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City of <br /> Elk Special Meeting of the Elk River <br /> River Housing and Redevelopment Authority <br /> Held at the Elk River City Hall <br /> Monday, August 2, 2021 <br /> Members Present: Chair Larry Toth, Commissioners DenXChuba,'__',__,'_'me Swenson,and <br /> Jennifer Wagner <br /> Members Absent: Commissioner Nate Ovall <br /> Staff Present: Economic Development Director Brent O'Neil, Economic Development <br /> Specialist Colleen Eddy, City Administrator Cal Portner, and Recording <br /> Secretary Jennifer Green <br /> Call Meeting to Order <br /> Pursuant to due call and notice thereof, the meeting of the Elk River Housing and <br /> Redevelopment Authority was called to order <br /> rae t 4:30 p.m. by Chair Toth. <br /> «, <br /> 2. HRA 2022 Budget and Budget Goals <br /> Mr. O'Neil presented the staff report an' "explained the budget performance measures and <br /> goals. Mr. O'Neil then reviewed the draft budget. He stated he has worked with the finance <br /> director to prepare a budget similar to 2021 but some accounting method changes were <br /> made to the loan program. He noted the timeline of September 6 for the HRA to approve <br /> the budget and receiving a Council recommendation at the same meeting for inclusion in the <br /> preliminary levy. <br /> Mr. O'Neil explained the HRA fund balances and asked the HRA to strategically consider <br /> what is the best position to be in to have a low enough fund balance to be responsible,but <br /> high enough to allow for response to any planned or unplanned property acquisitions. <br /> The commission discussed increasing the marketing opportunities of the HRA loan <br /> programs and ways of assertively promoting funding opportunities to residents and <br /> businesses alike. Options discussed to explain and market available funds were direct mail, <br /> social media, advertisements, forums and open houses,website could use improvements and <br /> Google ads, and networking outreach to local business groups,like the Chamber of <br /> Commerce and local builders and developers. <br /> The HRA discussed increasing the rehabilitation loan program loan cap and decreasing the <br /> interest rate to provide more funding opportunities for the HRA dollars. Commissioners <br /> discussed the current cost of renovation is very high and wondered if now was the right time <br /> to modify the program to match the current economy. They also discussed the performance <br />