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EDA TIF DISTRICT #3 - COTTAGE VILLAS <br /> Function: Economic Development <br /> Supervisor: Director of Finance and Administrative Services <br /> Fund#: 253 <br /> Activity#: 47305 <br /> Activity Scope <br /> TIF District No. 3, Cottage Villas Housing,was originally certified as a Housing <br /> District on May 10, 1993. This district is located on the east side of Cleveland <br /> Avenue,just south of County Road E-2/Cleveland Avenue intersection. This 64 unit <br /> Cottage Villas Apartment complex is available for low-moderate income seniors. <br /> Originally, this district was set to decertify on December 31, 2009. In December, <br /> 2009, the City Council extended this district until December 31,2019, to allow the <br /> City the possibility of using these funds for other affordable housing projects within <br /> the City. <br /> The City entered into a "pay-as-you-go" agreement with Cottage Villas of Arden <br /> Hills Limited Partnership on February 28, 1994. The Development Agreement calls <br /> for the developer to be reimbursed for certain public development activities initially <br /> estimated at 5834,286. Repayment to the developer will only be from tax increment <br /> actually received from the district. Payments will be 90% of the tax increment <br /> received not-to-exceed a total annual payment of 557,557. The City is not obligated <br /> to make payments after February 1, 2010. <br /> Obiectives <br /> N/A <br /> Issues <br /> N/A <br /> Measurable Workload Data <br /> None developed at this time. <br /> Budget Commentary <br /> The City no longer has any obligations to pay the development as of February 1, <br /> 2010. Only administrative costs have been planned for 2013. <br /> 8 <br />