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ARZEN HILLS <br /> 2006 PROPOSED BUDGET—SUMMARY BY DEPT. <br /> Department Name: TIF District # 3 — Cottage Villas <br /> 2005 Budget: $35,020 2006 Proposed Budget: $38,250 <br /> Departmental Overview/Summary: <br /> TIF Dist No. 3, Cottage Villas Housing,was originally certified as a Housing District on <br /> May 10, 1993. This district is located on the east side of Cleveland Avenue,just south of <br /> County Rd E-2/Cleveland Avenue intersection. This 64 unit Cottage Villas Apartment <br /> complex is available for low-moderate income seniors. <br /> The City entered into a"pay-as-you-go" agreement with Cottage Villas of Arden Hills <br /> Limited Partnership on February 28, 1994. The Development Agreement calls for the <br /> developer to be reimbursed for certain public development activities initially estimated at <br /> $834,286. Repayment to the developer will only be from tax increment actually received <br /> from the district. Payments will be 90% of the tax increment received not to exceed a <br /> total annual payment of$57,557. The City is not obligated to make payments after <br /> February 1, 2010. <br /> Financial Overview - 2006 <br /> TIF #3 Cottage Villas <br /> Capital <br /> Outlay, $0, Other <br /> 0% <br /> Sery/Charges, <br /> $38,250, <br /> Operating 100% <br /> Transfers, $0, <br /> 0% <br /> Personal <br /> Supplies, $0, Services, $0, <br /> 0% 0% <br /> Significant Changes from Prior Year: None <br /> 91 <br />