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<br />Item No: 07B <br />Meeting Date: March 12, 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: Resolution 18-EDA-309 A Resolution Authorizing Interfund <br />Loan for Advance of Certain Costs in Connection with Tax <br />Increment Financing District No. 1-6 (A Housing District) <br /> <br />Background: <br />MWF Properties is proposing to construct a 60 unit workforce housing project on four <br />parcels near Groveland Road and Mounds View Boulevard. MWF is asking for Tax <br />Increment Financing (TIF) for the project. Administrative costs are authorized when using <br />TIF. <br /> <br />Discussion: <br />The City of Mounds View City is cooperating with MWF Properties to create a TIF district <br />for their 60 unit workforce housing project. As part of this process, administrative costs are <br />authorized. The City is authorized to loan funds to the EDA for qualified costs (the <br />“Interfund Loan”) in the amount of up to $30,000. The Authority, if utilizing this privilege <br />would pay the City back from tax increments derived from the property within the TIF <br />District. In order to authorize the interfund loan a resolution is required. The Council will <br />discuss this matter at their March 12, 2018 City Council Worksession. Ehler’s, the City’s <br />Financial Consultant and Kennedy & Graven will be on hand to answer any questions <br />relating to this matter. <br /> <br />Recommendation: <br />Staff recommends the Authority consider approval of 18-EDA-309 by motion. <br /> <br /> <br />Respectfully submitted, <br /> __________________________ <br />Brian Beeman <br /> <br />Attachments: <br />1) 18-EDA-309 A Resolution Authorizing Interfund Loan for Advance of Certain Costs <br />in Connection with Tax Increment Financing District No. 1-6 (A Housing District) <br />