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