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<br /> <br /> <br /> <br /> <br />This project involves the construction of a Holiday station store, two office buildings <br />and a senior housing project at the intersaction of Silver Lake Road and Highway 10. Jopke <br />reviewed the history of the project and the developers request for pay-as-you-go tax <br />increment assistance. Jopke recommended that the EDC consider TIF assistance equal to <br />approximately $1,000,000 on a present value basis instead of the $1,700,000 requested by <br />the developer. Jopke introduced Jim Casserly, the Citys financial consultant. Mr Casserly <br />summarized his review of the request and the basis for the $1,000,000 <br /> recommendation. <br /> <br />Marcel Ebensteiner, representing Silverview Estates, Inc. requested that the <br />assistance to the office portion be increased from $167,000 to $240,000 to cover <br />potential soil correction costs on the site of the one story office building. Ebensteiner also <br />stated that they are also exploring the a number of options for the senior housing including <br />the possibility of HUD financing and having some or all assisted living units. <br /> <br />Chairperson Carlson informed the commission that she had contacted the developer <br />of the Oakcrest Senior Apartment in Spring Lake Park and found out that there are 11 <br /> units vacant in the project and that there was a total of $750,000 of TIF bond <br />funds provided to the project ($500,000 directly to the project and $250,000 for public <br />improvements including lighting). <br /> <br />Commissioner Larson pointed out that assisted living did not work at the <br />Brightondale project in New Brighton. Larson indicated that that project was changed to <br />full care. Larson also stated that affordable rates should not be the overriding issue because <br />Mounds View already has a sufficient amount of affordable housing units and that what <br />seniors are looking for is avoiding the ongoing maintenance of single family homes. <br /> <br />Additional items discussed included the impact of the single story office building on <br />the adjacent wetlands, the timing of the construction of the office buildings, whether the <br /> office portion of the project should be handled separately from the housing <br />portion, and whether the TIF assistance for the offices should be contingent on the <br />completion of the two story office. The commission discussed amount of assistance, <br />length of assistance, and eligible uses of funds for each portion of the project. <br /> <br />Motion/Second: Goff/Larson to approve Resolution No. 98-EDC21 <br /> <br />Motion Carried 4 Ayes 0 Nays <br /> <br />B. Consideration of Housing Improvement Loan Program <br /> <br />Chairperson Carlson generally described the discussion that city staff had with <br />Western Bank concerning possible home improvement loan programs. <br /> <br />Housing Inspector Dorgan summarized the types of existing and possible programs <br />that staff has investigated. <br /> <br />Commissioner Larson questioned why income limits should be included. Larson <br />stated that emphasis should be placed on the end result of improving value, marketability, <br />and aesthetics. <br />The commission also discussed the need to define the type of improvements which <br />any funds could be used for.