1976-16HRA RESOLUTION N0: 16
' RESOLUTION AUTHORIZING THE
EXECUTION OF A CONTRACT TO
e BORRONf MONEY FROM THE CITY
OF RICHFIELD AND PROVIDING
FOR THE COMNIENCE~IVT OF
NEGOTIATIONS FOR THE PURC[~ASE
OF REAL PROPERTY
WHEREAS, THE Richfield Housing and Redevelopment Authority (HItA) desires to
borrow money for the purpose of purchasing certain real•property pursuant to and
in furtherance of the LJH/N Redevelopment Project heretofore adopted by the City
of Richfield (the "Gity"} and the HRA, said real property being described as fol-
lows: Lot 6, Block 3, 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 therefore, and
- 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 author-
ized 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.~•5 , and is ordered placed on file.
2. That the Executive Director be, and hereby is director to present said
agreement to the City of Richfield for its consideration and acceptance.
3. That $31,800 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 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 owner of the subject property shall be offered the
sum of $31,800 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 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.
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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 reconnnenda-
tions relating to said proposal. .
°Passed by the Housing and Redevelopment Authority of Richfield this 1~.~~~-~ day
of Juee, 1976.
ren irman
ATTEST
- ~ .
erson, Secretary
i