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Request for Action <br /> Cir•ci <br /> Elk - <br /> River= <br /> To Item Number <br /> Housing and Redevelo ment Authority 7.3 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 8, 2020 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> 2021 HRA Budget and Resolution Establishing Lori Ziemer,Finance Director <br /> HRA levy Reviewed by <br /> Cal Portner, City Administrator <br /> Action Requested <br /> Approve,by motion, the 2021 HRA Budget and resolution establishing the HRA Tax Levy for 2021. <br /> Background/Discussion <br /> Revenues <br /> The 2021 budget of$472,450 is funded with property taxes of$321,450 and interest income of$5,500. Reserves of <br /> $145,500 will be utilized for the remaining balance. <br /> The state caps an HRA operating levy at 0.0185% of estimated market value. Based upon Sherburne County's <br /> estimated market value of$2,721,937,400 received in the spring, the operating levy is about .0118%. Last year, the <br /> HRA operating levy was 0.0123%. This is a decrease of$48,800 in property taxes over the previous year. <br /> Expenditures <br /> The proposed 2021 budget was developed with the goals and action steps outlined through recent discussions, <br /> established programs,the 2017-2020 HRA/EDA Strategic Plan, the Mississippi Connections Downtown Plan, and <br /> the City Vision&Goals. <br /> Major initiatives from these documents include: <br /> Rehabilitating at least six properties by utilizing the HRA Housing Rehabilitation Loan Program. <br /> Allocating$150,000 to rehabilitate target areas of the city which is developed through coordination of the HRA and <br /> Center for Energy and Environment <br /> Allocating$5,000 to fund a downtown permanent public fixture policy. <br /> Allocating$8,200 to fund watering/maintaining flowers in 2021. <br /> Major Changes <br /> Direction from the budget workshop included the following changes: <br /> Property Acquisition <br /> At the August 3, 2020, budget work session,the HRA discussed opportunities for property acquisition in 2021. The <br /> commission felt comfortable with the proposed allocation of$145,500 for 2021 to be funded from reserves. This <br /> amount will allow the HRA to act on purchasing an additional property in the block. <br /> The Elk River Vision P I I E R E I I Y <br /> A welcoming community avith revolutionary and spirited resourcefulness, exceptional [NAfUR <br /> service, and community engagement that encourages and inspires prosperity. Updated.August 2020 <br />