93-7987R35
RESOLUTION NO. 7987
THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION AUTHORIZING PURCHASE OF REAL PROPERTY
77TH STREET PROJECT - 7648 Lyndale Avenue
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 7648 Lyndale
Avenue, being described as follows:
South 30 1/10 feet of Lot 7, Glenn's Addition
WHEREAS, on August 10, 1992, the City did set and approve
just compensation for said real property in the amount of
$142,628 which was rejected by owner; and
WHEREAS, the review appraiser has recommended a revised just
compensation in the amount of $146,450; and
WHEREAS, the owner's appraisal claimed a value of $185,450;
and
WHEREAS, the owner's appraisal report was reviewed and
consideration was given to the consequences of setting a price
through the condemnation process; and
WHEREAS, the owner and former tenant have agreed to sign
stipulations totaling $157,950.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Richfield, Minnesota as follows:
1. That just compensation is revised and is set at $146,450.
2. That the Mayor and City Manager are authorized to execute
stipulations totaling $157,950.
Adopted by the City Council of the City of Richfield,
Minnesota this 8th day of March, 1993.
Martin J. it ch, Mayor
ATTEST:
Thomas P. Ferber, City Clerk