06-16-86 agenda~,
HOUSING AND REDEVELOPMENT AUTHORITY
Office of Executive Director
N-/
HRA Letter No. 17
Agenda June 16, 1986
Housing and Redevelopment
Authority Commissioners
City of Richfield
Subject: Trestman/Shaller Project Status Report
Commissioners:
Since the HRA meeting of May 19, 1986 at which time the
commercial concept proposal presented by Trestman/Shaller was
selected for further consideration, the following actions have
transpired:
-Discussions have been held by Trestman/Shaller with
three different builders. Though a final selection of
a builder has not taken place, this will happen after
bids have been received.
-There are two potential tenants interested in occupying
the new in-fill space proposed.
-Some members of the Housing and Redevelopment Authority
have talked to the Acting Executive Director and have
concerns about whether or not the one-story in-fill is
an adequate project for the site or if additional building
should be pursued by the city in a developer's agreement.
-The architect for Trestman/Shaller has indicated concern
about moving with the project and that unless construction
is to begin in August, the .project will not be completed by
year's end. The critical consideration in the project
completion is paving of the parking lot before snow falls.
-A representative from Krause/Anderson Construction
telephoned Dick Shaller approximately two weeks ago to
discuss the needs of the VFW. Krause/Anderson has
indicated that they may make a proposal to Trestman/Shaller
for the use of some land for parking.
The city staff is ready to proceed immediately to begin
negotiations for such a developer's agreement. It is staff's
opinion that the completion of those negotiations and
implementation of a developer's agreement would not be a lengthy
process and could be accomplished within the next several weeks.
y,~ z
However, another consideration to be addressed is the three
parcels of land owned by the HRA which must be rezoned from
single family residential to general commercial and that the
street must also be vacated. The City Council could be requested
to initiate the rezoning and street vacation on June 23 by
referring it to the Planning Commission. The Planning Commission
could then act on those matters in July and the City Council
could undertake the first and second readings for the rezoning
and right-of-way vacations during the August City Council
meetings.
Unless there are some concerns by the HRA at this time,
staff is ready to proceed immediately with negotiations for the
developer's agreement based on the proposal presented to the HRA
on May 19, 1986.
Res tfully bm' ted,
_-----
~t ,
ev n L. evich
Acting Executive Director
SLD/eja
cc: Director Community Development
HRD Manager
3-/
HOUSING AND REDEVELOPMENT AUTHORITY
Office of Executive Director
HRA Letter No. 16
Agenda June 16, 1986
Housing and Redevelopment
Authority Commissioners
City of Richfield
Subject: Amendment To Subordination Agreement Twin City
Federal Savings & Loan
Commissioners:
In February, 1985, the HRA and City entered into a
Subordination Agreement in favor of Twin City Federal Savings &
Loan Association (TCF) which provided the financing for the
Woodlake Point Condominium. This letter requests the HRA to
amend that agreement.
The HRA and City entered into a developer's agreement for
the Woodlake Point/Market Plaza projects in May, 1984, prior to
the time the developers obtained project financing. The
developer's agreement gave the HRA and City the first right to
take over the project if the developers were unable to complete
it. When financing was obtained by Derrick & Arkell for Woodlake
Point, TCF required that as the mortgage lender they (TCF) would
have a position superior to the HRA and City. Thus, the HRA and
City approved a Subordination Agreement. The Subordination
Agreement was part of the Second Amendment to the Developer's
Agreement. The Second Amendment provided a process for the
mortgage holder and the HRA/City to select an alternative
developer if Arkell & Derrick were unable to complete it. The
assessment agreement was also protected by the Second Amendment.
The sale of Woodlake Point units is behind schedule.
Currently 70 units have been closed, an additional 24 units have
a nonbinding purchase agreement and eleven units are reserved yet
to be converted to purchase agreements. Originally, the
developer had projected that 150 units would be closed or subject
to a purchase agreement by June 1. By August, 1986, all units
were to be closed or subject to a purchase agreement.
Because of the sales lag, the developers must obtain a
second mortgage from TCF in the amount of $440,000. This second
mortgage must be made subject to the Subordination Agreement.
However, the amendment releases those condominium units which
have been completed and sold from the mortgage lien. At the same
time, the buyer accepts responsibility for the assessment
agreement for his/her unit. Those units would be listed on
Exhibit C.
