Laserfiche WebLink
Mounds View EDA August 22, 2022 <br />Regular Meeting Page 3 <br /> <br />Assistant City Administrator Beeman stated the TIF term could be up to 26 years for this type of <br />project. <br /> <br />President Mueller questioned what the value of Phase 1 would be upon completion. Mr. Keenan <br />estimated this to be $26 million for the 130 units of workforce housing. <br /> <br />President Mueller stated she was pleased to see the developer would be working with a local <br />management company (Michaels) for the two apartment buildings. Mr. Keenan clarified that <br />Michaels was based out of New Jersey but had employees working locally to manage his buildings. <br /> <br />President Mueller asked what the EDA’s next steps should be. Assistant City Administrator <br />Beeman requested the EDA make a motion to offer support of the overall project, support for the <br />conduit bonds and support for the housing TIF. <br /> <br />President Mueller inquired if the proposed project was the highest and best use for this 5.5 acres <br />in Mounds View. Assistant City Administrator Beeman reported this location does not make sense <br />for an industrial or retail use. He explained there was a demand for market rate and workforce <br />housing. For this reason, he believed the highest and best use for this property was the proposed <br />project. <br /> <br />Commissioner Meehlhause requested further information regarding the average median income <br />(AMI) in Mounds View. Mr. Keenan reported AMI’s were calculated every year in April by <br />Ramsey County. He stated he did not have the Mounds View statistics in front of him. <br /> <br />President Mueller questioned if Ramsey County would work with the City to provide this property <br />access to Mounds View Boulevard. Assistant City Administrator Beeman explained this project <br />would not access Mounds View Boulevard, but rather would have access from Woodale Drive. He <br />reported if Phase 2 of this project were to not move forward he stated a daycare could be considered <br />for the corner lot, which the developers stated they would sell to the City for $ 1.00. <br /> <br />MOTION/SECOND: Meehlhause/Cermak. To Support the Reuter Walton Development Project <br />Moving Forward with Housing TIF and Conduit Bond Financing. <br /> <br />A roll call vote was taken. <br /> <br /> Ayes – 3 Nay – 2 (Hull & Mueller) Motion carried. <br /> <br />7. REPORTS <br /> <br />None. <br /> <br />8. NEXT EDA MEETING: Monday, September 12, 2022 at 6:30 p.m. <br />