EDA - Joe Huss, Finance Director
Title
APPROVING THE USE OF POOLED TIF FOR THE DOMINIUM HOUSING PROJECT (LEGENDS OF BLAINE)
Background
The EDA has twice heard proposals from Dominium and Wellington Development during Workshop sessions and have indicated support for the use of pooled tax increment financing (TIF) to assist Dominium in the acquisition, construction and equipping of a 192-unit multi-family rental housing development near the southwest corner of 109th and Lexington avenues. The resolution below indicates the EDA’s support for the use of up to $1,450,000 in existing pooled TIF for this assistance. The use of TIF is contingent upon an agreement being reached and approved between the EDA, the City and Dominium before August 31, 2018.
Recommendation
By motion, adopt the resolution below.
Body
ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF BLAINE, MINNESOTA
RESOLUTION IN SUPPORT OF TAX INCREMENT FINANCING
WHEREAS, the Economic Development Authority of the City of Blaine, Minnesota (the “EDA”) has received from Blaine Leased Housing Associates III, LLLP, a Minnesota limited liability limited partnership, (or an affiliated entity, the “Borrower”) a proposal to finance a project with the assistance of tax increment financing; and
WHEREAS, the project is the acquisition, construction, and equipping of an approximately 192-unit multifamily rental housing development and functionally related facilities to be located on an extended portion of Austin Street near the SW corner of the intersection of Lexington Avenue and 109th Avenue NE in the City of Blaine, Minnesota (the “City”) (the “Project”); and
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Economic Development Authority of the City of Blaine, Minnesota (the “Board”) as follows:
1. Reservation of Pooled Tax Increment Financing. Subject to approval of a TIF Development Agreement (the “Agreement”) between the EDA and the Borrower, stating the terms and conditions of the Borrower’s responsibilities with respect to the Project and the EDA’s the assistance therefor and the meeting the requirements of Minnesota Statues 469.174 through 469.1794 (the “TIF Act”), the Board supports the use of tax increment financing for the Project and hereby authorizes up to $1,450,000 of tax increments available as of the date hereof and not otherwise pledged to other obligations of the EDA’s Tax Increment Financing Districts Nos. 1-1, 1-3, 1-4, 1-5, 1-11, 1-13 (the “Pooling TIF Districts”) to be provided to the Borrower subject to and in accordance with the terms of the Agreement.
2. Direction to Staff. The Board authorizes and directs staff of the EDA to cause the Agreement to be negotiated with the Borrower and prepared and presented to the Board for its consideration not later than August 31, 2018.
The foregoing resolution was introduced by Commissioner ______ and duly seconded by Commissioner __________. The following voted in favor of the resolution: _______________________________. The following voted against: ________________. The following were absent: ________. Whereupon the resolution was adopted.
PASSED by the Blaine EDA this 16th day of November, 2017.