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<br />Item No: _2__ <br />Meeting Date: April 3, 2017 <br />Type of Business: Work Session <br />Administrator Review : ____ <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Brian Beeman, Business Development Coordinator <br />Jon Sevald, Planner <br />Item Title/Subject: MWF Properties Update <br /> <br />Discussion: <br />MWF Properties is proposing to develop a 60-unit apartment building on the NW corner <br />of Mounds View Blvd. and Groveland Rd. The apartments would be for workforce <br />housing, which limits residents’ income to 60% of the area median income (AMI) 1: <br /> <br />Household size 1 2 3 4 5 6 7 8 <br />Max HH Income $36,060 $41,220 $46,380 $51,480 $56,620 $59,760 $63,840 $67,980 <br /># of Bedrooms 1 2 3 4 5 6 <br />Max HH Rent $966 $1,159 $1,338 $1,494 $1,647 $1,801 <br /> <br />MWF will be applying for affordable housing tax credits from the Minnesota Housing <br />Finance Agency (MHFA), and for Tax Increment Financing from the EDA. <br /> <br />Below is a timeline of the project (subject to change): <br /> <br />April 3 City Council Work Session (update) <br />April 5 Planning Commission Rezoning <br />April 5 Planning Commission Conditional Use Permit <br />April 24 City Council Rezoning (1st Reading) <br />May 1 City Council Work Session: review letter of support to MHFA for <br />Housing Tax Credit; and review Resolution of intent to <br />establish a TIF district <br />May 15 EDA Approving a letter of support to MHFA for Housing <br />Tax Credit; and Resolution of intent to establish a TIF <br />district <br />May 15 City Council Public Hearing; Rezoning (2nd Reading) <br />May 15 City Council Public Hearing; Conditional Use Permit <br />June 1 MWF MHFA Intent to Apply for Housing Tax Credits <br />deadline <br />June 15 MWF MHFA deadline to apply for Housing Tax Credits <br /> <br />Respectfully submitted, <br /> <br />____________________ ____________________ <br />Brian Beeman, MPA Jon Sevald, AICP <br />Business Development Coordinator Planner <br /> <br />1 Minnesota Housing Finance Agency, Housing Tax Credits & Tax Exempt Bond Income and Rent Limits, Table 1, P. <br />31 [Ramsey County, effective 03-28-2016].