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Advisory commission leans toward larger affordability package for Marsh Run financing request
Summary
At its May 28 meeting, the Minnetonka Economic Development Advisory Commission reviewed a developer request for tax-increment financing for a proposed 44-unit apartment in the Marsh Run area and provided nonbinding feedback favoring the option that would produce nine affordable units, while staff will continue negotiations with the developer.
At its May 28 meeting, the Minnetonka Economic Development Advisory Commission reviewed a developer request for tax-increment financing (TIF) tied to a proposed 44-unit rental building on the Marsh Run site and provided nonbinding feedback favoring the option that would produce more affordable units.
The project, described by staff as the latest phase in the Marsh Run area (referred to in materials as Marsh 13 or Marsh Run 3), is proposed by Inland Development Partners. City staff said the development would be a four-story apartment building with a mix of one- and two-bedroom units and is located inside the Marsh 2 TIF district. The developer asked the city to consider two financing scenarios: about $915,000 in TIF assistance for a lower-level subsidy and about $1.15 million for a higher-subsidy scenario.
City consultant Shane Redling of Ehlers presented pro forma comparisons and the TIF generation analysis. The two scenarios produce different numbers of affordable units: the staff briefing identified…
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