04-9486r
86
RESOLUTION NO. 9486
RESOLUTION ESTABLISHING JUST COMPENSATION AND AUTHORIZING
PURCHASE OF REAL PROPERTY LOCATED AT
6520 CEDAR AVENUE
AIRPORT NOISE ACQUISITION PROGRAM
WHEREAS, on September 10, 2001, the City Council approved the acquisition
strategy for residential property in the airport mitigative area, using $10 million in federal
funds secured by Congressman Sabo; and
WHEREAS, on March 26, 2002, the City Council approved an agreement
(Agreement) with the Metropolitan Airports Commission (MAC) to provide $10 million of
Federal Aviation Administration (FAA) airport improvement program funds to the City of
Richfield to purchase properties (including all related costs) that are, or will be, negatively
impacted by airport operations; and
WHEREAS, within the aforementioned airport mitigative area the real property
identified for purchase is:
Property Address
6520 Cedar Ave S
Legal Description
Lot 4 and the south 71 feet of Lot 5, Block 1, Iverson's Third
Addition
Together with all abutting streets and alleys, vacated or to be
vacated, and all easements, gaps, overlaps and gores,
appurtenant thereto
WHEREAS, the City is authorized by Minnesota Statutes to acquire real property
within its corporate boundaries; and
WHEREAS, the City has caused appraisals for the subject property to be made by
qualified independent professional appraisers to determine fair market value of real estate;
and
WHEREAS, a qualified review appraiser for the real property has certified the
appraisal reports as being in conformity with professional appraisal standards, the Uniform
Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation and
the Code of Ethics and Standards of Professional Appraisal Practice of the Appraisal
Institute, Appraisal Specifications (5-491.203) set forth in the State of Minnesota's Right of
Way Manual, and the Federal Aviation Administration's (FAA) Preparation of Real Estate
Appraisals, Appraisal Report Content, Detailed Appraisals and Appraisal Reviews; and
WHEREAS, the fair market value, as recommended by the review appraiser and
approved by MAC and recently updated to reflect current market conditions, is $620,000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota as follows:
1. That the just compensation amount of $620,000 for the purchase of 6520 Cedar
Avenue is hereby approved.
2. That the City's acquisition/negotiationlrelocation consultant, Conworth, Inc., is
authorized to present purchase offers of approved amounts to the respective property
owners.
Adopted by the City Council of the City of Richfield, Minnesota this 13th day of July,
2004.
Martin J. Kirsc
ATTEST: