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Council approves TIF application for Beacon Interfaith housing project
Summary
The council held and closed a public hearing and approved a resolution to modify the development district and the TIF plan to create (or modify) Tax Increment Financing District No.1–19 for a Beacon Interfaith housing project, after the developer said the project is largely capital-funded but needs a tax credit investor and service funding assurances.
Maplewood council members held a public hearing on a Tax Increment Financing request from Beacon Interfaith Acquisition LLC and voted to approve a resolution modifying Development District No.1 and the TIF plan for District No.1–19.
Planning staff explained the EDA and city had received the TIF application and recommended the hearing. Joan Bennett, representing Beacon Interfaith, said the development team has completed environmental review steps, obtained MPCA approval and produced construction drawings; she said capital needs are largely funded on paper but the project requires a tax-credit investor to finalize financing and additional service funding to sustain supportive housing once opened.
No members of the public registered to speak at the hearing segment; the council moved and carried the TIF resolution by voice vote. Bennett asked the council to move forward with the public hearing and resolution as presented.
Council and staff agreed that any outstanding capital and service funding gaps will continue to be monitored as the project proceeds toward closing.
