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