08-06-1990 HR MIN - Laserfiche WebLink

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Housing and Redevelopment Authority Minutes Page 2 August 6, 1990 4.2 Official Newspaper COMMISSIONER TOTH MOVED TO HAVE THE ELK RIVER STAR NEWS BE THE 1990 HRA OFFICIAL NEWSPAPER. COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 5-0. 4.3 Official Depository COMMISSIONER TOTH MOVED TO HAVE THE BANK OF ELK RIVER AS THE HRA OFFICIAL DEPOSITORY FOR 1990. COMMISSIONER DUITSMAN SECONDED THE MOTION. THE MOTION CARRIED 5-0. 5. Consider 1991 HRA Budget The HRA discussed the proposed 1991 budget along with possible expenditures in 1990 for development and redevelopment activities. The HRA reviewed the 8/1/90 memo from the City Administrator regarding the budget and proposed expenditures. COMMISSIONER DUITSMAN MOVED TO AUTHORIZE THE TRANSFER OF FUNDS FROM THE HRA TO THE CITY IN THE AMOUNT OF $10,000 FOR THE CITY MARKETING PROGRAM AND $10,000 FOR THE JENNE SITE PROJECT. COMMISSIONER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED 5-0. • It was noted that these expenditures will provide the HRA with a cash balance on 1/91 of approximately $32,500. The 1991 HRA tax levy would generate approximately $26,500. This means that the total amount of monies available for 1991 expenditures is $59,000. The HRA reviewed the proposed expenditures as listed in the 8/1/90 City Administrator memo which calls for $10,000 to be spent on downtown redevelopment; $25,000 to be spent on riverfront development; and $24,000 to be placed into reserves for future projects. COMMISSIONER DUITSMAN MOVED TO ADOPT RESOLUTION 90-1, A RESOLUTION APPROVING THE 1991 HRA BUDGET AS OUTLINED IN THE 8/1/90 CITY ADMINISTRATOR MEMO AND DISCUSSED BY THE HRA. COMMISSIONER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED 5-0. It was noted that it is acceptable if expenditures do not take place exactly according to the budget guide. This may happen if some redevelopment plans are not ready for construction or if HRA priorities change. Additionally, it is acceptable if few 1991 expenditures take place and the funds build up in reserves for a future larger scale project. 6. Consider 1991 HRA Tax Levy COMMISSIONER KROPUENSKE MOVED TO ADOPT RESOLUTION 90-2, A RESOLUTION ESTABLISHING THE TAX LEVY FOR THE HRA FOR COLLECTION IN 1991. • COMMISSIONER TOTH SECONDED THE MOTION. THE MOTION CARRIED 5-0.