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01-12-16 HRA Agenda Packet AGENDA Regular Meeting of the Housing and Redevelopment Authority Golden Valley City Hall 7800 Golden Valley Road Council Chamber January 12, 2016 6:30 pm Pages 1. Roll Call 2. Election of Officers 2 3. Approval of Agenda 4. Approval of Minutes - Regular Meeting - October 13, 2015 3-5 2015, and Special Meeting - December 15, 2015 5. Approval of Bills: Reimbursement of City Expenditures 6 Bank Mutual $10,469.22 City of Golden Valley 62,697.59 TOTAL $73,166.81 Bill Summarv: General Fund $2,716.10 North Wirth Capital Project Fund 10,469.22 Golden Hills Capital Project Fund 23,843.75 Winnetka/Medicine Lake Rd Capital Projects Fund 5,386.10 Highway 55 West 30,751.64 TOTAL $73,166.81 6. Receipt of December 2015 Financial Reports 7-9 7. Adoption of 2016 General Fund Budget 16-1 10-11 8. Designation of Depositories 16-2 12-13 9. Adjournment Cl�� C7� � �1���2 � lit� E 1��1 R A N [) U 1111 � 1 1 Housin an d Re deve lo men t Au t hori t �c�,. �'.� - - g P Y 763 593 8002/763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 12, 2016 Agenda Item 2. Election of Officers Prepared By Timothy J. Cruikshank, HRA Director Summary The Housing and Redevelopment Authority (HRA) by-laws provide for the election of two officers to the HRA, Chairperson and Vice Chairperson. The by-laws state these positions are to be elected for a one-year term. Recommended Action Motion to approve a Chairperson and Vice Chairperson for 2016. REGULAR MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY October 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 October 13, 2015 at 6:30 pm. The following members were present: Chair Steve Schmidgall, Commissioners Joanie Clausen, Larry Fonnest, Shep Harris and Andy Snope. Also present were HRA Director Thomas Burt and Administrative Assistant Judy Nally. Approval of A�enda MOVED by Snope, seconded by Harris and motion carried unanimously to approve the agenda as submitted. Approval of Minutes: Reaular Meetin� - Julv 14, 2015 and Special MeetinA - September 1 and September 16, 2015 MOVED by Snope, seconded by Clausen and motion carried unanimously to approve the Housing and Redevelopment Authority minutes of July 14, 2015, September 1, 2015 and September 16, 2015 as submitted. Approval of Bills MOVED by Snope, seconded by Harris and motion carried unanimously to approve the bills as submitted. Receipt of September 2015 Financial Reports MOVED by Clausen, seconded by Harris and motion carried unanimously to receive and file the September 2015 Financial Reports. Hiqhwav 55 West Redevelopment Area: Develoument Aqreement with Cornerstone Creek Limited Partnership Marc Nevinski, Assistant Director, gave a PowerPoint presentation on the agenda item and answered questions from the HRA. Allen Barnard answered questions from the HRA. Angela Christi, CHDC Attorney, and Marvin List, JHAP Attorney, answered questions regarding the agreement. MOVED by Harris, seconded by Fonnest and motion carried to unanimously to approve the private development agreement with Cornerstone Creek Limited Partnership, authorizing the Attorney and Director to make minor and technical changes to said agreement, and authorize the Chair and Director to sign the Cornerstone Creek Private Development Agreement. Housing and Redevelopment Authority October 13, 2015 Page 2 Adiournment MOVED by Harris, seconded by Clausen and motion carried unanimously to adjourn the meeting at 6:55 pm. Steven T Schmidgall, Chair ATTEST: Judy Nally, Administrative Assistant SPECIAL MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY December 15, 2015 Pursuant to due call and notice thereof, a special 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 December 15, 2015, at 5:30 pm. The following members were present: Chair Steve Schmidgall, Commissioners Joanie Clausen, Larry Fonnest, Shep Harris, and Andy Snope. Also, present were HRA