1982-19269
RESOLUTION N0. 192
RESOLUT-ION ESTABLISHING JUST
COMPENSATION, AND AUTHORIZING
THE PURCHASE OF 735 WEST 65TH STREET
WHEREAS, the Housing and Redevelopment Authority of
Richfield, Minnesota (HRA) did on October 15, 1975, approve
a redevelopment plan for an urban renewal project for the
Lyndale-Hub-Nicollet area of Richfield entitled "Lyndale-
Hub-Nicollet Commercial Improvement Program" (The "Plan");
and
WHEREAS, it as been determined pursuant to and in
furtherance of the Plan that the acquisition of certain
real property is necessary, said real property being
described as follows:
Tract E, Register Land Survey 1318, Hennepin County,
Minnesota 27-028-24-23-0073. (735 West 65th Street)
WHEREAS, the HRA has caused appraisals of the subject
property to be made and has carefully considered such appraisals,
and recommends establishing just compensation at $150,000; and
WHEREAS, a purchase agreement has been executed by the owner
subject to HRA board approval; and
WHEREAS, funds to provide for the purchase of this
property will be available from the Bonds of 1982.
NOW, THEREFORE, BE IT RESOLVED BY THE RICHFIELD HOUSING
AND REDEVELOPMENT AUTHORITY:
1. that $151,344 is determined to be just compensation
for the subject real property; and
2. that the monies for the purchase of this property
are to be made available from the proceeds of the Bonds of
1982; and
3. that the Executive Director be, and hereby .authorized
to execute, as an agent of the Richfield Housing and Redevelop-
ment Authority, the Purchase Agreement for the purchase of
said real estate.
Passed by the Housing and Redevelopment Authority of
Richfield this 15th day of March, 82.
Thomas E. Ha s, Chairman
~ ~,'~ .
Michael Freeman, Secretary