1986-28242
HRA RESOLUTION N0. 282
RESOLUTION AUTHORIZING SALE OF PROPERTY
AT 7245 HUMBOLDT AVENUE SOUTH
WHEREAS, the Housing and Redevelopment Authority of
Richfield, Minnesota (hereinafter referred to as the HRA) owns
certain real property located at 7245 Humboldt Avenue South, said
property legally described as follows:
Lot 10 & 11, Block 5 Irwin Shores. Except That Part Taken
for U.S. Interstate Highway No. 35W, Hennepin County,
WHEREAS, the property was acquired by the HRA so that the
South Hennepin Vocational Technical Center (Vo-Tech} could
relocate and rehabilitate a house on"the site and the HRA could
subsequently sell the home to a moderate income family; and
WHEREAS, the rehabilitation work is nearing completion and
disposition of the property would allow for the timely payment of
the Vo-Tech contract; and
WHEREAS, as the result of advertising, and in cooperation
with the lender, a qualified purchaser for 7245 Humboldt Avenue
South has been selected and it is likely that they will be found
eligible by MHFA; and
WHEREAS, a purchase agreement must be authorized by the HRA;
and
WHEREAS. the conditions of sale include an initial sales
price of $60,000, a $5,000 down payment, a mortgage amount of not
more than $55,000, and provisions for a second mortgage not to
exceed $25,000; and
WHEREAS. the purchaser will also be subject to any
requirements imposed by MHFA; and
WHEREAS. the HRA has completed a public hearing on the
proposed disposition of 7245 Humboldt Avenue South.
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND
REDEVELOPMENT AUTHORITY OF RICHFIELD, MINNESOTA:
1) that the property located at 7245 Humboldt Avenue South
can be sold in accordance with the conditions of sale; and
2) that the Acting Executive Director and staff are
authorized to take such steps necessary to effectuate this
resolution and any sales agreement.
Passed by the Housing and
Richfield this 16th day of June
-,,
~~~ ~~
J.pan He~.mberger, Secret ry
4..
Redevelopment Authority of
1986.
~,.
Thomas E. Harms, Cha rm n
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