10-11-11 HRA Agenda Packet AGENDA
Regular Meeting
of the
Housing and Redevelopment Authority
Golden Valley City Hall
7800 Golden Valley Road
Council Chamber
October 11, 2011
6:30 pm
Pages
1. Roll Call
2. Approval of Agenda
3. Approval of Minutes - July 12, 2011 Regular HRA Meeting 2
4. Approval of Bills:
Reimbursement of City Expenditures 3
City of Golden Valley $1,793,514.39
TOTAL $1,793�514.39
Bill SummaN:
General Fund $620.00
North Wirth
Capital Project Fund 638.29
Golden Hills
Capital Project Fund 12,256.10
Tax Increment Fund 1.780,000.00
TOTAL 1.793.514.39
5. Receipt of September Financial Reports 4-7
6. Adjournment
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HOUSING AND REDEVELOPMENT AUTHORITY
July 12, 2011
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 12, 2011 at 6:30 pm, in the City
Council Chambers.
The following members were present: Chair Paula Pentel and Commissioners Mike
Freiberg, Linda Loomis, DeDe Scanlon and Robert Shaffer. Also present were HRA
Director Thomas Burt, Assistant HRA Director Jeanne Andre, Finance Director Sue Virnig,
City Planner Joe Hogeboom and Administrative Assistant Lisa Wittman.
Approval of Aqenda
No changes were made to the July 12, 2011 HRA agenda.
Auproval of Minutes -April 12, 2011 Reaular HRA Meetinq and Mav 17, 2011 Special
HRA Meetinu
MOVED by Loomis, seconded by Shaffer and motion carried unanimously to approve the
April 12, 2011 Regular HRA minutes and May 17, 2011 Special HRA minutes as
submitted.
Reimbu�sement of Citv Expenditures
MOVED by Freiberg, seconded by Shaffer and motion carried unanimously to authorize the
reimbursing the City of Golden Valley $262,756.42 for expenditures incurred.
Receipt of Julv 2011 Financial Reports
MOVED by Loomis, seconded by Freiberg and motion carried unanimously to receive and
file the July 2011 Financial Reports.
The meeting was adjourned at 6:34pm.
Paula Pentel, Chair
ATTEST:
Lisa Wittman, Administrative Assistant
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Executive Summary For Action
Golden Valley Housing and Redevelopment Authority Meeting
October 11, 2011
Agenda Item
4. Reimbursement of City Expenditures
Prepared By
Sue Virnig, Finance Director
Summary
As of September 30, 2011 the following expenditures were paid by the City on various check
registers and need to be reimbursed by the HRA:
Check
Cifiy Expenditures: Amount #
1000 Best & Flanagan (June-Legal) 310.00 107241
1000 Best & Flanagan (June-NW Legal)* 2,101.20 107241
1000 Best & Flanagan (June-Global One)* 6,987.30 107241
1000 Wilson Development Services 200.00 107704
1000 Best & Flanagan (July-Global One)* 4,843.80 107743
1000 Best & Flanagan (July-NW Legal)* 85.30 107743
1000 Best & Flanagan (August-Legal) 310.00 108024
1000 Best & Flanagan (August-Global One)* 225.00 108024
Excess Tax Increment- Penalties NW -1,548.21
City of Golden Valley (Debt Payments for 2012) 1,780,000.00
$1,793,514.39
HRA Expenditures:
9000 General Fund 620.00
9160 Golden Hills Tax Increment Fund 1,780,000.00
9250 North Wirth #3 638.29
9280 Golden Hills Capital Projects 12,256.10
$1,793,514.39
*Asterisk items are reimbursed by deposits held for developers.
Recommended Action
Motion to approve reimbursing the City of Golden Valley for$1,793,514.39 (check#4043) for
expenditures incurred.
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Finance
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Executive Summary for Action
Golden Valley Housing and Redevelopment Authority Meeting
October 11, 2011
Agenda Item
5. Receipt of September 2011 Financial Reports
Prepared By
Sue Virnig, Finance Director
Summary
Attached are the September 2011 Financial Reports for Council review. Staff will address
questions from the Council before or at the meeting.
Attachments
HRA General Fund September 2011 Budget Report (1 page)
HRA Tax Increment District Projections for Golden Hills Tax Increment Funds (1 page)
HRA 2011 Capital Project Funds Report (1 page)
Recommended Action
Motion to receive and file the September 2011 HRA Financial Reports.
HRA Of Golden Valley Capital Pro'ect Funds
2011 Financial Report 9280 9250
Golden North
Hills Wirth#3
Cash Balance @ 4/01/11 $286,121.65 $0.00
Add:
Receiqts:
Interest
De�osit from Developer
Increment on Deposit(penalties) 1,543.21
Less:
Expenditures:
City of Golden Valley (1) (2,186.50)
Transfer to TIF
Cash Balance @ 06/30/11 $286,121.65 ($643.29) (2)
(1) Breakdown on City Expenditures Memo
(2) Will take off next TIF payment to developer
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HRA of Golden Valley
General Fund
September 2011 Budget Report
Percentage Of Year Completed 75%
Over % Of
2011 July-Sept YTD (Under) Budget
Revenue Budget Actual Actual Budget Received
Transfer from TIF Funds:
Golden Hills 159,000 0.00 159,000.00 0.00 100.00%
Interest Earnings 0 0.00 73.20 73.20
Fund Balance 0 0.00 0.00 0.00
Totals $159,000 0.00 159,073.20 73.20 100.05%
Over % Of
2011 July-Sept YTD (Under) Budget
Expenditures Budget Actual Actual Budget Expended
Legal Services (1) $6,000 620.00 2,141.95 (3,858.05) 35.70%
Audit 12,000 0.00 12,000.00 0.00 100.00%
City Overhead (2) 140,000 0.00 140,000.00 0.00 100.00%
Miscellaneous 1,000 0.00 0.00 (1,000.00) 0.00%
Totals $159,000 620.00 154,141.95 (4,858.05) 96.94%
Notes•
(1) Includes August to date billings from Best & Flanagan.
(2) Transfers were made in June 2011.