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Description of Services: The Housing & Redevelopment Authority is responsible for <br />undertaking redevelopment and housing activities that will result in the preservation and <br />enhancement of residential and commercial areas of the city. The services include: <br />• Undertake focus area redevelopment planning and implement initiatives <br />• Respond to and assist redevelopment proposals <br />• Serve as information resource for housing assistance inquiries and referral to programs <br />offered through partner organizations. <br />• Monitor city's housing market and conditions <br />Goals for 2008 budget: <br />• Implement priority strategies identified in Greater Downtown Area Redevelopment <br />flan. <br />• Capitalize an HRr~ Redevelopment Fund Account for future acquisitions and related <br />expenses. <br />• Provide consistent communications to public regarding redevelopment planning <br />activities, and opportunities for the development community. <br />• Conduct a comprehensive market analysis of city's current housing inventory, <br />condition and demand projections. <br />• .identify areas of the city in need of focus area redevelopment plan and initiatives. <br />Performance Measures: <br />Increase private investment and market value in the Greater Downtown Area <br />Develop and update various tools (website, Q&A newsletter) for ongoing public <br />communications a minimum of four times per year. <br />Complete a report of housing supply/demand to serve as basis of understanding and <br />responding to future housing programs/activities. <br />Staffing Levels: <br />2006 2007 2008 <br />Number of Employees (FTEs) .8 .8 .8 <br />(Note: i~°fE is- reflective of 40% Economic Development Division staff time spent on HRA activities-.) <br />Budget Summary: <br />The major changes in the budget fox 2008 are outlined as follows: <br />• Debt service expenditure and related expenses for 716 & 720 Main St. buildings: X118,168 <br />Establish a separate HRA Redevelopment Fund Account <br />In addition to the HRA tax levy, the HRA derives revenues from the following miscellaneous <br />sources: <br />• TIF 16 Revenue (Ding & Main) ~ 52,500 <br />• Kent Kevenue (basement of 716 Main St.) ~ 7,800 <br />