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