1980-137738 [•Test 66th Street 14
HRA RESOLUTION NO. 137
' RESOLUTION AUTHORIZING THE
EXECUTION OF A CONTRACT TO
BORROW MONEY FROM THE CITY
OF RICHFIELD AND PROVIDING
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 futherance of the L/H/N Redevelop-
ment Project heretofore adopted by the City of Richfield (the "City")
and the HRA, said real property being described as follows:
That part of Lot 1, Section 27, Tract 28, Range 24: Beginning
Southwest corner of Government Lot 1; thence East along the
South line of said Government Lot 1 a distance o.f 64.8 feet;
thence North parallel with the West line of said Government
Lot 1 and its extension North, to the Southerly line of Registered
Land Survey No. 1318, files of the Registrar of Titles, County
of Hennepin; thence Southwesterly along the Southerly line of
said Registered Land Survey No. 1318 to the West line of said
favex ,--tl~e~e-~e~t-1~-a-Le~g s-a~~ ~+Te~ t 1 ine to the
point of beginning. (738 West 66th Street), and
WHEREAS, the HRA has caused appraisals of "the subject property
to be made and has carefully 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 HRA 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 Chairman and the Executive Director be, and
hereby are authorized to execute, as agents of the Richfield
Housing and Redevelopment Authority, an agreement with the City
of Richfield (entitled 'Loan Agreement') a copy of which is
hereby given Clerk's File No.-24, 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 considera-
tion and acceptance.
3. That $85,000 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 acceptanc
and execution of the above agreement by the City of Richfield.
The owner of the subject property shall be offered the sum of
$85,000 for -the 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 determination of a mutually agreeable
sale price. The Executive Director shall include with such noti-
fication a statement which complies with the requirements of.
regulations of the Department of Housing and Urban Development,
24 C.F.T. 542.135.
6. That the Cr~airman and Executive Director are authorized
to execute a purchase agreement for just compensation for the
purchase of said real estate.
7. That if the negotiations result in a proposal for the
purchase of said real estate greater than just compensation, said
proposal shall be presented to the HRA.
Passed by the Housing and Redevelopment Authority of Richfield
this•24th day of March, 1980.
o d Pr e Chairman
ATTEST:
V. L. Luettinger Secretary