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:  June  11, 2020 

 Agenda Item #: VII.A. 
To:
Chair & Commissioners of the Edina HRA
Item Type:
Report / Recommendation 
From:
Stephanie Hawkinson, Affordable Housing Development Manager


Item Activity:
Subject:PUBLIC HEARING: Resolution No. 2020-03 Authorizing Sale of Land to Amundson Flats, LP and Approve Redevelopment Agreement Action   


 




ACTION REQUESTED:
Adopt Resolution No. 2020-03 and approve Redevelopment Agreement.

INTRODUCTION:

On July 25, 2019 the HRA authorized Staff to engage our legal consultant to draft legal documents so the HRA could acquire 7075-7079 Amundson Avenue from the Edina Housing Foundation for $1,300,000 and sell to MWF Properties for $600,000. 

 

Since that time, MWF has secured financing and site plan approval to complete this development. Rather than conveying the property to MWF Properties, the site will be conveyed to Amundson Flats, LP, of which MWF is a member of the General Partnership.

 

The Redevelopment Agreement spells out the requirements that the land will be developed into 62 units of affordable housing that will remain affordable for 40 years.

 

The Staff Report, Resolution, and Redevelopment Agreement are attached.

 
ATTACHMENTS:
Description
Staff Report
Resolution No. 2020-03
Redevelopment Agreement