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04-14-15 HRA Agenda Packet AGENDA Regular Meeting of the Housing and Redevelopment Authority Golden Valley City Hall 7800 Golden Valley Road Council Chamber April 14, 2015 6:30 pm Pages 1. Roll Call 2. Approval of Agenda 3. Approval of Minutes - Regular Meeting - January 13, 2015 2-4 4. Approval of Bills: 5-6 Reimbursement of City Expenditures City of Golden Valley $25,808.77 Bank Mutual 1,959.00 Hennepin County 8,079,807.48 TOTAL $8,107,575.25 Bill Summarv: General Fund $517.50 North Wirth Capital Project Fund 2,537.91 Golden Hills Tax Increment Fund 8,088,088.44 Capital Project Fund 16,431.40 Highway 55 West TOTAL $8,107,575,.25 5. Receipt of March 2015 Financial Reports 7-10 6. Lease of HRA Property to D'Amico Catering - Amendment Extending 11-14 Lease 7. Adjournment REGULAR MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY January 13, 2015 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 January 13, 2015 at 6:30 pm. The following members were present: Commissioners Joanie Clausen, Larry Fonnest, Shep Harris, Steve Schmidgall and Andy Snope. Also present were HRA Director Thomas Burt and Administrative Assistant Judy Nally. Election of Officers The HRA Bylaws provide for the annual election of the HRA Chairperson and Vice Chairperson to serve a one year term. Chair Schmidgall opened the nominations. MOVED by Snope to nominate Schmidgall for the office of Chair. MOVED by Clausen to nominate Fonnest for the office of Vice Chair. MOVED by Harris, seconded by Snope and motion carried unanimously to close the nominations. Schmidgall accepted the nomination for Chair and Fonnest accepted the nomination for Vice Chair. MOVED by Harris, seconded by Snope and motion carried unanimously ta appoint Schmidgall as Chair and Fonnest as Vice Chair. Approval of Aqenda MOVED by Snope, seconded by Clausen and motion carried unanimously to approve the agenda as submitted. Approval of Minutes - Reqular Meetinq - October 14, 2014 and Special Meetinq - November 12, 2014 MOVED by Snope, seconded by Harris and motion carried unanimously to approve the Regular Housing and Redevelopment Authority minutes of October 14, 2014 and the Special Housing and Redevelopment Authority minutes of November 12, 2014 as submitted. Approval of Bills MOVED by Snope, seconded by Harris and motion carried unanimously to approve the bills as submitted. Housing and Redevelopment Authority January 13, 2015 Page 2 Receipt of December 2014 Financial Reports Sue Virnig, Finance Director, reviewed the Financial Reports and answered questions from the Commissioners. MOVED by Fonnest, seconded by Harris and motion carried unanimously to receive and file the December 2014 Financial Reports. Adoption of 2015 General Fund Budget Sue Virnig, Finance Director, reviewed the General Fund Budget and answered questions from the Commissioners. Commissioner Harris introduced the following resolution and moved its adoption: RESOLUTIQN 15-1 RESOLUTIQN OF THE HOUSING AND REDEVELOPMENT AUTHORITY (HRA) ADOPTING THE 2015 GENERAL FUND BUDGET The motion for the adoption of the foregoing resolution was seconded by Commissioner Clausen and upon a vote being taken thereon, the following voted in favor thereof: Clausen, Fonnest, Harris, Schmidgall and Snope and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Chair and his signature attested by the Director. Desiqnation of Depositories Commissioner Snope stated that he is obtaining from the vote as his wife works for Wells Fargo. Commissioner Fonnest introduced the following resolution and moved its adoption: RESOLUTION 15-2 RESOLUTION DESIGNATING DEPOSITORIES FOR HRA FUNDS The motion for the adoption of the foregoing resolution was seconded by Commissioner Harris and upon a vote being taken thereon, the following voted in favor thereof: Clausen, Fonnest, Harris and Schmidgall; and the following abstained: Snope, and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Chair and his signature attested by the Director. Adiournment MOVED by Snope, seconded by Clausen and motion carried unanimously to adjourn the meeting at 6:41 pm. Housing and Redevelopment Authority January 13, 2015 Page 3 Steven T Schmidgall, Chair ATTEST: Judy Nally, Administrative Assistant �.