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<br />Item No: 6A <br />Meeting Date: April 12, 2021 <br />Type of Business: EDA <br />Administrator review: _______ <br />City of Mounds View Staff Report <br />To: EDA President and Commissioners <br />From: Brian Beeman, Assistant City Administrator <br />Item Title/Subject: Resolution 21-EDA-341 A Resolution Approving a Preliminary Development <br />Agreement with MWF Properties, llc by the Mounds View Economic Development <br />Authority <br /> Background <br />The EDA owns approximately 3.5 acres on four parcels at 4849 & 3943 Old Hwy 8 with partial undevelopable lands <br />including a small wetland area. MWF Properties is proposing to construct a development on the EDA property <br />otherwise known as the Skyline Redevelopment Area. At is March 22, 2021 meeting, the EDA authorized staff to <br />continue to cooperate with MWF Properties to complete a Preliminary Development Agreement. <br /> <br />City Attorney, Scott Riggs, staff, and MWF Properties have been working on a preliminary development agreement <br />and has come to a consensus, which also includes the sale price of the EDA property to the developer. The <br />preliminary development agreement is a document that will be included along with several other documents in <br />MWF’s Tax Credit application that has a June 2021 deadline. <br /> <br />Also, at is March 22, 2021 meeting, the EDA agreed to consider MWF’s proposal to construct both an affordable <br />apartment and senior housing project on the entire EDA site. Both proposals are contingent upon proper financing <br />mainly through Tax Credits, a Minnesota Management & Budget program, and a Housing TIF among other sources. <br /> <br />Discussion <br />The EDA to review and consider 21-EDA-341, A Resolution Approving a Preliminary Development Agreement <br />between the EDA and MWF Properties including the attached Preliminary Development Agreement and ask any <br />questions as necessary. <br />Steps in this process: <br />1) EDA to consider Preliminary Development Agreement <br />2) MWF to submit Tax Credit Application by June 2021 deadline <br />3) MWF to hear back from State of MN on Tax Credit status December 2021 <br />4) EDA to consider Final Purchase & Development Agreement & Housing TIF Application <br />5) MWF to break ground on new project spring of 2022 <br />Recommendation <br />Staff recommends that the EDA review and consider 21-EDA-341, A Resolution Approving a Preliminary <br />Development Agreement with MWF Properties, llc by the Mounds View EDA. <br /> <br />Respectfully submitted, <br /> <br /> ________________________ <br />Brian Beeman <br />Assistant City Administrator <br /> <br />Attachment(s): 1) Resolution 21-EDA-341 & Preliminary Development Agreement with MWF Properties, llc <br />The Mounds View Vision <br />A Thriving Desirable Community <br />