Director Cruikshank, Assistant HRA Director Nevinski, HRA Attorney Barnard, and City Clerk Luedke. Consider Resolution Approving Development Aqreement and Interfund for Libertv Crossina Proiect Marc Nevinski, Assistant HRA Director introduced the agenda item and answered questions from the Commissioners. Sue Virnig, Finance Director, Allen Barnard, HRA Attorney, and David MacGillivray, Springsted Bond Consultant, answered questions from the Commissioners. Commissioner Harris introduced the following resolution and moved its adoption: RESOLUTION 15-07 RESOLUTION RELATING TO THE LIBERTY CROSSING PROJECT OF THE CITY AND APPROVING THE DEVELOPMENT AGREEMENT AND INTERFUND LOAN THEREFORE The motion for the adoption of the foregoing resolution was seconded by Commissioner Snope and upon a vote being taken thereon, the following voted in favor thereof: Fonnest, Harris, Schmidgall and Snope, and the following voted against the same: Clausen, whereupon said resolution was declared duly passed and adopted, signed by the Chair and his signature attested by the Director. Reimbursement of Housina and Redevelopment Authoritv Expenditure MOVED by Harris, seconded by Snope and motion carried to approve payment of $1,000,000 to Liberty Crossing Investment Partners, LLC (check #4072). Commissioner Clausen voted no. Adiournment MOVED by Snope, seconded by Harris and motion carried unanimously to adjourn the meeting at 6:10 pm. Steven T Schmidgall, Chair ATTEST: Kristine A. Luedke, City Clerk ���y �f olden � E � o � �► N [� � � � . 11 Housin and Redevelo ment Authorit .V�.. ��T - - g - - p y 763 593 8002/763 593 81Q9(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 12, 2016 Agenda Item 5. Reimbursement of City Expenditures Prepared By Sue Virnig, Finance Director Summary As of December 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 (September Legal)* $34,229.70 1000 Best & Flanagan (October Legal)* 17,902.80 1000 Best & Flanagan (November Legal)* 5,596.10 1000 Springsted (Services)* 3,814.24 1000 Wilson Development Services (Services)* 1,154.75 Bank Mutual 10,469.22 $73,166.81 HRA Expenditures: 9000 General Fund $2,716.10 9250 North Wirth #3* 10,469.22 9280 Golden Hills Capital Projects* 23,843.75 9300 Hwy 55 West* 30,751.64 9400 Winnetka-Medicine Lake * 5,386.10 $73,166.81 *Asterisk items are reimbursed by deposits held for developers. Recommended Action Motion to approve reimbursing the City of Golden Valley$62,697.59 (check#4073,) and issuing and Bank Mutual for a note payment for$10,469.22 (check#4074). Cl�� Uf olden1 �] Mo � �► �v � 11 Housin and Redevelo ment Authorit �t�.. C��T - - g - - P Y 763 593 8002/763 593 8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 12, 2016 Agenda Item 6. Receipt of December 2015 Financial Reports Prepared By Sue Virnig, Finance Director Summary Attached is the December 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 2015 Capital Project Funds Report (1 page) Recommended Action Motion to receive and file the December 2015 HRA Financial Reports. HRA of Golden Valley General Fund December 2015 Budget Report (unaudited) Percentage Of Year Completed 50% Over % Of 2015 Oct-Dec YTD (Under) Budget Revenue Budget Actual Actual Budget Received Transfer from TIF Funds: Golden Hills 0 0.00 0.00 0.00 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 Oct-Dec YTD (Under) Budget Expenditures Budget Actual Actual Budget Expended Legal Services (1) $6,000 2,716.10 6,615.60 615.60 110.26% Audit 12,000 0.00 12,000.00 0.00 100.00% City Overhead 0 0.00 0.00 0.00 Miscellaneous 0 0.00 0.00 0.00 Totals $18,000 2,716.10 18,615.60 615.60 103.42% Notes: (1) Includes November to date billings from Best & Flanagan. (2) Interest will be allocated at year end. HRA Of Golden Valley Capital Pro'ect Funds 2015 Financial Report 9300 9400 9250 Hwy 55/ Winnetka North West Med Lk Rd Wirth #3 Cash Balance @ 10/01/15 $0.00 $0.00 $0.00 Add: Receipts: Interest Lease revenue