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MAY 07 1999 <br /> L <br /> O H E RTY ZSU Fifth Street Toners <br /> 1 3U South Fifth Street <br /> RUMBT i1: INFORMATION V Minneapolis, Minnesota 53.102-4235 <br /> Telephone(612)677-4300& BUTLF,R FAR 1h12,677-4800moir <br /> PROFESSIONAL ASSOCIATION <br /> t\'rites s direct dial number: <br /> Attorneys at Law <br /> (612)677-4588 <br /> Beckp@drblaw.com <br /> May 5, 1999 <br /> James Mevissen <br /> 11070 181st Avenue N.W. <br /> Elk River, MN 55330 <br /> Re: Offer to purchase 11070 181' Avenue N.W., Elk River, Minnesota <br /> Dear Mr. Mevison: <br /> This letter will constitute the written offer of the Economic Development Authority for the City of <br /> Elk River (EDA) to purchase your property located at 11070 181' Avenue N.W., Elk River, <br /> Minnesota for the EDA's appraised value of$235,000 plus all relocation expenses to which you are <br /> entitled by law. This offer is subject to a mutually acceptable purchase agreement and satisfactory <br /> • evidence of title. This offer assumes that you have fee simple title to the property and appropriate <br /> adjustments will need to be made for any mortgages, liens or encumbrances on the real property. <br /> As you are aware, the EDA has determined that acquisition of the property located at 11070 181st <br /> Avenue N.W. is necessary for redevelopment of the EDA's Tax Increment Financing District No.19. <br /> Attached is a copy of EDA Resolution 98-11 making this finding. <br /> Resolution 98-11 also directs EDA's staff to: <br /> • Obtain appraisals of real property to be acquired. <br /> • Make written offers to affected property owners and negotiate such offers to <br /> successful conclusion. <br /> • Acquire property at the appraised value plus additional damages, if any, as approved <br /> by the City Administrator. <br /> • In circumstances when negotiation proves to be unsuccessful, condemn parcels as <br /> provided by Minnesota Statutes. <br /> • <br /> Enclosed is a copy of an independent appraisal of your property prepared for the EDA by Patchin <br /> Messner Appraisals, Inc. The appraisers' conclusion is that your property has a fair market value, <br /> as of April 27, 1999, of$235,000. • <br /> This letter will constitute the written offer of the EDA to acquire your property for the appraised <br /> value of$235,000. In addition, you will be entitled to actual and reasonable relocation expenses <br /> St.Paul• Minneapolis • Denner •San Ramon • Washington,D.C. <br />