Eden Prairie HRA adopts TIF district to support conversion of office building into 195 apartments
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Summary
The Eden Prairie Housing and Redevelopment Authority adopted a resolution to create Tax Increment Financing District No. 27 and approve a development agreement for a 195‑unit conversion of an office building on City West Parkway, including 39 TIF‑funded affordable units and 10 additional inclusionary units.
The Eden Prairie Housing and Redevelopment Authority on Jan. 6 adopted a resolution to modify its redevelopment plan and establish Tax Increment Financing (TIF) District No. 27 to support the conversion of an office building on City West Parkway into a 195‑unit mixed‑income apartment project.
City staff (Getchell) told the HRA the council had previously given preliminary approval and held a public hearing on the proposal. “So you have 39 units, 20% that are funded by tax increment financing,” Getchell said, adding that the city’s inclusionary ordinance would add 10 additional affordable units that would not be funded by TIF.
The action before the HRA was to adopt a resolution to modify the redevelopment project area, adopt a TIF plan and approve the development agreement. A council member moved to adopt the resolution, citing the council’s prior review and public hearing; the motion was seconded and approved by voice vote.
The HRA meeting was convened solely to consider the resolution and then adjourned. Staff said the development agreement and TIF plan reflect previously discussed terms; no new project conditions were introduced at the Jan. 6 meeting.
Next steps: The development agreement associated with TIF District No. 27 will be finalized by staff per the resolution; the project has already completed earlier public‑hearing steps described by staff.