Increment on Deposit 10,469.22 Less: Expenditures: City of Golden Valley (1) TIF Payment-Hennepin County 0.00 (10,469.22) Cash Balance @ 12/31/15 $0.00 $0.00 $0.00 (1) Breakdown on City Expenditures Memo e1�� Q� ' ����! t� �� � � � � - 1 Housin and Redevelo ment Authorit ��. �'� - - g - - p Y 763 593 8002/763 593 8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 12, 2016 Agenda Item 7. Adoption of 2016 General Fund Budget Prepared By Sue Virnig, Finance Director Summary Attached is the 2016 Housing and Redevelopment Authority General Fund Budget. Attachments • Resolution Adopting 2016 General Fund Budget (1 page) Recommended Action Motion to adopt Resolution Adopting 2016 General Fund Budget. Resolution 16-1 January 12, 2016 Commissioner introduced the following resolution and moved its adoption: RESOLUTION OF THE HOUSING AND REDEVELOPMENT AUTHORITY (HRA) ADOPTING THE 2016 GENERAL FUND BUDGET BE IT RESOLVED by the HRA that the appropriations for the General Fund Program for the calendar year 2016 as follows: GENERALFUND Expenditures Proposed Budqet Legal Services $6,000 Audit Services 12,000 Miscellaneous 1,000 1 000 BE IT FURTHER RESOLVED by the HRA that the sources of financing the sums appropriated shall be: GENERALFUND Revenue Fund Balance 19,000 19 00 Chair ATTEST: Timothy J. Cruikshank, Executive Director The motion for the adoption of the foregoing resolution was seconded by Commissioner upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same whereupon said resolution was declared duly passed and adopted, signed by the Chair and the signature attested by the Executive Director. city vf D Z C.'Yl E U M � 1� Housin and Redevelo ment Authorit Vc�. �'y - - g - - p Y 763 593 8002/763 593 8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 12, 2016 Agenda Item 8. Designation of Depositories Prepared By Sue Virnig, Finance Director Summary State Law requires cities to have depositories for Housing and Redevelopment Authority funds approved annually. The attached resolution states the depositories, accounts, and signature requirements for each account. Attachments • Resolution Designating Depositories for HRA Funds (1 page) Recommended Action Motion to adopt Resolution Designating Depositories for HRA Funds. Resolution 16-2 January 12, 2016 Commissioner introduced the following and moved its adoption: RESOLUTION DESIGNATING DEPOSITORIES FOR HRA FUNDS BE IT RESOLVED by the Housing and Redevelopment Authority (HRA) of Golden Valley that the following are named as depositories for HRA funds, subject to the furnishing of collateral for funds on deposit as provided in the Laws of the State of Minnesota: BNC National Bank Central Bank Piper Jaffray Companies RBC-Dain Rauscher US Bank Wells Fargo 4M Fund BE IT FURTHER RESOLVED that the following signatories or alternates are authorized to be signatories on checks drawn on funds deposited to the general checking account: the HRA Chair or Vice Chair and the HRA Director or Assistant Director; and that each check shall require two signatures. BE IT FURTHER RESOLVED that the following shall be authorized to make investments of HRA funds and shall be authorized to deposit the principal of said investments in the above named depositories as necessary and beneficial to the City: HRA Director, City Treasurer, City's Accounting Coordinator. The HRA Director and City Clerk are authorized and directed to furnish each of the depositories with certified copies of this resolution along with such signature documentation as is required by the depository and the authorizations set forth under 1 and 2 above. Chair ATTEST: Timothy J. Cruikshank, Executive Director The motion for the adoption of the foregoing resolution was seconded by Commissioner upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same whereupon said resolution was declared duly passed and adopted, signed by the Chair and the signature attested by the Executive Director.