03-24-80 agenda
1~
HOUSING AND REDEVELOPMENT AUTHORITY
Office of Executive Director
HRA Letter No. 7
Agenda March 24, 1980
Housing and Redevelopment
Authority Commissioners
City of Richfield
Dear Commissioners:
Subject: Establishment of Just Compensation and Author-
ization to Purchase Property in the L/H/N Area
Owners of the following three properties located within acquis-
ition areas of the LfH/N project have expressed a desire to sell. to
the HRA: 709 Graham, 6617 Graham, and 738 West 66th Street..
The HRA presently owns several properties in the area bounded
liy Graham Avenue and 66th Street, although the HRA does not own
any of the property on the""Godfather Block".
709 Graham ~/~
Mr. Vernon Blanck~ the owner-occupant of this property, has
requested the HRA to purchase this property because he is close to
retirement and desires to move from the area.
This property is located to the rear of the Star Auto store,
within the area designated for commercial rehabilitation. The one
and one-half story residence, containing 1,358 square feet, was
constructed in 1945. On the first floor is a living room, dining
room, kitchen, two bedrooms and one bathroom. The upper floor is
finished, heated, and is suitable as.a bedroom. At the rear of
the lot is a two-car garage.
Two appraisals of the property have been completed. O.J.
Janski and Associates appraised the property at $52,000. Mr. Don
Hennessy, a review appraiser, concurred in this valuation.
In addition to the cost of purchasing the property, the HRA
may be liable to pay Mr. Blanck up to $16,000 for relocation ben-
efits, including the cost to move his personal property.
To finance the purchase of this property, estimated to cost
approximately $68,000, it would be desirable to borrow the .funds
from the ci~i.y. The recommended procedure provides that the HRA
execute an agreement with the city for a loan from the Permanent
Improvement Revolving Fund (PIR) prior to negotiating the prop-
erty purchase. The PIR loan would be for a period of three years.
HRA Letter No. 7 -2- March 24, 19Q0
{_
The interest rate will be five percent (5%) per annum, or approx-
imately $3,400, on the unpaid balance.
The property would be rented until it is needed for the L/H/N
project. The attached management proforma indicates that there
may be an annual operating loss of approximately $1,583. However, it
is estimated that this property is increasing in value by twelve
to eighteen percent per year, meaning that postponement of acquis-
ition could significantly increase the HRA costs of ultimate
acquisition.
6617 Graham Avenue ~ N
The owner-occupant of this dwelling, Mr. Jon Pietig, is inter-
ested in selling his property because of his uncertainties regard-
ing the future of the area.
The .property is located west of the Lyndale Hardware parking
lot, within the area designated for multi-family development. Or-
iginally, this two story structure was located near 66th Street on
Lyndale Avenue. It was constructed in approximately 1920 and was
moved to its present location in 1950. It contains 1650 square
feet. The basement is partially finished, and on the first floor
is a livingroom, dining room, kitchen, den and one-half bath. Two
smaller areas are sunrooms. The second floor includes three bed-
rooms and a full bath. A garage is located at the rear of the lot.
Appraisals of the property have been completed. O. J. Janski
and Associates appraised the property at $77,000: Mr. Don Hennessy,
our review appraiser, also valued the property at $77,000. 'The
relocation payment may be up to $16,000, making the estimated total
acquisition and relocation costs equal to $93,000.
To fund purchase of this property, it is recommended that the
monies would be withdrawn from .the Tax Increment Reserve Fund.
This fund contains not only the tax increment generated by the pro-
ject, but also the land sale proceeds from the K-Mart site and
Woodlake Development Company site. Because the increment from the
project is greater than anticipated, use of a portion of the
$662,533 from the sale of property will nut jeopardize our ability
to meet the debt service schedule for the K-Mart bonded indebted-
ness.
The property wou ld also be rented until it was needed for re-
development. The attached management proforma indicates that rev-
enues from this property will exceed expenses.
