1981-18764
RESOLUTION NO.. 1,87
A RESOLUTION AUTHORIZING THE
PURCHASE OF REAL PROPERTY AT 721 GRAHAM AVENUE
WHEREAS, the Richfield Housing and Redevelopment Authority
(HRA) desires to purchase certain real property pursuant to and
in furtherance•of the LHN 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, the HRA has authorized the commencement of negotia-
tions 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 this property
are available in the LHN Capital Fund, and --
WHEREAS, an agreement contains additional terms and conditions
of the transaction; and
WHEREAS, fair compensation for the interest of the HRA in
the structure is for .removal from the property and has also been
determined.
_.___ _- _ NOW, THEREFORE:, BE _~T_12ESOhVEI~ _by_ the_.Richfield Housing.. and
Redevelopment Authority:
1) The Executive Director is directed to execute a purchase
agreement for the above- property for Eighty-two Thousand and
no/100 Dollars ($82,000.00).
2j The Chairman and Executive Director-are authorized to
execute an Agreement.
3) That the monies for the purchase of this property are
to be borrowed from the L/H/N Capital Fund, for a period of
three years. .
4) 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..
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5) 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..
Passed by the Housing and Redevelopment Authority of
Richfield this 21st day of December, 1981.
homas E. Harms, Chairman
ATTEST:
Michael Freeman, Secretary
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