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Item 05A <br />Page2of2 <br />Motel site for $1.5 million contingent upon the developer obtaining public financing for the <br />project (120-units of senior housing, with income ranges between <30% AMI — 60% AMI)3. The <br />project's cost is estimated to be $29 million. The EDA also entered into a Predevelopment <br />Agreement with Bio-Clean to sell a portion of land for their planned expansion. <br />The City Council's position is to sell the property to break even on its investment, while <br />obtaining a redevelopment project that will benefit the community; and to assist adjacent Bio- <br />Clean and Bauer Welding with their planned expansions as much as possible. The proposed <br />land sale(s) and development projects accomplishes this goal. <br />Analysis: <br />The Resolution includes detailed Findings in support of the land sale. In summary, the sale <br />relates to redevelopment goals, adding households and population, and contributing towards <br />needed affordable housing. <br />Strategic Plan Strategy/Goal: <br />Continue BR&E program, maximize utilization of development space and current list of available <br />sites, encourage land owners to maintain their properties, & consider residential redevelopment. <br />Financial Impact: <br />The EDA has agreed to sell land to Bio-Clean for $77,000; and to sell land to MWF Properties <br />for $1,550,000. Both sales include conditions and contingencies (e.g. the apartments are <br />dependent upon Tax Increment Financing from the Mounds View EDA, and bonding through the <br />Minnesota Management and Budget office). The land sale will require a Public Hearing (date <br />TBD). In addition to the sale, the subdivision will contribute about $426,000 in Park Dedication <br />fees (current balance is about $176,000). <br />Recommendation: <br />Staff recommends approval. <br />Respectfully, <br />Jon Sevald, AICP <br />Community Development Director <br />ATTACHED <br />Site Map <br />Resolution 1143-21 <br />3 Minnesota Housing Finance Agency; Table N: Projects Placed in Service on or after 04/01/2021; Income Limits by <br />Household Size); Ramsey County; 30% AMI = $15,660 (1-person household); $31,470 (4-person household); 60% <br />AMI = $44,100 (1-person household), $62,940 (4-person household). <br />The mounus view vision <br />A Thriving Desirable Community <br />