77-5829R• ~ 73
RESOLUTION N0. 5829
• 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 SEWER UTILITY 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 Redevelopment Project heretofore .adopted by the. City and
the HRA, said real property being described as follows: Lot 11,
Block 3, Fairwood Shores Addition, Hennepin County, Minnesota, and
WHEREAS, the purchase o~ 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 H.RA in aid of projects.
.•~ NOt4, THEREFORE', BE. IT RESOLVED BY THE CLTY OF RICHFIELD:
1.. That the Mayor and City r;anager 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-
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 Sewer Utility Fund and to return to the
Sewer Utility 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 12th day
Of ecember . 1977. .
/ ~~
ATTEST:
,~ ry
~ ~,
Thomas J~ oran Clty Clerk