1992-445HRA RESOLUTION N0. 445
THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF RICHFIELD
RESOLUTION AUTHORIZING GLENN WISSER TO
BECOME OWNER OF PROPERTY AT 6313 MORGAN AVENUE
IN ACCORDANCE WITH A DEVELOPMENT AGREEMENT
WHEREAS, the Housing and Redevelopment Authority in and for
the City of Richfield, Minnesota (BRA) desires to develop certain
real property pursuant to and in furtherance of the Expanded New
Home Program Redevelopment Project (Project) heretofore adopted
by the City of Richfield (City) and the BRA, said real property
being described as follows:
Lot 21, Block 9, "Ray's Lynnhurst", and located at
6313 Morgan Avenue; and
WHEREAS, the HRA authorized a development agreement with
Marv Anderson Homes, Inc., on November 19, 1990; and
WHEREAS, the HRA sold the site to Marv Anderson Homes on
February 28, 1991, receiving $25,200 in land proceeds; and
WHEREAS, Marv Anderson Homes being unable to perform on the
development agreement, has identified a willing developer, Glenn
Wisser, who is interested in entering into a development
agreement with the BRA; and
WHEREAS, the development agreement between the HRA and Glenn
4' Wisser requires:
1. A letter of credit in the amount of S2$,742 as performance
security;
2. An assessment agreement which ensures property taxes will
be paid on at least a 590,000 valued property;
3. A construction completion date of August 28, 1992; and
_ 4. Evidence of construction financing and insurance
requirements.
NOW, THEREFORE, BE IT RESOLVED by the Richfield Housing and
Redevelopment Authority, that the Chairperson and Executive
Director are authorized to:
1. Execute the Development Agreement and other agreements as
required to effectuate the development of 6313 Morgan
Avenue by Glenn Wisser; and
2. Release Marv Anderson Homes, Inc. from development
responsibilities at 6313 Morgan Avenue, upon securing a
letter of credit in proper form from Glenn Wisser.
Adopted by the Housing and Redev:'F ment Authority in and for
the City of Richfield, Minnesota t °s 16th day of arch, 1992.
I Thomas E. Harms, Chairperson
ATTEST:
oan Helmberger, ecretary
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