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EDA TIF DISTRICT #4 — PRESBYTERIAN HOMES <br />Function: Economic Development <br />Supervisor: Director of Finance and Administrative Services <br />Fund#: 254 <br />Activity#: 47308 <br />Activity Scope <br />TIF district No. 4, Presbyterian Homes, was established as a 15 year renewal and <br />renovation district to facilitate the redevelopment of existing senor housing units and <br />replacement of existing nursing home units. The first increment is scheduled to be <br />received in 2014 with the districted expiring on December 31, 2029. <br />Obiectives <br />1. Utilize funds for Presbyterian Homes project per the development agreement. <br />Issues <br />1. Ensure compliance with TIF laws for uses of available funds. <br />Measurable Workload Data <br />None developed at this time. <br />Budget Commentary <br />Increment was received in 2014 and 2015 and is estimated for 2016. Payments are based <br />on 90% of increment received to the developer. The only other charges budgeted are <br />administrative charges.