1996-59718
HRA RESOLUTION NO. 597
RESOLUTION AUTHORIZING ACQUISITION OF REAL PROPERTY
LOCATED AT 817 EAST 66TH STREET
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "HRA") is authorized by Minnesota Statutes, Sections 469.001
through 469.047 (the "HRA Act") to establish projects #or the purpose of identifying
blighted properties and removing them before blight is allowed to spread within the
community; and
WHEREAS, pursuant to said authority, the HRA has established the City
Richfield Redevelopment Project Area by a Redevelopment plan dated June 14, 1993;
and
WHEREAS, pursuant to said project and the HRA Act, the HRA is authorized to
acquire properties which are blighted and which meet the guidelines established for the
project; and
WHEREAS, the HRA has identified the property located at 817 East 66th Street
(the "Properly") as a property which qualifies far acgwsition pursuant to the project and
the purchase of which would advance the goals and objectives of said project; and
WHEREAS, due to the location of the Property within the project area and the
acquisition thereof with funds from the HRA's development account and not with tax
increment, no formal modifications of the program plan is necessary; and
WHEREAS, the HRA has caused the Property to be appraised by a qualified
independent real estate appraiser; and
WHEREAS, the HRA and the owner of the Property have negotiated the terms
and conditions of the sale and have agreed upon a purchase price of $117,600; and
WHEREAS, the HRA has determined that it has available to it in its development
account sufficient funds to purchase the Property.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. The HRA agrees to purchase the Property for $117,600.
2. The Chairperson and Executive Director are hereby authorized to execute a
purchase agreement and such other documents as may be necessary to
effectuate a purchase of the Property.
Adopted by the Housing and Redevelopment Au 'ty in and for the City of
Richfield, Minnesota this 19th day of August, 1996.
G
Thomas E. Harms, Chair
ATTES
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Vern Luettinger, Sec ary