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7E, Arden Village Letter of Support Request
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7E, Arden Village Letter of Support Request
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3/29/2024 3:59:56 PM
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9/11/2009 1:40:20 PM
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Arden Village Letter of Support Request
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Arden Village Letter of Support Request
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9/14/2009
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If the project is allowed to decertify, the fund balance would be returned to the property taxing <br />authorities (i.e. school district, County, and City). The future $45,000 increment would also be <br />divided out to the property taxing authorities. Assuming the City would collect 21 percent of the <br />$45,000, the City would collect an additional $9,450 each year for general fund use if the district <br />is allowed to decertify. By extending the district, the City would be able to use the full $45,000 <br />per year for a housing project. <br />For comparison, the housing/antenna property is estimated to produce $8,706 in new property <br />taxes for the City if the development were to move forward as proposed. If the City put the <br />housing property into a new TIF district, the City would collect an estimated $47,025 in the first <br />year for use in the housing project. <br />The Finance Director is reviewing the data provided by SCI and may have additional comments <br />or analysis on September 8. <br />City of Arden Hills <br />Arden Village —Preliminary TIF Review <br />Page 4 of 4 <br />
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