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<br /> ------ <br /> , '. <br />Memorandum, Preliminary 1998 EDA Budget Discussion . <br />Page Two -. <br />October IS, 1997 <br /> projects, possible bond issuance of$3.1 million, and approximately $250 thousand in . <br /> additional site improvement (soil correction) costs. In addition, the district is also <br /> carrying the remaining internally financed debt to the PIR Fund for the Kern Milling <br /> acquisition property. This site is physically located within District No, 2. . <br />4. Fund No. 705 - TIF District No.3 - Cottage Villas Apartments <br /> This is a Redevelopment district created on May 10,1993, and required to be decertified . <br /> on December 31, 2009, per the Development Agreement with Augusta Housing. Pay as <br /> you go financing was utilized as the developer incurred in excess of $863,055 in public <br /> improvement costs. The Development Agreement references the maximum developer . <br /> repayment to be capped at $57,537 per year. Total tax increment received by this district <br /> in 1996 was $62,580. . <br />In addition to the creation of these Funds, Fund No. 701 will be created to be a "General <br />Activities" area to budget and collect EDA costs (i.e., mailings, brochures, internships, training, . <br />etc.) not specific to the Revolving Loan Fund or TIF District Funds. Such expenditures may be <br />initially funded by tax increment excess received from all the TIF Districts. Such excess totaled <br />$3,600 in 1996. ~ <br />Enclosed find balance sheet and income statement schedules swnmarizing the proposed 1998 <br />EDA budget. Your comments and suggestions are welcomed regarding this information. . <br />Enclosures . <br /> . <br /> . <br /> . <br /> . <br /> . <br /> -. <br /> . <br />