12-10-79 agenda,~
HOUSING AND REDEVELOPMENT AUTHORITY
Office of Executive Director
HRA Letter No. 45
Agenda December 10, 1979
The Honorable Mayor
and
Members of the City Council
City of Richf field
Council Members:
Durin
made upon request of the property owners. The source of funding
for these acquisitions was a loan from the city's permanent im-
provement revolving fund (PIR). The PIR loan was to be paid back
to the city in three years. The purchases and loan arrangements
were based on the plan that development of the area as a home
improvement center would become reality within that time period.
However, in March of this year, the redevelopment plan was
changed to provide that the western part of the area be designated
multi-family use, and the eastern part of the area, and existing
land uses in that area, be designated for commercial rehabilitation.
This change in the redevelopment plan has contributed to delays
in initiating development of the area occupied by the HRA owned
homes. However, because the HRA does anticipate redevelopment of
that area occupied by these houses, it is recommended that the
city council authorize extens~.on of the loans for an additional
three years as follows:
~ New Loan
0
Property ~~ Loan Maturity Maturity
719 Graham Avenue ~ `'~ July 1, 1979 July 1, 1982
723 Graham Avenue / August 30, 1979 August 30, 1982
715 Graham Avenue January 1, 1980 January 1, 1983
6610 Graham Avenue May 1, 1980 May 1, 1983
It is recommended that the HRA adopt the attached resolutions
authorizing the execution of extended loan agreements with the
City of Richfield.
Respectfully submitted,
Kam. N~-~,.~..~'~
Karl Nollenberg~r
Executive Director
KN/eja
cc: Acting Redevelopment Director
Finance Coordinator
Subject: Extension of Loans from the City to the HRA,
Lyndale/Hub/Nicollet Redevelopment Project
HRA RESOLUTION NO.
RESOLUTION AUTHORIZING THE
EXTENSION OF AN AGREEMENT TO
BORROW MONEY FROP4 THE CITY
OF RICHFIELD
T,aHEREAS, the Richfield Housing and Redevelopment
Authority (HRA) desires t~ continue to borrow money for the
purpose of funding certain real property pursuant to and in
furtherance of the L/H/N Redevelopment Project heretofore
adopted by the City of Richfield (the "City") and the HRA,
said real property being described as follows: Lot 6, Rlock 3,
Fairwood Shores, Hennepin County, r~!innesota (7l9 Graham Avenue).
WHEREAS, the HRA is authorized by Minnesota Statutes,
Section 462.445 to purchase real property and to borrow money
from the City therefore, and
WHEREAS, the City is authorized by Minnesota Statutes,
Section 462.581 to make loans to the HRA in aid of projects,
NOW, THEREFORE, BE IT RESOLVED BY THE RICHFIELD HOUSING
AND REDEVELOPMENT AUTHORITY:
1. That the Chairman and the Executive Director by, and
hereby are authorized to execute, as agents of the Richfield
Housing and Redevelopment Authority, an agreement with the
City of Richifeld entitled "Loan Extension Agreement," a copy
of which is hereby given Clerk's File No. and is ordered
placed on file.
2. That the Executive Director be, and hereby is directed
to present said agreement to the City of Richfield for its
consideration and acceptance.
Passed by the Housing and Redevelopment Authority of
Richfield this 10th day of December, 1979.
Loren L. Law, Chairman
ATTEST:
V. L. Luettinger, Secretary
HRA RESOLUTION NO.
RESOLUTION AUTHORIZING THE
EXTENSION OF AN AGREEMENT TO
BORROW MONEY FROP7 THE CITY
OF RICHFIELD
WHEREAS, the Richfield Housing and Redevelopment
Authority (HRA) desires td continue to borrow money for the
purpose of funding certain real property pursuant to and in
furtherance of the L/H/N Redevelopment Project heretofore
adopted by the City of Richfield (the "City") and the HP,A,
said real property being described as .follows: Lot 7, Block 3,
Fairwood Shores, Hennepin County, Minnesota (_723 Graham Avenue).
WHEREAS, the HRA is authorized by Minnesota Statutes,
Section 462.445 to purchase real property and to borrow money
from the City therefore, and
WHEREAS, the City is authorized by Minnesota Statutes,
Section 462.581 to make loans to the HRA in aid of projects,
- NOW, THEREFORE, BE IT RESOLVED BY THE RICHFIELD HOUSING
AND REDEVELOPMENT AUTHORITY:
1. That the Chairman and the Executive Director by, and
hereby are authorized to execute, as agents of the Richfield
Housing and Redevelopment Authority, an agreement with the
City of Richffeld entitled "Loan Extension Agreement," a copy
of which is hereby given Clerk's File No. and is ordered
placed on file. -
2. That the Executive Director be, and hereby is directed
to present said agreement to the City of Richfield for its
consideration and acceptance.
