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Department Approval � �� l�'�, Jy REQUEST FOR COUNCIL ACTION Date: 6/29/09 Item No.: 7.m City Manager Approval � / Item Description: Approve Stipulation with Pikovsky Management LLC/PIK Terminal Co. Limited Partnership regarding the acquisition of property for the Twin Lakes Phase I infrastructure project. BACKGROUND On March 9, 2009, the Roseville City Council authorized the use of "quick take" eminent domain for the purchase of the necessary land to construct the Phase I infrastructure in the Twin Lakes Redevelopment Area. Under "quick take", the City would be able to take possession of the land at the beginning of August. As the City Attorney has been preparing the paperwork to file the "quick take" action, City staff and WSS and Associates; the city's property acquisition consultant; have been working with the property owners to have them agree to a stipulation that would allow the City acquire title to the land earlier than the 90-day period under "quick take". The purpose of the stipulation is to acknowledge that the property owner agrees that there is "public purpose" for the project and waives any objection regarding the use of eminent domain. The stipulation also waives the right for a 60-day review of the appraisal. The owners of the P.I.K. parcels have agreed to a stipulation as described above. Three properties are affected by the project. Two separate stipulations needed to be drafted to reflect the different ownership structures of the parcels (both entities are controlled by the Pikovsky family) . PIK Terminal Co. Limited Partnership owns one parcel (Parcel 3) and Pikovsky Management LLC owns two parcels (Parcels 4 and 5). Soth stipulations are identical and just reflect the different ownership entities. POLICY OBJECTIVE The action being considered will lead to the construction of infrastructure in the Twin Lakes redevelopment area. Twin Lakes has long been indentified in the Roseville Comprehensive Plan as in important redevelopment area for the City. FINANCIAL IMPACTS As part of the condemnation proceedings, the City is required to deposit an amount equal to the appraised value of the property in question with the court. The property owner is then paid the appraised amount once the transfer of title occurs. In this instance, the City will deposit $243,200 (the appraisal amount) with the courts. This amount does not represent the final settlement. The final Page 1 of 2