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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 September 3, 2019 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />2020 HRA Budget and Resolution Establishing Lori Ziemer, Finance Director <br />HRA Levy <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />Review and approve the 2020 HRA Budget and attached Resolution establishing the HRA Tax Levy for <br />collection in year 2020. Following the HRA’s action, the City Council must approve and certify the HRA <br />levy to Sherburne County by September 30, 2019. <br /> <br />Background/Discussion <br />Revenues <br />The budget proposes a balanced budget of the operating levy at approx. 0.0123% of estimated market <br />value. The state caps an HRA operating levy at 0.0185% of estimated market value. <br /> <br />The 2020 HRA tax levy revenue is based on Sherburne County’s estimated market value of <br />$2,962,252,700 and is expected to generate taxes of $362,250 and $8,000 in interest income. <br /> <br />Expenditures <br />The proposed 2020 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 11 properties by utilizing the HRA Housing Rehabilitation Loan Program. <br /> Allocating $180,000 to rehabilitate target areas of the city which will be developed through <br />coordination of the HRA and Center for Energy and Environment (CEE). <br /> Allocating $5,000 to fund a downtown permanent public fixture policy to purchase plant hangers <br />on the new light poles. Staff requests Commission direction to fund watering/maintaining the <br />plantings in 2020, which is estimated to cost $8,000 for additional parks staffing. <br /> <br />Major Changes <br />Direction from the budget workshop included the following changes: <br /> <br />At the August 5, 2018, HRA budget workshop, the HRA directed staff to maintain a balanced rate to <br />reduce the draw down of reserves for the 2020 budget and to fund new revolving loan programs. <br />Unspent funds at year end stay in the HRA fund for future use/projects by budget amendment. <br /> <br />As of August 28, 2019, the HRA has a cash balance of $944,622.35. <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 />