inc. and Review of Addendum to Development Contract
(Improvement Project No. 467)
5. Resolution Authorizing Acquisition of 6073 Louisiana Avenue North and Directing
Preparation of Purchase Offer to Implement Same (Improvement Project No. 519)
6. Adjournment
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
HENNEPIN COUNTY, MINNESOTA 55428
Approved EDA Minutes April 11, 1994
Meeting #3
CALL TO ORDER President Erickson called the meeting of the Economic Development
Authority to order at 10:07 p.m.
ROLL CALL Present: Erickson, Enck, Otten, Williamson, Wehling
Staff Present: Donahue, Hanson, Sondrall, McDonald, Bellefuil, Leone
APPROVE MINUTES Motion was made by Commissioner Enck, seconded by Commissioner
Wehling, to approve the EDA minutes of February 28, 1994. All present
voted in favor. Motion carried.
PROJECT 467 President Erickson introduced for discussion Item 4, Discussion Regarding
Item 4 Request for Interest Rate Reduction on EDA Loan by Autohaus of
Minneapolis, Inc. and Review of Addendum to Development Contract
(Improvement Project No. 467).
Mr. Dan Donahue, City Manager, indicated that Autohaus is requesting
consideration for an interest rate reduction on the EDA loan made in 1991
for acquisition of the former Animal Hospital site and for development
improvements to the property. The original loan was $187,500 at an
interest rate of 9%. Autohaus is requesting that the interest rate be
reduced to 6.5%.
President Erickson recommended a 7% interest rate.
Commission Enck suggested a variable interest rate dependent upon the
prime rate.
The EDA directed staff to prepare variable rate options for discussion at
the April 25th meeting.
MCPP President Erickson introduced for discussion Item 5, Resolution Approving
Item 5 Submission of the Minnesota City Participation Program (MCPP)
Application to the Minnesota Housing Finance Agency (MHFA).
The MCPP is a program through the MHFA in which the MHFA is able to
sell mortgage revenue bonds on behalf of participating cities to meet
locally-identified housing needs. The proceeds from~the bonds provide
below-market interest rate mortgage loans for Iow and moderate income
first-time homebuyers. This resource is available to cities throughout the
state.
This year the local housing pool for mortgage revenue bonds is estimated
New Hope EDA
Page 1 April 11, 1994
to be around $43 million. Cities can apply for an allotment of bet
$250,000 to $4 million. The City of New Hope is applying for $2 mi
In order for persons to apply for money through this program they r
a) be a first-time homebuyer;
b) occupy the home within 60 days of mortgage closing;
c) meet certain household income requirements ($31,744 or les
a family of four);
d) and purchase an existing home for $85,000 or less, or built
for $95,000 or less.
The fee for participating in the program is $20 for each $100,0~
allotment provided. Also, an application deposit of 1% of the allo¢
amount specified in the agreement. The 1% deposit is refunded wi"
month of the closing of the bond sale.
In order to participate in the MCPP, cities must arrange with local le
to originate mortgage loans under the program. These lenders ~
required to enter into a contract with the MHFA as to program ant
origination requirements. Each city applying for the MCPP must ha
least one lender.
EDA RESOLUTION Commissioner Otten introduced the following resolution and mow
94-03 adoption: "RESOLUTION APPROVING SUBMISSION OF THE MINNE~
Item 5 CITY PARTICIPATION PROGRAM (MCPP) APPLICATION TO
MINNESOTA HOUSING FINANCE AGENCY (MHFA)". The motion fl
adoption of the foregoing resolution was seconded by Commis,,
Wehling, and upon vote being taken thereon; the following voted in
thereof: Erickson, Otten, Williamson, Enck, Wehling; and the folk
voted against the same: None; Absent: None; whereupon the reso
was declared duly pasSed and adopted, signed by the President whicl
attested to by the executive director.
TIF DISTRICTS President Erickson introduced for discussion Item 6, Resolution Appr
Item 6 the Retaining of Springsted to Perform a Financial Analysis on TIF Dis~
The financial analysis is needed to produce an independent o[
assessment of the cash flows of the City's six tax increment fina
districts. The analysis will be the basis for financial decisions on th
of excess TIF funds to build a community/teen center in the City.
Springsted Incorporated has submitted a proposal for a cost not to e:
$4,000.
EDA RESOLUTION Commissioner Enck introduced the following resolution and mow
94-04 adoptiOn: "RESOLUTION APPROVING THE RETAINING OF SPRING
Item 6 TO PERFORM A FINANCIAL ANALYSIS ON TIF DISTRICTS." The n
for the adoption of the foregoing resolution was seconde
Commissioner Otten, and upon vote being taken thereon; the foll~
voted in favor thereof: Erickson, Enck, Otten, Williamson, Wehlin(
the following voted against the same: None; Absent: None; whereup(
New Hope EDA
Page 2 April 11,
resolution was declared duly passed and adopted~ signed by the President
which was attested to by the executive director..
ADJOURNMENT Motion was made by Commissioner Enck, seconded by Commissioner
Wehling, to adjourn the meeting. All present voted in favor. The New
Hope EDA adjourned at 10:1 1 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
New Hope EDA
Page 3 April 11, 1994
~(~ q)~,,] REQUEST FOR ACTION
Originating Department Approved for.agenda Agenda Section
City Manager EDA
4-25-94
Kirk McDonald ~ ) Item No.
By: Management Assistant By:~ 4
DISCUSSION REGARDING REQUEST FOR INTEREST RATE REDUCTION ON EDA
LOAN BY AUTOHAUS OF MINNEAPOLIS, INC. AND REVIEW OF ADDENDUM TO
DEVELOPMENT CONTRACT (IMPROVEMENT PROJECT NO. 467)
This matter was tabled at the April 1 lth EDA meeting and staff was directed to bring back an
alternative that would allow a variable rate tied to the prime rate. Staff is recommending using
125 basis points over the prime rate, as listed in the Wall Street Journal. The prime rate as of
4/19/94 was 6 3/4% so the variable rate would be calculated as follows:
6.75%
+ 1.25
8.00%
The rate could be adjusted on either an annual or semi-annual basis.
Per the enclosed correspondence, Tom Boettcher of Autohaus is requesting consideration for an
interest rate reduction on the EDA loan made in 1991 for, acquisition of the former Animal
Hospital site and for development improvements to the property. The EDA loaned Autohaus
$187,500 begitming on April 4, 1991, at an interest rate of 9%. Total monthly payments of
$3,379.81 were to have been made to the City under the original loan schedule. Boettcher has
exceeded the monthly payments and is almost $25,000 in advance of the agreed upon payment
schedule. Boettcher states that at the time of the loan the intent was to provide a better-than-
market interest rate and 9% was an excellent rate at that time. However, due to the drop in
interest rates over the past 2-1/2 years, he states that the advantage to this rate no longer exists.
He is requesting that the interest rate be reduced to 6.5 % to ~give them back a proportional
advantage.
Review: Administration: Finance:
RFA-O01 ~
Request for Action
Autohaus of Minneapolis, Inc.
Page 2
The enclosed attachments show the "original payment schedule," "payments due per ori
schedule," "payments made to date" and "interest rate assumptions. Payments made tG
equal $103,995.67 and payments due per date equal $78,691.35; or payments are $25,3¢
ahead of schedule. Staff is generally agreeable with an interest rate reduction, but feel~
6.5 % is too low in light of the fact that interest rates are now rising.
Another consideration should be the status of the development improvements on the prot
While most of the work agreed upon to be completed by October, 1993, has been accompli
several items have not: landscaping, striping and front retaining wall issue needs to be rest
Staff recommends that the Addendum to the Development Contract again be revised to r
the improvements that were actually completed by October, 1993, and to state which rema
improvements will be completed by October, 1994.
CITY OF NEW HOPE
MEMORANDUM
DATE: April 18, 1994
TO: City Manager
FROM: Larry Watts, Director of Finance/Administration
SUBJECT: INTEREST RATE ON THOMAS BOETTCHER'S EDA LOAN.
At the time Mr. Boettcher originally entered into a loan
agreement with the City in 1991, the 9% interest rate was a low
rate in comparison to commercial loans offered by banks. I
appreciate that rates have decreased since 1991, and that a
comparable rate to the original loan rate would be lower.
Banks use bench marks such as Prime Rate and US Government
Treasury rates in determining commercial rates. I believe a good
approach would be to use 125 basis points over the Prime Rate as
listed in the Wall Street Journal. This could be done on a semi-
annual, or annual basis. I was told by one banker that they
normally use 200 to 250 basis points over prime. Based on 200
basis points, a commercial~loan at the bank would be 8.25%,
while the City would only be charging 7.50%.
If the City does make a change in the loan agreement, we should
make sure that any legal costs incurred will be passed on to Mr.