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Attached to this letter is the original and amended
Subordination Agreements.
It is recommended that the HRA adopt a motion approving the
Amendment to Subordination Agreement and also request the City
Council to approve it.
n
Res e tfully ubmit ed,
~i C~.
n evich
Acting Executive Director
Exhibit B to Second Amendrent
33
SUBORDINATION AGREEMENT
TfiIS AGREEMENT, made as of this day of February,
1985, b}• the Housing and Redevelopment Authority of the City of
Richfield, Minnesota, a Minnesota public body corporate and
politic ("HRA"), and the City of Richfield, Minnesota, a
Minnesota municipal corporation ("City"), in favor of Twin City
Federal Savings and Loan Association, a United States of America
corporation ("TCF")
W I T N E S S E T H:
WHEREAS, the City and the HRA have heretofore entered
into a Contract for the Sale of Land for Private Development
dated May 14, 1984 (the "Agreement"), as amended by First Amend-
ment to Developer's Agreement dated December 27, 1984 (the "First
Amend:-~ent"), as further amended. by Second Amendment to Developer's
Argument dated February 1985 (the "Second Amendment"; the
Amendment, First Amendment, and Second Amendment are hereinafter
collectively referred to as the "HRA Agreement"), with Market
Plaza Corp., a Minnesota corporation; The Arkell Development
Corporation, a Minnesota corporation; and E.J. Plesko and
Associates, Inc., a Florida carporation, with respect to the
development of the Project Area as therein defined pursuant to
plans and specifications prepared by
and dated (the "Plans and
Specifications"); and
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h'HEREAS, Richfield Lake Limited Partnership, a
Minnesota limited partnership ("Mortgagor")-has executed and.
delivered to TCF a certain mortgage (the "Mortgage") in the
original principal amount of $9,000,.0.00, dated the day of
February, 1985, and recorded on the day of ,
1985, ir. the Office of the County Recorder in and for Hennepin
County, Minnesota, as Document No. , conveying and
mortgaging the property situated in the County of Hennepin and
State of Minnesota and described on Exhibit A attached hereto
(the "Property"); and
WHEREAS, the HRA Agreement affects the rights of the
parties thereto in and to the Property; and
WHEREAS, it is the mutual desire and intention of the
City, the HRA, and TCF and the purpose of this Agreement to make
the Mortgage in all respects prior and .superior to tie HRA Agree-
ment except as expressly hereinafter provided; and
WHEREAS, TCF requires, as a condition precedent to
advancing funds on the Mortgage, that the City and HRA make
certain representations with respect to the HRA Agreement;'
NOW, THEREFORE, in consideration of One Dollar ($1) and
other good and valuable consideration, and in order to induce TCF
to advance funds upon the Mortgage, the HRA and the City do
hereby represent to TCF and agree as follows:
1. The City and the HRA have reviewed and approved. the
Plans and Specifications pursuant to Section 4.6 of the HRA
Agreement.
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s
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2. The HRA Agreement is currently. in full force and
effect, and there exists no default or Event of Default
thereunder.
3 The City and the HRA consent to the encumbrance of the
Property by the Mortgage, and acknowledge that the Mortgage is
given for the purpose of obtaining funds to the extent necessary
for making the Improvements,~within the meaning of Section 8.1 of
the HRA Agreement.
4. The City and the HRA acknowledge. that TCF is a Holder
within the meaning of Section 8.2 of the HRA Agreement, with an
address of 801 Marquette Avenue South, Minneapolis,
Minnesota 55402.
5. Any provision contained in the HRA Agreement to the
contrary .notwithstanding, the City and the HRA do hereby agree
with TCF that the Mortgage shall, except as provided in the
Second Amendment, be in all respects prior and superior to the
HRA Agreement, notwithstanding the fact that the HRA Agreement
was executed prior to the execution and recordation of the
Mortgage, and that all right, title, and interest acquired by TCF
either by foreclosure proceedings, deed in lieu of foreclosure,
or otherwise, shall be prior and superior to any and all right,
title, and interest heretofore or hereafter acquired by the HR.A
or the City pursuant to the HRA Agreement or otherwise, and the
City and the HRA further agree that TCF and its successors and
assigns shall not, except as provided in the Second Amendment, be
bound by any provision of the HR.A Agreement if TCF shall acquire
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3-,6
title to the Property, or any portion thereof, by foreclosure,
deed in lieu of foreclosure, or otherwise.
