92-7928R80
RESOLUTION NO. 7928
THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION ESTABLISHING JUST COMPENSATION,
AUTHORIZING PURCHASE OF REAL PROPERTY LOCATED AT
7645 LYNDALE
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 being described as
follows:
Lots 9 and 10, Block 7, Sunset Terrace, Hennepin County,
aka 7645 Lyndale Avenue South.
WHEREAS, the City has adopted an official map for
improvements to 77th Street; and
WHEREAS, the improvements to 77th Street necessitate the
purchase of real property; and
WHEREAS, the City is authorized by Minnesota Statutes to
acquire real property within its jurisdiction; and
WHEREAS, Minnesota Department of Transportation (MnDOT) and
Federal Highway Administration (FHWA) are funding this project;
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; and
WHEREAS, a qualified review appraiser has certified the
appraisal reports as to conformity with appraisal standards and
has certified same.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Richfield, Minnesota as follows:
1. That just compensation including fixtures is set at
$183,740 subject to a negative finding with regards
to soil contaminates and cancellation of any existing
leases.
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 a purchase agreement for the amount of just
compensation set fourth in this resolution.
Resolution No. 7928
Page 2
4. That the City Man
writing, the owne
possible that the
property and esta
benefits.
Adopted by the City
Minnesota this 9th day of
~r is hereby directed to notify, in
of subject property as soon as
ity intends to acquire this
Lsh eligibility for relocation
1 of the City of Richfield,
ber, 1992.
~~ _
Martin J. Ki sch, Mayor
ATTEST: