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<br /> ~ <br /> 'i'\R~~~}-IILLS <br /> . <br /> 2007 PROPOSED BUDGET - SUMMARY BY DEPT. <br /> Department Name: TIF District # 3 - Cottage Villas <br /> 2006 Bud2et: $38,250 2007 Proposed Bud2et: $43,200 <br /> Departmental Overview/Summary: <br /> TIF Dist No.3, Cottage Villas Housing, was originally certificd as a Housing District on <br /> May 10, 1993. This district is located on the cast side of Clevcland A venue, just south o[ <br /> County Rd E-2/Cleveland Avenue intersection. This 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 dcveloper will only be from tax increment actually received <br /> from the district. Payments will be 90% of the tax incremcnt 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 /> . Financial Overview - 2007 <br /> --..---....--.. .-- -----.- -- <br /> TIF #3 Cottage Villas <br /> Operating Personnel <br /> Transfers, $0, Services, $0, 0% <br /> 0% <br /> !Capital Outlay , Supplies, $0, 0% <br /> $0,0% <br /> Other Comnunication, <br /> Serv .ICharges, $0,0% <br /> $0,0% <br /> I Utilities, $0, 0% Errployee <br /> I Developrrent, $0, <br /> Contractural 0% <br /> ~, <br /> l "";oUMote';'., -------- Services, <br /> $0,0% $43.200,100% <br /> .....--- .----.-- -- --.-.------ -"....-.--..--.---- <br /> Si2nificant Chan2es from Prior Year: <br /> None <br /> . <br />