1994-51585
HRA RESOLUTION NO. 515
RESOLUTION AUTHORIZINCs PURCHASE OF REAL
PROPERTY LOCATED AT 7424 FIFTH AVENUE
WHEREAS, the Housing and Redevelopment Authority in and for the
City of Richfield Minnesota (HRA) desires to purchase certain real
property pursuant to and in furtherance of the Richfield Rediscovered
Transformation Program heretofore adopted by the HRA, said real
property being described as follows:
7424 Fifth: The East 1/2 of the South 59.45 ft of the North 446.15
ft. of the West 1/2 of the Northeast 1/4 of the
Northeast 1/4 of the Southeast 1/4, except road;
Hennepin County.
WHEREAS, the HRA is authorized by Minnesota Statutes Section.
469.012 to acquire real property within its area of operation; and
WHEREAS, the property meets program requirements for
acquisition; and
WHEREAS, the HRA has caused appraisals of the subject property
to be made by a qualified independent professional real estate
appraiser and has negotiated a purchase price with the owners based
on the stated value; and
WHEREAS, funds have been provided by the HRA and are available
for acquisition; and
WHEREAS, this acquisition is contingent on identifying a
contractor to transform/remodel the home.
NOW, THEREFORE, BE IT RESOLVED by the Richfield Housing and
Redevelopment Authority:
1. That purchase price is approved at the appraisal value of
567,000.
2. That the Chair and Executive Director are authorized to execute
a Purchase Agreement and other documents to effectuate purchase
for the amount set forth in this resolution.
3. Those agreements must state that the purchase is contingent on
the HRA approving of a transformation/remodeling concept with a
contractor.
Adopted by the Housing and Redeve pment Authority in and for
the City of Richfield Minnesota thi th day of July 1994.
omas E. Harms, Chair
ATTEST:
Vern Luetti g Secretary