80-6223R93
/':
RESOLUTION N0.6223
RESOLUTION AUTHORIZING THE EXECUTION OF AN
AGREEMENT TO LOAN MONEY TO THE RICHFIELD
HOUSING AND REDEVELOPMENT AUTHORITY AND
PROVIDING FOR THE PERFORMANCE THEREOF BY
ADVANCEMENT FROM THE PERMANENT IMPROVEMENT
REVOLVI2JG FUND
(738 W. 66 ST)
WHEREAS, the HRA desires to borrow money for the purpose
of purchasing certain real property puzs~ant 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:
That part of Lot 1, Section 27, Tract 28, Range 24: Beginning
Southwest corner of Government Lot 1; thence East along the
South line of said Government Lot 1 a distance of 64.8 feet;
thence North parallel with the West line of said Government
Lot land its extension North., to the Southerly line of Registered
Land Survey No. 1318, files of the Registrar of Titles, County of
Hennepin; thence Southwesterly along the Southerly line of said
Registeres Land Survey No. 1318 to the West line of said
Government Lot 1.; thence South along said t^7est line to the
point of beginning (738-West 66th Street), and
Tr~'HEREAS, 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 thereofre, 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 P4anager 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. HRA-27, 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 moi,ies to be taken from the Permanent Improvement Revolving
Fund a:~d 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 this
24th day of March, 1980.
1
'Donald J. Pri e P~~ayor
ATTEST:
is K. .Bergh f~Icting City Clerk