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Department Approval � ��.• � Item Description: BACKGROUND l�'�, Jy REQUEST FOR COUNCIL ACTION Date: 07/20/2009 Item No.: 13.d City Manager Approval � / Discussion regarding appraisals for property purchased from Roseville Acquisitions for Twin Lakes Phase I infrastructure At the June 29, 2009 City Council meeting, Councilmember Ihlan requested that information regarding the purchase of portions of property located at 2690 Cleveland Ave. and 1947 County Rd. C be discussed at the July 13, 2009 City Council meeting. The property, owned by Roseville Acquisitions LLC, was needed to construct Phase I of the Twin Lakes infrastructure project. The City Council approved the purchase of the property and the acquisition of temporary construction and demolition easements on June 15, 2009 in the amount of $2,107,700.00. The City closed on the property on June 30`n For the Phase I Twin Lakes infrastructure project, the City purchased portions of two properties, 2690 Cleveland Ave. (Parcel2) and 1947 Cleveland Ave. (Parcel8). In March of 2009, the City received appraisals for the needed property purchases. The portions of Parcel2 needed for the project was appraised at $1,031,200 for the purchase of 62,245 square feet plus nearly 44,000 square feet needed for temporary construction and demolition easements. The portions of Parcel8 needed for the project was appraised at $1,051,500 for the purchase of 105,725 square feet plus 50,000 square feet needed for temporary construction and demolition easements. The appraised value of both properties needed for the Phase I Twin Lakes infrastructure project included temporary construction and building demolition easements was $2,082,700.00. Parcel Value of purchased Value of Value of misc. Value of Value of Total land building improvements temp. temp. construction demolition easement easement Parcel2 $802,600 $165,000 $52,400 $7,400 $3,800 $1,031,200 Parcel8 $1,037,500 $0 $10,200 $3,300 $500 $1,051,500 Total $2,082,700 It should be noted that as part of the transaction, the City purchased two buildings since they were within the right- of-way needed for the project. Parcel2 contained the Cummings Diesel building valued at $1,113,300 for 2009 t� purposes (the City paid $165,000 for the building as part of the recent transaction). On Parcel8, the City needed to purchase the Indianhead accessory building located on the northside of the property. The building was determined to have no value as part of the appraisal and the City did not pay anything to acquire it. Page 1 of 2