Boetcher. The City has already absorbed staff time in respect
to cash flows, research, and agendas.
cc: Kirk McDonald
.............. ~,~,o o~u u~c~ r~i:i~i.~ ex- economlc srowih may not be as stroni as t i
~remely wary of investing new cash be-
cause the Federal Reserve seems Ilk ..~ ~. so.me bond ~vestors had feared pushed
· . ~ "~'~:' :.
prices ~,dttr~ early trading, 'rbe~C~m-
continue raising shore-term interes~ r~t~s; merce" ~partment reported' the "trade
Traders added that while they feel a deficit widened to $12.36 billion in Febm- [a.~ ~
temporary floor may be in Blace for bond ary from $10 17 bliUon In Jan,mw,
prices, they will be looking to sell securi- lmmrts an~Jv.*...in ~.-;,~T,g, ~,',~ ~, ~.,f,
...................... ~o ,,, ,~;. in from real -dom c
g gross es~ -product ~,~
Fear in the Market growth In the fimt quirte~ ~'~ld, ~. ~
volved on the II~t stoa of a mnor' ~ orec~t~ mr,~.~_?u~r~r ~'~'~.. ~ }'~' ~.r~
bounce,; They have been burned too many.- lng .de. gree.s, !: said Donald Fine, chief
r High ~1~ ?.16
times; said Anthony Karydakis, senior ,-.marKet analyst at Chase Securities.. Based .. ~
finandal economist at First Chica~o C~_p~,/ on. the. ~e. da.,~. ~.Mr.~ Fine said, he .,,~.'~Mo:~"~
talMarkets..'~'Iwo~ldn'tbet the rinchtligt ~'%.trLmme~ ms ~sthnMe[for~GDp ~ fo'~} ,~M,m
this is the beginnins of a turnaround."' . ' a~.ut a 3.4%. rate for the first three months . ~ ~
Glenn insle~ a s.,lor',,ce,,,~o~,,-,, i-:,' ':~i~ me year from a 3.8% forecast. ' ''.....~
the canital-man~ment ~uo of First ? .Fo.lio...wing. the?ad.e re~.rt,,de~l, ers .re- cuo~
TTnion ~Taflnn. i ~lr nf ~th~4~.mltn.' porte(1 nan; .~uymg from.~n&,er-Term ,m- '
ar~ed that al though th e'" rile gef-te'rmpr~ _. ~, .~7~s,,?. ,:, ~:~ ~ ...... ~,smtmu: ~.vx,.. ,,,e....u~r. ,,eL ~ ~.... ~G,O. (~)
~wnue CA)
"'"ts '^r ~,n,~° o,- h-'or ,,,,. ',°' ,ho ~ some of i~'5~'~r tone, Mr.
e sal(I. - [
High quality rated
F~E,~ O~oerv. keg ~... ,~i.~.,. ~*'*'"~t ,..~ ,..*.~s~f.*, *.uyF~ mk tua.ma.*m&.u~'ut& ! tM; ~ Y~d,
rates, the market remains vulnerable to ..................... I n,o~,n~, u.~ (2:
· presLuem ox me re, em ~serve uan~ o~ I
sudde*'
de~,nes
,,~,~. ~.n' ,k~ ~. 0^-...~o~. ,., ..San Francism,., suggesting that additional I
o ,,tk,~,. ,~.,. ,~.o~* .. h~ ooi,~ ..mh~ fl aa increases in short-term interest rates will lis Trust, whic
· -"-"-'- 1~''- Ii"- ,k ....... ~S ""* 0"' ofbe necessary. Mr. Parry said short-term ( ~, to trtple-B-ph
,,,.,,o.,o ~,,. ,,; .,, ~,,.,,,,,.,, ,.~, ,,, interest rates remain at levels that sUmu- ', affirmed Ford
control and inflation isn't out of control./.
but the market is driven by psycholos~y/' "IMe economic 8rowth. ' 'i I the company
: . , :.ii. B. ut.pfl, c.es. Jt~ckiy ~ered and the :~ ?ord's senior d
" ' ;;';" ~ ' ~ oona marlcet was able to,finish nearlts <" ~
MONEYmA,r~,a ',.'~:'~(:' :.highs fOr the,~y, Traders will be =
~ ' "~ '~:~-. ~ '~, their a~ntlO/f.to a new re,nd Of issuance*
" Tu,~,v, w. ,,,. ' · .. ,, of go,eminent debt. The Treasury Depart: TREAt
. o~ u_~f~.-,~..~_r~,_j !.._,~._ r,~__~o!,_~~ ment is scheduled to announce today the .....
.~_~,,~.,- ..... · -, --. ,,,.,, ~ ,~m,~, size of n x '
~ - ~ ...... e t week s ~vo-year and five-year r~m~
x~'~.~_~RJ~.e_.~Le_.~._T~ ~ ~ o, ..~r~_m MM ~note auctions Some anslvsts say the ~ r~r,.
· ~ DIM~4,1NT I~TI: 1~ h ch~'WI loam 1o deomllm'y ' . d ~ b~av
, ~ CALL MONEY: S~%. The clm'm m mm to Ix~kers m issuer to jump into tho oorlxirate bon~[ '
s~)c~ exchanae colil~rll, source: Daw 3m~s TelerMe InC.
, i CO~II~IAL PAPER M~ ~ IW GMMIII EI~o. ' market' yesterday. The.company sold $175 ,,~v ~r,,. e,:
4.10*/.l~0to14~davs;4.3~l~oto179dayl;4.~lMto~ Citizens UtiIiUes waited adaY to seU ,
COMMmRCzALPAPEn:High-Gr~deuflsecwedflotes~old itS debentures after Treuury prices ·
~ deeiers by malor calx)taffeta: 3.g0~ 30 devs; 4% ~ar, StNrns a ~o. vi
~o ~.~; ~.~ ~o ~w · · · · plungsd Monday, said L~pnard Tow, chair- ~ 'te ~ ~*~"
CERTIFICATES OF DEPOSIT: 3~8% (me mmV1; 3J~%' mall and chle! finanCtal~fflcer o! theStam- .. BeNIn & ~OTES
bye mm~lS; 3 J~J, fflree mooIhs; 3.~3% six m0oths; L4~ 0M . ............
Ye~.r. Averageo(hx)rileaPaldbYmelm'New¥orkbanlmofl l'orcl~ ~Onn., UTlJlty. The (leDenTures were i it4 BldAsked
prlmewnewlss°ea°ffle~°fl~bleC'O~'u~JellY°flemmm11°{~ sold at~'nar to.i'~ald '/g/l~r*~"fhwm°~h IaodI P' 100:01 100:03
Sl mllllm and more. The minimum t~lt b S100,000. TYldcal . . -- ~
7 1~:O6100:(M - 1
r&te~. In t~e. ___.s~mclo. ry ..mmrket: 3J5~ oM mooffl; 4.tS% thee
manager t~enman JSroTllers.
·91, 10Q:1210o:14 ....
.: BANKERSACCL~TAHCiS:3.77~30cleys;3jg~d0cle~; ,' L-L~,~ AVtU uua.Uit~tuq~ wm.u~ II 15,~
3!,
100: !~ 100:21
100:O6 100:07 ....
stru~hq~ll¥fln~n~lnln~m'dm*... ElOn ot.~uu Telephone-access lines Il'om ~ s leo:30m:m-
LO#DONLATEEUROO~LLARS:315/16%-3LV16%mm GT~CorD Mr Towsald One-third of that ~*, ~o:e~:o~ ....
mordh;41/16%,315/16%l~n~4~%.41~%ttwea · t'-., . .o 6Y~ 100:~ 100:30 ....
~.~.~~s.~m'~.~,~.~,~%.~w.. mem~; acquisition is to .be' ftmd~ with debt, he ~ mm ~o~:,~
....... said. · : - .' .]ot:u m:16
LOMOON INTgRSANK OFFERED RATmI (LIBOR):, .- I~S; , 10~:li 10~:~4 ....
3 w~% o~ mo~;_~,~% ~rea mooms~ ~% six .m~t~.; - Syndicate officials in both the in-~*) , ,oo:o, ~oo:~ ....
5fro, doll 16% one Vear. Tim avere~ of IntefMnk offered raves..'.,L ~vestm , and:'jumi uuUu ~marke~l ~'
S~$/~W(W:o~inthlU)ndonmrk~ba.doncmtet~at ent-~rade "-'--'---' 4 , ~::, ~::o ....
· r ~ti~ I' 101:27 101:~ --
flvemalorbanks. Effecflveretefm'confrac~smderedlfflolwo exnP. Ct np.w iss,Rnr~ fn ~'~mAin thin 9V ~ 102:12102:14- !
davsfromdeteappearlngatfooMthiscolurnn. ...'-r- -_ .-'.--'. ;T'.--"i". -- '".-'"'--- ,-"~ , 41/ ~ ~;~
_ .EOREIO# _P_al_Me.. It~.?g.s..__ca..~!e_ .6]n~s,L ..oer_manv mrougn the miunle~o! May Ils ~ne.ye~eraJ ~ lo6:~ ~oo:~
5.a0~$ 'J~n,a~; awff~rlarlff 7.~%; Brnal ~.z$'~. IMSe o,~L,,~-.XsIO "~,AaZ~.,L~ ',A .l~.A,,, ,k~,~ +~.~, 81/ 10~:01 102:06
r&telndlcaflm~areo'fdlrecflV(~Oml~rable; lefldlngpracticea . Z~CO~t V~ LC) C;A~C~,K;tA W.I. Jq.l~t DItU/L'L~&'I&I lot! !O3:O3 103:0~ ....
· 11s/
Va~R~I~IYR~Y~BIL~' ReSUfls of flw ' fl' V':' interest 'rates for .the fourth Ume this'~s! loO:Ol]°3:~91o3:3~oo:~3 ' 1
U ILLS: P,,'~¥, ~ ~ ~, .... ,
I~A~ aM u~,~..(lovm'og~'t~t_ _1 aUCtl0fl M MlOrbMtllYU ~.bills, sold at a .your'. ;. , ' . ~ · '
99:30 lO0:o0 - I
,.~,.n,~.n tece va,u. ,. u,~s o,s~o~o,o s 7./, ~o,:~o
1 million: 3.76% ' TradinG' in the SeCOnd°'q,' mo~'iK'to Was -
13weaks;4.21%~wealm.',~ ', "' , : ' b .. ,..... ,,,,~.,,.,..w 8~/~ 1(}2:24102:~ ....
