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<br />
<br />EDA TIF DISTRICT #4 – PRESBYTERIAN HOMES
<br />
<br />Function: Economic Development
<br />Supervisor: Director of Finance and Administrative Services
<br />Fund#: 254
<br />Activity#: 47308
<br />
<br />Activity Scope
<br />
<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 was received in 2014
<br />with the districted expiring on December 31, 2029.
<br />
<br />Objectives
<br />
<br />1. Utilize funds for Presbyterian Homes project per the development agreement.
<br />
<br />Issues
<br />
<br />1. Ensure compliance with TIF laws for uses of available funds.
<br />
<br />Measurable Workload Data
<br />
<br />None developed at this time.
<br />
<br />Budget Commentary
<br />
<br />Increment was received starting in 2014 and is estimated for 2017. Payments are based
<br />on 90% of increment received to the developer and estimated for 2017. The only other
<br />charges budgeted are administrative charges.
<br />
<br />Budget Summary
<br />Function: Economic Development Department: EDA TIF District #4 Pres Homes
<br />Appropriation Detail
<br />Actual Actual Budget Amended YTD Proposed % Change
<br />Activity FY 2014 FY 2015 FY 2016 FY2016 FY2016 FY 2017 16 vs 17
<br />Revenues
<br />Taxes 98,529 146,854 99,000 99,000 85,141 150,000 51.52%
<br />Intergovernmental - - - - - - 0.00%
<br />Miscellaneous (240) 654 600 600 378 650 8.33%
<br />Total Revenues 98,289$ 147,508$ 99,600$ 99,600$ 85,519$ 150,650$ 51.26%
<br />Expenditures
<br />Total Materials and Supplies - - - - - - 0.00%
<br />Other Services and Charges 90,784 133,850 92,825 92,825 - 139,525 50.31%
<br />Capital Outlay - - - - - - 0.00%
<br />Total Operating Expenses 90,784 133,850 92,825 92,825 - 139,525 50.31%
<br />Total Expenditures 90,784$ 133,850$ 92,825$ 92,825$ -$ 139,525$ 50.31%
<br />Fund Balance - January 1 (2,969) 4,535 18,193 18,193 18,193 24,968
<br />Excess Revenue Over Expenditure 7,504 13,658 6,775 6,775 85,519 11,125
<br />Fund Balance - December 31 4,535$ 18,193$ 24,968$ 24,968$ 103,712$ 36,093$
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