1987-30263
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HRA Resolution No. 302
Resolution Authorizing Sale of Property At
6820-12th Avenue
WHEREAS, the Housing and Redevelopment Authority of
Richfield, Minnesota (HRA), owns certain real property located at
6820-12th Avenue, said property legally described as follows:
The N. 1/2 of the E. 1/2 of Lot 3
Baumgartner's First Addition
WHEREAS, the property was acquired by the HRA so that the
South Hennepin Vocational Technical Center (Vo-Tech) could
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 property would allow for timely payment of the Vo-
Tech contract; and
WHEREAS, because of recent advertising, anal subsequent
preliminary screening for eligibility, a qualified purchaser for
6820-12th Avenue has been selected and it is likely that they
will be found eligible by a lender and MHFA; and
WHEREAS, the purchaser has been identified as the Michael
and Cathy Cooper family, Richfield; and the alternates, in the
following order are: the James and Tami Vrchota family, New
Prague, and the Gregory and Carrie Jensen family, Minneapolis;
and
WHEREAS, the sale must be authorized by the HRA following a
public hearing on the proposed disposition of 6820-12th Avenue;
and
WHEREAS, the Planning Commission has determined the
disposition is in conformance with the Comprehensive Plan; and
WHEREAS, the conditions of sale include a total sales price
of $78,000, a first mortgage of $57,500 payable to the lender, a
second lien of $15,500 payable to the HRA, and a $5,000
downpayment by the purchaser; and
WHEREAS, the estimated market value of 6820-12th Ave. So.
is $78,000 and may be reduced from $78,000 to $75,000 if so
required, to conform with sales requirements established by MHFA;
and
WHEREAS, the purchaser will also be subject to any
requirements imposed by MHFA. ~,
' NOW, THEREFORE BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Richfield,
Minnesota:
1. The HRA has held a public hearing concerning the disposition
of the property at 6820-12th Ave. So.
2. The property located at 6820-12th Avenue South can be
sold in accordance with the conditions of sale or those
conditions, as amended at the request of the Minnesota
Housing Finance Agency; and
3. That the Chairman and Executive Director are authorized
take such steps necessary to effectuate this resolution
any sales agreement.
Passed by the Housing and Redevelopment Authority in and
the City of Richfield, Minneso this 18th day of May, 1987.
~~ ~,
Thomas E. Harms, Chairman
ATTEST:
an Helmberger, S retary
to
and
for
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