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