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06-11-2018
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06-11-2018
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1/29/2025 9:15:36 AM
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MV Commission Documents
Commission Name
Economic Development Authority
Commission Doc Type
Agenda Packets
MEETINGDATE
6/11/2018
Commission Doc Number (Ord & Res)
0
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Date
6/11/2018
EDA Document Type
Council Packets
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Mounds View EDA April 9, 2018 <br />Regular Meeting Page 2 <br /> <br />Business Development Coordinator Beeman requested the EDA adopt a Resolution consenting to 1 <br />the process for the creation of a housing Tax Increment Financing District in support of the 2 <br />proposed Triton multiple family housing project and approve a Letter of Support for the project. 3 <br />He reported the City Council had discussed the Triton affordable housing project at their April 4 <br />2nd worksession meeting. He reported the consensus of the Council at this meeting was to move 5 <br />forward. 6 <br /> 7 <br />President Mueller explained she had presented staff with several questions prior to the meeting. 8 <br />Business Development Coordinator Beeman recommended the developer come forward to 9 <br />address these questions. 10 <br /> 11 <br />President Mueller asked who would be the majority owner for the proposed project. Becky 12 <br />Landon, Newport Midwest, commented on the tax code requirements for tax credits. She 13 <br />reported the tax credits would be sold in order to cover the construction costs. She explained the 14 <br />investors are typically not local. She noted Alliant, US Bank and Wells Fargo were big tax 15 <br />credits investors. She indicated Newport Midwest and Journey Home would be the general 16 <br />manager for the property making the day to day decision. She reported this would be a long-term 17 <br />ownership for Newport Midwest and Journey Home. 18 <br /> 19 <br />President Mueller questioned what the average median income (AMI) would be for the proposed 20 <br />affordable units. Ms. Landon stated the proposed units would be offered to those living at 50% 21 <br />of the AMI. She reported the rents would be set to be affordable for those living at 50% to 60% 22 <br />AMI. 23 <br /> 24 <br />President Mueller inquired why only four units would be assigned for veterans and their families. 25 <br />Ms. Landon discussed the State’s fair housing requirements and noted the recent tax changes 26 <br />addressed housing preferences. She noted it was her understanding housing preferences could be 27 <br />made for veterans. 28 <br /> 29 <br />President Mueller asked if MACV would be forthcoming with the number of veterans and their 30 <br />families that were on affordable housing waiting lists. Ms. Landon stated she would have to 31 <br />investigate this further. 32 <br /> 33 <br />President Mueller commented the close proximity to schools, bus services and other amenities 34 <br />were valuable to this project. She stated her only concern with this project was how the City 35 <br />would determine if the “but for” statement was being met for the proposed TIF district. Ms. 36 <br />Landon explained tax credits had a prescriptive calculation on how they could be awarded for 37 <br />construction costs. She noted the “but for” statement had more to do with the financial gap for 38 <br />the project. She reported it would be her responsibility to demonstrate the need for financial 39 <br />assistance to the City. She provided further comment on the accessibility within the second and 40 <br />third floor development. 41 <br /> 42
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