92-7957R5
RESOLUTION N0. 7957
THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION AUTHORIZING PURCHASE OF REAL PROPERTY
7644 PLEASANT AVENUE SOUTH
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 located at 7644 Pleasant
Avenue South, being described as follows:
Lot 8, Block 2, Sunset Terrace Addition
Hennepin County, Minnesota; and
WHEREAS, on August 10, 1992, the City did set and approve
just compensation for said real property in the amount of
$137,000.00; and
WHEREAS, said property is a four-unit apartment building
with tenants currently residing on premises whose occupancy will
cease at various times prior to closing; and
WHEREAS, the owner accepted the City's offer of $137,000
contingent upon receiving compensation for lost rents; and
WHEREAS, the City has carefully reviewed said lost rents
with City°s relocation consultant and is of the opinion that the
additional payment will not exceed $3,035.00; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of~Richfield, Minnesota as follows:
1. That it is in the best interest of the City and this
project to pay the owner for lost rent.
2. That the City Manager and Mayor are authorized to
execute a purchase agreement for the amount of purchase not to
exceed $140,035.
Adopted by the City Council of the City of Richfield,
Minnesota this 14th day of December, 1992.
h
Martin J. it ch, Mayor
ATTEST:
~~ P ~
Thomas P. Ferber, City Clerk