Agenda Packets - 2018/03/05 - Laserfiche WebLink

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Item No: 01 MOUNDS VIEW Meeting Date: March 5, 2018 Type of Business: Work Session Administrator review: City of Mounds View Staff Report To: Honorable Mayor and City Council From: Brian Beeman, Business Development Coordinator Item Title/Subject: Discuss Tax Increment Financing (TIF) for MWF Properties Introduction: MWF Properties is proposing to construct an approximately 60 unit workforce housing development. The developer has formally submitted their application for TIF to the City. Background: In order to make the project financial feasible the developer believes that TIF is necessary. Ehler's, the City's financial consultant, has conducted a financial analysis of the project and has determined that TIF is qualified for the project and that a financial gap exists. The Ehler's memo from the January 22, 2018 EDA meeting is attached. (Attachment 1) Kennedy & Graven has crafted a Contract for Private Development as part of the TIF. (Attachment 2) Discussion: A public hearing on this matter is scheduled for March 12, 2018 followed by Council consideration for the approval of TIF for the Boulevard Apartments development. Staff believes that the Council should discuss this matter before the March 12, 2018 public hearing. Ehler's, MWF Properties, and Kennedy & Graven will be available to explain the TIF process, reasoning for the request, requirements, findings, TIF Plan, Contract for Private Development, recommendations and answer any questions of the Council. The LHIT grant that the Council discussed at the February 5, 2018 Council work session will be considered for approval after the TIF agenda item at the March 12, 2018 Council meeting. Recommendation: Hear comments from MWF Properties who is requesting the TIF, Ehler's who has completed the financial analysis and steps required to create the TIF district, and Kennedy & Graven who will explain and answer questions on the Private Development Contract. Ask questions as needed in order to feel comfortable with the information and TIF process leading up to the March 12, 2018 public hearing. Respectfully submitted, Brian Beeman, Business Development Coordinator Attachment(s): 1) EDA Packet Setting a Public Hearing from January 22, 2018 meeting 2) Contract for Private Development (DRAFT)