Item Coversheet

Edina Housing and Redevelopment Authority
Established 1974		CITY OF EDINA
HOUSING & REDEVELOPMENT AUTHORITY
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
Date:  February  15, 2018 

 Agenda Item #: V.A. 
To:
Chair & Commissioners of the Edina HRA
Item Type:
Report / Recommendation 
From:
Bill Neuendorf, Economic Development Manager


Item Activity:
Subject:Request for Tax Increment Financing - Aeon 4040 Affordable Apartments Discussion   


 




ACTION REQUESTED:
No action required; for discussion only.

INTRODUCTION:

This discussion item pertains to the potential use of Tax Increment Financing to help a private non-profit developer create new affordably-priced apartments in Edina.

 

Aeon, a non-profit developer, owner and manager of affordable housing has expressed interest in pursuing a new project in Edina at 4040 West 70th Street. In order to fund the project, they have requested that the Edina Housing and Redevelopment Authority create a new tax increment financing (TIF) District so that property taxes could be used to support the construction and financing costs.

 

This concept is posed for discussion purposes only. No action will be taken and no commitments will be made at this time.

 

Representatives from Aeon will be in attendance. Advisors from Dorsey & Whitney and Ehlers Associates will also attend.

 
ATTACHMENTS:
Description
Aeon - staff memo for discussion
Aeon - request for financial support memo
Aeon - 4040 W. 70th Concept Plan
Aeon - Ehlers prelim memo