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REDA Meeting <br /> Minutes—Monday,July 17,2023 <br /> Page 2 <br /> Member Etten asked regarding Twin Lakes II amassing funds versus pouring all <br /> the funds into big projects right now. <br /> Ms.Kvilvang explained the reason is that there are bigger valuations in there but <br /> there were some other parcels that had some inflationary value that no increment <br /> has pledged anything so it is going to the fund balance currently. <br /> President Roe asked in some of the cases there are pooling funds that could be <br /> used for economic development purposes as well and in those cases,it is not just <br /> for affordable housing or is it only for affordable housing. <br /> Ms. Kvilvang explained it is for redevelopment. In a redevelopment district,the <br /> funds need to be used for redevelopment purposes and housing has to be used <br /> for housing purposes. <br /> Member Groff asked when a TIF district pays off early do the funds become <br /> available. <br /> Ms. Kvilvang explained the funds become available only if the election for the <br /> additional ten percent for housing was selected. Otherwise, if the obligations <br /> are done and paid off and the election has not been made, statutorily, the district <br /> has to be closed and it goes back on the tax rolls for everyone. <br /> President Roe asked if the remaining balance also goes to the County where it is <br /> distributed. <br /> Ms. Kvilvang explained Ehlers calculates and the City retains what it can for <br /> legal pooling and other costs. Then, everything after that is returned to the <br /> County for redistrubtion. <br /> President Roe appreciated the update and thanked Ms. Kvilvang. <br /> b. Discussion Regarding the Budget and Preliminary Levy Collectible in 2024. <br /> Community Development Director Janice Gundlach provided a brief summary <br /> of this request as detailed in the staff report and attachments dated July 17,2023. <br /> Member Schroeder indicated she was curious about the University of <br /> Northwestern funding of economic developemt activities if there is any hint on <br /> which way that may be going or is that still a big unknown. <br /> Mr. Trudgeon indicated he did meet with the president and chief of staff of <br /> Northwestern and as noted,the agreement between them and the City will expire <br /> in 2024, which they were not aware of. There were two parts to it, one was <br /> PILOT (Payment in Lieu of Taxes) for the City services and the second was a <br /> charitable pledge to help economic development initiatives. He did bring this <br />