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6-18 -1998 3:56PM <br />FROM SWEENEY LAW FIRM 2235289 P.5 <br />ECONOMIC DEVELOPMENT AUTHORITY <br />08 THE CITY OF LITTLE CANADA <br />RESOLUTION NO. <br />A RESOLUTION ESTABLISHING JUST COMPENSATION, <br />APPROVING APPRAISAL OP VALUE OF REAL PROPERTY, <br />AND AUTHORIZING OFFER TO ACQUIRE GUERIN PROPERTY <br />(2822/2826 RICE STREET, LITTLE CANADA, MINNESOTA) <br />BE IT RESOLVED by the Board of Commissioners (the "Board ") <br />of the Economic Development Authority of the City of Little <br />Canada (the "EDA "), as follows: <br />WHEREAS, it is necessary for furtherance of the EDA's <br />general plan of economic development to acquire fee title to the <br />Guerin Property, 2822/2826 Rice Street, Little Canada, Minnesota; <br />and <br />WHEREAS, the EDA has 'had the parcel located at 2822/2826 <br />Rice Street, Little Canada, Minnesota, which is to be acquired, <br />appraised at its fair market value by a qualified independent <br />professional real estate appraiser, who has completed written <br />reports documenting said value; and <br />WHEREAS, the work of the independent appraiser and the <br />. review appraiser with respect to said property has been performed <br />in a competent manner in accordance with applicable state law. <br />NOW, THEREFORE, BE IT FURTHER RESOLVED by the Board of <br />Commissioners of the Economic Development Authority of the City <br />of Little Canada, as follows: <br />That the recommendations of'fair market value set forth <br />in writing by the independent appraiser and review <br />appraiser are hereby certified to be accurate and <br />correct, and the fair market value is hereby adopted by <br />the Authority as "just compensation "; and <br />1 <br />Page 131 <br />