01e. OIN 27 1083 Richard Leo and Shirley
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01e. OIN 27 1083 Richard Leo and Shirley
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October 11, 2021 <br />FM Area Diversion Project <br />Negotiation Summary <br />October 11, 2021 <br />OIN 27 & 1083 <br />Property Owner Leo and Shirley Richard <br />Mailing Address 5921 Wildflower Drive South, Fargo ND 58104 <br />Property Location Southern Embankment/Wetland Restoration Project <br />Property Type Agricultural Land <br />Land Agent Oly Olafson <br />Property Need <br />Drain 27 Wetland Restoration Project & Southern Embankment <br />Valuation and Negotiation Summary <br />Appraised Value / Date $1,152,300.00 / October 23, 2020 <br />Max RHDP Approved / Date N/A <br />Relocation N/A <br />Property Owner Counteroffer $2,906,703.00 / July 22, 2021 <br />Proposed Purchase <br />Agreement Value <br />$2,906,703.00 <br />Miscellaneous Provisions <br />• Lynn Mesteth, Leo and Shirley Richard have proposed a counteroffer. They believe the market <br />value of the land, based on their research, is $32,000/Acre (before the acquisition). <br />• Just Compensation = $2,906,703 <br />• Leo & Shirley believe the placement of the Southern Embankment across the approximate <br />middle of their property will reduce the market value to the area South of the Embankment <br />from $32,000/Acre to $3,000/Acre. This is a combination of flowage easement value and loss of <br />development rights. <br /> <br />Page 4 of 56 10/18/2021
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