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• ORDINANCE 97 - CITY OF ELK RIVER AN ORDINANCE OF THE CITY OF ELK RIVER AMENDING SECTION 1010.12 (MANUFACTURED HOME PARK CLOSINGS) OF THE CITY CODE OF ORDINANCES CASE NO. OA 97-14 The City Council of the City of Elk River does hereby ordain as follows: Section 1. Section 1010.12 of the City of Elk River Code of Ordinances shall be amended by deleting existing Section 1010.12 and substituting new Section 1010.12 as follows: 1010.12 - PAYMNET OF ADDITIONAL COMPENSATION If a resident either cannot or chooses not to relocate the manufactured home within a 25-mile radius of the park that is being closed or some other agreed upon distance and tenders title to the manufactured home, the resident is entitled to additional compensation to be paid by the purchaser of the park in order to mitigate the adverse financial impact of the park closing. In such • instance, the additional compensation shall be an amount equal to the estimated market value of the manufactured home as determined by an independent appraiser experienced in mobile home appraisal approved by the City Administrator. The purchaser shall pay the cost of the appraisal or shall reimburse the City for any advances it makes to such appraiser for such cost. The purchaser shall pay such compensation into an escrow account, established by the park owner, for distribution upon transfer of title to the home. Such compensation shall be paid to the displaced residents no later than the earlier of ninety (90) days prior to the closing of the park or its conversion to another use. Section 2. That this ordinance shall take effect upon publication as provided by law. Passed and adopted by the City Council of the City of Elk River this day of , 1997. Henry A. Duitsman Mayor III Sandra A. Thackeray City Clerk \\elkriver\sys\shrdoc\document\ordinanc\oa97-14.doc