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1999 - 2000 <br /> The EDA completed Round Lake Road, Phase I, in 1999. This project included the <br /> relocation of the Round Lake Road/Highway 96 intersection, signalizing the <br /> intersection, property acquisition, and the creation of a storm retention pond. An <br /> inter-fund loan from the PIR Fund was needed for the acquisition of the Indykiewicz <br /> property and was repaid in 2004. <br /> The estimated balance in this account as of December 31, 2011 is $1,209,533. The <br /> estimated future increment to be collected is $1,386,743, if added to the current estimated <br /> balance, less the outstanding bond payments, this would amount to approximately <br /> $1,531,276 that could be used for other improvements. Since this is an older district, the <br /> City is able to use these funds for a number of different uses, but not for recreational <br /> purposes. It may be used for sidewalks, infrastructure, and other improvements, but a plan <br /> would have to be in place before the district decertifies in 2015. The additional tax base that <br /> this district has added to the City is $346,686, which is the increment currently received. <br /> TIF District No. 3 <br /> Cottage Villas Housing was originally certified as a Housing District on May 10, 1993. The <br /> district is generally located on the east side of Cleveland Avenue, just south of the County <br /> Road E-2/Cleveland Avenue intersection, and encompasses the sixty-four (64) unit Cottage <br /> Villas Apartments complex. These apartments are available for low-to-moderate income <br /> seniors. <br /> The City entered into a "pay-as-you-go" Development Agreement with Cottage Villas of <br /> Arden Hills Limited Partnership on February 28, 1994. The Development Agreement calls <br /> for the developer to be reimbursed for certain public development activities including: land <br /> acquisition, site preparation, site utilities, and financing costs. Repayment to the developer <br /> would only be from, and to, the extent tax increment was actually received from the district. <br /> The developer was entitled to no more than $57,557 per payment year for 14.5 years. The <br /> City was not obligated to make any payments subsequent to February 1, 2010. As a result of <br /> the class rate reduction for property taxes, increment received was less than expected, but <br /> payments ceased to the developer on February 1, 2010. The district was originally set to <br /> decertify on December 31, 2009, but the City Council extended the district in December <br /> 2009 to its statutory limit and will now expire in 2019. <br /> The estimated balance in this account as of December 31, 2011 is approximately $166,844. <br /> The estimated future increment to be collected is $312,500, if added to the current estimated <br /> balance this would amount to $479,344 that could be used for "low-to-moderate income <br /> housing." <br /> TIF District No. 4 <br /> This is the new Presbyterian Homes district and we have not yet begun to receive increment <br /> on this district or incurred any costs, thus there is no balance in this fund. This is a <br /> renovation and renewal district. On December 13, 2010, the City Council modified the <br /> development program for Development District No. 1 and establish Tax Increment <br /> Financing District No. 4 within Development District No.l and adopt the Tax Increment <br /> City Council Meeting <br /> P:\Admin\Council\Agendas&Packet Information\2012\01-30-12 Reg Mtg\Packet Information <br /> Page 3 of 4 <br />