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<br />. <br /> <br />. <br /> <br />. <br /> <br />2. The Board hereby determines that pay-as-you-go tax increment assistance is <br />necessary and appropriate for the proposed mixed use project as follows: <br /> <br />Office Portion: 90% of the increment generated by the office uses not to exceed a <br />present value of $240,000. The two office buildings must be <br />completed within two years and a maximum of 5 years of <br />increment will be provided for TIF eligible activities limited to <br />site preparation, soil correction, site utilities, public improvements, <br />professional fees. contingencies, and pond grading. <br /> <br />Senior Housing: 90% of the increment generated by the senior housing use for the <br />life of the district not to exceed a present value of $830,000 for <br />TIF eligible activities limited to land acquisition of $287,000 or <br />actual market value whichever is less, site preparation, <br />soil correction, site utilities, public improvements. professional <br />fees, contingencies, and pond grading. <br /> <br />3. The Board authorizes city staff to prepare a Development Assistance Agreement <br />between the Authority and the Developer stating the terms and conditions thereof and the <br />Authority's responsibilities respecting the assistance for consideration and execution by the <br />Authority. <br /> <br />Adopted by the Board of Commissioners of the Mounds View Economic Development <br />Authority on March 9, 1998. <br /> <br />~~f!!J <br />BY:. ~-"1t:: . . <br />Duane McCarty, Presiden - . <br /> <br />ATTEST: <br /> <br /> <br />N :\DATA\GROlJPS\ECONDEV\COlJNCII.\RESEDA86_BLN <br />