01-21-20 HRA Agenda Packet
REGULAR MEETING AGENDA
1. Call to Order
A. Roll Call
B. Election of Officers 2
2. Approve of Agenda
3. Consent Agenda
Approval of Consent Agenda - All items listed under this heading are considered to be routine
and will be enacted by one motion. There will be no discussion of these items unless a
Commission Member so requests in which event the item will be removed from the general
order of business and considered in its normal sequence on the agenda.
A. Approval of Minutes:
1. Regular Meeting – October 15, 2019 3-5
B. Reimbursement of City Expenditures 6
C. Receipt of December 2019 Financial Reports 7-9
D. Designation of Depositories 20-01 10-11
4. Public Hearing
5. Old Business
6. New Business
7. Adjournment
January 21, 2020 – 6:30 pm
Council Chambers
Golden Valley City Hall
7800 Golden Valley Road
REGULAR MEETING MINUTES
Call to Order
The meeting was called to order at 6:30 pm by Housing and Redevelopment Authority Chair
Fonnest.
1. Roll Call
Present: Chair Larry Fonnest, Commissioners Joanie Clausen, Shep Harris, Gillian
Rosenquist and Steve Schmidgall
Staff present: HRA Director Cruikshank, HRA Attorney Cisneros and City Clerk Luedke
2. Approval of Agenda
MOTION made by Commissioner Harris, seconded by Commissioner Clausen to approve the
agenda of October 15, 2019, as submitted and the motion carried.
3. Approval of Housing and Redevelopment Authority Minutes
A. Work Session – July 9, 2019
B. Regular Meeting – July 16, 2019
C. Work Session – September 10, 2019
MOTION made by Commissioner Clausen, seconded by Commissioner Schmidgall to approve the
Housing and Redevelopment Authority minutes above as submitted and the motion carried.
4. Reimbursement of City Expenditures
Finance Director Virnig presented the staff report and answered questions from the
Commissioner.
MOTION made by Commissioner Harris, seconded by Commissioner Clausen to replace check
#4095 with #4097 for $26,930.43 to Associated Bank and the motion carried.
5. Receipt of September 2019 Financial Reports
Finance Director Virnig presented the staff report.
MOTION made by Commissioner Schmidgall, seconded by Commissioner Harris to receive and
file the September 2019 HRA Financial Reports and the motion carried.
October 15, 2019 – 6:30 pm
Council Chambers
Golden Valley City Hall
7800 Golden Valley Road
City of Golden Valley HRA Regular Meeting Minutes
October 15, 2019 – 6:30 pm
2
6. Amendment to Housing and Redevelopment Authority By-Laws
HRA Director Cruikshank presented the staff report.
MOTION made by Commissioner Harris, seconded by Commissioner Schmidgall to adopt
Resolution 19-03, amending Housing and Redevelopment Authority By-Law. Upon a vote being
taken, the following voted in favor of: Clausen, Fonnest, Harris, Rosenquist and Schmidgall and
the following voted against: none and the motion carried.
7. Approve Tax Increment Pledge Agreement for Winnetka and Medicine Lake Tax Increment
District
Finance Director Virnig presented the staff report and answered questions from the Commissioners.
HRA Director Cruikshank answered questions from the Commissioners.
MOTION made by Commissioner Schmidgall, seconded by Commissioner Harris to approve the
Tax Increment Pledge Agreement and the motion carried.
8. Adopt Housing and Redevelopment Authority Budgets
8A. Adoption of 2019 Housing Program Fund
Finance Director Virnig presented the staff report and answered questions from the
Commissioners.
MOTION made by Commissioner Clausen, seconded by Commissioner Schmidgall to adopt
Resolution 19-04, adopting the 2019 Housing Program Budget. Upon a vote being taken, the
following voted in favor of: Clausen, Fonnest, Harris, Rosenquist and Schmidgall and the
following voted against: none and the motion carried.
8B. Adoption of 2020 Budgets
Finance Director Virnig presented the staff report and answered questions from the
Commissioners. Planning Intern Anderson presented information on the 4d affordable Housing
Program which would be covered under the 2020 Housing Program Budget.
MOTION made by Commissioner Schmidgall, seconded by Commissioner Rosenquist to adopt
Resolution 19-05, adopting the 2020 General Fund Budget and Resolution 19-06, adopting the
2020 Housing Program Fund Budget. Upon a vote being taken, the following voted in favor of:
Clausen, Fonnest, Harris, Rosenquist and Schmidgall and the motion carried.
7. Adjournment
MOTION made by Commissioner Harris, seconded by Commissioner Schmidgall and the motion
carried to adjourn the meeting at 6:45 pm.
