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<br /> Item No: 09D <br />Meeting Date: May 22, 2017 <br />Type of Business: Council & EDA Business <br />Administrator Review: ____ <br /> City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br /> Honorable EDA President and Commissioners <br />From: Brian Beeman, Business Development Coordinator <br />Item Title/Subject: Resolutions 8759 and 17-EDA-300 Regarding MWF <br />Properties Purchase Option Agreement of Tax Forfeited <br />Parcels <br /> <br /> <br />Background: <br /> <br />MWF Properties is proposing a 60 unit “Workforce Housing” apartment project and will be <br />applying for Minnesota Housing & Finance Agency Tax Credits in order to support the <br />project. As part of the Tax Credit application, part of the scoring for the project includes <br />proof that the developer has site control. It is recommended that this be in the form of a <br />Resolution and purchase option agreement. <br /> <br />Discussion: <br /> <br />The City Attorney and staff have prepared a resolution and purchase option agreement <br />for the purchase of the two tax forfeited properties near the Cynthia Johnson property <br />with Parcel Identification Numbers 063023310031 and 063023310241. The City has <br />placed a six month hold on the two parcels until the City is able to acquire the properties <br />and deed from Ramsey County. Once the purchase has been made and the deed is <br />received from the County, the two parcels will be transferred to Boulevard Apartments <br />which is a partnership formed and controlled by MWF properties for the sole purpose of <br />developing an affordable housing tax credit development at the Mounds View <br />location. The tax credit laws require the separate entity to own the real estate. <br /> <br />The process is summarized as follows: <br /> The City has to pass a resolution approving the project, purchase of the property, <br />and cite the specific statute that allows the City to acquire the property for the <br />intended purpose. <br /> The City then sends the County a copy of a certified resolution and payment for <br />the property. <br /> Documents are prepared and scheduled on a County Board meeting agenda. <br /> The County Board reviews the documentation and must approve the sale of the <br />property for the stated purpose to the City.