CORP,
(Fredc~
the
session
FEDERAL HOME LO~N MORTGAGE extremely light durLrlg 99:19
Mac): Pmtedylelmon30.v~ar mor~mmltments. Oe- 'e"'es*"'en*-"'a'~e-,v ,.,- ,.6, ,,priceszvu w~u6 azGm-f'~llo"d*i"'-q~'~'- 3 9~:27 99:17 + 3
Ilverv within'30 davI 6A6%, 60 daw 8.$S%, stemlard oooven- 100: T~ ....
tlonalflxed-ratemm'fgages;4J75%,2~ratecai~edone-vear sttrys higher with yield spreads un- ~/~ ~o6:~8
10~:09 lo3:1!
adlusteble rate mo~ges. SSurce: Dow JoMs Telerate InC; 10V~ 1M:1~ 151:18
· FEOERAL I~TIONAL MOET~O~[ .~$OClATION changed. , ,v, ~o~:o~
(Falmle Mae):' PosttM ¥1elm o~ 3o vear mor~ commit-l:~ttings actions had little impact on the 3,/, ~:o~ ~:o~ ....
me~b (~lcedafoar) fordellvervwflNn30daysS.40%,60davs 3~A 9~:~ 99:~2 - 1
L49%.stendardconve~tloMIflxedratt~ges;6.30%,6~2 issues outstandinff of the Big Three autO- ~ ~o3:o~
rateDow Jones TekS'&te Inc.Ca~ one-year Qdlusteble: ~ , rate .:m°rt~e"'.. sours: makers, traders said. Standard &.P, oor!9. .~ ,eo:~ge:"
MEHRIU. LYNCH RRAOY ASSh'I'~ TRUST: 2)6%. An- raised its senior-debt ratings of Chrysler. ~v, ~o3:~s ~o3:~ ....
davs;nuallzeclaveregerate(dretern aftere~:~lse$ for fflePast30nof a fl~rm:est ot futvre returrm. ~X)l*p., Chrysler Financial Corp. and Au- m/, ,o6:~2 ~o6:~ - 3
. llS/~ ~07:2~ ~07:2~ - 3
int d m6'--tO-Ut-- '"' ':*
' '"/ . , ' 4V4 ~q:~ ~:27 ....
'' II/I 154:01 tM:g3 - 1
Hat Fee Tradina?
· ~'~9~:05 ~:07 + 1 S
' ' ~:O6 M:0~ ....
... 104:14
4401 Xylon Avenue North ~'eleP~or~ei '6~2-531-5100 City Hall Fax: #612-531-515,
New Hope. Minnesota 55428-4898 TDO Line: 612-531-5109 Police Fax: #612-531-517.
Public Works Fax: #612-533- 765~
April 14, 1994
Mr. Thomas Boettcher, President
Autohaus of Minneapolis
7709 42nd Avenue North
New Hope, MN 55427
Subject: Request for Interest Rate Reduction on EDA Loan
Dear Mr. Boettcher:
I am writing to inform you that the EDA considered your request for an interest rate reduction
on the EDA loan at their April 11th meeting. The EDA was generally favorable to some type
of reduction, but tabled the matter until their April 25th meeting and directed City staff to
prepare several variable rate options. I think it would be a good idea if a representative from
Autohaus was present at the April 25th meeting to give input on the interest rate reduction and
also to update the EDA on the progress of the improvements on the property.
Please contact me if you have any questions at 531-5119.
Sincerely,
Daniel J. Donahue
City Manager
Kirk McDonald
Management Assistant/
Community Development Coordinator
KM/prs
cc: Larry Watts, Director of Finance
Valerie Leone, City Clerk
Improvement Project No. 467
Family Styled City ~ For Family Living
COLLISION & P.SANT CENTER
Audi
January 28, 1993
Dan Donahue
City of New Hope
FORD 4401Xylon Avenue North
New Hope, MN 55428
~SSAN
Dear Mr. Donahue:
HONDA Enclosed please find a copy of the present balance dl
on the Autohaus property. As you can see, we hat aid
almost $25,000 in advance of the agreed upon p ~nt
CHRYSLER schedule, and all payments were made well before the
monthly due date.
~ Originally, back in 1989-90, when the finance pack~ ~as
set up for Autohaus on the purchase of the two pi~ of
property, we were to have a better-than market ir ~st
BMW rate of 9%. At the time, this was an excellent rate
However, due to the drop in interest rates over t~ ast
two and a half years, the advantage to this rate no ger
MERCEDES exists. Therefore, I am requesting at this time t~ the
interest rate be brought in line with the genera ate
today, which would be 6.5%. This rate would be propl on-
VOLVO ate in order to give us back an advantage.
Enclosed is the tentative schedule for final settlem, of
ACURA the loan for Autohaus. I look forward to hearing fr~ ou
soon. Thank you.
TOYOTA
PORSCHE~~~~~/
,.~, ,.~ ~. ~T~omas w. Boettcher
J~~ President
, 7709 42nd Avenue North * Minneapolis, MN 55427 * (612) 535-5707
,"ASSUMPTION INTEREST RATE BASED ON 125 BASIS
POINTS (1.25) AND TIED TO CURRENT PRIME RATE
(6.75) ... INTEREST RATE REDUCED TO 8% ON
MAY 1, 1994"
),N:)RTGAGE NOTE
THO#AS g. BOETTCNER
PROPERTY AT-?6?5 42ND AVENUE NO., NEW NOPE, MN
MAIL TO: 7709 42ND AVENUE NORTH, NEW HOPE, MN 55427
(ASSUMPTION INTEREST RATE REMAINS AT 8.0~)
# DAYS SINCE 9114-3601 9215-3604
LAST PAYMENT INTEREST PRINCIPAL
REMAINING BALANCE 83,504.33
APR 4, 94 15 3,379.81 274.53 3,070.96 80,433.37
HAY 4, 94 ' 30 3,379.81 528.88 2,850.93 77,582.6~,
JUN 4, 94 31 3,379.81 527.14 2,852.67 74,729.76
JUL 4, 94 30 3,379.81 491.37 2,888.44 71,841.33
AUG 4, 94 31 3,379.81 488.13 2,891.68 68,949.64
SEPT 4,94 31 3,379.81 468.48 2,911.33 66,038.31
OCT 4, 94 30 3,379.81 434.22 2,945.59 63,092.73
NOV 4, 94 31 3,379.81 428.68 2,951.13 60,141.60
DEC 4, 94 30 3,379.81 395.45 2,984.36 57,157.24
JAN 4, 95 31 3,379.81 388.36 2,991.45 54,165.79
FEB 4, 95 31 3,379.81 368.03 3,011.78 51,154.01
MAR 4, 95 28 3,379.81 313.93 3,065.88 48,088.13
APR 4, 95 31 3,379.81 326.74 3,053.07 45,035.06
MAY 4, 95 30 3,379.81 296.12 3,083.69 41,951.37
JUN 4, 95 31 3,379.81 285.04 3,094.77 38,856.60
JUL 4, 95 30 3,379.81 255.50 3,124.31 35,732.28
AUG 4, 95 31 3,379.81 242.78 3,137.03 32,595.26
SEPT 4,95 31 3,379.81 221.47 3,158.34 29,436.92
OCT 4 95 30 3,379.81 193.56 3,186.25 26,250.66
NOV 4 95 31 3,379.81 178.36 3,201.45 23,049.22
DEC 4 95 30 3,379.81 - 151.56 3,228.25 19,820.96
JAN 4 96 31 3,379.81 134.67 3,245.14 16,575.83
FEB 4 96 31 3,379.81 112.62 3,267.19 13,308.64
MAR 4 96 28 3,379.81 81.67 3,298.14 10,010.51
APR 4 96 31 3,379.81 68.02 3,311.79 6,698.71
MAY 4 96 30 3,379.81 44.05 3,335.76 3,362.95
JUN 4, 96 31 3,379.81 22.85 3,356.96 5.99
JUL 4, 96 30 6.03 0.04 5.99
INTEREST EARNED TO FINAL PAYMENT ............
7/4/96 7,722.25
"ASSUMPTION INTEREST RATE REDUCED .
