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Mounds View EDA February 26, 2018 Regular Meeting Page 3 He reported once the option agreement was signed and in place, the developer would be locked 1 in to purchase the property. Staff provided further comment on the agreement and recommended 2 approval. 3 4 MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 18-5 EDA-307, Approving Real Estate Option Agreement for Boulevard Apartments. 6 7 Ayes – 5 Nays – 0 Motion carried. 8 9 B. Resolution 18-EDA-306 Conditionally Authorizing Acquisition of Tax-10 Forfeited Land at a Discount for the Development of Multi-Family 11 Affordable Housing. 12 13 Business Development Coordinator Beeman requested the Council adopt a Resolution 14 conditionally authorizing acquisition of tax-forfeited land at a discount for the development of 15 multi-family affordable housing. He reported the County was requiring the City to pass this 16 Resolution due to the fact that two of the properties were tax-forfeited. He discussed the fees the 17 developer would have to pay for the land noting discounts were in place. 18 19 City Attorney Riggs reviewed the redlined changes to the Resolution and noted this item would 20 not require Council approval. He commented on the development schedule for the project and 21 recommended approval. 22 23 Commissioner Meehlhause reported the City would not be paying for the tax forfeited land but 24 rather would be paid for by the developer. He asked if MWF would maintain ownership of the 25 tax-forfeited land if the development did not happen. City Attorney Riggs advised this was 26 covered in the option agreement and reported if the project were to fall through the land would 27 return to the EDA. 28 29 President Mueller questioned if the two tax forfeited properties were currently paying property 30 taxes. Business Development Coordinator Beeman reported both properties had been foreclosed 31 and were not paying taxes. 32 33 President Mueller commented one of the parcels was landlocked and the other was accessible to 34 Mounds View Boulevard. She asked how big the parcel was that had access to Mounds View 35 Boulevard. Business Development Coordinator Beeman stated he was uncertain as to the exact 36 size but noted the four parcels within this development were being combined in order to allow 37 for a proper sized development. 38 39 MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 18-40 EDA-306, Conditionally Authorizing Acquisition of Tax-Forfeited Land at a Discount for the 41 Development of Multi-Family Affordable Housing. 42