1976-5576r° RESOLU'I.'ION 1`.TO. 5576
RI;SOLU'l.'ION 11UTIIOI:I`Z,II~rG 'TI3E EYECUTION OI' I,N
AG}ZEEN~I;1V'1' TO LOIN MONEY TO TIIT RICIII'I},LD
HOUSING 11ND REDEVLLOI?MENT 11liTIIORITY 11ND
' PROVIDING 1'OI: TIIE PEP.]'OI~M11ivCE TIIER)10F BY
ADVAI~T CEMLN `i.' I'I.UM TIIE SEINER FUND
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. WI-IEREI~S,'the IIRI~ desires to.borrow money for the purpose of purchasing
.certain real property pursuant to and in furtherance of the L/I-i/N Redevelopment
Project heretofore adopted by the City and the HRA, said real property beiazg
described as follows: Lot 7, B1ocl; 3, raii~aood Shores Addition, Iieruiei~in County,
Minnesota, and , _ , .
WHEREAS, the purchase of said real property= i.s necessary to accomp}ash
the purposes of said L/II/t3 Project, and
. "~'~HEREl-~S, the I-7IZ1.~ is authorized by Mi.nnesoi:a Statutes, Section ~G2. ~~t5,
to purchase real property and to borrow move}= from the City therefor, and
. ViTI3EREI~S, t}~e City is authorized by Minnesota .Statutes, Section ~?G?,557.,
to male loans to the IIRA in aid of prcjects. . '
NOW, THEI2L'I'GIZE BE IT RESOLVED BY TI3~E CI'i'Y C?P RICHI=IE LD:
1, ' That the Ilia}=or and City 1`.~Ianager be, and here}.~y are, authorized to
execute, as agents to the•City of Richfield, an agre~rnent v,~it:17 the Ric;hficl.d
Housing and Redevelopment Authority, entitled ."Loan Agreement", a~copZ= of
vahich is hereby given CIerI;.'s bile No. HRA- ,and is ordered placed on file.
2. That the City Clcri: be, and hereby is directed +.:o advance monies
to tl~ze Pichfield Housing and Redeveloprncnt Authority in such amount and at
such lime as i.s provided in the above agreement, said monies to be tolcen from
the sewer fund, and to return to t;,e se~frer fund all payments rnade by tiro
Housing and Redevelopment Authority pursuant to said agreement.
Passed .b;~ fihe City Council of the City of P.ic
August, 1976.
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ATTEST.
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'~'homa s J. M an City Clerk
~e~d this 23rd day of
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L. Law ~ ` Mayor
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