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Mounds View EDA April 9, 2018 Regular Meeting Page 2 Business Development Coordinator Beeman requested the EDA adopt a Resolution consenting to the process for the creation of a housing Tax Increment Financing District in support of the proposed Triton multiple family housing project and approve a Letter of Support for the project. He reported the City Council had discussed the Triton affordable housing project at their April 2nd worksession meeting. He reported the consensus of the Council at this meeting was to move forward. President Mueller explained she had presented staff with several questions prior to the meeting. Business Development Coordinator Beeman recommended the developer come forward to address these questions. President Mueller asked who would be the majority owner for the proposed project. Becky Landon, Newport Midwest, commented on the tax code requirements for tax credits. She reported the tax credits would be sold in order to cover the construction costs. She explained the investors are typically not local. She noted Alliant, US Bank and Wells Fargo were big tax credits investors. She indicated Newport Midwest and Journey Home would be the general manager for the property making the day to day decision. She reported this would be a long-term ownership for Newport Midwest and Journey Home. President Mueller questioned what the average median income (AMI) would be for the proposed affordable units. Ms. Landon stated the proposed units would be offered to those living at 50% of the AMI. She reported the rents would be set to be affordable for those living at 50% to 60% AMI. President Mueller inquired why only four units would be assigned for veterans and their families. Ms. Landon discussed the State’s fair housing requirements and noted the recent tax changes addressed housing preferences. She noted it was her understanding housing preferences could be made for veterans. President Mueller asked if MACV would be forthcoming with the number of veterans and their families that were on affordable housing waiting lists. Ms. Landon stated she would have to investigate this further. President Mueller commented the close proximity to schools, bus services and other amenities were valuable to this project. She stated her only concern with this project was how the City would determine if the “but for” statement was being met for the proposed TIF district. Ms. Landon explained tax credits had a prescriptive calculation on how they could be awarded for construction costs. She noted the “but for” statement had more to do with the financial gap for the project. She reported it would be her responsibility to demonstrate the need for financial assistance to the City. She provided further comment on the accessibility within the second and third floor development.