1986-284" 44
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' HRA RESOLUTION N0. 284
RESOLUTION AMENDING LIEN AGREEMENT-7508 COLFAX AVENUE SOUTH
WHEREAS, the Housing and Redevelopment Authority (HRA) in
and for the City of Richfield has entered into a Lien Agreement
with George E. Branton Construction Company concerning the
development of a single family home on property located at 7508
Colfax Avenue South; and
WHEREAS, the structure has a $69,900 value, the land has a
$20,000 value, and the land value has been secured for the HRA
with this Lien Agreement.
WHEREAS, the parties have found it necessary to amend
certain terms of this Lien Agreement contingent on the source of
financing that a purchaser may secure and the lender appraised
value that is determined for the property.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Richfield:
That the Chairperson and Acting Executive Director are
authorized to execute an Amendment to Lien Agreement
that modifies the lien amount to:
a) $15,100 if financing is secured from the
Minnesota Housing Finance Agency; or
b) An amount that reflects the difference
between the $69,900 value of the structure
and the total value as determined, by
lender appraisal if another financing
source is secured.
Passed by the Housing
the City of Richfield, this
and Redevelopment Authority in and
21st of July, 1986.
omas E. Harms, Chairperson
for
ATTEST:
J n He m erger, Secr tary