1985-27434
• HRA RESOLUTION NO. 271
RESOLUTION AUTHORIZING THE CHANGE•OF THE
SECOND MORTGAGE LIEN AMOUNT IN THE SALE OF
920-924 W. 66TH STREET
WHEREAS, the Housing and Redeve.lopmentlAuthority in and for
the City of Richfield, Minnesota has approved the sale of the
two-unit townhouse at 920-924 W. 66th Street at their July 15,
1985 meeting (HRA Letter X35, Resolution 263A), and
WHEREAS, a recent appraisal of the property at 920 W. 66th
Street placed the value at lower than was originally valued by
FHA, and
WHEREAS, a reduced value suggests that the second mortgage
lien would have to be reduced, and
WHEREAS, it is likely the appraisal of the property at 924
W. 66th Street will also provide a lower va~.ue than originally
given by FHA
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority of Richfield, Minnesota;
1. That the HRA Executive Director and Board Chairman
are authorized and directed to execute amendments
to purchase agreements and second mortgage note
for 920-924 W. 66th Street that reduce the amount
of the second mortgage to no less than $17,000.
Passed by the Housing and Redevelopment Authority in and far
the City of Richfield this 1$th ~`ay of November, 1985.
~ a it C, _'--' ~
~ , _ ~ ~~_
Thomas E. Harms, Chairman
ATTEST:
'~ / ~~ ~
Joan He'lmberger, S~~eretary
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