1979-123.~.~ ,~ <
, HRA Resolution No. 123
RESOLUTION- AUTHORIZING THE
BORR041ING OF MONEY FROh1 THE
CITY OF RICHFIELD AND THE
PURCHASE OF REAL PROPERTY AT •
6607 LAKE SHORE DRIVE
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 heretofore 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 carefully considered such appraisals, and
1JHEREAS, 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,
4,_l ...
WHEREAS, the Housing and Redevelopment Authority has instructed the
:. Executive Director and Attorney to commence negotiations for the purchase of
the real property described above, and
WHEREAS, the negotiations for the above described real property has
• resulted in tf~e execution of a purchase agreement by the seller,
NOW, THEREFORE, BE IT RESOLVED BY THE RICHFIELD HOUSING AND REDEVELOPMENT
AUTHORITY: -
148
1. The Executive Director is directed to execute the purchase agreement to
purchase the above described property for Seventy-Five Thousand Five Hundred
and no/100 dollars ($75,500.00).
2. The Executive Director is directed to loan $78,000 from the City
per the Loan Agreement approved by the Housing and Redevelopment Authority
and City Council on May 14, 1979.
Passed by the Housing and Redevelopment Authori
day of 11th day of June, 1979.
_ ~-s~
. L. Luett~nge Secretary
of Richfield this
airman