04-26-2021 EDA - Laserfiche WebLink

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Mounds View EDA April 12, 2021 Regular Meeting Page 2 A. Resolution 21-EDA-341 Approving a Preliminary Development Agreement 1 with MWF Properties, LLC by the Mounds View Economic Development 2 Authority. 3 4 Assistant City Administrator Beeman requested the EDA approve a preliminary development 5 agreement with MWF Properties, LLC. He explained the EDA owns 3.5 acres of land and at the 6 March 22, 2021 EDA meeting, the Authority agreed to sell this land to MWF Properties for 7 $1.55 million. Staff reviewed the terms of the agreement in further detail and recommended 8 approval. It was noted the intent was to work towards a final agreement for the closing date 9 which was December 31, 2022. The agreement could be extended until December 31, 2023 in 10 order to receive proper affordable housing credits. 11 12 Chris Stokka, MWF Properties, commented he had a letter of intent with Bauer so he would be 13 moving forward with a purchase agreement. He explained the funding he was seeking was 14 similar to the grants he received for the Boulevard project. He stated he would be going through 15 Minnesota Housing this July. He was hopeful that one of the two projects would be selected on 16 the first go round. 17 18 President Mueller thanked Mr. Stokka for working with the adjacent property owners and 19 understanding their needs when moving forward with this project. 20 21 Commissioner Meehlhause commented on a recent article that was printed about the Ramsey 22 County HRA and their intent to assist with multi family housing. Mr. Stokka stated he would 23 look into this and explained the Ramsey County HRA helped with the Boulevard project. 24 25 Commissioner Meehlhause questioned when the sale of this property would be completed. 26 Assistant City Administrator Beeman reported the earliest MWF would break ground would be 27 the spring of 2022. 28 29 President Mueller encouraged MWF to speak with Ramsey County HRA to see if any assistance 30 was available for this project. 31 32 Executive Director Zikmund commented on a meeting he attended with Ramsey County City 33 Managers. He noted a competitive housing grant application process was discussed. He stated 34 this program would be highly advertised by the County and he anticipated these grants would be 35 extremely competitive. 36 37 MOTION/SECOND: Hull/Meehlhause. To Waive the Reading and Adopt Resolution 21-EDA-38 341, Approving a Preliminary Development Agreement with MWF Properties, LLC by the 39 Mounds View Economic Development Authority. 40 41 A roll call vote was taken. 42