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11-28-2022 EDA
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11-28-2022 EDA
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11/29/2022 8:54:58 AM
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11/28/2022
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<br /> <br />MEMORANDUM <br /> <br />TO: Brian Beeman, Assistant City Administrator <br />FROM: Jason Aarsvold & Schane Rudlang – Ehlers <br />DATE: November 22, 2022 <br />SUBJECT: Reuter Walton TIF Request – 2310 Mounds View Blvd (“Woodale Apartments”) <br /> <br /> <br /> <br />In September 2022, the Mounds View Economic Development Authority (the “EDA”) received an <br />application for financial assistance from Reuter Walton Development (the “Developer”) requesting <br />Tax Increment Financing (TIF) in the present value amount of $2,400,000 over 26 years. The <br />application detailed a proposal for the construction of a 140-unit affordable tax credit apartment <br />project consisting of 1, 2, and 3-bedroom units. The apartment project would be located 2310 <br />Mounds View Blvd, currently owned by Christen Properties LLC. <br /> <br />Ehlers prepared this memorandum, at the request of the EDA and City, to summarize our review <br />of the project, specifically the budget and pro forma based on industry standards for construction, <br />land acquisition, and project costs; as well as to ensure that all development costs, revenues, and <br />expenditures have been appropriately accounted for and considered. <br /> <br />Based on our review, the requested TIF assistance is more than what is necessary for the project <br />to be “financially feasible”. We’ve concluded the project could achieve feasibility with TIF <br />assistance up to $1,817,000 an anticipated maximum term of 20-years. The table below provides a <br />synopsis of the sources and uses associated with the project. <br /> <br />
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