1978-100109
HRA Resolution No. 100
Resolution Authorizing Purchase of
Leasehold Interest In Real Estate.
(Naegele Advertising)
WHEREAS, the Richfield Housing and Redevelopment Authority (HRA)
proposes to purchase a certain leasehold interest in real estate
pursuant to and in furtherance of the Lyndale/Hub/Nicollet Rede-
velopment Project, heretofore adopted by the City of Richfield
(the "City) and the HRA, said leasehold interest is in property
in which the HRA has previously acquired fee simple title and is
described as the South 78.45 feet of the North 278.45 feet of Lot 9,
Block 4, J. N. Hauser's Second Addition; and,
'v4HEREAS, the leasehold interest of Naegele .Outdoor Advertisinq
Company provides for the maintenance of two poster panel signs with
roof-top installation located on a one story building known as
6513-21 Lyndale Avenue and the Woodlake Cleaning Center; and,
6dHEREAS, the Housing and Redevelopment Authority has caused appraisals
of subject leasehold be made and has carefully considered such
appraisals; and,
WHEREAS, the Housing and Redevelopment Authority is authorized by
Minnesota Statutes, Section 462.445 to purchase real property and
interests therein; and,
WHEREAS, the Housing and Redevelopment Authority has instructed the
Executive Director and the HRA's Attorney to commence negotiations
for the purchase of the leasehold interest described above; and,
6~7HEREAS, the negotiations for the leasehold interest described in the
above agreement have resulted in the execution of a purchase agree-
ment by the owner(s);
NOW, THEREFORE, BE IT RESOLVED by the Richfield Housing and Rede-
velopment Authority that the Executive Director is authorized to
execute the purchase agreement and to purchase the above described
property for $11,400.
Passed by the Housing and Redevelopment Authority of the City of
Richfield this 28th day of August , 1978.
~~
en L. Latnt', Chairman
ATTEST:
Ivan Lu man, Secretary