7.1 HRSR 08-03-2015 - Laserfiche WebLink

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ti Request for Action River To Item Number Housing and Redevelopment Authority 7.1 Agenda Section Meeting Date Prepared by General Business August 3, 2015 Amanda Othoudt, EDD Item Description Reviewed by 2016 HRA Budget and Resolution Establishing Cal Portner, City Administrator HRA Levy Reviewed by Action Requested Review and approve the 2016 HRA Budget and attached Resolution establishing the HRA Tax Levy for collection in year 2016. Following the HRA's action, the City Council must approve and certify the HRA levy to Sherburne County by September 15,2015. Background/Discussion The Economic Development Division consists of two separate budgets including: • Economic Development Authority • Housing&Redevelopment Authority Revenues The budget proposes a balanced budget of the operating levy at 0.01512%. The state caps an HRA operating levy at 0.0185%. Revenues generated from the HRA tax levy for the 2016 budget are estimated based on an estimated market value of$1,986,191,600 as provided by the Sherburne County Assessor. This will generate revenue of$300,250 plus an additional$4,500 in interest income. Expenditures The proposed 2016 budget was developed with the goals and action steps outlined in the 2017-2020 HRA/EDA Strategic Plan, the Mississippi Connections Downtown Plan, City Vision& Goals, and the branding implementation plan. Major initiatives from these documents include: • Rehabilitating at least 12 properties by utilizing the new HRA Housing Rehabilitation Loan Program • Applying to the Small Cities Development Program (SCDP) Grant utilizing$50,000 in grant leverage funds to rehabilitate other target areas of the city which will be developed through coordination of the HRA and Central Minnesota Housing Partnership (CMHP) • Updating the 2012 Market Housing Study • Develop a Blighted Properties Commercial and Residential program • Overhaul the EDA website to include an HRA component � r i ii 1r NATURE