1979-111124
HRA RESOLUTION N0. 111
RESOLUTION ESTABLISHING FAIR i~1ARKET VALUE
AND AUTHORIZING TI-IE CO1t1~IENCE~tENT OF
NEGOTIATIONS FOR THE PURCHASE ~ OF REAL P:'~OPERTY
7504 COLFAX AVENUE
NHEREAS, the Richfield Housing and Redevelopment Authority
(HRA) desires to purchase certain real properties 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:
7504 Colfax Avenue So., Lot 2, Block 22, Irwin Shores Addition,.
Hennepin County, MN; Plat 45605, Parcel 4220
NrIEREAS, the HRA has caused appraisals of-.the subject property
to be made, has carefully considered such appraisals, and believes
the t~vork of such appraiser was performed in a competent manner and in
accordance with applicable law; and
SYHEREAS, the Housing and Redevelopment Authority is authorized
by Biinnesota Statutes Section 462.445 to purchase real property;
NOti~~, THEREFORE, BE IT RESOLVED BY THE HOUSING AND REDEVELOP,`.IENT
AUTHORITY OF RICHFIELD, iYIINNESOTA:
1. That $20,000 is determined to be fair market-value 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 HR1'~ presently intends to acquire his property provided
negotiations result in the determination of a mutu~aly agreeable
sales price. The Executive Director shall include tiaith such noti-
fication a statement which complies with the requirements of re~u-
lations of the Department of housing and Urban Levelopment, 24 C.F.F.
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 ~vliich is acceptable to the owner(s), and shall
report his recommendation relating to said proposal.
Passed by the Itousiti;; and Ledevelopmen
this 12th day of March, 1979.
o eti L. Lei
ATTL'ST
L. Luett~nger e c r e t a r ~•
uthorit~• of Richfield
chairman