1976-5513r• ~ ~ 559
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RESOLUTION N0. 5513
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 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-
ment Project heretofore adopted by the City and the HRA, said real property
being described as follows: Lot 10, Block 1, 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 Minnesota Statutes, Section 462.445,
to purchase real property and to borrow money from the Gity therefor, and
WHEREAS, the City is authorized by Minnesota Statutes, Section 4.62.581,
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 the 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-2, 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 fund, and to return to the sewer 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
April, 1976.
ATTESTS
CL ~~1~(7r~i /L`-
Thomas J. Mon City Clerk
12th day of
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