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Housing & Redevelopment authority <br />August 4, 2008 <br />Page 2 <br />Discussion took place on the levy change and the consensus of the HRA was to keep the <br />levy percentage at 0.014.4%. <br />MOVED BY COMMISSIONER TOTH AND SECONDED BY COMMISSIONER <br />LIESER TO APPROVE THE 2009 BUDGET AS PRESENTED. MOTION <br />CARRIED 4-0. <br />MOVED BY COMMISSIONER MOTIN AND SECONDED BY <br />COMMISSIONER LIESER TO ADOPT RESOLUTION 08-01 ESTABLISHING <br />THE TAX LEVY FOR THE ELB RIVER HOUSING AND REDEVELOPMENT <br />AUTHORITY AT 0.0144% FOR COLLECTION IN 2009. MOTION <br />CARRIED 4-0. <br />Mr. Simon outlined the draft fund balance polity for the HRA. He explained the purpose of <br />the polity is to have a purpose for undesignated funds. He noted the Council has a similar <br />polity in place: <br />Commissioner Morin expressed concern with wording included in the last paragraph and <br />questioned if that paragraph is essential. Mr. Simon indicated the last paragraph could be <br />removed. <br />Commissioner Toth questioned if the funds are invested. Mr. Simon explained the cash <br />balance is pooled with the City and invested. <br />MOVED BY COMMISSIONER MOTIN AND SECONDED BY <br />COMMISSIONER TOTH TO APPROVE THE FUND BALANCE <br />DESIGNATION POLICY FOR THE HRA FUND WITH THE REMOVAL OF <br />THE LAST PARAGRAPH. MOTION CARRIED 4-0. <br />6. Other Business <br />Ms. Mehelich distributed the June downtown parking study. She indicated that staff will <br />share the results with the River's Edge Downtown Group. <br />Commissioner Motin questioned if staff has received updates on the Bluffs from Stephanie <br />Danielson. Ms. Mehelich indicated that staff is in contact with Minnwest Bank and they <br />stated they have a party interested in the space formerly held by Studi02 gym and also in the <br />condos. The bank indicated they anticipate having signed purchase agreements soon. <br />Adjournment <br />There being no other business, Chair Wilson adjourned the meeting. The meeting of the Elk <br />River Housing and Redevelopment Authority adjourned at 6:00 p.m. <br />Minutes prepared by Jessica Miller. <br />vi.... <br />Tina Allard, City Clerk <br />