My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
CCP 12-09-2002
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
2000-2009
>
2002
>
CCP 12-09-2002
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/8/2007 1:17:35 PM
Creation date
11/13/2006 4:07:08 PM
Metadata
Fields
Template:
General (2)
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
222
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />. <br /> <br />. <br /> <br />. <br /> <br />~ <br />~~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />EDA Agenda Item 3.A <br /> <br />December 4, 2002 <br /> <br />TO: <br /> <br />EDA Commissioners <br /> <br />Terrance Post, EDA Secretary/Treasure 1'~ <br />Joe Lynch, EDA Executive Director ~ <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Adoption of2003 Economic Development Authority (EDA) Budget <br /> <br />Backl!:round <br />Actions taken by the Minnesota Legislature at the 2001 session with regards to property tax class <br />rate compression had a significant negative impact with respect to 2002 and later tax increment <br />received by the EDA, For 2002, tax increment revenues declined $147,882 or 28.4% from 2001 <br />tax increment received. Even at this reduced revenue level, it appears that enough 2003 <br />increment will be generated to service the debt obligations of the G.O. Tax Increment Bond Fund <br />No, 325 ($285,093 in 2003). <br /> <br />Proposed 2003 Budl!:ct Summarv <br />Total 2003 EDA revenues of $427,325 are budgeted to exceed 2003 expenditures and debt <br />service payments of $405,933 by $21,392 (Attachment A), Tbe budget assumptions are that the <br />Chesapeake Companies development project will remain in the parcel assembly stage in 2003 <br />and that any costs the EDA may incur in the support of this effort will be reimbursable by the <br />developer. <br /> <br />The Commissioners may also note the budgeting of $20,590 in Fund No, 701 total salary costs to <br />support the Chesapeake project as it ramps up in 2003 in addition to staff efforts to effect a land <br />sale of the remnant Indykiewicz parcel. <br /> <br />There are no sidewalk/trail improvement costs budgeted in TIF District No, 3 (Cottage Villas) <br />Fund No, 3 although the District will have a forecast $39,350 ending fund balance as of <br />December 31, 2003, The Commissioners may consider linking such a sidewalk/trail <br />improvement with development on the Cleveland Avenue/County Road E2 comer. <br /> <br />Activities in the Business Revolving Loan Fund No. 702 continue to reflect just the collection of <br />note installment payments from Guidant from a prior Minnesota Department of Trade and <br />Economic Development (DTED) loan, The last installment loan payment on this loan is <br />scheduled to be received in May, 2003. The remaining unpaid principal balance at December 31, <br />2002, is $14,215, The ending fund balance in this fund is forecast at $119,097 as of December <br />
The URL can be used to link to this page
Your browser does not support the video tag.