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plant as a river buffer. The cost to level the site, relocate wetlands, and create a separated access for the <br />adjacent property is greatly reduced with the property. <br /> <br />The ERMU Commission authorized a property appraisal and directed General Manager Troy Adams and <br />Vice Chair Al Nadeau to negotiate the property purchase. The parties have met four times since October <br />28, 2015. ERMU has offered to pay for an appraisal on behalf of the owners which has not yet been <br />accepted. <br /> <br />The MacGibbons had originally informed ERMU that they wanted $500,000 for the property, 323% of <br />the appraised value. They have since lowered their asking price to $400,000, 258% of the appraised <br />value. The Commission authorized an offer of $250,000, which is 161% of the appraised value which <br />was rejected. <br /> <br />The Utilities Commission believes the need for ERMU to acquire this property meets public purpose, <br />that the owner’s asking price exceeds what is justifiable to the ERMU rate payers, and that the current <br />offer of $250,000 is fair and justifiable. If negotiations fail, the Commission believes that condemnation is <br />in the best interest of the public. <br /> <br />Financial Impact <br /> <br />There is no financial impact to the city. Costs associated with the acquisition are the responsibility of <br />ERMU. <br /> <br />Attachments <br /> <br /> <br /> <br />Overview map of 1437 Main Street NW, Elk River, MN 55330 <br /> <br /> <br />Appraisal of 1437 Main Street NW, Elk River, MN 55330 – March 8, 2016 <br /> <br /> <br />Draft - Elk River Municipal Utilities Offer Letter for 1437 Main Street NW, Elk River, MN <br />55330 <br /> <br /> <br />Draft - City of Elk River Resolution Authorizing Condemnation of Land for Public Purposes <br /> <br />