94-8192rRESOLUTION N0. 8192
THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION ESTABLISHING JUST COMPENSATION FOR PROPERTY
ACQUISITION IN THE 69TH STREET AND PENN AVENUE AREA
(6925 PENN AVENUE SOUTH)
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 South Lot 17, Block 10, Tingdale Bros',
Lincoln Hills Addition
WHEREAS, said acquisition is contingent upon the voluntary
sale of the property by the owner 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 with a loan
from the Permanent Improvement Revolving Fund is the revenue
source for the acquisition of the project parcel; and
WHEREAS, the City has caused an appraisal of the subject
property to be made by a qualified independent professional real
estate appraiser 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:
6925 Penn Avenue South $73,000
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 26th day of September, 1994.
~~~ r
Martin J. Ki ch, Mayo
ATTEST:
r
Thomas P. Ferber, City Clerk
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