1976-5651r105
RESOLUTION N0. 5651
RESOLUTION AUTHORIZING TIC E~CUTION OF AN
AGREEi'~IENT TO LOAN ~-IONEY TO TI-IE P~ICHFIELD
HOUSING AND REDEVELOPMENT AUTI-IORITY AND
PROVIDING FOR TIC PERFORMAI`dCE THEREOF BY
ADVANCEMENT FROM THE SEWER UTILITY FUND
t'~IEIZEAS, the IIEZA desires to borrow money for the purpose of purchasing
certain real property pursuant to and in furtherance of the L/H/N Redevelopment
Project. here,~ofore adopted by the City and the HRA, said real property being
described as follows: Lot 4, Block 3, Fairwood Shores, Hennepin County, Minne-
sota, and
jVfIEI,I~.AS, the purchase of said real property is necessary to accomplish
the purposes of said L/H/N Project, and
6tiI-AREAS, the HRA is authorized by Minnesota Statutes, Section 462.445, to
purchase real property anal to borrow-money from the City therefore, and
jVH-IEREAS, the City is authorized by Ainnesota Statutes, Section 462.581, to
make loans to tl~ie II-?A in aid of projects .
NOIV, TI-TEREFOI'~, BE I'T RESOLVED BY THE CITY OF RICHFIELD:
1. That the '~~Iayor 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, ~~titand isoo deredemlaced oncfile f which
is hereby given Clerk s File Ivo. HRA- P
2. That the City C1_erk be, and hereby is .directed to advance monies to the
Richfield ilousn~; 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.
all payments made by the Housing and Redevelopment Authority pursuant to said
agreement.
Passed by the City Council of the city of Richfield this 13 day of
Decembc;r, 1976.
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,~J- ' Lo en L . Law / Mayor
ATTEST:
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T"omas J. Moran City C1erc
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