06-14-2021 EDA - Laserfiche WebLink

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RESOLUTION NO. 21-EDA-344 MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF RAMSEY STATE OF MINNESOTA SUPPORTING USE OF FINANCIAL ASSISTANCE FOR A RENTAL HOUSING DEVELOPMENT PROJECT WHEREAS, the Mounds View Economic Development Authority (the “EDA) has received a request to provide financial assistance to Skyline Apartments, Limited Partnership, a Minnesota limited partnership (or another entity to be formed by or affiliated with MWF Properties, LLC, the “Developer”) for an approximately 112-unit affordable, senior rental housing apartment building to be located at 4889 Old Highway 8, Mounds View, Minnesota; and WHEREAS, in connection with its application to Minnesota Housing for tax credits, the Developer has requested that the EDA indicate its support of the use of financial assistance for the project. NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Mounds View Economic Development Authority (the “Board”) as follows: The EDA supports the use of financial assistance in an amount not to exceed $1,900,000; provided, however, that authorization and form of financing for the project is solely within the discretion of the EDA after satisfaction of all conditions required pursuant to the Economic Development Authorities Act, Minnesota Statutes, Sections 469.090 to 469.1080 (the “EDA Act”), and is authorized pursuant to Minnesota Statutes §469.174 to §469.1794 (the “TIF Act”), including without limitation, (i) determining that financial assistance is necessary for the project; (ii) verification of development financing need that substantiates that “but for” the use of tax increment financing the project would be unable to proceed; and (iii) a public hearing. Adopted this 14th Day of June 2021. ______________________________ Carol A. Mueller, EDA President (ATTEST) ______________________________ Nyle Zikmund, Executive Director (SEAL)