HomeMy WebLinkAboutCity Council Resolution 1992-638CITY OF PLYMOUTH
RESOLUTION NO. 92-638
AUTHORIZING THE ACQUISITION OF 11.92 ACRES OF PROPERTY
FOR RIGHT-OF-WAY FOR I-494/SCHNIIDT LAKE ROAD INTERCHANGE
WHEREAS, the City's Transportation Plan provides that an interchange be constructed
at I-494 and Schmidt Lake Road; and
WHEREAS, the City Council is desirous of implementing the plan; and
WHEREAS, the Tax Increment Plan for District 7-1 contemplates this project; and
WHEREAS, it is necessary for the City to acquire the requisite right-of-way for the
future interchange; and
WHEREAS, negotiations have been conducted through the Transition Advisor for the
property owner and an acceptable price has been negotiated.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF
THE CITY OF PLYMOUTH, MINNESOTA, that it should, and hereby does,
authorize the acquisition of 11.92 acres as identified in the staff report dated
September 29 and Transition Advisor memo of September 21, 1992 at a price not to
exceed $300,000.
AND FURTHER, the costs for said acquisition shall be drawn from Tax Increments
from District 7-1; and
FURTHER, that the City Attorney's office is hereby directed to prepare a purchase
agreement acceptable to all patties for execution by the Mayor and Acting City
Manager.
Adopted by the City Council on October 5, 1992.