05-942r
116
HRA RESOLUTION NO. 942
RESOLUTION AUTHORIZING PURCHASE OF REAL PROPERTY
LOCATED AT 6758 PORTLAND AVENUE
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota ("the HRA") desires to purchase certain real property (the
"Property") from the City of Richfield described as:
6758 Portland Avenue:
The South 50 feet of that part of the Southeast % of the Northeast % of the
Southeast % of Section 27, Township 28, North, Range 24 West of the Fourth
Principal Meridan, described as follows: Beginning at a point 30 feet North of the
Southeast corner of the Northeast % of the Southeast Quarter of said section;
thence North long the East line of said section a distance of 100 feet; thence
West parallel with the South line of said Northeast % of the Southeast % of said
Section 27 a distance of 168 feet; thence South parallel with the East line of said
Section 27 a distance of 100 feet; thence East parallel with the South line of said
Northeast % of Southeast % of said Section 27 a distance of 168 feet to the point
of beginning, Hennepin County, Minnesota.
WHEREAS, the HRA is authorized by Minnesota Statutes Section 469.012 to
acquire real property within its area of operation; and
WHEREAS, the purchase price is based on an independent appraisal; and
WHEREAS, funds will be made available from Development Opportunities; and
WHEREAS, the HRA recognizes there may be a need for the City to repurchase
the property in the future.
NOW THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment
Authority in and for the City of Richfield:
1) The purchase price of the Property is hereby authorized and approved
subject to the terms of this resolution
2) The purchase price for the Property is approved at $200,000.
3) The purchase is contingent on the following: (a.) satisfactory evidence that
the City can convey the Property; (b.) agreement on the terms and conditions
of a declaration of covenants to be recorded along with the deed granting the
City the right to repurchase the Property for $200,000.
1
4) The Vice Chairperson and Executive Director are authorized to take actions
necessary to carry out the provisions of this resolution and to purchase the
Property for the amount set forth in this resolution.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota on this 21st day of March, 2005.
ATTEST:
j#L~~
Kristal Stokes, Secretary