81-6470R114
RESOLUTION N0.6470
RESOLUTION AUTHORIZING THE. EXTENSION OF. A*7
ArR~:~:MENT TO LOAN MONEY TO THE RICHFIELD
HOUSING AND REDEVELOPMENT AUTHORITY AND
PROVIDING FOR THE PERFORMANCE THEREOF BY
ADVANCEti1FNT FROM THE PERMANENT .IMPROVEMENT
REVOLVING FUND
WHEREAS, the HRA desires. to continue to borrow money for
the purpose of funding certain real property purchases pursuant
to and in furtherance of the L/H/N Redevelopment Project heretofore
adopted by the City and HRA, said real property being described as
follows: Lot 11, Block 3, Fairwood Shores, Hennepin County,
Minnesota (6600 Graham Avenue).
WHEREAS, the H RA 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 462581, to make loans to the HRA in aid of projects, and
WHEREAS, the HRA will pay a 9% interest rate on the $50,000.00
loan effective July 1, 1981,for a one year term.
NOt+l, THEREFORE, BE IT RESOLVED BY THE CITY OF RICHFIELD:
1. That the Mayor and City Manager be, and hereby are,
authorized to execute, as agents to the City of Richfield, an
agreement with the Richfield Housing and Redevelopment Authority
entitled "Loan Extension Agreement," a copy of which is hereby
given Clerk's File No. H RA and is ordered placed on file.
2. That the City Clerk be, and hereby is directed to continue
to provide monies to the Richfield Housing and Redevelopment Authority
in such amount and at such time as is provided in the above agreement,
said monies having been loaned from the Permanent Improvement
Revolving Fund and to return to said fund all payments made by the
Housing and. Redevelopment Authority pursuant to said agreement.
.Passed by the City Council of the City of Richfield this
20th day of July, 1981.
ATTEST
?~'" Syly~ R. Bergh, Cit: C1e~ .
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