City of Golden Valley HRA Regular Meeting Minutes
October 15, 2019 – 6:30 pm
3
________________________________
Larry Fonnest, Chair
ATTEST:
_________________________________
Kristine A. Luedke, City Clerk
gofdt:v'11 EXECUTIVE SUMMARY va ey Housing and Redevelopment Authority 763-593-8006 / 763-593-8109 (fax)
Golden Valley City Council Meeting
January 21, 2020
Agenda Item
1. B. 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 Rosenquist
Suggested -2020 -Chair Fonnest, Vice Chair Rosenquist
Financial Or Budget Considerations
Not applicable
Recommended Action
Motion to approve a Chairperson and Vice Chairperson for 2020.
Golden Valley HRA Meeting
January 21, 2020
Agenda Item
3. B. Reimbursement of City Expenditures
Prepared By
Sue Virnig, Finance Director
Summary
As of December 31, 2019 the HRA has the following expenditures:
Ck # Check Register Amount
4099 Cornerstone Creek – Pay Go Note 26,307.00
4104 Associated Bank –Pay Go Note 8,828.93
4101 City of Golden Valley 482,427.39
4102 394 Associates, LLC (Return Cash Letter of Credit) 250,000.00
4103 Golden Villas, LLC-Pay Go Note 169,236.50
936,799.82
HRA Expenditures: Amount
9000 General Fund (deposit fund-no expense listed) 250,000.00
9250 North Wirth #3 8,828.93
9300 Highway 55 West 329,118.39
9302 Cornerstone Creek 26,307.00
9400 Winnetka/Medicine Lake Road 322,545.50
936,799.82
Financial Or Budget Considerations
Expenditures are shown on financials
Recommended Action
Motion to approve the following check register as listed for a total of $936,799.82.
Golden Valley HRA Meeting
January 21, 2020
Agenda Item
3. C. Receipt of December 2019 Financial Reports
Prepared By
Sue Virnig, Finance Director
Summary
Attached are the December 2019 Financial Reports for Housing and Redevelopment Authority (HRA)
review.
Financial Or Budget Considerations
Not applicable
Recommended Action
Motion to receive and file the December 2019 HRA Financial Reports.
Supporting Documents
HRA General Fund Budget Report (1 page)
HRA Capital Project Funds Report (1 page)
Percentage Of Year Completed: 75%
Over % Of
2019 Oct-Dec YTD (Under)Budget
Revenue Budget Actual Actual Budget Received
Interest Earnings (1)0 0.00 0.00 0.00
Fund Balance 12,000 0.00 12,000.00 0.00
Totals $12,000 0.00 12,000.00 0.00 100.00%
Over % Of
2019 Oct-Dec YTD (Under)Budget
Expenditures Budget Actual Actual Budget Expended
Audit 12,000 0.00 12,000.00 0.00 100.00%
Totals $12,000 0.00 12,000.00 0.00 100.00%
Notes:
1) Interest will be allocated at year end.
HRA of Golden Valley
General Fund
December 2019 Budget Report (unaudited)
HRA Of Golden Valley
2019 Financial Report 9300 9302 9400 9250
Hwy 55/Cornerstone Winnetka North
West TIF (4)Med Lk Rd Wirth #3
Cash Balance @ 10/01/19 $136,509.45 $7.84 $116,486.48 $4,165.21
Add:
Receipts:
Interest
Lease revenue
Increment Received 268,404.44 27,510.97 241,018.56 4,663.72
Less:
Expenditures:
Payment to Cornerstone Creek (1);(26,307.00)
Payment to Golden Villas (2)(169,236.50)
Payment to City of Golden Valley (159,881.89)(322,545.50)
Payment to Associated Bank (3)(8,828.93)
Cash Balance @ 12/31/19 $75,795.50 $1,211.81 $34,959.54 $0.00
(3)
(1) Payment for Housing District
(2) Payment for Renewal and Renovation District
(3) Pay Go Note remaining $151,419.92.
Capital Project Funds
Golden Valley HRA Meeting
January 21, 2020
Agenda Item
3. D. Designation of Depositories
Prepared By
Sue Virnig, Finance Director
Summary
State Law requires cities to have depositories for Housing and Redevelopment Authority (HRA) funds
approved annually. The attached resolution states the depositories, accounts and signature
requirements.
Financial Or Budget Considerations
None.
Recommended Action
Motion to adopt Resolution Designating Depositories for HRA Funds.
Supporting Documents
Resolution Designating Depositories for HRA Funds (1 page)
HRA RESOLUTION NO. 20-01
HRA RESOLUTION DESIGNATING DEPOSITORIES FOR HOUSING AND
REDEVELOPMENT (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 furnishing
collateral for funds on deposit as provided in the Laws of the State of Minnesota
BNC National Bank
MidwestOne Bank
Stifel Nicolaus & Co Inc
Sunrise Bank
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 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 in all above.
Chair
ATTEST:
Timothy J. Cruikshank, Executive Director