4.0. 5.0. 6.0. HRSR 08-24-1998 - Laserfiche WebLink

Home Browse Search

• upon the terms of the land sale and this needs to be incorporated as the focal point of the development agreement. Recommendation Staff recommends that the HRA approve authorization to proceed with drafting and further negotiation of the development agreement with the developer and to utilize Springstead, the city's financial consultant, to review the developer's proforma and provide input on a potential land price. 5. Consider Resolution 98- Approving HRA Levy Background Staff is recommending that the HRA approve the attached resolution requesting that the City of Elk River levy a tax in the amount of .0131% of the total taxable market value of the city, to be used for economic development and redevelopment purposes by the Housing and Redevelopment Authority. Usually staff has prepared a budget for the HRA and such budget is approved at the same time as approval of the HRA levy. Due to various timing issues, staff is unprepared to propose a draft budget for discussion by the HRA at this • meeting. Thisdiscussion the September and October will occurat HRA meetings. There will be a couple of major budget issues for the HRA to consider for 1999. These include: • Staff is proposing that the HRA budget for 1999 include a percentage of those costs associated with administration of the Economic Development Department, i.e.: telephone, office supplies, conferences and schools, dues and subscriptions, etc. • Staff is also proposing that the HRA fund approximately 20 - 30% of the salary for a new employee in the Economic Development Department. As you recall, the HRA, prior to 1998, did not pay any staff salaries from its budget. In 1998, it paid 5% of staff's salary and benefits. • The other potential major expense includes the hiring of a consultant to move into the physical design phase of our Downtown Master Plan project. •