2020-024 Council Resolution - Laserfiche WebLink

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e • 2. The City has filed a Petition in Condemnation in Anoka County District Court, Court File No. 02-CV-19-5586, to acquire certain property interests over the Property. 3. A certain developer (the "Developer") is also negotiating with Owners to directly purchase the balance of the Property from the Owners, and the Developer and City are coordinating their efforts and allocating matters relating to the acquisitions between themselves. 4. The Owners and the Developer hope to enter into a purchase agreement for the balance of the Property in the near future. 5. In light of and in anticipation of the Owners entering into the Purchase Agreement with the Developer, the City and Owners now wish to enter into this Stipulation as it relates to the City's pending Petition in Condemnation. Based on the above, the parties agree as follows: 1. The Owners concur with the necessity and public purpose for the City's taking, as outlined in the City's Petition in Condemnation. 2. The Owners stipulate to the just compensation amount consistent with the City's appraised value of the Property, which is the amount outlined in the City's Petition in Condemnation: $52,000.00 for PID No. 14-31-22-14-0001 and $386,000.00 for PID No. 14-31-22-12-0002. 3. If either (a) Owners and Developer do not enter into a Purchase Agreement on or before June 1, 2020, or (b) the transaction contemplated by that Agreement does not close by July 1, 2021, Owners may elect to declare this Stipulation is null and void, and Owners may pursue an award of just compensation at a Commissioners' Hearing in accordance with Minnesota law. Owners must notify the City of such election in writing by delivering to City, within two weeks of the triggering event, a notice of cancellation of this Stipulation. 4. The parties agree the electronic signatures of this Stipulation shall constitute valid, binding signatures. 5. This Amended and Restated Stipulation replaces and supersedes that certain Stipulation dated November 21, 2019, entered into by the parties in this matter.