01-831r
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HRA RESOLUTION NO. 831
RESOLUTION AUTHORIZING PURCHASE OF REAL PROPERTY LOCATED
AT 6819 OLIVER AVENUE SOUTH AND 7200 HARRIET AVENUE SOUTH FOR
SINGLE FAMILY REDEVELOPMENT
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (HRA) desires to purchase certain real property for single family
redevelopment, said real property being described as:
6819 Oliver Avenue South
Lot 10, Block 8, Tingdale Bros. Lincoln Hills
Second Addition
Lot 1 and the north % of Lot 2, Block 3,
Irwindale Addition
WHEREAS, the HRA is authorized by Minnesota Statues Section 469.012 to
acquire real property within its area of operation; and
7200 Harriet Avenue South
WHEREAS, the properties meet all program requirements for acquisition; and
WHEREAS, the purchase price of $83,927.67 for 6819 Oliver Avenue South is
based on the lender's costs as published in the foreclosure notice; and
WHEREAS, the purchase price of $110,000.00 for 7200 Harriet Avenue South is
the seller's asking price, given the property's condition, which is approximately 15% below
the property's estimated market value for tax purposes; and
WHEREAS, funds from the bonds of 1996 will be transferred to the Development
Opportunities fund to provide for the purchase of the properties; and
WHEREAS, 1996 bond funds are available for this purpose.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota.
1. The purchase price of 6819 Oliver Avenue is approved at $83,927.67.
2. The purchase price of 7200 Harriet Avenue is approved at $110,000.
3. The Chairperson and Executive Director are authorized to execute Purchase
Agreements or other documents to allow purchase for the amounts set forth
in this resolution.
Adopted by the Housing and Redevelopment Auth
Richfield, Minnesota this 15th day of October, 2001.
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Lrolichael Sanda.f1I( Secretary
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