1982-21188
HRA RESOLUTION N0. 211
AUTHORIZING THE TERI~lINATION OF
AN OPTION. CONTRAC'1 BETWF~EN INDEPENDENT
SCHOOL DISTRICT N0. 28.0 AND THE H®USING AND
REDE~7ELOPNlENT AUTHORITY IN AND F'OR TEE
CITY OF° RICHFIEII~, MINNESOTA FOR THE
• PURCHASE OF THE LILACOLN HILLS SCHOOL SITE
WHEREAS, the Housing and Redevelapment Authority in and
for the City of Richfield (HRA) and Independent School District
No. 288 entered into an Option. Contract on June 28, 1982; and
WHEREAS, at a cost of one thousand dollars ($1,000), the
H~ was granted the opts®n .to purchase the Lincoln: Hills School
building and~site f®r one ~,lli®n, one hundred thousand dollars
($1,100, 0'00) .for creating amulti-unit housa.ng. project for the
elderly, and
WHEREAa, the HRA in turn executed an option agreeffient with
a local non--profit developer, Lincoln Hills, Inc. (LHI); and
• WHEREAS, the financing to create.a multi-unit housing pro-
jest cannot be secured within the time specified by the contract
deadline of December ].., 19820 and
a
WHEREAS, Lincoln Hills,- Inc. has .acted to tex~n.inate its
option with the HRA1 and
W'fiEREAS, during the contract period, the HRA has been
responsible for ensuring that there would be an adeq'~ate supply
of heating oil to keep the building properly heated.
NOln1 THEREFORE, SE IT RESOL~IED by the. Housing and Redevelopment
Authority of Ri..chfie~ld, Minnesotan
1) That tl~e action of LHI terminating the option with the
HRA is acknowledged.
2) That the option contract between the HRA and School
District No .. 280 is terminated.
3) That the HRA is no longer responsible for ensuring
an adequate supply of heating oil to the school
building.
4) That the Executive Director is. authorized and directed
to take appropriate action to implement this resolution.
n
~J
Passed by the $otasing and. Redeve].®pffiant Math®rity ®f
1~a.chfield the 15-th day ®f N®vea~er® 1920
®mas ~. farms, Chairman