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ARDEN HILLS CITY COUNCIL—September 14, 2009 21 <br /> 7E. Arden Village Letter of Support(continued) <br /> Mr. Thelen stated that this project is similar in size to the one they completed in <br /> White Bear Lake and this is about how much they can support for tax increment <br /> financing. They looked at what participation level the City could support. <br /> Councilmember Grant asked if the City was locked into $400,000 because this is <br /> the amount in the request and in the letter. He asked if the letter specifies TIF as <br /> well. <br /> Councilmember Holden stated that the letter specifies TIF and an amount of <br /> $400,000. <br /> Mr. Thelen stated that they had received $350,000 for the 60-unit project in White <br /> Bear Lake with a 15-year district. The original request was for $400,000 but the <br /> City could only support $350,000 once all the financial numbers had been <br /> reviewed. <br /> Mayor Harpstead stated that the letter specifies an estimated amount of$400,000. <br /> Finance Director Iverson clarified that this would still need to go through an entire <br /> TIF analysis and the $400,000 was just an estimate. <br /> Councilmember Grant asked if$400,000 would be the high end of what the City <br /> would provide. <br /> Finance Director Iverson stated that $400,000 is what they are stating their needs <br /> are. There will be a TIF analysis to determine what the gap is and what the City can <br /> do, the amount could be decreased. <br /> Councilmember Holden asked if the Council would be having a discussion about <br /> the Cottage Villa TIF District. <br /> Finance Director Iverson stated that this was on the agenda in October sot he <br /> Council could extend the district and land uses. <br /> The motion carried on a 4-1 vote. <br /> Ayes—Harpstead, McClung, Grant, Holmes <br /> Nays - Holden <br />