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Minutes of the Economic Development Commission City of Mounds View Ramsey County, Minnesota Regular Meeting July 24, 1997 City of Mounds View, Council Chambers 2401 Highway 10, Mounds View, MN 55112 1. Call to Order: The meeting was called to order at 7:35 a.m. by Vice Chairperson, Cindy Carlson. 2. Roll Call: Members Cindy Carlson, Rosemary Goff, Ron Schmidt, Brian Sjoberg and Delane Welsch were present. Dir. of Economic Development Cathy Bennett was present. Member Dan Nelson, EDA Liaison Duane McCarty and Alternate Liaison Gary Quick were absent 3. Approval Of Minutes: Motion/Second: Goff/Sjoberg moved approval of Minutes from May 22, 1997. Motion Carried 5 ayes 0 nays 4. Special Business No Special Business. 5. EDC BUSINESS A. Consideration of Tax Increment Request to Mounds View Family Apartments for the Rehabilitation of Red Oak Apartments (Silver Lake Commons). Director Bennett explained that the proposal has evolved over the past few months but the concept is relatively the same as when this item was presented at the May meeting. The major difference is that the new units is reduced from 28 to 16. Bennett proceeded to give a brief overview of the proposal and the request to purchase EDA owned land and tax increment assistance. MSP is offering to purchase the EDA owned land for the appraised value and is requesting a $230,000 deferred loan from existing tax increment funds. The commission discussed the history of the City owned property and reviewed the efforts made to market the site for a commercial use. In addition, the commission discussed the study of the area which suggested multifamily development of the site in connection with rehabilitation of the existing apartments. Director Bennett explained the structure of the proposal as an affordable housing project. This allows the applicant to secure funds from MHFA, Ramsey County and Minneapolis