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<br />ARDEN HILLS EDA MEETING, DECEMBER 13, 1999 <br /> <br />2 <br /> <br />3. <br /> <br />Tax Increment Financing District No.1, Round Lake Housing, was decertified in June, <br />1999. <br /> <br />e <br /> <br />4. Tax Increment Financing District No.2, Round Lake Office, expenditures reflect <br />Interfund Loan payments to the PIR Fund for interim loans and to Debt Services Fund <br />No. 325 for General Obligation Bond interest payments. This District borrowed <br />$650,000 from the PIR Fund in 1999 to cash flow West Round Lake Road Phase I <br />improvements. Ramsey County cost participation in this project was not finalized in <br />1999, nor is it anticipated to be finalized in 2000.Ramsey County has agreed to reimburse <br />the City for some of these expenses. The District may realize land sale proceeds from the <br />remnant Indykiewicz parcel in 2000. If realized, these proceeds would be utilized to pay <br />down interim loans from the PIR Fund. <br /> <br />5. Tax Increment Financing District No.3, Cottage Villas, expenditures to developers for <br />public improvements reflect 10 percent of expected TIF revenues. The reduction in this <br />category is solely due to the reduction in class rates. <br /> <br />Mr. Post advised that staff recommends the Economic Development Authority adopt Resolution <br />#EDA99-03, adopting the 2000 Budget. <br /> <br />Commissioner Rem noted that total Economic Development expenditures, shown on the <br />Revenues and Expenditures chart was $221,495. However, the total expenditures for the <br />Economic Development Authority shown on the Estimated Ending Cash and Investments <br />Balances by Fund chart was $220,995. Mr. Post stated that the total expenditures for the <br />Economic Development Authority shown on the Estimated Ending Cash and Investments <br />Balances by Fund chart should be amended to $221,495. <br /> <br />e <br /> <br />MOTION: <br /> <br />Commissioner Aplikowski moved and Commissioner Rem seconded a motion <br />for the EDA to adopt Resolution #EDA99,03, adopting the 2000 Budget, as <br />amended. The motion carried unanimously (3-0). <br /> <br />Commissioner Aplikowski asked if the City of Arden Hills will consider developing another Tax <br />Increment Financing District. Mr. Post stated that this may be a possibility. President Probst <br />noted that this would be a decision made by the City Council. <br /> <br />ADJOURN <br /> <br />MOTION: <br /> <br />Commissioner Aplikowski moved and Commissioner Rem seconded a motion to <br />adjourn the meeting at 7:26 p.m. The motion carried unanimously (3-0). <br /> <br />e <br /> <br />Dennis Probst <br />President <br /> <br />Terrance R. Post <br />Secretary -Treasurer <br />