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5.0. 6.0. 7.0. HRSR 08-28-2000
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5.0. 6.0. 7.0. HRSR 08-28-2000
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City Government
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HRSR
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8/28/2000
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• Following is a line item analysis of the other proposed year 2001 <br />expenditures for the HRA: <br />• Personal Services $ 25,700 <br />• Other professional services $ 20,000 <br />- Hire design consultant for CBD project <br />• Insurance $ 200 <br />• Transfer —General Fund $ 1,500 <br />• Transfer — EDA 6,500 <br />Total HRA year 2001 proposed expenditures: $ 539900 <br />Total HRA year 2001 proposed revenues: $1049900 <br />The excess $51,000 in revenues will go into the HRA reserve. In the past <br />the HRA reserve account has funded shortfalls from the payment of the <br />King & Main loan payment. The plan for the reserves is to build up funds <br />for future projects. The more reserves that can be built up, the less debt <br />that would have to be incurred for a future project. <br />Since sufficient revenues exist in the HRA account for year 2000 with the <br />• sale of the King & Main site, staff is recommending that the final <br />payment in the amount of $39,514 be made in year 2000 rather than 2001 <br />(resulting in interest savings of approximately $2,500). <br />Staff also proposes to bring a specific proposal to the HRA for hiring a <br />design consultant for the Central Business District. The physical design <br />plan has been discussed as phase II after the visioning/action plan was <br />completed in 1999. <br />Recommendation <br />Staff recommends that the HRA authorize final payment of the internal <br />loan for the King & Main site to be made in year 2000. <br />Staff also recommends the HRA approve the year 2001 budget, with the <br />understanding that the line item for hiring a CBD designer will be <br />brought back for specific authorization, and approval of Resolution 00 - <br />with a request that the City Council levy a tax in the amount of .0131 <br />percent of the taxable market value. <br />0 <br />
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