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<br />Item No: 06A <br />Meeting Date: April 9, 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-310 A Resolution Consenting to the Process for <br />the Creation of a Housing Tax Increment Financing District in <br />Support of the Proposed Triton Multiple Family Housing Project, and <br />Approval of a Letter of Support for the Project. <br /> <br />Background: <br /> <br />Newport Midwest, LLC in partnership with non-profit Journey Home Minnesota, has submitted a <br />proposal (“The Triton”) to construct sixty one units of multiple-family rental housing at or new Old <br />Hwy 8 and Mustang Drive, with 100% of the units being affordable to household with incomes at or <br />below 50% of the area median income. <br /> <br />Discussion: <br />The City Council discussed the Triton with the developers and Ehlers at its April 2, 2018 Council <br />Worksession. The council showed support for the project and in creating a TIF district by <br />consensus. The letter of support was also included in that packet. The Council directed staff to <br />place the items on the next available agenda for consideration. <br /> <br />Recommendation: <br /> <br />Staff recommends the Authority consider approval of Resolution 18-EDA-310 and the letter of <br />support by motion. <br /> <br /> <br />Respectfully submitted, <br /> __________________________ <br />Brian Beeman <br /> <br />Attachments: <br />1) 18-EDA-310 A Resolution Approving <br />2) Letter of Support <br />3) Ehler’s TIF Memo