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