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<br />DRAFT <br /> <br />ARDEN HILLS ECONOMIC DEVELOPMENT AUTHORITY - DECEMBER 14, 1998 2 <br /> <br />installment loan payments from CPI on a $100,000 Minnesota Department of Trade and e <br />Economic Development loan, Mr. Post stated they are making note payments of principal and <br />interest. <br /> <br />'-President PIObst inquiIcd H:g1l1djug tliG !coUll [VI jJ<IYIIl""l. M.. Pv,t ,l<It"J [Imt it i, ,e[ [ur a five <br />year, or 60 month, payment. <br /> <br />Mr. Post then reviewed TIF District No, 1, Round Lake Housing, where TIF revenue is down due <br />to required district decertification action during 1999, He pointed out that this TIF district must <br />be decertified in June of 1999 so no TIF revenue can be taken after that certification date, The <br />proceeds of that TIF revenue are being used as an inner-fund loan to pay offKem Milling site <br />acquisition costs initially funded by the PIR Fund No, 501. <br /> <br />Mr. Post reviewed Fund 704, TIF District No, 2, Round Lake Office, which shows expenditures <br />assuming that the Highway 96/Round Lake Road intersection project land acquisition will occur <br />in 1999 instead of the originally planned 1998, The level of Ramsey County cost participation is <br />an assumption in the absence of an approved agreement between the two parties at this time. <br /> <br />Mr. Post reviewed Fund 705, TIF District No, 3, Cottage Villas, noting the slightly lower payout <br />occurring to the developer which is, in part, due to lower TIF revenues occurring because the <br />class rates for apartments is dropping, <br /> <br />MOTION: <br /> <br />Commissioner Malone moved and Commissioner Aplikowski seconded a motion <br />to adopt EDA Resolution #98-03, Adoption of 1999 EDA Budget. The motion <br />carried unanimously (5-0), <br /> <br />e <br /> <br />MISCELLANEOUS COMMENTS <br /> <br />None, <br /> <br />ADJOURN <br /> <br />MOTION: <br /> <br />Commissioner Malone moved and Commissioner Keim seconded a motion to <br />adjourn the meeting at 7:27 p,m, The motion carried unanimously (5-0), <br /> <br />Dennis Probst <br />President <br /> <br />Brian Fritsinger <br />Secretary-Treasurer <br /> <br />e <br />