14-1180r HRA RESOLUTION NO. 1180
RESOLUTION AUTHORIZING THE HOUSING AND REDEVELOPMENT AUTHORITY
STAFF TO ACQUIRE CERTAIN FORECLOSED HOMES WITHIN THE CITY AND TO
EXECUTE ALL INSTRUMENTS AND CONTRACTS RELATED THERETO
WHEREAS, pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the
"HRA Act") the City Council of the City of Richfield, Minnesota (the "City") has created
the City of Richfield Housing and Redevelopment Authority (the "HRA") and provided it
with the powers and duties of the HRA Act; and
WHEREAS, the HRA Act authorizes the HRA to acquire, improve, own, hold,
sell, lease, exchange, transfer, assign, pledge or dispose of any real or personal
property; and
WHEREAS, the HRA has undertaken a multi-faceted response to the impact of
the foreclosure crisis on the community involving the use of the Housing and
Redevelopment Fund to acquire and demolish substandard, vacant, foreclosed single
family homes; and
WHEREAS, in order to expand the effectiveness of the Program the HRA
wishes to directly purchase certain foreclosed properties to demolish and hold the lots
for future development; and
WHEREAS, it is the desire of the HRA Board of Commissioners to establish
certain parameters for such acquisitions and to authorize its Executive Director and
HRA Chair to proceed therewith without specific Board approval of each transaction.
NOW, THEREFORE, BE IT RESOLVED by the City of Richfield Housing and
Redevelopment Authority:
1. That the Executive Director and HRA Chair, with the assistance of HRA legal
counsel, is hereby authorized to enter into purchase agreements and acquire in
the name of the Authority up to four (4) single family, vacant, foreclosed homes
(the "Properties") on the conditions that:
(a) The Properties are each acquired with the Housing and Redevelopment
Fund;
(b) Each Property is a foreclosed property acquired from a lender or a
lender's designee;
(c) The Properties have been vacant for at least 90 days prior to entering into
a Purchase Agreement;
(d) The Property is determined to be blighted as required by Housing and
Redevelopment Fund regulations;
(e) Prior to each acquisition staff establish an appropriate sale price based on
reasonable conditions;
(f) The total expenditures on all properties does not exceed $300,000; and
(g) Prior to the acquisition of each property staff conducts appropriate due
diligence to protect the HRA's interest.
2. That the Executive Director and HRA Chair are authorized to execute such
documents as shall be required in order to carry out the delegation provided in
paragraph 1 hereof.
3. That the Executive Director shall report the acquisition of any Property pursuant
to this Resolution at the next regular HRA meeting.
4. That disposition of acquired Properties shall be only by action of this Board.
5. That the authority granted hereby shall expire on December 31, 2014.
Adopted by the Richfield Housing and Redevelopment Authority of the City of
Richfield, Minnesota this 21st day of April, 2014.
44A ' PI
Sus' ne-M. Sandahl, Chair
t
ATTEST:
40
40 / /# "
/
Doris Rubenstein, Secretary