1976-19. ' fiRA KLSOLUTION N0. 19 '
RESOLUTION AUTHORIZING THE
' EXECUTION OF A CONTRACT TO
BORROW MONEY FROM THE CITY
OF RICHFIELD AND PROVIDING
FOR THE PURCHASE OF REAL
. PROPERTY.
Vdi-~REAS, 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 HRP-, said real property being described as fol-
lows: Lct 7, Block 3, Fanwood Shores Addition, Hennepin County, Minnesota, and
1rUHEREAS, the HRA has. caused appraisals of the subject property to be made
and has carefully considered such appraisals, and .
1'VFI.EREAS, 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,
I~TOW, THEREFORE, BE IT RESOLVED .BY THE RICHFIELD HOUSING AND REDEVELOPMENT
AUTHORITY:
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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. , and is ordered placed on file.
2. That the Executive Director be, and hereby is directed to present said
agreement to the Ci'cy of Richfield for its consideration and acceptance.
3. That $41,000. is determined to be just compensata.on for the subject real
property. .
4. That the Executive Director and the HRA's attoxney are authorized anal.
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
$45,000 for the sale of said pxoperty.
5. That the Executive Director~is hereby directed to notify, in writing, the
o~mez of the subject property, as soon as possible, that the HRA presently intends
to acquire ha.s property provided negotiations result in 'the determination of a
mutually agreeable sale price. The Executive Director shall include with such noti-
fication a statement which complies with the requirements of regulations of the
Depar~nent of Housing and Urban Development, 24 C.F.R. Q42.135.
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6. That upon the completion of the negotiations at a purchase price of
$45,000. the Executive Director is hereby authorized to proceed with the clos-
ing for the purchase of the real property referenced above.
Passed by the Housing and Redevelopment Authority of Richfield this 23rd
day of August, 1976.
ATTEST:.
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~A. P. An erson Secretary
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