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RESOLUTION NO. 9352
RESOLUTION ESTABLISHING JUST COMPENSATION AND AUTHORIZING
PURCHASE OF REAL PROPERTY LOCATED AT 641418TH AVENUE SOUTH
WHEREAS, the 2000 Minnesota State Legislature authorized the City of Richfield
(City) to acquire residential property within two blocks of Trunk Highway 77 and within the
87dB;
WHEREAS, within the aforenoted area the following real property is identified for
purchase:
Lot 14, Block 5, Iverson's Second Addition, Hennepin County, Minnesota
Together with all abutting streets and alleys, vacated or to be vacated,
and all easements, gaps, overlaps and gores, appurtenant thereto; and
WHEREAS, grant funds from with the Department of Trade and Economic
Development (DTED) and house moving sale proceeds related to the project are available
to the City for the purchase of the real property and related expenses; and
WHEREAS, the City has a plan for the purchase of properties along 18th Avenue,
north of East 66th Street; and
WHEREAS, the City is authorized by Minnesota Statutes to acquire real property
within its corporate boundaries; and
WHEREAS, the City has caused an appraisal for the subject property to be made
by a qualified independent professional appraiser to determine fair market value of real
estate; and
WHEREAS, a qualified review appraiser has certified the appraisal report as being
in conformity with appraisal standards; and
WHEREAS, the fair market value of 6414 18th Avenue is $150,000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota as follows:
1. That just compensation in the amount of $150,000 is approved.
2. That the City's consultant is authorized to present an offer of said amount to the
respective property owners.
3. That the City's consultant is authorized to undertake all other necessary actions to
purchase said property.
Adopted by the City Council of the City of Richfield, Minnesota this 8th day of July,
2003.
ATTEST: