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Home My WebLink About2022-15 EDAR Commissioner Graves introduced the following resolution an moved its adoption: THE BROOKLYN CENTER ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF BROOKLYN CENTER RESOLUTION NO. 2022-15 SUPPORTING USE OF TAX INCREMENT FINANCING FOR A RENTAL HOUSING DEVELOPMENT PROJECT WHEREAS, the Brooklyn Center Economic Development Authority (the "EDA") was created pursuant to the Economic Development Authorities Act, Minnesota Statutes, Sections 469.090 to 469.1080 (the "EDA Act"), and is authorized pursuant to Minnesota Statutes §469.174 to §469.1794 (the "TIF Act") to use Tax Increment Financing to carry out the public purposes described herein; WHEREAS, the EDA has received a request to provide tax increment financing assistance to JO Companies, LLC, a Minnesota limited liability company (or an affiliated entity, the "Developer") for construction of a 54-unit multifamily workforce rental housing apartment (the "Project") to be located on approximately 1.8 acres of land at the northwest intersection of Brooklyn Boulevard and 61 st Avenue N in Brooklyn Center, Minnesota; and WHEREAS, in connection with its application to Minnesota Housing for tax credits for the Project, the Developer has requested that the EDA indicate its support of the use of tax increment financing for the Project. NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Brooklyn Center Economic Development Authority (the "Board") as follows: The EDA supports the use of tax increment financing for the Project in an amount not to exceed $482,000 payable over approximately 15 years; provided, however, that authorization of tax increment financing for the Project is solely within the discretion of the City Council after satisfaction of all conditions required pursuant to the EDA Act and the TIF Act, including without limitation, (i) a public hearing; (ii) determining that tax increment financing assistance is necessary for the Project; and (iii) verification of development financing need that substantiates that "but for" the use of tax increment financing the Project would be unable to proceed. _ __ June 27, 2022 Date President The motion for the adoption of the foregoing resolution was duly seconded by member Butler and upon vote being taken thereon, the following voted in favor thereof: Butler, Elliott, Graves, Lawrence-Anderson and the following voted against the same: Ryan whereupon said resolution was declared duly passed and adopted.