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<br />Item No: 07C <br />Meeting Date: February 26, 2018 <br />Type of Business: EDA Business <br /> <br />City of Mounds View Staff Report <br />To: Economic Development Authority <br />From: Brian Beeman, Business Development Coordinator <br />Item Title/Subject: Joint Resolution 8917, 18-EDA-307 Approving Real Estate Option <br />Agreement for Boulevard Apartments <br /> <br />Background: <br /> <br />MWF Properties is proposing to construct a 60 unit workforce housing project on four parcels near <br />Groveland Road and Mounds View Boulevard. Two of the parcels are privately owned and the other <br />two parcels are tax forfeited. If a governmental organization acquires the tax forfeited properties for <br />the use of an affordable housing project, Ramsey County allows the parcels to be purchased at a <br />discount. MWF Properties is requesting an extension to their original real estate option agreement <br />which expired November 1, 2017 for the option to purchase the two tax-forfeited parcels from the <br />City. The City Attorney has reviewed and updated the real estate option agreement for the EDA’s <br />consideration. The EDA will review and consider the option agreement extension prior to the City <br />Council meeting. <br /> <br />Discussion: <br /> <br />The City of Mounds View City is cooperating with MWF Properties to purchase two tax forfeited land <br />parcels at a discount for the development of a multifamily affordable housing project. MWF <br />Properties would like the option to purchase the two tax-forfeited parcels from the City. However, a <br />legal document called the Real Estate Option Agreement is required which outlines the Seller (City) <br />and Buyer’s (Boulevard Apartments) duties/responsibilities and roles in the transaction. <br /> <br />Once the City/EDA has legal possession of the two parcels, the City/EDA will transfer the two <br />parcels back to MWF Properties so they can assemble the two tax forfeited parcels and the two <br />privately owned parcels for their project. The City Attorney briefly discussed the reasoning and <br />process for the extension at the February 5, 2018 Council Worksession. <br /> <br />Recommendation: <br />Staff recommends the Authority consider approval of joint Resolution 8917, 18-EDA-307 by motion. <br /> <br />Respectfully submitted, <br /> __________________________ <br />Brian Beeman <br /> <br />Attachments: <br />1) Joint Resolution 8917, 19-EDA-307 <br />2) Real Estate Option Agreement