96-8372r
47
RESOLUTION NO. 8372
THE CITY OF RICHFIELD, MINNESOTA
ESTABLISHING JUST COMPENSATION FOR PROPERTY
ACQUISITION IN THE 69TH STREET AND PENN AVENUE AREA
(6925 PENN AVENUE)
WHEREAS, the City of Richfield, Minnesota desires to purchase certain real
property impacted by storm water said real property being described as follows:
6925 Penn Avenue
Lot 17, Block 10, Tingdale Bros',
Lincoln Hills Addition
WHEREAS, said acquisition is contingent upon the voluntary sale of the property
by owners who would waive any and all potential relocation benefits; and
WHEREAS, the City is authorized by Minnesota Statutes to acquire real property
within its jurisdiction; and
WHEREAS, the City's storm water utility fund is the revenue source for the
acquisition of the project parcels; and
WHEREAS, the City has caused an appraisal of the subject property to be made
by qualified independent professional real estate appraisers to determine fair market
value.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota as follows:
1. That just compensation for 6925 Penn Avenue is $85,000.
2. That the City Manager and Mayor are authorized to execute appropriate
agreements.
Adopted by the City Council of the City of Richfield, Minnesota this 12th day of
August, 1996.
ATTEST:
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Thomas P. Ferber, City Clerk