09-19-23 HRA Agenda September 19, 2023 — 6:30 PM
Golden Valley City Hall
Hybrid Meeting
1.Call to Order
1A.Roll Call
2.Approval of Agenda
3.Consent Agenda
Approval of Consent Agenda - All items listed under this heading are considered to be routine
and will be enacted by one motion. There will be no discussion of these items unless a
Commission Member so requests in which event the item will be removed from the general
order of business and considered in its normal sequence on the agenda.
3A.Approval of HRA Minutes:
3A.1.Minutes from the Regular HRA Meeting of June 20, 2023
3B.Receive and File the Third Quarter Financial Reports.
4.Public Hearing
5.Old Business
6.New Business
6A.Adopt HRA Resolution No. 23-12 Adopting a Proposed Budget and Establishing the
Proposed Tax Levy Payable in 2024.
HRA REGULAR MEETING AGENDA
Housing and Redevelopment Authority meetings are being conducted in a hybrid format with in-
person and remote options for attending, participating, and commenting. The public can make
statements in this meeting during public comment sections, including the public forum beginning at
6:20 pm.
Remote Attendance/Comment Options: Members of the public may attend this meeting by watching
on cable channel 16, streaming on CCXmedia.org, streaming via Webex, or by calling 1-415-655-0001
and entering access code 2461 391 3190 . Members of the public wishing to address the Council
remotely have two options:
Via web stream - Stream via Webex and use the ‘raise hand’ feature during public comment
sections.
Via phone - Call 1-415-655-0001 and enter meeting code 2461 391 3190 . Press *3 to raise your
hand during public comment sections.
City of Golden Valley HRA Regular Meeting September 19, 2023 — 6:30 PM
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7.Adjournment
City of Golden Valley HRA Regular Meeting September 19, 2023 — 6:30 PM
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June 20, 2023 —6:30 PM
Golden Valley City Hall
Hybrid Meeting
HRA REGULAR MEETING MINUTES
Housing and Redevelopment Authority meetings are being conducted in a hybrid format with in-
person and remote options for attending, participating, and commenting.
1.Call to Order
Chair Maurice Harris called the meeting to order at 6:30 pm.
1A. Roll Call
Commissioners present:Chair Maurice Harris; Commissioners Sophia Ginis, Denise La Mere-
Anderson, Shep Harris, and Gillian Rosenquist
Staff present: HRA Director Cruikshank, Community Development Director Flores,
Housing and Economic Development Manager Shoquist, and City Clerk
Schyma
2.Approval of Agenda
Motion by Rosenquist, Second by S. Harris to approve the agenda as submitted.
Motion carried 5-0.
3.Consent Agenda
Approval of Consent Agenda -All items listed under this heading are considered to be
routine and will be enacted by one motion. There will be no discussion of these items unless
a Commission Member so requests in which event the item will be removed from the
general order of business and considered in its normal sequence on the agenda.
Motion by Rosenquist, Second by S. Harris to approve the Consent Agenda as revised:
Commissioner Ginis stated she would be abstaining from the votes of Items #3A.1. Minutes from
the Regular HRA Meeting of March 21, 2023 and #3A.2.Minutes from the Special HRA Meeting of
May 16, 2023.
Motion by La Mere-Anderson, Second by Rosenquist to approve the Consent Agenda as
amended.
Motion carried 5-0.
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3A.Approval of HRA Minutes:
3A.1. Minutes from the Regular HRA Meeting of March 21, 2023
3A.2. Minutes from the Special HRA Meeting of May 16, 2023
3B.Receive and File the Second Quarter Financial Reports
3.Items Revised on the Consent Agenda:
3A.1. Minutes of the Regular HRA Meeting of March 21, 2023
3A.2. Minutes of the Special HRA Meeting of May 16, 2023
Commissioner Ginis abstained from the vote on Items #3A.1. & #3A.2. since she was not a
member of the HRA for the meetings on the consent agenda.
Motion by La Mere-Anderson, Second by Rosenquist to approve the Minutes from the Regular
HRA Meeting of March 21, 2023 and the Minutes from the Special HRA Meeting of May 16, 2023.
Motion carried 4-0. (In Favor: M. Harris, La Mere-Anderson, Rosenquist. Abstained: Ginis.
Opposed: N/A)
4.Public Hearing
5.Old Business
6.New Business
6A.Adopt HRA Resolution No. 23-06 Approving a Tax Increment Financing Plan for
Tax Increment Financing District within Valley Square Redevelopment Project
Area
Housing and Economic Development Manager Shoquist discussed the staff report. She
noted that Tom Denaway of Baker Tilly Advisors, Attorney Ron Batty from Kennedy &
Graven, and Developer Brian Woolsey were in attendance to answer any questions the HRA
may have.
Mr. Denaway provided information on tax increment financing (TIF) including financial
analysis, Renewal & Renovation TIF District eligibility, limitation on use of TIF revenue in
Renewal & Renovation District, Renewal & Renovation TIF District duration, TIF revenue
projections and proposed TIF assistance budget.
