9. HRSR 08-07-2007 - Laserfiche WebLink

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Consider Year 2007 HRA Budget and Resolution Regarding HRA Levy August 7, 2006 HRA Meeting Page 2 of 2 Below is a line item analysis of the proposed year 2007 expenditures for the HRA: • Personal Services $ 64,550 • Legal Fees (TIF, relocation, acquisitions, etc.) $ 10,000 • Other Professional Services $ 31,000 o Ehlers & Assoc. (feasibility studies, TIF runs, etc.) o Redevelopment land use planning/design services o BDM Consulting Engineers (engineering services) • Postage (construction notices, Q&A inserts) $ 500 • Publishing (Downtown project communications) $ 12,500 • Insurance $ 250 • Dues & Subscriptions $ 200 • Transfer out to General Fund (support staff, etc) $ 9,500 • Transfer out to EDA (approx. 37% shared expenses) 3 500 Total HRA Year 2007 Proposed Expenditures: $132,000 Total HRA Year 2007 Proposed Revenue: $291,800 The projected balance of $159,800 will be put into the HRA reserves for future housing or redevelopment project expenses. Building this reserve fund is especially critical for the HRA to have the financial means to initiate property acquisitions and related expenses in priority redevelopment areas such as the downtown planning area north of Highway 10, and the core downtown. Attached to this memo you will find a Resolution establishing the tax levy for the Elk River HRA, which requests that the City Council levy such maximum amount for the authority for the year 2007, as in previous years. The City must certify its proposed maximum levy, including EDA and HRA levies, to Sherburne County annually in September. Recommendation Staff recommends that the HRA approve the year 2007 HRA Budget as presented, and approve the attached Resolution establishing the HRA tax levy for collection in year 2007.