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Strategic Plan Strategy/Goal <br />Support redevelopment efforts, create and maintain a positive business climate where businesses want <br />to locate and remain in Mounds View. Maximize utilization of development space and current <br />redevelopment sites. Fill vacant space and support redevelopment & development. Continue and focus <br />on public relations activities. <br /> <br />Financial Impact <br />Majority developer funded with some Housing TIF assistance through the City of Mounds View. <br />The project is estimated to cost $29 million ($241,000 p/unit). The Developer is requesting Tax Increment <br />Financing (TIF) of $1,770,000. If TIF is approved by the EDA, the owner will pay property taxes on the <br />2021 value of $699,800. ($7,700 annual property taxes). TIF will run through 2049, or until $1,770,000 <br />is reimbursed to the owner (whichever occurs first). <br /> <br />Because the project is senior housing, it is not anticipated to contribute additional impacts to ISD 621. <br />The project is anticipated to impact municipal services (e.g. police and fire), although the TIF plan <br />concludes that the project, in and of itself, will not necessitate new capital investment in vehicle or <br />facilities. <br /> <br /> <br />Recommendation <br />1. Consider EDA Resolution 21-EDA-349 Adopting Modifications to the Redevelopment Plan, <br />Establishing TIF Dist. No 1-7 (Villas of Mounds View) and Adopting a TIF Plan by motion <br />2. Consider EDA Resolution 21-EDA-351 Approving Contract for Private Development and <br />Issuance of TIF Note by motion <br />3. Consider EDA Resolution 21-EDA-350 Approving Purchase and Development Agreement by <br />motion <br />4. Consider EDA Resolution 21-EDA-352 Approving Interfund Loan by motion <br /> <br />Respectfully submitted, <br /> <br /> ________________________ <br />Brian Beeman <br />Assistant City Administrator <br /> <br />Attachment(s): <br />1) EDA Resolution 21-EDA-349 & Exhibit A, (approving the TIF Plan) <br />2) TIF Plan <br />3) EDA Resolution 21-EDA-351 (approving the TIF agreement) <br />4) EDA Resolution 21-EDA-350 (not sure you need a third resolution?) <br />5) EDA Resolution 21-EDA-352 Approving Interfund Loan <br /> <br /> <br /> <br /> <br />The Mounds View Vision <br />A Thriving Desirable Community <br />