1978-98HRA RESOLUTION N0. 98 107
RESOLUTION ESTABLISHING JUST COMPENSATION
AND PROVIDING FOR-THE COMP~IENCEMENT OF
NEGOTIATIONS FOR THE PURCHASE OF REAL PROPERTY
WHEREAS, the Housing aid Redevelopment Authority of Richfield
(HRA) has acquired fee simple title to certain real property pursuant
to and in furtherance of the Lyndale/Hub/Nicollet Redevelopment Pro-
ject heretofore adopted by the City of Richfield (the "City) and the
HRA;
WHEREAS, such ownership is subject to a leasehold interest of
Naegele Outdoor Advertising Company for the maintenance of~two poster
panel signs with a roof-top installation located on a one story
building at 6513-15-21 Lyndale Avenue South known as the Woodlake
Cleaning Center Building being on property legally described as
follows:
The South 78.45 feet of the North 278.45 feet of Lot 9, Block 4,
J. N. Hauser's Second Addition
1
WHEREAS, the HRA has caused appraisals of said leasehold interest
to be made, has carefully considered such appraisals, and believes
the work of such appraisers was performed in a competent manner and
in accordance with applicable law.
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND REDEVELOP_~IENT
AUTHORITY OF RICHFIELD:
1. That $11,400 is determined to be just compensation for said
interest in the subject real property.
2. That the Executive Director and the HRA's Attorney are
authorized and directed to commence negotiations for the acquisition
of such interest.
3. That the Executive Director is hereby directed to notify, in
writing, the owner of the subject property, as soon as possible,
that the HRA presently intends to acquire his interest in subject
property provided negotiations result in the determination of a mutually
agreeable sales price. The Executive Director shall include .with such
notification a statement which complies with the requirements of regu-
lations of the Department of Housing and Urban Development, 24 C.F.R.
~S42.135.
4. That upon the completion of the negotiations, the Executive
Director shall report back to the HRA with a proposal for the purchase
of said interest in subject property which is acceptable to the owner's,
and shall report his recommendation relating to said proposal.
Passed by the Housing and Redev
24th day of July, 1978.
ATTEST:
van
Secretary
Authority of Richfield this
L . La
airman