Adopt Resolution No. 2020-03 and approve Redevelopment Agreement.
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.