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Elk River HRA Minutes Page 2 <br /> August 25, 1992 <br /> 10 will be in existence for sixteen or seventeen years during which <br /> time tax increment dollars will be collected for a period of fifteen to <br /> sixteen years. <br /> It is expected that the City of Elk River will privately place a note <br /> with a financial institution for the funds that are necessary to <br /> reimburse the developer and for the other costs associated with the <br /> project. It is estimated that the privately placed note will total <br /> approximately $160,000; to be repaid with the collection of tax <br /> increment funds over the fifteen to sixteen year period. A Development <br /> Agreement, which sets forth the terms and conditions by which <br /> redevelopment of the site at Holt and Fourth Street will occur, is <br /> required of this project. The Development Agreement will also contain <br /> an Assessment Agreement, which sets forth the finished market value of <br /> the project. From that value, the tax increment will be generated. <br /> At this time Chairman Hinkle opened the public hearing. <br /> No one from the general public appeared for this item. <br /> COMMISSIONER KROPUENSKE MOVED TO CLOSE THE PUBLIC HEARING. <br /> COMMISSIONER DUITSMAN SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> CHAIRMAN HINKLE MOVED APPROVAL OF HRA RESOLUTION 92-1, A RESOLUTION FOR <br /> THE ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY RELATING TO THE <br /> ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 10 AND THE <br /> ADOPTION AND APPROVAL OF TAX INCREMENT FINANCING PLAN RELATED THERETO, <br /> LOCATED WITHIN DEVELOPMENT DISTRICT NO. 1. COMMISSIONER TOTH SECONDED <br /> THE MOTION. THE MOTION CARRIED 5-0. <br /> 6. Development Agreement - TABLED <br /> 7. Consider 1993 HRA Budget and Levy <br /> Staff estimates that the HRA will have revenues of $31,500 in 1993. <br /> These revenues, combined with the HRA's fund balance at the end of <br /> 1992, estimated at $90,000, will result in the availability of $121,500 <br /> for projects in 1993. <br /> The proposed 1993 HRA budget was outlined by staff as follows: <br /> 1993 PROJECTS <br /> Jackson Square parking improvements $ 15,000 <br /> Railroad and downtown parking lot improvements $ 15,500 <br /> 1993 Redevelopment Projects $ 30,000 <br /> Reserve for Future Projects $ 60,000 <br /> Transfer to General Fund $ 1,000 <br /> TOTAL $121,500 <br /> Commissioner Kropuenske suggested that the parking lot improvements for <br /> 1993 projects should be lumped under one description, that being, <br /> "Parking Lot Improvements" and the total of that should be combined to <br /> reflect an expenditure of $30,500. He also suggested that the 1993 <br />