1976-5539r588
RESOLUTION NO_. 5539
-RESOLUTION AUTHORIZING THE EXECUTION OF AN
AGREEMENT TO LOAN MONEY TO THE RICHFIELD
o HOUSING AND REDEVELOPMENT AUTHORITY AND
FROVIDING FOR THE PERFORMAI~'CE 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 Redevelopment
Project heretofore adopted by the City and .the HRA, said real property being
described as follows; Lot 3, Block 4, J. N. Hauser Second Addition, 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 City therefor, 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 RICHFIE LD:
. 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-3, 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 Richfiel this 24th day of
A/Tay, 1y76. - r ~ ~~
L. Lav(~ ~/ Mayor
ATTEST:
.~
Thomas J. oran City Clerk