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Reports of Staff <br />April 20, 2018 <br />Page 2 of 2 <br /> <br />G. The Triton <br />The Triton is a 61 unit affordable housing project to be located at the old Skyline Motel <br />site. The developer has until the end of 2018 to close on the purchase agreement. The <br />proposed project will be a four-story above underground parking facility partly funded by <br />the 9% Tax Credit program. At its April 9 meeting, the City Council approved a <br />resolution showing support in creating a TIF district after it has been announced that the <br />developer has been awarded the Tax Credits. This likely will not occur until late this fall. <br />The developer is asking the City for a Housing TIF in the amount up to $375,000 for 15 <br />years. <br /> <br />H. Norhart Homes <br />Norhart Homes is proposing to build an approximately 200 unit market rate apartment <br />building on the five parcels east of Bel-Rae and/or where Arden Park currently sits. The <br />developer is looking to purchase additional parcels in the area and would dedicate a <br />portion of the property for public parking to be used as a trailhead and a dog park. The <br />Council reviewed this project at its April 2, 2018 worksession. <br /> <br />I. Other Upcoming Events/Reports <br />Parts Midwest, Inc is holding an open house April 25th, 2018 from 10:00 a.m.-2:00 p.m. <br />at 4821 & 4825 Mustang Circle, in Mounds View. This is a new company that bought <br />the building that Trailwood Transportation used to be in and across the street from Dell- <br />Comm. <br /> <br />J. Reports of Commissioners (Agenda Item 7) <br /> <br />K. Upcoming EDC Meetings (Agenda Item 8) <br />The next meeting will be held May 18, 2018 at 7:30 a.m. if needed. <br /> <br /> ______________________________ <br />Brian Beeman <br />Business Development Coordinator <br /> <br />