05-949r
123
HRA RESOLUTION NO. 949
RESOLUTION ESTABLISHING JUST COMPENSATION AND AUTHORIZING
PURCHASE OF REAL PROPERTY LOCATED AT
6300-6320, 6500, AND 6528 CEDAR AVENUE
(CEDAR POINT PROJECT)
WHEREAS, on January 18, 2005, the Housing and Redevelopment Authority in and
for the City of Richfield (the "HRA") approved a Cooperative Agreement (the "Agreement")
with Hennepin County, the City of Richfield, and the Hennepin County Housing and
Redevelopment Authority, for the provision of $2.0 million of multi-jurisdictional project
funds for assistance in acquisition and other activities in the Cedar Point Development
Area; and
WHEREAS, on October 18, 2004, the HRA approved a Contract for the Private
Development with Ryan Companies US, Inc. for the development of the Cedar Point Area
that was subsequently revised and approved on May 16, 2005; and
WHEREAS, on June 20, 2005, the HRA approved a Modification to the
Redevelopment Plan for the Richfield Redevelopment Project Area, Cedar Point
Development Area (the "Modified Plan") that refined the Redevelopment Plan as it relates
to the Cedar Point area; and
WHEREAS, within the Cedar Point area, there is real property identified for
purchase as follows:
Property Address
6300 Cedar Avenue
Leaal Description
Lot 5 and the North 33 feet of Lot 4 and the South 17 feet of
Lot 6, Block 3, Iverson's 3rd Addition, Hennepin County,
Minnesota
6320 Cedar Avenue South The South 67 feet of Lot 4, Block 3, Iverson's 3rd Addition,
Hennepin County, Minnesota
6500 Cedar Avenue
Lot 6 and the North 25 feet of Lot 5, Block 1, Iverson's 3rd .
Addition, Hennepin County, Minnesota
6528 Cedar Avenue
Lot 3 and the North 46 feet of Lot 2, Block 1, Iverson's 3rd
Addition, Hennepin County, Minnesota
WHEREAS, the HRA is authorized by Minnesota Statutes to acquire real property
within its corporate boundaries; and
WHEREAS, the HRA has caused appraisals for the subject property to be made by
qualified independent professional appraisers to determine fair market value of real estate
and fixtures as depicted in Exhibit A; and
WHEREAS, the HRA or its authorized acquisition/negotiation/relocation consultant,
Conworth, Inc., (the "Agent") is authorized to negotiate for the purchase of property and to
extend purchase offers to property owners in the amount equal to the appraised values
depicted in Exhibit A.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. That the just compensation amounts depicted in Exhibit A are hereby approved.
2. That the HRA's Agent is authorized to present purchase offers of the approved amount
to the property owners, and to negotiate other terms and conditions of purchase subject
to approval by the HRA.
3. That the Executive Director is authorized to undertake other actions necessary to
acquire the properties depicted in Exhibit A and relocate tenants in accordance with the
Uniform Relocation Act, as applicable
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 20th day of Ju 05.
ATTEST:
MlbttJ ~atJ
Kristal Stokes, Secretary
EXHIBIT A
APPRAISED VALUES
Property Address Real Estate Fixtures Total
6300-6320 Cedar Avenue $430,000 $12,820 $442,820
6500 Cedar Avenue $215,000 $15,855 $230,855
6528 Cedar Avenue $665,000 N/A $665,000
0810046520Cedar