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CITY OF LAKE ELMO <br />ORDINANCE NO. 9-7 y 5- <br />AN ORDINANCE RELATING TO MANUFACTURED HOME PARKS <br />THE LAKE ELMO CITY COUNCIL HEREBY ORDAINS THAT SECTION 550.08, SUBD. 2 OF <br />THE LAKE ELMO CITY CODE IS HEREBY AMENDED TO READ AS FOLLOWS: <br />Subd. 2. Title Transfer. The eligible park resident may elect to <br />receive compensation in an amount equal to the estimated fair <br />market value of the manufactured home as determined by an <br />independent appraiser experienced in manufactured home <br />appraisals. The appraisal shall be made no earlier than 60 days <br />prior to the closing of the park or its conversion to another use in <br />order to ensure that the current fair market value of the eligible <br />park resident's manufactured home is appraised. The park <br />purchaser and the eligible park resident shall each pay one half of <br />the cost of the appraisal. The park purchaser shall pay such <br />compensation to the eligible park resident upon transfer of clear <br />title to the manufactured home. <br />Effective Date. This Ordinance shall be effective the day following its publication or on <br />the day following the publication of an Ordinance Summary approved by the Lake Elmo City <br />Council. <br />-rh <br />Adoption Date. Passed by the Lake Elmo City Council on the I �o day of June, 1999. <br />ATTEST: Lee Hunt, Mayor <br />Ma (u er <br />City Admb4strator <br />Publication Date. Published on the :2a�day of—�SUNQ- , 1999. <br />F,\users\LORI\lerry\LE-Ord\rel-manuf homesmpd <br />June 2, 1999 <br />