1981-17047
HRA RESOLUTION NO. 170
RESOLUTION AUTHORIZING THE
EXTENSION OF AN AGREEMENT TO
BORROW MONEY FROM THE
PERMANENT IMPROVEMENT REVOLVING FUND
WHEREAS, the Richfield Housing and Redevelopment Authority (HRA)
desires'to continue to borrow money for the purpose of funding
certain real property. purchases pursuant to .and in furtherance of
the LHN Redevelopment Project adopted by the city and HRA, said
real property being described ~as follows:
Lot 11, Block 3, Fairwood Shores, Hennepin County,
Minnesota (6600 Graham Avenue); and
WHEREAS, the HRA is authorized by the 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 Statues, Section
462.581, to make loans to the HRA in aid of projects; and
WHEREAS, the HRA will pay a 9% interest rate on the $50,000.00
loan to be effective as of July 1, 1981, .for a one year term.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF RICHFIELD:
1) That the Chairman and Executive Director be, and hereby are,
authorized to execute, as agents to the City of Richfield, an agreement
with the City of Richfield entitled "Loan Extension Agreement," a copy
of which is hereby given Clerk's File No. HRA 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.
Passed by the Housing and Redevelopment Authority of the City
of Richfield this 20th day of July, 1981.
L / ~~~ .. .
T omas E. Harms, Chairman
ATTEST:
a ~~
Michael Freeman, Secretary