10-15-01 agenda• CITY OF RICHFIELD, MINNESOTA
HOUSING AND REDEVELOPMENT AUTHORITY
MONDAY, OCTOBER 15, 2001
RICHFIELD CITY HALL
6700 PORTLAND AVENUE
COUNCIL CHAMBERS
7 P.M.
AGENDA
Call to order
Approval of minutes of (1) Special Concurrent HRA, City Council and Planning
Commission Meeting of September 8, 2001 and (2) Regular HRA Meeting of September
17, 2001
1. Opportunity for citizens to address the HRA on items not on the agenda
Notes:
2. HRA approval of agenda
3. Consent Calendar contains several separate items which are acted upon by the
HRA in one motion. Once the Consent Calendar has been approved, the
individual items and recommended actions have also been approved. No further
HRA action is necessary. However, any HRA Commissioner may request that an
item be removed from the Consent Calendar and placed on the regular agenda for
HRA discussion and action. All items listed on the Consent Calendar are
recommended for. approval
A. Consideration of approval of resolution authorizing purchase of 6819 Oliver and 7200
Harriet Avenues for single family redevelopment S.R. No. 58
B. Consideration of approval of resolution supporting application for Hennepin County
Environmental Response Fund grant for portion of City Bella development site ' S.R.
No. 59
C. Consideration of approval of resolution authorizing issuance of Certificates of
Completion to Steven Marlin Grant Homes, Inc. for 6852 Park Avenue and 6900-11th
S Avenue, and to Alta Limited and Paul R. and Deborah K. Carlson for 6800 Logan
Avenue S.R. No. 60
• Notes:
4. Consideration of agreement with David Gepner to provide planning and development
assistance for adjacent residential sites at 6833 and 6855 Penn Avenue
Staff Report No. 61
Notes:
5. Claims and payroll
Adjournment
Auxiliary aids for individuals with disabilities are available upon request. Requests
• must be made at least 96 hours in advance to the Administrative Services Director
at 612-861-9702.
•
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AGENDA ITEM # 4
REPORT # 61
~' STAFF REPORT
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING
OCTOBER 15, 2001
REPORT PREPARED BY:
PAM BOOKHOUT,
REHABILITATION SPECIALIST
NAME, TITLE
REPORT PRESENTER:
BRUCE PALMBORG,
COMMUNITY DEVELOPMENT DIRECTOR
NAME, TITLE
•
DEPARTMENT DIRECTOR REVIEW:
REVIEWED BY EXECUTIVE DIRECTOR:
ITEM FOR HRA CONSIDERATION:
Consideration of an agreement with Mr. David Gepner to provide planning and development
assistance for the ad'acent residential sites at 6833 and 6855 Penn Avenue South..
I. RECOMMENDED ACTION:
By Motion: Authorize the Chairperson and Executive Director to
execute the attached agreement to allow Mr. David Gepner to provide
planning and development assistance for the sites at 6833 and 6855
Penn Avenue.
II. BACKGROUND
The Housing and Redevelopment Authority (HRA) purchased the two single-family
properties at 6833 and 6855 Penn Avenue in 1999. Both of the houses under the
same ownership were substandard and have been removed. The City's
Comprehensive Plan calls for higher density residential development along Penn
Avenue, and the total parcel is large enough for consideration of a higher density
development. Mr. Gepner has expressed interest in developing the site. He is
working with Mr. Harold Teasdale, a well-known builder in the metropolitan area,
and Mr. Robert Gerloff, a highly regarded residential architect. Gepner and his
team are considering building six to eight attached single family homes on the site.
Due to the time and investment necessary to develop site plans, plan unit sizes,
1015penn
assemble a pro forma, etc., Gepner is requesting the opportunity to examine the
site without the HRA considering. any other party. until they can present a
development plan for the parcel. The opportunity would expire after 120 days, or by
January 18, 2002.
III. BASIS OF RECOMMENDATION
A. POLICY
• The HRA purchased the sites for housing redevelopment.
• An "Exclusive" Agreement has been used with other developers as a
part of the redevelopment process.
