HomeMy WebLinkAboutHousing & Redevelopment Authority Resolution 85-10s
OF
HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a special meeting of the Housing and
Redevelopment Authority of the City of Plymouth, Minnesota,, was held- on the 9th
day of September, 1985. The following members were present: Chairman Del Erickson,
Commissioners Pat Meals, Gerry Meds, Harold Bakke and Rod Hillstrom
The following members were absent: None
Commissioner Hillstrom introduced the following Resolution and moved its
adoption:
HRA RESOLUTION NO. 85 10
AUTHORIZING THE SALE OF LOT 1, GLACIER WADOWS (1520 GLACIER LANE NORTH) TO A
QUALIFIED BUYER AND THE ESTABLISHMENT OF THE CONDITIONS GOVERNING THIS SALE
WHEREAS, the Plymouth Housing and Redevelopment Authority has undertaken a Scattered
Site Acquisition and Single Family Home Rehabilitation Program to assist moderate
income larger families to purchase affordable homes in Plymouth; and,
WHEREAS, the Plymouth Housing and Redevelopment Authority authorized development of
the property known as Lot 1, Glacier Meadows for a single family home;
NOW.. THEREFORE, BE IT HEREBY RESOLVED BY THE PLYMOUTH HOUSING AND REDEVELOPMENT
AUTHORITY, that the sale of Lot 1, Block 1 Glacier Meadows to a qualified buyer is
authorized and the City should enter into an agreement , tht form and content to be
approved by the City Attorney, with the first qualified purchaser subject to the
following:
1. The purchaser agrees to sign an equity participation agreement with the
Plymouth HRA to run for 10 years and to decrease in value 10 percent each
year for the 10 year period.
2. The purchaser agrees to allow the Plymouth HRA the right -of -first refusal
in event of resale of the property over the next 10 years.
Further, the market value of the property is established at $90,000.
The motion for adoption of the foregoing Resolution was duly seconded by
Commissioner C. Hells , and upon vote being taken thereon,. the
following voted in favor thereof: Chairman 'Srickson, Commissioners Hillstrom,
C. Hells, P. Meals and Bakke
The following voted against or abstained: None _
Whereupon the Resolution was declared dulyc sed and adopted.