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Right of Way Acquisition <br />A total of sixteen (16) parcels are affected by the project. The total appraised <br />value of the right -of -way to be acquired is approximately $1,300,000. Offer <br />letters, accompanied with a copy of the property appraisal, was distributed to <br />property owners as of September 27, 2006. <br />We have reached agreement for direct purchase on 15 of the 16 parcels. <br />Settlement transactions have been completed on 13 of these parcels. Two <br />parcels have closing dates set for the next two weeks. Therefore it appears that <br />only one parcel will be subject to eminent domain proceedings. The District <br />Court has previously approved the public purpose of the acquisition and <br />established a March 15th possession date. <br />Funding <br />The estimated project cost is approximately $10,350,000. This estimate includes <br />all anticipated costs (engineering, legal, construction, land acquisition) as well as <br />approximately $800,000 for contingency purposes. <br />The City's share of the project cost is approximately $5.5 million. The City <br />previously identified approximately $2.5 million as part of the Legacy at Woods <br />Edge project. The remaining funding sources proposed include the Trunk <br />Highway 49 Turnback funds ($955,000) and the use of Municipal State Aid <br />Street funding. City staff is working with Springsted Inc., and Kennedy & Graven <br />to complete the financing package. <br />COUNCIL DIRECTION <br />None Required. Staff will be available to address project related questions in <br />preparation for consideration of plan approval and bidding. <br />2 <br />