6. This Subordination Agreement will inure to the benefit
of and bind the parties hereto, their heirs, personal representa-
tives, successors, and assigns.
IN TESTIMONY WHEREOF, the undersigned have executed
this instrument as of the day and year first above written.
THE HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF
RICHFIELD, MINNESOTA,
a Minnesota public body
corporate and politic
By
Its
By
Its
CITY OF RICHFIELD, MINNESOTA,
a Minnesota municipal
corporation ..
By
Its
By
Its
-4-
4
3-~
STATE OF MINNESOTA )
ss.
COUNTY OF HENNEPIN j
.The foregoing instrument was acknowledged before me
this day of , 1985, by
and , the
and of The Housing and Redevelopment Authority of
the City of Richfield, Minnesota, a Minnesota public body,
corporate and politic, on behalf of the Housing and Redevelopment
Authority of the City of Richfield, Minnesota.
Notary Public
STATE OF MINNESOTA )
ss.
COUNTY GF HENNEPIN )
The foregoing instrument was acknowledged before me
this day of 1985, by
and , the
~. and of the City of Richfield, Minnesota, a
Minnesota municipal corporation, on behalf of the City of
Richfield, Minnesota.
Notary Public
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3-8
EXHIBIT A
(legal description)
That part of Government Lot 2, Section 28,
Township 28, Range 24, Hennepin County,
Minnesota, lying easterly of the center line
of Graham Avenue as described in'Book 2052 of
Deeds, page 639, southerly of the southerly
line of West 65th Street as described_in
Book 2053 of Deeds, page 131, Hennepin County
records, northerly of the center line of West
66th Street and westerly and southwesterly of
the following described line.
Beginning at the southwest corner of Govern-
ment Lot 1, Section 27, Township 28,
Range 24, Hennepin County, Minnesota; thence
north along the west line of said Government
Lot 1 a distance of 33.00 feet; thence north-
westerly deflecting to the left 14 degrees
15 minutes 38 seconds a distance of 224.64
feet to the south line of said West 65th
Street and said line there terminating.
,..
i;; c~0
r AMENDMENT TO
• SUBORDINATION AGREEMENT ~ •
THIS AGREEMENT, made. as of this day of
1986, by the Housing and Redevelopiil:;nt Authority of the City of
Richfield, Minnesota, a Minnesota public body corporate and
politic ("HRA"), and the City of Richfield, Minnesota, a
Minnesota municipal corporation ("City"), in favor of Twin City
Federal Savings and Loan Association, a United States of America
corporation ("TCF");
W I T N E S SET H:
WHEREAS, the City and the HRA have heretofore entered
into a Contract for .the Sale of Land for Private Development
dated May 14, 1984 (the "Agreement"), as amended by First
r
Amendment to Developer's Agreement dated December 27, 1984 (the
"First Amendment"), as further amended by Second Amendment to
Developer's Agreement dated February 5, 1985 (the "Second
Amendment"; the Agreement, First Amendment, and Second Amendment
are hereinafter collectively referred to as the "HRA Agreement"),
with Market P1az.a Corp., a Minnesota corporation; The Arkell
Development Corporation, a Minnesota corporation; and E.J. Plesko
and Associates, Inc., a Florida corporation, with respect to the
development of the Project Area as therein defined pursuant to
plans and specifications prepared by Tushie Montgomery
Associates, Inc., and dated November 16, 1984 (the "Plans and
Specifications");
WHEREAS, Richfield Lake Linliced Partnership, a
Minnesota limited partnership ("Mortgagor") has executed and
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~~ ~~ ~ ~~
delivered to TCF a certain mortgage (the "Mortgage") in the '
original principal amount of $9,000,000, dated the 5th day of
February, .1985, and recorded on the day of ,
1985, in the Office of the County Recorder in and for Hennepin
County, Minnesota, as Document No. , conveying and
mortgaging the property .situated in the County of Hennepin and
State of Minnesota and described on Exhibit A attached hereto,
(the "Property"); and
WHEREAS, a condominium has been formed on the Property,
which is described as shown in Exhibit H hereto, and certain
units of said condominium have been released frorn the lien of the
Mortgage, which units are shown on Exhibit C hereto; and
