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Mounds View EDA November 22, 2021 <br />Regular Meeting Page 3 <br />Stacie Kvilvang, Ehlers & Associates, highlighted the terms of the contract noting the City would 1 <br />be providing the developer with a pay as you go note in the amount of $1.77 million to pay for 2 <br />qualified cost for construction of the affordable housing project. She explained a $10,000 escrow 3 <br />had been provided by the applicant. She noted construction would have to commence by April 4 <br />2022 and would have to be complete by July 31, 2023. She indicated the applicant would be 5 <br />required to report annually to the City on the affordability parameters and a deed restriction 6 <br />would be in place for 30 years. 7 <br />8 <br />MOTION/SECOND: Hull/Meehlhause. To Waive the Reading and Adopt Resolution 21-EDA-9 <br />351, approving Contract for Private Development and Issuance of TIF Note. 10 <br />11 <br />Ayes – 5 Nays – 0 Motion carried. 12 <br />13 <br />3.PUBLIC HEARING: EDA Resolution 21-EDA-350, Approving14 <br />Purchase and Development Agreement.15 <br />16 <br />Assistant City Administrator Beeman requested the EDA approve a Purchase and Development 17 <br />Agreement. He reported Stacie Kvilvang with Ehlers would be presenting this item to the EDA. 18 <br />19 <br />Stacie Kvilvang, Ehlers & Associates, reported the EDA had to hold a Public Hearing for the 20 <br />Purchase and Development Agreement. She stated the EDA would be selling the Skyline 21 <br />property for $1.55 million and the property would be required to close prior to December 31, 22 <br />2021. She explained the applicant would be responsible for paying Park Dedication Fees in the 23 <br />amount of $420,000. It was noted an access agreement would be put in place. 24 <br />25 <br />President Mueller opened the public hearing at 9:36 p.m. 26 <br />27 <br />President Mueller closed the public hearing 9:37 p.m. 28 <br />29 <br />MOTION/SECOND: Hull/Meehlhause. To Waive the Reading and Adopt Resolution 21-EDA-30 <br />350, Approving Purchase and Development Agreement. 31 <br />32 <br />Ayes – 5 Nays – 0 Motion carried. 33 <br />34 <br />4.EDA Resolution 21-EDA-352, Approving Interfund Loan.35 <br />36 <br />Assistant City Administrator Beeman requested the EDA approve an Interfund Loan. He reported 37 <br />Stacie Kvilvang with Ehlers would be presenting this item to the EDA. 38 <br />39 <br />Stacie Kvilvang, Ehlers & Associates, explained the proposed interfund loan of up to $100,000 40 <br />would allow the City to cover expenditures that can be recouped in the future. 41 <br />42