1980-138709 Graham Avenue
HRA RESOLUTION N0. 138
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 furtherance"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: Lot 3,
Block 3, Fairwood Shores, Hennepin County, Minnesota (.709 Graham
Avenue) 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 form 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:
g
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. -25, and is ordered placed on file.
2. That the Executive Director be, and hereby i~ director
to present said agreement to the City of Richfield for~its considera-
_. tion and acceptance.
3. That $52,000 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 accept-
ance and execution of the above agreement by the City of Richfield.
The owner of the subject property shall be offered the sum of
$52,000 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
neotitations result in the determination of a mutually agreeable
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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 Develop-
ment, 24 C.F.R. ®42.135.
6. That the Chairman and Executive Director are authorised
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 ~h day of March, 1980.
Do J. Pry. Chairman
ATTEST:
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V. L. Luetting Secretary
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