10-14-08 HRA Agenda Packet
AGENDA
GOLDEN VALLEY HOUSING AND REDEVELOPMENT AUTHORITY REGULAR MEETING
Golden Valley City Hall
7800 Golden Valley Road
Council Chamber
October 14,2008 - 6:30 PM
Paqes
1. Roll Call
2. Approval of Minutes - Regular HRA Meeting - July 8, 2008
3. Approval of Bills:
City of Golden Valley
TOTAL
Bill Summary:
General Fund - 2008
9-10
37
3,728,861.21
$3.728,861.21
3,054.81
Valley Square -
Capital Project Fund - Area B
Tax Increment Fund
-0-
826,000.00
Golden Hills -
Capital Project Fund - Central Area
Tax Increment Fund
8,806.40
2,891,000.00
North Wirth -
Capital Project Fund - District #3
-0-
Housing Program Fund
TOTAL
-0-
$3.728.861.21
4. Receive and File October Financial Reports
38-41
5. Douglas Drive Update
6. Other Business
7. Adjournment to Workshop following Council/Manager meeting
This document is available in alternate formats
763-593-8006 (TIY: 8) to make a
may include large pr , Braille, audiocassette,
REGULAR MEETING
OF THE
HOUSING AND REDEVELOPMENT AUTHORITY
July 8, 2008
Pursuant to due call and notice thereof, a regular meeting of the Housing and
Redevelopment Authority of the City of Golden Valley, Hennepin County, Minnesota, was
held at 7800 Golden Valley Road in said City on July 8, 2008, at 6:30 pm, in the City
Council Chambers.
MOVED by Loomis, seconded by Shaffer and m9~'p
bills as submitted, reimbursing City expenditur~~\'br t
Linda
as Burt,
r Sue
The following members were present: Chair Paula Pentel and Commission
Loomis, DeDe Scanlon and Robert Shaffer. Also present were HRA Directo
HRA Attorney Alan Barnard, Assistant HRA Director Jeanne Andre, Finane
Virnig and Administrative Assistant Christine Columbus.
Approval of the Minutes
MOVED by Loomis, seconded by Shaffer, and motion carried t
April 8, 2008 regular HRA meeting.
Approval of Bills
animously to approve the
Receive and File Jul Financial Re orts
{".,.....,
"k
Assistant Director Jean
the creation of a redevel
Financing (TIF) OJ
its propo~~d Ap woo
Golden Vail
MOVED Loomis, seconded by Shaffer
Financial Reports.
arried to receive and file the June
Dou las Drive Redevelo
Pointe
her memorandum seeking Council direction on
n junction with a proposed new Tax Increment
perties applied in May for Tax Increment Financing for
l10using project at the northwest corner of Douglas Drive and
:'e City would have liked to complete the Douglas Drive Corridor
ining the redevelopment area, but it is likely the project site plan for
etermined well before the study is completed. Staff recommends a
redevelop rea which includes all of the properties on the east side of Douglas
between Golden Valley Road and Duluth Street rather then one contiguous with TIF District
property. As ten percent of district funding could be spent in the redevelopment area, extra
TIF funds generated by Applewod could be applied to public improvements in the Douglas
Drive corridor if it is in the redevelopment area.
Discussion ensued with the Commissioners questioning the options for sizing the
redevelopment area and the financing plan for area improvements. Council expressed
support for continuing the process with the redevelopment area proposed by staff.
/7)
Regular Meeting of the Housing and Redevelopment Authority
July 8, 2008
Page 2
Other Business
There was no other business at this time.
Christine Columbus, Administrative Assistant
Adjournment
The meeting was adjourned at 6:48pm.
ATTEST:
~
Memorandum
Housing & Redevelopment
Authority
763-593-8002/763-593-8109 (fax)
alley
7800 Golden Valley Rd. Golden Valley, MN 55427
763-593-8014
Date: October 14, 2008
To: Housing and Redevelopment Authority Commissioners
From: Sue Virnig, Finance Director
Through:Thomas D. Burt, Director
Subject: Reimbursement of City Expenditures for the HRA
As of September 30,2008 the following expenditure amounts were owing to the City by the
HRA:
City Expenditures:
1000 Best & Flanagan (June-legal)
1000 Best & Flanagan (June-Opus deposit)*
1000 Best & Flanagan ( July-Opus deposit)*
1000 Best & Flanagan (July-legal)
1000 SEH (Traffic Study -United deposit)*
1000 Best & Flanagan (August Opus-deposit)*
1000 Best & Flanagan (August legal)
1000 Best & Flanagan (August-United deposit)*
1000 City of Golden Valley (debt service payments)
Amount
652.50
4407.60
1386.40
507.50
1327.31
3012.40
217.50
350.00
3,717,000.00
$3,728,861.21
HRA Expenditures:
9000 General Fund
9120 Valley Square Tax Increment Fund
9160 Golden Hills Tax Increment Fund
9280 Golden Hills Capital Projects
3,054.81
826,000.00
2,891,000.00
8,806.40
$3,728,861.21
This reimbursement should be approved by the HRA as part of the normal bill paying
process. Those noted with an asterisk are coming from deposit accounts paid by the
Developer.
