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RESOLUTION NO. <br />177- <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br />RESOLUTION ESTABLISHING APPROVED APPRAISAL OF VALUE AMOUNT FOR PURCHASE OF <br />LEASED FEE INTEREST IN REAL PROPERTY LOCATED AT 1255 OLD HIGHWAY $ NORTHWEST <br />WHEREAS, the City desires to purchase the leased fee interest in real property located at 1255 Old <br />Highway 8, N.W., New Brighton, Minnesota far redevelopment purposes; <br />WHEREAS, the City is authorized by Minnesota Statutes to acquire real property within its corporate <br />boundaries; <br />WHEREAS, the City has caused the leased fee interest in the above property to be appraised by <br />qualified independent professional appraisers to determine the fair market value of the leased fee <br />interest in said real estate; <br />WHEREAS, the City desires to obtain transfer of title and possession of said leased fee interest prior to <br />the issuance of an award of damages by court appointed commissioners as provided in Minn. Stat. <br />§ 117.042. <br />N4W, THEREFORE, BE IT RESOLVED, by the City Council of the City of New Brighton, Minnesota <br />that the City's approved appraisal amount for the purposes of Minn. Stat. §117.042 for the leased fee <br />interest of said property as of August 29, 2006 is $6$5,000, as concluded by Clay M. Dodd, MAI, of <br />Patchin, Messner & Dodd in an appraisal report, dated September 26, 2006, which is on file with the <br />City. <br />Adopted by the City Council of the City of New Brighton this 10`" day of April, 2007. <br />Steve Larson, Mayor <br />Dean R. Lotter, City Manager <br />ATTEST: <br />Daniel A. Maiers, <br />Director of Finance and Support <br />Services/City Clerk <br />(SEAL) <br />• <br />I:\COUNCIL\RESOLUTIONS\2007\Community Development\1255 Old Hwy 8NW.doc <br />