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Mounds View EDA March 12, 2018 <br />Regular Meeting Page 2 <br /> <br />Business Development Coordinator Beeman requested the Authority adopt a Resolution 1 <br />modifying the Redevelopment Project Plan for the Mounds View EDA project and the 2 <br />establishment of Tax Increment Financing District No. 1-6. He reported this action would create 3 <br />a TIF District for the Boulevard housing project. 4 <br /> 5 <br />James Lehnhoff, Ehlers & Associates, provided the EDA with a brief presentation on the 6 <br />proposed TIF plan to create TIF District 1-6, which was for a housing district. It was noted the 7 <br />maximum TIF term would be 26 years. He reported the proposed TIF plan was reviewed by staff 8 <br />and the City Attorney. He recommended approval of the proposed Resolution. 9 <br /> 10 <br />President Mueller clarified the TIF District would be for 15 years and not 26 years. Lehnhoff 11 <br />explained that housing districts can be set up for 26 years. He added that Council action to 12 <br />determine the approved TIF amount and term will not be considered for approximately another 13 <br />month or so. 14 <br /> 15 <br />MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 18-16 <br />EDA-308, a Resolution Adopting a Modification to the Redevelopment Project Plan for the 17 <br />Mounds View EDA Project and the Establishment of Tax Increment Financing District No. 1-6 18 <br />Therein and Adopting a Tax Increment Financing Plan. 19 <br /> 20 <br />Commissioner Meehlhause requested staff correct the Resolution to reflect it as being named 18-21 <br />EDA-308. 22 <br /> 23 <br /> Ayes – 5 Nays – 0 Motion carried. 24 <br /> 25 <br />B. 18-EDA-309, a Resolution Authorizing Interfund Loan for Advance of 26 <br />Certain Costs in Connection with Tax Increment Financing District No. 1-6 27 <br />(A Housing District). 28 <br /> 29 <br />Business Development Coordinator Beeman requested the Authority authorize an interfund loan 30 <br />for the advance of certain costs in connection with Tax Increment Financing District No. 1-6. He 31 <br />noted the amount that could be advanced was up to $30,000. 32 <br /> 33 <br />James Lehnhoff, Ehlers & Associates, explained this Resolution would allow the City to be 34 <br />reimbursed for any administrative costs incurred through increment created by this TIF District. 35 <br /> 36 <br />MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 18-37 <br />EDA-309, a Resolution Authorizing Interfund Loan for Advance of Certain Costs in Connection 38 <br />with Tax Increment Financing District No. 1-6 (A Housing District). 39 <br /> 40 <br />Commissioner Meehlhause stated he spoke to the Finance Director regarding this matter and 41 <br />noted the City did not anticipate the need for an interfund loan, but this Resolution would allow 42