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CITY OF ARDEN HILLS, MINNESOTA 2026 BUDGET <br />Function: Economic Development Fund # 253 <br />Activity: TIF #3 Cottage Villas Activity # 47305 <br />Activity Scope <br />TIF District No. 3, Cottage Villas Housing, was originally certified as a Housing District on May 10, 1993. This 64 <br />unit Cottage Villas Apartment complex is available for low -moderate income seniors. Originally, this district was set <br />to decertify on December 31, 2009. In December 2009, the City Council extended this district until December 31, <br />2019, to allow the City the possibility of using these funds for other affordable housing projects within the City. <br />Objectives <br />Utilize available funds for low to moderate income housing projects. <br />Issues <br />Ensure use of funds is consistent with TIF laws. <br />Budget Commentary <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 2026, with no change from 2025. <br />2023 2024 2025 <br />Budget Summary ACTUAL ACTUAL BUDGET <br />Personnel Services $ - $ - $ - <br />Commodities - - - <br />Contractual Services 1,083 1,645 1,900 <br />Capital Outlay - - - <br />Other Charges - - - <br />Total $ 1,083 $ 1,645 $ 1,900 <br />Percent Change 51.8% 15.5% <br />Expenditures by Classification <br />2026 <br />ni lm� <br />1,900 <br />$ 1,900 <br />0.0% <br />o Personnel Services <br />o Commodities <br />13Contractual Services <br />o Capital Outlay <br />■Other Charges <br />100% <br />27 <br />