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Page 1 of 1 <br />NEW BUSINESS – 4B <br />MEMORANDUM <br />DATE:July 27, 2015 <br />TO:EDA Chair and Commissioners <br />Jill Hutmacher, Executive Director <br />Patrick Klaers, EDA Secretary <br />FROM:Sue Iverson, EDA Treasurer <br />SUBJECT:EDA TIF District No. 3 Cottage Villas Update <br />Background/Discussion <br />Presently TIF District No. 3 is accumulating funds to be available for low to moderate housing <br />projects should the need occur. Recently there has been some question as to whether the district <br />will still qualify as an affordable housing district given the changes at Cottage Villa. <br />Staff has had discussions with our financial consultant and they suggest we continue to collect <br />funds on this district and reassess next year when we see whether or not Cottage Villa’s report to <br />Minnesota Housing qualifies for 2015. Currently they are qualified and the City has received the <br />reports.