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<br /> ~ <br /> , <br /> . CITY OF ARDEN IDLLS <br /> MEMORANDUM <br /> DATE: December 10, 1998 <br /> TO: EDA Board of Commissioners <br /> FROM: Terrance R. Post, Controller@ <br /> SUBJECT: EDA Resolution #98-03, Adoptin~ the 1999 Bud~et <br /> Discussion <br /> The Executive Director and Secretaryffreasurer have prepared an annual budget for discussion <br /> and approval by the Economic Development Authority (EDA) Commissioners. <br /> Major budget items that Commissioners should note include the following: <br /> 1. Revolving Business Loan Fund No. 702 revenue transaction activity reflects the <br /> installment loan payments from CPI on a $100,000 Minnesota Department of Trade and <br /> . Economic Development (Mn/DTED) loan. <br /> Tax Increment Financing (TIF) District No. 1 (Round Lake Housing) TIF revenue is <br /> 2. <br /> down due to required district decertification action during 1999. <br /> 3. TIF District No.2 (Round Lake Office) expenditures have assumed that the Highway <br /> 96/Round Lake Road intersection project land acquisition will occur in 1999 instead of <br /> the originally planned 1998. The level of Ramsey County cost participation is an <br /> assumption in the absence of an approved agreement between the two parties at this time. <br /> 4. TIF District No.3 (Cottage Villas) expenditures to developer for public improvements <br /> reflects ten percent (10%) of expected TIP revenues. <br /> Recommendation <br /> The EDA is asked to adopt EDA Resolution #98-03, adopting the 1999 Budget. <br /> . <br />