Laserfiche WebLink
Special Meeting of the Elk River <br />Housing and Redevelopment Authority <br />Held at the Elk River City Hall <br />Monday, August 2, 2021 <br />Members Present: Chair Larry Toth, Commissioners Denny Chuba, Jayme Swenson, and <br />Jennifer Wagner <br />Members Absent: Commissioner Nate Ovall <br />Staff Present: Economic Development Director Brent O'Neil, Economic Development <br />Specialist Colleen Eddy, City Administrator Cal Portner, and Recording <br />Secretary Jennifer Green <br />I . Call Meeting to Order <br />Pursuant to due call and notice thereof, the meeting of the Elk River Housing and <br />Redevelopment Authority was called to order at 4:30 p.m. by Chair Toth. <br />2. HRA 2022 Budget and Budget Goals <br />Mr. O'Neil presented the staff report and explained the budget performance measures and <br />goals. Mr. O'Neil then reviewed the draft budget. He stated he has worked with the finance <br />director to prepare a budget similar to 2021 but some accounting method changes were <br />made to the loan program. He noted the timeline of September 6 for the HRA to approve <br />the budget and receiving a Council recommendation at the same meeting for inclusion in the <br />preliminary levy. <br />Mr. O'Neil explained the HRA fund balances and asked the HRA to strategically consider <br />what is the best position to be in to have a low enough fund balance to be responsible, but <br />high enough to allow for response to any planned or unplanned property acquisitions. <br />The commission discussed increasing the marketing opportunities of the HRA loan <br />programs and ways of assertively promoting funding opportunities to residents and <br />businesses alike. Options discussed to explain and market available funds were direct mail, <br />social media, advertisements, forums and open houses, website could use improvements and <br />Google ads, and networking outreach to local business groups, like the Chamber of <br />Commerce and local builders and developers. <br />The HRA discussed increasing the rehabilitation loan program loan cap and decreasing the <br />interest rate to provide more funding opportunities for the HRA dollars. Commissioners <br />discussed the current cost of renovation is very high and wondered if now was the right time <br />to modify the program to match the current economy. They also discussed the performance <br />