WHEREAS, the HRA Agreement affects the rights of the
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parties thereto in and to the Property; and
WHEREAS, the HRA and the City entered into a certain
Subordination Agreement in favor of TCF, made as of February 5,
1986, a copy of which is attached as Exhibit D (the
"Subordination Agreement"); and
WHEREAS, Mortgagor has requested that TCF execute and
deliver to it an Agreement Amending Note, Mortgage and
Construction Loan Agreement dated as of 1986 (the
"Amendment").pursuant to which the Mortgage and certain other
documents will be amended in certain respects;
WHEREAS, Mortgagor has requested that TCF advance to it
additional funds in the amount of $440,000, which additional
funds are to be securad by a second mortgage on the Property (the
"Second Mortgage"); and
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WHEREAS, TCF has required, as a condition precedent to
executing the Amendment or advancing funds on the Second
Mortgage, that the City and the HRA agree that the provisions of
the Subordination Agreement be made applicable to the Mortgage,
as amended by the Amendment, and to the Second Mortgage; and
WHEREAS, it is the mutual desire and intention of the
City, the HRA, and TCF and the purpose of this Agreement to make
the Mortgage, as amended by the Amendment, and the Second
Mortgage in all respects prior and superior to the HRA Agreement,
except as expressly provided in the Subordination Agreement; and
NOW, ,THEREFORE, in consideration of One Dollar ($1) and
other good and valuable consideration, and in order to induce TCF
to execute the Amendment and to advanced funds upon the Second
- - Mortgage, the HRA and the City do hereby and agree as follows:
1. Wherever reference is made in the Subordination
Agreement to the Mortgage, each such reference shall be deemed to
refer, collectively, to the (i) Mortgage as amended by the
Agreement, and (ii) the. Second Mortgage.
2. This Amendment to Subordination Agreement will inure to
the benefit of and bind the parties hereto, their heirs, personal
representatives, successors, and assigns.
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IN TESTIMONY WHEREOF, the undersigned have executed
:, this instrument as of tha day and year first above written.
THE HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF
RICHFIELD, MINNESOTA, a
Minnesota public bodx
corporate and politic
By
Its
And
Hy
Its
CITY OF RICHFIELD, MINNESOTA,
a Minnesota municipal
corporation
By
Its
And
By
Its
-4-
STATE OF MINNESOTA )
ss.
COUNTY OF HENNEPIN )
3-~3
The foregoing instrument was acknowledged before me
this day of , 198_, by and
the and
of The Housing and Redevelopment Authority
of the City of Richfield, Minnesota, a Minnesota public body,
corporate and politic, on behalf of The Housing and Redevelopment
Authority of the City of Richfield, Minnesota.
STATE OF MINNESOTA )
SS.
COUNTY OF HENNEPIN )
Notary Public
The foregoing instrument was acknowledged before me
this day of 198_, by and
the and
of the City of Richfield, Minnesota, a
Minnesota municipal corporation, on behalf of the City of
Richfield, Minnesota.
Notary Public
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EXHIBIT A
(legal description)
That part of Government Lot 2, Section 28,
Township 28, Range 24, Hennepin County,
Minnesota, lying easterly of the center line
of Graham Avenue as described in Book 2052 of
Deeds, page 639, southerly of the southerly
.line of West 65th Street as described in
Book 20.53 of Deeds, page 131, Hennepin County
records, northerly of the center line of West
66th Street and westerly and southwesterly of
the following described line:
Beginning at the southwest corner of
Government Lot 1, Section 27, Township 28,
Range 24, Hennepin County, Minnesota; thence
noYf:h along tho west line o£ said Government
Lot 1 a distance of 33.00 feet; thence
northwesterly deflecting to the-left 14
degrees 15 minutes 38 seconds a distance of
224.64 feet to the south line of said West
65th Street and said line there terminating.
3-~Y
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.;,
EXHIBIT B
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Condominium No. 533, Woodlake Point, a Condomimium.
