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Attachment E <br />EXTRACT OF MINUTES OF MEETING OF THE <br />1 <br />ROSEVILLE ECONOMIC DEVELOPMENT AUTHORITY <br />2 <br />3 <br />* * * * * * * * * * * * * * * * * <br />4 <br />5 <br />6Pursuant to due call and notice thereof, a regular meeting of the Board of Commissioners (the <br />7“Board”) of the Roseville Economic Development Authority (the “Authority”) was duly held on <br />8the 8th day of May, 2017, at 6:00 p.m. <br />9 <br />10The following members were present: <br />11 <br />12and the following were absent: <br />13 <br />14Commissioner ___________ introduced the following resolution and moved its adoption: <br />15 <br />Resolution No. <br />16 <br />RESOLUTION OFFINANCIAL SUPPORT FOR THECREATIONAND <br />17 <br />ADMINISTRATION OFA HOUSING TAX INCREMENT FINANCE(TIF)DISTRICT <br />18 <br />AND COMMITMENT OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS <br />19 <br />(CDBG)IN CONNECTION WITHTHE DEVELOPMENT OF A PROPOSED <br />20 <br />MULTIFAMILY RENTAL HOUSING DEVELOPMENT <br />21 <br />22 <br />23WHEREAS, pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended <br />24(the “TIF Act”), the Authority and the City of Roseville (the “City”) areauthorized to create and <br />25administer tax increment financing districts(“TIF districts”) for the purpose of fostering the <br />26development of affordable housing in the City; and <br />27 <br />28WHEREAS, the Authority has received Community Development Block Grant <br />29(“CDBG”) funds which may be used for the purpose of fostering the development of workforce <br />30housing; and <br />31 <br />32WHEREAS,the Authority has received a proposal from Sand Development, LLC (the <br />33“Developer”) for the development of a 209-unit mixed-income/lifestylemultifamily rental <br />34housing facilitythat will include 60 units of workforce housing (the “Facility”); and <br />35 <br />36WHEREAS, the Developer has informed the Authority of Developer’s intent to apply for <br />37tax credits from the Minnesota Housing Finance Authority, which application is predicated on <br />38local support of the Developer’s proposal; and <br />39 <br />40WHEREAS, the Authority supports the use of tax increment financing for the Facility in <br />41a maximum principal amount of $1,006,000 in qualifiedcosts related to the affordable <br />42component of the Facility through the issuance of a pay-as-you-go TIF note to the Developer, as <br />43well as a loan of the Authority’s CDBG funds in a maximum principal amount of $350,000 to <br />44finance a portion of the Facility; <br />498954v3 MNI RS275-14 <br /> <br />