Loading...
HomeMy WebLinkAbout2024-09-09 EDA Meeting Packet AGENDA MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING 5:45 P.M. Monday, September 09, 2024 City Hall, Council Chambers A. CALL TO ORDER B. ROLL CALL C. APPROVAL OF AGENDA D. APPROVAL OF MINUTES 1. August 12, 2023 Economic Development Authority Special Meeting Minutes E. PUBLIC HEARING None F. UNFINISHED BUSINESS None G. NEW BUSINESS 1. Review of Tax Increment Financing Terms and Project Schedule, Gladstone Village II, 1880 English Street H. ADJOURNMENT RULES OF CIVILITY FOR THE CITY COUNCIL, BOARDS, COMMISSIONS AND OUR COMMUNITY Following are rules of civility the City of Maplewood expects of everyone appearing at the Meetings - elected officials, staff and citizens. It is hoped that by following these simple rules, everyone’s opinions can be heard and understood in a reasonable manner. We appreciate the fact that when appearing at Council meetings, it is understood that everyone will follow these principles: Speak only for yourself, not for other council members or citizens - unless specifically tasked by your colleagues to speak for the group or for citizens in the form of a petition. Show respect during comments and/or discussions, listen actively and do not interrupt or talk amongst each other. Be respectful of the process, keeping order and decorum. Do not be critical of council members, staff or others in public. Be respectful of each other’s time keeping remarks brief, to the point and non-repetitive. THIS PAGE IS INTENTIONALLY LEFT BLANK D1 MEETINGMINUTES MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY SPECIAL MEETING 5:30 P.M. Monday, August 12, 2024 City Hall, Council Chambers A.CALL TO ORDER A special meeting of the Maplewood Economic Development Authority (EDA)was heldin the City Hall Council Chambers and was called to order at5:30p.m. by President Abrams. B.ROLL CALL Marylee Abrams, PresidentPresent Rebecca Cave, CommissionerPresent Kathleen Juenemann, CommissionerPresent Chonburi Lee, CommissionerPresent Nikki Villavicencio,CommissionerPresent C.APPROVAL OF AGENDA CommissionerCavemoved to approve the agendaas submitted. Seconded by CommissionerLee Ayes – All The motion passed. D.APPROVAL OF MINUTES 1.November27, 2023 Economic Development AuthoritySpecial Meeting Minutes CommissionerLeemoved to approve the November27, 2023 Economic Development AuthoritySpecial Meeting Minutes assubmitted. Seconded by CommissionerJuenemann Ayes – Mayor Abrams Councilmember Juenemann Councilmember Lee Councilmember Villavicencio Abstain – Councilmember Cave The motion passed. E.PUBLIC HEARING None F.UNFINISHED BUSINESS None. G.NEW BUSINESS August 12, 2024 Maplewood Economic Development AuthoritySpecial Meeting Minutes 1 EDA Packet Page Number 1 of 10 D1 1.Election of Officers Executive Director Sable gave the staff report. Commissioner Cavemoved to nominate CommissionerAbramsas President until the first meeting of 2025. Seconded by Commissioner JuenemannAyes – All President Abramsmoved to nominate Commissioner Caveas Vice President until the first meeting of 2025. Seconded by CommissionerLeeAyes – All The motion passed. President Abramsmoved to nominate CommissionerVillavicencio asTreasureruntil the first meeting of 2025. Seconded by CommissionerCaveAyes – All The motion passed. President Abramsmoved to nominate City Clerk Sindtas Secretaryuntil the first meeting of 2025. Seconded by CommissionerCaveAyes – All The motion passed. President Abramsmoved to nominate Finance Director Ruebas Assistant Treasureruntil the first meeting of 2025. Seconded by CommissionerJuenemann Ayes – All The motion passed. 2.Housing and Economic Development Discussion Assistant Executive Director Parr and Stacie Kvilvang, Senior Municipal Advisor with Ehlers, gavethe presentation. Executive Director Sable added additional information. The EDA members discussed the item. No action required. H.ADJOURNMENT President Abramsadjourned the meeting at6:39p.m. August 12, 2024 Maplewood Economic Development AuthoritySpecial Meeting Minutes 2 EDA Packet Page Number 2 of 10 G1 MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITYSTAFF REPORT Meeting Date September 9, 2024 REPORT TO:Michael Sable, Executive Director REPORT FROM: Michael Martin, Assistant Community Development Director PRESENTER:Danette Parr, Assistant Executive Director AGENDA ITEM: Review of Tax Increment Financing Terms and Project Schedule, Gladstone Village II, 1880 English Street Action Requested: MotionDiscussion Public Hearing Form of Action: Resolution OrdinanceContract/Agreement Proclamation Policy Issue: JB Vang proposes to develop Gladstone Village II, a 56-unit affordable multi-family apartment project located on an approximately 1.15-acre site at 1880 English Street North. JB Vang has applied for Tax Increment Financing (TIF), but before that full review is conducted, the Maplewood Economic Development Authority (EDA) is being asked to provide feedback on the financing terms and project schedule. Recommended Action: No action is required. Fiscal Impact: Is There a Fiscal Impact? No Yes, the true or estimated cost is $0 Financing source(s): Adopted Budget Budget Modification New Revenue Source Use of Reserves Other: The discussion itself will not bind the EDA to commit financial resources to this project. If a TIF request is ultimately approved, a tax increment revenue note would be issued to the developer, paying a portion of the tax increment generated by the developer's private improvements. Strategic Plan Relevance: Community InclusivenessFinancial & Asset MgmtEnvironmental Stewardship Integrated CommunicationOperational EffectivenessTargeted Redevelopment The City has been supporting development projects as part of its Gladstone Neighborhood redevelopment strategy. The 1880 English Street property is located in the Gladstone neighborhood. Background: Project Overview JB Vang has received land use approvals for the redevelopment of 1880 English Street North. The EDA Packet Page Number 3 of 10 G1 project included removing the existing manufactured home park and building a56-unit multifamily building. The building would be four stories of above-ground wood-framed construction; and a floor of underground