B. CRITICAL ISSUES
• Gepner's concept provides an opportunity to further diversify
Richfield's housing stock.
C. FINANCIAL
• Gepner has provided a $2,000 participation fee to be able to examine
the development opportunity.
D. LEGAL
• Gepner is the chairperson of the Planning Commission. He would not
participate in any decisions related to a proposed development, which
the Planning Commission would need to consider, to prevent conflict
of interest.
IV. ALTERNATIVE RECOMMENDATION(S~
• Do not allow Gepner to work on a development concept for the site.
V. ATTACHMENTS
• Proposed agreement.
VI. PRINCIPAL PARTIES EXPECTED AT MEETING
• Mr. David Gepner
•
AGREEMENT
THIS AGREEMENT is made and entered into this 15th day of October, 2001, by
and between the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota, a public body corporate and politic ("HRA") and David Gepner, residing at
7503 18th Avenue South, Richfield, Minnesota ("Redeveloper").
RECITALS
Whereas, Redeveloper is interested in pursuing the redevelopment of that
certain area identified on Attachment A (hereinafter the "Project Area"); and
Whereas, Redeveloper-is proposing development within the Project Area which
will be for residential use ("Redevelopment"); and
Whereas, the parties acknowledge that Redeveloper may expend substantial
time and effort, and incur substantial expense in pursuing plans for the Redevelopment;
and
Whereas, Redeveloper is willing to undertake the Redevelopment with the
reasonable assurance from the HRA that it will support and cooperate with Redeveloper
in its Redevelopment efforts; and
Whereas, the HRA wishes to cooperate with Redeveloper's efforts with the
Redevelopment and is willing to proceed as described in this Agreement; and
Whereas, HRA and Redeveloper have executed this Agreement to document
their understanding with respect to the proposed Redevelopment.
AGREEMENTS
NOW THEREFORE, in consideration of the premises and mutual obligation of
the parties contained herein, each of them does hereby represent, covenant and agree
with the other as follows:
1. Statement of Intent.
It is the intention of the parties that Redeveloper will proceed with the development
activities necessary to permit Redevelopment in a manner, and on terms and
conditions, which are mutually acceptable to Redeveloper and the HRA. This
Agreement does not, however, constitute any type of plan approval nor agreement
to provide financial assistance, nor does it obligate the HRA to provide plan approval
or financial assistance. Any such requests are independent of this Agreement.
2. Undertaking and Agreement by Redeveloper.
During the term of this Agreement, Redeveloper intends to undertake and pursue
certain activities with respect to the Redevelopment. Redeveloper's activities will
include the following: site planning feasibility, the development of plans for the
Redevelopment, application for necessary government approvals, and such other
activities as would be customary and necessary to permit the Redevelopment.
3. Undertaking and Agreement by HRA.
The HRA agrees to cooperate with Redeveloper in Redeveloper's undertakings, and
specifically agrees that during the term of this Agreement, the HRA will not assist nor
facilitate development by any third party within the Project Area, nor enter into an
agreement with any third party in connection with Redevelopment within the Project
Area.
4. Term.
The term of this Agreement shall be until January 18, 2002, provided that, either
party may terminate this Agreement upon thirty (30) days written notice to the other,
in the event that: (a) the HRA determines, in good faith, that Redeveloper is not
diligently pursuing the Redevelopment, or (b) Redeveloper determines, in good faith,
that the Redevelopment is not feasible. The HRA may also terminate the
Agreement for failure of Redeveloper to meet its obligations under paragraphs 5D or
5E. Redeveloper will provide the HRA, on the first business day of each month or as
requested, written reports regarding the status of its activities related to the
Redevelopment.
Any notices shall be deemed delivered if either actually delivered, or if faxed and
mailed to the parties at the following addresses:
David Gepner
7503 18th Avenue South
Richfield, MN 55423
Phone: 612/861-1703
Fax: 612/861-5040
Richfield Housing and Redevelopment Authority
Attn: Executive Director
6700 Portland Avenue South
Richfield, MN 55423
Phone: (612) 861-9760
Fax: (612) 861-8974
•
2
5. Miscellaneous.
A. This Agreement constitutes the entire agreement between the parties relative to
the proposed Redevelopment. Unless specifically described herein, no
obligation shall be inferred or construed.
