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EDA Meeting#33 March 10, 1997 Page 2 pursuing a purchase agreement with them. She noted that Resolution No. 97-EDA62 will in no way obligate EDA to sell the property for the project,but merely states the city/EDA's interest in looking at that option. Ms.Bennett informed the board members that the applicants are preparing to give the EDA a full presentation on what the project will include and the funding sources. Ms. Trude asked if the applicants are proposing to purchase the property for$32,500. Ms.Bennett stated that this would be the proposal however she is not prepared to accept or reject any figure until she knows more about the project. Ms. Trude noted that this is the property that the EDA paid$125,000 for. She also asked if a project such as this would help the city approach the goals established for the Livable Communities Act. Ms.Bennett explained that the city is already below the guidelines of the Livable Communities Act. Commissioner Quick asked if there will be age restrictions for the proposed housing. Milo Pinkerton of MSP Real Estate explained that the proposed housing would be open to anyone. These will be affordable rental units, low density,lots of green space,attached garages,and a play lot for children. Ms.Trude asked how long rent subsidy would be provided for the property under the MHFA funding. Mr.Pinkerton stated it would be a 30 year restriction(15+15). MOTION/SECOND: Quick/Trude to deny Resolution No.97-EDA62. • Ms. Trude stated she does not feel this proposal fits the corridor study that the city has been looking at. Mr.McCarty explained that the new study results have not been given to the city and he would like to preserve the option of the housing proposal. The EDA is under no obligation at this point and he would like to wait to see the new study results. Approving the Resolution will leave the options open. VOTE: 2 ayes 3 nays(McCarty,Stigney,Koopmeiners) Motion FAILED. MOTION/SECOND: McCarty/Koopmeiners to approve Resolution;No. 97-EDA62,Authorizing S auto Pursue the Negotiation of a Purchase Agreement with MSP Real Estate. Commissioner Quick asked if the EDA would have any legal obligations if this Resolution were approved. Attorney Bubul responded no. Commissioner Quick stated he feels approval would be taking a step towards negotiations and a step further from denial. Attorney Bubul reminded Commissioner Quick that this would not be a step of obligation. Commissioner Quick stated he is opposed to this type of housing. Mounds View has more than enough of this type of housing. Commissioner Trude concurred. Naja Werner,2765 Sherwood Road asked if a certain number of rental units in Mounds View need to fall within the Livable Communities Act guidelines. Mr.McCarty explained that these are only guidelines and that the city is not legally obligated to do so.