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Minnetonka Council approves TIF modifications to pool roughly $3.3M for affordable housing
Summary
Council voted to modify three tax increment financing districts (Applewood Point, Glen Haven, Shady Oak Crossing) to retain pooled increment for the Affordable Housing Trust Fund; staff estimated about $3.3 million could become available for affordable‑housing uses.
The Minnetonka City Council on Nov. 10 approved a set of resolutions modifying the Applewood Point, Glen Haven and Shady Oak Crossing tax increment financing (TIF) districts to allow the city to retain pooled increment and extend the period for pooling under recent state legislative authority.
Staff presentation and estimate: Senior staff (Ms. Wishnack) told council the TIF management report estimates roughly $3.298 million in pooled tax‑increment could be available to the city for affordable‑housing…
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