3 -~~
EXHIBIT C
[Schedule of released units]
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LAW OFFICES
H$ssl~x, M~Ras~•&. SoD$xBBRa
HAROLD J. SODERBERG P$OFBSSIONAL ASSOCIATION
ROLLIN F. WEST 4700 IDS CENTER
ROLAND D. GRAHAM
ALBERT F.KOSEK MINNEAPOLIS,MINNESOTA 46402
THOMAS E. HARMS
GERALD E. RUTMAN 16121 330-3000
JAMES A. STEIN TELECOPfERl16121 330-3060
MARK R. MILLER
WILLIAM 5. BORCM ERS
JEROME M.SODERBERG June 3
1986
DAVID G.RONALD ,
KEITH O. SIM MONS
SALLY R. V. OLS EN
RCi'~i~~~ ~ ~ a~ `~ ~ ~9~6
COUNSELI
JOSEPH E. OLSON
MAURICE A. HESSIAN. SR.118BB-19881
MAURICE A. NESSIAN,JR. 119 2 0-19 711
SAINT PAUL OFFICE
730 AM HOIST TOWER
SAINT PAU L,MINNESOTA b8102
(812) 224-4911
WASHINGTON, D. C. OFFICE
SUITE 900, 1275 K STREET N. W.
WASHINGTON, D. C. 20005
(202) 842-3000
3'~(L ~nn~
WRITER'S DIRECT LINE
John B. Dean, Esq.
LeFevere, Lefler, Kennedy, 0°Brien
& Drawz
2000 First Bank Place West
Minneapolis, Minnesota 55402
RE; Market Plaza
Dear John:
I have. briefly reviewed the materials you .sent me by your
cover letter of June 2,1986. The Subordination Agreement appears
relatively straight forward and I have no problems with it. I
assume, however, .that you have reviewed the original subordination
agreement and the proposed new mortgage to assure yourself that we
are not substantially weakening our position.
It would appear to me that the only significant benefit we
need to maintain, given the fact that the building is already
built, is the binding nature of the valuation agreements contained
in the developers agreements and assumed by the individual buyers
of the condominiums. I understand that the documents .you sent me
do not impair that contractual right.
With that one caveat I see no problems with submitting this
matter in Jure.
Ve tr ly yours,
omas E. Harms
TEH:Cg
cc: Steve Devich
g ~- P,
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HOUSING AND REDEVELOPMENT AUTHORITY
Office. of Executive Director
a-i
HRA Letter No. 15
Agenda June 16, 1986
Housing and Redevelopment
Authority Commissioners
City of Richfield
Subject: Public Hearing, Sale of Property At
7245 Humboldt Avenue South
Commissioners:
A notice of public hearing has been published for the June
16, 1986 HRA meeting to review and authorize the sale of the
rehabilitated single-family home at 7245 Humboldt Avenue South.
This rehabilitation project, now being completed by the South
Hennepin Vocational Technical Schools (Vo-Tech), was authorized
by the HRA on May 20, 1985. The house should be ready for sale
by the end of July. The Vo-Tech contract of $54,102.14 would be
paid from the proceeds of the sale. The Planning Commission has
found the disposition of this property for single family purposes
to be in conformance with the city's comprehensive plan.
The Richfield HRA has secured mortgage financing for this
home through the Minnesota Housing Finance Agency (MHFA). This
financing provides a 9.95 percent, 30-year mortgage, to first-
time homebuyers meeting certain program and income requirements.
If a more favorable mortgage rate becomes available through MHFA
it will be utilized. The identified purchaser for the home at
7245 Humboldt Avenue South meets the following program and income
requirements:
-have a 3-6 member family to best utilize the
3 bedroom home;
-are first time homebuyers;
-have an income between $24,000 and $30,950, depending
upon family size (this income is 80% of the Metropolitan
area median income-a Section 8 program income level);
-have the ability to pay an initial sales price of $60,000
with $5,000 required as down payment; and
-indicate a willingness to be subject to a second lien
by the HRA for the difference between the initial sales
price and actual value (this lien will be discussed in
detail later in this letter).
Advertisements to identify eligible families were
published in the Minneapolis Star & Tribune. Five applications
were received and evaluated. Three applicants were ineligible
for various reasons; too high an income, too-large of a family
and not enough assets to provide for down payment. Two
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applicants were found to be eligible, and a drawing was held to
identify the first ranked purchaser.. A four-member family,
currently renting in Richfield, was selected. This family will
be evaluated by the lender and MHFA for final eligibility and a
mortgage commitment within the next few weeks.
