2009_0720_Packet - Laserfiche WebLink

Home

The proposed settlement amount is $25,000.00 more than the appraised value. Staff has reviewed the proposed settlement and recommends that the City Council authorize staff to enter into a settlement agreement with Roseville Acquisitions based on the terms identified in the May 1, 20091etter from the City and in the amount of $2,107,700.00. Staff feels that this action would lead to a fair settlement for the purchase of needed right-of- way for the Phase I Twin Lakes infrastructure project and would a11ow the City to acquire a significant piece of property needed for the Phase I Twin Lakes infrastructure project. If the City Council does not find this offer acceptable, the next step would be to continue with the eminent domain action and set a hearing with the commissioners for a final determination on the compensation owed to the property owners. Moving to this process will raise the costs for the City thru additional legal and professional services costs as well as paying for commissioner and staff time. In addition, interest will be accruing on the proposed settlement from the date of the taking (June 15'�). This amount alone could quickly exceed $25,000. Of course, if the commissioners award the property owner a higher settlement amount for the property (which the City would be obligated to pay) the costs would increase as well. The City Council is aware that the costs for acquisition of the property was factored into the Twin Lakes Infrastructure study and will be paid by the developers of the property as development occurs. In the short term, the amount paid to Roseville Acquisitions will be paid from TIF #17 (Twin Lakes). Staff has prepared a case for consideration at the regular meeting of June 8, 2009 for the City Council to take official action on this matter. In the meantime, if you have any questions, please feel free to contact me at (651) 792-7071. • Page 2