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<br /> <br />Housing and Redevelopment Authority Minutes <br />April 7, 2025 <br />--------- <br />Page 3 of 4 <br /> <br />Commissioner Dietz asked questions about the trust funds and how they're invested and when the <br />funds have to be spent. <br /> <br />Mr. O’Neil will check to see if it can be invested. He stated they have until the end of 2027 to spend <br />the first allocation the city has received. <br /> <br />Commissioner Ovall asked about providing emergency funds for residents, such as Elk River Municipal <br />Utilities customers, or catastrophic repairs. <br /> <br />Commissioner Dietz stated this was timely as many residents don't realize homeowners own the water <br />line out to the street and the cost of repairs is high. <br /> <br />Mr. O'Neil stated commercial properties wouldn't qualify, but residential would if it affects essential <br />services to the residents. <br /> <br />Commissioner Ovall asked about the excess cash on hand. <br /> <br />Commissioner Dietz liked the options presented and have the HRA continue discussing the fourth <br />option of funds. <br /> <br />Commissioner Ovall felt the fourth option of funds could be dispersed into the other three fund <br />options. <br /> <br />Mr. O'Neil stated the $25,000 for Habitat for Humanity was an initial amount and excess funds could be <br />used for future lot purchases. <br /> <br />It was the consensus of the HRA to bring in a representative from Habitat for Humanity to discuss their <br />project, and continue discussions on how to best distribute these funds. <br /> <br /> 6.4 General Updates <br /> Mr. O'Neil presented the staff report. <br />- Small Area Downtown Plan open house will be April 22. <br />- Staff will work with DERBA on an agreement to place the picnic tables and large chair downtown. <br />- Hanging baskets will be arriving soon. <br />- Main and Gates: siding, working on finding a tenant that can occupy the property west of them. <br />September will be their target open date. <br /> <br />7. MOTION TO ADJOURN REGULAR MEETING <br /> Moved by Commissioner Ovall and seconded by Commissioner Beaudry to adjourn the <br />meeting. Motion carried 4-0. <br /> <br />The meeting adjourned at 5:57 p.m. <br /> <br />Minutes prepared by Jennifer Green. <br /> <br /> DRAFTPage 4 of 36