1979-1318
HRA RESOLUTION NO. 131
RESOLUTION AUTHORIZING THE
EXTENSION OF AN AGREEMENT TO
BORROW MONEY FROr1 THE CITY
OF RICHFIELD
(723 Graham Avenue)
WHEREAS, the Richfield Housing and Redevelopment
Authority (.HRA) desires td continue to borrow money far the
purpose of funding 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 7, Block 3,
Fairwood Shoresr Hennepin County Minnesota 0723 Graham Avenue).
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 REDEVELOPMENT AUTHORITY:
1. That the C}~airman 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 Richifeld entitled "Loan Extension Agreement," a copy
of which is hereby given Clerk's File No.-21 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. __
Passed by the Housing and Redevelopmen Authority of
Richfield this 10th day of December, 1.97 ~ ~ _
ren L. Lai, airman
1
ATTEST: ~~ ~
.-~1
V. L. Luettinger, ecretary