738 West 66th Street ~~
This property is located on the "Godfather Block" and is
owned by Mr. Jim Stanton. This area has been identified for HRA
/ acquisition and redevelopment, for commercial and/or multi-family
purposes. The HRA currently owns no property in this block.
- HRA Letter No. 7
-3-
March 24, 1980
The "Godfather Block" area contains slightly more than six
acres. Ownership is spread among only five persons (Gordon
Strom 40%, the Godfather 27°s, Phillips Petroleum 22°s, Croswell 70
and Stanton Realty 4%).
The property for sale is depicted on the attached map and
represents only 4% of the total area. However, it is strategically
located and is currently vacant, and there would be no relocation
costs asosciated with the HRA's acquisition. If the property is
not acquired now, the owner will probably rent it. Thus, by delay-
ing acquisition, the value will increase, and future HRA acquisi-
tion costs will be even higher, and relocation benefits will also
possibly have to be paid.
The proposed HRA interim use for the property would be to rent
it. As with other commercial properties, the HRA would seek a ten-
ant who would agree to pay an annual rent sufficient to meet our
limited costs. The tenant would be responsible for all operating
costs, as well as taxes of $3,000. The HRA would be responsible
only for basic structural repairs. A management proforma for this
property is attached.
The building contains approximately 1,892 square feet on two
floors, and has been primarily utilized as a real estate office.
The first floor has six offices, a lobby, a conference-type room
and a bathroom. The second floor has three offices and a bath.
In the basement is a conference room and utility area, and a perking
lot is adjacent.
O.J. Janski and Associates have appraised the property at $85,00.0.
Mr. Don Hennessy agrees with that valuation. It is proposed that
acquisition of this property be financed by a PIR loan from the city
with the three-year term, and five percent annual interest applied
to previous PIR loans.
Summary
It is recommended that the HRA take the following actions:
1. Adopt the=attached resolutions, authorizing execution
of a loan agreement with the city to provide funds
from the PIR Fund for the purchase of properties at 709 Gra-
ham and 738 W. 66th Street. The. same resolution estab-
lishes just compensation and authorizes the staff to
negotiate purchase of these properties.
2. Adopt the attached resolution setting just compensation
and authorizing purchase of property at 6617 Graham
Avenue, utilizing land proceed funds from the L/H/N
Tax Increment Reserve Fund.
Respectfully submitted,
KN/eja
~~ ~~~~
Karl Nollenberger
City Manager
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_YNDALE /HUB / NICOLLET
COMMERCIAL IMPROVEMEN'~
GROGRAM RICHFIELD, Mn
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Income
350 x 12
Expenses
Interest ~ 50
Taxes
Insurance
Advertising
P~laintenance
Vacancy Factor
Administration
Total Expenses
Annual deficit
a
Annual
Housing P4anac~ement Proforma
709 Graha"m Avenue
$4,200
$3,400
$848
$460
$25
$400
$350
$300
$5,783
($1,583)
709 Graham Avenue
HRA RESOLUTION NO.
RESOLUTION AUTHORIZING THE
EXECUTION OF A CONTRACT TO
BORROW MONEY FROM THE CITY
OF RICHFIELD AND PROVIDING
FOR THE PURCHASE OF REAL PROPERTY
WHEREAS, the Richfield Housing and Redevelopment Authority
(HRA) desires to borrow money for the purpose of purchasing certain
real property pursuant to and in furtherance of the L/H/N Redevelop-
ment Project heretofore adopted by the City of Richfield {.the "City")
and the HRA, said real property being described as follows: Lot 3,
Block 3, Fairwood Shores, Hennepin County, Minnesota {.709 Graham
Avenue) and,
WHEREAS, the HRA has caused appraisals of the subject property
to be made and has carefully considered such appraisals, and
WHEREAS, the HRA is authorized by Minnesota Statutes, Section
462.445 to purchase real property and to borrow money form 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 be, and
hereby are authorized to execute, as agents of the Richfield
Housing and Redevelopment Authority, an agreement with the City
of Richfield (entitled 'Loan Agreement') a copy of which is
hereby given Clerk's File No. and is ordered placed on file.