-I�� C?�` .�' � � �f . .� - ��,, Housing and Redevelopment Authority 7G3 593 8002/763 S93 8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting April 14, 2015 Agenda Item 4. Reimbursement of City Expenditures Prepared By Sue Virnig, Finance Director Summary As of March 31, 2015 the following expenditures were paid by the City on various check registers and need to be reimbursed by the HRA: City Expenditures: Amount 1000 Best & Flanagan (December Legal)* $10,486.40 1000 Hennepin Cvunty (TIF Fees-December) 8,859.87 1000 Best & Flanagan (January Legal)* 6,462.50 1000 Bank Mutual (Refund Deposit)* 1,959.00 1000 Hennepin County (Golden Hills Tax Increment) 8,079,807.48 $8,107,575.25 HRA Expenditures: 9000 General Fund $517.50 9160 Golden Hills Tax Increment Fund 8,088,088.44 9250 North Wirth #3* 2,537.91 9280 Golden Hills Capital Projects* 16,431.40 9300 Hwy 55 West* 0 $8,107,575.25 *Asterisk items are reimbursed by deposits held for developers. Recommended Action Motion to approve reimbursing the City of Golden Valley $25,808.77 (check#4066), Bank Mutual $1,959.00 (check#4067) and Hennepin County for$8,079,807.48 (check#4068) (see attachment). t�-I��' d:�� u ��_. �., :�� '� � � � �. Housin and Redevelo ment Authorit � r Y 763-593-8002/763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting April 14, 2015 Agenda Item Hennepin County- Closure of Golden Hills Tax Increment Fund - Check#4068 Prepared By Sue Virnig, Finance Director Summary Current Legislation requires Tax Increment Districts to close out their funds nine months after the receipt of their last increment. Now that the district has no activity, we are required to send back the excess increment to County for disbursement. The following payment will be made to Hennepin County: Hennepin County $8,079,807.48 Hennepin County will disseminate funds to the various taxing districts. Golden Hills is in District #270. When the final amount is received, a future discussion will be held at a Council/Manager Meeting. �"1�� C� �� . �. � ��s ��: � Housing and Redevelopment Authority 763-593-8002 I 763-593-81 Q9(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting April 14, 2015 Agenda Item 5. Receipt of March 2015 (unaudited) Financial Reports Prepared By Sue Virnig, Finance Director Summary Attached is the March 2015 Financial Reports for Housing and Redevelopment Authority (HRA) review. Staff will address questions from the HRA before or at the meeting. Attachments • HRA General Fund Budget Report (1 page) • HRA Tax Increment District Projections for Golden Hills Tax Increment Funds (1 page) • HRA Capital Project Funds Report (1 page) Recommended Action Motion to receive and file the March 2015 HRA Financial Reports. HRA of Golden Valley General Fund March 2014 Budget Report (unaudited) Percentage Of Year Completed 25% Over % Of 2015 Jan-March YTD (Under) Budget Revenue Budget Actual Actual Budget Received Transfer from TIF Funds: Golden Hills 0 0.00 0.00 O.QO Interest Earnings (2) 0 0.00 0.00 0.00 Fund Balance 18,000 0.00 0.00 (18,000.00) Totals $18,000 0.00 0.00 (18,000.00) 0.00% Over % Of 2015 Jan-March YTD (Under) Budget Expenditures Budget Actual Actual Budget Expended Legal Services (1) $6,000 262.50 262.50 (5,737.50) 4.38% Audit 12,000 0.00 0.00 (12,000.00) 0.00% City Overhead 0 0.00 0.00 0.00 Miscellaneous 0 0.00 0.00 0.00 Totals $18,000 262.50 262.50 (17,737.50) 1.46% Notes: (1) Includes January to date billings from Best & Flanagan. (2) Interest will be allocated at year end. City of Golden Valiey - HRA - Tax Increment District Projections Golden Hilis