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lt'-- <br />,,--ARQEN HILLS <br />MEMORANDUM <br />DATE: December 14, 2009 <br />TO: Honorable Mayor and City Council Members <br />Ron Moorse, City Administrator <br />FROM: Sue Iverson, Finance Director/Treasurer <br />SUBJECT: Tax Increment District No. 3 Plan modification (Cottage Villa) <br />Backiround <br />The Cottage Villa TIF district is set to expire on December 31, 2009. State Statute allows <br />the City to extend the district until December 31, 2019. There have been some <br />discussions with the City Council about extending the district and possibly using the <br />remaining funds for other housing projects in the City such as the Arden Village, the Old <br />City Hall Property, or the B2 District. On October 13, 2009, the City Council passed a <br />resolution calling for a public hearing on December 14, 2009 to modify the district until <br />December 31, 2019. <br />Discussion <br />Our Financial Advisor, Stacie Kvilvang, will be present at the meeting to answer any <br />questions about the modification or extension of the district. Attached is a memo <br />outlining the issues associated with this modification and an analysis of each of the <br />issues. <br />Council Action <br />Adopt Resolution 2209-042, a Resolution adopting a modification to the Development <br />Program for Development District No. 1; and a Modification to the Tax Increment <br />Financing Plan for Tax Increment Financing District No. 3. <br />City Council Meeting <br />\\Metro-inet.us\ardenhills\Admin\Council\Agendas & Packet Information\2009\12-14-09 Regular\Packet <br />Information\Cottage_Village_TIF_Dist Ext Memo.doc <br />Page 1 of 1 <br />