06-970r
HRA RESOLUTION NO. 970
RESOLUTION AUTHORIZING SALE OF REAL PROPERTY LOCATED AT
632914TH AVENUE TO THE GREATER METROPOLITAN HOUSING CORPORATION
IN ACCORDANCE WITH A DEVELOPMENT AGREEMENT
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (HRA) desires to develop certain real property pursuant to and in
furtherance of the New Home Program adopted by the HRA, said real property being
described as follows:
Address
6329 14th Avenue
Legal
Lot 17, Block 2, Nokomis Gardens Rearrangement of Blocks 1,
2, 3, 4 and 5 Girard Parkview
WHEREAS, the HRA is authorized to sell real property within its area of operation
after public hearing; and
WHEREAS, a developer, The Greater Metropolitan Housing Corporation (GMHC),
has been identified as the purchaser of the described property and in accordance with a
Development Agreement; and
WHEREAS, a public hearing has been held after property public notice.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment
Authority in and for the City of Richfield:
1. A public hearing has been held and 6329 14th Avenue is authorized to be sold for
$1.00 to The Greater Metropolitan Housing Corporation in accordance with a
Development Agreement with the HRA.
2. That the HRA accept a $50,500 second mortgage lien executed by GMHC, and
upon sale to an end buyer, the HRA release the lien with GMHC and accept a
second mortgage lien executed by the end buyer.
3. The Chairperson and Executive Director are authorized to execute a Contract for
Private Development and other agreements as required to effectuate the sale to
The Greater Metropolitan Housing Corporation.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 20th day of March, 2006.
ATTEST:
~CO~
Donna Drummond, Secretary