1981-158721 Graham
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HRA RESOLUTION NO.158
RESOLUTION AUTHORIZING THE
EXECUTION OF A CONTRACT TO
BORROW MO1`dEY 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 5 Block .3 Fairwood Shores Addition
and,
WHEREAS, the HRA has caused. appraisals of the subject.
property to be made-and has carefully considered such. appraisals,
and,
WHEREAS, funds to provide for the purchase of this property
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 $71,000 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 purchas e
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 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 a
notification, a statement which complies with the requirements of
regulations of the Department of Housing and~tJrban Development,
. 24 C.F.R. 542.135.
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7. That the Chairman and Executive Director are author-
ized to execute a purchase agreement for just compensation for
the purchase of said real estate.
8. That"if the negotiations result in a proposal for the
purchase of said real estate greater tlian_ just compensation,
said proposal shall be presented to the HRA.
Passed by the Housing and~Redevelopment Authority of
Richfield this 19th day of January 1981:
Th mas E. Harms Chairman
ATTES
Michael 0. Freeman Secretary
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