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<br />Item No: 6A <br />Meeting Date: June 14, 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: 21-EDA-344, A Resolution Supporting Use of Financial Assistance for a Rental <br />Housing Development Project <br /> Background <br />The EDA owns approximately 3.5 acres on four parcels at 4849 & 3943 Old Hwy 8 with partial <br />undevelopable lands including a small wetland area. MWF Properties is proposing to construct a <br />development on the EDA property otherwise known as the Skyline Redevelopment Area. At is March 22, <br />2021 meeting, the EDA authorized staff to continue to cooperate with MWF Properties to complete a <br />Preliminary Development Agreement. At its April 12, 2021 meeting the EDA approved a Preliminary <br />Development Agreement with MWF Properties to construct an affordable senior living project and a <br />workforce housing project. <br /> <br />MWF Properties has notified staff that they will need a resolution of support for a Housing TIF similar to <br />what the EDA approved for the Boulevard project. As their project is contingent upon proper financing <br />and they must prove to their funders that the EDA is supportive of a Housing TIF for the Skyline <br />Redevelopment project. Keeping in mind that a full TIF run will need to be completed at a later date and <br />that early numbers for the project will likely change until the project is finalized, Ehler’s has completed a <br />preliminary TIF run which indicates a 20 year Housing TIF instead of a 26 year TIF as originally requested. <br /> <br />Discussion <br />The EDA to review Ehler’s memorandum summarizing the TIF recommendation and Resolution 21-EDA- <br />344, A resolution supporting use of financial assistance for a rental housing development project. A <br />representative from Ehler’s and MWF Properties will be available to answer any questions. If all goes as <br />planned, MWF plans to break ground on the new project December 2021. <br /> Recommendation <br />Staff recommends that the EDA review and consider resolution 21-EDA-344 by motion. <br /> <br />Respectfully submitted, <br /> <br /> ________________________ <br />Brian Beeman <br />Assistant City Administrator <br /> <br />Attachment(s): <br />1) Ehler’s memorandum summarizing the TIF recommendation <br />2) Resolution 21-EDA-344 <br /> <br />The Mounds View Vision <br />A Thriving Desirable Community <br />