1996-576146
HRA RESOLUTION N0.576
ACCEPTING AGREEMENT FOR DONATION OF PROPERTY RESCINDING
AGREEMENT FOR PURCHASE AND SALE DIRECTING APPROVAL OF SAME
(HAMPTON PLACE, CRESTWOOD, HERITAGE SQUARE EAST)
WHEREAS, pursuant to 1995 Minnesota Laws, Chapter 264, Article 3, Section
42 the HRA has participated in the creation of three non-profit corporations
(Corporations°) each of which will own, manage and operate one of the following
apartment communities in the City of Richfield:
1. Hampton Place
2. Crestwood
3. Heritage Square East; and
WHEREAS, pursuant to the Act, the HRA is empowered to direct the activities of
such Corporations; and
WHEREAS, an Agreement For Purchase And Sale was approved on July 17,
1995; and
WHEREAS, an Agreement For Donation of Property has been prepared to
replace the Agreement For Purchase and Sale.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield as follows:
1. The Agreements For Purchase and Sale previously approved are each of
them rescinded.
2. That each Corporation is hereby directed to rescind the Agreement For
Purchase and Sale pertaining to it.
3. That each Corporation is hereby directed to approve the Agreement For
Donation Of Property pertaining to it and to cant' out all acts and do all things
necessary to consummate the transaction.
4. That the Executive Director and Commission Chairperson of the HRA are
directed to take all actions and do all things required to effectuate the
provisions of this resolution.
5. That insubstantial modifications maybe subsequently approved by the Board
Chair and legal counsel.
Adopted by the Housing and Redevelopment Aut yin and for the City of
Richfield, Minnesota this 16th day of January, 1996.
' Thomas E. Harms, Chair
ATTE T:
Vern Luettinger, Secrete