03-22-2021 EDA - Laserfiche WebLink

Home Browse Search

DOCSOPEN\MU205\52\709261.v2-3/17/21 Item No: 6B Meeting Date: March 22, 2021 Type of Business: EDA Administrator review: _______ City of Mounds View Staff Report To: EDA President and Commissioners From: Brian Beeman, Assistant City Administrator Item Title/Subject: Review DRAFT Preliminary Development Agreement – MWF Properties Background The EDA owns approximately 3.5 acres on four parcels at 4849 & 3943 Old Hwy 8 with partial undevelopable lands including a small wetland area. MWF Properties is proposing to construct a development on the EDA property otherwise known as the Skyline Redevelopment Area. City Attorney, Scott Riggs and staff have been working on a preliminary development agreement with MWF Properties. The preliminary development agreement is a document that will be included with MWF’s Tax Credit application that has a June 2021 deadline. Most recently, MWF is proposing to purchase a portion or all of the EDA owned land for an affordable multi-housing and possibly an affordable senior housing development. MWF would like a Preliminary Development Agreement including the price of the EDA land to be included in the agreement when submitting their application. Therefore, staff ordered a market analysis to determine the recommended price range to sell the EDA property which will be discussed as part of the EDA closed session. Discussion In order to ensure that the Preliminary Development Agreement is in line with the EDA’s expectations, staff is asking the EDA to review the Preliminary Development Agreement minus the land sale price which will be discussed at the closed EDA session. The City Attorney will be available to answer any questions. Steps in this process: 1) EDA to confirm price for land negotiations 2) Kennedy & Graven to complete Preliminary Development Agreement 3) EDA to consider Preliminary Development Agreement 4) MWF to submit Tax Credit Application by June 2021 deadline 5) MWF to hear back from State of MN on Tax Credit status December 2021 6) EDA to consider Final Purchase & Development Agreement & Housing TIF Application 7) MWF to break ground on new project spring of 2022 Recommendation Staff recommends that the EDA review the Preliminary Development Agreement and ask any questions as necessary. Staff will make changes to the document as directed, and have it available, including a resolution for the April 12, 2021 EDA meeting for consideration.