1996-61233
HRA RESOLUTION NO. 612
RESOLUTION AUTHORIZING THE SALE OF REAL PROPERTY
AT 1700 WEST 78TH STREET
WHEREAS, the HRA has adopted a modified redevelopment plan for the Richfield
Redevelopment Project Area (the "Project Area") and a tax increment financing plan for the
Interchange Tax Increment Financing District (the "'fax Increment District"), (collectively, the
"Plans"); and
WHEREAS, the Plans contemplate the acquisition of certain real property located in
the Project Area, whose address is 1700 West 78th Street, legally described as Tract A,
Registered Land Survey No. 1037 Addition, Hennepin County, Minnesota, and generally
known as the Naegele site (the "Property"); and
WHEREAS, the HRA has entered into a contract with The Limited, Inc. (the
"Developer") for private redevelopment of the Property (the "Contract"); and
WHEREAS, the Plans and Contract call for the HRA to assist the Developer with
matters related to redevelopment; and
WHEREAS, the HRA is authorized to sell real property within its area of operation
after public hearing; and
WHEREAS, the public hearing has been held after proper public notice; and
WHEREAS, the Planning Commission of the City of Richfield has determined that.the
disposition of the Property for Project purposes is consistent with the Comprehensive Plan.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield:
1. A public hearing has been held on the sale of the real property described above.
2. The Chairperson and Executive Director are authorized to execute any and all
agreements required to effectuate this resolution.
3. The contract for private redevelopment contains terms and conditions for the sale.
Adopted by the Housing and Redevelopme u ority in and forth City of Richfield,
Minnesota this 18th day of November, 1996.
Thomas E. Harms, Chair
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Vern Luettinger, Secretary