8A, Renewal of Letter of Support for Arden Village Tax Credit Application

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ARDEN HILLS CITY COLINCIL — February 14, 2011 9 7.B. Approve Resolution 2011-008 in Support of Arden Village HOME/CDBG Application • (continued) Councilmember Holden agreed the City has made a commitment up to $225,000 in TIF funding but not an increased amount even if the TIF run supported more. She asked how much funding the developer had invested in the project. Mr. Thelen stated the owner and developer have equity, related to the ta�c credits, into the development in the amount of $5.6 million of $IO milIion total project cost and this amount is not reimbursed back to the owner or developer. MOTION: Councilmember Holden moved and Councilmember Holmes seconded a motion to Approve Resolution #2011-008 in SuppOt't of Arden Village HOME/CDBG Application. Mayor Grant stated the record should reflect the Council referenced the previous memo of June 14, 2010, which indicated up to $225,000 in TIF funding as part of the discussion on approving the request to support the grant application to Ramsey County. The motion to approve Resolution #2011-008 was called to a vote. The motion carried (3-1: Councilmember Holdenl • City Administrator Klaers stated the TIF commitment is not good forever. He stated FPAC is aware of this issue. The length of time may be a matter of legal issue and should be discussed. City Attarney Fi�la stated the approvals that were granted in March 2010 might be close to expiring. He asked if the City has received extension requests for this project. Mr. Thelen stated the county just f nalized review of the final plat so SCI should be able to complete the filing next week. The PUD approval expires in the spring and he would check the exact date. SCI would be coming back to the City with a request for extension on the building permits. 8. UNFINISHED BUSINESS A. Senator Goodwin Meeting Update Councilmember Holmes stated on February 9 there had been a meeting facilitated by Senator Goodwin. Representative Knuth, 2 representatives from Ramsey County, 5 representatives from MnDOT, City Administrator Klaers, Public Works Director Maurer, Councilmember Holden and Chris Chromey from Bolton & Menk were in attendance. The timing for the I-694 improvements at Snelling Avenue had been discussed. The improvements are scheduled to start in August 2011 and be completed by August 2013 and I-694 will not close during the improvements at Snelling �Avenue. Additionally, the Highway 10 and County Road 96 project wilI be starting in 2012. The State has indicated agreement that due to the I-694 and Snelling project, there will be additional