B. Redeveloper understands that further and separate action, for which no
obligation is created hereunder, will be required before the HRA is obligated to
take various actions with respect to the Redevelopment. Those actions may
include, but are not limited to, negotiation and approval of the Contract for Private
Development and the sale of publicly owned land.
C. Redeveloper further understands that many of the actions which the HRA may be
called upon to take require the reasonable discretion and in some instances the
legislative judgement of the HRA and City Council; such actions may be made
only following established procedures, and the HRA may not, by agreement,
agree in advance to any specific decision in such matters.
D. Ultimate approval of the Redevelopment is subject to approvals by the Planning
Commission, City Council, Building Official. Those actions and/or approvals are
independent and separate from the HRA.
• E. Redeveloper hereby indemnifies, holds harmless and agrees to defend the HRA,
its officers, agents and employees from any claim or cause of action of whatever
nature occasioned by or arising out of this Agreement or the HRA's performance
thereunder.
F. Redeveloper agrees that it will pay anon-refundable $2,000 payment upon
signing of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement effective the
date and year first above written.
THE HOUSING AND REDEVELOPMENT DAVID GEPNER
AUTHORITY IN AND FOR THE CITY OF
RICHFIELD
By:
By:
Its: Chairperson
By:
Its: Executive Director
3
•
ATTACHMENT A
"Project Area"
•
Street Addresses
The site consists of three platted lots, often collectively referenced as 6855 Penn
Avenue South:
6833 Penn Avenue South, Richfield (one lots)
6855 Penn Avenue South, Richfield (two lots)
Legal Descriptions
Legal 6833 Penn Avenue: Lot 11, Block 9, Tingdale Bros.' Lincoln Hills Addn
Descriptions
North parcel of 6855 Penn Avenue: Lot 11 Subject to road, Block 9,
Wood Lake Highlands Addn
South parcel of 8855 Penn Avenue: Lot 10 Subject to road, Block 9,
Wood Lake Highlands Addn
PIN 6833 Penn Avenue: 28-028-24-33-0045
6855 Penn Avenue: 28-028-24-33-0146
Parcel Size 184' x 133'
4
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AGENDA ITEM #
REPORT #
STAFF REPORT
r HOUSING AND REDEVELOPMENT
AUTHORITY MEETING
OCTOBER 15, 2001
3C
60
PAM BOOKHOUT,
REPORT PREPARED BY: REHABILITATION SPECIALIST
NAME, TITLE
REPORT PRESENTER: BRUCE PALMBORG,
COMMUNITY DEVELOPMENT DIRECTOR
NAME, TITLE
DEPARTMENT DIRECTOR REVIEW:
SIGNATURE
REVIEWED BY EXECUTIVE DIRECTOR: ®~~ ~~
ITEM FOR HRA CONSIDERATION:
Consideration of .resolution regarding authorization to issue Certificates of Completion to
'Steven Marlin Grant Homes Inc. for 6852 Park and 6900 11th Avenues South, and to Alta
Limited and Paul R. and Deborah K. Carlson for 6800 Logan Avenue South.
I. RECOMMENDED ACTION:
By Motion: Authorize the Chair and Executive Director to execute the
Certificates of Completion in accordance with the attached resolution.
II. BACKGROUND
Development agreements under the Richfield Rediscovered program provide for the
issuance of a Certificate of Completion when residential construction is completed.
(A sample certificate is attached.) All homes have been completed and sold. A
Certificate of Occupancy has been issued by the Inspections Division for 6900 11th
Avenue (previously known as 1015 East 69th Street) and 6852 Park Avenue. The
builder hopes to have landscaping installed at 6800 Logan Avenue by October 12,
2001, however if it is not installed, a landscape escrow will be retained and the
dwelling will have a Temporary Certificate of Occupancy. Authorization for
Certificates of Completion is requested at this time in anticipation of the builders'
requests.
