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01-15-19 HRA Agenda Packet 7800 Golden Valley Road�Golden Valley,MN 55427 ' ``�y �:� ' "�"y 763-593-8012�TTY 763-593-3968�763-593-8109(fax)�www.goldenvalleymn.gov °�t'��Q�/�j �l,! �.s/ �- . ��1I� Hous�n & Redevelopment � � Aut��r�ty 1an 15,2019-6:30 pm Council Chambers Golden Valley City Hall REGULAR MEETING AGENDA �800GoIdenValleyRoad Paqes 1. Roll Call 2. Election of Officers 2 3. Approval of Agenda 4. Approval of Minutes- Regular Meeting- October 16, 2018 3-4 5. Reimbursement of City Expenditures 5 6. Receipt of December 2018 Financial Reports 6-8 7. Adoption of 2019 General Fund Budget 19-01 9-10 8. Designation of Depositories 19-02 11-12 9. Adjournment This tlocument is available in alternate formats upon a 72-hour request. Please call 763-593-8006(TTY: 763-593-3968)to make a request. Examples of alternate formats may inclutle large print, electronic, Braille, autliocassette,etc. Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 15, 2019 Agenda Item 2. Election of Officers Prepared By Tim Cruikshank, HRA Director Summary The Housing and Redevelopment Authority (HRA) bylaws provide for the election of two officers to the HRA, Chairperson and Vice Chairperson. The bylaws state these positions are to be elected for a one-year term. Listed below is the history of HRA Chair and Vice Chair appointments: 2012 - Chair Pentel, Vice Chair Scanlon 2013 - Chair Pentel, Vice Chair Scanlon 2014 - Chair Schmidgall, Vice Chair Snope 2015 - Chair Schmidgall, Vice Chair Fonnest 2016 - Chair Schmidgall, Vice Chair Clausen 2017 - Chair Snope, Vice Chair Clausen 2018 - Chair Clausen, Vice Chair Rosenquist 2019 - Chair Fonnest, Vice Chair ________ Recommended Action Motion to approve a Chairperson and Vice Chairperson for 2019. UNOFFICIAL MINUTES HOUSING AND REDEVELOPMENT AUTHORITY MEETING GOLDEN VALLEY, MINNESOTA October 16, 2018 Housing and Redevelopment Authority Chair Clausen called the meeting to order at 6:30 pm. 1. Roll Call The following members were present: Chair Joanie Clausen, Commissioners Shep Harris, Gillian Rosenquist and Steve Schmidgall. Also present were HRA Director Cruikshank, City Attorney Cisneros and City Clerk Luedke. The following was absent: Commissioner Larry Fonnest 2. Approval of Agenda MOTION made by Commissioner Schmidgall, seconded by Commissioner Harris to approve the agenda of October 16, 2018, as submitted and the motion carried. 3. Approval of Housing and Redevelopment Authority Minutes - Regular Meeting - July 17, 2018 MOTION made by Commissioner Schmidgall, seconded by Commissioner Harris to approve the Regular Housing and Redevelopment Authority minutes of July 17, 2018, as submitted and the motion carried. 4. Reimbursements of the City Expenditures Finance Director Virnig answered questions from Council regarding the City expenditures. MOTION made by Commissioner Harris, seconded by Commissioner Schmidgall to approve Check 4088 for $109,466.50 to Golden Villa, LLC and the motion carried. 5. Receipt of September 2018 Financial Reports MOTION made by Commissioner Schmidgall, seconded by Commissioner Rosenquist to receive and file the September 2018 HRA Financial Reports and the motion carried. 6A. Winnetka/Medicine Lake Redevelopment Agreement: Consider Fourth Amendment to Liberty Crossing Private Development Agreement City Manager Cruikshank presented the staff report and answered questions from Council. MOTION made by Commissioner Harris, seconded by Commissioner Rosenquist to approve the Fourth Amendment to Liberty Crossing Private Development Agreement and the motion carried. Housing and Redevelopment Authority Minutes October 16, 2018 Page 2 6B. Winnetka/Medicine Lake Redevelopment Agreement: Amending Resolution No. 16-06 Relating to the Liberty Crossing Winnetka-Medicine Lake Road Tax Increment Project of the City and Approving the Interfund Loan 18-05 Finance Director Virnig presented the staff report. MOTION made by Commissioner Harris, seconded by Commissioner Rosenquist to adopt Resolution amending Resolution 16-06 Relating to the Liberty Crossing Winnetka-Medicine Lake Road Tax Increment Project of the City and Approving the Interfund Loan upon a vote being taken the following voted in favor of: Clausen, Harris, Rosenquist and Schmidgall, the following was absent: Fonnest and the following voted against: none and the motion carried. 