HRA RES 1995-04 6
HRA RESOLUTION NO. 4 - 1995
RESOLUTION AUTHORIZING A LOAN AND THE DELIVERY OF
FUNDS BY AND BETWEEN THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF FRIDLEY AND 5701
GENERAL PARTNERSHIP
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
(the "Authority") as follows:
Section 1. Recitals.
1.01. It has been proposed that the Authority loan the sum of $10,000.00 to
5701 General Partnership, a Minnesota general partnership (the "Redeveloper") .
Section 2. Findings.
2.01. The Authority hereby finds that it has approved and adopted a
development plan known as the Modified Redevelopment Plan for its
Redevelopment Project No. 1 (the "Redevelopment Plan") pursuant to Minnesota
Statutes, Section 469.001 et seq.
2.02. The Authority hereby finds that the Loan promotes the objectives as
outlined in its Redevelopment Plan.
Section 3. Authorization for Loan and Delivery of Funds.
3.01. The Chairman and the Executive Director (the "Officers") of the
Authority are hereby authorized to make the Loan and deliver the sum of
$10,000.00 when the following condition is met:
Upon execution and delivery by the Redeveloper to the Authority of
a note, mortgage, and guarantee in a form satisfactory to the
Officers.
PASSED AND ADOPTED BY THE BOARD OF THE HOUSING & REDEVELOPMENT AUTHORITY OF
FRIDLEY, MINNESOTA, THIS 9TH DAY OF FEBRUARY, 1995.
LAWRENCE R. OMMERS - CHAIRMAN
ATTEST:
WILLIAM W. BURNS - EXECUTIVE DIRECTOR