1986-28646
HRA RESOLUTION N0. 286
RESOLUTION FOR AMENDING AGREEMENTS AND THE FINANCING PLAN;
NEW HOME PROGRAM ACTIVITIES
WHEREAS, the Housing and Redevelopment Authority (HRA) in
and for the City of Richfield has considered the status of the
66th Street/Rae Drive housing development and the 7508 Colfax
Avenue South housing development; and
WHEREAS, the HRA has determined that it is appropriate to
amend development agreements with George E. Branton Construction
Company relating to the 66th Street/Rae Drive and 7508 Colfax
Avenue South housing developments and modify the financing plan
for selling housing units within the housing developments.
NOW, THEREFORE, BE IT RESOLVED .by the Housing and
Redevelopment Authority in and for the City of Richfield,
Minnesota:
1. That the Chairperson and Acting Executive Director are
authorized to execute amendments to the "Development
Agreement Between the Housing and Redevelopment
Authority In and For the City of Richfield, Minnesota,
and, George E. Branton Construction Company" concerning
a housing development project in the 6bth'Street and
Rae Drive Area.
2. That the Chairperson and Acting Executive Director are
authorized to execute amendments to the "Development
.Agreement for 7508 Colfax Avenue South Between The
Housing and Redevelopment Authority In and For the
City of Richfield, Minnesota, and, George E. Branton
Construction Company".
3. That the Chairperson and Acting Executive Director are
authorized to take those actions required to effectuate
the sale of housing units within the 66th Street and
Rae Drive Area. Those actions include:
a. A downpayment contribution to the HRA from
the developer in an amount of approximately
$7,900 (in lieu of monthly payment assistance
from the developer); to be provided as closings
occur;
b. A downpayment contribution from the HRA in an
amount of approximately $5,000; as closings
occur;
c. A downpayment contribution from the HRA in an
amount of approximately $7,900 (in lieu of
monthly payment assistance from the HRA); as
closings occur;
- d. Additional downpayment assistance from the HRA
in an amount of approximately $4,000, if neces-
sary, to help moderate income persons qualify
to purchase the three bedroom units within the.
developemnt.
Passed by the Housing and Redevelopment Authority in and for
- the City of Richfield, this 21st day of July, 1986.
omas E. Harms, Chairperson
Jo n Helmberger, Secr tary