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CITY OF ARDEN HILLS, MINNESOTA 2023 BUDGET <br />Function: Economic Development Fund # 255 <br />Activity: TIF #5 Activity # 47309 <br />Activity Scope <br />TIF district No. 5, TCAAP, was established pursuant to special legislation as a 30 year redevelopment district to <br />facilitate a mixed -use development. The first increment is anticipated in 2023 with the districted terminating no <br />later than 2053. <br />Objectives <br />Utilize funds as able for mixed -use development on the TCAAP property. The City first needs to ensure they have <br />sufficient tax revenues to cover increased costs due to the development. Once it is determined those costs are <br />covered, TIF applications can be considered. <br />Issues <br />Ensure compliance with TIF laws for uses of available funds. <br />Budget Commentary <br />This district was established in December 2019. Only administrative costs are anticipated at this time. <br />2020 2021 2022 2023 <br />Budget Summary ACTUAL ACTUAL BUDGET BUDGET <br />Personnel Services $ - $ - $ - $ - <br />Commodities - - - - <br />Contractual Services - 47 1,900 1,900 <br />Depreciation - - - - <br />Other Charges - - - - <br />Total $ - $ 47 $ 1,900 $ 1,900 <br />Percent Change 100.0% 3986.0% 0.0% <br />Expenditures by Classification <br />O Personnel Services <br />a Commodities <br />oContractual Services <br />a Depreciation <br />■ Other Charges <br />100% <br />