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MOUNDS VIEW ECONOMIC DEVELOPMENT COMMISSION RESOLUTION NO. 98-EDC21 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION RECOMMENDING THE ECONOMIC DEVELOPMENT AUTHORITY=S CONSIDERATION OF SILVERVIEW ESTATES, INC. REQUEST FOR TAX INCREMENT FINANCING ASSISTANCE WHEREAS, Silverview Estates, Inc. has requested that the Mounds View Economic Development Authority provde tax increment financing assistance for a mixed use project at the south east corner of Silver Lake Road and Highway 10; and WHEREAS, the proposed site is within an existing tax increment district in the City of Mounds View; and WHEREAS, the Economic Development Commission=s mission includes acting as an advisor to the Economic Development Authority with regards to economic matters; and WHEREAS, the Ecomomic Development Commission considered this request on February 26, 1998; and WHEREAS, the Ecomomic Development Commission finds that the use of tax increment financing to facilitate the construction of the proposed project is consistent with the City=s tax increment policies. NOW THEREFORE, BE IT RESOLVED that the Economic Development Commission of the City of Mounds View hereby recommends that the Economic Development Authority approve pay-as-you-go tax increment financing assistance as follows: Office Portion of Project: 90% of the increment generated not to exceed $240,000. The offices must be completed within 2 years and a maximum of 5 years of increment provided. The assistance must be used for TIF eligible uses limited to, site preparation, soil correction, site utilities, public improvements, professional fees, contingencies, and pond grading. Senior Housing: 90% of the increment generated by the project for the life of the district (distict ends in 2014) not to exceed $830,000. The assistance must be used for TIF eligible uses limited to land acquisition of $287,000 or actual market value whichever is less, site preparation, soil correction, site utilities, public improvements, professional fees, contingencies, and pond grading. BE IT FURTHER RESOLVED that the Economic Development Commission directs Staff to forward this resolution to the Economic Development Authority prior to approval of the minutes. Adopted this 26th day of February, 1998.