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Mounds View EDA June 14, 2021 <br />Regular Meeting Page 2 <br /> <br />Rental Housing Development Project. 1 <br /> 2 <br />Assistant City Administrator Beeman requested the EDA support the use of financial assistance 3 <br />for a rental housing development project. He explained MWF was proposing a senior housing 4 <br />project on the Skyline Motel property and was requesting both TIF and conduit revenue bonds. 5 <br />He reported this Resolution of Support would assist MWF in securing the financing necessary to 6 <br />complete this project. 7 <br /> 8 <br />Jason Aarsvold, Ehlers & Associates, discussed the TIF findings in further detail with the EDA. 9 <br />He explained the Minnesota Housing organization requires a Resolution of Support for projects 10 <br />requesting tax credits and bonds. He indicated the Resolution of Support does not commit the 11 <br />City to providing TIF, rather a full process would have to be followed in order to create a TIF 12 <br />District. However, the Minnesota Housing organization does like to see the City committed to 13 <br />the project. He commented further on the amount of TIF that would be necessary to make this 14 <br />project financially feasible. He recommended $1.9 million in TIF be considered versus the 15 <br />requested $2.4 million that was requested by the developer. 16 <br /> 17 <br />President Mueller questioned what the total cost was for this project. Mr. Aarsvold reported the 18 <br />project would cost $26.6 million to complete. 19 <br /> 20 <br />MOTION/SECOND: Meehlhause/Hull. To Waive the Reading and Adopt Resolution 21-EDA-21 <br />344, A Resolution Supporting Use of Financial Assistance for a Rental Housing Development 22 <br />Project. 23 <br /> 24 <br />A roll call vote was taken. 25 <br /> 26 <br /> Ayes – 5 Nays – 0 Motion carried. 27 <br /> 28 <br />7. REPORTS 29 <br /> 30 <br />A. EDA Lot Purchase Agreement Update 31 <br /> 32 <br />Assistant City Administrator Beeman provided the EDA with an update on the Letter of Intent 33 <br />that has since expired for the Simon’s lot. He explained the City has another party interested in 34 <br />putting a dental office on this lot. He indicated City staff would be pursuing this opportunity. 35 <br /> 36 <br />Commissioner Bergeron asked if this purchase agreement would include the City owned lot 37 <br />behind Simon’s. Assistant City Administrator Beeman reported this was the case, noting there 38 <br />would be a dual sale between the City of Mounds View, Simon’s and the dental office developer. 39 <br /> 40 <br />8. NEXT EDA MEETING: Monday, June 28, 2021 at 6:30 p.m. 41 <br /> 42 <br />43