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Housing & Redevelopment Authority August 7, 2006 Page 4 appraisal comes near the designated benchmark amount and if it comes back higher, staff will seek HRA direction. Chair Wilson requested that staff contact HRA members via email when the appraisal comes back. 7. Downtown North of Highway 10 Redevelopment Plan Update Ms. Mehelich indicated that staff has been drafting changes to the recent financial modeling template to reflect the feedback received by the HRA. Staff will require additional feedback and direction regarding the original premise and vision for this redevelopment area from the HRA. She stated that an HRA worksession will be organized in September to discuss these issues. Staff will email prospective dates to the HRA Commissioners. 8. Update on Sub -Committee exploring Sherburne Countv Economic Development Entity Ms. Mehelich stated that at the City Council appointed Chair Wilson as the HRA representative to serve on the sub -committee exploring Sherburne County Economic Development Entity. Chair Wilson indicated that the purpose of the sub -committee is to explore and recommend the type of entity appropriate for a county economic development service provider. Chair Wilson provided an update on the sub -committee. Commissioner Toth questioned if the County will be in competition with the city for economic development purposes. Chair Wilson indicated that the County will be partnering with the city. He noted that there are townships in Sherburne County that have no economic development authority and the County entity will help them. 9. Consider Year 2007 HRA Budget and Resolution Regarding Tax Levy Ms. Mehelich reviewed the proposed 2007 HRA budget. She explained that HRA revenues are estimated at 10% growth in market value for 2007. In addition, 2007 revenues include a transfer -in from TIF District 16 in the estimated amount of $45,000 to repay the HRA for eligible expenditures related to the King and Main TIF project. Commissioner Toth questioned if the $2,000 for the grand opening event is included in the proposed budget. Ms. Mehelich indicated that it is not but that the publishing budget could be increased by $2,000 to include it. MOTION BY COMMISSIONER TOTH AND SECONDED BY COMMISSIONER MOTIN TO APPROVE THE PROPOSED 2007 HRA BUDGET AS AMENDED TO INCLUDE A CONTRIBUTION TOWARDS THE 2007 DOWNTOWN GRAND OPENING EVENT OF UP TO $2,000. THE MOTION CARRIED 5-0. MOTION BY COMMISSIONER TOTH AND SECONDED BY COMMISSIONER LIESER TO APPROVE RESOLUTION NO.06-01 ESTABLISHING THE TAX LEVY FOR THE ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY FOR COLLECTION IN 2007. MOTION CARRIED 5-0.