TO 6.5% ON MAY 1, 1994"
1401iTerAtE NOTE
TH(~NAS ~. BOETTC#ER
PROPEBTY AT'7675 ~D A~WE NO., NEV ~E, ~
~i~ TO: ~ 42ND A~NUE ,~TH, ,EV H~E, ~ 55427
187,500 ~T ~, BEGINNING 4/4/91, 365 DAYS PER Y~
CAS~TZ~ iNTEREST ~TE RKUCED TO 6.5~ ~ ~Y 1, 1~()
J DAYS SINCE 911(-~1 9215-3~
~AST PAYHENT ZHTEREST PRZHCZPAL
RE~ZHZNG BALANCE
APR ~, 9~ 15 3,3~.81 2~3.M 3,0?0.96 80,~33.37
UUH G, 9~ 31 3,3~.81 ~Z7.~ 2,952.06 7~,531.Zl
~UL ~, 9~ 30 3,3~.81 398.18 2,981.~ 71,5~9.58
AUG ~, 9G 31 3,3~.81 3~.~ Z,9~.82 M,5~.~
SEPT ~,9~ 31 3,3~.81 3~.5Z 3,001.29 65,563.~7
OEC ~, 94 30 3,3~.81 317.87 3,061.9~ 56,~37.~1
~AN (, ~ 31 3,3~.81 311.57 3,0M.Z~ 53,~9.16
FEB ~, ~ 31 3,3~.81 ~9~.~ 3,085.18
~R ~, ~ Z8 3,3~.81 ZSO.~ 3,1Z9.08 ~7,15~.~
APR ~, ~ 31 3,3~.81 Z~.3Z 3,119.~9 ~,035.~1
~Y (, ~ 30 3,3~.81 ~5.Z6 3,1~.55
dUN G, ~ 31 3,3~.81 ZZS.7( 3,15~.07 37,~.~
dUL ~, ~ 30 3,3~.81 201.61 3,1~.Z0 3~,558.59
AUG ~, 95 31 3,3~.81 1~.~ 3,189.03 31,369.56
SEPT G,95 31 3,3~.81 1~.18 3,Z~.~ IS, 16Z.93
OCT G, 95 30 3,3~.81 150.~6 3,~Z9.35 ~,933.57
HOV ~, 95 31 3,3~.81 137.65 3,Z~Z.16 21,~91.~1
DEC ~, 95 30 3,3~.81 115.~ 3,Z~.gZ 18,~Z7.~9
dAN ~, 96 31 3,3~.81 101.~ 3,Z~.M 15,1~9.~1
FEB ~, 96 31 3,3~.81 ~.~ 3,Z96.18 11,853.~
~R ~, 96 ~8 3,3~.81 59.10 3,3~0.71 8,53Z.5Z
APR G,~ 96 31 3,3~.81 ~7.10 3,33Z.71 5,1~.8Z
INTEREST E~NED TO FIRL PAINT ............
?/~/~ 6,14Z.93
"ASSUMPTION INTEREST RATE REDUCED
TO 7.5% ON MAY 1, 1994"
HORTGAGE NOTE
THO#AS bi. BOETTCHER
PROPERTY AT-7673 &2ND AVENUE NO., NEW HOPE, #g
HAIL TO: 7709 &ZND AVENUE NC~TH, NEW HOPE, #ii 55&27'
(ASSU#PTION i#TEREST RATE REGAINS AT
# DAYS SINCE 911&-3601 9215-360&
LAST PAYlCENT INTEREST PRINCIPAL
REHAINING BALANCE 83,504.33
APR /*, 9/* 15 3,379.81 257.38 3,0t'0.96 80,/.33.3i'
HAY /*, 94. 30 3,379.81 /*95.82 2,883.99 i'7,5/.9.38
,JUN /*, 94 31 3,379.81 493.98 2,885.83 7&,663.$5
,JUL /*, 94 30 3,379.81 460.25 2,919.56 71,744.00
AUG 4 9& 31 3,379.81 457.00 2,922.81 6,~,821.19
SEPT 4,94 31 3,379.81 438.38 2,941./.3 65,879.76
OCT & 94, 30 3,379.81 406.11 2,973.70 62,906.05
NOV & 94 31 3,379.8'1 /*00.70 2,979.11 59,926.95
DEC 4 94. 30 3,379.81 369./.1 3,010./.0 56,916.55
~AN 4. 95 31 3,379.81 362.55 3,017.26 53,899.29
FEB & 95 31 3,379.81 3~3.33 3,036./*8 50,862.81
HAR 4. 95 28 3,379.81 292.6~ 3,081'.17
APR & 95 31 3,379.81 304.3Z 3,075./*9 4/*,i00.15
HAY 4, 95 30 3,379.81 275.55 3,10~.26 /.1,595.89
,JUN 4, 95 31 3,379.81- 26/,.96 3,11~'.85 38,481.04
,JUL 4, 95 30 3,379.81 237'.21 3,1/.2.60 35,338./*4
AUG 4, 95 31 3,379.81 225.10 3,154.i'1 32,183.73
SEPT 4,95 31 3,379.81 205.01 3,1i/*.80 29,008.93
OCT 4, 95 30 3,379.81 178.82 3,200.99 25,807'.94
NOV 4, 95 31 3,379.81 16/,.39 3,215.42 22,592.53
DEC /*, 95 30 3,379.81 * 139.27 3,240.54 19,351.98
,JAg 4, 96 31 3,379.81 123.21' 3,256.54 16,095.44
FEB 4, 96 31 3,379.81 102.53 3,277.28 12,818.16
HAR 4, 96 28 3,379.81 73.75 3,306.06 9,512.10
APR 4, 96 31 3,379.81 60.59 3,319.22 6,192.88
HAY /*, 96 30 3,379.81 38.18 3,341.63 2,851.2/*
,JUN 4, 96 31 1,857.99 18.16 1,839.83 1,011.42
',JUL /*, 96 30 1,017.65 6.23 1,011./.2 0.00
INTEREST EARNED TO FINAL PAYNE#T ............
7/4/96 7,194.90
"ASSUMPTION INTEREST REMAINS AT 9%"
MC~TGAGE NOTE
THOMAS Wo BOETTCHER
PROPERTY AT-7675 &2ND AVENUE NO.,
HAIl. TO: 7709 &2ND AVENUE #OIITH, NEU HOPE, NN 55/*27
(ASSUNPTIOll I#TEREST RATE REHAINS AT
# DAYS SINCE 911&-3001 9215-360&
LAST PAYNE#T INTEREST PRINCIPAL
REHAINING BALANCE 83,$0&.33
APR 4, 94 15 3,379.81 308.85 3,070.96 80,/.33.37
HAY 4, 94 30 3,379.81 594.99 2,784.82 77,648.55
:uN 4, 94 31 3,3~.8~ 593.53 2,786.28 74,862.27
dui. 4, 94 30 3,3~.81 553.78 2,826.03 ~,036.~
AUG /*, 9/* 31 3,379.81 550.63 2,829.18 69,207.06
SEPT &,S& 31 3,379.81 529.01 2,850.80 66,356.26
OCT &, ;* 9/* 30 3,379.81 /*90.85 2,8&S. 96 63, &67.30
NOV /*, 9/* 31 3,379.81 /.85.13 2,89/*.68 60,572.62
OEC /*, 9/* 30 3,379.81 6~8.07 2,931.7/* $7,6~0.89
dAN /*, 95 31 3,379.81 ;,,/*0.60 2,939.21 5/*,701.67
FEB /*, 95 31 3,379.81 /.18.13 2,961.68 51,739.99
MAR /*, 95 28 3,379.81 357.22 3,022.59 /.8,717./.0
APR /*, 95 31 3,379.81 372.39 3,007./*2 /*5,709.98
MAY /*, 95 30 3,379.81 338.13 3,0/.1.68 /*2,668.30
dUN /* 95 31 3,379.81 326.15 3,053.66 39,61/*.66
dUL /* 95 30 3,379.81 293.06 3,086.77 36,527.87
AUG /* 95 31 3,379.81 279.21 3,100.60 33,/.27.27
SEPT /*,95 31 3,379.81 255.51 3,12/*.30 30,302.97
OCT /* 95 30 3,379.81 22/*.16 3,155.65 27,1/.7.32
NOV /* 95 31 3,379.81 207.51 3,172.30 23,975.02
OEC /* 95 30 3,379.81 177.35 3,202./*6 20,772.56
dAN /* 96 31 3,379.81 158.78 3,221.03 17,551.53
FEll ~ 96 31 3,379.81 136.16 3,2/*5.65 1/*,305.88
MAR /* 96 28 3,379.81 98.7'/' 3,281.0/* 11,02/*.86
APR /* 96 31 3,379.81 8/*.27 3,295.5/* 7,729.31
HAY /* 96 30 3,379.81 57.18 3,322.63 /*,/*06.67
dUN /* 96 31 1,857.99 33.68 1,82/*.31 2,582.37
JUL /* 96 30 2,601./.7 19.10 2,582.37 (0.00)
INTEREST EARNEO TO FINAL PAYMENT ............
6//*/96 8,830.19
"PAYMENTS MADE TO DATE"
HORTGAGE NOTE
THONAS W. BOETTCHER
PROPERTY AT-7675 &2ND AVENUE NO., NEW HOPE, #N
VAIL TO: 7709 &2ND AVENUE NO~TH, #EW HOPE, #N 5542?