parking. The entire building will be approximately 98,079 gross total square feet, with an approximately 19,243 square foot footprint. The 56-unit affordable housing building includes the approximate unit mix: 21 percent one-bedrooms, 34 percent two-bedrooms, 29 percent three- bedrooms and 16 percent four-bedrooms. There will be 72 parking spaces provided on-site, of which 50 spaces will be within a secured parking garage. The proposed building will be constructed primarily of brick and stucco with metal accents. Its amenities include a community, co-working room, and fitness center. The courtyard, which is shaped by the building facing south, is utilized as an outdoor grilling patio and playground, giving the residents a resident-only outdoor space. Financial Request The Maplewood EDA received a financial assistance request from JB Vang seeking TIF for the proposed redevelopment of 1880 English Street North. Construction would commence in 2025 and is anticipated to cost approximately $28.2 million or $ 504,134 per unit. The developer proposes using TIF funding only for qualified costs as allowed by state statute. JB Vang initially requested TIF assistance in the amount of $348,000 over 26 years to construct the project. City staff and Ehlers, the city’s financial consultant, reviewed the request and have worked with the applicant to land on a TIF request with a principal amount of $309,900 over 20 years, which is necessary to make the project financially feasible. If the TIF note is not repaid at the end of the 20 years, the city does not make up the shortfall. Please see the attached memo from Ehlers for more analysis of this request and the proposed terms. Project Schedule On October 28, 2024, the EDA will consider a resolution adopting the plans in connection with the TIF District. That same evening, the Maplewood City Council will hold a public hearing to consider establishing the Redevelopment Plan for Development District No. 1 and the proposed Establishment of Tax Increment Financing District No. 1-18 and consider a resolution approving the plans. Attachments: 1.Location Map 2.Ehlers Memo 3.Project Schedule EDA Packet Page Number 4 of 10 G1, Attachment 1 Overview Map - 1880 English Street North June 18, 2024 City of Maplewood Legend ! I Subject Parcel 0475 Feet Source: City of Maplewood, Ramsey County EDA Packet Page Number 5 of 10 G1, Attachment 2 NFNPSBOEVN! UP;!!!Ebofuuf!Qbss!†!Dpnnvojuz!Efwfmpqnfou!Ejsfdups! Njdibfm!Nbsujo!†!Bttjtubou!Dpnnvojuz!Efwfmpqnfou!Ejsfdups!! GSPN;!!Tdibof!Svemboh!boe!Kbtpo!Bbstwpme!†!Fimfst! EBUF;!!Bvhvtu!39-!3135!! TVCKFDU;!!KC!Wboh!Qspkfdu!bu!2991!Fohmjti!Tu! !!Gjobodjbm!Sfwjfx! Jo!Nbz!pg!3134-!uif!Djuz!pg!Nbqmfxppe!sfdfjwfe!b!sfrvftu!up!tvqqpsu!uby!jodsfnfou!gjobodjoh! )ŽUJG*!gspn!KC!Wboh!Qbsuofst!)ŽEfwfmpqfs*!gps!b!67.voju!bqbsunfou!qspkfdu!)