--- ## title: 2025 City of Edina Powerpoint Template ## author: Bill Neuendorf date: D:20190721043656Z --- Resolution 2026-05 Decertification of 66 West ## Tax Increment Financing ## District ## Presentation to Edina Housing & Redevelopment Authority August 13, 2026 2 ## Background to Redevelop 66 West Site •Applied special legislation that allowed funds from Southdale 2 TIF District to support affordable housing •TIF was necessary to provide gap financing that threatened to delay construction •TIF was one of ten funding sources bundled to allow construction to proceed •$275,000 provided after milestone achieved •Structured as interfund loan •Changes in property tax laws for affordable housing prolong the term to repay this loan •Each District incurs annual fees and administrative expenses, further delaying repayment •Staff recommends repaying interfund loan using other TIF funds and decertifying 66 West TIF District 15 years earlier than anticipated. 3 ## 66 West Apartments •Developed by Beacon ## Interfaith Housing ## Collaborative •Completed 2017 •$11.2 million budget •39 units of affordable rental housing •Targeted to young adults transitioning out of homelessness 4 ## 66 West TIF District •Established to provide gap financing for affordable housing •Established 2016 •Scheduled to decertify 2041 •One parcel, 0.9 acres •$275k interfund loan issued 2017 •No other financial obligations 5 ## Interfund Loan Overview •Authorized up to $300,000 per HRA Resolution 2017-03 •Strategic means to sustain long term funding source for affordable housing projects and programs •$275,000 principal issued •0% interest •2026 loan balance remaining $169,036.55 •Amundson TIF has cash balance of $176,738.75 •Sufficient funds are available to repay in full and ## decertify 66 West TIF District 6 ## Staff Recommendation Approve Resolution 2026-05 approving the ## decertification of 66 West Tax Increment Financing District.