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Item No: 4B 18 M O�tSVVf __,_,TMeeting Date: March 1u 20ss�w Type of Business: Council Business City of Mounds View Staff Report To: Economic Development Authority From: Brian Beeman, Business Development Coordinator Item Title/Subject: Resolution 8927 A Resolution Authorizing Interfund Loan for Advance of Certain Costs in Connection with Tax Increment Financing District No. 1-6 (A Housing District) Background: MWF Properties is proposing to construct a 60 unit workforce housing project on four parcels near Groveland Road and Mounds View Boulevard. MWF is asking for Tax Increment Financing (TIF) for the project. Administrative costs are authorized when using TIF. Discussion: The City of Mounds View City is cooperating with MWF Properties to create a TIF district for their 60 unit workforce housing project. As part of this process, administrative costs are authorized. The City is authorized to loan funds to the EDA for qualified costs (the "Interfund Loan") in the amount of up to $30,000. The Authority, if utilizing this privilege would pay the City back from tax increments derived from the property within the TIF District. In order to authorize the interfund loan a resolution is required. The Council will discuss this matter at their March 12, 2018 City Council Worksession. Ehler's, the City's Financial Consultant and Kennedy & Graven will be on hand to answer any questions relating to this matter. Recommendation: Staff recommends the Authority consider approval of Resolution 8927 by motion. Respectfully submitted, AVAOW--- Brian Beeman Attachments: 1) Resolution 8927 A Resolution Authorizing Interfund Loan for Advance of Certain Costs in Connection with Tax Increment Financing District No. 1-6 (A Housing District)