1980-155
(727 Graham)
HRA RESOLUTION NO. 155
RESOLUTION AUTHORIZING THE
EXECUTION OF A CONTRACT TO
BORROW MONEY FROM THE L/H/N SPECIAL REVENUE
CAPITAL 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: Lot 8, Block 3, 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, funds to provide for the purchase of this prop-
erty are available in the L/H/N Special Revenue Capital Fund,
NOW, THEREFORE, BE IT RESOLVED BY THE RICHFIELD HOUSING
AND REDEVELOPMENT AUTHORITY:
1. That $65,000 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 Special Revenue Capital
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 H RA presently intends to acquire his
property provided negotiations result in the determination of
a mutually agreeable sale price. The Executive Director shall
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include with such notification a statement which complies
with the requirements of regulations ,of the Department of
Housing and Urban Developmen•~, 24 C.F.R. ~42.135..
7. That the Chairman and Executive Director are author-
ized to execute a purchase agreement for just compensation
for the p~irchase•of said real estate.
8. That if the negotiations result in a proposal for
the purchase of said real estate greater than just compensa-
tion, said proposal shall be presented to the.HRA.
Passed by the Housing and .Redevelopment Authority of~
Richfield this 15th- day of December, 1980.
• ~ f,~
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Thomas E. Harms Chairman
ATTESTS
. Luettinge Secretary
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