HomeMy WebLinkAbout21-EDA-344RESOLUTION NO. 21-EDA-344
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF RAMSEY
STATE OF MINNESOTA
SUPPORTING USE OF FINANCIAL ASSISTANCE FOR A RENTAL HOUSING
DEVELOPMENT PROJECT
WHEREAS, the Mounds View Economic Development Authority (the "EDA) has received
a request to provide financial assistance to Skyline Apartments, Limited Partnership, a Minnesota
limited partnership (or another entity to be formed by or affiliated with MWF Properties, LLC, the
"Developer") for an approximately 112-unit affordable, senior rental housing apartment building
to be located at 4889 Old Highway 8, Mounds View, Minnesota; and
WHEREAS, in connection with its application to Minnesota Housing for tax credits, the
Developer has requested that the EDA indicate its support of the use of financial assistance for
the project.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Mounds
View Economic Development Authority (the "Board") as follows:
The EDA supports the use of financial assistance in an amount not to exceed $1,900,000;
provided, however, that authorization and form of financing for the project is solely within the
discretion of the EDA after satisfaction of all conditions required pursuant to the Economic
Development Authorities Act, Minnesota Statutes, Sections 469.090 to 469.1080 (the "EDA Act"),
and is authorized pursuant to Minnesota Statutes §469.174 to §469.1794 (the "TIF Act"), including
without limitation, (i) determining that financial assistance is necessary for the project; (ii)
verification of development financing need that substantiates that "but for" the use of tax increment
financing the project would be unable to proceed; and (iii) a public hearing.
Adopted this 14th Day of June 2021.
Carol A. Mueller, PDA President
(ATTEST)
A- 4 �� -.,,/
Nyle • <mund,'Executive Director
(SEA. L)