7.2 HRSR 08-07-2017 - Laserfiche WebLink

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Request for Action ToItem Number Housing and Redevelopment Authority7.2 Agenda Section Meeting DatePrepared by General BusinessAugust7, 2017Amanda Othoudt, EDD Item Description Reviewed by 2018 HRA Budget and Resolution Establishing Cal Portner, City Administrator HRA Levy Reviewed by Action Requested Review and approve the 2018 HRA Budget and attached Resolution establishing the HRA Tax Levy for collection in year 2018. Following the HRAs action, the City Council must approve and levy to Sherburne County by September 30, 2017. Background/Discussion The Economic Development Division consists of two separate budge Economic Development Authority Housing & Redevelopment Authority Revenues The budget proposes a balanced budget of the operating levy at 0.0140%. The state caps an HRA operating levy at 0.0185%. Revenues generated from the HRA tax levy for the 2018 budget are estimated based on an Estimated Market Value of $2,119,094,900 as provided by the Sherburne County Assessor. This will generat revenue of $297,650 plus an additional $5,500 in interest income. Expenditures The proposed 2018 budget was developed with the goals and action17-2020 HRA/EDA Strategic Plan, the Mississippi Connections Downtown Plan, and the City Vision & Goals. Major initiatives from these documents include: Rehabilitating at least 5 properties by utilizing the HRA Housing Rehabilitation Loan Pr Allocating $75,000 to rehabilitate target areas of the city which will be developed through coordination of the HRA and Central Minnesota Housing Partnershi Budgeting $80,600 for acquisition of real estate for redevelopment projects in conjunction with the Mississippi Connections Plan within the city. Major Changes Direction from the budget workshop included the following change