1976-13
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RESOLUTION N O. - 13 ~ 14
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RESOLUTION AUTHORIZING THE --
EXECUTION OF A CONTRACT TO .,
BORROW MONEY FROM THE CITY OF
_ RICHFIELD AND PROVIDING FOR ~_
THE COMMENCEMENT OF NEGOTIATIONS
FOR THE PURCHASE OF REAL PROPERTY
WHEREAS, the Richfield Housing. and Redevelopment Authority
(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 of Richfield (the "City") and
the HRA, said real property being described as follows: Lot 10,.
Block 1, Fairwood Shores, Hennepin County, Minnesota, and
WHEREAS,. the HRA has caused appraisals of the subject
~. property to be made and. has carefully considered such appraisals,
• ~ 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
1.--That the Chairman-and the Executive Director be, and.•
hereby are authorized to execute., as agents of the Richfield Housing
. ~ and Redevelopment Authority, an agreement with the City of. Richfield,
(entitled 'Loan Agreement'), a copy of which is hereby given Clerk`s
File No.~ 2 ~ , and is ordered placed on file.
2• That the~ExeGUtive~Director be,' and hexeb~y is directed
to .present, said agreeinerit to the City o~ Richfield for its
consideration-and acceptance. ,• ~•
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 RICHFIELD HOUSING
AND REDEVELOPMENT AUTHORITY:
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. 3•. That thirty-two thousand dollars ($ 32, 000 ) is .-
determined to be just compensation for the subject real praperty.
~. That the Executive Director and the•HRA's Attorney
are authorized and directed to commence negotiations for the .
purchase of the real property described.in the above agreement
upon acceptance and execution of the above agreement by the City
of Richfield. The dwner of the subject property shall be offered .
the sum of thirty-two thousand dollars {$ 32, 000 . } dollars for the
•-_ ` sale of said property . ~ ~ ~ ~ .
5. -That the Executive Director is hereby directed to
notify,.'in writing, the owner of the subject property, as soon as
possible, that the HRA presently intends to acquire his praperty
° provided negotiations result in the determination of a mutually
agreeable sale price. The Executive lllrecr.or snclll 111C:1 UUC WL L11
such notification a statement which complies with the requirements
of regulations of the Department•of Housing and Urban Development,
24 C.F.R. §42,135.
6. That upon the completion of the negotiations, the
Executive Director shall report back to the HRA,with a proposal for
the purchase of said real property which is acceptable to the land
owner, and shall report his recommendations relating to said proposal.
Passed by the Housing and Redevelopment Authority of
Richfield this • . 12 day of April , 1976 .
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ATTEST:
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A. P. Anderson, Secretary
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n L. Law, CY
rman