1980-15431
`~ ( 6611 Graham) .
HRA RESOLUTION N0. 154
RESOLUTION1 AUTHORIZING THE
EXECUTION OF A CONTRACT TO
BORROW MONEY FROM THE CITY
OF RICHFIELD A~TD PROVIDING
FOR THE PURCHASE OF REAL PROPERTY
WHEREAS, the Richfield Housing an.d~.Re.development Author-
ity (HRA) desires to borrow money for the purpose of purchas-
ing 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: Lot 9, Block 1, Fairwood Shores, and,
WHEREAS, the HRA has caused appraisals of the subject
property to be made and has carefully considered such apprai-
_ sals, 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,
NOW, THEREFORE, BE IT RESOLVED BY THE. RICHFIELD HOUSING
AND REDEVELOPMENT AUTHORITY:
• • • ~ ~1~. That the Chairman and th,~ 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,
consideration and acceptance.
3. That $45,200 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 acceptance and execution of the above agreement by the
City of Richfield. The owner.of the subject property shall be
offered the sum of $45,200 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 not2fication a statement which complies-with
the requirements of regulations of the Department. of Housing
and Urban Development, 24 C.E.R. X42.135.
6. .That the Chairman 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 Hous~.ng and. Redevelopment. Authority -of Rich-
field this 15th day of'JDecember, 1980. -
~P/ ~P
Tho as E. Harms Chairman
ATTEST:
V. L. Luettinge Secretary
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