EDSR INFORMATION #2 04-12-1999 - Laserfiche WebLink

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.DA.(0-‘444 gi, •••;•- D OHERTY 3500 Fifth Street Towers 150 South Fifth Street RUMBLEMinneapolis,Minnesota 55402-4235 & BUTLER Telephone(612)677-4500 FAX(612)677-4800 PROFESSIONAL ASSOCIATION Attorneys at Law Writer's direct dial number: (612) 677-4588 Beckp@drblaw.com March 23, 1999 Joan and Delton Warden 11020 181'Avenue Elk River, MN 55330 Re: Offer to purchase 11020 181"Avenue, Elk River, Minnesota Dear Mr. and Mrs. Warden: This letter will constitute the written offer of the Economic Development Authority for the City of Elk River(EDA)to purchase your property located at 11020 181"Avenue, Elk River, Minnesota for the EDA's appraised value of$380,000 plus all relocation expenses to which you are entitled by law. This offer is subject to a mutually acceptable purchase agreement and satisfactory evidence of title. • This offer assumes that you have fee simple title to the property and appropriate adjustments will need to be made for any mortgages, liens or encumbrances on the real property. As you are aware, the EDA has determined that acquisition of the property located at 11020 181' Avenue is necessary for redevelopment of the EDA's Tax Increment Financing District No.19. Attached is a copy of EDA Resolution 98-11 making this finding. Resolution 98-11 also directs EDA's staff to: • Obtain appraisals of real property to be acquired. • Make written offers to affected property owners and negotiate such offers to successful conclusion. • Acquire property at the appraised value plus additional damages, if any, as approved by the City Administrator. • In circumstances when negotiation proves to be unsuccessful, condemn parcels as provided by Minnesota Statutes. Enclosed is a copy of an independent appraisal of your property prepared for the EDA by Patchin Messner Appraisals, Inc. The appraisers' conclusion is that your property has a fair market value, as of March 2, 1999, of$380,000. • This letter will constitute the written offer of the EDA to acquire your property for the appraised value of$380,000. In addition, you will be entitled to actual and reasonable relocation expenses St.Paul•Minneapolis•Denner•San Ramon • Washington,D.C.