1015compcert
III. BASIS OF RECOMMENDATION
A. POLICY
• The Richfield Housing and Redevelopment Authority (HRA) must
authorize the issuance of Certificates of Completion under terms of
the contract.
B. CRITICAL ISSUES
• Construction has been completed and the Inspections Division has
issued full and temporary Certificates of Occupancy.
• The issuance of a Certificate of Completion is required to release the
builder from the Contract for Private Development after construction
completion.
C. FINANCIAL
• N/A
D. LEGAL
• N/A
• IV. ALTERNATIVE RECOMMENDATION(S~
• Do not issue Certificates of Completion at this time.
V. ATTACHMENTS
• HRA Resolution
• Sample Certificate of Completion
VI. PRINCIPAL PARTIES EXPECTED AT MEETING
• N/A
•
HRA RESOLUTION NO.
• RESOLUTION AUTHORIZING ISSUANCE OF A CERTIFICATE OF COMPLETION FOR
THE NEWLY CONSTRUCTED RESIDENTIAL PROPERTY AT
6852 PARK AVENUE SOUTH, 6900 11TH AVENUE SOUTH (PREVIOUSLY KNOWN AS
1015 EAST 69TH STREET), AND 6800 LOGAN AVENUE SOUTH
WHEREAS, the Richfield Housing and Redevelopment Authority in and for the City
of Richfield, Minnesota (HRA) entered into contract with Steven Marlin Grant Homes Inc.
for 6852 Park Avenue South and 690011th Avenue South, and to Alta Limited and Paul R.
Carlson and Deborah K. Carlson for 6800 Logan Avenue South, and
WHEREAS, the new homes located at each of the properties are completed.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, the Certificates of Completion for 6852 Park
Avenue South, 6900 11th Avenue South, and 6800 Logan Avenue South can be issued.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 15th day of October, 2001.
•
Thomas E: Harms, Chair
ATTEST:
Michael Sandahl, Secretary
•
CERTIFICATE OF COMPLETION
The undersigned hereby certifies that
completely complied with its obligations under Article
for Private Development", between the Housing anc
the City of Richfield, Minnesota and
filed as Document No. wi
approved construction plans at
has fully and
IV of that document entitled "Contract
Redevelopment Authority in and for
dated ,
h respect to the construction of the
legally described as
and is released and forever discharged from its obligations to construct -under such above-
referenced Article.
DATED:
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY RICHFIELD, MN
By
Its Chairperson
By
Its Executive Director
STATE OF MINNESOTA )
• )SS
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this day of
20 , by Thomas E. Harms and Samantha Orduno the Chairperson
and Executive Director of the Housing and Redevelopment Authority in and for the City of
Richfield, a public body corporate and politic under the laws of the State of Minnesota on
behalf of the public body corporate and politic.
Notary Public
This instrumentwas drafted by:
The Housing and Redevelopment Authority
in and for the City of Richfield
6700 Portland Avenue South
Richfield, MN 55423
612-861-9760
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AGENDA ITEM # 3B
REPORT # 59
STAFF REPORT
s Ir HOUSING AND REDEVELOPMENT
AUTHORITY MEETING
OCTOBER 15, 2001
REPORT PREPARED BY: JOHN OLINGER, COMMUNITY
DEVELOPMENT SPECIALIST
NAME, TITLE
REPORT PRESENTER: BRUCE PALMBORG, COMMUNITY
DEVELOPMENT DIRECTOR
NAME, TITLE
DEPARTMENT DIRECTOR REVIEW: ~/~~~ ,~
'~^
SIGNATURE
REVIEWED BY EXECUTIVE DIRECTOR: ~/ ~~~ , . ~ , ~~1 / .. AI,t~..C~
ITEM FOR HRA CONSIDERATION:
Resolution in support of an application for a Hennepin County Environmental Response Fund
rant fora ortion of the Ci Bella develo ment site.
I. RECOMMENDED ACTION:
By Motion: Authorize a resolution in support of an application for a
Henne in Count Environmental Res onse Fund rant.
