1985-27333
HRA RESOLUTION N0. 273
RESOLUTION AUTHORIZING THE SALE OF
910 AND 1016 W. 66TH STREET
AND 901 AND 90~ RAE DRIVE
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
910 and 1016 W. 66th Street and 901 and 903 Rae Drive, and
legally described on attachment A, and
WHEREAS, the existing structures on the property are
substandard and deteriorated as to condition and use, and
WHEREAS, the HRA has authorized the removal of those
structures in preparation for new development, and
WHEREAS, a developer, George E. Branton Construction company
(Developer) has submitted construction plans and specifications
for developing eight duplex type dwell-ing units for families, to
be built on the cleared property, and
WHEREAS, a Development and Sales Agreement has been prepared
which perseribes the conditions of the sale of the property to
the .developer and the development and sale of the completed
dwelling units, and
WHEREAS, to assist the sale of the units to moderate income
families, the HRA has authorized an Interest Reduotion Plan and
Program Regulations that identify the manner in which hcusing
assistance will be provided by the HRA and Developer to
qualified purchasers, and
WHEREAS, changes have been made to this Plan and Program
Regulations.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Richfield,
Minnesota;
That the HRA authoriz-es the sale of 910 and 1016 W.
66th Street and 901 and 903 Rae Drive to the Developer
for $1.00, subject to a lien for the value of the land
and the conditions of the Development Agreement.
That the HRA has reviewed and approved 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 and related
documents with the Developer.
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That the HRA authorizes the Chairman and Executive Director
to execute the necessary documents providing for the
conveyance of the property to the Developer and to act to
convey the- property once a written letter of commitment to
finance the construction has been provided from the
construction lender.
That the changes to the Interest Reduction Pro~eot Plan
and Interest Reduction Program Regulations, as noted in
HRA Letter No. 42, are approved.
Passed by the Housing and Redevelopment Authority in and for
the City of Richfield this 18th day~of November, 1985.
~/; ~ ~;~ .vim •~- ~_- ~.~ ° ~`~
Thomas E. Harms, Cha rman
ATTEST:
°~ /
Joan^~ elmberger, Secret ry
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