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Item No: 07B Meeting Date: February 26, 2018 Type of Business: EDA Business City of Mounds View Staff Report To: Economic Development Authority From: Brian Beeman, Business Development Coordinator Item Title/Subject: Resolution 18-EDA-306 Conditionally Authorizing Acquisition of Tax-Forfeited Land at a Discount for the Development of Multi-Family Affordable Housing Background: MWF Properties is proposing to construct a 60 unit workforce housing project on four parcels near Groveland Road and Mounds View Boulevard. Two of the parcels are privately owned and the other two parcels are tax forfeited. If a governmental organization acquires the tax forfeited properties for the use of an affordable housing project, Ramsey County allows the parcels to be purchased at a discount. Discussion: The City of Mounds View City is cooperating with MWF Properties to purchase two tax forfeited land parcels at a discount for the development of a multifamily affordable housing project. Ramsey County requires that a resolution be approved by the EDA/City Council authorizing the acquisition. The resolutions will be sent to the Ramsey County Board of Commissioners for their approval. Once approved by the County Board, the City/EDA will be required to send payment for the two parcels. MWF Properties will be sending the City/EDA a check for the total amount of the two parcels. Whereby, the City/EDA will write a check to the County to finalize the transaction. The DEED and Title process could take approximately three months to complete. Once the City/EDA has legal possession of the two parcels, the City/EDA will transfer the two parcels back to MWF Properties so they can assemble the two tax forfeited parcels and the two privately owned parcels for their project. Recommendation: Staff recommends the Authority consider approval of 18-EDA-306 by motion. Respectfully submitted, __________________________ Brian Beeman