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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 /> EDA Commissioner Woodburn asked for further clarification on the remaining amount <br /> budgeted. <br /> Treasurer Iverson stated that financial consulting and hosting the State of the City event <br /> account for some of the expenditures. <br /> Secretary Klaers noted that the budget also includes costs for such things as auditing, <br /> technology, and supplies. <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 /> B. EDA TIF District No. 3 –Cottage Villas Update <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 /> 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 /> 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 /> EDA Commissioner Holden questioned what will happen to the funds collected if that district <br /> does not qualify as affordable housing. <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 /> 4. EDA COMMISSIONER COMMENTS <br /> None. <br /> 5. ADJOURN <br />