80-6350R105
RESOLUTION NO. 6350
RESOLUTION AUTHORIZING THE EXECUTION OF AN
AGREEMENT TO LOAN MONEY TO THE RICHFIELD
HOUSING AND REDEVELOPMELdT AUTHORITY AND
PROVIDING FOR THE PERFORMANCE THEREOF BY
ADVANCEMENT FROM THE PERMANENT IMPROVEMENT
REVOLVING FUND
(6608 `Graham)
WHEREAS, the HRA desires to borrow money for the purpose
of purchasing certain real property pursuant to and in further-
ance of the L/H/N Redevelopment Project heretofore adopted by
the City and the HRA, said real property being described as
follows:
Lot 10, Block 3, Fairwood Shores, and,
WHEREAS, the purchase of said real. property is necessary
to accomplish the purposes of said. L/H/N Project, 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 City is authorized by Minnesota Statutes,
Section 462.581, to make loans to the HRA in aid of projects.
NOW, THE RE FORE RE 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, and
agreement with the Richfield Housing .and Redevelopment Author-
ity, entitled "Loan Agreement", a copy of which is hereby given
Clerk's File No. HRA. and is ordered placed on file.
2. That the City Clerk be, and hereby is directed to ad-
vance monies to the Richfield Housing and Redevelopment Author-
ity in such amount and at such time as is provided in the above
agreement, said monies to be taken from the Permanent Improve-
ment 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 is
15th- day of December 1980. ~~ ~~~ ~
orb' ~a J . Priq~e ~ Mayo
ATTEST:
(/~~
Sylvi K. Bergh Acting ity Clerk