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CLARK Debbie D <br /> From: GALLUP Steve S <br /> Sent: Thursday, March 09, 2006 12:35 PM <br /> <br /> To: ROYER Russ C; CARLSON Becky A; CLARK Debbie D; PETERSON Tish A <br /> Cc: KLOPE Paul W; SCHOENING Mark A; SVENDSEN Glen L <br /> Subject: RE: 3rd/4th Connector acquisition/assessments -Lincoln Yards parcel <br /> I come up with $73,575 as a purchase price to acquire the additional Facilities right of way. At this purchase price, the <br /> amount of Facilities assessment is $73,600.82. <br /> -----Original Message----- <br /> From: ROYER Russ C <br /> Sent: Wednesday, March 08, 2006 1:44 PM ' <br /> To: GALLUP Steve S; CARLSON Becky A; CLARK Debbie D; SVENDSEN Glen L; SCHOENING Mark A <br /> Subject: 3rd/4th Connector acquisition/assessments -Lincoln Yards parcel <br /> This is in summary of some recent conversations and emails pertaining to the value of the street right of way <br /> acquired from the city owned property commonly known as the Lincoln Yards and currently managed by Facilities. <br /> There were 2 city owned tax lots affected by the new alignment of 3rd/4th. One of the parcels involved property <br /> we received in the exchange and property line adjustment with the property immediately to the east owned by <br /> Charles Larson. The other was the city owned parcel on the NE corner of 3rd and Lincoln which was improved <br /> with an older city warehouse that was removed for the project. We completed the exchange with Larsons in <br /> December 2003. For purposes of the exchange we had an appraisal completed by a independent fee appraiser <br /> who concluded a value of $7.85 per square foot for property fronting on 3rd/4th and a lesser value on the property <br /> that did not have frontage. The intent was to exchange a portion of one of the city owned parcels for the property <br /> needed from Larsons for the project. Later the project was to compensate the City (Facilities or the appropriate <br /> department) for the value of the areas needed for r/w and to in turn assess the City for the cost of the street <br /> related improvements along this frontage. It is my understanding it has further been agreed the amount of <br /> compensation was to be equal to the actual assessments to be assessed to the city owned parcel, providing the <br /> value of the city owned land converted to r/w is at least equal to the assessment. Resulting in a net effect of the <br /> assessment to the city parcel being offset by the acquisition value. In this case the value of the needed r/w areas <br /> does exceed the cost of the assessments so the purchase price of the additional acquired right of way is to be the <br /> amount of the assessment. Steve is verifying the total assessment amount, but it is expected to be in the $70,000 <br /> - $75,000 range. To verify the land value is at least the amount of the assessment I estimated the combined <br /> areas of the additional right of way to be approximately 30,000 square feet. Applying $7.85 per square foot yields <br /> in excess of $200,000, minus the cost of demolition of the old warehouse structure. <br /> I believe Becky and Debbie were going to further research the most appropriate entries to setup funds to transfer <br /> r/w acquisition costs into and in turn to charge the street assessment back against. Steve is working up the <br /> assessment and will provide that amount to Debbie. We will still be processing a street deed for City Manager's <br /> execution to convert this portion of city owned land to public street right of way, but no further compensation would <br /> be involved. The intent of this email is to make sure we have the same expectations. Please don't hesitate if <br /> anyone has questions, wishes to clarify, or amend any of the above. Thank you. Russ <br /> 1 <br /> <br />