16-1224r HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD,MINNESOTA
IRA RESOLUTION NO. 1224
RESOLUTION APPROVING REPURCHASE OF PROPERTY AND RELEASE OF CONTRACT
FOR PRIVATE DEVELOPMENT WITH KEY LAND HOMES
WHEREAS,the Housing and Redevelopment Authority in and for the City of Richfield,Minnesota
(the "Authority") entered into a Contract for Private Development, dated September 21, 2015 (the
"Contract"), with Key Land Homes (the "Builder"), pursuant to which the Builder purchased the real
property located at 7309 10th Avenue South in the City of Richfield, Minnesota (the "City") and legally
described therein (the "Property") for the purpose of constructing a home thereon as part of the Richfield
Rediscovered Program;and
WHEREAS, the Builder did not construct the home on the Property and now wishes to sell the
Property back to the Authority;and
WHEREAS, the Builder has proposed to sell the Property back to the Authority for a price equal to
the original purchase price of the Property($60,000), less the costs and legal fees incurred by the Authority
relating to the original sale of the Property to the Builder and the subsequent proposed repurchase of the
Property(currently estimated to be$3,017);and
WHEREAS, there has been presented before the Board of Commissioners of the Authority (the
"Board")a form of release of the Contract(the"Release");and
WHEREAS, the Board has reviewed the Release and finds that the execution thereof by the
Authority are in the best interest of the City and its residents; and
WHEREAS, following the repurchase of the Property, the Authority reserves the right to sell the
Property to another qualified builder to fulfill the purposes of the Richfield Rediscovered Program and
promote the development of land in the City by private enterprise;and
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Housing and
Redevelopment Authority in and for the City of Richfield,Minnesota as follows:
1. The repurchase of the Authority's right,title,and interest in the Property is hereby approved.
2. The Release is hereby in all respects authorized, approved, and confirmed, and the
Chairperson and the Executive Director are hereby authorized and directed to execute the Release for and on
behalf of the Authority in substantially the form now on file with the Community Development Director but
with such modifications as shall be deemed necessary, desirable, or appropriate, the execution thereof shall
constitute conclusive evidence of their approval of any and all modifications therein.
3. The Chairperson and the Executive Director are hereby authorized to execute and deliver
any and all documents deemed necessary to carry out the intentions of this resolution and the Release.
475000v1 JAE RC125-345
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota
this 16th day of February,2016.
Mary B. S ple,Chair
tokTTEST: •
oris Ruben in, Secretary
2
475000v1 JAE RC125-345