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REQUEST FOR COUNCIL ACTION <br /> Date: 10/27/14 <br /> Item No.:7.g <br />Department Approval City Manager Approval <br />Item Description: Approve Memorandum of Understanding (MOU) for the Tax Base Revitalization <br />Account (TBRA) for Twin Lakes Apartments <br />1.B <br />ACKGROUND <br />1 <br />At the beginning of 2014, the Metropolitan Council awarded the City of Roseville $43,300 in a <br />2 <br />Tax Base Revitalization Account (TBRA) grant on behalf of Sherman and Associates Twin Lake <br />3 <br />Apartments. This grant is to be used for Phase I and Phase II site assessment, hazardous material <br />4 <br />assessment, and Rapid Action Plan (RAP) for 2785 Fairview Avenue. <br />5 <br />In order to articulate the responsibilities of the Developer and the City, a Memorandum of <br />6 <br />Understanding (MOU) must be adopted. <br />7 <br />2.PO <br />OLICY BJECTIVE <br />8 <br /> The use of the TBRA grant will foster reinvestment into the Twin Lake area by allowing the <br />9 <br />developer, Sherman and Associates, to do environmental investigation of 2785 Fairview Avenue. <br />10 <br />3.FI <br />INANCIAL MPACTS <br />11 <br /> By approving this contract, there is no fiscal impact to the City with regard to the Sherman and <br />12 <br />Associates apartment building project. It has been determined by the developer that there are funds <br />13 <br />remaining that the City can use for environmental investigation of the right-of-way. <br />14 <br />The proposed MOU requires Sherman and Associates to contribute any required matching funds <br />15 <br />for the TBRA grant for the apartment building. Any matching funds that are required for the City <br />16 <br />environmental investigation in the right-of-way will come from Tax Increment Finance District <br />17 <br />#17, which was established for handling the Hazardous Substance Subdistrict for Twin Lakes. <br />18 <br />4.SR <br />TAFF ECOMMENDATION <br />19 <br /> Staff recommends that the City Council approve the execution of the Tax Base Revitalization <br />20 <br />Account (TBRA) grant MOU between the City and Sherman and Associates (SA Roseville <br />21 <br />Acquisition LLC) in order to do environmental investigation of 2785 Fairview Avenue. <br />22 <br />5.RCA <br />EQUESTED OUNCIL CTION <br />23 <br /> By motion, approve a memorandum of understanding between the City and Sherman and <br />24 <br />Associates (SA Roseville Acquisition LLC) that identifies the responsibilities and the expectations <br />25 <br />of the City and Sherman and Associates to implement the TBRA grant. <br />26 <br />Prepared by: Jeanne Kelsey, HRA Executive Director <br />Attachments: A: Memorandum of Understanding—City and SA Roseville Acquisition LLC <br />Page 1 of 1 <br />