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<br />Request for Action <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 7.2 <br />Agenda Section Meeting Date Prepared by <br />General Business August 6, 2018 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />2019 HRA Budget and Resolution Establishing Cal Portner, City Administrator <br />HRA Levy <br />Reviewed by <br /> <br /> <br />Action Requested <br />Review and approve the 2019 HRA Budget and attached Resolution establishing the HRA Tax Levy for <br />collection in year 2019. Following the HRA’s action, the City Council must approve and certify the HRA <br />levy to Sherburne County by September 30, 2018. <br /> <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 a balanced budget of the operating levy at approx. 0.0145% of estimated market <br />value. The state caps an HRA operating levy at 0.0185% of estimated market value. <br /> <br />The 2019 HRA tax levy revenue is based on Sherburne County’s estimated market value of <br />$2,184,397,000 and is expected to generate revenue of $316,450 and $8,000 in interest income. <br /> <br />Expenditures <br />The proposed 2019 budget was developed with the goals and action steps outlined in the 2017-2020 <br />HRA/EDA Strategic Plan, the Mississippi Connections Downtown Plan, and the City Vision & Goals. <br /> <br />Major initiatives from these documents include: <br /> Rehabilitating at least 5 properties by utilizing the HRA Housing Rehabilitation Loan Program. <br /> Allocating $50,000 to rehabilitate target areas of the city which will be developed through <br />coordination of the HRA and Central Minnesota Housing Partnership (CMHP). <br /> Budgeting $103,050 for acquisition of real estate for redevelopment projects in conjunction with <br />the Mississippi Connections Plan. <br /> Allocating $5,000 to fund a downtown permanent public fixture policy <br /> <br />Major Changes <br />Direction from the budget workshop included the following changes: <br /> <br />At the July 2, 2018, HRA budget workshop, it was decided to maintain a balanced rate to reduce drawing <br />down reserves for the 2019 budget and allow funding for new revolving loan programs. Unspent funds at <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />