79-6086R102
RESOLUTION N0. 6086
RESOLUTION .AUTHORIZING THE -.EXECUTION.. OF AN
AGREEMENT TO LOAN MONEY TO THE RICHFIELD
HOUSING AND REDEVELOPf~1ENT AUTHORITY-AND
PROVIDING FOR THE PERFORMANCE THEREOF BY
ADVANCEf~1ENT FROM THE PERMANENT IMPROVEf~ENT
REVOLVING FUND
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 Redevelop-
meet Project heretofore adopted by the. City and the HRA, said real property
being described as follows: Lot 14, Block 3, Fairwood Shores, Hennepin
County, Minnesota, 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 finnesota 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..
~~~ NOtJ, THEREFORE, BE IT RESOLVED BY THE CITY OF RICHFIELD:
~` 1: That the Mayor and City r1anager 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-19 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 payments made by the Housing and Redevelopment Authority
pursuant to said agreement..
Passed by the City Council of the C~ y of R~ field this 14th day
of h1ay, 1979.
en L. La"w Mayor
ATTEST : ~/~
Thomas J. Mo n City Clerk