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ARDEN HILLS EDA MEETING—OCTOBER 28, 2013 3 <br /> Executive Director Hutmacher stated that the bank may be willing to consider a full-price offer <br /> from the City with few contingencies. She explained that an inspection of the property could be <br /> completed. <br /> EDA Commissioner Holden was not interested in moving forward on the Carroll's property <br /> given the fact that the site already has two full-price offers. <br /> EDA President Grant and the rest of the EDA agreed with EDA Commissioner Holden. <br /> C. TIF 3 (Cottage Villas) Update <br /> Treasurer Iverson stated that the EDA work plan included a discussion on the use of the Cottage <br /> Villas TIF District fund balance for October 2013 and January 2014. The current status of the fund <br /> balance was reviewed. The projected fund balance at the end of 2013 is $250,954. It was noted that <br /> the fund balance has been increasing by about $40,000 per year. Staff recommended that the EDA <br /> defer discussion on the District until 2014. In 2014, staff will be working with Ehlers to help analyze <br /> this District and how the funds may be spent. <br /> Treasurer Iverson explained that there is no urgency to make a decision on how these funds <br /> should best be used as the District does not expire until 2019. The main restriction on the use of <br /> these funds is that they need to be spent on qualified low and moderate income housing projects. <br /> Also, it should be noted that receiving future funds depends on the current owners of Cottage Villas <br /> continuing to comply with the low and moderate income housing requirements. <br /> EDA Commissioner Holden questioned why Ehlers was being considered to complete an <br /> analysis. <br /> Treasurer Iverson commented that their analysis would provide the City with information <br /> regarding what housing projects qualified as low to moderate income. <br /> EDA Commissioner Holden recommended that the Commission defer discussion until 2014 <br /> and that the City not hire Ehlers at this time. <br /> MOTION: EDA Commissioner Holden moved and EDA Commissioner McClung <br /> seconded a motion to defer discussion on TIF 3 (Cottage Villas) until 2014 <br /> and that the City not hire Ehlers at this time. The motion carried <br /> unanimously (5-0). <br /> 5. UNFINISHED BUSINESS <br /> None. <br /> 6. EDA COMMISSIONER COMMENTS <br /> EDA Commissioner Werner questioned who would be able to attend the dedication service at <br /> Presbyterian Homes on November 5, 2013. <br />