05-11-2022 Workshop MInutes - Laserfiche WebLink

Home Browse Search

MINUTES OF THE WORKSHOP MEETIiG CITY COUNCIi, LITTLE CANADA, MINNESOTA MAY 119 2022 Pursuant to due call and notice thereof a Workshop meeting of the City Council of Little Canada, Minnesota was convened on the I It" day of May, 2022 in the Conference Room of the City Center located at 515 Little Canada Road in said City. Mayor John Keis called the meeting to order at 5:30 p.m. and the following members of the City Council were present at roll call: CITY COUNCIL: Mayor Keis, Council Members Fischer, McGraw, Torkelson and Miller. Absent: None. ALSO PRESENT: City Administrator Chris Heineman, Community Development Director Corrin Wendell, and City Clerk/HR Manager Heidi Heller. Guests: Mikaela Huot with Baker Tilly Municipal Advisors, and University of Minnesota Humphrey Institute graduate students Jacob Berger, Regina Burstein, Frank Koenen and Jarred Paquin. HOUSING TAX INCREMENT FINANCING (TIF) DISTRICT ANALYSIS FOR TWIN LAKE HOUSING PROJECT Mikaela Huot, Municipal Advisor with Baker Tilly, explained that the City has received an application for financial assistance through Tax Increment Financing (TIF) to assist with up to a $1,000,000 financing gap in the development costs related to the construction of a new 60-unit multi -family workforce housing project. She noted that July 8, 2022 is when the developer's financing is scheduled to close. Ms. Huot reviewed the two tax increment financing options that the City currently has to assist this project. She noted the City could create a traditional housing TIF District or there is a second option right now due to the Legislature temporarily relaxing TIF rules during the pandemic. She explained the city could utilize Temporary Spending Authority for unobligated tax increment and reviewed how this would be a viable option for the city to use. There was Council consensus to move forward with the Temporary Transfer Authority option to provide up to $1,000,000 in assistance to Reuter Walton for the construction of one 60-unit apartment building on Twin Lake Boulevard. Torkelson questioned how long the developer would have to own the buildings. He noted that he was satisfied with Reuter Walton owning the buildings, but was concerned about building management quality if they were to sell. UNIVERSITY OF MN RESILIENT COMMUNITIES PROJECT PRESENTATION: CREATING & SUSTAINING EOUITY THROUGH PEDESTRIAN. BICYCLE AND PUBLIC TRANSIT CONNECTIVITY The Community Development Director explained that the City began a partnership with the University of Minnesota's Resilient Communities Project program for the second time. She stated that this time the project focused on "Creating and Sustaining Equity through Pedestrian, Bicycle and Public Transit Connectivity."