ŽQspkfdu*!bu!2991! Fohmjti!Tusffu/!!Jo!Bvhvtu!pg!3135-!uif!Djuz!sfdfjwfe!bo!vqebufe!sfrvftu!boe!gpsnbm!UJG! Bqqmjdbujpo!gps!Gjobodjbm!Bttjtubodf/!!Uif!Qspkfdu!ibt!sfout!boe!jodpnf!mjnjut!sbohjoh!gspn!41&! BNJ!up!71&!BNJ!pg!bsfb!nfejbo!jodpnf-!bt!tipxo!jo!uif!ubcmf!cfmpx/!!! ! ! Uif!Efwfmpqfs!sfdfjwfe!Mpx.Jodpnf!Ipvtjoh!Uby!Dsfejut!)MJIUD*!uispvhi!uif!3134!dpotpmjebufe! SGQ!benjojtufsfe!uispvhi!Njooftpub!Ipvtjoh/!!Uif!qvsqptf!pg!uijt!qsphsbn!jt!up!mfwfsbhf!qsjwbuf! dbqjubm!boe!frvjuz!up!tvqqpsu!uif!efwfmpqnfou!pg!ofx!boe!sfibcjmjubufe!bggpsebcmf!ipvtjoh/!! Efwfmpqfst!xip!vujmj{f!uif!qsphsbn!bsf!sfrvjsfe!up!nbjoubjo!b!tqfdjgjfe!ovncfs!pg!vojut!uibu!nffu! cpui!jodpnf!boe!sfou!sftusjdujpot!efsjwfe!cz!uif!Vojufe!Tubuft!Efqbsunfou!pg!Ipvtjoh!boe!Vscbo! Efwfmpqnfou!po!bo!boovbm!cbtjt/!!Uif!jodpnft!boe!sfout!mjtufe!cfmpx!bsf!gps!3135!xjui!sfou! sfqsftfoujoh!uif!nbyjnvn!hsptt!bnpvou!uibu!nbz!cf!dibshfe!jodmvejoh!vujmjujft/!!! ! ! ! EDA Packet Page Number 6 of 10 G1, Attachment 2 Jo!beejujpo!up!uif!MJIUDt-!uif!Efwfmpqfs!ibt!tfdvsfe!tfwfsbm!fyufsobm!gvoejoh!tpvsdft!up!nblf!uijt! effqmz!bggpsebcmf!qspkfdu!gfbtjcmf/!!Uiftf!tpvsdft!pg!gvoejoh!qspwjef!beejujpobm!sfou!up!uif! efwfmpqfs!jo!fydibohf!gps!sfoujoh!tpnf!vojut!up!uiptf!bu!uif!41&!BNJ!jodpnf!mfwfm/!!B!tvnnbsz! pg!uif!tpvsdft!boe!vtft!gps!uif!qspkfdu!jt!cfmpx/! ! Gjobodjbm!Bttjtubodf!Sfwjfx! KC!Wboh!Qbsuofst!sfrvftufe!UJG!bttjtubodf!jo!uif!bnpvou!pg!%459-111!pwfs!37!zfbst!up!dpotusvdu! uif!qspkfdu/!!Uif!efwfmpqnfou!xbt!psjhjobmmz!qspqptfe!up!tubsu!jo!3135!boe!dptu!bqqspyjnbufmz! %38/5!njmmjpo-!ps!%59:-674!qfs!voju-!boe!jt!opu!ftujnbufe!up!tubsu!voujm!3136!boe!dptu!%39/3!njmmjpo-! ps!%615-245!qfs!voju/!!Uif!qfs.voju!dptut!bsf!jnqbdufe!cz!uif!sfmbujwfmz!ijhi!ovncfs!pg!3-!4-!boe!5. cfesppn!vojut/!!! ! Fimfst!sfwjfxfe!uif!sfoubm!jodpnf-!pqfsbujoh!fyqfotft-!MJIUD!tzoejdbujpo!sbuf-!nbobhfnfou!gfft-! efwfmpqfs!gfft-!efwfmpqfs!gff!qbzcbdl!ufsn-!boe!puifs!gjobodjbm!qbsbnfufst/!!Uif!qspkfdu!jt! dibmmfohfe!cz!jodsfbtjoh!dpotusvdujpo!dptut!boe!joufsftu!sbuft-!mjlf!nboz!puifs!qspkfdut/!! Dpotusvdujpo!dptut!gps!uijt!qspkfdu!bsf!%398!qfs!trvbsf!gppu!)Upubm!Efwfmpqnfou!Dptu!pwfs!Hsptt! Cvjmejoh!Bsfb*-!xijdi!bsf!ijhi/!!! Cbtfe!vqpo!pvs!sfwjfx-!UJG!jo!uif!qsjodjqbm!bnpvou!pg!%41:-:11!pwfs!31!zfbst!jt!ofdfttbsz!up! nblf!uif!qspkfdu!gjobodjbmmz!gfbtjcmf/!!!! EDA Packet Page Number 7 of 10 G1, Attachment 2 Ofx!Uby!Sbuft!gps!5e)2*!)blb!bggpsebcmf!ipvtjoh*!Qspkfdut! Mfhjtmbujpo!tjhofe!joup!mbx!jo!3134!mpxfst!uif!qspqfsuz!uby!dmbtt!sbuf!gspn!1/86&!boe!1/36&!gps! qfs.voju!wbmvf!bcpwf!boe!cfmpx!%211-111!sftqfdujwfmz-!up!b!gmbu!1/36&!po!uif!pwfsbmm!qfs.voju! nbslfu!wbmvf!gps!bggpsebcmf!ipvtjoh!qspkfdut/!!Uif!sftvmu!pg!uijt!dibohf!bsf;!)b*!b!sfevdujpo!jo! qspqfsuz!ubyft!boe!UJG!cz!bqqspyjnbufmz!61&-!boe!)c*!jodsfbtft!up!uif!ofu!pqfsbujoh!jodpnf!gps! uif!qspkfdu!xijdi!dbo!tvqqpsu!b!ijhifs!usbejujpobm!npsuhbhf!bnpvou/!!Voefs!uif!ofx!uby!sbuft-! uijt!qspkfdu!jt!ftujnbufe!up!hfofsbuf!%23-43:!boovbmmz!jo!djuz!qspqfsuz!ubyft!)%52-119!jo!pwfsbmm! ubyft*-!ps!%331!qfs!voju!qfs!zfbs!pg!djuz!ubyft/!!!!!!! ! Tvnnbsz!boe!Sfdpnnfoebujpo! Fimfst!sfwjfxfe!uif!dpotusvdujpo!dptut-!sfoubm!jodpnf-!pqfsbujoh!fyqfotft-!uby!dsfeju!qsjdjoh-! nbobhfnfou!gfft-!efwfmpqfs!gfft-!boe!puifs!gjobodjbm!qbsbnfufst/!!Cbtfe!po!pvs!sfwjfx!xf‘wf! dpodmvefe!uibu!uif!efwfmpqnfou!xpvme!opu!sfbtpobcmz!cf!fyqfdufe!up!qspdffe!xjuipvu!b! qsjodjqbm!bnpvou!pg!