Passed by the Housing and Redevelopment Authority of
Richfield this 10th day of December, 1979.
Loren L. Law, Chairman
ATTEST:
V. L. Luettinger, Secretary
.,
HRA RESOLUTION NO.
RESOLUTION AUTHORIZING THE
EXTENSION OF AN AGREEMENT TO
BORROW MONEY FROr4 THE CITY
OF RICHFIELD
Tv~7HEREAS, the Richfield Housing and Redevelopment
Authority (HRA) desires t~ continue to borrow money for the
purpose of funding certain real property pursuant to and in
furtherance of the L/H/N Redevelopment Project heretofore
adopted by the City of Richfield (the "City") and the HRA,
said real property being described as .follows: Lot 4, Block. 3,
Fairwood Shores, Hennepin County, Minnesota (715 Graham Avenue).
WHEREAS, the HRA is authorized by Minnesota Statutes,
Section 462.445 to purchase real property and to borrow money
from the City therefore, and
WHEREAS, the City is authorized by Minnesota Statutes,
Section 462.581 to make loans to the HRA in aid of projects,
NOW, THEREFORE, BE IT RESOLVED BY THE RICHFIELD HOUSING
AND REDEVELOPMENT AUTHORITY:
1. That the Chairman and the Executive Director by, and
hereby are authorized to execute, as agents of the Rich,f_ield
Housing and Redevelopment Authority, an agreement with the
City of Richifeld entitled "Loan Extension Agreement," a copy
of which is hereby given Clerk's File No. and is ordered
placed on file.
2. That the Executive Director be, and hereby is directed
to present said agreement to the City of Richfield for its
consideration and acceptance.
Passed by the Housing and Redevelopment Authority of
Richfield this 10th day of December, 1979.
Loren L. Law, Chairman
ATTEST:
V. L. Luettinger, Secretary
r.
HRA RESOLUTION NO.
RESOLUTION AUTHORIZING THE
EXTENSION OF AN AGREEMENT TO
BORROW MONEY FROr•2 THE CITY
OF RICHFIELD
WHEREAS, the Richfield Housing and Redevelopment
Authority (HRA) desires td continue to borrow money for the
purpose of funding certain real property pursuant to and in
furtherance of the L/H/N Redevelopment Project heretofore
adopted by the City of Richfield (the "City") and the HP.A,
said real property being described as .follows: Lot 9, Block 3
Fairwood Shores, Hennepin County, Minnesota (6610 Graham Avenue).
WHEREAS, the HRA is authorized by Minnesota Statutes,
Section 462.445 to purchase real property and to borrow money
from the City therefore, and
WHEREAS, the City is authorized by Minnesota Statutes,
Section 462.581 to make loans to the HRA in aid of projects,
NOW, THEREFORE, BE TT RESOLVED BY THE RICHFIELD HOUSING
AND REDEVELOPMENT AUTHORITY:
1. That the Chairman and the Executive Director by, and
hereby are authorized to execute, as agents of the Richfield
Housing and Redevelopment Authority, an agreement with the
City of Richifeld entitled "Loan Extension Agreement," a copy
of which is hereby given Clerk's File No. and is ordered
placed on file.
2. That the Executive Director be, and hereby is directed
to present said agreement to the City of Richfield for its
consideration and acceptance.
Passed by the Housing and Redevelopment Authority of
Richfield this 10th day of December, 1979.
Loren L. Law, Chairman
ATTEST:
V. L. Luettinger, Secretary
HOUSING AND REDEVELOPMENT AUTHORITY
Office of Executive Director
HRA Letter No. 44
Agenda December 10, 1979
Housing and Redevelopment
Authority Commissioners
City of Richfield
Dear Commissioners:
Subject: Public Hearing on Disposition of
Adams Property
There is an item scheduled on the December 10, 1979 HRA
agenda providing for a public hearing on the HRA's purchase
of a parcel of property known as the Adams property (map att-
ached). The HRA's disposition of this property would be necess-
ary to implement the proposed improvement and expansion of the
Lyndale Garden Center.
The plans for the Lyndale Garden Center project are still
being finalized, and some financing commitments and projections
for the project have not yet been confirmed... For this reason,
it is recommended that the HRA continue this public hearing to
the December 27, 1979 HRA meeting.
Respectfully submitted,
Karl Nollenberger
Executive Director
KN/eja
cc: Acting City Clerk
Acting Redevelopment Director
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