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CITY OF ARDEN HILLS, MINNESOTA 2020 BUDGET <br />Function: Economic Development Fund # 254 <br />Activity: TIF #4 Presbyterian Homes Activity # 47308 <br />Activity Scope <br />TIF district No. 4, Presbyterian Homes, was established as a 15 year renewal and renovation district to facilitate <br />the redevelopment of existing senior housing units and replacement of existing nursing home units. The first <br />increment was received in 2014 with the districted expiring on December 31, 2029. <br />Objectives <br />Utilize funds for Presbyterian Homes project per the development agreement. <br />Issues <br />Ensure compliance with TIF laws for uses of available funds. <br />Budget Commentary <br />Increment was received starting in 2014 and is estimated for 2020. Payments are based on 75% of increment <br />received to the developer and estimated for 2020. The only other charges budgeted are administrative charges. <br />2017 2018 2019 2020 <br />Budget Summary ACTUAL ACTUAL BUDGET BUDGET <br />Personnel Services $ - $ - $ - $ - <br />Commodities - - - - <br />Contractual Services 185,105 230,086 192,630 214,360 <br />Depreciation - - - - <br />Other Charges - - - - <br />Total $ 185,105 $ 230,086 $ 192,630 $ 214,360 <br />Percent Change 24.3% (-16.3%) 11.3% <br />Expenditures by Classification <br />O Personnel Services <br />a Commodities <br />E3 Contractual Services <br />a Depreciation <br />■ Other Charges <br />100% <br />48 <br />