%41:-:11!pg!UJG!bttjtubodf!pwfs!b!qfsjpe!pg!vq!up!31!zfbst/!!Uif!UJG!xpvme!cf! qspwjefe!wjb!b!efwfmpqnfou!bhsffnfou!boe!b!qbz.bt.zpv.hp!UJG!Opuf/! Qmfbtf!dpoubdu!Tdibof!Svemboh!ps!Kbtpo!Bbstwpme!bu!762.7:8.9611!xjui!boz!rvftujpot/! EDA Packet Page Number 8 of 10 G1, Attachment 3 Tdifevmf!pg!Fwfout! Nbqmfxppe!Fdpopnjd!Efwfmpqnfou!Bvuipsjuz! Sbntfz!Dpvouz-!Njooftpub! Gps!uif!qspqptfe!ftubcmjtinfou!pg!uif!Sfefwfmpqnfou!Qmbo! gps!Efwfmpqnfou!Ejtusjdu!Op/!2!'!uif!qspqptfe!ftubcmjtinfou!pg!Uby! Jodsfnfou!Gjobodjoh!Ejtusjdu!Op/!2.29!! )b!ipvtjoh!ejtusjdu*! Bvhvtu!3:-!3135! Tfqufncfs!:-!3135!FEB!dpotjefst!ufsnt! Tfqufncfs!24-!3135!Qspkfdu!jogpsnbujpo-!qspqfsuz!jefoujgjdbujpo!ovncfst-!gjtdbm!jnqbdut! boe!nbqt!tfou!up!Fimfst!gps!esbgujoh!epdvnfoubujpo/! Fimfst!dpogjsnt!xifuifs!cvjmejoh!qfsnjut!ibwf!cffo!jttvfe!po!uif! qspqfsuz!up!cf!jodmvefe!jo!uif!UJG!Ejtusjdu/! Tfqufncfs!27-!3135!Mfuufs!sfdfjwfe!cz!Dpvouz!Dpnnjttjpofs!hjwjoh!opujdf!pg!qpufoujbm! ipvtjoh!UJG!ejtusjdu!)bu!mfbtu!41!ebzt!qsjps!up!qvcmjdbujpo!pg!qvcmjd! ifbsjoh!opujdf*/!!\\Fimfst!xjmm!ejtusjcvuf/^! Tfqufncfs!35-!3135!Fimfst!dpoevdut!joufsobm!sfwjfx!pg!Qmbot/! Tfqufncfs!38-!3135Gjtdbm0fdpopnjd!jnqmjdbujpot!sfdfjwfe!cz!Tdippm!Cpbse!Dmfsl!boe! Dpvouz!Bvejups!)bu!mfbtu!41!ebzt!qsjps!up!qvcmjd!ifbsjoh*!boe!Dpvouz! sfdfjwft!jogpsnbujpo!gps!sfwjfx!pg!dpvouz!spbe!jnqbdut/!!\\Fimfst!xjmm! ejtusjcvuf/^! +Uif!Dpvouz!Cpbse-!cz!mbx-!ibt!56!ebzt!up!sfwjfx!uif!UJG!Qmbo!up!efufsnjof!jg!boz dpvouz!spbet!xjmm!cf!jnqbdufe!cz!uif!efwfmpqnfou/!!Cfdbvtf!Djuz!tubgg!cfmjfwft!uibu uif!qspqptfe!UJG!ejtusjdu!xjmm!opu!sfrvjsf!voqmboofe!dpvouz!spbe!jnqspwfnfout-!uif UJG!Qmbo!xbt!opu!gpsxbsefe!up!uif!Dpvouz!Cpbse!56!ebzt!qsjps!up!uif!qvcmjd!ifbsjoh/ Qmfbtf!cf!bxbsf!uif!Dpvouz!Cpbse!dpvme!dmbjn!uibu!uby!jodsfnfou!tipvme!cf!vtfe!gps dpvouz!spbet-!fwfo!bgufs!uif!qvcmjd!ifbsjoh/ Pdupcfs!28-!3135!Qvcmjdbujpo!pg!ifbsjoh!opujdf!boe!nbq!jo!uif!Tu/!Qbvm!Qjpoffs!Qsftt!)bu! mfbtu!21!ebzt!cvu!opu!npsf!uibo!41!ebzt!qsjps!up!ifbsjoh*/!!\\Fimfst!xjmm! tvcnju!opujdf-!nbq!boe!jotusvdujpot/!Qvcmjdbujpo!efbemjof;!Pdupcfs!22-! 3135/^! Pdupcfs!39-!3135!FEB!nffut!bu!8;11!QN!up!dpotjefs!uif!Qmbot-!sftpmvujpo!bepqujoh!uif! Qmbot!jo!dpoofdujpo!xjui!uif!UJG!Ejtusjdu/!\\Buupsofz!qspwjeft! sftpmvujpo!cz!Pdupcfs!32-!3135/^! EDA Packet Page Number 9 of 10 G1, Attachment 3 Pdupcfs!39-!3135!Djuz!Dpvodjm!ipmet!qvcmjd!ifbsjoh!bu!8;11!QN!po!uif!ftubcmjtinfou!pg! uif!Sfefwfmpqnfou!Qmbo!gps!Efwfmpqnfou!Ejtusjdu!Op/!2!boe!uif! qspqptfe!Ftubcmjtinfou!pg!Uby!Jodsfnfou!Gjobodjoh!Ejtusjdu!Op/!2.29! boe!dpotjefst!b!sftpmvujpo!bqqspwjoh!uif!Qmbot/!!\\Fimfst!boe!buupsofz! qspwjef!qbdlfu!jogpsnbujpo!Pdupcfs!32-!3135/^!! Djuz!dpotjefst!bo!Joufsgvoe!Mpbo!sftpmvujpo!jo!dpoofdujpo!xjui!uif!UJG! Ejtusjdu/! Pdupcfs!3:-!3135!Djuz!nbz!jttvf!cvjmejoh!qfsnjut/! Cfgpsf!Kvof!41-!3136!Fimfst!gjmft!uif!Qmbot!xjui!uif!NO!Efqbsunfou!pg!Sfwfovf-!Pggjdf!pg! uif!Tubuf!Bvejups-!boe!sfrvftut!dfsujgjdbujpo!pg!uif!UJG!Ejtusjdu!xjui! uif!Dpvouz/! Bo!bdujpo!voefs!Njooftpub!Tubuvuft!)