187,500 AT 9~, BEGINNING 4/4/91, 365 DAYS PER YEAR
# DAYS SI#CE 9114-3601 9215-3604
LAST PAY#ENT INTEREST PRINCIPAL
APR 4 91 187,500.00
VAY 3 91 29 4,000.00 1,340.75 2,659.25 18,~.,840.75
VAY 31 91 28 4,000.00 1,276.16 2,723.8/, 182,116.91
JUL 15 91 45 4,000.00 2,020.75 1,979.25 180,137.66
AUG 12 91 28 4,000.00 1,243.69 2,756.31 177~381.35
SEP 11 91 30 4,000.00 1,312.14 2,687.86 174693.49
OCT 8, 91 27 5,000.00 1,163.03 3,836.97 170 856.52
NOV 6, 91 29 5,000.00 1,221.74 ~,?'78.26 167 078.26
DEC 10,91 34 5,000.00 1,400.71 3,599.29 163 478.97
JAN 7, 92 28 5,000.00 1,128.68 3,871.32 159 607.65
FEB 6, 92 30 5,000.00 1,180.66 3,819.34 155 788.31
VAR 4, 92 27 5,000.00 1,037.17 3,962.83 151 825.48
VAR 30,92 26 4,500.00 973.35 3,526.65 148 298.83
VAY 6, 92 37 4,000.00 1,352.97 2,6~7.03 145,651.80
JUN 2, 92 27 4,000.00 969.6~ 3,030.32 142,621.48
JUL 1, 92 29 4,000.00 1,019.84 , 2,980.16 139 6&1.32
AUG 4, 92 34 3,800.00 1~167.&9 2,632.51 137 008.81
SPT 2, 92 29 3,600.00 979.71 2,620.29 134 388.52
OCT 2, 92 30 3,600.00 994.11 2,605.89 131 782.63
NOV 2, 92 31 3,600.00 1,007.32 2,592.68 129 189.95
NOV 30-92 28 3,600.00 891.94 2,708.06 126 481.89
JAN 5, 93 36 3,600.00 1,122.74 2,477.26 124~004.63
FEB 1, 93 27 3,600.00 825.57 2,774.43 121 ~230.20
FEB 26, 3 25 3,600.00 747.31 2,852.69 118377.51
MAR 29 93 31 3,600.00 90~.86 2,695.14 115682.37
APR 27 93 29 3,600.00 827.21 2,772.79 112909.58
JUN 2, 93 36 3,400.00 1,016.19 2,383.81 110525.77
JUN 21,93 19 3,&O0.O0 517.81 2,882.19 107 6~3.58
JUL 27,93 36 3 400.00 955.52 2,444.48 105 199.10
AUG 25,93 29 3 400.00 752.25 2,647.75 102 551.35
SEP 29,93 35 3 400.00 885.03 2,514.97 100 03~'.38
OCT 25,93 26 3 400.00 6~.1.33 2,758.67 97,277.71
NOV 24,93 30 3 400.00 719.59 2,680.41 94,597.30
DEC 20,93 26 3 400.00 606.&6 2,793.54 91,803.76
JAN 25,94 36 3~400.00 814.92 2,585.08 89,218.68
FEB 23,94 29 3,400.00 637.97 2,762.03 86,456.65
MAR 16,94 21 3,400.00 44?.68 2,952.32 83,504.33
103,995.67
"PAYMENTS DUE, PER ORIGINAL SCHEDULE'
#ORTGAGE NOTE
THOIMS g. BO~TTCHER
PROPERTY AT-767~ &2NO AVEUUE NO., #EW HOPE, NN
14AIL TO: 7709 &2ND AVENUE NORTH, NEg HOPE, NN $5&27
911&-3601 911&-1154
DUE DATE TOTAL PAYNENT INTEREST PRINCZPAL BALANCE
APR 4 91 187,500.00
IqAY & 91 3379.81 1,386.99 1,992.82 185,507.18
JUN 4 91 3379.81 1,417.99 1,961.82 183,545.36
JUL 4 91 3379.81 1,357.73 Z,OZ2.08 181,$23.28
AUG 4 91 3379.81 1,387.53 1,992.Z8 179 531.00
SEP 4 91 3379.81 1,372.31 Z,007.50 177 523.$0
OCT 4 91 3379.81 1,313.19 ~,066.62 17~ 456.88
NOV 4 91 3379.81 1,341.16 ~,038.65 173 418.23
DEC & 91 3379.81 1,282.82 ~,096.99 171
JAN 4 9Z 3379.81 1,309.55 2,070.~6 169 250.98
FEB ~ 92 ~79.81 1,Z90.19 Z,089.6~ 167 161.~6
NAR & 9Z $~79.81 1,192.05 Z,187.76 16~,973.60
I¢AY ~ 9~ ~79.81 1~Z01.~6 Z,178.~5 160,672.9~
JUN 4 92 $$79.81 1,224.80 ~,155.01 158o517.92
JUL 4 92 ~79.81 1,169.~9 Z,210.42 156
AUG 4 92 $~79.81 1~191.52 Z,188.29 154 119.21
SEP 4 92 ]~79.81 1~174.84~ Z,204.97 151
NOV ~ 9Z ~79.61 1,104.01 Z,275.80 147 ~79.$1
DEC ~ 9Z ]$79.81 1,087.22 Z,29Z.59 1~5 086.72
JAN ~ 9S ~79.81 1,105.99 Z,273.SZ ~Z 812.90
FE6 ~ 9S S~79.81 1,091.64 Z,Z88.17 ~0
HAR 4 9S ~$79.81 970.20 Z,409.61 158 115.1Z
JUN 4 9~ ~79.81 1,019.81 Z,]60.O0 1~1 055.71
JUL ~ 95 ~79.81 969.4~ Z,~10.S6 1Z8
AUG ~ 9S ~79.81 983.~4 Z,~96.~7 1Z6
SEP ~ 9~ $$79.81 965.05 Z,~q4.78 1Z~
OCT ~ 95 ~79.81 916.0~ Z,~6~.78 ~Z1
NOV ~ 9~ 2379.81 9Z7.73 Z,~5Z.08 ~18 918.24
~AN ~ 94 S~79.81 889.88 ~,~89.9~ 11] 9~8.17
FEB ~ 9~ ~79.81 870.85 Z,~08.96 1~1 ~19.~1
~AR ~ 9~ ~79.81 769.Z5 2,610.56 108,808.65
78,691.~
"ORIGINAL PAYMENT SCHEDULE"
MORTGAGE ~
PROPEigrI'Y AT-770~ 4~lD AYENUE NO., NEW HOPE, MN
MONTHLY PAYM~qT DUE DATE: 4TH DAY OF MONTH
DUE DATE. TOTAL PAYMENT INTEREST PRINCIPAL BALANCE
APR 4 91
MAY 4 91 3379.81 1,386.99 1,992.82
JUN 4 91 3379.81 1,417.99 1,961.82
JUl.4 91 3379.81 1,357.73 2,022.08
AUG 4 91 3379.81 1,387.53 1,992.28
SEP 4 91 3379.81 1,372.31 2,007.50
OCT 4 91 3379.81 1,313.19 2,066.62
NOV 4 91 3379.81 1,341.16 2,038.65
DEC 4 91 3379.81 1,282.82 2,(396.99
JAN 4 92 3379.81 1,309.55 2,070.26
FEB 4 92 3379.81 1,290.19 2,089.62
MAR 4 92 3379.81 1,192.05 2,187.76
APR 4 92 3379.81 1,257.59 2,122.22
MAY 4 92 3379.81 1,201.36 2,178.45
JUN 4 92 3379.81 1,224.80 2,155.01
JUL4 92 3379.81 1,169.39 2,210.42
AUG 4 92 3379.81 1,191.52 2,188.29
SEP 4 92 3379.81 1,174.84 2,204.97
OCT 4 92 3379.81 1,120.68 2,259.13
NOV 4 92 3379.81 1,104.01 2,275.80
DEC 4 92 3379.81 1,087.22 2,292.59
JAN 4 93 3379.81 1,105.99 2,273.82
FEB 4 93 3379.81 1,091.64 2,288.17
MAR 4 93 3379,81 970.20 2,409.61
APR 4 93 3379,81 1,055.73 2,324.08
MAY 4 93 3379.81 1,004.48 2,375.33
JUN 4 93 3379.81 1,019.81 2,360.00
JUL4 93 3379.81 969.45 2,410.36
AUG 4 93 3379.81 983.34 2,396.47
,SEP 4 93 3379.81 965.03 2,414.78
OCT 4 93 3379.81 916.03 ~,463.78
NOV 4 93 3379.81 927.73 2,452.08
DEC 4 93 3379.81 879.67 2,500.14
JAN 4 94 3379.81 889.88 2,489.93
FEB 4 94 3379.81 870.85 2,508.96
MAR 4 94 3379.81 769.25 2,610.56
APR 4 94 3379.81 831.72 2,548.09
MAY 4 94 3379.81 786.04 2,593.77
JUN 4 94 3379.81 792.41 2,587.40
MORTGAGE NOTE
THOMAS W, BOETTCHER
PROPERTY AT-7709 42ND AVENUE NO., NEW HOPE, MN
INTEREST RATE: 9.00%
MONTHLY PAYMENT DUE DATE: 4TH DAY OF MONTH
DUE DATE TOTAL PAYMENT INTEREST PRINCIPAL BAI
JUL 4 94 3379.81 747.71 2,632.10
AUG 4 94 3379.81 752.51 2,627.30
SEP 4 94 3379,81 732.43 2,647.38
OCT 4 94 3379.81 689.22 2,690.59
NOV 4 94 3379.81 691.63 2,688.18
DEC 4 94 3379.81 649.43 2,730.38
JAN 4 95 3379.81 650.21 2,729.60
FEB 4 95 3379.81 629.35 2,750.46
MAR 4 95 3379.81 549.45 2,830.36
APR 4 95 3379.81 586.69 2,793.12
MAY 4 95 3379,81 647.10 2,832.71
JUN 4 95 3379.81 643.68 2,836.13
JUL 4 95 3379.81 505.17 2,874.64
AUG 4 95 3379.81 500.03 2,879.78
SEP 4 95 3379.81 478.02 2,901.79
OCT 4 95 3379.81 441.13 2,938.68
NOV 4 95 3379.81 ,433.38 2,946.43
DEC 4 95 3379.81 397.60 2,982.21
JAN 4 96 3379.81 388.06 2,991.75
FEB 4 96 3379.81 364.19 3,015.62
MAR 4 96 3379.81 319.19 3,060.62
APR 4 96 3379.81 317.87 3,061.94
MAY 4 96 3379.81 285.03 3,094.78
JUN 4 96 3379.81 270.94 3,108.87
JUL 4 96 3379.81 239.27 3,140.64
AUG 4 96 3379.81 223.30 3,156.51
SEP 4 96 3379.81 199.24 3,180.57
OCT 4 96 3379.81 169.35 3,210.46
NOV 4 96 3379.81 150.52 3,229.29
DEC 4 96 3379.81 121.84 3,257.97
JAN 4 97 3379.81 101.07 3,278.74
FEB 4 97 3379.81 76.28 3,303.53
MAR 4 97 3379.81 46.09 3,333.72
APR 4 97 3368.19 25.55 3,342.64
ADDENDUM TO CITY OF NEW HOPE
DEVELOPMENT CONTRACT
1. Parties. The parties to this Addendum are the City of New
Hope (hereafter City), Autohaus of Minneapolis, Inc.
