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ARDEN HILLS CITY COUNCIL—September 14, 2009 16 7E. Arden Village Letter of Support(continued) Councilmember Grant asked if the TIF could be closed in about four years based on $400,000. Finance Director Iverson stated that this could be provided the City did not want to use the TIF in other areas. Mayor Harpstead clarified that TIF did not need to be decided at this meeting. Community Development Director Lehnhoff stated that was correct. Councilmember Grant asked if it was an option for the City to TIF this district and let the property run longer. Finance Director Iverson stated that this was an option. She stated that she had not checked into all the details. Councilmember Grant asked if the funds after ten years were in excess of $400,000 if those funds could be used elsewhere in the City. Finance Director Iverson stated that she would check the laws regarding this. The laws that would apply depend on the TIF District creation date. Councilmember Holmes asked Finance Director Iverson how much in public assistance in TIF the City had provided to Cottage Villa. Finance Director Iverson stated that she did not have the financial statement at this time and would provide this figure to the Council. She estimated that the City provides about $40,000 a year. Councilmember Holmes asked how this works out. Finance Director Iverson stated that they come up with a developer note in the beginning and there is a set amount of financing and this is the amount that they get and when they reach that point the City does not pay this anymore and the City can decertify the district or if there is other uses for this fund then it can be used for something else in affordable housing. The City sets up a loan or note and it is paid off based on the agreement with the developer. Mayor Harpstead asked when Cottage Villa started and how many units were at this location.