Loading...
HomeMy WebLinkAbout18-EDA-310RESOLUTION 18 -EDA -310 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 TRITON 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, Newport Midwest, LLC, in partnership with non-profit Journey Home Minnesota, has submitted a proposal ("The Triton") to construct sixty one units of multiple -family rental housing (the "Project") at or near Old Hwy 8 and Mustang Drive, with 100% of the units being affordable to households with incomes at or below 50% of the area median income; and, WHEREAS, Newport Midwest, LLC 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 Newport Midwest; LLC to facilitate (TIF) assistance through the creation of a Housing TIF District with such actions being subject to Newport Midwest, LLC 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 18 -EDA -310 Page 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 $375,000 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 Newport Midwest, LLC and non-profit partner Journey Home for the Project. Adopted this 9th day of April, 2018 ATTEST-, , (s®alb Carol A. Mueller, EDA President A6 14�Z Nyl ikmu , EDA Executive Director