1980-153' ~ -~ . ~ ( 660 8 Graham)
HRA RESOLUTION N0. 153
RESOLUTION AUTHORIZI?~TG 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 ar~d in, furtherance of the
L/H/T1 Redevelopment Project heretofore adopted by the City of
Richfield (the "City") and the HRA, said real property being
described as follows: Lot 10, Block 3, Fairwood Shores, and,
WHEREAS, the HRA has caused appraisals of the subject prop-
erty to be made and has carefully considered such appraisals, and
WHEREAS, the HRA is authorized by Minnesota Statutes, Sec-
tion 462.445 to purchase real property and to borrow money
from the City therefore, and
WHEREAS, the City is authorized by Minnesota Statutes, Sec-
tion 462.581 to make loans to the HRA in aid of projects,
NOW, THEREFORE, BE IT RESOLVED 3Y 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. 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 con-
sideration and acceptance.
3. That $71,500 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 pur-
chase of the real property described in the above agreement
upon acceptance and execution of the above agreement by the
City of Richfield.. •The owner of the subject property shall be
offered the sum of $71,500 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
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• 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 o~f the .Department. of Housing
• .and Urban Development, 24 C.F: R.; §42,135..
6. That the Chairman-and Executive Director are author=
ized to execute a purchase agreement for_just compensation for
the purchase of said real estate.
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7. That if the negotiations result in a_proposal -for the
purchase of said real estate greater than just compensation,
• sand proposal shall be presented to the HRA.•
Passed by the Housing and Redevelopment Authority of Rich-
field this I5th day of December, 1980..
~•
.lG~ ~ _
mas E.-Harms .Chairman
ATTESTS
•
V. L. Luettin r Secretary
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