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Item No: 06B Meeting Date: June 25, 2018 Type of Business: EDA Business City of Mounds View Staff Report To: Economic Development Authority From: Brian Beeman, Business Development Coordinator Item Title/Subject: Resolution 18-EDA-312 A Resolution Approving Contract for Private Development and Issuance of Tax Increment Note Background: The EDA established Tax Increment Financing District No. 1-6 (a housing district) by 18-EDA-308 on March 12, 2018. The EDA is cooperating with MWF Properties in Tax Increment Financing and has proposed to issue a Tax Increment Revenue Note in the maximum principal amount of $546,000 to reimburse the developer for certain qualified costs related to the minimum improvements (the “Qualified Public Development Costs”) TIF district for the proposed 60 unit, three story with underground parking, affordable housing project. The EDA is establishing certain minimum criteria as conditions relating to the TIF. Discussion: MWF Properties DBA “The Boulevard” is proposing to construct 60 units of workforce housing. The Contract for Private Development provides the minimum guidelines, standards, and criteria the EDA is requiring for the financing and development of the project. For example, it defines and specifies Representations and Warranties, Property Acquisitions & Public Development Costs, Construction and Maintenance of Minimum Improvements, Insurance, Tax Increment & Taxes, Financing, Prohibitions Against Assignment and Transfer & Indemnification, Events of Default, and Additional Provisions. The City Attorney will be available for questions if needed. Recommendation: Staff recommends the Authority consider approval of Resolution 18-EDA-312 by motion. Respectfully submitted, __________________________ Brian Beeman Attachments: 1) 18-EDA-312 A Resolution Approving Contract for Private Development and Issuance of Tax Increment Note 2) Contract for Private Development between EDA & Boulevard Apartments