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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 District <br /> on May 10, 1993. This district is located on the east side of Cleveland Avenue,just south <br /> of County Road E-2/Cleveland Avenue intersection. This 64 unit Cottage Villas <br /> Apartment complex is available for low-moderate income seniors. Originally, this <br /> district was set to decertify on December 31, 2009. In December, 2009, the City Council <br /> extended this district until December 31, 2019, to allow the City the possibility of using <br /> these ftmds for other affordable housing projects within the City. <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 called for the <br /> developer to be reimbursed for certain public development activities initially estimated at <br /> $834,286. Repayment to the developer would only be from tax increment actually <br /> received from the district. Payments were to be 90% of the tax increment received not- <br /> to-exceed a total annual payment of$5 7,5 5 7. The City is no longer obligated to make <br /> payments after February 1, 2010. <br /> Objectives <br /> 1. Utilize available fluids for low to moderate income housing projects. <br /> Is- <br /> 1. Ensure use of funds is consistent with TIF laws. <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 Februaiy 1, 2010. <br /> Only administrative costs have been planned for 2014. <br /> -8- <br />