2018-06-18 REDA Minutes - Laserfiche WebLink

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REDA Meeting Minutes—Monday,June 18,2018 Page 2 Application to the Minnesota Investment Fund through the State Department of Employment and Economic Development." Ayes: 5 Nays: 0 Motion carried. b. Authorize Resolution Approving a Contract for Private Redevelopment With and Awarding the Sale of and Providing the Form, Terms, Covenants and Directions for the Issuance of the Tax Increment Revenue Note to 2785 Fairview,LLC Executive Director Trudgeon provided a brief summary of this request as detailed in the staff report and attachments dated June 18, 2018. This agreement covers all the assistance the City plans to give to McGough for their headquarters project. The total amount of assistance is capped at$1.5 million. Member Willmus asked for a breakdown of the numbers. Executive Director Trudgeon clarified it is $1,316,000 of TIF; a grant in the amount of$157,230; and $25,000 for a Sewer and Water credit. President Roe offered an opportunity for public comment with no one appearing to speak to this issue. McGehee moved, Willmus seconded, adoption of REDA Resolution No.22 (Attachment B) entitled, "Resolution Approving Contract for Private Redevelopment with and Awarding the Sale of, and Providing the Form, Terms, Covenants, and Directions for the Issuance of its Tax Increment Revenue Note to 2785 Fairview, LLC." Ayes: 5 Nays: 0 Motion carried. C. Adopt a Resolution Approving a Memorandum of Understanding with Ramsey County for the Purchase of Property Located at 1125 Sandhurst Drive West for Use as Affordable Housing Executive Director Trudgeon provided a brief summary of this request as detailed in the staff report and attachments dated June 18, 2018. President Roe offered an opportunity for public comment with no one appearing to speak to this issue. Laliberte moved, Etten seconded, adoption of REDA Resolution No. 23 (Attachment B) entitled, "A Resolution Approving a Memorandum of