1985-26828
HRA RESOLUTION N0. 268
Resolution Authorizing The Sale Of 7508 Colfax
Avenue South and Entering Into A Development and Sales Agreement-
WHEREAS, the Housing and Redevelopment Authority (HRA) in
and for the City of Richfield owns the real property located at
7508 Colfax Avenue South, legally described as:
Lot 3, Block 22
Irwin Shores Addn.,~ and
WHEREAS, the existing structure on the property is
substandard and deteriorated, and
WHEREAS, a developer, George E. Branton Construction Company
(Developer) has submitted construction plans and specifications
for a single family home to be built on the cleared property to
be sold to a moderate income family, and
WHEREAS, a Development and Sales Agreement has been
prepared which prescribes the conditions for the sale of the
property to the developer and development of the house.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Richfield,
Minnesota;
That the HRA authorizes the sale of 7508 Colfax Avenue
to the Developer for $1.00 subject to a lien for
the value of the land.
That the HRA has reviewed and approves the final development
plans and specifications submitted by the Developer
contingent on acceptance by the City Building Official
and the issuance of a building permit.
That the HRA authorizes the Chairman and Executive Director
to execute a Development and Sales Agreement with the
Developer once a written letter--of commitment to finance
the construction has been provided from the construction
lender.
That the HRA authorizes the Chairman and Executive Director
to execute the necessary documents providing for the
conveyance of the property to the Developer.
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Passed by the Housing and Redevelopment Authority in and for
the City of Richfield this 21st day of ctober, 1985.
om s Harms, Cha rman _
ATTEST : // `J
~~~~ ~°~~iv~
Joan Helmberger,~Secre ary
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