1993-48656
HRA RESOLUTION NO. 486
RESOLUTION AUTHORIZING THE SALE OF REAL
PROPERTY LOCATED AT 6926 CHICAGO AVENUE SOUTH TO
NEUMAN O. BERGER, IN ACCORDANCE WITH A
DEVELOPMENT AGREEMENT
WHEREAS, the Housing and Redevelopment Authority in and for
the City of Richfield, Minnesota (HRA) desires to develop certain
real property pursuant to and in furtherance of the Richfield
Rediscovered Program Redevelopment Project (Project) heretofore
adopted by the City of Richfield (City) and the HRA, said real
property being described as follows:
6926 Chicago, "Chicago Avenue Acres" Addition, Lot 1, that
part of east 1/2 lying north of south 50 feet thereof, Hennepin
County; and
WHEREAS, the HRA is authorized to sell real property within
its area of operation after public hearing; and
WHEREAS, a developer, Neuman Berger, has been identified as
the purchaser of the described property, in accordance with a
development agreement; and
WHEREAS, the development agreement between the HRA and
Neuman O. Berger requires:
1. A letter of credit in the amount of $25,000 as performance
security;
2. An assessment agreement which ensures property taxes will be
paid on at least a $95,000 valued property;
3. A construction completion date of May 1, 1994; and
4. Evidence of construction financing and insurance
requirements.
WHEREAS, a public hearing has been held to authorize the
sale after proper public notice; and
WHEREAS, the Planning Commission has made a finding that the
disposition of the property for residential purposes is
consistent with the Comprehensive Plan.
NOW, THEREFORE, BE IT RESOLVED by the Richfield Housing and
Redevelopment Authority:
1. A public hearing has been held and 6926 Chicago Avenue is
authorized to be sold to Neuman O. Berger in accordance with
a development agreement with the HRA.
2. The purchase price for 6926 Chicago is $25,000.
3. That the Chairperson and Executive Director are authorized to
execute the Development Agreement and other agreements as
required to effectuate the sale to Neuman 0. Berger.
HRA Resolution No. 486
Page 2
Adopted by the Housing and Redevelopment Authority in and
for the City of Richfield, Minnesota t 18th day of~ October,
1993.
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Thomas E. Harms, Chairperson
ATTEST:
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Larry Woz cz, Secretary
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