Motion by S. Harris, Second by Rosenquist to Adopt HRA Resolution No. 23-06 Approving a
Tax Increment Financing Plan for Tax Increment Financing District within Valley Square
Redevelopment Project Area.
Motion carried 5-0 with unanimous approval.(In Favor: M. Harris, Ginis, S. Harris, La Mere-
Anderson, Rosenquist. Opposed: N/A)
6B.Approve Contract for Private Development with 640 Golden Valley, LLC (Sentinel
Development)
Housing and Economic Development Manager Shoquist discussed the staff report and the
future of the naming process for the development.4
Motion by S. Harris, Second by Rosenquist to Approve Contract for Private Development
with 640 Golden Valley, LLC (Sentinel Development).
Motion carried 5-0.
7.Adjournment
The HRA meeting was adjourned by unanimous consent at 6:48 p.m.
Maurice Harris, Chair
ATTEST:
Theresa Schyma, City Clerk
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EXECUTIVE SUMMARY
Administrative Services
763-512-2345 / 763-512-2344 (fax)
Golden Valley Housing and Redevelopment Authority Meeting
September 19, 2023
Agenda Item
3B. Receive and File the Third Quarter Financial Reports.
Prepared By
Sue Virnig, Finance Director
Summary
The following quarterly reports are attached.
Financial or Budget Considerations
Expenditures are shown on the following financials. The city check register would include any pay-go-
note and expenditures.
The Housing Fund includes salaries/benefits and expenses outlined in the HRA budget and are for the
Housing and Economic Development Manager.
Legal Considerations
Not Applicable
Equity Considerations
The proposed budgets strives to advance the equity goals of the City by funding infrastructure,
programs, and services that provide opportunities and resources for all. The process for adoption
includes the ability for any member of the public to provide feedback.
Recommended Action
Motion to receive and file third quarterly 2023 financial reports.
Supporting Documents
HRA Quarterly Financial Reports-September.xls
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HRA Of Golden Valley
2023 3rd Quarter Financial Report 9000 9190 9300 9350 9400 9250
General Fund Housing Hwy 55/Cornerstone Winnetka North
West TIF (4)Med Lk Rd Wirth #3
Cash Balance @ 06/15/2023 $134,374.06 ($3,963.41)$614,198.89 $24,735.76 $1,177,371.01 $9,339.01
Add:
Tax Levy (July, Dec, & Jan)122,339.21 167,922.66 617,241.81
Tax Increment (July, Dec & Jan)
Receipts:
Less:
Deposit Return
Interfund Loan
Salaries/Expenses (84,366.54)
Debt Service Payment (556.87)
Pay Go Note $0.00 $0.00 $0.00 $0.00
Expenditures:
Cash Balance @ 09/13/2023 $134,374.06 $34,009.26 $782,121.55 $24,735.76 $1,794,612.82 $8,782.14
Payments for TIF notes will be made at the end of July.
Capital Proejcts Special Revenue
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EXECUTIVE SUMMARY
Administrative Services
763-512-2345 / 763-512-2344 (fax)
Golden Valley Housing and Redevelopment Authority Meeting
September 19, 2023
Agenda Item
6A. Adopt HRA Resolution No. 23-12 Adopting a Proposed Budget and Establishing the Proposed Tax
Levy Payable in 2024.
Prepared By
Sue Virnig, Finance Director
Summary
The following resolution will allow the Housing and Redevelopment Authority (HRA) to collect tax
dollars through a levy to finance the HRA Housing Program Budget. The resolution of consent will need
to be approved by the City for which it was created.
Financial or Budget Considerations
The HRA 2024 Proposed Budget is $284,880. The HRA will levy $288,880 due to the fiscal disparities
and delinquencies that will reduce the amount received by the HRA. The monies are scheduled to
arrive in July and December.
Legal Considerations
MN Statutes Sections 469.001 to 469.047 grants the HRA the power to levy and collect taxes subject to
a resolution of consent from the Golden Valley Council.
Equity Considerations
The proposed budget strives to advance the equity goals of the City by funding housing programs, and
services that provide opportunities and resources for all. The process for adoption includes the ability
for any member of the public to provide feedback.
Recommended Action
Motion to Approve HRA Resolution No. 23-12 Adopting the Housing and Redevelopment Authority
Budget and Establishing the Proposed Tax Levy Payable in 2024.
