1981-1593b
HRA RESOLUTION N0. 159
.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 AT ?27 GRAHAM AVENUE
WHEREAS, the Richfield Housing and Redevelopment-Authority
(HRA) desires to~~purchase certain real property pursuant to and
in furtherance of the L/H/N Redevelopment Project heretofore
adopted by the HRA and the City~of Richfield-(the "City"), said
real property being described as follows:
Lot 8, Block 3,~Fairwood Shores Addition, Hennepin
County,. Minnesota, (?2? Graham Avenue), and
WHEREAS, the HRA has caused appraisals of the subject property
to be made and has carefully .considered such appraisals, and-
WHEREAS, the HRA. has authorized the commencement of negotiations
for the purchase ~of the real property described above, and
WHEREAS, the HRA is authorized by Minnesota Statutes, Section
462.445 to purchase real property, and
WHEREAS, funds to provide for the purchase of the property
are available in the L/H/N Special Revenue Capital Project Fund..
NOW, THEREFORE, BE IT~RESOLVED BY THE. RICHFIELD HOUSING AND
. REDEVELOPMENT AUTHORITY:
1. The Executive Director is•~directed to execute a
- purchase agreement for the above property for
Sixty-eight Thousand and no/100 Dollars ($68,000.00)
2. The Executive Director is directed to loan $68,000 from
the L/H/N Capital Fund per the loan agreement approved
by the Housing and Redevelopment Authority on December
15 , 19 80 . .
Passed by the Housing and Redevelopment Authority of Richfield
this 19th day of January, 1981.. '
ATTEST'
- .
Michael 0. Freema~ecretary
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