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Consider Year 2008 HRA Budget and Resolution Regarding HRA Levy <br />August 6, 2007 HRA Meeting <br />Page 2 of 2 <br />appear in the EDA budget and include the following line items -Office Supplies, Fuels, <br />Telephone and Travel. <br />Below is a line item analysis of the proposed Year 2008 expenditures for the HRA: <br />• Personal Services $ 68,550 <br />• Legal Fees (TIF, relocation, acquisitions, etc.) $ 10,000 <br />• Other Professional Services $ 55,000 <br /> o Ehlers & Assoc. (feasibility studies, TIF runs, etc.) <br /> o BDM Consulting Engineers (engineering services) <br /> o Comprehensive market analysis of city's housing <br /> inventory, condition and demand projections <br />• Postage $ 500 <br />• Publishing (ongoing project communications) $ 16,000 <br />• Insurance (includes property) $ 3,050 <br />• Utilities (716 & 720 Main Street) $ 1,200 <br />• Dues & Subscriptions $ 400 <br />• Debt Service (716 & 720 Main Street property) $ 118,150 <br />• Transfer out to General Fund (support staff, etc) $ 9,500 <br />• Transfer out to EDA (approx. 40% shared expenses) $ 3,500 <br />• Transfer out to HRA Redevelopment Fund 86 600 <br />Total HRA Year 2008 Proposed Expenditures: $ 372,450 <br />Total HRA Year 2008 Proposed Revenue: $ 372,450 <br />An amount of $86,600, which reflects the estimated cash balance after general operating <br />expenses, is proposed to be transferred out into a separate HRA Redevelopment Fund <br />account for future housing or redevelopment project expenses. Capitalizing this fund is <br />especially critical for the HRA to have the financial means to initiate property acquisitions <br />and related expenses in priority redevelopment areas as authorized through an adopted <br />redevelopment plan (e.g. 716 & 720 Main Street). <br />Attached to this memo you will find a Resolution establishing the tax levy for the Elk River <br />HRA, which requests that the City Council levy such maximum amount for the authority for <br />the year 2008, as in previous years. The City must certify its proposed maximum levy, <br />including EDA and HRA levies, to Sherburne County annually in September. <br />Recommendation <br />Staff recommends that the HRA approve the year 2008 HRA Budget as presented, and <br />approve the attached Resolution Establishing the HRA Tax Levy for Collection in Year <br />2008. <br />S:\EDA\HRA\AGENDAU-IRA Budget\08Budget.DOC <br />