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Ec t Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business August 4,2014 Brian Beeman, Director of Economic <br /> Development <br /> Item Description Reviewed by <br /> 2015 HRA Budget and Resolution Establishing Jeremy Barnhart, Deputy Director, CODD <br /> HRA Levy Reviewed by <br /> Tim Simon, Finance Director <br /> Action Requested <br /> Review and approve the 2015 HRA Budget and attached Resolution establishing the HRA Tax Levy for <br /> collection in year 2015. Following the HRA's action, the City Council must approve and certify the HRA <br /> levy to Sherburne County by September 15, 2014. <br /> Background/Discussion <br /> The Economic Development Division consists of two separate budgets including: <br /> • Economic Development Authority <br /> • Housing& Redevelopment Authority <br /> Revenues <br /> The budget proposes maintaining the general operating levy at 0.0144% of estimated market value in <br /> place since 2008. The State caps an HRA operating levy at 0.0185%. <br /> Revenues generated from the HRA tax levy for the 2015 budget are estimated based on an estimated <br /> market value of$1,907,026,900 as provided by the Sherburne County Assessor. This will generate <br /> revenue of$274,612 plus an additional$4,500 in interest income. <br /> Expenditures <br /> The proposed 2015 budget was developed with the goals and action steps outlined in the 2013-2016 <br /> EDA Strategic Plan, the Mississippi Connections Downtown Plan, City Vision & Goals, and the branding <br /> implementation plan. <br /> Major initiatives from these documents include: <br /> • Rehabilitating at least 12 properties by utilizing the new HRA Housing Rehabilitation Loan <br /> Program <br /> • Applying to the Small Cities Development Program (SCDP) Grant utilizing$50,000 in grant <br /> leverage funds to rehabilitate other target areas of the city which will be developed through <br /> coordination of the HRA and Central Minnesota Housing Partnership (CMHP) <br /> • Updating the 2012 Market Housing Study <br /> • Researching the Redevelopment of downtown north of Highway 10 <br /> r01111EHEI 8 1 ATURE <br />