1977-3642
HRA RESOLUTION N0. 36
RESOLUTION ESTABLISHING FAIR
MARKET VALUE AND PROVIDING
FOR THE PURCHASE OF
REAL PROPERTY
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 22, Block 15, Tingdale Bros. Lincoln Hills
Third Addition, Richfield, Minnesota; and
WHEREAS, the HRA has caused an appraisal of the subject property
to be made, has carefully considered such appraisal, and believes
the work of such appraiser was performed in a competent manner
and in accordance with applicable law; and
WHEREAS, the Housing and Redevelopment Authority is authorized
by Minnesota Statutes, Sectign 462.445 to purchase real property;
NOW, THEREFORE, BE IT RESOLVED BY THE RICHFIELD HOUSING AND
REDEVELOPMENT AUTHORITY:
1. That $14,500 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. 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. $42.135.
4. That upon the completion of the negotiations at a purchase
price of $14,500 and assumption of the special assessments, the
Executive Director is hereby authorized to execute the purchase
agreement, to purchase the above-described property, and to proceed
with site clearance and advertising for resale of the land.
Passed by the Richfield Housing and Redevel pment Authority this
23 day of May 1977.
ATTEST: Lo n L. Law Chairman
Ivan Ludema S cretary