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Mounds View EDA June 25, 2018 <br />Regular Meeting Page 2 <br /> <br />Development Agreement and conveyance of property located in Mounds View. He explained the 1 <br />City was working in coordination with MWF in order to complete a 60 unit workforce housing 2 <br />apartment complex. He commented further on the Development and Purchase Agreement and 3 <br />recommended approval of the documents. 4 <br /> 5 <br />President Mueller opened the continued public hearing at 6:05 p.m. 6 <br /> 7 <br />President Mueller closed the public hearing at 6:05 p.m. 8 <br /> 9 <br />President Mueller asked if a park dedication fee would be tied into this project. Business 10 <br />Development Coordinator Beeman stated this was the case noting MWF would be paying the 11 <br />City just over $36,000 in park dedication fees. 12 <br /> 13 <br />City Attorney Riggs commented further on the Purchase and Development Agreements. 14 <br /> 15 <br />Commissioner Meehlhause asked if the developer had paid the City for the property. Business 16 <br />Development Coordinator Beeman reported this had been done and noted the funds had been 17 <br />forwarded onto the County. 18 <br /> 19 <br />MOTION/SECOND: Gunn/Bergeron. To Approve the Resolution 18-EDA-313, A Resolution 20 <br />Approving Purchase and Development Agreement and Conveyance of Property Located in 21 <br />Mounds View, Minnesota. 22 <br /> 23 <br /> Ayes – 5 Nays – 0 Motion carried. 24 <br /> 25 <br />B. Resolution 18-EDA-312, a Resolution Approving Contract for Private 26 <br />Development and Issuance of Tax Increment Note. 27 <br /> 28 <br />Business Development Coordinator Beeman requested the EDA approve a contract for private 29 <br />development and issuance of a Tax Increment Note. He discussed the proposed TIF Note which 30 <br />would be in the amount of $546,000 and stated it would be for 15 years. It was noted the TIF 31 <br />Note could be paid off early. 32 <br /> 33 <br />President Mueller requested further information on TIF. Acting Executive Director Beer 34 <br />discussed how TIF could be used by the City and described the “but for” test. Further discussion 35 <br />ensued regarding the benefits of having this property back on the tax rolls. 36 <br /> 37 <br />MOTION/SECOND: Hull/Gunn. To Waive the Reading and Adopt Resolution 18-EDA-312, a 38 <br />Resolution Approving Contract for Private Development and Issuance of Tax Increment Note. 39 <br /> 40 <br /> Ayes – 5 Nays – 0 Motion carried. 41 <br /> 42