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Mounds View EDA March 12, 2018 <br />Regular Meeting Page 2 <br /> <br />Business Development Coordinator Beeman requested the Authority adopt a Resolution <br />modifying the Redevelopment Project Plan for the Mounds View EDA project and the <br />establishment of Tax Increment Financing District No. 1-6. He reported this action would create <br />a TIF District for the Boulevard housing project. <br /> <br />James Lehnhoff, Ehlers & Associates, provided the EDA with a brief presentation on the <br />proposed TIF plan to create TIF District 1-6, which was for a housing district. It was noted the <br />maximum TIF term would be 26 years. He reported the proposed TIF plan was reviewed by staff <br />and the City Attorney. He recommended approval of the proposed Resolution. <br /> <br />President Mueller clarified the TIF District would be for 15 years and not 26 years. Lehnhoff <br />explained that housing districts can be set up for 26 years. He added that Council action to <br />determine the approved TIF amount and term will not be considered for approximately another <br />month or so. <br /> <br />MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 18- <br />EDA-308, a Resolution Adopting a Modification to the Redevelopment Project Plan for the <br />Mounds View EDA Project and the Establishment of Tax Increment Financing District No. 1-6 <br />Therein and Adopting a Tax Increment Financing Plan. <br /> <br />Commissioner Meehlhause requested staff correct the Resolution to reflect it as being named 18- <br />EDA-308. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br />B. 18-EDA-309, a Resolution Authorizing Interfund Loan for Advance of <br />Certain Costs in Connection with Tax Increment Financing District No. 1-6 <br />(A Housing District). <br /> <br />Business Development Coordinator Beeman requested the Authority authorize an interfund loan <br />for the advance of certain costs in connection with Tax Increment Financing District No. 1-6. He <br />noted the amount that could be advanced was up to $30,000. <br /> <br />James Lehnhoff, Ehlers & Associates, explained this Resolution would allow the City to be <br />reimbursed for any administrative costs incurred through increment created by this TIF District. <br /> <br />MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 18- <br />EDA-309, a Resolution Authorizing Interfund Loan for Advance of Certain Costs in Connection <br />with Tax Increment Financing District No. 1-6 (A Housing District). <br /> <br />Commissioner Meehlhause stated he spoke to the Finance Director regarding this matter and <br />noted the City did not anticipate the need for an interfund loan, but this Resolution would allow