94-8183rRESOLUTION N0. 8183
THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION ESTABLISHING JUST COMPENSATION FOR PROPERTY
ACQUISITIONS IN THE 69TH STREET AND PENN AVENUE AREA
WHEREAS, the City of Richfield, Minnesota desires to purchase
certain real property impacted by storm water said real property
being described as follows:
6913 Penn Avenue Lot 20,
Lincoln
6929. Penn Avenue Lot 16,
Lincoln
6933 Penn Avenue Lot 15,
Lincoln
Block
Hills
Block
Hills
Block
Hills
10, Tingdale Bros',
Addition.
10, Tingdale Bros.',
Addition
10, Tingdale Bros',
Addition
WHEREAS, said acquisitions are contingent upon the voluntary
sale of the property by owners who would waive any and all potential
relocation benefits; and
45
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 appraisals 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 is determined as follows:
6913 Penn Avenue $80,000
6929 Penn Avenue $84,000
6933 Penn Avenue $69,000
2. That the City Manager 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
appropriate agreements.
Adopted by the City Council of the City of Richfield, Minnesota this
12th day of September. 1994.
ATTEST:
Thomas P. Ferber, City Clerk
%~`" "' ~ r
Martin J. i sch, Mayor