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Mounds View EDA March 22, 2021 Regular Meeting Page 2 6. EDA BUSINESS 1 2 A. Skyline Redevelopment Proposal Presentation – MWF Properties. 3 4 Assistant City Administrator Beeman stated the EDA owns 3.5 acres of land known as the 5 Skyline Redevelopment Area. He explained two developers were interested in purchasing this 6 property. However, the senior housing developer has backed out, which left MWF interested in 7 moving forward with their initial project. He reported MWF has several different options for the 8 northern side of this site. He reported MWF would like to go over these options with the EDA. 9 10 Chris Stokka, MWF Properties, provided the EDA with a presentation on his plans for the 11 Skyline site. He explained he has reengaged Bauer Welding in order to get their land under 12 contract. He anticipated he would have an LOI with Bauer in place later this week and a purchase 13 agreement in the next week or two. He indicated he was proposing to construct 96 family 14 workforce-housing units and 120 affordable senior apartments (55 or older). He reported there 15 was a shortage of affordable senior housing units in Minnesota. He anticipated the general layout 16 would be similar to the previous plans provided by MWF and Augusta. He commented further on 17 the affordable housing tax credits that he would be requesting from the State of Minnesota for 18 both of these projects. He stated he would be requesting a TIF note for this redevelopment. 19 20 Commissioner Meehlhause asked if Mr. Stokka was aware that a portion of the land would be 21 sold to BioClean. Mr. Stokka explained he was aware of this land sale. 22 23 Further discussion ensued regarding the income restrictions that would be in place for the 24 proposed affordable senior units. 25 26 President Mueller questioned what the timing of this project would be. Mr. Stokka indicated this 27 would be dependent upon the grants, noting there were two rounds each year. It was his hope that 28 one of the projects would be selected within each round. 29 30 President Mueller thanked MWF for the presentation on the Skyline Redevelopment project. 31 32 B. Review DRAFT Preliminary Development Agreement – MWF Properties. 33 34 Assistant City Administrator Beeman discussed the draft preliminary development agreement 35 with MWF Properties. He explained staff and the City Attorney has been working with MWF on 36 and off over the past year. He indicated this agreement would be considered at the April EDA 37 meeting. He noted the senior housing aspect was new and would be added to the agreement, 38 along with the purchase price for the property. He requested feedback from the EDA on the 39 agreement. 40 41 President Mueller reported this project would hinge on MWF receiving grants for this project. 42