1976-5558r4
• RESOLUTION N0.• 5558
60~
RESOLUTION AUTHORIZING THE~EXECUTION OF AN
AGREEMCNI' TO LOAN MONEY TO THE RICHFIELD
HOUSING AND REDEVELOPMENT AUTi-iORITY AND
• PROVIDING FOR THE PERFORMANCE THEREOF BY
AI}VANCIIMMENT FROM THE SEWER FUND .
WHEREAS, the HRA desires to borrow money for the purpose of purchasing
certain real property puxsusnt to and in furtherance of the L/i~i/N Redevelopment
Project heretofore adopted by the City and the HRA, said real property being
• described as follows: Lot 6, Block 3, Fairwood Shores, Hennepin County, Minne-
sota, and ~ .
•
WHiJREAS, the purchase~of said real property is necessary to accomplish the .'
purposes of said L/H/N Project, and
~+JHEREAS, the HRA is authorized by Minnesota Statutes, Section 462.445, to
purchase real property and to borrow money from the City therefore, and
WHEtZEAS, the City is authorized by Minnesota Statutes, Section 462.5$1, to
make loans to the HRA in aid of projects. •
NOW, THE1zEFORE BE IT RESOLVED BY .THE CITY OF RICHFIELD:
•].. 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
i~ hereby given Glerk's File No. HRA-15, and is ordered placed on file.
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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 tlxe sewer fund all payments made by the Housing and Redevelop-~
went Authority pursuant to said agreement.
Passed by the City Council of the City of Richfield this I4~h day of June,
1976. .
~•.
ATTEST:
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comas or ity er
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