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Mounds View EDA March 22, 2021 <br />Regular Meeting Page 2 <br /> <br />None. <br /> <br />6. EDA BUSINESS <br /> <br />A. Skyline Redevelopment Proposal Presentation – MWF Properties. <br /> <br />Assistant City Administrator Beeman stated the EDA owns 3.5 acres of land known as the <br />Skyline Redevelopment Area. He explained two developers were interested in purchasing this <br />property. However, the senior housing developer has backed out, which left MWF interested in <br />moving forward with their initial project. He reported MWF has several different options for the <br />northern side of this site. He reported MWF would like to go over these options with the EDA. <br /> <br />Chris Stokka, MWF Properties, provided the EDA with a presentation on his plans for the <br />Skyline site. He explained he has reengaged Bauer Welding in order to get their land under <br />contract. He anticipated he would have an LOI with Bauer in place later this week and a purchase <br />agreement in the next week or two. He indicated he was proposing to construct 96 family <br />workforce-housing units and 120 affordable senior apartments (55 or older). He reported there <br />was a shortage of affordable senior housing units in Minnesota. He anticipated the general layout <br />would be similar to the previous plans provided by MWF and Augusta. He commented further on <br />the affordable housing tax credits that he would be requesting from the State of Minnesota for <br />both of these projects. He stated he would be requesting a TIF note for this redevelopment. <br /> <br />Commissioner Meehlhause asked if Mr. Stokka was aware that a portion of the land would be <br />sold to BioClean. Mr. Stokka explained he was aware of this land sale. <br /> <br />Further discussion ensued regarding the income restrictions that would be in place for the <br />proposed affordable senior units. <br /> <br />President Mueller questioned what the timing of this project would be. Mr. Stokka indicated this <br />would be dependent upon the grants, noting there were two rounds each year. It was his hope that <br />one of the projects would be selected within each round. <br /> <br />President Mueller thanked MWF for the presentation on the Skyline Redevelopment project. <br /> <br />B. Review DRAFT Preliminary Development Agreement – MWF Properties. <br /> <br />Assistant City Administrator Beeman discussed the draft preliminary development agreement <br />with MWF Properties. He explained staff and the City Attorney has been working with MWF on <br />and off over the past year. He indicated this agreement would be considered at the April EDA <br />meeting. He noted the senior housing aspect was new and would be added to the agreement, <br />along with the purchase price for the property. He requested feedback from the EDA on the <br />agreement.