79-6177R48
RESOLUTION NO. 6177
RESOLUTION AUTHORIZING THE EXTENSION OF AN
AGREEMENT TO LOAN MONEY TO THE RICHFIELD
HOUSING AND REDEVELOPMENT AUTHORITY AND
PROVIDING FOR THE PERFORMANCE THEREOF BY
ADVANCEMENT FROM THE PERMANENT I1`~PROVEMENT
REVOLVING FUNb
(715 Graham Avenue)
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 4, Block 3, Fairwood
Shores, Hennepin County, Minnesota (715 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 -22 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 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 Authority
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:
r
Sy vi Bergh Acting y Clerk