1985-264AHRA RESOLUTION N0. 264 A _
• Selection of Developer, 66th Street, Rae Drive
and Colfax Avenue Housing ,- •
,--
- WHEREAS, the Housing and Redevelopment Authority in and for
the City of Richfield (HRA) has acquired the properties located
at 910 and 1016 W. 66th Street, 901 and 903 Rae Drive, and 7508-
Colfax Avenue; and ~-
WHEREAS, there is a shortage of decent, safe and sanitary
housing affordable t4 low and moderate income persons; and
- WHEREAS, these properties owned by the-HRA if properly
-developed could help alleviate the shortage of decent, safe and
sanitary housing affordable to low and moderate income-persons;
and -
WHEREAS, a qualified developer has been identified, George
E.•Branton Construction,Company; and
WHEREAS, a developers agreement must be negotiated and
more detailed development plans formulated for review by the
HRA, Planning Commission and City Council; and
WHEREAS, a housing development and interest reduction
pro~eet plan and regulations for implementing the project plan
have been formulated to ensure that the housing at the 66th
Street and Rae Drive properties will be affordable to low and
moderate income persons by reducing the effective interest rate
on mortgage loans; and
WHEREAS, the financial resource identified in the interest
reduction plan and regulation for ensuring housing affordability
is the interest earnings from the proceeds of sale of real
estate currently owned by the HRA, 6425 and 6429 Portland Avenue
South.-
NOW THEREFORE BE IT RESOLVED, by the Housing and
Redevelopment Authority in and for the City of Richfield,
Minnesota: -
1) That George E. Branton Construction Co., is selected
as the developer to construct housing at 910 and 1016
W. 66th Street, 901 and 903 Rae Drive, and 7508 Colfax
Avenue subject to the negotiation of a developers
agreement and approval of that agreement by the HRA.
2) That staff is authorized to negotiate a developers
agreement.
3) That the developer is directed to prepare a more
detailed development plan, which staff will review
and make available to the HRA, and Planning Commission.
24
4) That the HRA approves in•substantially the farm
submitted herewith the following documents.:
' -Housing Development Pro~eat Plan
' -Interest Reduction Project Plan, and,
-Interest Reduction Program Regulations.
5) That staff is .authorized to initiate negotiations with
the City of Richfield for the sale of 6425 and 6429
,Portland Avenue at the appropriate time since the _
investment of proceeds for the sale of these assets
will finance the Interest Reduction Program identified
above and subject to final approval by the HRA.
Passed by the Housing and Redevelopment Authority,of
Ri~ahfield, Minnesota, this day of Augu t, 1985.
. ~ -
• omas arms, a rman
ATTEST:
~~~~~ ~~
o~an a mberger, ecre y •
1
C