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Minnetonka advisory commission backs TIF gap financing for 44‑unit Marsh Run 3 apartment
Summary
The Minnetonka Economic Development Advisory Commission voted to recommend approval of a request for tax‑increment financing for a 44‑unit rental building (Marsh Run 3) that would set aside nine units at 50% of area median income; recommendation advances to the planning commission and then the city council.
The Minnetonka Economic Development Advisory Commission voted July 17 to recommend approval of a tax‑increment financing (TIF) assistance package for a proposed 44‑unit rental apartment building in the Marsh Run area that would reserve nine units (20%) at 50% of area median income (AMI).
City community development staff presented the financing request and the project pro forma, saying the developer had revised earlier townhome plans and now proposes a four‑story rental building composed of one‑bedroom, one‑bedroom-plus‑den and two‑bedroom units. Staff said the city’s financial consultant (Ehlers) reviewed the sources and uses; staff recommended approximately $850,000 in TIF assistance, to be financed at 5% or the project mortgage rate, whichever is less. The recommended disbursement would be paid from 90% of the increment generated by the TIF district, with the city retaining the remaining 10%.
The staff presentation described the affordability and cost details…
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