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land to Mr. Wise for his proposed project in The COR. It is likely that the valuation agreed to for the acquisition of his parcel will be the same as that used for the sale of the property in The COR. Attorney Goodrich will be present at the meeting to also discuss with the HRA the implications of the relatively new state legislation relating to minimum compensation when a property owner is forced to relocate. This law essentially requires that, notwithstanding the land /building appraisal amount, the damages paid must compensate the owner with an amount sufficient for the owner to purchase a comparable property in the community. This is a complex statute requirement and there is little reported law for guidance. Specifically, this statute provides as follows: Minn Stat. §117.187. Minimum compensation. When an owner must relocate, the amount of damages payable, at a minimum, must be sufficient for an owner to purchase a comparable property in the community and not less than the condemning authority's payment or deposit under section 117.042, to the extent that the damages will not be duplicated in the compensation otherwise awarded to the owner of the property. For the purposes of this section, "owner" is defined as the person or entity that holds fee title to the property. Recommendation: It is the development teams recommendation that we proceed with the negotiations on land and building as discussed and underway with the adjacent parcels, and obtain outside resources to assess and negotiate the business components of the acquisition based on recent legislation. Those three components will be compiled and presented to the HRA for approval at a future meeting. Funding Source: N/A Council Action: Provide consensus direction on the process in acquiring property owned by M &W Holdings, LLC - Jeff Wise Sunwood - Armstrong Parcel Exhibit Inbox Heidi Nelson Form Started By: Darren Lazan Reviewed By JoAnn Shaw Attachments Form Review Final Approval Date: 02/02/2012 Date 02/02/2012 03:55 PM Started On: 02/02/2012 12:31 PM