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CITY OF ARDEN HILLS, MINNESOTA 2023 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 set to expire on December 31, 2029. The district was <br />decertified early on December 31, 2022. <br />Obiectives <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. The TIF note was paid in full to the developer in 2022. Only <br />administrative costs have been planned for 2023. <br />2020 2021 2022 2023 <br />Budget Summary ACTUAL ACTUAL BUDGET BUDGET <br />Personnel Services $ - $ - $ - $ - <br />Commodities - - - - <br />Contractual Services 228,469 284,491 284,780 1,900 <br />Depreciation - - - - <br />Other Charges - - - - <br />Total $ 228,469 $ 284,491 $ 284,780 $ 1,900 <br />Percent Change 24.5% 0.1 % (-99.3%) <br />Expenditures by Classification <br />O Personnel Services <br />O Commodities <br />*Contractual Services <br />* Depreciation <br />■ Other Charges <br />100% <br />