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<br /> Item No: 07A <br />Meeting Date: May 8, 2017 <br />Type of Business: EDA Business <br />Administrator Review: ____ <br />City of Mounds View Staff Report <br />To: Honorable President and EDA Commissioners <br />From: Brian Beeman, Business Development Coordinator <br />Item Title/Subject: MWF Properties Resolution & Letter of Support <br /> <br />Background: <br /> <br />MWF Properties is proposing a 60-unit “Workforce Housing” apartment project and will be applying <br />for Minnesota Housing Finance Agency Tax Credits in order to support the project. In addition, the <br />developer is requesting local participation in the form of a Housing TIF district. As part of the Tax <br />Credit application, part of the scoring for the project includes proof of City participation and support. <br />It is recommended that this be in the form of a resolution showing financial participation by the City <br />and a letter of support for the project. <br /> <br />Discussion: <br /> <br />City staff has prepared a resolution consenting to the process for the creation of a housing tax <br />increment financing district in support of the proposed MWF Properties multiple family housing <br />project and a draft letter of support. The City Council discussed and heard comments on the <br />resolution and letter of support from MWF Properties, Ehler’s, and City staff at its May 1, 2017, City <br />Council Work Session. Staff has updated the documents to reflect any changes suggested by the <br />City Council and City Attorney Scott Riggs, who has reviewed and expressed his approval of the <br />documents. <br /> <br />Recommendation: <br /> <br />Based upon previous reviews and discussions, Staff recommends approval of Resolution 17-EDA- <br />299 and approval of the Letter of Support for the MWF Workforce Housing project. Neither the <br />Resolution nor Letter of Support is binding, nor is the City obligated to move ahead with the project <br />if the Council and EDA should change its mind regarding the proposal. <br /> <br />Respectfully submitted, <br /> <br /> <br />______________________________ <br />Brian Beeman <br />Business Development Coordinator <br /> <br /> <br />Attachments: <br /> Resolution 17-EDA-299 Consenting to the Process for the Creation of a Housing Tax Increment <br />Financing District in Support of the Proposed MWF Properties Multiple Family Housing Project <br /> Letter of Support <br />