(hereafter Autohaus) and Thomas W. Boettcher, individually
(hereafter Boettcher).
2. Property. The real property (hereafter Property) to which the
this Addendum applies is owned in fee by Boettcher and is
located in Hennepin County, Minnesota, legally described as:
(See attached Exhibit A)
3. Purpose. This Addendum shall modify the that certain
.. Development Contract dated April 4, 199i (hereafter Contract)
entered into by the parties. Autohaus and Boettcher
acknowledge and agree that they are in breach of the
performance conditions of the Contract and in consideration
for the City's agreement not to immediately pursue its
remedies under the terms of the Contract Boettcher and
Autohaus have agreed to enter into this Addendum.
4. Unperformed Conditions. Specifically, Autohaus and Boettcher
acknowledge and agree that they have failed to perform all the
requirements of paragraphs 2.A) through I) and 3 of the
Contract. With respect to the work required by those
provisions the parties hereto agree that Autohaus and
Boettcher will perform the work as follows:
a.) The installation of concrete curb from the most southerly
wall of the building northward to County Road No. 9 shall
be completed by October 31, 1993. The remainder of the
curbing as shown on the site plan shall be installed by
October 31, 1994, except that curbing around the
perimeter of the unpaved body shop and repair storage
area shall be installed if and when said body shop and
repair storage area is paved as set forth below. All
" curbing shall be of a surmountable type as approved by
the City. Autohaus and Boettcher"shall submit a diagram
of said curbing for approval to the City prior to
instal let ion.
b.) All plantings shown on the site plan north of the
building's most southerly wall shall be installed by
October 31, 1993. All other plantings shown on the site
plan shall be installed by October 31, 1994.
1
c.) The six-foot opaque security fence around the perir
of the body shop and collision repair storage area .*
be installed by October 31, 1994. The existing faf
shall remain in place until the new security fenc
installed.
d.) The installation of lighting shown on the site plan .*
be completed by October 31, 1993. However, the pal
agree that the existing lighting for the collision rt
area as of the date of this Addendum is adequate ar
further lighting is required notWithstanding the ligf
required by the site plan.
e.) All planted areas completed in 1993 will be sprinklf
October 31, 1993. All planted areas completed in
will be sprinkled by October 31, 1994.
f.) The installation of the outdoor trash enclosures wi'
completed by October 31, 1994.
g.) The front display area will be completed by October
1993. However, the parties agree that the front di.~
area can be paved with concrete and bituminous.
h.) The islands in the transport lane area will be inst~
by October 31, 1994.
i.) Erosion control measures of grading and seeding in a
and manner approved by the City Engineer shal'
completed by October 31, 1993. The erosion cor
measures shall apply to all unpaved areas.
j.) The City agrees to waive indefinitely the .requiremer
the Contract that Autohaus and Boettcher pave the
shop and repair storage area. However, if Autohau.~
Boettcher elect to pave the body shop and repair st¢
area at some point in the future, then Autohaus
Boettcher will be required to install, prior to
paving, the public storm water drainage improven
required by paragraph 3 of the Contract. And, pri¢
installing said storm water drainage improvemE
Autohaus and the City must agree on the responsibi
" for payment of the cost of said storm water dra~
improvement s. -.
5, Nonmerger. The parties agree that the terms of the Contract
and this Addendum shall survive the satisfaction, release or
termination of the April 4, 1991 Mortgage, Security Agreement
and Fixture Financing Statement given by Boettcher, and
Autohaus and Boettcher shall be required to perform all work
set forth above even if said Mortgage, Security Agreement and
Fixture Financing Statement is satisfied, released, or
terminated.
6. Security. The subdivision bond or other security required of
Autohaus and Boettchsr to ensure their performance under the
Contract shall be reduced to $1,000.00.
7. Effect of Addendum. The parties agree that this Addendum
shall not change the other provisions of the Contract, which
shall remain in full force and effect. This Addendum shall be
construed as supplemental to and not inconsistent with the
Contract. The parties further agree that a breach of this
Addendum shall also constitute a breach of the April 4, 1991
Mortgage, Security Agreement and Fixture Financing Statement
9iven by Boettcher to secure the April 4, 1991 Mortgage Note
executed by Boettcher. Autohaus further agrees that the
assignment of the Certificate of Deposit given as financial
security to insure performance of the Contract shall subject
to reduction as set forth above, also extend to secure
performance under this Addendum.
· [ts MaXy~dr
Dated: ~'~/-~ By ~~
'[ts Ci t~nager
Dated: ~/~- ~ :~ By
Thl Boett che i dual 1 y
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )
T going was acknowledged before me this
c
, 1993, by EUw. J. Erickson and Dan~, I.
Oonahue~ the Mayor and City Manager, respectively, of the
New HoDe, a Minnesota municipal corDoration, on behalf of d
municipal corDoration.
['~1~-~1~1 HENNEPINCOUNTY ~ ~o(~ry Pub1 i~c --
~.~ ~.~.Ju. 12, 1~ ~
STATE OF MZNNESOTA )
COUNTY OF HEHNEPZH )
~, 1993, by - .
President of Autohaus' of Minneapolis, Inc., a Mtn~ :a
corporation, on behalf of sa~d
STATE OF MINNESOTA )
COUNTY OF HENNEP[N )
The foregoing was acknowledged before me this ~ ~ c ~f
~~ , 1993~ by Thomas W. Boettc~er, !~d~v~dll
This Document drafted
CORR[CK & SONDRALL~ A PARTNERSHIP
OF PROFESSZONAL CORPORAT[ONS
8525 Edinbrook Crossing, e203
Brooklyn Park, MN 55443
(612) 425-5671
c:Xwp51Xautohaus.add
4
f.~(~x)t,,/ REQ~T FOR ACTION
Originating Department Approved for Agenda Agenda Section
City Manager EDA
4-25-94
Kirk McDonald
Item
No.
By! Management Assistant By: ~// 5
RESOLUTION AUTHORIZING AC~/~SITION OF 6073 LOUISIANA AVENUE NORTH
AND DIRECTING PREPARATION OF PURCHASE OFFER TO IMPLEMENT SAME (#519)
The enclosed resolution authorizes staff to Prepare a purchase agreement and acquire property
at 6073 Louisiana Avenue for the City's scattered site housing program, which provides
affordable housing ownership opportunities for New Hope residents.
Last fall the City Council approved the preliminary plat of Carol James Addition to allow the
subdivision of the existing large single-family R-1 lot into two parcels, with the northerly lot
retaining the existing single-family home and the southerly lot providing a new vacant building
site. The final plat was put on hold due to the fact that the newly created lot does not currently
have a sewer/water service and said services would need to be provided from existing utilities
in Louisiana Avenue at an estimated cost of $16,598 (estimates from City Engineer).
Subsequent to the plat submittal, the City has acquired the adjacent property at 7109 62nd
Avenue and is in the process of preparing specifications for the rehabilitation of this property
for eventual resale as affordable housing. Staff now desires to split off the south half of the
parcel at 7109 62nd Avenue and combine it with the parcel at 6073 Louisiana to create a lot
large enough for a possible two-family specialized housing unit which would be sold to New
Hope residents.
The owners real estate agent has indicated that the parcel has a value of $24,000 with utilities
and the City's appraiser agrees with this value. Staff have preliminarily indicated to the property
"
MOTION BY SECOND BY
To: x' .fgtq 4--0 5
!
Review: Administration: Finance:
RFA-O01
Request for Action
6073 Louisiana Avenue North
Page 2
owner that the City would contribute up to $10,000 to extend utilities to the propen3
attached correspondence from City Engineer). Therefore, staff is requesting authorizati
make a purchase offer of $17,402 ($24,000 - $6,598). The City would then as
responsibility for extending utilities to the site and construct affordable housing.
The acquisition would be financed entirely with CDBG scattered site housing funds that
been set aside for this purpose. In fact, the Year XVII scattered site housing funds ($13
must be expended by June 1st, and Year XVIII funds ($36,200) must be expended by Dece
31st, so if the EDA is supportive of this acquisition the staff will move quickly to acqui~
site..
The City Attorney has prepared the enclosed resolution and staff recommends approval.
~PR-22-@4 FRI 11:46 P. 02/03
AT~JRNEY~ AT LAW
~inb~gh Ex~u~ Office Pl~a
Suite ~203
Brooklyn Park, Mim~o~ 55443
TELEPHONE (61~)
April 22, 1994
Kirk McDonald
Management ASsr,
City of New Hope
4401Xylon Avenue North
New Hope, MN 55428
RE: Acquisition of Property at 6073 Louisiana Avenue North
Our' File No: 99.11121
Dear Kirk:
Per your request please find enclosed a proposed Resolution
Authorizing tha Acquisition of 6073 Louisiana Avenue North and
Directin9 Preparation of Purchase Offer to Implement Same for
consideration at the April 25, 1994 EDA meeting.
The review appraisal referred to in the Resolution i~ grad
Bjorklund's March 31, 1994 letter. Brad agrees with the owner's
real estate agent on a $24,000 fair market value assuming the
property was served by all utilities. The City Engineer has
estimated utility construction costs at $10,598.
It is my understanding that $10,000 of those costs are the City's
responsibility with the remaining $6,598 the responsibility of the
owner. As a resu3t, fair market value has been determined at
$17,402 ($24,000 - $6,598). Natural]y, that figure can be raised
or lowered'if circumstances change.
