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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />Mounds View City Council March 12, 2018 <br />Regular Meeting Page 3 <br />MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 8921, <br />Adopting a Modification to the Redevelopment Project Plan for the Mounds View EDA Project <br />and the Establishment of Tax Increment Financing District No. 1-6 Therein and Adopting a Tax <br />Increment Financing Plan. <br />Ayes — 5 Nays — 0 Motion carried. <br />B. Resolution 8927, Authorizing an Interfund Loan to EDA to Pay <br />Administrative Costs to be Paid Back with TIF. <br />Business Development Coordinator Beeman requested the Council authorize an interfund loan to <br />the EDA to pay administrative costs to be paid back with TIF. He explained this loan would be <br />up to $30,000 and would only be used if needed. <br />MOTION/SECOND: Meehlhause/Hull. To Waive the Reading and Adopt Resolution 8927, <br />Authorizing an Interfund Loan to EDA to Pay Administrative Costs to be Paid Back with TIF. <br />Ayes — 5 Nays — 0 Motion carried. <br />C. Resolution 8928, Approving the LHIA Grant from Met Council for MWF <br />Properties. <br />Business Development Coordinator Beeman requested the Council approve the LHIA grant from <br />Met Council for MWF Properties. He explained this grant would provide MWF with $500,000 <br />from the Met Council and noted the City would act as the administrator for these funds. He <br />stated the funds would be viewed as a deferred loan for the MWF project. <br />James Lehnhoff, Ehlers & Associates, explained LHIA was facilitated through Minnesota <br />Housing and the Met Council. He reported this program assisted developers in creating <br />workforce housing and was highly competitive. He indicated these funds would assist the <br />developer in closing the financial gap for this project. <br />Mayor Mueller stated she met with Finance Director Beer to discuss her concerns regarding the <br />proposed grant. She explained she wanted to better understand how the grant funds were <br />matched by the City. Finance Director Beer explained the TIF requested from Mounds View will <br />be the City's contribution. <br />MOTION/SECOND: Gunn/Bergeron. To Waive the Reading and Adopt Resolution 8928, <br />Approving the LHIA Grant from Met Council for MWF Properties. <br />Ayes — 5 Nays — 0 Motion carried. <br />D. Resolution 8924, Approving the Purchase of Tornado Siren Controller <br />Upgrades and Pole Replacement. <br />