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NEW BUSINESS <br /> EN HILLS <br /> MEMORANDUM <br /> DATE: October 285 2013 <br /> TO: Economic Development Authority <br /> FROM: Patrick Klaers, Secretary <br /> SUBJECT: TIF District 3 (Cottage Villas) <br /> Back2round/Discussion <br /> Discussing the use of the Cottage Villas TIF District fund balance was included in the <br /> 2013 EDA work plan for October 2013 and January 2014. <br /> By way of background information on TIF 3, attached is part of an early 2012 TIF <br /> summary memo (prepared by Sue Iverson) that went to the City Council. This <br /> information is still relevant and the current status of the fund balance is included in the <br /> budget material that is in this agenda packet. The projected fluid balance at die end of <br /> 2013 is $250,954. The fund balance has been increasuig by about $40,000 per year. <br /> I would like to defer discussion on the District until 2014. In 2014, staff will be working <br /> with Ehlers to help analyze this District and how the Raids can be spent. There is no <br /> urgency to snake a decision on how these fluids should best be used as the District does <br /> not expire until 2019. <br /> The ma.iil restriction on the use of these fields is that they need to be spent on qualified <br /> low and moderate income housing projects. Also, it should be noted that receiving future <br /> fields depends on the current owners of Cottage Villas continuing to comply with the low <br /> and moderate income housing requirements. <br />