Contact me if you have any questions concerning the Resolution.
Very truly yours,
$ . $ondrall
New Hope City Attorney
Enclosure
Daniel J. Oonahue, City Manager (w/eric)
Valerie Leone, C~ty Clerk (w/eric)
hPR-22-94 FRI 11:46
EDA RESOLUTION 94-
RESOLUTION AUTHORIZING THF ACQUISITION
OF 6073 LOUISIANA AVENUE NORTH AND
'D~RECT[NG PREPARATION OF PURCHASE OFFER TO
[MPLEMENT SAME
W ER_~, ~nn....Stat. §§469.091 and 409.012 empowers
Eoonom~c Development Authority (EDA) to acquire real propert~
developments, and
" WHEREAS, the EDA hereby deter-mines that acquisition of vt
land looated at ~073 Louisiana Avenue North is necessary to pr(
the EDA'S scattered site housing development polioies by permit
the combination of land with adjacent land already owned by
City of. New Hope ?or cons[ruction of affordable specialize
mult{pte hOUSing for oeoDle of low and moderate ~n~ome, =nd
WHEREAS, e review appraisal of the real property
established a tair market value for the property of $17,402,0
NOW, THEREFORE, BE IT RESOLVED by the Economic Develop
Authority ~n a~d for the C~ty of New Nope aa fotlows:
1. That the Exe=ut~ve DireGtor is hereby directed to acq
the property at 6073 Louisiana Avenue North fo
purchase price not to exceed $17,40~.00 plus norm~l
reasonable olos~ng costs.
2. That the Executive Direotor and/or his staff
authorized and directed to prepare ane submit a purcl
agreement to ~aci]itate the Oro~erty~s acquisition
t~e price and purposes stated herein.
Adopted by the Economic Development Authority in end for
City of' New HoDe this day of .., 1994.
Edw. J. Erickson, President
Attest:
Daniel d. Donahue, Executive Director
62ND AVENUE NORTH 87,.o,
/ ~ T£. T£.
871J:X)
~ 0
I ,52
, m
T , Z
~ 8~o.e 0
87k4'~ -- I00.~ seg'57'Ol"E ..... 50
C
4300
O u'l't 6073 Louisiana Avenue
870.4 I, OBI
LOT "C"
9,500 sf
LOT "D"
17,500 sf
REDEVELOPMENT ISSUES:
* Platting into 2 lots "C" & "D"
* Rezoning lot D from R-1 to R-2
* Density: R-1 1 unit/9,500 sf
R-2 1/8,750 sf 2
total
* Land area: 27,000 sf
* Both lots are for sale !
* Lot "C" should'have old house demo' [
* Elderly or disability focus would h~ve
to address distance to public transport
* Zero lot line platting is option.
-Note duplex footprint shown is a
2 BR slab-on-grade (See exhibit "P"
~ ~. ~, A~.~. ~ W, ~ ~a.
~' E~glfl~rs & Architects
April 21 1994
Mr. Kirk McDonald
City of New Hope
4401 Xylon Avenue N.
New Hope, MN 55428
Re; 'Carol James Addit/on
7105 62nd Avenue
File 34-gen
Dear Kirk:
La.st fail we investigated the effort and cost to provide sanitary sewer and water main service
to tho new lot in Carol J~me~ Addition. Attached is a sketch showing the existing utilities
and proposed utilities to provide utility service. We received a quote from Bituminous
Consulting and Contracting Co. to do this work for $16,598.
Typically, the cost for this work would be the responsibility of the new lot. However, them
is some justification why the City should assume some of this cost. If it's assumed the new
lot should be responsible for the new sewer abutting its property and the sewer/water stubs
to th~ new lot, the assessment cost to the new lot is approximately $5,'780. The City'scost
is $10,818 which includes all the street restoration and the new sewer not abutting the new
In addition, d~pendent how the new lot is developed, storm sewer may by required to
properly drain the south west comer, Therefore, if storm sewer is required, the additional
cost for storm sewer maybe $6-$8,000.
If you have any questions please contact this office.
Yours very truly,
MarkkA. Hanson'
Attachment
2335 TlC/est HigtTWay 36 · St. Paul, MN 55113 · 612-636-4600
1 erkshir~ Lane
:h, MN $,S446
612/$$942.S8
February. 7, 1994
Mr. & Mrs. Carol James
7105 - 62nd Avenue N.
New Hope, Minnesota 55428
Dear Carol & Faye;
RE: creation of new 100 x 110 lot to rear of existing property,
7105 - 62nd Avenue North
I have reviewed the lots which have recently sold in the New Hope-
Crystal area of our metro area. In looking for comparable parcels,
one would seek to compare size, metro utilities, and neighborhood
prevailing values. In reviewing the enclosed comparable lot sales,
it would seem apparent that the newly created 'parcel, when filed
and completed wi. th respect to survey, sewer and water made accessible
to the site, that the value anticipated would be $24,000 - 25,000.
I would expect that the property would sell quickly in the market
conditions we now have prevailing - that being a fairly quickly-
paced market.
Should you have any questions, please do contact me at 559-4990
or 424-4104.
Residential Specialist
7-FEB-1994 09:47:56 =~=~=~===z== ~===~=== %3
LISTING # 0925326 -- SOLD 4213 FLAG AVE N '
TYP: LA AR : 362 OLP: 29,900 MAJOR AREA:' 362
LDR: 06/10/93 MT : 14 LP : 29,900 .SECOND AREA:
LD : 06/10/93 FIN: 9 SP : 28,000
OMD: 06/23/93 LO : 6082 LAG: 6082S1
XD : 12/10/93 SO : 6082 SAG: 6082S1
BCD: M DEV: FINSH
ZON: R SINGLE IMP: CU, PS
TOP: SLOPED INC: TOR
OSU: ELE,GAS,TEL RST:
DES: CULDESA TRM: OTH
DEV: FINSH EXF:
ROD: CITY ASM: N
AVU: ELE,GAS,TEL LTY: ER
LAK:
<<< L-$ 29,900 S-$ 28,000 SOLD >>>
ZON: R SINGLE DEV: FINSH
4213 FLAG AVE N TAX $ 1,477/93/N MAP 1C-17
MUN NEW HOPE ZIP 55427 TWA $ 2,318
AR 362 SUB 1 DIV 3 COU HENN ASB $ 841 ASP N
ACR .00 DEV FINSH ZON R SINGLE # 0925326
FRD 75 DIR CTY RD. 9 EAST OF 169 TO BOONE AVE
LFT 181 GO NORTH TO 45TH AVE GO WEST TO
RIT 65 FLAG AVE GO SOUTH TO LOT ON RIGHT
RER 180 OWNER WANTS LOT SOLD ASAP!
DES CULDESA
IMP CU, PS LG1 LOT 2 BLOCK 1 FLAG ADDITION
MNL PID 1811821210109
TOP SLOPED INC TOR
ROD CITY OSU TRM OTH
WOD .00 ELE,GAS,TEL
SDN 281 AVU MTG INT .000%
SDP 533-2781 ELE,GAS,TEL PIN $ EXF ASM N
BRENDA NICHOLS 591-6012 BC 4.5 CA 4.5 ER N
RE/MAX RESULTS 6082 612-591-6000 APT 591-6000-
INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED
7-FEB-1994 09:47:56 ~=~===~=~~=~=~==~ '%2
LISTING # 1018264 -- SOLD 4601 MARYLAND AVE NO
TYg: LA AR : 361 OLP: 22,000 MAJOR A/~E 61
LDR: 10/08/93 MT : 7 LP : 22,000 SECOND ~
LD : 10/08/93 FIN: 9 SP : 20,000
OMI): 10/15/93 LO : 5116 LAG: 5047
XD : 06/01/94 SO : 5116 SAG:
BCD: M DEV: PLANA
ZON: R SINGLE IMP: PS
TOP: LEVEL,SLOPED INC: TOR,BUS
OSU: NO RST: NONE
DES: CORNER TRM: CSH
DEV: PLANA EXF: CLR
ROD: CITY ASM: N
AVU: ELE,GAS,WAT, SEW, STO,TEL, CTV LTY: ER
LAK:
<<< L-$ 22,000 S-$ 20,000 SOLD >>>
ZON: R SINGLE DEV: PLANA
4601 MARYLAND AVE NO TAX $ 410/93/F MAP 2B-17
MUN CRYSTAL ZIP 55428 TWA $ 410
D~R 361 SUB I DIV 3 COU HENN ASB $ 0 ASP N
ACR .00 DEV PLANA ZON R SINGLE # 1018264
FRD 75 DIR 42ND TO LOUISIANA AVE E TO 46TH AVE N
LFT 131 CORNER LOT-OPEN HILLVIEW GREAT LOCATION CLOSE
RIT 75 TO NEW HOPE. WONDERFUL FAMILY NEIGHBORHOOD.
RER 131 HOME TO BE BUILT COULD FACE E OR S ON CORNER
DES CORNER LOT. SUITABLE FOR MOST ANY STYLES.
IMP PS LGi' LOT 8, BLK 2, IN OSTMANS 7TH ADDN
MNL 0 PID 08118213400071
TOP LEVEL,SL* INC TOR,BUS
ROD CITY OSU TRM CSH
WOD .00 NO ..