In order to receive the firm commitment for financing, a
purchase agreement must be executed and the sale authorized by
the HRA before the family can be determined eligible by the
lender and MHFA. The purchase agreement is void and earnest
money released in the event the HRA does not authorize the sale
or the family is found ineligible by the lender. Preliminary
analysis suggests that the family will be eligible for the
financing. Data privacy requirements prevent release of any
information that might further clarify the identity and
background of the family.
The purchase agreement discusses the HRA second lien
placed on the property. In addition to the $55,000 first
mortgage lien to the lender and the $5,000 down payment, the
purchasers will be responsible for paying the difference between
the $60,000 initial sales price and the appraised value of the
property or $85,000, whichever is less.
The appraised value of the property has not yet been
determined because of the uncertainty related to the mortgage
financing commitment. When the appraisal is made, the second
mortgage amount can be determined. If the appraised value of the
property falls below $85,000, the second mortgage amount would be
the difference between the $60,000 and appraised value. As MHFA
mortgage financing requirements limit the sale price of new
construction single-family homes to $85,000, the value of the
HRA's second mortgage would not exceed $25,000 (i.e.,$85,000
final sales price less $60,000 initial sales price). MHFA could
enforce a maximum sale price of $75,000 if they consider the
structure to be an existing dwelling. Staff is continuing
negotiations with MHFA regarding this consideration. The HRA
will be informed of the final sales price and second mortgage
amount determination when it occurs. The second mortgage amount
would accrue no interest and would not have to be paid by the
purchasers until they sell at some future date. This second lien
concept, used several times by the HRA, helps keep the initial
purchase price more affordable to moderate income families.
Funds recovered when a second lien is repaid are returned to the
New Home Program for financing housing activities of the HRA.
At closing, the HRA will pay up to 3 1/2 points for
mortgage discounting (approximately $2,000) and the costs of
title insurance. These costs have been anticipated in the 1986
authorized budget.
It is not known at this time if the applicant is
definitely the qualified purchaser. The lender and MHFA will
make that determination once a loan package and purchase
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agreement are received. However, it is likely that they will be
found acceptable. Prior to sale, the HRA will have an
opportunity to inspect the work during an "open house".
It is recommended that the HRA adopt the attached
resolution authorizing the disposition of property at 7245
Humboldt Avenue South and permitting the Acting Executive
Director to effectuate the sale of the property.
Res tfully ubm'tted,
n v
Acting Executive Director
HRA RESOLUTION N0. ~''
RESOLUTION AUTHORIZING SALE OF PROPERTY
AT 7245 HUMBOLDT AVENUE SOUTH
WHEREAS, the Housing and Redevelopment Authority of
Richfield, Minnesota (hereinafter referred to as the HRA) owns
certain real property located at 7245 Humboldt Avenue South, said
property legally described as follows:
Lot 10 & 11, Block 5 Irwin Shores, Except That Part Taken
for U.S. Interstate Highway No. 35W, Hennepin County,
WHEREAS, the property was acquired by the HRA so that the
South Hennepin Vocational Technical Center (Vo-Tech) could
relocate and rehabilitate a house on the site and the HRA could
subsequently sell the home to a moderate income family; and
WHEREAS, the rehabilitation work is nearing completion and
disposition of the property would allow for the timely payment of
the Vo-Tech contract; and
WHEREAS, as the result of advertising, and in cooperation
with the lender, a qualified purchaser for 7245 Humboldt Avenue
South has been selected and it is likely that they will be found
eligible by MHFA; and
WHEREAS, a purchase agreement must be authorized by the HRA;
and
WHEREAS, the conditions of sale include an initial sales
price of $60,000, a $5,000 down payment, a mortgage amount of not
more than $55,000, and provisions for a second mortgage not to
exceed $25,000; and
WHEREAS, the purchaser will also be subject to any
requirements imposed by MHFA; and
WHEREAS, the HRA has completed a public hearing on the
proposed disposition of 7245 Humboldt Avenue South.
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND
REDEVELOPMENT AUTHORITY OF RICHFIELD, MINNESOTA:
1) that the property located at 7245 Humboldt Avenue South
can be sold in accordance with the conditions of sale; and
2) that the Acting Executive Director and staff are
authorized to take such steps necessary to effectuate this
resolution and any sales agreement.
Passed by the Housing and Redevelopment Authority of O7 "`~
Richfield this 16th day of June, 1986.
Thomas E. Harms, Chairman
Joan Helmberger, Secretary