04-920r
HRA RESOLUTION NO. 920
94
RESOLUTION AUTHORIZING THE SALE OF REAL PROPERTY LOCATED AT
6833 AND 6855 PENN AVENUE SOUTH TO PENN PLACE TOWNHOUSES LLC
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (HRA) desires to develop certain real property pursuant to and in furtherance of the
Richfield Rediscovered Program adopted by the HRA; said real property being described as 6833
and 6855 Penn Avenue South, and whose legal description is Lot 11, Block 9, Tingdale Bros.
Lincoln Hills Second Addition, and Lots 10 and 11, Block 9, Wood Lake Highlands Addition,
respectively, according to the plats thereof on record in the office of the County Recorder in
Hennepin County, Minnesota; and
WHEREAS, the HRA is authorized to sell real property within its area of operation after a
public hearing and provided the sale is in conformance with the Comprehensive Plan as
determined by the Planning Commission; and
WHEREAS, the purchaser of the described property has been identified as Penn Place
Townhouses LLC; and
WHEREAS, in accordance with a Purchase and Private Redevelopment Agreement the
sale price of the land to Penn Place Townhouses LLC for a seven unit townhouse project is
$80,000; and
WHEREAS, given the value of the land as determined by independent appraisal is
$150,000, the additional $70,000 required to reimburse the HRA for the land cost, in accordance
with the Program, will come from tax increment generated by the project; and
WHEREAS, tax increment received by the HRA after payment for land, approximately
$300,000 over a 20 year period, will be directed to the Housing Fund for HRA housing program
purposes; and
WHEREAS, a public hearing has been held after proper public notice.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority in
and for the City of Richfield, Minnesota:
1. A public hearing has been held and 6833 and 6955 Penn Avenue are authorized to be sold for
$80,000 to Penn Place Townhouses LLC; the sale having been determined to be in
conformance with the Comprehensive Plan; and
2. The Chairperson and Executive Director are authorized to execute other agreements and
documents as required to effectuate the sale to Penn Place Townhouses LLC.
3. Tax increment generated by the project is authorized to be distributed as follows:
. $70,000 to the HRA as land proceeds.
. The balance to the Housing Fund for HRA housing program urposes.
Adopted by the Housing and Redevelopment Auth rrf~ i and for the City f Richfield,
Minnesota this 15th day of March, 2004. ;1 ~./
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ATTEST:
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Kristal Stokes, Secretary