Check
#
93481
93481
93887
93887
94306
94363
94363
94363
Dee
:3'1
HRA of Golden Valley
General Fund
September 2008 Budget Report
Percentage Of Year Completed 75%
Over %Of
2008 July-Sept YTD (Under) Budget
Budget Actual Actual Budget Received
$10,000 0.00 10,000.00 0.00 100.00%
150,000 0.00 150,000.00 0.00 100.00%
0 121.38 538.93 538.93
9,000 0.00 0.00 (9,000.00) 0.00%
$169,000 121.38 160,538.93 (8,461.07) 94.99%
Revenue
Transfer from TIF Funds:
Valley Square (3)
Golden Hills (3)
Interest Earnings (2)
Fund Balance
Totals
Over %Of
2008 July-Sept YTD (Under) Budget
Expenditures Budget Actual Actual Budget Expended
Legal Services (1) $6,000 1,377.50 3,678.70 (2,321.30) 61.31%
Audit 12,000 0.00 12,000.00 0.00 100.00%
City Overhead (3) 150,000 0.00 150,000.00 0.00 100.00%
Miscellaneous 1,000 0.00 0.00 (1,000.00) 0.00%
Totals $169,000 1,377.50 165,678.70 (3,321.30) 98.03%
Notes:
(1) Includes August to date billings from Best & Flanagan.
(2) Interest is through 09/08.
(3) Transfers were made in July 2008.
38
Projected Cash Ba!. @ 12/31
Bond Principal & Interest Outstanding@ 12/31
UI
..0
$1,193,231 $1,041,275
$133,617
$904,842
$2,415,575 $1,574,900
$771,225
$0
City of Golden Vallev - HRA - Tax Increment District Proiections
Golden Hills Tax Increment Fund:
(Includes Tax Increment Fund and Debt Service)
2008 2009 2010 2011 2012 2013 2014 2015
Projected Cash Bal. @1/1 $3,442,070 $3,864,804 $4,394,067 $4,983,855 $5,646,191 $7,474,417 $8,326,066 $7,258,620
Plus:
Estimated Tax Increment 3,500,000 3,535,000 3,570,350 3,606,054 3,642,114 3,678,535 3,715,321
Interest Earnings (2% of Beg. Bal.) 68,841 77 ,296 87,881 99,677 112,924 149,488 166,521
Less:
Transfer to HRA General Fund (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000)
Debt Service:
1999 C Tax Incr. Bonds (5.09%) (Callable 02/01/08) (871,495) (870,320) (869,470) (866,970)
2004 A Tax Incr. Refunding Bonds (2.27%) (225,387) (225,125) (226,562) (231 ,187)
2005 B Taxable Tax Incr. Refunding Bonds (4.69%) (423,704) (417,442) (411,841 ) (412,766) (407,991) (402,710) (1,759,910) (1,686,475)
2005 A Tax Increment Refunding Bonds (3.50%) (104,521 ) (109,071 ) (116,071 ) (123,971) (126,571 ) (128,915) (546,877) (533,282)
2006 A Taxable Tax Incr. Refunding Bonds (5.12%) (1,371,000) (1,311,075) (1,294,500) (1,258,500) (1,242,250) (2,294,750) (2,492,500) (2,950,500)
Projected Cash Sa!. @ 12/31 $3,864,804 $4,394,067 $4,983,855 $5,646,191 $7,474,417 $8,326,066 $7,258,620 $2,088,363
Bond Principal & Interest Outstanding @ 12/31 $22,995,060 $20,062,785 $17,165,545 $14,293,355 $12,535,035 $9,755,255 $5,065,439 $0
-..c
o
HRA Of Golden Valley
2008 Financial Report
9280
Golden
Hills
Capital Project Funds
9220
Valley
Square
9250
North
Wi rth #3
Cash Balance @ 07/01/108
Add:
Receipts:
Interest
Reimbursement of Appraisal-Webb
Less:
Expenditures:
City of Golden Valley (1)
Cash Balance @ 09/30/08
$282,730.67
1,252.03
$283,982.70
(1) Breakdown on City Expenditures Memo
$756,265.42
3,193.34
$759,458.76
$17,347.43
78.55
$17,425.98
'-II