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Item No: 7C <br />Meeting Date: November 13, 2023 <br />Type of Business: EDA <br />City Administrator Review: ______ <br />City of Mounds View Staff Report <br />To: Economic Development Authority <br />From: Brian Beeman, Assistant City Administrator <br />Item Title/Subject: Villas of Mounds View, Certificate of Completion, Investment Letter, <br />and Resolution 23-EDA-368 Authorizing Issuance of the TIF Note <br />Background <br />Construction at the Villas of Mounds View has been completed and the Certificate of Occupancy <br />has been issued. We now need to start the process of finalizing the remaining required documents <br />from the Contract for Private Redevelopment (“CPD”), including the Certificate of Completion, <br />Investment Letter, etc., so that the TIF Note can ultimately be issued pursuant to Section 3.3 of the <br />CPD. The Developer has provided information (Evidence of Qualifying Costs; As-Built Construction <br />Plans; etc.) to satisfy CPD requirements and to allow issuance of the Certificate of Completion, <br />require receipt of the Investment Letter and then the completion of the final step, issuance of the TIF <br />Note. <br />Discussion <br />While the CPD authorizes staff to finalize all documents, staff desires to provide this update to the <br />EDA Commissioners and answer any questions. <br />Strategic Plan Strategy/Goal <br />Maintain a positive business climate where businesses want to locate and remain in mounds view. <br />Finance top redevelopment areas Industrial/Commercial/Residential. <br />Financial Impact <br />N/A <br />Recommendation <br />Staff recommends the Council consider: <br />1.A motion is requested of the EDA authorizing staff to close out the project and process <br />all remaining CPD documents, and <br />2.A motion to adopt Resolution 23-EDA-368 and authorize issuance of the TIF Note. <br />Respectfully submitted, <br />______________________ <br />Brian Beeman <br />Assistant City Administrator <br />Attachments(s): <br />1)Certificate of Completion <br />2)Form of Authorizing Resolution 23-EDA-368 Approving TIF Note <br />3)Investment Letter