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__ . ............. .. _. _ _ <br />EDA TIF DISTRICT #3 -� COTTAGE VILLAS <br />Functian: Econoznic Development <br />Supervisor: Director of Finance aud Admi�istrative Services <br />Fund#: 745 <br />Activity#: 47305 <br />Activi Sca e <br />TIF District No. 3, Cottage Villas Housing, was originally certified as a Housing Districi <br />on May 10, 1993. This district is located on the east side of Cleveland Avenue, just south <br />of County Road E-2/Cle�eland Avenue intersection. This 64 unit Cottage Villas <br />Apartment complex is available for (ow-naoderate income seniors. Originally, this <br />district was set to decertify �n December 3 I, 2409. In December, 2009, the City Co�ncil <br />e�tended this district until December 3 l, 2019, to allow the City t�►e possibility of using <br />these funds far other affordable l�ausing projects within the City. <br />The Ciiy entered into a"pay-as-you-ga" agreement vsrith Cottage Vilias of Arden Hilis <br />Lirr�ited Partnership on February 28, 1994. The Development Agreement calls for the <br />deve[oper to be reimbursed for certain public develap�nent activities initially esii�nated at <br />$$34,2$5. Repayment to the c�eveloper wili ot�ly be from tax increment actuaLly received <br />�ram fihe district. Payments will be 40% of the t� increment received not-to-exceed a <br />total annual payment af $57,557. The City is not obligated io make pay�rzents after <br />Fe�r�ary i , 2010. <br />Obiectives <br />N/A <br />Issues <br />NIA <br />Measurable Workload Da#a <br />Nane develaped at this time. <br />Bud�et Commentary <br />The City no tonger has any o�ligations to pay the developmEnt as af February 1, 2010. <br />Only administrative cosEs have been planned for 2012. <br />�� <br />