II. BACKGROUND
The Housing and Redevelopment Authority (HRA) purchased Jerry's Standard
Station on the corner of Lyndale Avenue and 66th Street in 1977. The right of way.:
improvements to 66th Street at that time used part of the acquired properly. The
remainder of the property was sold to the owner of the Lyndale Hardware in 1980.
Contamination in the right of way area and the parcel remainder was discovered
during an environmental assessment of the property in 1990. At that time it was
determined that there were no ground water impacts, but a body of contaminated
soil existed above the water table. The asphalt pavement of Lyndale Hardware
parking lot and the street overlying the contaminated soil was determined to be
acting as an impervious barrier to infiltration, and so as long as the barrier remained
in place there was little risk of further contaminant migration. The Minnesota
Pollution Control Agency (MPCA) was satisfied that the contamination would not
1015ERF Grant
migrate and closed the site monitoring in August 1993 with the contaminated soil
left in place.
The City Bella project includes one level of underground parking, and the
excavation for construction will encounter the contaminated soil that was left in
place at closure. The Hennepin County Environmental Response Fund grant
money will assist in the clean up of the contaminated soil
III. BASIS OF RECOMMENDATION
A. POLICY
The Housing and Redevelopment Authority (H,RA) assists in the clean
up of properties with contaminated soil through sponsoring
applications for public grant money.
B. CRITICAL ISSUES
• Grant assistance will aid in the development of the City Bella project
and remove most of the contaminated soil and remediate the
remaining contaminated soil adjacent to the site.
• The deadline for submitting an application is October 24, 2001.
C. FINANCIAL
• This is a new grant program created by Hennepin County and recently.
announced.
• No local match required.
• The grant request is estimated to be approximately $100,000, or less.
Gramercy Corporation's engineering firm is working on detailed cost
estimates to include in the application.
D. LEGAL
• : The contract for. Private Redevelopment between the HRA and
Gramercy Corporation requires the HRA to seek outside sources of
funds to remediate the contamination.
IV. ALTERNATIVE RECOMMENDATION(S~
• Do not approve the resolution.
• Continue the item for further discussion although the application deadline
would be missed.
V. .ATTACHMENTS
• Resolution
• Site map of the contamination
• VI. PRINCIPAL PARTIES EXPECTED ATMEETING
• N/A
HRA RESOLUTION NO.
. RESOLUTION IN SUPPORT OF AN APPLICATION FOR A HENNEPIN COUNTY
ENVIRONMENTAL RESPONSE FUND GRANT.
WHEREAS, "City Bella" is a redevelopment project between the Housing and
Redevelopment Authority in and for the City of Richfield and Gramercy Corporation
(Developers), and
WHEREAS, the City Bella site contains 1,700 cubic yards of contaminated`soilfrnm a
service station previously located on the site, and
WHEREAS, the service station improvements were removed in 1977 but contaminated
soils that were later discovered have not been removed, and
WHEREAS, Hennepin County has created the. Environmental Response Fund grant
program to assist public agencies in funding the removal of contaminated soils, and
WHEREAS, the HRA has entered into a redevelopment agreement with the Gramercy
Corporation that requires the HRA to seek outside sources of funds to remediate the
contamination,
NOW, THEREFORE, BE IT RESOLVED that the Housing and Redevelopment Authority in
and for the city of Richfield has authorized. submitting an application for the Environmental
• Response Fund Grant to the Hennepin County Department of Environmental Services by
October 24, 2001.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 15th day of October, 2001.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl
•
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AGENDA ITEM # 3A
REPORT # 58
J STAFF REPORT
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING
OCTOBER 15, 2001
REPORT PREPARED BY: PAM BOOKHOUT;
REHABILITATION SPECIALIST
NAME, TITLE
REPORT PRESENTER:- BRUCE PALMBORG,
COMMUNITY DEVELOPMENT DIRECTOR
NAME, TITLE
DEPARTMENT DIRECTOR REVIEW: f~-'~
~~
~; SIGNATURE
REVIEWED BY EXECUTIVE DIRECTOR: ~ -- t /~~~:. C1
•
ITEM FOR HRA CONSIDERATION:
Consideration-of a resolution authorizing the purchase of 6819 Oliver and 7200 Harriet
Avenues for single family redevelopment.
