1980-15633
HRA Resolution No. 156
RESOLUTION AUTHORIZING THE
BORROWING OF MONEY FROM THE
CITY OF RICHFIELD. AND THE
PURCHASE OF REAL PROPERTY AT
709 GRAHAM AVENUE
WHEREAS, the Richfield Housing and Redevelopment Authority
(H RA) 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:
Lot 3, Block 3, Faircaood Shores, Hennepin County, Minnesota
• WHEREAS, the HRA had 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 A~'vD
REDEVELOPMENT AUTHORITY:
1. The Executive Director is directed to execute the purchase
agreement to purchase the above described property for Sixty-Two
Thousand and no/100 dollars ($62,000.00)
2. The Executive Director is directed to loan $62,000 from the
City per the Loan Agreement approved by the Housing and Redevelop-
ment Authority and City Council on March 24, 1980.
Passed by the Housing and Redevelopment Authority of Richfield
this 15th day of December, 1980. ~y~,
/ ~y % ~~ ~ ~~2~,/~.~-
~'homas E. Harms Chairman
V.' Luettinge Secretary
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