79-6176R47
` RESOLUTION N0.6176
RESOLUTION AUTHORIZING THE EXTENSION OF AN
AGREEMENT TO LOAN MONEY TO THE RICHFIELD
HOUSING AND REDE'~~'ELOPMENT AUTHORITY AND
PROVIDING FOR THE PERFORMANCE THEREOF BY
ADVANCEMENT FROM THE PERMANENT IPQPROVEMENT
REVOLVING FUND
(723 Graham Avenue)
T~iEREAS, 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 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 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. ~iRA -21 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 anal Redevelop-
ment 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 7uthorty
pursuant to said agreement. -;
Passed by the City Council of the Cit f Richfield this
10th day of December, 1979. '
L ren L. Law Mayor
ATTEST:
Sy v Bergh Acting ty Clerk
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