4.B.1. SR 06-20-2016 - Laserfiche WebLink

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June 15, 2016 Mr. Stuart W. MacGibbon 13533 Glasgow Lane Apple Valley, Minnesota 55124 Mr. James H. MacGibbon and spouse (if any) 4976 Monmouth Road Mound, Minnesota 55364 Re: 1437 Main Street, N.W. Elk River, Minnesota Gentlemen: This letter is to formally advise you that the City of Elk River has determined that it is necessary to acquire fee title to your property located at 1437 Main Street, N.W. in Elk River and legally described on the attached Exhibit A (“Subject Property”) to expand the Elk River Municipal Utilities facilities. In order to obtain fee title to the Subject Property, the City must follow a specific procedure. An action may be filed in the District Court compelling the acquisition of fee title but as a practical and procedural first step, the City would like to offer to purchase fee title to the Subject Property directly from you. This provides an early and agreed-upon resolution for both yourselves as well as the City. Enclosed is a copy of the appraisal report prepared by independent fee appraiser John Osterman determining that the value of the Subject Property to be acquired is $155,000.00. The City offers you $250,000.00 as monetary compensation for fee title to the Subject Property. Under Minnesota law, you have the right to obtain your own appraisal and the City will reimburse you for the reasonable cost of the appraisal up to a maximum of $1,500.00. You must submit the bill and a copy of the appraisal to the City to be entitled to reimbursement. If this offer is acceptable, please let me know and I will have the necessary documents prepared for your signature. If there is a mortgage on your property, the mortgage company will need to release its mortgage from the Subject Property. Thereafter, a City check will be issued to you in the amount of $250,000.00. 187472v1