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i MOUNDS VIEW ECONOMIC DEVELOPMENT COMMISSION <br /> RESOLUTION NO. 98-EDC2I <br /> CITY OF MOUNDS VIEW <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION RECOMMENDING THE ECONOMIC DEVELOPMENT AUTHORITY'S CONSIDERATION OF <br /> SILVERVIEW ESTATES, INC. REQUEST FOR TAX INCREMENT FINANCING ASSISTANCE <br /> WHEREAS,Silverview Estates,Inc.has requested that the Mounds View Economic Development Authority provde tax increment <br /> financing assistance for a mixed use project at the south east corner of Silver Lake Road and Highway 10; and <br /> WHEREAS,the proposed site is within an existing tax increment district in the City of Mounds View; and <br /> WHEREAS,the Economic Development Commission's mission includes acting as an advisor to the Economic Development Authority <br /> with regards to economic matters; and <br /> WHEREAS,the Ecomomic Development Commission considered this request on February 26, 1998; and <br /> WHEREAS,the Ecomomic Development Commission finds that the use of tax increment financing to facilitate the construction of the <br /> proposed project is consistent with the City's tax increment policies. <br /> NOW THEREFORE, BE IT RESOLVED that the Economic Development Commission of the City of Mounds View hereby <br /> recommends that the Economic Development Authority approve pay-as-you-go tax increment financing assistance as follows: <br /> Office Portion of Project:90%of the increment generated not to exceed$240,000.The offices must be completed within 2 <br /> years and a maximum of 5 years of increment provided.The assistance must be used for TIF eligible uses limited to land <br /> acquisition,site preparation,soil correction,site utilities,public improvements,professional fees,contingencies,and pond <br /> grading. <br /> Senior Housing:90%of the increment generated by the project for the life of the district(distict ends in 2014)not to exceed <br /> $830,000.The assistance must be used for TIF eligible uses limited to land acquisition,site preparation,soil correction,site <br /> utilities,public improvements,professional fees,contingencies,and pond grading. <br /> BE IT FURTHER RESOLVED that the Economic Development Commission directs Staff to forward this resolution to the Economic <br /> Development Authority prior to approval of the minutes. <br /> Adopted this 26th day of February, 1998. <br /> ATTEST: <br /> Chair <br /> (SEAL) <br /> City Administrator <br /> • <br /> N:\DATA\GROUPS\ECONDEV\EDA-EDC\RES9821.EDC <br />