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ARDEN HILLS EDA MEETING – JULY 27, 2015 3 <br />Treasurer Iverson explained that the budget covers a portion of salary expenses. A portion of <br />the salaries of City staff members who are involved with economic development (i.e. Community <br />Development Director, City Planner, Associate Planner, City Administrator, and Finance <br />Director) are allocated to the EDA budget. She said this is done because the City is required to <br />report expenses for economic development activity to the State. <br /> <br />EDA Commissioner Woodburn asked for further clarification on the remaining amount <br />budgeted. <br /> <br />Treasurer Iverson stated that financial consulting and hosting the State of the City event <br />account for some of the expenditures. <br /> <br />Secretary Klaers noted that the budget also includes costs for such things as auditing, <br />technology, and supplies. <br /> <br />MOTION: EDA Commissioner Holden moved and EDA Commissioner Woodburn <br />seconded a motion to approve the EDA budgets as presented and to <br />recommend the EDA budgets to the City Council for approval. The motion <br />carried unanimously (3-0). <br /> <br />B. EDA TIF District No. 3 – Cottage Villas Update <br /> <br />Treasurer Iverson stated that TIF District No. 3 is currently accumulating funds to be available <br />for low to moderate housing projects. The district qualified in 2014, but there is some question <br />whether the district will continue to qualify as an affordable housing district in 2015 due to the <br />changes at Cottage Villas. <br /> <br />Treasurer Iverson noted that the City’s financial consultant suggested that the City continue to <br />collect funds on this district until it is known whether or not Minnesota Housing qualifies the <br />district for 2015. <br /> <br />Treasurer Iverson stated that the City’s financial consultant explained that with affordable <br />housing, it’s not the rents that are restricted—it’s the income that’s restricted. <br /> <br />EDA Commissioner Holden questioned what will happen to the funds collected if that district <br />does not qualify as affordable housing. <br /> <br />Treasurer Iverson stated that the funds collected in 2015 would be sent back if it turns out that <br />the district does not qualify. <br /> <br />4. EDA COMMISSIONER COMMENTS <br /> <br />None. <br /> <br />5. ADJOURN