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Item No: 08F <br /> M0L__TN_DitSVVWW <br /> Meeting Date: April u 2025 <br /> ness Type of Business: Council Business <br /> Administrator review: <br /> City of Mounds View Staff Report <br /> To: Honorable Mayor and City Council <br /> From: Brian Beeman, Assistant City Administrator <br /> Item Title/Subject: Resolution 10095, Resolution Approving and Authorizing the <br /> Execution of the Metropolitan Livable Communities Act <br /> Agreement <br /> Introduction: <br /> On March 12, 2018 the City Council approved Resolution 8928 approving a Metropolitan <br /> Livable Communities Grant Agreement. The City was awarded a grant in the amount of <br /> $500,000 for the purpose of assisting with certain costs associated with the "Boulevard", <br /> a 60-unit affordable housing development project. <br /> Discussion: <br /> Met Council recently clarified its policy that all Metropolitan Livable Communities grants, <br /> including prior grant agreement, be deployed as loans to permit recipients to use the loan <br /> proceeds to either: <br /> (1) repay any loan principal or interest proceeds to the Council; <br /> (2) reinvest loan proceeds to extend the affordability commitment in the Project; <br /> or <br /> (3) use the loan proceeds to advance its affordable and life-cycle housing goals <br /> regardless of whether the Prior Grant Agreements expressly permitted such repayment. <br /> Therefore, the attached agreement allows, as an alternative to repaying the loan, the City <br /> can either reinvest it to extend the affordability of the Boulevard project or use it to <br /> advance other housing goals. If the City chooses redeployment of the funds, we must <br /> report this to the Met Council. However, Met Council reserves the right to request that <br /> we return the funds if they determine that the redeployment does not comply with the <br /> requirements of the Livable Communities Act program or affordable and life-cycle housing <br /> goals. <br /> Recommendation: <br /> Staff recommends approving Resolution 10095 approving and authorizing the execution <br /> of the Metropolitan Livable Communities Act Agreement permitting redeployment of <br /> repayment proceeds for grant funds as loan proceeds. <br /> Respectfully submitted, <br /> Brian Beeman <br /> Assistant City Administrator <br />