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  <br />Mounds View Economic Development Authority <br />Tax Increment Financing District No. 1-7 (Skyline Apartments) 2 <br />Tax Increment Financing Plan for Tax Increment <br />Financing District No. 1-7 (Villas of Mounds View) <br />FOREWORD <br /> <br />The Mounds View Economic Development Authority (the "EDA"), the City of <br />Mounds View (the "City"), staff and consultants have prepared the following <br />information to expedite the Establishment of Tax Increment Financing District <br />No. 1-7 (Villas of Mounds View) (the "District"), a housing tax increment <br />financing district, located in the Mounds View Economic Development Project. <br />STATUTORY AUTHORITY <br /> <br />Within the City, there exist areas where public involvement is necessary to <br />cause development or redevelopment to occur. To this end, the EDA and City <br />have certain statutory powers pursuant to Minnesota Statutes ("M.S."), <br />Sections 469.090 - 469.1082, inclusive, as amended, and M.S., Sections <br />469.174 to 469.1794, inclusive, as amended (the "Tax Increment Financing <br />Act" or "TIF Act"), to assist in financing public costs related to this project. <br /> <br />This section contains the Tax Increment Financing Plan (the "TIF Plan") for the <br />District. Other relevant information is contained in the Modification to the <br />Development Program for the Mounds View Economic Development Project. <br />STATEMENT OF OBJECTIVES <br /> <br />The District currently consists of four (4) parcels of land and adjacent roads <br />and internal rights-of-way. The District is being created to facilitate <br />construction of 120 units of affordable rental housing in the City. The EDA <br />intends to enter into an agreement with MWF Properties as the developer of <br />the project. Development is anticipated to begin in 2022. This TIF Plan is <br />expected to achieve many of the objectives outlined in the Development <br />Program for the Mounds View Economic Development Project. <br /> <br />The activities contemplated in the Modification to the Development Program <br />and the TIF Plan do not preclude the undertaking of other qualified <br />development or redevelopment activities. These activities are anticipated to <br />occur over the life of the Mounds View Economic Development Project and <br />the District. <br /> <br />