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Ow' <br /> Item No. 4 <br /> Staff Report No. 97- zoo 111,15 <br /> Meeting Date 4-7-97 <br /> Type of Business WK <br /> • WK: Work Session;PH:Public Hearing; <br /> CA:Consent Agenda;EDAB:EDA Business <br /> Mounds View Economic Development Authority <br /> Work Session Staff Report <br /> To: Mounds View Economic Development Authority <br /> From: Cathy Bennett, Director of Economic Development <br /> Item Title/Subject: Discussion of MSP Real Estate Redevelopment Proposal <br /> Date of Report: April 3, 1997 <br /> MSP Real Estate will be making a presentation at the April 7, 1997 work session regarding their <br /> proposal for a significant rehab of the former Pleasant Wood Apts and construction of 28 new <br /> rental townhomes. The proposal was discussed briefly at the March 10, 1997 EDA meeting <br /> where Resolution No. 97-EDA62 was passed, with a 3-2 vote, authorizing staff to pursue the <br /> negotiation of a purchase agreement with MSP Real Estate. Staff has not negotiated any terms <br /> for the purchase of 2625 Highway 10 with MSP Real Estate to date. The intent of the <br /> resolution served as an indication that the EDA would consider discussions regarding the project <br /> 0 so that MSP could get points on their MHFA tax credit application. <br /> MSP Real Estate has provided you with a detailed description of the project as proposed in their <br /> letter dated March 27, 1997. I have not attached a copy of this letter to your packet information <br /> as it was delivered to you last Thursday. If you are unable to locate this information, please <br /> contact me. <br /> As requested at the March 10, 1997 meeting attached is the following documents for your <br /> review: <br /> Metropolitan Livable Communities Act: <br /> ► The City of Mounds View's Housing Action Plan for the Metropolitan Livable <br /> Communities Act <br /> ► Chart of other Metropolitan Communities Index and Benchmarks under the Metropolitan <br /> Livable Communities Act <br /> ► 1997 Fair Market Rents and Income Limits <br /> How Many Additional Families will be Added Due to Development? <br /> ► The development would add 26 new 3-bedroom and 2 new 4-bedroom townhomes. <br /> 0 Therefore, a maximum of 28 new families would be added due to the development. It is <br /> anticipated that there will be some turnover of tenants due to the rehabilitation of the 40- <br /> unit apartment buildings but it is not expected to add additional units to the mix. <br />