My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
07-27-15-EDA
ArdenHills
>
Administration
>
Commissions, Committees, and Boards
>
Economic Development Authority (EDA)
>
EDA Packets
>
2011-2020
>
2015
>
07-27-15-EDA
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/24/2015 9:58:56 AM
Creation date
7/24/2015 9:58:05 AM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
29
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
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 funds 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$57,557. The City is no longer obligated to make <br />payments after February 1, 2010. <br />Obiectives <br />1. Utilize available funds for low to moderate income housing projects. <br />Issues <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 February 1, 2010. <br />Only administrative costs have been planned for 2015.
The URL can be used to link to this page
Your browser does not support the video tag.