2. That th.e Executive Director be, and hereby is director
to present said agreement to the City of Richfield for its considera-
tion and acceptance.
3. That $52,000 is determined to be just compensation for the
subject real property..
4. That the Executive Director and the HRA's attorney are
authorized and directed to commence negotiations for the purchase
of the real property described in the above agreement upon accept-
ance and execution of the above agreement by the City of Richfield.
The owner of the subject property shall be offered the sum of
$52,000 for the sale of said property.
5. That the Executive Director is hereby directed to notify,
in writing, the awner of the subject property, as soon as possible,
that the HRA presently intends to acquire his property provided
neotitations result in the determination of a mutually agreeable
sale price. The Executive Director shall include with such
notification a statement which complies with the requirements
of regulations of the Department of Housing and Urban Develop-
ment, 24 C.F.R. 842.135.
6. That the Chairman and Executive Director are authorized
to execute a purchase agreement for just compensation for the
purchase of said real estate.
7. That if the negotiations result in a proposal for the
purchase of said real estate greater than just compensation, said
proposal shall be presented to the HRA.
Passed by the Housing and Redevelopment Authority of 'Richfield
this day of March, 1980.
Donald J. Prie e Chairman
ATTEST:
V. L. Luettinger Secretary
s
~~
Annual
Housing Management Proforma
6617 Graham Avenue
Income
$400 x 12
Expenses
Taxes
Insurance
Advertising
Maintenance
Vacancy Factor
Administration
Total Expenses
Balance
$4,700
$958
$475
$25
$1,000
$400
$300
$3,158
$1,642
6617 Graham Avenue
HRA RESOLUTION NO.
RESOLUTION ESTABLISHING JUST
COMPENSATION AND AUTHORIZING NEGOTIATIONS
TO PURCHASE PEOPERTY IN THE L/H/N
WHEREAS, the Richfield Housing and Redevelopment Authority
(HRA) desires to purchase 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 10, Block 1, Fairwood Shores Addition, Hennepin County,
Minnesota, (6617 Graham), and
~n7HEREAS, the HRA has caused appraisals of the subject property
to be made and has carefully considered such appraisals, and
WHEREAS, .funds to provide for the purchase of this property
are available in the Tax Increment Reserve .Fund. -
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF RICHFIELD:
1. That $77,000 is determined to be just compensation for
the subject real property.
2. That the Executive Director and the HRA's attorney are
authorized and directed to commence negotiations for the real
property described above.
3. That the Executive Director is hereby directed to notify,
in writing, the owner of the subject property, as soon as possible,
that the HRA presently intends to acquire his property, provided
negotiations result~in the determination of a mutually agreeable
sales price. The Executive Director shall include with such
notification a statement which complies with the requirements of
regulations of the~.Department of Housing and Urban Development,
24 C.F.R. §42.135.
4. That the Chairman-and Executive Director are authorized
to execute a purchase agreement for just compensation fer the
purchase of said real estate.
5. That if the negotiations result in a proposal for the
purchase of said real estate greater than just compensation, said
proposal shall be presented to the HRA.
Passed by the Housing and Redevelopment Authority of
Richfield this 24th day of March, 1980.
Donald J. Priebe Chairman
ATTEST:
V. L. Luettinger Secretary
Annual Proforma
738 west 66th Street
Income
54:0 x 12 - $6,000
Expenses
' Interest @: 5a $4,250
Advertising $75
P~iaintenance (extraordinary only) $1,000
Vacancy Factor $400 "
Administration $150
Total Expenses $5,875
Balance $125 -
r 738 [^Test 66th Street
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HRA RESOLUTION NO.
