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,-4� <br />�flAQEN HILLS <br />MEMORANDUM <br />DATE: September 17, 2008 <br />TO: Mayor and City Council <br />Ron Moorse, City Administrator <br />Stacie Kvilvang, TCAAP Project Manager <br />James Lehnhoff, Community Development Director <br />Greg Hoag, Public Works Director <br />FROM: Sue Iverson, Finance Director <br />SUBJECT: TIF district Analysis <br />BACKGROUND <br />The City currently has two Tax Increment Financing Districts, District 2 — Round Lake Office Park and <br />District 3 — cottage Villas Housing. Staff has done an analysis on both districts to determine what options <br />the City Council may choose in regards to the available increment. <br />DISCUSSION <br />Cottage VillaHousin — District #3 <br />This district has been set to decertify on 12/31/09 according to the plan documents. The current projected <br />balance in the fund and the end of 12/31/09 would be approximately $95,000. These funds may only be <br />used for "low to moderate income housing" and could be used in the TCAAP project. The Council may <br />extend this district to 12/31/19 by approving a plan modification. The projected increment for this district <br />is estimated to be $45,000 annually which would be approximately $450,000 for the extended period and <br />the projected balance available would be $545,000 for use in low to moderate income housing. (The <br />balance in this fund at 12/31/07 was $87,227). <br />The additional tax base that this district has added to the City is $47,483, which is the additional <br />increment as a result of this project. <br />htip://ardenhilts.metro-iztet.us/citycoancil/TIF Information/T[F Analysis.doc <br />