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07-12-16 HRA Agenda Packet AGENDA Regular Meeting of the Housing and Redevelopment Authority Golden Valley City Hall 7800 Golden Valley Road Council Chamber July 12, 2016 6:30 pm Paqes 1. Roll Call 2. Approval of Agenda 3. Approval of Minutes - Regular Meeting -April 12, 2016 2_3 4. Approval of Bills: Reimbursement of City Expenditures 4 City of Golden Valley $57,175.09 Bank Mutual 16,750.15 TOTAL $74.925.24 Bill Summarv: General Fund $55,174.09 North Wirth Capital Project Fund 16,750.15 Highway 55 West Winnetka-Medicine Lake 3,001.00 TOTAL $74,925.24 5. Receipt of June 2016 Financial Reports 5_7 6. Adjournment REGULAR MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY April 12, 2016 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 April 12, 2016 at 6:30 pm. The following members were present: Commissioners Joanie Clausen, Larry Fonnest, Shep Harris, Steve Schmidgall and Andy Snope (arrived at 6:36 pm). Also present were HRA Director Timothy Cruikshank and Administrative Assistant Judy Nally. Approval of Aqenda MOVED by Clausen, seconded by Harris and motion carried unanimously to approve the agenda as submitted. Approval of Minutes - Januarv 12. 2016 MOVED by Harris, seconded by Clausen and motion carried unanimously to approve the Housing and Redevelopment Authority minutes of January 12, 2016 as submitted. Approval of Bills MOVED by Clausen, seconded by Harris and motion carried unanimously to approve the bills as submitted. Receipt of March 2016 Financial Reports MOVED by Harris, seconded by Clausen and motion carried unanimously to receive and file the March 2016 Financial Reports. Public Input- Consideration of Brookview Communitv Center Financinq• Staff Presentation - Public Inaut- Resolution Approvina the Issuance of Lease Revenue Obliqations (Communitv Center Proiectl, Series 2016 16-03 Director of Parks and Recreation Director Rick Birno reviewed a PowerPoint presentation for the Brookview Community Center including the project planning process and next steps. Glenn Waguespack from Hammel, Green and Abrahamson (HGA) provided a PowerPoint presentation of the layout and design plans and answered questions from the HRA. Finance Director Sue Virnig reviewed a PowerPoint presentation of the financing plan and answered questions from the HRA. Director Tim Cruikshank reviewed the project and answered questions from the HRA. The Chair opened the meeting for public input and persons present to do so were afforded the opportunity to express their views thereon. Hearing and seeing no one, the Chair closed the public input. Housing and Redevelopment Authority April 12, 2016 Page 2 Public Input - Consideration of Brookview Communitv Center Financinq: Staff Presentation - Public Input - Resolution Approvinq the Issuance of Lease Revenue Obli�ations (Communitv Center Proiect), Series 2016 16-03 - Continued Commissioner Harris introduced the following resolution and moved its adoption, as amended: RESOLUTION 16-03 RESOLUTION APPROVING THE ISSUANCE OF LEASE REVENUE OBLIGATIONS (COMMUNITY CENTER PROJECT), SERIES 2016 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 Executive Director. Winnetka and Medicine Lake Road Proiect Area: Resolution Relatinq to the Libertv Crossinq Proiect of the Citv and Approvina the Development Aqreement and Interfund Loan Therefor 16-04 Physical Development Director Marc Nevinski introduced the item and answered questions from the HRA. Commissioner Fonnest introduced the following resolution and moved its adoption: RESOLUTION RELATING TO THE LIBERTY CROSSING PROJECT OF THE CITY AND APPROVING THE DEVELOPMENT AGREMEENT AND INTERFUND LOAN THEREFOR 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: 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 Executive Director. Adiournment MOVED by Harris, seconded by Fonnest and motion carried unanimously to adjourn the meeting at 7:17 pm. Steven T Schmidgall, Chair ATTEST: Judy Nally, Administrative Assistant city af �� . �.'�� Housing and Redevelopment Authority 763-593-8002/763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting July 12, 2016 Agenda Item 4. Reimbursement of City Expenditures Prepared By Sue Virnig, Finance Director Summary As of June 30, 2016 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 (March,April, May) $3,946.00 City Audit 12 000.00 Bank Mutual 16,750.15 1000 Relocation (Wilson, renters)* 42,229.09 $74,925.24 HRA Expenditures: 9000 General Fund ($42,229.09-Global One Deposit) $55,174.09 9250 North Wirth #3* 16,750.15 9400 Winnetka-Medicine Lake * 3,001.00 $74,925.24 *Asterisk items are reimbursed by deposits held for developers. Recommended Action Motion to approve reimbursing the City of Golden Valley$57,175.09 (check#4076) and Bank Mutual $16,750.15 (check#4077). city of .�:� � �� • . �� Housing and Redevelopment Authority 763-593-8002/763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting July 12, 2016 Agenda Item 5. Receipt ofJune 2016 (unaudited) Financial Reports. Prepared By Sue Virnig, Finance Director Summary Attached is the lune 2016 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 Capital Project Funds Report (1 page) Recommended Action Motion to receive and file the June 2016 HRA Financial Reports. HRA of Golden Valley General Fund June 2016 Budget Report (unaudited) Percentage Of Year Completed 50% Over % Of 2016 Apr-May 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 19,000 0.00 0.00 (19,000.00) Totals $19,000 0.00 0.00 (19,000.00) 0.00% Over % Of 2016 Apr-May YTD (Under) Budget Expenditures Budget Actual Actual Budget Expended Legal Services (1) $6,000 945.00 3,430.60 (2,569.40) 57.18% Audit 12,000 12,000.00 12,000.00 0.00 100.00% City Overhead 0 0.00 0.00 0.00 Miscellaneous 1,000 0.00 0.00 (1,000.00) Totals $19,000 12,945.00 15,430.60 (3,569.40) 81.21% Notes: (1) Includes may to date billings from Best & Flanagan. (2) Interest will be allocated at year end. HRA Of Golden Valley Capital Project Funds 2016 Financial Report 9300 9400 9250 Hwy 55/ Winnetka North West Med Lk Rd Wirth #3 Cash Balance @ 4/01/16 $0.00 $0.00 $0.00 Add: Receipts: Interest Lease revenue Increment on Deposit 16,750.15 Less: Expenditures: City of Golden Valley(1) (16,750.15) TIF Payment-Hennepin County 0.00 Cash Balance @ 7/06/16 $0.00 $0.00 $0.00 (1) Breakdown on City Expenditures Memo