HomeMy WebLinkAboutCity Council Resolution 1994-335CITY OF PLYMOUTH
RESOLUTION % - 335
SETTLEMENT AGRFEMONT
CITY VERSUS CAVANAUGH, FT. AL.
CITY PROJECT 103
WHEREAS, the City of Plymouth undertook a condemnation proceeding to acquire a site for a
proposed Hennepin County library at the northeast corner of Highway SS and Vicksburg Lute;
and
WHEREAS, The condemnation commission made an award on the value of the property in
September, 1992; and
WHEREAS, both the City and the property owner appealed the award to the district court; and
WHEREAS; as part of the district court process, the City and the property owner have reached a
Proposed agreement.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PLYMOUTH, MROMOTA: The negotiated settlement between the attorney for the City
and the attorney for the property owner which provides for the following is approved:
1. Deposit of the unpaid balance of the $963,000 award with the Court along with
intmat at a rate of 7.5 S on the unpaid balance.
2. Deposit with the court the sum of $90,000 for Cavanaugh expert and other
expenses of thin proceeding.
3. Grant Cavanaugh an option to repurchase the property at an option price
consisting of the total amount paid to the court together with 550,000, such
option to expire unless the total sum is deposited with the City of Plymouth on
or before the close of business on September 30, 1994.
Adopted by the City Council on Tune 6, 1994.