2017-03H HRA ResolutionMOUND HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 17-03H
RESOLUTION AUTHORIZING ACCEPTANCE OF AN
APPLICATION FOR PUBLIC FINANCING
WHEREAS, The City of Mound City Council approved ADMIN -004 Tax Increment
Financing (TIF) Policy (Policy) on June 28, 2016; and
WHEREAS, the Policy states that it is the intent of the City to provide the minimum
amount of TIF at the shortest term required for the project to proceed and that the City
reserves the right to approve or reject projects on a case by case basis; and
WHEREAS, the Mound HRA has received an Application for Tax Increment Financing
from Harrison Bay Senior Living, LLC (Developer), requesting a Housing TIF District be
established for the construction of a 72 -unit senior/assisted living apartment community
with an affordable component on the former Anthony's Floral property at 1861
Commerce Boulevard in Mound; and
WHEREAS, the Developer formally requests TIF in the amount of $1,400,000 over 12
years; and
WHEREAS, the Developer has made an escrow deposit of $25,000 to cover all legal and
financial consulting fees related to establishing a new TIF district; and
WHEREAS, Staff requests that the HRA Board of Commissioners authorize acceptance
of the application with no guarantee of the ultimate approval of the TIF request, in order
to indicate that the HRA is open to considering TIF for this project based on the
recommendations of the HRA attorney and financial advisor;
NOW, THEREFORE BE IT RESOLVED by the Housing and Redevelopment
Authority of and for the City of Mound, Minnesota, to hereby authorize acceptance of an
application for public financing from Harrison Bay Senior Living as presented in Exhibit
A and made a part herein.
NOW, THEREFORE BE IT FURTHER RESOLVED by the Housing and
Redevelopment Authority of and for the City of Mound, Minnesota, to direct Staff to
obtain at least two quotes for financial advisor consulting services related to establishing
a new housing TIF district.
Adopted this 14th day of February, 2017.
Chair Mark Wegscheid
Attest: Catherine Pausche, Clerk