ŽN/T/*!Tfdujpo!57:/2882-!tvcejwjtjpo!2-!qbsbhsbqi!)b*-!dpouftujoh!uif!wbmjejuz!pg!b! efufsnjobujpo!cz!bo!bvuipsjuz!voefs!N/T/!Tfdujpo!57:/286-!tvcejwjtjpo!4-!nvtu!cf!dpnnfodfe!xjuijo!uif!mbufs!pg;! )2*291!ebzt!bgufs!uif!nvojdjqbmjuz(t!bqqspwbm!voefs!N/T/!Tfdujpo!57:/286-!tvcejwjtjpo!4<!ps )3*:1!ebzt!bgufs!uif!sfrvftu!gps!dfsujgjdbujpo!pg!uif!ejtusjdu!jt!gjmfe!xjui!uif!dpvouz!bvejups!voefs!N/T/!Tfdujpo!57:/288- tvcejwjtjpo!2/ EDA Packet Page Number 10 of 10 For the permanent record: Meeting Date: 09/09/2024 Agenda Item G1, Additional Attachment 1 EDA ÎSeptember 9, 2024 JB Vang Project1880 English St For the permanent record: Meeting Date: 09/09/2024 Agenda Item G1, Additional Attachment 1 2 Frost Ave English St TIF District No. 18 ÎJB Vang 1.Project Overview2.Past Action3.Pro Forma Analysis 4.TIF Plan Process5.Next Steps For the permanent record: Meeting Date: 09/09/2024 Agenda Item G1, Additional Attachment 1 3 Income restriction at 30%, 50%, and 60% of Area Median Income Project Overview ¤19 manufactured homes to 56 new apartment units¤June 30, 2023 ÎEDA Resolution of TIF support¤Project qualifies as a Housing TIF district For the permanent record: Meeting Date: 09/09/2024 Agenda Item G1, Additional Attachment 1 4 Project Budget For the permanent record: Meeting Date: 09/09/2024 Agenda Item G1, Additional Attachment 1 5 of the tax pricing credits (syndication rate) Proforma Analysis¤Maximization of first mortgage proceeds¤Low Income Housing Tax Credits ÎAssociated ¤Deferred Development Fee ÎAmount and timing of the repayment¤Cost of the project ¤Management fees For the permanent record: Meeting Date: 09/09/2024 Agenda Item G1, Additional Attachment 1 6 may not reasonably occur without public assistance up front from the City ÎDeveloper obtains financingnot make up the difference Recommended assistance: $309,900 payable up to 20 years Proforma Analysis¤Based on current market conditions and proforma, the development ¤Assistance would be Pay-As-You-Go TIF Note Îmeaning nothing ¤Payments made ONLY from captured tax increment¤If TIF Note is not repaid during specified duration, the City/EDA does ¤ For the permanent record: Meeting Date: 09/09/2024 Agenda Item G1, Additional Attachment 1 7 4d(1) Class Rate Adjustment * Maplewood City Tax Rate is 42.9% THENClass rate is 0.25% for all value IF20% of units affordable at 60% AMI or below, Change to how first $100,000 of value is treated: Property Tax Change: For the permanent record: Meeting Date: 09/09/2024 Agenda Item G1, Additional Attachment 1 8 Lessens the need for TIF on some projects 4d(1) properties This project is deeply affordable and needs all funding sources shown 4d(1) Qualification Criteria¤4d(1) reduces property taxes for the development¤Lessens the amount of TIF generated¤LAHA or other city funds used in place of TIF¤Cities have the right to approve requests if 2% of tax capacity in ¤ For the permanent record: Meeting Date: 09/09/2024 Agenda Item G1, Additional Attachment 1 9 Next Steps¤Development Agreement¤TIF Plan Process ÎHearing on October 28, 2024¤Developer closing ÎDecember 2024 For the permanent record: Meeting Date: 09/09/2024 Agenda Item G1, Additional Attachment 2 For the permanent record: Meeting Date: 09/09/2024 Agenda Item G1, Additional Attachment 2