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Item No. <br /> Staff Report No. <br /> Meeting Date: 7/6/98 <br /> Type of Business: WK <br /> WK: Work Session;PH:Public Hearing; <br /> CA:Consent Agenda;EDAB.•EDA Business <br /> City of Mounds View Staff Report <br /> To: Mayor and City Council Members <br /> From: Rick Jopke, Community Development Director <br /> Item Title/Subject: Update on the Status of the Silverview Estates TIF Request <br /> Date of Report: July 2, 1998 <br /> • <br /> BACKGROUND: <br /> The City Council recently approved an amendment to the Silverview Estates PUD plan to allow <br /> a change in the type and design of the senior housing portion of the PUD. The housing would <br /> change from a market rate apartment to a cooperative. One of the questions that was raised <br /> during the discussion of this change was what the financial impact would be. City staff asked Jim <br /> Casserly, the city's financial consultant for this project to review that question. Attached is a <br /> report from Mr. Casserly showing that the proposed cooperative housing project would produce <br /> less than half of the increment that the original rental housing project would have produced. <br /> As you may recall,the original TIF request approved by the City treated each component of the <br /> project separately. Separate development assistance agreements were drafted for the office and <br /> housing components. These agreements have not been finalized or signed. Staff will continue to <br /> negotiate these agreements including a reduction in the amount of assistance provided to the <br /> housing portion of the project. <br /> REQUESTED ACTION <br /> None <br /> Gfr <br /> Rick Jopke, Co unity Development Director <br /> N:\DATA\USERS\RICKJO\SHARE\070698B.RPT <br />