1994-50676
HRA RESOLUTION NO. 506
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION AUTHORIZING SALE OF REAL
PROPERTY LOCATED AT 7245-12th AVENUE
TO JESPERSEN BUILDERS, 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 New Home
Program, said real property being described as follows:
7245-12th Avenue; unplatted addition 35-028-24; that part of
the S 103.5 ft of W 1/4 of NW 1/4 of SW 1/4 of NE 1/4 lying E of W
33 ft thereof and N of S 30 ft thereof; Hennepin County.
WHEREAS, the HRA is authorized to sell real property within
its area of operation after public hearing; and
WHEREAS, a developer, Jespersen Builders, 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
Jespersen Builders requires:
1. A Letter of Credit in the amount of $30,000 as performance
security.
2. The sale price for the land of $30,000.
3. A construction completion date of October 31, 1994; and
4. Evidence of construction financing and insurance; and
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 Housing and
Redevelopment Authority:
1. A public hearing has been held and 7245-12th Avenue is
authorized to be sold to Jespersen Builders in accordance with
a development agreement with the HRA.
2. The purchase price for 7245-12th Avenue is $30,000.
3. The Chairperson and Executive Director are authorized to
execute the Development Agreement and other agreements as
required to effectuate the sale to Jespersen Builders.
Adopted by the Housing and Red ment Authori y in and for
the City of Richfield, Minnesota t th day f it 1994.
Th s E. Harms, Chairperson
ATTES
Vern Luettinger, Sec etary