Laserfiche WebLink
<br />~ <br />~HILLS <br /> <br />2007 Bud2et: $43,200 <br /> <br />2008 Proposed Bud2et: $44,200 <br /> <br /> <br />2008 PROPOSED BUDGET - SUMMARY BY DEPT. <br /> <br />Fund: EDA TIF#3 - 705 <br />Department Name: TIF District # 3 - Cottage Villas - 47305 <br /> <br />Departmental OverviewfSummarv: .. . <br />TIF 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 Avenue, just south of <br />County Rd E-2/Cleveland Avenue intersection. This 64 uriit 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 deve}opment activities initially estimated at <br />$834,286. Repayment to the developer will only be fr6m tax increment actually received <br />from the district. Payments will be 90% ofthe 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.- 2008 <br /> <br />2008 <br />EDA TIF#3 Cottage Villas <br /> <br />Fersonal <br />Services, $0, <br />0% <br /> <br />Cap.al Outlay, <br />$0,0% <br /> <br /> <br />Naterials & <br />Supplies, $0, <br />0% <br /> <br />Other Services <br />& Olarges, <br />$44.200, 100% <br /> <br />Si2nificant Chan2es from Prior Year: <br />None <br /> <br />90 <br />