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CITY OF ARDEN HILLS, MINNESOTA <br />Function: Economic Development 253 <br />Activity: TIF #3 Cottage Villas 47305 <br /> <br />Activity Scope <br />Objectives <br />Issues <br />Budget Commentary <br />2016 2017 2018 2019 <br />Budget Summary ACTUAL ACTUAL BUDGET BUDGET <br />Personnel Services -$ -$ -$ -$ <br />Commodities - - - - <br />Contractual Services 1,894 1,549 4,725 2,000 <br />Capital Outlay - - - - <br />Other Charges - - - - <br />Total 1,894$ 1,549$ 4,725$ 2,000$ <br />Percent Change (-18.2%) 205.1% (-57.7%) <br />Full-Time Equivalent positions - - - - <br />Expenditures by Classification <br />The City no longer has any obligations to pay the developer as of February 1, 2010. Only administrative costs have <br />been planned for 2019. <br />2019 BUDGET <br /> Fund # : <br />Activity # : <br />TIF District No. 3, Cottage Villas Housing, was originally certified as a Housing District on May 10, 1993. This <br />district is located on the east side of Cleveland Avenue, just south of County Road E-2/Cleveland Avenue <br />intersection. This 64 unit Cottage Villas Apartment complex is available for low-moderate income seniors. <br />Originally, this district was set to decertify on December 31, 2009. In December 2009, the City Council extended <br />this district until December 31, 2019, to allow the City the possibility of using these funds for other affordable <br />housing projects within the City. <br />The City entered into a “pay-as-you-go” agreement with Cottage Villas of Arden Hills Limited Partnership on <br />February 28, 1994. The Development Agreement called for the developer to be reimbursed for certain public <br />development activities initially estimated at $834,286. Repayment to the developer would only be from tax <br />increment actually received from the district. Payments were to be 90% of the tax increment received not-to- <br />exceed a total annual payment of $57,557. The City is no longer obligated to make payments after February 1, <br />2010. <br />Utilize available funds for low to moderate income housing projects. <br />Ensure use of funds is consistent with TIF laws. <br />100% <br />Personnel Services <br />Commodities <br />Contractual Services <br />Capital Outlay <br />Other Charges