1983-21794
HRA RESOLUTION NO. 217
RESOLUTION AUTHORIZING THE
EXECUTION OF A CONTRACT TO
BORROW MONEY FROM THE L/H/N SPECIAL REVENUE
CAPITAL FUND FOR
THE PURCHASE OF REAL PROPERTY
AT 6425 AND 6429 PORTLAND AVENUE
WHEREAS, the Richf field Housing and Redevelopment Authority
(HRA) desires to borrow money for the purpose of purchasing certain
real property pursuant to and in furtherance of the provisions of
Minnesota Statutes Chapter 462.411, et. seq, said real property being
described as follows: Tracts A, B, C, and D Registered Land Survey
No. 476, Files of Registrar of Titles, County of Hennepin, Minnesota;
and ,
WHEREAS, the HRA has caused appraisals of the subject property to
be made and has carefully considered such appraisals; and
WHEREAS, funds to provide for the purchase of this property are
available in the L/H/N Special Revenue Capital Fund; and
WHEREAS, the Executive Director commenced negotiations for the
purchase of the real property described above; and
WHEREAS, the negotiations for the above described real property has
resulted in the execution of a purchase agreement by the seller;
NOW, THEREFORE, HE IT RESOLVED by the Richfield Housing and
Redevelopment Authority: ~ ~ ~ ~-
1. That $156,000 is determined to be just compensation for the
subject real property.
2. That the monies for the .purchase of this property are to be
provided from the L/H/N Special Revenue Capital Fund .
3. That the Chairman and the Executive Director be, and hereby
are authorised 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.
4. 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.
. S. That the Executive Director is authorized and directed to
execute a purchase agreement for the above described property for
One Hundred Sixty-six Thousand and no/100 dollars ($166,000)
Passed by the Housing and Redevelopment Authority of Richfield,
this '38 day of ~~Atp~iL;_; _~: 1983 .
w
Thomas E. Harms, Chairman
Joan He]:mberger S®crerary
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