I. RECOMMENDED ACTION:
By Motion: Authorize the Chair and Executive Director to execute a
Purchase Agreement and other required documents to purchase 6819
Oliver and 7200 Harriet Avenues in accordance with the attached
resolution.
II. BACKGROUND
The property at 6819 Oliver Avenue consists of a small house (858 sq. ft.) with no
garage. The lot is 50 ft. by 135 ft. The property has been vacant since December
2000, and has suffered neglect both in the interior and exterior before and since.
Windows are broken, interior finishes are deteriorated, such as carpets, wall
coverings and light fixtures. The owner has received several citations from the
Environmental Health Division because of peeling paint. The neighbors have been
• very concerned about the property. A foreclosure notice has recently been
published. This provides an opportunity to buy the property from the owner before
the Sheriffs sale at the end of October. The owner has expressed a willingness to
sell, and would benefit from not having the foreclosure completed. The purchase
1015oliverlogan
price for. 6819 Oliver Avenue is $83,927.67, based on the lender's costs as
published in the foreclosure notice.
•
The property at 7200 Harriet Avenue has several structural problems. At one time
in its past, the single family rambler was divided into three illegal "apartment" units.
This use was discontinued some time ago, but problems in the layout and structure
remain. An attached single car garage was made into a bedroom and has
insulation and heating problems. The house has several crawl spaces'that are not
ventilated and have no access. Windows are broken, siding is damaged, the roof is
deteriorated, and electrical violations and plumbing problems are multiple. The
property is vacant. The owner has been in a nursing .home for two years, and has
now concluded that returning to the home is an impossibility. The house has 1,792
sq. ft., which makes it larger than the typical Richfield Rediscovered purchase, but
due to its structural and system problems, it is a good candidate. The lot size is 73
ft. by 128 ft. The owner's son has expressed an interest in selling the property to
the Richfield Housing and Redevelopment Authority (HRA), but a Purchase
Agreement has not yet been signed. Staff wants to be ready since the seller wants
to move the property quickly. The purchase price of $110,000 for 7200 Harriet
Avenue is approximately 15 percent below the property's estimated market value for
tax purposes of $132,000. The cost is somewhat higher than usual, due to the
property's size, both land and building. However, property values in Richfield, as in
the general metropolitan area, continue to increase. Small, substandard properties
are generally in the low $100,000 range.
• Both of these properties have come up unexpectedly,, and neither are listed in the
Richfield Rediscovered plan. Therefore, the properties must be purchased under
the Development Opportunities fund with monies from the bonds of 1996. Funds
would then be available to make these purchases.
III. BASIS OF RECOMMENDATION
A. POLICY
• -The properties meet the physical program requirements for
acquisition.
• The properties are voluntarily for sale by the owner-occupant.
• The properties would be redeveloped as typical under the Richfield
Rediscovered Program; however they would be part of the
Development Opportunites fund and not the Richfield Rediscovered
fund.
• The purchase price of 6891 Qliver Avenue is $83,927.67. The
purchase price of 7200 Harriet Avenue is $110,000.
B. CRITICAL ISSUES
• Both of these properties have been a source of concern with their
respective neighborhood.
•
•
•
C. FINANCIAL
• Funds are available from the bonds of 1996._ The resolution
authorizes the transfer of those funds into the Development
Opportunities fund.
D. LEGAL
• N/A
IV. ALTERNATIVE RECOMMENDATION(S~
• Do not authorize purchases.
V. ATTACHMENTS
• HRA Resolution
VI. PRINCIPAL PARTIES EXPECTED AT MEETING
• N/A
C
HRA RESOLUTION NO.
• 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
7200 Harriet Avenue South Lot 1 and the north 'h 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
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 Authority in and for the City of
Richfield, Minnesota this 15th. day of October, 2001.
Thomas E. Harms, Chair
ATTEST:
• Michael Sandahl, Secretary