1976-3134
HRA RESOLUTION N0. 31
RESOLUTION ESTABLISHING FAIR
MARKET VALUE AND PROVIDING
FOR THE COMMENCEMENT OF
NEGOTIATIONS FOR THE PURCHASE
OF REAL PROPERTY
(7238 Wentworth)
WHEREAS, the Richfield Housing and Redevelopment Authority (HRA)
desires to purchase certain real .property pursuant to and in
furtherance of the New Home Program heretofore adopted by the
City of Richfield (the "City") and the HRA, said real property
being described as follows: Lot 7, Block ~',, Nicollet Terrace
Addition, Hennepin County, Minnesota; and
WHEREAS, the HRA has caused appraisals of the subject property
to,be made, has. carefully considered such appraisals, .and believes
the work of such appraisers was performed in a competent manner and
in accordance with applicable law;
NOW, THEREFORE, BE IT RESOLVED BY THE RICHFIELD HOUSING AND
REDEVELOPMENT AUTHORITY:
1. That $28,000 is determined to be just compensation for the
subject real property.
2. That the Executive Director and the HRA's Attorney are
authorized and directed to commence negotiations for the purchase
of the real property described above.
3. 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
sales price, which shall not exceed $2.6,000. 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.
4. 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 owner(s), and shall
report his recommendation relating to said proposal.
Passed by the Richfield Housing and Redev opment Authority this 13th
day of December, 1976.
'~ ~_
~ ~ _ oren L. Law Chairman
~~ ATTEST:
-d`~/
Ivan Lude an Secretary