80-6351R106
RESOLUTION NO. 6351
RESOLUTION AUTHORIZING THE,EXE~UTION OF A`d
AGREEMENT TO LOA:'~I MOTJEY TO THE RICHFIELD
HOUSING AND REDEVELOPMENT AUTHORITY AND
PROVIDING.FOR THE PERFORMANCE 'THEREOF BY
ADVANCEMENT FROM THE PERMANENT IMPROVEMENT
REVOLVING FUtdD
(6611 Graham)
WHEREAS, the H RA 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 9, Block 1, Fairwood Shores, and,
- WHEREAS, the purchase of said real property is necessary
to accomplish the purposes of said L/H/?d 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 r~innesota Statutes,
Section 462.581, to make loans to the HRA in aid of projects.
NOW, 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, and
agreement with the Richfield Housing and Redevelopment Authority,
entitled "Loan 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 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 Resolving 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
15thday of December, 1980.
r
ona d J. Pri e Mayor
ATTEST
Sylv' K. Bergh Acti City Clerk