1980-14421
(744 6Vest 66th Street)
HRA RESOLUTION NO. 144
RESOLUTION AUTHORIZING THE
EXECUTION OF A CONTRACT TO
BORROW PdONEYFROM THE L/H/N TAX
INCREMENT SPECIAL REVENUE FUND 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 heretofore adopted by the City of
Richfield (the "City") and the HRA, said real property being
described as follows: That part of government Lot 2 lying East
of Graham Avenue, North of V7est 66th Street, and South of West
65th Street as opened, Section 28 Township 28, Range 24, Hennepin
County, Minnesota (744 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, funds to provide for the purchase of this property
are available in the Tax Increment Special Revenue Fund,
NOW, THEREFORE, BE IT RESOLVED BY THE RICHFIELD HOUSING
AND REDEVELOPMENT AUTHORITY:
~' 1. That $217,000 is determined to be just compensation
for the subject real property.
2. That the monies for the purchase of this property
are to be borrowed from the L/H/N Tax Increment Special Revenue
Fund for a period of three years at a rate of 5 percent per
annum.
3. 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 (entitled
'Loan Agreement') a copy of which is hereby given Clerk's File
No. , and is ordered placed on file.
4. That the Executive Director be, and hereby is directed
to present said agreement into the records of the HRA of the
City of Richfield for its recording.
5. That the Executive Director and the HRA's attorney are
authorized and directed to commence negotiations for the purchase
of the real property described above.
6. 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 notification a statement which complies with
the requirements of regulations of the Department of Housing
and Urban Development, 24 C.F.R. X42.135.
7. That the Chairman and Executive Director are authorized
to execute a purchase agreement for just compensation for the
purchase of said real estate.
8. 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 11th day of August, 1980.
r
omas arms C airman
ATTEST:
/ fllr , /~
V. L. Luett
cretary
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