1993-47747
RESOLUTION N0. 477
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION AUTHORIZING SALE OF REAL
PROPERTY LOCATED AT
6803 NICOLLET AVENUE
WHEREAS, the Housing and Redevelopment Authority (HRA), owns
certain real property located at 6803 Nicollet Avenue, legally
described as: Lots 1 and 2, The Western Surety and Adjustment
Company Addition "The Pines"; and
WHEREAS, the HRA acquired the property so that the South
Hennepin Vocational Technical College (Vo-Tech) could construct a
new single family home at 6803 Nicollet Avenue, to be sold by the
HRA to a moderate income family; and
WHEREAS, the Lam family has been identified as qualified
purchasers for 6803 Nicollet Avenue; and
WHEREAS the conditions of sale include a total sales price
of $85,500; a first mortgage of $76,950 payable to the lender; a
lien of $4,500 payable to the HRA and $4,050 downpayment; and
WHEREAS, the sale of 6803 Nicollet Avenue may be authorized
by the HRA following a public hearing which considers the
disposition of the property; and
WHEREAS, that hearing has been held following proper
publication of notice.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Richfield,
Minnesota that the HRA Chairperson and Executive Director are
authorized to execute the purchase agreement and other required
documents so that-the disposition of HRA owned property at 6803
Nicollet Avenue occurs as presented herein.
Passed by the Housing and Redevelo ent Authority in and for
the City of Richfield, Minnesota this t day of Ju e, 1993.
~/
Thomas E. Harms, Chairperson
ATTEST<`'~ /~~ .
Lawrence Wozn zka, ecretary
HRA Resolution No. 477 ATTACHMENT A
6803 NICOLLET AVENUE SOUTH
NEW HOME PROGRAM
ELIGIBILITY REQUIREMENTS
FOR
HOME BUYERS
- Have a 3-6 member family (a family is defined as persons
related by blood, marriage or operation of law).
- Be a first time home buyer (or have not owned in 3 years).
- Have the following maximum annual income depending upon family
size:
Family Size Maximum Income
3 535,700
4 539,700
5 542,850
6 546,050
1
This income is 80~a of the metropolitan area median income - an
accepted CDBG program income level.
- Have the ability to make monthly payments on a 576,950
mortgage, pay $4,050 down, and pay closing costs required of
the buyer.
- Agree to be subject to a lien by the HRA for the difference
between the initial sales price and the actual value.