1979-121146
HRA RESOLUTION N0. 121
RESOLUTIOPJ AUTHORIZING THE
EXECUTION OF A CONTRACT TO
BORR04J P90NEY FROM THE C ITY
~- OF RICHFLELD AND PROVIDING
. FOR THE COh1MENCEMENT OF
NEGOTIATIONS FOR THE PURCHASE
OF REAL PROPERTY
WHEREAS, the Richfield Housing and Redevelopment Authority (HRA) desires
to borrow money for the purpose of purchasing certain- real property pursuant
to and in furtherance of the L/H/N Redevelopment Project hertofore adopted
by the City of Richfield (the "City") and the HRA, said real property
being described as follows: Lot 14, Block 3, Fairwood Shores Addition,
Hennepin County, Minnesota, and
WHEREAS, the HRA has caused appraisals of the subject property to be
made and has careful]y considered such appraisals, and
WHEREAS, the HRA is authorized by Minnesota Statutes, Section 462.445
to purchase real property and to borrow money from the City therefore, and
~~ WHEREAS, the City is authorized by Minnesota Statutes, Section 462.581
to make loans to the HRA in aid of projects,
NOW, THEREFORE, BE IT RESOLVED BY THE RICHFIELD HOUSING AND REDEVELOP-
MENT AUTHORITY:
1. That the Chairman and the Executive Director by, and hereby are
authorized to .execute, as agents of the Richfield Housing and Redevelopment
Authority, an agreement with. the City of Richfield (entitled 'Loan Aareement')
a copy of which is hereby given Clerk's File No. 19 ,and is ordered placed
on file.
2. That the Executive Director be, and hereby is directed to present
said agreement to the City of Richfield for its consideration and acceptance.
3. That $74,000 is determined to be just compensation for the subject
real property.
4. That the Executive Director ,and the HRA's attorney are authorized
and directed to commence negotiations for the purchase of the real property
described in the above agreement ,Upon acceptance and execution of the above
agreement by the City of Richfield. The owner of the subject property shall
be offered the sum of 74,000 do7iars for sale of said property.
5. 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 deterrAination of a mutually agreeable sale 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.
6. 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 land owner, and shall
report his recommendations relating to said proposal.
Passed by the Housing and Redevelopment Autho~ ty of Richfield this 14th
day of May, 1979. ~ _
. Law ~ Chairman
ATTEST:
~r
V. L. Luetti r Secretary
~~_~ . _ -
1
1