1976-1516
HRA RESOLUTION TVO. 15
~ 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 barrow 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 3, Block 4, J. N. Hansen Second Addition,
' Hennepin Caunty, 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 therefore, a nd
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: ~ .
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. 3 ,and is ordered placed
on file .
2. That the Executive Director be ,' and hereby is directed to present said
agreement to the City of Richfield -for its consideration and acceptance..
3. That $31,300 is determined to be just compensation for the subject
real property.
4. That the Executive Director and the HRA's attorney are authorized and
directed to commence negotia~ions 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 owner of the subject property shall be offered the sum
of $31,300 dollars far the sale of said property.
5. That the Executive Director is hereby directed to notify, in writing, the
17
owner of the subject property, as soon as possible, that the HRA presently
intends to acquire his property provided negotiations result in the determination
of a mutually agreeable sale price. The Executive Director shall include with
such notification a statement which complies with the requirements of regulations
of the Department of Housing and Urban Development, 24 C. F, R. X42 ,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 Richfield this 24th
day of May, 1976, ,~
L ren L. Lam airman
ATTEST:
A. P, Anderson, Secretary