1997-651HRA RESOLUTION N0.651
RESOLUTION AUTHORIZING PURCHASE OF REAL PROPERTY
LOCATED AT 250 WEST 78TH STREET IN THE
ILN REDEVELOPMENT PROJECT AREA
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (HRA) desires to purchase certain real property in furtherance of the
Interstate-Lyndale-Nicollet Redevelopment Project (Project) heretofore adopted by the
City of Richfield (City) and the HRA to provide additional site area for the redevelopment
project on the adjacent parcel, said real property being described as follows:
Property Address: 250 West 78th Street, Richfield, MN 55423
Legal Description: Beginning at a point 120 feet Northerly, as measured at right
angles, of a point upon the South line of Section 34,
Township 28 North, Range 24 West which is 91 feet westerly
of the Southeast corner of the Southwest Quarter of the
Southwest Quarter (SW1/4 SW1/4) of said Section 34; thence
North 540 feet; thence East 66 feet to a point on the Seller's
Westerly railroad right of way line; thence South along said
Westerly right of way line a distance of 540 feet, more or less,
to a point 120 feet Northerly of the South line of said Section
and 34; thence West to the point of beginning;
WHEREAS, the HRA is authorized by Minnesota Statutes, Section 469.012 to
acquire real property within its area of operation; and
WHEREAS, the proposed purchase is consistent with the Project; and
WHEREAS, the purchase price offered is $295,800; and
WHEREAS, available bond proceeds from the 1996 General Obligation Taxable
Tax Increment Bonds will be used to temporarily fund this expenditure and will be repaid
from land sale proceeds immediately upon the sale of the property to the prospective
hotel developer redeveloping the adjacent parcel.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield:
1.) The purchase prices is approved at $295,800.
2.) The Chairperson and Executive Director are authorized to execute a
Purchase Agreement and other documents necessary to effectuate the
purchase set forth in this resolution.
Adopted by the Housing and Redevelopment ity in and forth City of
Richfield, Minnesota this 15th day of December, 19
Thomas E. Harms, Chair
AST:
72
Michael Saglgl"alil, Secretary