1997-63253
1
HRA RESOLUTION N0.632
RESOLUTION AUTHORIZING ACQUISITION OF REAL PROPERTY
LOCATED AT 7200 AND 7214 CEDAR AVENUE
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (HRA) is authorized by Minnesota Statutes, Sections 469.001
through 469.047 (the "HRA Act") to establish projects for 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 Third
Modification of the Tax Increment Financing Plan for the Cedar Avenue Business Area
(CABA) Tax Increment Financing District dated August 19, 1996; 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 properties located at 7200 and 7214
Cedar Avenue (the "Property") as property which qualifies for acquisition pursuant to
the project and the purchase of which would advance the goals and objectives of said
project; 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 the purchase price of $282,000; and
WHEREAS, the HRA has determined that it has available sufficient bond 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:
The HRA agrees to purchase the Property for $282,000.
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 Auth tY in and for the City of
Richfield, Minnesota this 19th day of May, 1997.
Thomas E. Harms, Chair