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RESOLUTION NO. 21-EDA-344 <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />SUPPORTING USE OF FINANCIAL ASSISTANCE FOR A RENTAL HOUSING <br />DEVELOPMENT PROJECT <br />WHEREAS, the Mounds View Economic Development Authority (the "EDA) has received <br />a request to provide financial assistance to Skyline Apartments, Limited Partnership, a Minnesota <br />limited partnership (or another entity to be formed by or affiliated with MWF Properties, LLC, the <br />"Developer") for an approximately 112-unit affordable, senior rental housing apartment building <br />to be located at 4889 Old Highway 8, Mounds View, Minnesota; and <br />WHEREAS, in connection with its application to Minnesota Housing for tax credits, the <br />Developer has requested that the EDA indicate its support of the use of financial assistance for <br />the project. <br />NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Mounds <br />View Economic Development Authority (the "Board") as follows: <br />The EDA supports the use of financial assistance in an amount not to exceed $1,900,000; <br />provided, however, that authorization and form of financing for the project is solely within the <br />discretion of the EDA after satisfaction of all conditions required pursuant to the Economic <br />Development Authorities Act, Minnesota Statutes, Sections 469.090 to 469.1080 (the "EDA Act"), <br />and is authorized pursuant to Minnesota Statutes §469.174 to §469.1794 (the "TIF Act"), including <br />without limitation, (i) determining that financial assistance is necessary for the project; (ii) <br />verification of development financing need that substantiates that "but for" the use of tax increment <br />financing the project would be unable to proceed; and (iii) a public hearing. <br />Adopted this 14th Day of June 2021. <br />Carol A. Mueller, PDA President <br />(ATTEST) <br />A- 4 �� -.,,/ <br />Nyle • <mund,'Executive Director <br />(SEA. L) <br />