7. Adjournment MOTION made by Commissioner Harris, seconded by Commissioner Schmidgall and the motion carried to adjourn the meeting at 6:39 pm. _______________________________ Joanie Clausen, Chair ATTEST: _________________________ Kristine A. Luedke, City Clerk Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 15, 2018 Agenda Item 5. Reimbursement of City Expenditures Prepared By Sue Virnig, Finance Director Summary As of December 31, 2018 the following expenditures were paid by the City on various check registers and need to be reimbursed by the HRA: City Expenditures: Amount 1000 TIF Administration Fees –Hennepin County/City of GV $3,725.45 1000 TIF Reimbursement-Golden Villas, LLC 109,466.50 1000 City of Golden Valley 158,216.34 1000 Cornerstone Creek 21,582.28 1000 TIF Reimbursement (North Wirth -Deposit) 4,287.20 1000 $297,277.77 HRA Expenditures: 9000 General Fund $0 9250 North Wirth 4,883.95 9300 Hwy 55 West 136,586.76 9302 Cornerstone Creek 22,706.57 9400 Winnetka-Medicine Lake Rd 133,100.49 $297,277.77 Recommended Action Motion to approve the following payments: Cornerstone Creek $21,582.28, Golden Villa, LLC $109,466.50, and City of Golden Valley $161,941.79. HRA will reserve $4,287.20 for the payment of North Wirth TIF until all documents are approved on the bank merger. Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 15, 2019 Agenda Item 6. Receipt of December 2018 Financial Reports Prepared By Sue Virnig, Finance Director Summary Attached are the December 2018 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 December 2018 HRA Financial Reports. Percentage Of Year Completed 75% Over % Of 2018 Oct-Dec YTD (Under)Budget Revenue Budget Actual Actual Budget Received Interest Earnings (2)0 0.00 0.00 0.00 Fund Balance 15,000 0.00 12,276.25 (2,723.75) Totals $15,000 0.00 12,276.25 (2,723.75)81.84% Over % Of 2018 Oct-Dec YTD (Under)Budget Expenditures Budget Actual Actual Budget Expended Legal Services (1) $3,000 0.00 276.25 (2,723.75)9.21% Audit 12,000 0.00 12,000.00 0.00 100.00% Totals $15,000 0.00 12,276.25 (2,723.75)81.84% Notes: (1) Includes to date billings from Best & Flanagan & Audit costs. (2) Interest will be allocated at year end. HRA of Golden Valley General Fund December 2018 Budget Report (unaudited) HRA Of Golden Valley 2018 Financial Report 9300 9302 9400 9250 Hwy 55/Cornerstone Winnetka North West TIF (4)Med Lk Rd Wirth #3 Cash Balance @ 10/01/18 $8,953.30 ($529.44)$0.00 $12,374.12 Add: Receipts: Interest Lease revenue Increment Received 150,701.08 22,706.57 133,100.49 4,883.95 Less: Expenditures: City of Golden Valley (1)(26,175.64) (132,040.70) Payment to Cornerstone Creek (21,582.28) Payment to Bank Mutual (3)(12,374.12) Payment to Bank Mutual (3)(4,287.20) Payment to Golden Villa (1)(109,466.50) TIF Payment-Hennepin County (944.62)(594.85) (1,059.79)(596.75) Cash Balance @ 12/30/18 $23,067.62 $0.00 ($0.00)($0.00) (2)(2)(3) (1) Breakdown on City Expenditures Memo (2) Reimbursed when increment is received. (3) Pay Go Note remaining $175,439.01; Amount reserved until new owner is approved. (4) Lot split allowed property onwer to pay later-will receive in Dec 2018. Capital Project Funds Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 15, 2019 Agenda Item 7. Adoption of 2019 General Fund Budget Prepared By Sue Virnig, Finance Director Summary Attached is the 2019 Housing and Redevelopment Authority General Fund Budget. Attachments • Resolution Adopting 2019 General Fund Budget (1 page) Recommended Action Motion to adopt Resolution Adopting 2019 General Fund Budget. HRA RESOLUTION NO. 19-01 RESOLUTION OF THE HOUSING AND REDEVELOPMENT AUTHORITY (HRA) ADOPTING THE 2019 GENERAL FUND BUDGET BE IT RESOLVED by the HRA that the appropriations for the General Fund Program for the calendar year 2019 as follows: GENERAL FUND Expenditures Proposed Budget Audit Services $12,000 BE IT FURTHER RESOLVED by the HRA that the sources of financing the sums appropriated shall be: GENERAL FUND Revenue ______ Fund Balance $12,000 _____________________________ Larry Fonnest, Chair ATTEST: __________________________________ Timothy J. Cruikshank, Executive Director Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting January 15, 2019 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. HRA RESOLUTION NO. 19-02 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 Stiffel 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 Finance Director/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. _____________________________ Larry Fonnest, Chair ATTEST: _________________________________ Timothy J. Cruikshank, Executive Director