RESOLUTION AUTHORIZING THE
EXECUTION OF A CONTRACT TO
BORROW MONEY FROM THE CITY
OF RICHFIELD AND PROVIDING
FOR THE PURCHASE OF REAL PROPERTY
WHEREAS, the Richfield Housing and Redevelopment Authority
(HRA) desires to borrow money for the purpose of purchasing certain
real property pursuant to and in futherance of the L/H/N Redevelop-
ment Project heretofore adopted by the City of Richfield (the "City")
and the HRA, said .real property being described as follows:
That part of Lot 1, Section 27, Tract 28, Range 24: Beginning
Southwest corner of Government Lot 1; thence East along the
South line of said Government Lot 1 a distance of 64.8 feet;
thence North parallel with the West line of said Government
Lot 1 and its extension North, to the Southerly line of Registered
Land Survey No. 1318, files of the Registrar of Titles, County
of Hennepin; thence Southwesterly along the Southerly line of
said Registered Land Survey No. 1318 to the ~~Test line of said
Government Lot l; thence South along said West line to the
point of beginning. (738 West 66th Street), and
WHEREAS, the HRA Yias caused appraisals of the subject property
to be made and has carefully considered such appraisals, and
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 HRA 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 be, and
hereby are authorized to execute, as agents of the Richfield
Housing and Redevelopment Authority, an agreement with the City
of Richfield (entitled 'Loan 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 considera-
tion and acceptance.
3. That $85,000 is determined to be just compensation for the
subject real property.
4. That the Executive Director and the HRA's attorney are
authorized and directed to commence negotiations for the purchase
of the real property described in the above
and execution of the above agreement by the
The owner of the subject property shall be
$85,000 for the sale of said property.
agreement upon a~ceptanc
City of Richfield.
offered the sum of
5. That the Executive Director is hereby directed to notify,
in writing, the owner of the subject property, as soon as possible,
that the HRA presently intends to acquire his property provided
negotiations result in the determination of a mutually agreeable
sale price. The Executive Director shall include with such noti-
fication a statement which complies with the requirements of
regulations of the Department of Housing-and Urban Development,
24 C.F.T. 042.135.
6. That the Chairman and
to execute a purchase agreement
purchase of said real estate.
Executive Director are authorized
for just compensation for the
7. That if the negotiations result in a proposal for the
purchase of said real estate greater than just compensation, said
proposal shall be presented to the HRA.
Passed by the Housing and Redevelopment Authority of Richfiel3
this•24th day of March, 1980.
Donald J. Priebe: Chairman
ATTEST:
V. L. Luettznger Secretary
HOUSI~dG AND REDEVELOPMENT AUTHORITY
Office of Executive Director
HRA Letter No. 6
Agenda March 24, 1980
Housing and Redevelopment
Authority Commissioners
City of Richfield
Commissioners:
Subject: Establishment of Just Compensation and
Authorization to Purchase 6615 Lake Shore Drive
On May 29, 1979, the HRA received a request from Mr. and
Mrs. Joseph Velasquez, requesting that the HRA purchase their
home at 6615 Lake Shore Drive. This property is adjacent to the
L/H/N project area.
The HRA may legally purchase property only for public pur-
~~~ oses. A legally acceptable public purpose for acquiring tYiis
.,~' roperty would be to provide housing for a large low-income
~.+~vfamily under our Section 8 program. The Velasquez property coul
be occupied as a five bedroom house. The largest family which
could occupy the home would be ten persons; two parents and four
girls and four boys. This property does provide the HRA with a
unique opportunity to help meet the housing needs of a large fam
ily. The Metropolitan Council has estimated that Richfield is
meeting only about 4 percent of the housing needs for large low-
income families.
On June 22, 1979, the Planning Commission considered this
request to purchase the property at 6615 Lake Shore Drive. They
determined that the proposed use of this property for low-income
housing was in conformance with the City's comprehensive plan.
j~ d
Following this Planning Commission approval, the staff sought
release of the CDBG-Year IV, monies which were to be used for this
purchase. On December 12, 1979, we were notified that the De-
partment of Housing and Urban Development had released the funds.
The appraisal work required by HUD has now been completed.
Newcombe & Hansen appraised the property at $89,000. O.J. Janski
and Associates appraised it at $91,000, and the review appraiser,
Mr. Donald Hennessy, has recommended setting just compensation at
$91,000.