Supporting Documents
2024-2025 Proposed HRA Housing Budget.xlsx
2024-2025 Housing Fund Revenues.xlsx
2024-2025 Housing Working Capital.xlsx
HRA Resolution 23-12 Adopting the Proposed Budget and Establishing the proposed tax levy
payable 2024-2025.doc
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DIVISION: Housing (016)PROGRAM: Housing (9190)
2021 2022 2023 2023 2024 2024 2025
OBJECT DESCRIPTION ACTUAL ACTUAL ADOPTED ESTIMATED CONCEPT PROPOSED CONCEPT
Personal Services
6110 Salaries-Regular Employees $99,456 $132,223 $129,920 $130,355 $133,815 $134,265 $138,280
6150 Employee Insurance 26,620 33,666 35,050 22,290 31,130 34,235 34,570
6160 Retirement 14,539 17,082 20,785 20,860 21,410 21,480 22,125
TOTAL Personal Services 140,615 182,971 185,755 $173,505 186,355 189,980 194,975
Supplies and Services
6320 Operating Supplies -7 500 500 500 500 500
6340 Professional Services 49 8,456 49,245 15,000 45,000 85,000 140,000
6344 Use of Personal Auto --500 -500 500 300
6411 Conferences and Schools 164 1,073 3,000 3,000 5,500 3,000 3,500
6413 Dues and Subscriptions 150 545 2,000 1,220 2,000 5,900 5,900
TOTAL Supplies and Services 363 10,081 55,245 19,720 53,500 94,900 150,200
TOTALS 140,978 193,052 241,000 193,225 239,855 284,880 345,175
CITY OF GOLDEN VALLEY
2024 - 2025 OPERATING BUDGET
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Percent Percent Percent Percent Percent Percent Percent
Revenue Amount of Total Amount of Total Amount of Total Amount of Total Amount of Total Amount of Total Amount of Total
Property Tax Revenues $72,000 100.5%$213,241 89.5%$245,000 101.5%$245,000 101.5%$250,000 102.0%$288,880 101.4%$350,075 101.4%
Allowance for Delinquencies ($3,600)($3,600)($4,785)($4,000)-1.4%($4,900)-1.4%
Transfer from HRA General Fund $25,000
Interest (359)-0.5%-0.0%$0 0.0%$0 0.0%$0 0.0%$0 0.0%$0 0.0%
Fund Balance -0.0%0.0%0 0.0%0 0.0%0 0.0%0 0.0%0 0.0%
TOTALS $71,641 100.0%$238,241 89.5%$241,400 101.5%$241,400 101.5%$245,215 102.0%$284,880 100.0%$345,175 100.0%
CITY OF GOLDEN VALLEY
HRA HOUSING FUND
REVENUE DETAIL
Concept 2025Concept 2024Actual 2021 Actual 2022 Adopted 2023 Estimated 2023 PROPOSED 2024
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Fund Balance @ 01/01/23 $31,454
Estimated Revenue - 2023 $241,400
Estimated Expenses - 2023 193,225
Excess of Revenue Over (Under) Expenses 48,175
Estimated Fund Balance @ 12/31/23 $79,629
PROPOSED Revenue - 2024 284,880
PROPOSED Expenses - 2024 284,880
Excess of Revenue Over (Under) Expenses 0
Projected Fund Balance @ 12/31/24 $79,629
Concept Revenue - 2025 345,175
Concept Expenses - 2025 345,175
Excess of Revenue Over (Under) Expenses 0
Projected Fund Balance @ 12/31/25 $79,629
* Working Capital is defined as current assets minus current liabilities.
Fiscal Disparities will lower the revenue in 2023 through 2025
CITY OF GOLDEN VALLEY
HRA HOUSING FUND
FUND BALANCE ANALYSIS *
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HRA RESOLUTION NO. 23-12
ADOPTING THE HOUSING AND REDEVELOPMENT AUTHORITY BUDGET
AND ESTABLISHING THE PROPOSED TAX LEVY PAYABLE IN 2024
WHEREAS, The Golden Valley Housing and Redevelopment Authority
(the “HRA”) has authorities and powers according to MN Statutes, Sections
469.001 to 469.047. MS Statutes, Section 469.033, subd. 6 grants the HRA the
power to levy and collect taxes subject to a resolution of consent from the Golden
Valley City Council for a set period and,
WHEREAS, The Golden Valley HRA on September 21, 2021 Approved
Resolution 21-74 Approving Granting Consent Intent for HRA Levy for a Housing
Program, and
WHEREAS, The HRA, is requesting to adopt the proposed 2024-25 HRA
budget and levy payable in 2024 and requests the City of Golden Valley
approves Intent for the HRA Budget and Levy, and
NOW, THEREFORE BE IT RESOLVED by the Board as follows:
Section I. That there is proposed levy upon all taxable real and personal
property in the City of Golden Valley, a tax rate sufficient to produce the amount
as follows:
HRA HOUSING FUND LEVY $ 288,880
Section 2. That the proposed budget is as follows
HRA HOUSING FUND $ 284,880
Adopted by the Housing and Redevelopment Authority in and for the City of
Golden Valley, Minnesota this 19th day of September 2023.
__________________________
Maurice Harris, Chair
ATTEST:
________________________________
Timothy J. Cruikshank, Executive Director
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