Tax Increment Fund: (Includes Tax Increment Fund and Debt Service) 2015 Actual Cash Bal. @1/1 $13,369,649 Revenue: Estimated Tax Increment In#erest Earnings (.05% of Beg. Bal.) Total Revenues: 0 Expenditures: Transfer to HRA General Fund Debt Service: 2005 B Taxable Tax Incr. Refunding Bonds {4.69%) (not callable) (1,648,238) 2005 A Tax Increment Refunding Bonds (3.50%) (not callable) (524,141) 2006 A Taxable Tax Incr. Refunding Bonds (5.12%) {not callable) (3,404,391) Total Expenditures: (5,576,770) Cash Balance @ 12/31 $7,792,879 HRA Of Golden Valley Capital Project Funds 2014 Financial Repart 9280 9250 Golden No�th Hiils Wirth #3 Cash Balance @01/01/15 $286,928.12 $0.00 Add: Receipts: • Interest Lease revenue Increment on Deposit 0.00 Less: Expenditures: City of Golden Valley (1) TIF Payment-Hennepin County (286,928.12) 0.00 Cash Balance @ 3/31/15 $0.00 $0.00 (1) Breakdown on City Expenditures Memo L:t�-�� C�� ''�� :; . � ��;:�� ;; -, �� . � � �� Housin and Redevelo ment Authorit � � Y 763-593-8002/763-593-81 Q9(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting April 14, 2015 Agenda Item 6. Amendment Extending Lease with D'Amico Catering Prepared By Jason Zimmerman, Planning Manager Summary On May 14, 2009, the Housing and Redevelopment Authority (HRA) executed a land lease with D'Amico Catering for property the HRA owns at 1201 Turners Crossroad South (Tract B, Registered Land Survey No. 0106). The lease expired on May 14, 2012, and was renewed through May 14, 2015. D'Amico is interested in extending it. The attached amendment extends the lease until May 14, 2018. The lease extension provides for a rent of$1 per year, with the leasee responsible for all upkeep. Attachments • Location map (1 page) • Amendment Extending Lease effective May 1�4, 2015 (2 pages) Recommended Action Motion to approve Amendment Extending Lease with D'Amico Catering, effective May 14, 2015. 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LOUIS PARK � � ' �, � '`� � � 3 �, . t �� . , . . _ _ _ „ � - � ��, AMENDMENT EXTENDING LEASE This Amendment Extending Lease is entered into effective as of May l4, 2015, by and between the Housing and Redevelopment Authority in and for the City of Golden Valley, public body corporate under the laws of the State of Minnesota("Lessor"), and D'Amico Catering, LLC, a Minnesota limited liability company ("Lessee"). RECITALS The parties entered into a Lease extension effective as of May 1 A, 2012, of real property located in the City of Golden Valley, County of Hennepin, and State of Minnesota, legally described as: Tract B, Registered Land Survey No. 0106. The Lease expires on May 14, 2015. Accordingly, the parties wish to amend that Lease by extending its term. AMENDMENT EXTENDING LEASE 1. As of May 14, 2015, Lessor and Lessee hereby amend the above-referenced lease by extending its term from May l 5, 2015,through May 14, 2018 ("Termination Date"). 2. The parties hereby ratify all other terms of the Lease. RJ WITNESS WHEREOF, the Lessor and the Lessee have caused these presents to be executed in form and manner sufficient to bind them at law, as of the day and year first above written. LESSOR: LESSEE: Housing and Redevelopment Authority in D'Amico Catering, LLC and for the City of Golden Valley By By Its Director Its STATE OF MINNESOTA i SS, I COUNTY OF HENNBPIN The foregoing instrument was acknowledged before me this day of , 2015, by ,the Director of the Housing and Redevelopment Authority in and for the City of Golden Valley, public body corporate under the laws of the State of Minnesota, on behalf of the City, Lessor. Notary Public STATE OF MINNESOTA }ss. COUNTY OF The foregoing instrument was acknowledged before me this day of , 2015, by ,the of D'Amico Catering, I�LC, a Minnesota limited liability company, Lessee. Notary Yublic This instrument was drafted by: Best& Flanagan LLP 225 South Sixth Street, Suite 4Q00 Minneapolis, MN 55402 2