80-6222R92
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RESOLUTION NO. 6222
RESOLUTION AUTHORIZING THE EXECUTION OF AN
AGREEMENT TO LOAN MONEY TO THE RICHFIELD
HOUSING AND REDEVELOPMENT AUTHORITY AND
PROVIDING FOR THE PERFORMANCE THEREOF BY
ADVANCEb1ENT FROM THE PERMANENT IMPROVEMENT
REVOLVING FUND
(709 Graham)
WHEREAS, the HRA desires to borrow money for the purpose of
purchasing certain real property pursuant to and in furtherance
of the L/H/N Redevelopment Project heretofore adopted by the
City and the HRA, said real property being described as follows:
Lot 3, Block 3, Fairwood Shores, Hennepin County; Minnesota,
(709 ~r.aham Avenue) , 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, THEREOI'RE 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 Agreement", a copy of which is hereby given
Clerk's File No. HRA- 2Ey and is ordered placed on file.
2. That the City Clerk be, and hereby is directed to advance
monies to the Richfield Housing and Redevelopment Authority in
such amount and at such time as is provided in the above agreement,
said monies to be taken from the Permanent Improvement Revolving
Fund and to return to said fund all payment made by the Housing
and Redevelopment-Authority pursuant to said agreement.
Passed by the City Council of the City of Richfield his
24th day of March, 1980.
onald J. Prie t or
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