.HRA Letter No. 6 -2- Alarch 24, 1980
The two story sturcture was built in 1951. It contains ap-
proximately 2,348 square feet. The first floor has a kitchen,_in-
formal dining area, bath, utility room and den which could be
utilized as a bedroom. The second floor has four bedrooms, a main
bath, and a half bath. There is a two car garage at the rear of
the house.
The estimated acquisition and relocation payments for this
property are approximately $107,000. This includes $91,000 for
purchase, and up to $16,000 for relocation benefits, including
moving costs. Funding would be provided from the CDBG Veer -,-~,,
Site Acquisition Fund of $100,000. The balance needed to complete
the purchase would be transferred from the New Home Program to the
Site Acquisition Fund.
It is recommended that the HRA adopt the attached resolution,
establishing just compensation for this property at $91,000, auth-
orizing the staff to negotiate for the purchase of the property,
and transferring the needed funds from the New Home Program to the
Site Acquisition Fund.
Respectfully submitted,
Karl Nollenberger
Executive Director
KN/jf
cc: Community Development Director
Housing and Redevelopment Director
Finance Coordinator
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m w COMMERCIAL IMPRO~/EMENT
~ ~ ~ ~ ~ PROGRAM RICHFIEL®, MI\I
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' Annual
Housing t4anagement Proforma
6615 Lake Shore Drive
Income
$345 x 12 months
(Section 8 existing program) :$4,1~r0
Expenses
Taxes $1,565
Insurance $600
Advertising -0-
*~aintenance 51,100
s Vacancy Factor $~~0
Administration $300
Total Expenses ~ $.3,925
_ Balance $215
HRA Resolution No.
Resolution Establishing Just Comp-
ensation, Authorizing Purchase and
Transfer of Funds
[WHEREAS, the Richfield Housing & Redevelopment Authority
(HRA) is carrying out a Community Development. Block Grant project
to provide housing for low-income families, known as Property
Acquisition for Assisted Family Housing, Project 21, Site Acquisi-
tion Fund which includes the acquisition of real property; and,
WHEREAS, the acquisition of the real property known as
Lot 15, Block 3, Fairwood Shores, Addition, Hennepin County,
b4innesota, (6615 Lake Shore Drive) would further the implementation
of this program.; and,
Ti4HEREAS, the HRA is authorized by r~innesota Statutes, Section
462.411 et seq. to purchase real property;
sVHEREAS, the HRA is authorized to transfer monies as necessary
to fund the purchase of this property; and,
[VHEREAS, the Planning Commission has found the proposed purchase
to be consistent with the Comprehensive Plan; and,
[VHEREAS, the Department of Housing and Urban Development
has released the-funds for use in this project; and,
WHEREAS, the HRA has caused appraisals of the subject property
to be made by qualified independent professional real estate
appraisers to determine its fair market value; and,
WHEREAS, a qualified appraiser has reviewed the appraisal
reports, made an on-site inspection of the property and has
prepared a written report setting forth his opinion as to fair
market value; and,
~~1HEREA5, the appraisal work has been perLormed in a competent
manner in accordance with applicable State law, the Uniform
Relocation Assistance and Real Property Acauisition F.ct, and
Department of Housing and Urban Development policies and requirements;
NOT~1, THEREFORE, BE IT RESOLVED by the Richfield Housing
and Redevelopment Authority:
1. That the Chairman and Executive Director are hereby a~.~thorized
to transfer funds from the New Horne Program to the Site
Acauisition-Fund.
2. That the fair market value of $91,000 is hereby ado~ited as just
compensation.
3. That the Executive Director and the HRF.'s attorney are-
authorized to acquire the subject property by direct purchase
or donation for an amount not to exceed just compensation
as established herein.
passed by the Housing and Redevelopment Authority o~ Richfield
this day of ~
Donate J. Priebe, C airman
Attest:
V. J. Luettinger Secretary