HomeMy WebLinkAbout1998-EDC-21MOUNDS VIEW ECONOMIC DEVELOPMENT COMMISSION
RESOLUTION NO. 98-EDC21
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION RECOMMENDING THE ECONOMIC DEVELOPMENT AUTHORITY=S
CONSIDERATION OF SILVERVIEW ESTATES, INC. REQUEST FOR TAX INCREMENT
FINANCING ASSISTANCE
WHEREAS, Silverview Estates, Inc. has requested that the Mounds View Economic
Development Authority provde tax increment financing assistance for a mixed use
project at the south east corner of Silver Lake Road and Highway 10; and
WHEREAS, the proposed site is within an existing tax increment district in the City of
Mounds View; and
WHEREAS, the Economic Development Commission=s mission includes acting as an advisor
to the Economic Development Authority with regards to economic matters; and
WHEREAS, the Ecomomic Development Commission considered this request on February
26, 1998; and
WHEREAS, the Ecomomic Development Commission finds that the use of tax increment
financing to facilitate the construction of the proposed project is consistent with the
City=s tax increment policies.
NOW THEREFORE, BE IT RESOLVED that the Economic Development Commission of the
City of Mounds View hereby recommends that the Economic Development Authority
approve pay-as-you-go tax increment financing assistance as follows:
Office Portion of Project: 90% of the increment generated not to exceed $240,000. The offices must be completed within 2 years and a maximum of 5 years of increment provided. The assistance must be used for TIF eligible uses limited to, site preparation, soil correction, site utilities, public improvements, professional fees, contingencies, and pond grading. Senior Housing: 90% of the increment generated by the project for the life of the district (distict ends in 2014) not to exceed $830,000. The assistance must be used for TIF eligible uses limited to land acquisition of $287,000 or actual market value whichever is less, site preparation, soil correction, site utilities, public improvements, professional fees, contingencies, and pond grading.
BE IT FURTHER RESOLVED that the Economic Development Commission directs Staff to
forward this resolution to the Economic Development Authority prior to approval of the
minutes.
Adopted this 26th day of February, 1998.
ATTEST:
(SEAL)
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