SDN 281 AVU MTG INT .000%
SDP 533-2781 ELE,GAS,WAT,SEW, STO* PIN $ EXF CLR ASM N
VERYLE LOGAN, CRS 925-8428 BC 4.5 CA 0 ER
BURNET REALTY INC. 5116 612-920-5605 APT 612,920-4949
INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED
H?R-U4-94 ~ION 14: 49 P, 02/08
28~2 ~ONY ~ $O., ~A~LIS, MINNES~A 55418 (6~) 7g1~5 Fax: 7gl-Tg~
BRAD BJORKLUND ma. m, REAL ESTATE APPRAISP, R8
AL CA~UFELu~t -- ~ 31, 1994
I~ON LACt'IENMAYER ~ CONSUI..,TANT~
city of New
c/o Steve ~1, Att~ at. Taw
8525 ~nbrcok Crossir~ #203
Bz~oklyn ~, ~~ 55443
~ F~e 94197
~~. ~11,
~i~te of ~ue of t~ ~ c~~ lo~ ~ ~ ~~ at ~ ~ of 7105 62~
A~ ~
estate ~ ~s ~i~sE ~ ~ ~t o~ $24,000 to $25,000 f~ ~ ~~y.
~ offi~ ~~S
5,000. ~s
~d-~t of ~ ~ of ~ta f~ ~ ~ ~.
~~le, ~ ~i~ a platt~ c~t, ~d t~ $~6,598, ~ $%6,600.
~i~ of t~ ~ts ~~ly ~y ~ ~ ~ ~ ~y ~ ~ ~i~
~ ~ to ~ ~ ~~s ~ ~O ~ ~ii~ for S~ qi~ lo~s
~, ~t
~ ~ t~ ~ ~ ~ esti~te ~s tO ~ a~te a~ $24,000 to
$25,000, ~~~~ ~r ~g~ ~ ~l~le ~ ~ st~t ~t mot.
~R ~ for ~ ~~ty to ~ of ~ce. ~ ~i~ ~ t~ ~i~ for
E~tt~.
Brad BJo~,
~ta ~~ ~000377
~/~
M01~ T~lAN ~0 Y~.AR$ FULl, APPRAPSAI, 8F. RWIC~ EFD/AA
1. The Appr-~ ~er has no pz~s~zt or prospecUive inuerest in ~he propez%7 that is ~bject
of r/Us re~ort, and ~0 perscm~! interest or bias with res~3ct to t_ha. pattie ~lved.
2. _Crap=marion is not oont. ingent ~ ibm . .r%~n~. irg of a pre~t~ value o
in value that favors the cause of ~ clzant, the anoint of ~he value e~ ,e,
att-airm~-nt of a stipulate~ r~sutt, or tt~ oc~ Of a sttb~eque//t
3. The ana~_~, c~ini.0ns, and conclusions were developed, and thi~ repot ~ been
_prepay., in conformity with ~ reqt~rerentm o£ th~ Uni£orm St~ o£ R 'sicnal
A~sal Practice (UgPA~) as adopt~ by the Appraisal Ir~titute.
4. The use of t-his z~-pc~c is subject to the requir~. ~ , :s of the A~praisal titute
rela:ing ~o review by its duly authorized representat!ves.
~. The a~pl-aiser has macle, ape. rscnal ir~ion of the property that i~ th~ subj ~f t~%is
6, No ~e provided si~Tai£icant professional assisrar~e to the ~_rscn si~r~_ng t report.
other t_hai1 r/x~e specifically ~_ntioned.
7. The reDorted analyses, c~~, and conclusions ax~ limited only by ~h ported
ss~ic~s and limitir~ conditions, and are the appr-~ pur~cual, biased
professi~ analyse~, opinlc~s, and conclusions.
8. Informa:ic~, esti .mate~, and o0inic~s furnished to the Ap~-~s~r, .and oont~
report, weze obtained fx~m sources consider~ reliable ~nd kelzeve~ to b ~ and
correct. ~oweve. r, no responsibility, for accuracy of such it~m~ furni~ .o the
~~ can ~ a~umed by ~he App~r.
The follow/rig ~peci£1u assun!0Cic~s and ecnditicms are made:
9. The . .ApA~Lai_ 'set is not resistible f.o~r legal matters. The title i~ ms~m~ ~ and
marke~le. The ~ is cons~ fr~e and clear of all i~-~tec~ re!ess
to tx~ in ~1~ wi~.h _.c~m~u~. :ty ~o~dz~ ar~ bu_it~ .code req~_'rement S~nce
~-26-92, t/~ Ama-icons wit/~ Disabilities ACc became effectzve, Its imDact value
has nou yet manif~ed itself. Unless othezwise stated herein, any int~act f~
is sl0ecifically disre~.
10. Th~ ~ i~ appraised as ~ouc3h under r~sponsible ownership, with
conrmm:natic~ o~ the ~y, sun~osz, or stn~.. ,.~, wnzcn ~u~ ~: ~r~ or
le~ valuable. The. Appraiser asma~es no responsibzlity for such ~tz~
12. ~% al.1 _appraisals, subject to sa.tisfac~ory .cc~ptetio~, r~, or alteral ,
appraisai ~ ar~ value cor~!~SlC~ are co~t~/lgent ~ ccmpleti~ of t/~e ira.
i~ a ~ik~ n~/lr~r, ~ i~ sL~stantial conformance with plan~ and spec ~=io~
a~ertisin~, r~ws, sales or o~-r m~dia wiuhou5 prior writ~e~ consent o~the~ ~ser
MKK-U4-U~ ~UN i4:ui P, 04/08
BCL APPRAISALS
BJO~, CARUFEL, LACHENMAYER, INC.
2852 ANTHONY LANE SO.. MINNEAPOLIS, MINNESOTA 55418 (612.) 781-0605 Fax: 781-7926
BRAD B$ORKLUND M^l, ~ REAL ESTATE APPRAISERS
AL CARUFEL MM &
RON LACHENMAYER s~ CONSULTANTS
~ach~lor of ~i~ in ~u~in~ A~i~r~tion (1971): University of Minne~a
~l~.rican Institute of Real Estate Appraisers Courses: lA, 1~, 2, 4, and Starry-ds
Soc%e~y of Real ~s~a~e Appraisers Courses: 10l aild 301
I/lstructor: Ur~versity of Mim~sota Extension Division ADDraisal fburses 1979-80
~. ~CLATICN M~~
MAI Amarican I~%~titute of Real Estate Appraise/-s, 1976
$/~A Society of Real Esuate Appraisers, 1977
SRPA Society of Real Estate AuDraisers, 1977"
SRF3~ ~uciet. y of Real F~t. ate Apprai.~=~, 1.98fl, C~apter Pre.~ident 1983-84
Li~ Real Estate Ap~-aise~, State of Minne~ota,
f~rtified General Real P~pe~ay Appz~iser, ~/~ ~4000377,
Licensed Real Estate Broker, $%a¢e of MN, 1972 5o present, ~018862i
St. Anthony Planning Cc~mission Member, 1978-85, Chair 1980-81
Metropolitan Council r~ Use Advisory Conzittee, 1977 to 1989
Le~3~e o~ Wc~ae~ Voter~, 1977 to 1990
February 1972 to October 1976 - ~ & Eansen ADDrai~als, Inc.
October 1976 to April 1981 - O.J. Janski & Associates, In~.
April 1981 to April 198S - Capital Apprai-~al~, Inc.
April 198~ to September, 198~ - ~, Bjork!und & Associates
Oct--, 1987 to present - Bjorklund, Carufel, Lacher~aye=, Inc.
Serving.. a variety of clients including..:
Larkin ~offman, Law Firm FDIC nayton
. ~olmes & ~raven, Law Firm U.S. Navy State of Minnesota
Twh% City Federal Pa~d~%~ial City of M/nneapolis
First National of Mpls. Carlson Cc~anies City o~ M,~n_netor~a
Deloitte & Touch~ ~crmywell zst Onvenant Church
Cooperativ~ power Assn. Minnesota Plywood ., N.W. Bible Coliea3~
Augu~tarm ~ome,- Manufacturers Hanover Waste Management
Appraisal cc~ple~ed upon a variety of types of properties incl%~/%g improved
DroDer~ie$ - cc~mercial s~ores, large o~fices, i~.dustrial, _aDartment, gol~ courses,
rrursir~ hc~es, faiths, ~Ilinl0IDved land and subdivisior~.
Appraisals have been made f~r buyer=, =eller$, investors, parties involved in
eminent domain proc~J~3s, t= aba~cmcnt, estates, and lease
Qualified as an expert witness in various Federal ar~ state courus, and served as
court-appointed c~'w~ssioner on many occasions.
00~Dleted contira/ir~ education re~remml!ts for q ~censing and also for the
In.~tim:te through the date of the cc~pletic~ of this appraisal/consul=arian work
effort.
MORB THAN $~ YEARS FULL APPP~4~SAL SERFfCBS EEO/AA
1) 6416 ~5~h Place No., Crystal $19,000 5-93 75 X 136 = 10,200 (%.~
2) 4501 Maryland Ave. No., Cr~stal SP.0, O00 11-93 7S X 1~1 -- 9, @2s (2. ¢
4213 Fla~3 Ave. No., 5~=w ~ $28,000 6-93 70 X 181(aw3) -- 12,670 (2.2
4217 ~lag Ave. No., N~ Ho~e $33,000 6-93 70 X iS0(av~) = 12,600 (2.6
Su~j~-t 61~X ~,x~isiana Ave. ND., New Hope 3-94 100 X 110 = 1!,000 (2.1
$2.18 per ~q. ft. x 11,000 sq. f~. ~ $23,980, Say $24,000
iess Maximum~t of Se~_r & Water $16.598, Say $16.600
M~J%iKU14Net T~:lValue $ 7,400