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<br /> <br />EDA TIF DISTRICT #3 – COTTAGE VILLAS <br /> <br />Function: Economic Development <br />Supervisor: Director of Finance and Administrative Services <br />Fund#: 253 <br />Activity#: 47305 <br /> <br />Activity Scope <br /> <br />TIF District No. 3, Cottage Villas Housing, was originally certified as a Housing District <br />on May 10, 1993. This district is located on the east side of Cleveland Avenue, just south <br />of County Road E-2/Cleveland Avenue intersection. This 64 unit Cottage Villas <br />Apartment complex is available for low-moderate income seniors. Originally, this <br />district was set to decertify on December 31, 2009. In December, 2009, the City Council <br />extended this district until December 31, 2019, to allow the City the possibility of using <br />these funds for other affordable housing projects within the City. <br /> <br />The City entered into a “pay-as-you-go” agreement with Cottage Villas of Arden Hills <br />Limited Partnership on February 28, 1994. The Development Agreement called for the <br />developer to be reimbursed for certain public development activities initially estimated at <br />$834,286. Repayment to the developer would only be from tax increment actually <br />received from the district. Payments were to be 90% of the tax increment received . The <br />City is no longer obligated to make payments after February 1, 2010. <br /> <br />Objectives <br /> <br />1. Utilize available funds for low to moderate income housing projects. <br /> <br />Issues <br /> <br />1. Ensure use of funds is consistent with TIF laws. <br /> <br />Measurable Workload Data <br /> <br />None developed at this time. <br /> <br />Budget Commentary <br /> <br />The City no longer has any obligations to pay the development as of February 1, 2010. <br />Only administrative costs have been planned for 2018. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />