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.POLICY H3 <br />8/27/03 <br />AMENDED <br />ITEM: Approval of Stipulation of Settlement Relating to the Acquisition of <br />the Northome Shopping Center Property <br />SUBMITTED BY: Heather Worthington, City Administrator <br />REVIEWED BY: Tom Scott, City Attorney <br />EXPLANATION: <br />Summary: The city is now ready to enter into a stipulated agreement with the owner of the <br />Northome Shopping Center as a result of the condemnation action undertaken by the Council in <br />early 3une. <br />The developer, George Sherman, has a negotiated settlement with the owner of the property, Jim <br />Ladner. The city will act as apass-through for the purchase of the property. <br />The final Stipulation of Settlement document will be distributed to the City Council prior <br />to the regular Council meeting on August 27. <br />ACTION REQUESTED: <br />• Approve Stipulation of Settlement relating to the acquisition of the Northome Shopping <br />Center property <br />• Motion approving the stipulation of settlement with JEMHAHS No. 3 Partnership- to acquire <br />the Northome Shopping center property conditioned upon the redeveloper, Falcon Heights <br />Town Square Limited Partnership, depositing with the city the acquisition costs pursuant to <br />the development agreement and authorizing the Mayor and Administrator to execute the <br />. Stipulation of Settlement upon such deposit of acquisition costs with the city. <br />,] <br />~~ 5 10 <br />