96-8336r
11
RESOLUTION NO. 8336
RESOLUTION ESTABLISHING JUST COMPENSATION,
AUTHORIZING PURCHASE OF REAL PROPERTY
7700 Lyndale Avenue
WHEREAS, the City of Richfield, Minnesota desires to purchase certain real
property pursuant to and in furtherance of the 77th Street Project (Project) heretofore
adopted by the City of Richfield (City) said real property being described as follows:
Lots 1 through 5, Block 1, Strand's Second Addition, Hennepin County, aka 7700
Lyndale Avenue South; and
WHEREAS, the improvements to 77th Street necessitate the purchase of real
property; and
WHEREAS, the City is authorized by Minnesota Statutes to acquire real property
within its jurisdiction; and
WHEREAS, Minnesota Department of Transportation (MnDOT) and Federal
Highway Administration (FHWA) are funding this project; and
WHEREAS, the City has caused appraisals of the subject property to be made
by qualified independent professional real estate appraisers to determine fair market
value; and
WHEREAS, a qualified review appraiser has certified the appraisal reports as to
conformity with appraisal standards and has certified same.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota as follows:
1. That just compensation including fixtures is set at $544,182 subject to a
negative finding with regards to soil contaminates and cancellation of any
existing leases.
2. That the City Manger is authorized and directed to commence negotiations
for the purchase of said real property.
3. That the City Manager and Mayor are authorized to execute a purchase
agreement for the amount of just compensation set forth in this resolution.
4. That the City Manager is hereby directed to notify, in writing, the owners of
subject property as soon as possible that the City intends to acquire this
property and establish eligibility for relocation benefits.
Adopted by the City Council of the City of RichfLeld, Minnesota i 25th da of
March, 1996.
ATT~~T: ,0 j)
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Thomas P. Ferber, City Clerk