1980-14724
HRA Resolution No. 147
RESOLUTION AUTHORIZING THE
BORROWING O~ MONEY FROM THE
CITY OF .RICHFIELD AND THE
PURCHASE OF REAL PROPERTY AT
738 WEST 66th STREET
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:
That part of Lot 1, Section 27, Township 28, Range 24:
Beginning Southwest corner of Government Lot l; thence
East along the South line of~said Government Lot 1 a
distance of 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 Government Lot l; thence South along said West
line to the point of beginning, Hennepin County, Minnesota,
. end
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 City is authorized by Minnesota Statutes Section
462.581 to make loans to the HRA in aid of projects,
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 the execution of a purchase agreement by the seller,
NOW, THEREFORE, BE IT RESOLVED BY THE RICHFIELD HOUSING AND
REDEVELOPMENT AUTHORITY:
1. The
agreement to
Thousand and
2. The
City per the
ment Authori
Executive Director is directed to execute the purchase
purchase the above described property for Ninety-Five
no/100 dollars ($95,000.00).
Executive Director is directed to loan $95,000 from the
Loan Agreement approved by the Housing and Redevelop-
ty and City Council on March 24, 1980.
Passed by the Housing
this 15th day of September,
and Redevelopment Authority of Richfield
1980 .
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omas E . Harms C -i~airman
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