1977-76~• ..
- HRA RESpLUTION NO. 76
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' RESOLUTION ESTABLISHING FAIR bfARKET
° VALUE AND PROVIDING FOR THE
COMhENCEMENT OF NEGOTIATION5-
F'OR THE PURCHASE OF REAL PROPERTY
(18,190 SQ. FT. CITY PROPERTY)
WHEREAS, the Housing and Redevelopment Authority of Richfield
(HRA) desires to.purchase certain real property, pursuant to and
in furtherance of the Lyndale/Hub/Nicollet Redevelopment Project.
heretofore adopted by the City of Richfield (city) and the HRA,
said real property being described as a portion of Tract C,
Registered Land Survey No. 1131; 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 HOUSING„AND REDEVELOPMENT
AUTHORITY OF RICHFIELD:
].. That $4:25 per square foot is determined to be just
compensation for the subject real property.
2. That the Executive Director and the HRA's Attorney are
f authorized and directed to commence negotiations for the purchase
of the real property.
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 notifi-
cation of 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 bac}c to the HRA with a proposal for t}~e
. purchase of said real property cohich is acceptable to the owners,
_ and shall report-his recommendation relating to said proposal.
the
Passed this 20th day of~ December . 19 77 . by
Housing and Redevelopment Authority of Richfield, Minnesota.
ATTEST:
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Ivan Ludeman, ecretary Lo en L. L w, C a an
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