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Housing and Redevelopment Authority Minutes <br />January 6, 2025 <br />--------- <br />Page 2 of 4 <br />6.1 Housing Rehabilitation Loan Program Update <br />Mr. O'Neil presented the staff report. <br />Commissioner Ovall requested that CEE provide the HRA with reporting on 2024 loans that were <br />administered from other lending programs. Mr. O'Neil stated they will request those reports and <br />provide that information at a future meeting. <br />6.2 Res. 25-01: Authorizing membership in the Minnesota Municipal Money Market Fund (4M Fund) <br />Mr. O'Neil presented the staff report. Because the funds from the recent sale of the Main and Gates <br />properties put the HRA over the needed collateralization level at The Bank of Elk River, staff is asking <br />the HRA to consider joining the Minnesota Municipal Money Market Fund (4M), an investment fund <br />administered through the League of Minnesota Cities. This membership offers municipalities to invest <br />funds in a shared investment account and draws a better interest rate than a regular bank, creating <br />increased investment earnings on HRA monies. The funds are liquid and staff will maintain a 2-1 ratio <br />with 66% of funds in the 4M funds and 33% in The Bank of Elk River, available for usual operating needs. <br />Commissioner Ovall thought funds were managed in multiple accounts. Due to Commissioner Ovall's <br />employment with The Bank of Elk River, he stated he will abstain from this vote. <br />Commissioner Dietz asked if the HRA could keep a higher ratio of funds in the 4M account due to <br />better earnings. <br />Mr. O'Neil stated this consideration allows staff the discretion to put more of the HRA funds into the <br />4M fund, finding the right balance of operating funds and investing the remaining. <br />Moved by Commissioner Caswell and seconded by Commissioner Dietz to approve <br />Resolution 25-01 allowing membership in the Minnesota Municipal Money Market 4M <br />Fund. Motion carried 3-0 with Commissioner Ovall abstaining. <br />6.3 General Updates <br />Mr. O'Neil provided the commission with an update on the Main and Gates property, noting <br />construction continues with a potential May/June completion. Commissioner Ovall expressed <br />appreciation for Community Development Director Zack Carlton for representing the city when <br />working with the developer and adjoining property owner, Rossman Construction. Mr. O’Neil stated <br />Mr. Mollan and Cable TV staff will do a one-minute social media video post for this project, similar to <br />the EDA Development Minutes video. <br /> <br />Mr. O'Neil stated he, along with Mr. Mollan and Commissioner Beaudry, will meet later in the week to <br />discuss plans for the Housing Aid state funding. He stated he hopes to have an actionable item for the <br />February HRA meeting. He stated they are considering partnering with an existing community entity to <br />supplement and support them financially with the state funding. <br /> <br />Mr. O'Neil stated the Sherburne County housing study was completed and he will send the final copy to <br />the commissioners. <br />Page 16 of 44