1981-17350
HRA RESOLUTION NO. 173
RESOLUTION AUTHORIZING SALE OF PROPERTY AT
6500 STANDISH AV~ItJE SOU'II3
WHEREAS, the Housing and Redevelopment Authority of Richfield, Minnesota,
(hereinafter referred to as the HRA) owns certain real property located at
6500 Standish Avenue South, said property being legally described as follows:
Lot 23, Block 6, New Ford Town, Hennepin Oounty; and
WHEREAS, the property was acquired by the HRA from the city so that the
South Hennepin Vocational Technical Center could relocate and rehabilitate
a house on the site and subsequently sell the home to a.moderate income
family utilizing the FHA Section 235 program; and
WHEREAS, the relocated structure has been rehabilitated and can now be
sold; and
WI~REAS,,the HRA authorized soliciting, receiving, and reviewing applica-
tions from those interested and. qualified to purchase the property; and
WHEREAS, in cooperation with the lender, a purchaser, the Terrance and
Patricia Larson family, has been selected; and
WHEREAS, to complete the purchaser qualifying process, a purchase agreement
must be executed and FHA must determine whether or not Larsons are qualified
for the FHA Section 235 mortgage; and
WHEREAS, the conditions of sale include the maxim~un sale price of
$52,800, the maximum mortgage amount of $44,000, and provisions for send
and third mortgages by the HRA and the Department of Housing and Urban
Develognent (HUD) ; and
WHEREAS, if feasible, the HRA desires a second mortgage position
requiring repayment of $17,200 when the property is sold by the original
purchaser; but if feasible, will accept a third position after HUD, if a
second position is not possible; and
WHEREAS, the purchaser will also be subject to any regLU.rements imposed
by HUD or FHA; and
WHERF,AS, the HRA has completed a public hearing on the proposed disposition.
NCJ~a, TIIEREFOI'~G, BE IT RI;SOLVGD I3Y 'IIiE IIOL'SING 11ND REDI;VELOPbiCNT IIIJIYiORIT1
OF RICHFIELD, MINIQF5OTA:
1) that the Etecutive Director is directed to elecute ~~ purchase agreer.~nt
for selling the property located at G500 Standish Avenue South;
2) that the Terrance arld P~~tricia Larson ianuly .ire tie appro~-ed purchasers
for the property contingent on their rtuaLiLyi.n~~ ror t!ie I~3A Section ?35 mort~a~;e
as verified by Ffi~'1 and the lender; and
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3) that the Executive Director and staff are authorized to take
such steps that may be necessary. to effectuate this resolution and any sales
-agreement. .
Passed by the Housing and Redevelopment Authority of Richfield this
17th day of August, 1981.
~1
E. Harms, Chairman
AT~ST:
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Michael Freeman, Secretary
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