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<br />~ <br />~HILLS <br /> <br />. <br /> <br />2005 PROPOSED BUDGET - SUMMARY BY DEPT. <br /> <br />Department Name: TIF District # 3 - Cottage Villas <br /> <br />2004 Budl!et: $70,020 Preliminarv 2005 Budl!et: $35,020 <br /> <br />DepartmentalOverviewrSummarv: <br />TIP Dist No, 3, Cottage Villas Housing, was originally certified as a Housing District on <br />May 10, 1993, This district is located on the east side of Cleveland Ave, just south of <br />County Rd E-2/Cleveland Ave intersection. Tbis 64 unit Cottage Villas,Apartment <br />complex is available for low-moderate income seniors. <br />The City entered into a "pay-as-you-go" agreement with Cottage Villas of Arden Hills <br />Limited Partnership on February 28, 1994, The Development Agreement calls for the <br />developer to be reimbursed for certain public development activities initially estimated at <br />$834,286, Repayment to the developer will only be from tax increment actually received <br />from the district. Payments will be 90% of the tax increment received not to exceed a <br />total annual payment of$57 ,557. The City is not obligated to make payments after <br />February 1, 2010, <br /> <br />Financial Overview - 2005 <br /> <br />. <br /> <br />TIF #3 Cottage Villas <br /> <br />Capital <br />Outlay, $0, <br />0% <br /> <br />Other <br />Serv/Charges, <br />$35,020, <br />100% <br /> <br />Operating <br />Transfers, $0, <br />0% <br /> <br />Supplies, $0, <br />0% <br /> <br />Personal <br />Ser..ices, $0, <br />0% <br /> <br />Sil!nificant Chanl!es from Prior Year: <br />In the 2004 budget there was a budgeted expenditure for a construction project. <br />are no budgeted projects for 2005. <br /> <br />. <br />