CCP 12-13-1999 - Laserfiche WebLink

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.. . . e CITY OF ARDEN HILLS MEMORANDUM DATE: December 8, 1999 TO: EDA Board of Commissioners @) FROM: Terrance R. Post, Secretary/Trcasurer SUBJECT: EDA Resolution #99-03, Adopting the 2000 Budget Discussion The Executive Director and Secretary/Treasurer have prepared an annual budget for discussion and approval by the Economic Development Authority (EDA) Commissioners. Major budget items that Commissioners should note include the following: 1. Tax increment excess revenue, recorded in EDA General Activities Fund No.1, are planned to be utilized by funding allocated administrative expenditures and for loan repayments to the PIR Fund. 2. Revolving Business Loan Fund No. 702 revenue transaction activity reflects the installment loan payments from CPl on a $100,000 Minnesota Department of Trade and Economic Development (Mn/DTED) loan. 3. Tax Increment Financing (TIF) District No.1 (Round Lake Housing) was decertified in June, 1999. 4. TlF District No.2 (Round Lake Office) expenditures reflect Interfund Loan payments to the PIR Fund for interim loans and to Debt Services Fund No. 325 for General Obligation Bond interest payments. This District borrowed $650,000 from the PIR Fund in 1999 to cash flow West Round Lake Road Phase I improvements. Ramsey County cost participation in this project was not finalized in 1999, nor is it anticipated to be finalized in 2000. The District may realize land sale proceeds from the remnant Indykiewicz parcel in 2000. If realized, these proceeds would be utilized to pay down interim loans from the PIR Fund. 5. TIF District No.3 (Cottage Villas) expenditures to developer for public improvements reflects ten percent (10%) of expected TIF revenues. Recommendation The EDA is asked to adopt EDA Resolution #99-03, adopting the 2000 Budget.