1991-413175
HRA RESOLUTION NO. 413 ~~
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION ESTABLISHING JUST COMPENSATION-AND
AUTHORIZING PURCHASE OF REAL PROPERTY LOCATED AT
7645 COLFAX AVENUE
WHEREAS, the Richfield Housing and Redevelopment Authority
(BRA) desires to purchase certain real property pursuant to and
in furtherance of .the ILN Redevelopment Project (Project)
heretofore adopted by the City of Richfield (City) and the BRA,
" said real-properties being described as follows:
That part of the West 480 feet of the North 1/2 of the SE 1/4 of
the SE 1/4 lying South of the North 558 feet there of and East of
the West 1/4 of the SE 1/4 of the SE 1/4 except the road.
WHEREAS, the HRA in and for the City of Richfield, is
authorized by Minnesota Statutes Section 469.012 to acquire real
property within its area of operation; and
WHEREAS, the Project identifies the location of this
property as the site for public improvements to be constructed by
the City; and
WHEREAS, the HRA is acquiring these properties on behalf of
the City to permit the installation of public improvements; and
WHEREAS, the HRA has caused appraisals of the subject
properties to be made by a qualified independent professional
real estate appraiser to determine its fair market value; and
WHEREAS, a Certified Review Appraiser has reviewed the
appraisal reports, and has prepared a written report setting
forth his opinion as to fair market value; and
WHEREAS, the funds are available from the Municipal State
Aid (MSA} made available by the state to the city.
NOW, THEREFORE, HE IT RESOLVED by the Richfield Housing and
Redevelopment Authority:
1. That dust compensation is determined to be $84,000.
2. That the Executive Director is authorized and directed to
commence negotiations for the purchase of said real
property.
3. That~the Chair and Executive Director are authorized to
execute a Purchase Agreement for the amount of dust
compensation set forth in this resolution.
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4. That the Executive Director is hereby directed to notify
in writing the owners of subject properties as•soon as
possible that the HRA intends to acquire his/tier property.
5. That the conveyance of title to said real properties to .
the City at the appropriate time is hereby authorized.
Passed by the Housing and Redev meet Authority this 18th
day of March, 1991.
'~Z~~.
Thomas E. Harms, Cha
ATTEST:
an Helmberger, Secr tart'
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