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<br />Item No: 06A <br />Meeting Date: June 25, 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-313 A Resolution Approving Purchase and <br />Development Agreement and Conveyance of Property Located In <br />Mounds View, Minnesota <br /> <br />Background: <br /> <br />MWF Properties is exercising their Option Agreement to acquire two tax forfeiture properties for their <br />60 unit, three story with underground parking, affordable housing project. Pursuant to the Option <br />Agreement, the Developer is required to also enter into the purchase and development agreement <br />outlining the terms and conditions of the developer’s acquisition of the property from the EDA and <br />the platting. The EDA is cooperating with MWF Properties to acquire two tax forfeiture properties for <br />the proposed 60 unit, three story with underground parking, affordable housing project. The EDA is <br />establishing certain minimum criteria as conditions required in order to execute the purchase <br />agreement and development agreement in order to make the development feasible. <br /> <br />Discussion: <br /> <br />MWF Properties DBA “Boulevard Apartments, Limited Partnership” is proposing to construct 60 <br />units of workforce housing. The purchase and development agreement is a requirement outlining <br />the terms and conditions between the EDA and Boulevard. The City Attorney will be available for <br />questions if needed. <br /> <br />Recommendation: <br /> <br />Continue the Public Hearing to hear resident comments. Close Public Hearing and consider <br />approval of Resolution 18-EDA-313 by motion. <br /> <br /> <br />Respectfully submitted, <br /> __________________________ <br />Brian Beeman <br /> <br />Attachments: <br />1) 18-EDA-313 A Resolution Approving Purchase and Development Agreement and <br />Conveyance of Property Located In Mounds View, Minnesota <br />2) Purchase and Development Agreement <br />