HomeMy WebLinkAboutResolution 17-EDA-299 RESOLUTION 17-EDA-299
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION CONSENTING TO THE PROCESS FOR THE CREATION OF A HOUSING
TAX INCREMENT FINANCING DISTRICT IN SUPPORT OF THE PROPOSED MWF
PROPERTIES MULTIPLE FAMILY HOUSING PROJECT
WHEREAS,the City of Mounds View Economic Development Authority (the "EDA") is
a municipal corporation and political subdivision duly organized and existing under the
Constitution and laws of the State of Minnesota; and,
WHEREAS, Pursuant to Minnesota Statutes §469.174 — §469.1799, the City of Mounds
View is authorized to use Tax Increment Financing(TIF)to carry out the public purposes described
and contemplated thereby; and,
WHEREAS, MWF Properties, LLC (MWF Properties) has submitted a proposal to
construct sixty units of multiple-family rental housing (the "Project") at or near the northwest
corner of Mounds View Boulevard(CSAH 10)and Groveland Road,with 100%of the units being
affordable to households with incomes at or below 60% of the area median income; and,
WHEREAS, MWF Properties has submitted plans and applications for approval by the
City of Mounds View for an amendment to the Zoning Map and a Conditional Use Permit for a
Multiple Family Dwelling for the Project; and,
WHEREAS,the EDA supports the Project and will endeavor to work with MWF Properties
to facilitate Tax Increment Financing (TIF) assistance through the creation of a Housing TIF
District with such actions being subject to MWF Properties securing an allocation of Housing Tax
Credits from the Minnesota Housing Finance Agency for the Project; and,
WHEREAS, the EDA cannot create a Housing TIF District in support of the Project until
all statutory requirements have been fully satisfied, including the consideration of comments from
the public and affected governmental jurisdictions following a public hearing.
NOW, THEREFORE, BE IT RESOLVED, by the City of Mounds View Economic
Development Authority, that the recitals and exhibits, if any, set forth in this Resolution are
incorporated into and made a part of this Resolution
Resolution 17-EDA-299
Page 2
NOW, THEREFORE, BE IT FURTHER RESOLVED, that the City of Mounds View
Economic Development Authority does hereby support the Project subject to final determination
by the City Council in its sole discretion of Project eligibility, statutory requirements, public
hearings and required reviews, public input, and without surrendering its legislative discretion.
NOW, THEREFORE, BE IT FURTHER RESOLVED, that the City of Mounds View
Economic Development Authority supports the creation of a Tax Increment Financing district for
the Project, including a 15-year TIF Note in an amount up to $546,401 in principal, to address a
funding gap for the Project.
NOW, THEREFORE, BE IT FINALLY RESOLVED, that the City of Mounds View
Economic Development Authority hereby authorizes City staff and City consultants to work on
Tax Increment Financing assistance for the Project upon receipt of a complete TIF application
from MWF Properties for the Project.
Adopted this 8th day of May, 2017
i"fi.e11-A76a,71
Carol A. Mueller, EDA President
ATTEST:
36/YNA,63
James Ericson, EDA Executive Director
(seal)